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Google news alerts has just dropped this in to my inbox:

http://www.cfoworld.co.uk/news/financial-planning/3491400/elaine-odonnell-appointed-non-exec-director-at-games-workshop/
Elaine O'Donnell appointed non-exec director at Games Workshop
Firm strengthens board with former EY partner
By CFOWorld.co.uk staff | CFO UK | Published 12:18, 28 November 13


Games Workshop has appointed Elaine O'Donnell as a non-executive director with immediate effect.

The world's largest tabletop battlefield gaming specialist said the move was in line with its policy to strengthen its board.

O'Donnell qualified as a chartered accountant with PwC. Until recently, she was a corporate finance partner with EY.

Games Workshop brands include Warhammer and Warhammer 40,000. In addition, it holds a licence for The Lord of the Rings tabletop battle game. The company has been listed on the London Stock Exchange since October 1994.

http://www.stockmarketwire.com/article/4714439/Games-Workshop-strengthens-its-board.html
StockMarketWire.com - Games Workshop has appointed Elaine O'Donnell as a non-executive director with immediate effect. A chartered accountant by profession, until recently she was a corporate finance partner with EY.

I believe that this is same Elaine O'Donnell, a news story published 11 Oct 2012 about her leaving Ernst & Young
http://www.manchestereveningnews.co.uk/business/professionals/elaine-odonnell-steps-down-from-ernst-800136

Seems her background is in mergers and sales of businesses, although this is based on one news article.

Edit, according to her Linked in page, she is most endorsed for "Private Equity" and "Restructuring"

For once, this may be "Good News".

If "sales of businesses" and "Restructuring" can be used for giving management a good kicking, we might see something from this.

I doubt she's a hardened games player though, just be another suit chasing the bottom line.

 Skinnereal wrote:
For once, this may be "Good News".

If "sales of businesses" and "Restructuring" can be used for giving management a good kicking, we might see something from this.

What's more likely is that she'll help them achieve what seems to be their current goal: dumping the company on someone else. I imagine any "restructuring" going on will be for the purpose of making them more attractive to buyers.

Maybe sell it to Disney, then we can get Space Marines fighting Jar Jar (finally).

 RandyMcStab wrote:
Maybe sell it to Disney, then we can get Space Marines fighting Jar Jar (finally).

We'd hopefully get a conclusion to the insufferable "Who'd win a war between the Imperium of Man and Galactic Empire" discussions, at least.

I still do not think that a big company will buy GW. For all intents and purposes they lost the Chapterhouse case, showing that their IP is weak. A large number of other companies are making competing miniatures and games. In general the rules of said games are better, and the miniatures compete on the basis of price or quality.

GW's share of the market is shrinking. The other day there was a lone 40k player in the FLGS while four other people were playing Malifaux. GW is surviving based on market share, and their share is shrinking.

It will be interesting to see how big name licenses like AVP change the gaming landscape. I do not expect that it will be good for GW.

Sidstyler wrote:

 Skinnereal wrote:
For once, this may be "Good News".

If "sales of businesses" and "Restructuring" can be used for giving management a good kicking, we might see something from this.

What's more likely is that she'll help them achieve what seems to be their current goal: dumping the company on someone else. I imagine any "restructuring" going on will be for the purpose of making them more attractive to buyers.

spaceelf wrote:I still do not think that a big company will buy GW. For all intents and purposes they lost the Chapterhouse case, showing that their IP is weak. A large number of other companies are making competing miniatures and games. In general the rules of said games are better, and the miniatures compete on the basis of price or quality.

GW's share of the market is shrinking. The other day there was a lone 40k player in the FLGS while four other people were playing Malifaux. GW is surviving based on market share, and their share is shrinking.

It will be interesting to see how big name licenses like AVP change the gaming landscape. I do not expect that it will be good for GW.

Its the "Private Equity" bit that is interesting in this context, maybe they'll be looking for a private buyout. Which would lead to, in my mind, to a butchering of the company and splitting of its assets, including IP to all and sundry.

Might be a chance that some independent could buy up 40K or WHB during said (completely hypothetical) asset plunder. Kickstarter anyone?

'Tabletop battlefield gaming specialist' Ahh, so that's what they put on their CV now

Well if we are throwing out wild speculation. It could be restructuring to bring all manufacture back to the UK. Or it could be re-evaluationg the various arms of GW like FW and Black Library so that their in house book keeping is modernised and folded into GW Prime. But then again it could be a consultant brought in to trim off the fat for a private buyout by the current majority share holder so that GW are less at the mercy of shareholders.

 spaceelf wrote:
I still do not think that a big company will buy GW. For all intents and purposes they lost the Chapterhouse case, showing that their IP is weak.

Nah. The Chapterhouse case didn't show GW's IPs to be weak, it showed GW's views of their IP to be over-inflated and highly self important. The IP, in fact, is what makes the company. You're right in that no one would buy GW, but they would buy 40K.

Well, its been speculated about for a while now, bringing in what amounts to a "pro from dover" is interesting though

beginning of a new era or beginning of the end? im going with the latter

Bloodwin wrote:
Well if we are throwing out wild speculation. It could be restructuring to bring all manufacture back to the UK. Or it could be re-evaluationg the various arms of GW like FW and Black Library so that their in house book keeping is modernised and folded into GW Prime. But then again it could be a consultant brought in to trim off the fat for a private buyout by the current majority share holder so that GW are less at the mercy of shareholders.

Manufacturing has already been returned to the UK, with the exception of some of the printing.

Forgeworld are supposedly being folded into the main GW site next year (which was sort of confirmed by my local manager when there was no denial when I mentioned it to him) It would be highly unlikely to think that GWs bookkeeping isn't already spot on, my company turned over barely 1% of their turnover, yet I had very well educated accountants and sophisticated systems. Given the (relative) low cost and accessibility of this stuff, there's no reason to think that GW don't already have their back room joined up, and just the consumer facing aspects presented as separate entities.

I really don't see where there is much fat left to trim? Other than redundancies and closures at store level perhaps? They already control their entire production line top to bottom, the studio has been expanding recently to accommodate the increased release rate, and I doubt that could be sustained with fewer personnel. Nearly every company above a certain size can use fewer middle managers than it has, but I doubt you'd need to employ a specialist on no doubt a high 5/6 figure salary to spot this. I guess it is possible they need a specialist to spot the efficiencies that haven't already been made, having done all the obvious stuff.

Best case scenario is that she has been brought in to prepare them for a takeover, and perhaps a return to private ownership, by a company that sees the unexplored potential of Warhammer, and is motivated and committed to growing the game, as that's only good for all of us.

But we should also make room for the prospect that she's a friend of the Kirby family or similar, because that often happens at this level.

I hope this is an attempt to privatize.

 Dez wrote:
I hope this is an attempt to privatize.

I hope not. I own stock.

 spaceelf wrote:
I still do not think that a big company will buy GW. For all intents and purposes they lost the Chapterhouse case, showing that their IP is weak. A large number of other companies are making competing miniatures and games. In general the rules of said games are better, and the miniatures compete on the basis of price or quality.

GW's share of the market is shrinking. The other day there was a lone 40k player in the FLGS while four other people were playing Malifaux. GW is surviving based on market share, and their share is shrinking.

It will be interesting to see how big name licenses like AVP change the gaming landscape. I do not expect that it will be good for GW.

That's exactly when you buy the company. It is arguably ripe for the picking, has a comparatively massive production and distribution network, and an established and interested customer base. If you wanted to get into the growing table top fantasy Wargaming market (Hadbro), you can start off with a solid base by acquiring GW. The IP is valuable and remains so, regardless of the CHS case. But the CHS case can let you knock ten million off of the sale price.

GW is floundering from mismanagement. The company has good bones. If you want into a market that is small, but appears to be growing well, do you start from scratch, or do you buy a drooping company with the largest share of the market and a relatively cheap net worth?

G.W. RIP, its all over but the crying.

Good game while it lasted.

 azreal13 wrote:
But we should also make room for the prospect that she's a friend of the Kirby family or similar, because that often happens at this level.

That's kind of what I was thinking, She's there to tidy up so Kirby can buy it out.

 Grot 6 wrote:
G.W. RIP, its all over but the crying.

Good game while it lasted.

A bit early for that, I think.

 agnosto wrote:

 Dez wrote:
I hope this is an attempt to privatize.

I hope not. I own stock.

Well, ok, you'll lose the dividend, but as their share price has steadily risen for several years, and any prospective takeover will likely have to offer over market rate, you could land a tidy wedge.

 spaceelf wrote:
I still do not think that a big company will buy GW. For all intents and purposes they lost the Chapterhouse case, showing that their IP is weak. A large number of other companies are making competing miniatures and games. In general the rules of said games are better, and the miniatures compete on the basis of price or quality.

GW's share of the market is shrinking. The other day there was a lone 40k player in the FLGS while four other people were playing Malifaux. GW is surviving based on market share, and their share is shrinking.

It will be interesting to see how big name licenses like AVP change the gaming landscape. I do not expect that it will be good for GW.

These kind of statements crack me up! I'm sorry, but I've been to my FLGS and have only seen 40k and Warmachine being played. Malifaux must be on the way out. Do you see the complete lack of logic there?

Guys... the sword cuts both ways, and so does Elaine O'Donnell's expertise. This exec. may help GW increase their market share buy acquisitions much like Microsoft did during the late 80's and 90's.
I personally hope that they get sold into private equity, but this can't be seen as any sort of confirmation as to that.

So what exactly do Ernst&Young and PwC do as a business?
Does anyone see a connection to GW?

O'Donnell is listed as third Independent Director since 28th November (today):
http://investor.games-workshop.com/the-board-of-directors/
Only two independent directors before that, with Mark Wells also (non-independent) director until he left in January.

Wikipedia wrote:An Independent Director (also sometimes known as a outside director) is a director (member) of a board of directors who does not have a material or pecuniary relationship with company or related persons, except sitting fees. Independent Directors do not own shares in the company.

http://en.wikipedia.org/wiki/Independent_director
So she doesn't seem to be involved in decisions and more in a consulting role to God-Emperor Tom Kirby. Correct?
At least I have never heard of Chris Myatt or Nick Donaldson, the other independent directors, being involved in any decision. Never heard of any activity by them at all, to be honest.

BTW this is how she looks:

With her previous job, she can at least afford to buy her two sons (8 and 10 years old) GW stuff

Ernst and Young are a legal firm IIRC. Or they might be receivers, or possibly both

I'm not helping....

Pure unrefined evil.

dubovac wrote:
Pure unrefined evil.

Okay, that counts as a connection I guess

Non executive directors only get hired if the current board thinks they're a good fit

(especially in cases like these where the chairman owns a decent chunk of the company)

so rest assured she'll do whatever Kirby intended here to do whether that's just push for big pay rises for the board, fat trimming, acquisitions or preparing for a change of ownership

so more business as usual

In last years article mentioned above, she seemed to look out for a more active role:

"I am really excited by the prospect of not just being an adviser to business but being in business. I am considering a number of opportunities with some businesses in the region and some further afield."

But maybe this job is not for this ... but for financing her sons Hobbit miniatures

With no further information, I also don't expect any changes.

E&Y and PWC are accountants. Non-executive directors are more about strategic guidance of companies and adding outside experience than direct decision making on the operational level that is mostly discussed here. I doubt that we'll ever hear Ms O'Donnell' s name again in any gw discussions.