18K sell order at $1.41. The company's future is uncertain. Revolving door at CEO. The last guy led them down a path that did nothing while making $1.1M/yr in the process and walks away with $303K in severance.
Tax loss selling. Almost no one has a profit at this level. Take the tax loss and move on.
he got 176K options when he was hired back in March of 2012. The exercise price is $2.80+ ($2.83?). Anyone know after how long after an employee leaves that the options are forfeited? I know it is different at many companies. Some are 30 days. Some 6 months. Some the options keep their original term which is typically 10 years. Not sure why they are keeping him on the payroll until Jan 8.
So I just looked at their new code of ethics and all the things I mentioned above are violations as well as using company funds inappropriately and bribery. What a #$%$ bag.
Apparently, the previous CEO is still on the BOD. Maybe he retakes the post
On the same day the CEO "resigned" the company modified it's code of conduct:
Item 5.05 Amendments to the Registrant ’ s Code of Ethics, or Waiver of a Provision of the Code of Ethics.
On December 4, 2013, the board of directors of Clean Diesel Technologies, Inc. (the “Company”) approved various amendments to the Company’s code of ethics and business conduct, including to (i) require directors involved in actual or potential conflict of interest situations to recuse themselves from decisions related to such matters; (ii) set forth restrictions on the use and disclosure of confidential information; and (iii) provide that the Company’s general counsel should be consulted before engaging in any activity that may involve antitrust implications.
What did the guy do, short the company stock? Buy stock in a competitor? Blab out news of a potential sale to his brother in law? This is very strange and highly unusual. Why is this guy walking away with a golden parachute? If he violated some code of ethics, he should have resigned and walked away from his severance. The company should go after this guy.
there are no big holders but in your scenario, someone who had a lot of shares, bought even more shares pushing it higher, then dumped those combined amount of really big shares and still made a profit? Are you spanspur's financial advisor?
Without Cause 1, 2
R. Craig Breese
Nikhil A. Mehta
Stephen J. Golden, Ph.D.
12 months of annual base salary and health benefits; pro rata bonus; immediate vesting of stock options and restricted share units
His base salary is $303K. He also had a few hundred thousand out of the money options.
I was wrong on total compensation. He made over $1M in total compensation. EGREGIOUS!!! Thievery!! He didn't even last 2 years. Started March 2012. Trying to find his golden parachute specifics as to how much salary he gets, but it looks like he had less than 50K shares (had almost another 50K in out of the money options)
Effective December 4, 2013, R. Craig Breese resigned as President and Chief Executive Officer and member of the Board of Directors of Clean Diesel Technologies, Inc. (the “Company”) in order to pursue other opportunities. He will remain employed by the Company in a transitional capacity until January 8, 2014. The Company’s Board of Directors has determined that Mr. Breese’s departure will be treated as termination without cause, pursuant to his employment agreement. Effective December 5, 2013, the Company’s Board of Directors appointed Nikhil A. Mehta, the Company’s Chief Financial Officer, and Pedro J. Lopez-Baldrich, the Company’s General Counsel and Vice President of Administration, to serve in the capacity of the Office of Chief Executive Officer on an interim basis.
So fired on Dec 4 and huge volume spike on Dec 5. Obviously, insiders who knew what happened thought it was good for the company. Why didn't they put out a PR midday on Dec 5 when the stock was up 25% to keep the momentum going? The new guys aren't that swift either.
The sale of the company without a CEO trying to protect his $500K compensation is now more likely. Why would a guy making $500K want to put himself out of a job? He gets to do nothing and collect a huge salary. Lattah lossa!!!
I am guessing the volume was due to the management purge. Good for the company. Lowers their break even cost and reduces cash burn. This guy did nothing
Looks like they took this advice. Good for them. CEO was sucking up too much cash and not producing. Need to get cash flow positive so no more desperation deals need to be done.
Clean Diesel Technologies CEO to step down
Clean Diesel Technologies (CDTI) CEO R. Craig Breese resigns to pursue other opportunities. He will serve in a transitional capacity through Jan.CFO Nikhil Mehta and General Counsel Pedro Lopez-Baldrich will assume interim duties as the board considers a replacement.