I also agree that Perham must go. When his re-election comes in August 1999, I will certainly not vote for him if I hold IDTI shares at the time. In view of the poor performance of IDTI, I do not think we are the only people who do not like him. According to the proxy of fiscal 1998, both Perham's salary and compensation were cut by the Board of Directors. Perham clearly felt the pressure from both shareholder and the Board . That's why he was so desperate to launch so called 10 million shares buyback when IDTI's situation clearly suggested that it could not afford to carry out the 10 million shares buyback. Of course, the share buyback program was cancelled shortly after it was launched.
In addition to the very poor performance of Perham for last few years, Perham may not be very popular among some of directors. When IDTI began to fund the Winchip project, a director showed some doubts about the ability of Perham to carry it successfully. When Perham was hyping the potential of Winchip in Fall of 1997, he was making fun of this Director in one of interview with a reporter. So far, IDTI has not made a penny of profit on Winchip project. Moreover, 300,000 Winchip per quarter is more than a factor of 3 lower than 1,000,000 unit per quarter which Perham hyped in early 1998. Obviously, it is not very wise of him to make fun of the Director whose doubts have so far been correct.
If you would like show your concerns on the poor performance of IDTI's management to the Board of Director. You can write to D. John Carey, Chairman of the Board, 2975 Stender Way, Santa Clara, CA 95054. |
