Set a notification on your favorite news feed now. In a few weeks we'll find out what greener pasture our CEO went to. He's a climber & just like he went from Akrion to TechPrecision he is now going from TechPrecision to some other company. Just don't know which one yet.
Another thing to think about, how many times have we seen executives strike early on new jobs ahead of the sale of a company? Wonder if that's the case here...TPCS has a lot of equipment/licensing/know how that seem out of place in a company this small. Top to bottom, if a large company with a healthy balance sheet wanted that level of assets and expertise it would be a whole lot easier to buy TechPrecision, get what they can for the China ops, and make hay with the rest.
The thing is, with a large balance sheet behind TPCS assets, the company is worth a lot more than it is today. Well, even stand alone TPCS is worth a lot more than it trades at today...but with a large balance sheet behind it TPCS is worth EVEN MORE.
Maybe he wanted a raise for diversifying the company and the board would not meet his price?
Pay me what I want or goodbye is the way the upper management game is played.
He is not the only CEO in the world and the collapse in stock price could be way over done.
jb, I'm sure you've known people like this. Their goal is to be CEO of a fortune 500 company...or something like that. It can take years to grow a company like TechPrecision into a fortune 500 company but an ambitious executive can climb the ladder in less than a decade.
And that is certainly not a bad thing. Wish him the best. We'll find out in a few weeks where he went.