No idea about today, but I have gotten a few insights into changes at Centigram since departure of CEO Sollman.
Many of us on this thread noted the very high expenses on Centigram's quarterly reports, severely compromising earnings. I got the impression that holding costs down was not a big part of their "corporate culture." It seems that only recently has Centigram placed significant emphasis on serious cost cutting and staying within budget.
Day to day operations are now being run by a management team led by one of the Board members, David Lee, until a CEO is named. Mr. Lee has a reputation of being a cost cutter, and he has "eliminated" several mid to high level management positions, as well as other positions. I heard that there were something like 16 vice presidents on staff, as well as a lot of high priced consultants.
There will be a one time charge for these severances, which will hurt next quarter (sigh) , but in the long run, should make Centigram leaner. I think former CEO Sollman did a great job, but perhaps he got a little complacent with holding costs down. Hopefully, the next management team will be more focused in this area. |
