"Mr. Kirsch was elected Chairman of Ferro’s Board of Directors in December 2006. He was appointed Chief Executive Officer and a Director in November 2005. Mr. Kirsch joined Ferro in October 2004 as its President and Chief Operating Officer."
FOE loses about 90% in market cap under his "leadership" while Kirsch collected $4,621,676 in pay in 2011 per Forbes (more than 2% of its market cap today).
FOE must have the worst board of directors on this planet (or the most forgiving) to wait so long for Kirsch to resign. Hope the company avoids bankruptcy and recovers.
FOE has some promise on the balance sheet side; where if they can clean some items up, they should be fine. There are some dog assets (solar paste) and some choice assets as well that on the whole, would make FOE an attractive acquisition target. My bet is that they clean up, refocus on the core specialty business, and adjust to industries where the market is pointing to. FOE should be @ 2x its current mkt cap. JMHO
I would like to agree but the solar bus is only work 4 cents per share on quarterly earnings, that means many places spending too much money. They have be under reorganization for 6 years. God he was pitiful.
Think the New CFO was the one that pushed the dummy out. Hopefully the CFO which was also CEO of two sizable companies may be able to solve some of the problems. I wished they would not replace and just looked to sell the company. The employment agreements with the interim CEO and CFO are most certainly designed to that end