Who On The Board Of Directors Should Be Contacted Regarding Unhappiness With Management?
Is it Mark McWilliams, Stanley Papplebaum, Chester Sievert, F. Duwaine Townsen, Sheldon Miller? Anyone have thoughts? It is time for MO to leave and hopefully be replaced with a high caliber experienced CEO who has turned around companies in the medical device field or a similar industry. This individual should be enticed with a huge share of stock at today's price.
McWilliams had been contacted 2 weeks ago by an investor friend of mine, a long conversation took place, and #$%$ emails were sent to confirm their conversation. Bottom line is that the suggestion of bringing in a private company to oversee engineering, production, marketing and sales was discussed in detail. McWilliams indicated that there is a BOD meeting was to take place last week and the private company scenario would be discussed as well as other avenues. To date, no response from McWilliams. McWilliams has been told that the group of investors that my investor friend represents have been contemplating selling their shares unless some decisive action is taken very soon. If McWilliams does not response this next week on a plan to move SCIE forward quickly ie remove Mike O, bring in a private company, have Pentax take over funding and running of the production, marketing and sales, selling may very well commence which may severely hurt share price. It would appear that McWilliams, who is the Chairman, is what I term as a "dead letter office". So what can you expect from Oliver who was hired by McWilliams. McWilliams defends Oliver and Dorst claiming how difficult it is to raise funding while paying Mike last year almost $500K per Bloomberg/BusinessWeek. Time for a change in leadership. Everyone on this MB should be hounding McWilliams and the board. I just sent him a email and will #$%$.
Mike is incapable of securing funding needed to build the WavStat. He has been trying with Jim throughout his tenure. SCIE can't book customers if it can't produce device. It needs a credible leader with the credentials to convince a lender/investor to make a substantial investment/loan to Spectra. Mike has run out of steam and should step aside, otherwise there is no hope for SCIE. I supported Mike for almost 2 years but I now realize that he is over his head.