Morning analyst comment : We believe the resignation is a positive step in the company’s restructuring program
This morning, AUGT announced the resignation of Tom DeLuca, COO of AUGT (who was hired under prior CEO Paul Arena).
• Management stated that the resignation was part of the company’s restructuring program, as the plan called for the termination of an on-going COO role.
• We believe the resignation is a positive step in the company’s restructuring program, as it works to cut $6M non-revenue generating expenses. For reference, Mr. DeLuca’s base salary totaled $350k, with 15% raises every year thereafter, and potentially $200k in additional bonuses in the contracts first year.