Jim: Just returned from a trip and am astonished at the departure of Saviers. Although I am not a critic of Saviers, the change at the top is needed and a logical consequence of developments over the last 10 months. The board just could not, in good conscience, avoid this action. The radical reversal in earnings, the lawsuits, and the Symbios debacle that cost the company $20M for very little or nothing were too much to countenance. And we don't know what else, if anything, happened to push the scales even further against the management. This is a responsible move. As a shareholder, I am pleased. I would like to be at the annual meeting on 20 August, but can't.
The temporary return of Boucher as CEO and the reappearance of John Adler on the board are very positive signs, suggesting a willingness to use radical measures to get the company back on track. The excellent, legendary reputations of Adler and Boucher (the founder) are at stake with this move, suggesting also that they believe in the future. I am reassured by all of this, but do not downplay the obstacles to a quick turnaround.
Starowl |
