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 ENN: At one stage your net worth was estimated to be around USD650 million and you had become one of the most recognised business leaders in Ireland and internationally. Since that time, do you feel you have been treated fairly by the Irish media? Do you feel they relished seeing the value of Trintech drop and your personal value fall?
McGuire: I don't want to comment on whether the press are good or bad, but I think it's very much an Irish phenomenon. They pump you up and then they get a lot of thrill pulling you down equally so. You've got to take the rolls, you've got to take the down with the up.
All I would say is that what you never had, you don't miss. The reality is I am a very practical down to earth businessperson. At the end of the day I want to build a company that I'm proud of. I've spent 15 years building Trintech and I don't intend to give up now.
Personal gain is a secondary objective. It's important, but the thrill I get is building something that I can be proud of and building value for shareholders. I happen to be a key shareholder, so I have got skin in the game in that regard.
ENN: Recently, it was reported that buildings in which Trintech operates are owned by you and your brother and that you were charging the company over EUR1 million in rent. Would you care to respond to that? Do you feel like it's fair to charge that when the company seems to be struggling?
McGuire: All I would say is that Trintech is a technology company. It's not in the property business. It would be a poor use of shareholders' funds to use them for property purposes. Trintech is indeed the tenant and myself and my brother John are the landlords but that is very much a commercial transaction.
What I can say is that the transaction at the time was done with two independent leading surveyors and property consultants. And it was approved by the board and sanctioned by the board, so it was very much above board in every respect.
ENN: What do you think is the perception of Trintech among investors and among the industry at large?
McGuire: I think Trintech is facing the same kind of difficulty a lot of IT companies are facing, it is an extremely difficult IT environment. As a company and as a management team we are very focused on right sizing the operation and returning to profitability as quickly as possible.
The guidance we are giving is that we will have returned to profitability by the end of this fiscal year. We are obviously taking the necessary actions to make sure this takes place.
ENN: What things would you have done differently over the last year? Have you made any mistakes that you regret?
McGuire: In term of mistakes, all I would say is that I think it was appropriate to make some changes at the management level because a management team operating in an expansionist phase needed certain skill sets and characteristics. However, the management team operating in a downturn or more recessionary times requires certainly different skill sets, and I think those changes in my management team reflect those requirements.
ENN: What are some of the management changes that you have made that you think are particularly important?
McGuire: I think just in general what I am looking to do is move the whole focus from being very technology focused to be more customer focused. That's not to say we haven't been customer focused in the past; but I am a non-technologist, to give you an idea, whereas, the previous CEO (John McGuire) was. I don't get caught up in the emotion of technology.
ENN: When you took over as CEO three months ago, was the decision made as an agreement between both you and John? Was it a decision the entire board agreed on?
McGuire: It was a complete board decision and we are just members of the board. It was unanimously agreed. John is still a part of the management team and John's strengths are clearly in technology and that's what he's doing now, forging new strategic alliances and partnerships around the world.
ENN: Do you feel like the payment security market in general has collapsed?
McGuire: I wouldn't say it's collapsed. It's consolidating like every other segment of the IT market, it's no different in that regard.
There will be a shakeout and I think, with our very strong balance sheet with over USD50 million (in cash reserves) and no debt, we will certainly be a major player. And you know, frankly, I quite welcome these times, because in many ways leaders can be created in these difficult markets.
ENN: There are a few reports that say Trintech could be a target for acquisition. Are the reports accurate?
McGuire: Well, there's obviously no plan but at the end of the day, in the current market, one has to keep an open mind. But at this particular point in time our management team is very focused on getting this company back on track, back to profitability, and once we have done that we will be in a very strong position. We have all the ingredients for success and profitable growth... what we now need is to basically execute.
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