Monday, July 25, 2011

earnings and new CEO

Last Friday, Q2 earnings were reported. The company is not bankrupt. As always, Seeking Alpha has a transcript and you can also download a mp3 recording of the call from the company's public website. I would link to it, but then I'd be doing all the work.

The day before the earnings release, a public announcement was made about the, next CEO, who is the current COO. As executive succession goes, this was incredibly expected. This has been clearly telegraphed for more than a year starting with when he was made COO in the first place, which was a position that did not exist prior to his appointment. And then he started to participate in the quarterly earnings conference calls. And the investor conference. And then was nominated to the board of directors. And it was known the current CEO would retire before the end of the year. So, not shocking.

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