To: Tom who wrote (29797 ) 6/1/1999 9:22:00 PM From: Suzanne Newsome Read Replies (6) | Respond to of 44908
Tom, we are taking the thread back. Thoughts on John Hwang's leaving. When I first heard this news, this struck me as a body blow to TSIG. Having had time to mull it over, I do not see it that way. The Con's of JPH leaving: 1) He was a known talent with a history of success with important contacts. 2) His leaving caused the shutdown of the Online Services division for which there were grand projections. 3) His voice was lost on the Board of Directors OTOH, there are some advantages to his leaving. 1) TSIG couldn't fund the Online Services division. Attempting to do so at this critical stage of the company's development may have brought on the death of the company. TSIG would have been like an army that has pushed its front out too far from its supply lines. 2) TSIG will be able to concentrate its limited resources on the Card division which is further along in development. The Card division will bring substantial revenue in sooner than the Online Services division would have. 3) The company should save a lot of shares on options. I personally feel John Hwang should return his $20,000 signing bonus. I speculate that when Hwang first appeared, he made Gordon an offer he couldn't refuse, i.e. Hwang would open up a grand new division which would integrate well with the other areas and bring big-time, ongoing revenue to TSIG. It would have been a seductive offer. Gordon probably did not count on the share price being in the $.30-.40 range after the announcements of deals were made. Thus his ability to fund Hwang's division suffered. May I offer this thought for next year? The Online Services division could be made active again. Hwang is not the only person alive who can do what he does. Next year when the company is stronger, a Hwang-replacement could be found. There will still be web sites to be built. If it were me, I would probably not choose to hire a 28-year-old millionaire. I would question his motivation to show up for work every day. Regards, Suzanne