Concerns regarding resignation of founder/CEO Cameron Chell:
Hello Georgios, I share your concerns. In addition to being the CEO and a Director, I know at one time he was in another key position (either president or chairman). Not to mention a founder, I believe. Hard to believe anyone can reasonably think that this doesn't set them back significantly as they reshuffle the execs. Anyway, he suddenly resigns (did any shareholders have an inkling this was coming?). It surprised me that you are the only one who seems to have brought up this touchy issue - message boards and the stock price didn't take it too painfully.
Look at the titles of all FLNK's Business Wire releases - very detailed and long about all the good news. Which really annoyed me when they released this truly major news with the obfuscatory: "FutureLink Makes Executive Announcement"
I don't understand your reference to "his broker history" and that "institutions could have requested a change" with "...clean persons...". Was Chell a broker? Is there a problem with that? Or has he ever been investigated for security compliance violations?
It would leave me at ease if Chell resigned to join a Net startup, say he became a VP at Citrix or Microsoft. But no, he's leaving for "personal reasons". Like you, I see the confusion regarding his "resignation" and "temporary leave of absence". Can anyone shed some light on what happened?
All I can find on Chell is that he was "...a former top 10 Canadian decathlon athlete, has
founded several technology companies over the past 10 years as well as being a private investor in such companies as C2B Technologies,
Zero Knowledge and eSupplies..."
And also this LATimes article which left me feeling like they suggested Chell left due to "gloomier" financial
results. Actually, I'm not most worried about the magnitude of FLNK's loss, it's to be expected pursuing the ASP market, so I get the feeling financial results pushed Chell out:
===
Los Angeles Times
September 2, 1999, Thursday, Orange County
FUTURELINK CEO LEAVES; CHAIRMAN TO FILL IN
BYLINE: Jonathan Gaw
BODY:
Irvine-based FutureLink Distribution Corp. said Cameron Chell, the company's chief executive and a director, has resigned for
personal reasons and that Chairman Philip Ladouceur will lead the company on an interim basis.
The company, which creates Internet-based programs for small businesses, said Chell was taking a "temporary leave of absence" from
FutureLink but did not indicate when he might return. He had served as chief executive since April 1998.
Last year, the company lost $ 5.9 million on revenue of $ 2.4 million. Recent financial results were even gloomier, with the company losing
$ 11.3 million on $ 1.7 million in sales during the quarter ended June 30.
Ladouceur became chairman of the company in June.
===
- Netconductor.com "toonces"
>>Georgios Karatzas wrote:
Chell is leaving. PR sounds strange.
"The Board of Directors of FutureLink Distribution Corp. (NASD:OTC:BB:FLNK) announced today that Cameron Chell,
the company's Chief Executive Officer (CEO) and a Director,
will take a temporary leave of absence from his role as a
Director and Officer of FutureLink. Effective immediately, Mr. Chell is resigning his position as CEO and Director for
personal reasons, but will continue to represent the
company as its Founder at a number of speaking engagements scheduled for North America and Europe."
There are 2 phrases which are not clear to me.
"will take a temporary leave" What does that mean,?
"Effective immediately, Mr. Chell is resigning" ????
The bad side of this story is, it seems FLNK is loosing its visions. Chell was and still is THE person standing for ASP (don't regard his canadian
broker history). Let's see if he remains to be the president of the ASP consortium. If yes and still a representative of FLNK, then let's hope is back
on the FLNK driver seat soon.
One other interpretation could be linked to his broker histoty. Institutions could have requested a change. FLNK board was aware of that and has
build an highly acceptable board team during the past months. In preparation of NASDAQ (big money is needed soon) FLNK decided to continue
with "clean" persons, such as Glenn and Phil, both with excellent reputation in the market.
Whatever the reason was, IMO timing was terrible.
What do you think?
Gogo |
