Clearly today's Reuter's release is a one sided opinion. Taken in perspective, we should not forget the new CEO, Ian McKinnon is likely to have plans of his own. I think the market is reacting prematurely. He's been on board a month and a half and is taking this Y/E opportunity to close out past errors and begin anew. Consider his background, credentials and opportunities. Do you think he's been broad-sided by surprises? I think he knew full well what he undertook and is now executing.
The closure of the California office was a foregone conclusion with Ian taking up office in Mississauga and all Sr. Execs reporting to Mississauga. No surprise here.
CIC ECC has established itself as a global standard and has a huge pipeline of signed customers on a new revenue model. Delivery and support can be effected from a smaller staff based in Mississauga.
Appended/following is Ian's hiring announcement. I sincerely doubt his role is to close the company down. His message after trading closes today will be upbeat and the future of CIC under his control will begin tomorrow, May 1.
Think about it...
Certicom Appoints New CEO
Ian McKinnon Brings Operational Management and International Business Development Expertise with Public and Private High Tech Growth Companies
HAYWARD, Calif., February 28, 2002 - Certicom Corp. (Nasdaq: CERT; TSE: CIC), a leading provider of mobile e-business security, today announced that its Board of Directors has appointed Ian McKinnon to the role of President and Chief Executive Officer. McKinnon will also become a member of Certicom's Board of Directors.
"We are very grateful to the Office of the President for the great work they accomplished during the last several quarters. They successfully guided Certicom through the diverse challenges posed by the economic downturn, and now the Company has posted its third quarter in a row of exceeding expectations," said Bernard Crotty, Chairman of Certicom's Board of Directors. "We are pleased to announce that we have completed our extensive CEO search and are excited to welcome Ian McKinnon as Certicom's new President and Chief Executive Officer. Ian brings a wealth of experience and complimentary strengths to the Company, including a strong background in sales and operational management as well as international business development. We are confident that Ian will provide outstanding leadership to guide Certicom as we capitalize on the expanding opportunities in the global security market."
With the appointment of a new CEO (effective March 11, 2002), all senior management will report to McKinnon, who will be based in the Company's Mississauga, Ontario offices.
"I'm very proud to accept this appointment and excited about the promising future at Certicom. With renowned products and technology, world-class employees, and a long list of blue-chip customers and partners, I see great opportunities to leverage Certicom's strong leadership position to both capture new markets and to further dominate the wireless security industry," said McKinnon. "As the proliferation of wireless devices increases and multinational corporations continue to go mobile, Certicom is providing mission-critical security, privacy and trust for Internet and wireless transactions and communications of all kinds."
About Ian McKinnon
Ian McKinnon is a proven chief executive with over 20 years of experience in the Information Technology industry. Before accepting the chief executive role at Certicom, McKinnon was the CEO of several privately held, Toronto-based firms. Prior to that, he was President and CEO of Promis Systems Corporation (TSE: PSW) of Toronto, Ontario, from 1995 until 2000.
Promis was a provider of semiconductor and precision electronics manufacturing software to the global electronics industry. In McKinnon's first two years as chief executive, Promis' revenue increased 22% compounded annually, following a sales decline of approximately 20% in the prior year. McKinnon successfully drove international growth in Asia-Pacific by 64% compounded annually, and in Europe by 28% annually during his first two years, while taking Promis from a net loss of over $11.4 million (US) to a net profit (before taxes) of $3.6 million. Promis was awarded the Financial Post's annual investor relations award in 1997, and McKinnon won an Ernst & Young Entrepreneur of the Year award in 1998. Promis was acquired by PRI Automation (Nasdaq: PRIA) of Billerica, Massachusetts in March 1999. McKinnon continued as VP and General Manager of PRI Software Systems Division for approximately one year subsequent to the acquisition, ensuring a smooth transition for both customers and employees.
After beginning his high-tech career as a sales representative for NCR, McKinnon spent fourteen years with Digital Equipment Corporation in successively increasing roles of responsibility in international management, sales, operations, and business development. The culmination of his career at Digital was a three-year assignment as Managing Director of Digital Equipment Singapore, where he successfully drove revenue growth 26% (compounded annually) in two years to $80 million.
About Certicom
Certicom is a leading provider of information security software and services, specializing in solutions for mobile e-business. The company's products and services are specifically designed to address the challenges imposed by a wireless data environment. Certicom's solutions incorporate its efficient encryption technology and are based on industry standards for information security that utilize public key cryptography. Certicom's products are currently licensed to more than 300 customers including Cisco Systems, Inc., Handspring Inc., Motorola, Inc., Nortel Networks, Openwave Systems, Inc., Palm, Inc., QUALCOMM, Inc., Research In Motion Ltd., Sony International (Europe) GmbH, and Verizon Communications Inc. Certicom's headquarters and worldwide sales and marketing operations are based in the Silicon Valley in Hayward. For more information, visit Certicom's Web site at certicom.com. |
