I think you are right on..., the current management and board are only there to get as much $ as they can before they are booted.. They haven't done anything constructive and made lots of $ doing it. Tessera, in the past, was always looking for the next big tech to acquire, but now has stopped looking. Too much $ on hand is not working for the share holders.
Who can best leverage the IP is what is key to Tessera's health. Past lawsuits did and does hurt them now. That's why they formed TIPS and Invensas. Thy changed the names to mask who's IP was trying to be leveraged. Didn't work so well so far. Their IP is getting very outdated and soon there will be better technology used in the next generation of products. Will Tessera be part of that tech? Without new licensed IP is doesn't look like it, so where will the $ come from? MEMs is about all they have left from their most recent acquisition activities. Will that pan out? Will they find a board or CEO that knows how to, or will Starboard be the right one? Not sure if an outside entity is the right choice here, but Tessera sure hasn't done much to show they can either.
With the recent termination of so much talent I am not sure they can effectively run the company.
I agree.. the actuator is the "real" business that should be marketed. It works better than the VC technology in current modules. Bob R. may be bit off too much, but we will never know as he didn't get the time to show if he was right.
The IP and licensing will be tough as the techology is getting older and older and many of the past customers are still sore from being stuck in litigation in the past. Silicon Valley is a small place and people remember being litigated against over past licensing issues (valid or not). SAC was a joke from the start and people knew it. Why the plug wasn't pulled years ago I don't know. It did exactly what is was designed for... attract dust.
I think if the executives (not all were a problem) just trusted their staff (with lost of knowledge and experience) to get the work done they wouldn't be in this situation. Putting your "buddies" in positions that they weren't qualified is not a good way to run a company. Karma is a b!tch : )
There really aren't too many people that know how to mass produce a MEMs camera there anymore. The only talent is in Arcadia at the former Siimpel site. They really aren't setup to do much more than R&D and prototypes and can't mass produce. Bob R. was the real driving force to get MEMs cameras to market. They need to get him back if they want to do what they claim as their plan for MEMs. Best senario they outsource everything except the actuators and get them into a platform ASAP. This will be problematic as many subs aren't tooled for this type of camera module and won't invest the $ if there isn't a high return. They need a big customer to put up some $ to be the first to market on this device in the hopes this will be the next big thing and keep it to themselve. BTW ... this was one of the ideas that Bob R. was working on before his temination. He was very close to getting this done before they pulled the plug. They still have the problem of getting the yields up in the range where if makes sense to mass produce. That's the big one right now. The people in Arcadia are very smart and should be able to solve this with the right support and leadership.
It's about time. Unfortunately for many good employees, it's too late. I hope that Tessera can find good people to fill the void created by the former CEO. Much of the talent was forced out becuase they had good ideas and values that were not shared by the CEO and his henchmen. Keeping my fingers crossed that they can turn things around and get the stock back where it should be.
Reply button not working properly on iPad, so sorry about the wrong placement.
I have worked with all the last three CEOs and by far the current one is the least qualified and experienced in leading and team building. He also, IMO, can not be trusted to be honest.
Hank was a very good leader and everyone respected him. Same for Bruce, although he was much more academic and not as good a leader as Hank. The current CEO has not shown any leadership abilities and has surrounded himself with "yes men" as stated by Starboard. Without a leadership and trust at the top, Tessera is doomed. The only real source of revenue is from old patents and licenses that are very outdated. Without R&D and ability a to show customers how to make their new technology they are finding it hard to get new business. They also have a bad track record of litigation against companies that they want to sell their new tech to now and can't because they #$%$ them off.
There are (we're) a lot of good hard working smart employees at Tessera, but most are gone or leaving now. Good luck Tessera and everyone that still holds stock in them!
Resume.. No problem, but I don't want to ID myself. I directly reported to the CEO and worked with all the executives at a hight level. Worked there for over five years. My observation is that they have eliminated all the BEST managers/executives there and now have such a vacuum that they can't effectively operate at this time. They just terminate two more key people too: CIO and corporate counsel along with other key support staff.
Hard to make anything after firing everyone that knew anything about manufacturing. They are so mismanaged! Sell all your stock now before it tanks even farther.
As a former insider ... Their accusations are valid. The board is not representing the best interests of the shareholders. The board needs to balance the actions of the CEO and make sure he is acting properly, which he is not. I hope the succeed.
Over the past 12 months several key executives have been terminated to "help" move the company in the "right" direction. Looks like they got rid of the wrong executive. I think it's time the CEO takes the blame for the poor performance of Tessera's technologies (SAC and MEMs). Time to terminate the RIGHT executive.
It's going to be very difficult to get MEMs produced in a "high volume" anytime soon. The yeild is just on there at this time. Good technology, just not managed well by the executives at Tessera.
They already have inexperienced people in key positions running this company so why expect any difference here?
None of the current exectutives have any experience running a manufacturing company so good luck getting the MEMs product produced in volume any time soon.
They best people in that area have moved on or pushed out, so IP is all they have to focus on now.
Definately some internal termoil at Tessera. There have been some very hard working key people "let go" over the past 6 months. Many that did not require notification and were key in operations and manufacturing knowledge.
Too bad he was one of the few executive leaders at Tessera. I'm sure his drive was too much for the CEO and they clashed at some point causing this action. Not good for DOC and Tessera at this critical time in the MEMs production process. Another good person gone.
I can second that he did not leave by choice. There has been a lot of turn over with the management team at Tessera and the loss of many very talented people. The current leadership is nonexistent and misguided.