Sankar,
It was curious that not much was said about the changes of management. I wasn't impressed that the press releases weren't available to many people before the conference call. According to the following release, Grosser is still interim chairman, which probably wouldn't have happened if he'd been canned in a nasty way. I assume that he recognized that he was in over his head, and agreed to bail out.
Speaking of management changes, it sounded to me that the first answer given to a question about the head of the English division leaving was that there weren't any associated charges -- and then someone else stepped in to say that $1 million severance package was involved. (I'm sure that was just an oversight -- what's a million dollars between friends?) I am sure that Grosser has a nice golden parachute, as well. I don't have a clue about his shareholdings, though.
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ELMSFORD, N.Y., Nov 14 (Reuters) - Cityscape Financial Corp said Friday Steven Miller has been appointed president and chief executive officer.
The company said in a release Peter Kucma has been appointed president of Cityscape Corp, the company's wholly owned domestic subsidiary.
Robert Grosser, who will remain as interim chairman, previously held the positions being filled by Miller and Kucma, the company said. |
