Food for thought: Bulls and bears are fighting it out on the message boards regarding VeriFone’s future, and something caught our attention. If we take a look at CEO Douglas G. Bergeron resume on VeriFone.com versus the resume posted on Forbes there is a bit of discrepancy. Forbes shows that Bergeron was from April 1999 to October 2000 President and Chief Executive Officer of Geac Computer Corporation.
Bergeron quit as CEO of Geac Computer Corporation on October 2000 and if you do a thorough news search how Geac Computer did during his tenure you will find the following article interesting:
Geac says profits will eventually return Friday, December 8, 2000 Geac Computer Corp, Canada’s largest software company, posted dismal results late Thursday evening that didn’t even come close to matching analysts’ expectations. The share price sagged on Friday on that news.
The company reported a loss of $56.5 million (91 cents a share) in its second quarter compared to a profit of $19.7 million (32 cents a share) a year ago.
It’s the latest in a string of bad news announcements since September from Canada’s largest software company. The company has cut 500 jobs or 12 per cent of its workforce, it has replaced its chief executive twice, demand for its enterprise resource planning software has slid and its stock price has dropped sharply.
Geac shares plunged another 40 cents to $2.90 Friday, a new 52-week low. The shares have traded as high as $31.40.
Perhaps it was a and oversight that his 19 month tenure as CEO of Geac Computer Corp position is omitted in his resume; thankfully the internet gives everyone an opportunity to do our own due diligence. Will history repeat? We shall see, but one lesson is clear: the CEO learned to cash out.