This Ricci guy represents what is wrong with American corporate governance. If there is such a thing as meritocricy or pay or job for performace exists then Ricci must be told to leave. The management of this comapny is a disaster ot epic proportion. Someone can write a PHD a thesis on it.
Long time back one used to compare the potential of this technology and early mover advantage of this company to future Qualcom like success. For the past that future is here at present and for this present the future is very dark, unless Ricci is shown the door, sooner than later.
There must be a tolerance limit of incompetence of this CEO or any CEO for that matter.
Read the whole artilce on cnbc but the most interesting partt -
... "I'll never forget the day I got the call, 'Hi this is Carl Icahn, I just filed a 13D.' He bought the stock in the low-$20s." The billionaire investor bought "seven million shares, spent over $100 million," Simon said.
"I had every banker call me, every lawyer, 'You got to fight with him. You've got to get a poison-pill. You can't give him board seats,'" Simon recalled. "You know what? Go run the company. How many companies go out there and fight with Carl and spend … millions in shareholder money?"
Well, Rici and Nuance is one of those companies that went out and spent millions of shareholder money on godman Goldman and lawyers. Insane.