My guess is that Sperzel has some "house-cleaning" to do, which is rather typical when a new CEO comes into a Company that hasn't been performing well. It's his Company now, and it's up to him to plan the DIRECTION of where it's going to go, and WHO is going to be on the TEAM to take it there.
I would also guess that he will "re-set" expectations LOWER.
Any good CEO does that so that they can wind up "under-promising" but at some point along the way "over-delivering".
One other note.
I find all of the Sunshine Pumpers here to be incredibly naive about the fact that Larry is getting 6 MONTHS of PAY as a "consultant". They all seem to think that he is going to be actively engaged in the running of the business. Wrong, wrong, wrong.
His 6 months "severance" has been in his Employment Contract all along.
Does anyone here bother to read the 10-K at all???
The last thing that the new CEO Sperzel is going to do is to ask for a departing CEO's advice.... especially when the BoD let go of him.
It's Sperzel's Company now.
And it's going to take awhile for him to turn this ship around and get it going in a profitable direction.
That requires time. As a result, CEMI is (as Randy says)...... Dead Money.
You summed up my fears nicely sail. Seems you're already covering for this new CEO.
Larry's statement in September showed he had great faith in his current management...but I assume he knew nothing about who the new CEO would be.
"Chembio today is a leading point-of-care diagnostic company," stated Lawrence A. Siebert. "Our business is growing and our future pipeline is more promising than ever. Equally important, we've built a strong leadership team throughout the company that is exceedingly capable of expanding the business in both the U.S.and worldwide. I will leave the company in the hands of a highly qualified management group and I know the transition will be seamless."