Paul:
You wrote:
> No.. [the CFO's resignation had] nothing to do with financials is my guess ... he's not leaving until February. If it was something like that he would be gone immediately. <
Why do you say "February"? The Rogue Wave press release I read (available here at SI) said that Robert Holburn's resignation was effective on 3 January:
"BOULDER, Colo., Dec. 15 /PRNewswire/ -- Rogue Wave Software (Nasdaq: RWAV) today announced the resignation of Robert Holburn as the Company's Vice President/Chief Financial Officer and Secretary of the Company effective January 3, 2000. Mr. Holburn has chosen to pursue other opportunities and personal interests; however, he will be available to assist in the transition to a new CFO over the next few months.
"The company also announced the appointment of Merle A. Waterman as the acting Chief Financial Officer. Mr. Waterman has been with the Company since January 1996 as Corporate Controller."
Admittedly, the press release talked about a transition over "the next few months," which you interpreted (not unreasonably) as meaning "until sometime in February"??.
On the other hand, the new (temporary) replacement has been on board since 1996, so there may not be much need for transition.
New but related issue:
I did go to www.roguewave.com and was very concerned to see that the latest annual report posted there is for fiscal 1998 (September end of year) rather than for fiscal 1999. So I emailed investor relations and asked bluntly whether the CFO's resignation had anything to do with the 1999 annual report being late. To my relief, I learned that the FY1999 report was *mailed* on schedule on 30 November; the web site is just running behind. And that return email did affirm that the CFO's resignation is entirely for personal reasons.
Nevertheless, if Mr. Holburn's resignation is due not to any fraud but to some sort of management shakeup, having it take effect after the Christmas holidays rather than absolutely immediately is simple courtesy to both sides.
Is anyone here aware of any major management changes that have been pending? I have read somewhere, but can't remember where, that the current management is in some sort of "holding pattern" or "caretaker" role. On the other hand, my often creative memory may have simply invented that notion, or perhaps it applies to some entirely different company.
Cordially, Roger Folsom |
