My guess is that Sperzel has some "house-cleaning" to do, which is rather typical when a new CEO comes into a Company that hasn't been performing well. It's his Company now, and it's up to him to plan the DIRECTION of where it's going to go, and WHO is going to be on the TEAM to take it there.
I would also guess that he will "re-set" expectations LOWER.
Any good CEO does that so that they can wind up "under-promising" but at some point along the way "over-delivering".
One other note.
I find all of the Sunshine Pumpers here to be incredibly naive about the fact that Larry is getting 6 MONTHS of PAY as a "consultant". They all seem to think that he is going to be actively engaged in the running of the business. Wrong, wrong, wrong.
His 6 months "severance" has been in his Employment Contract all along.
Does anyone here bother to read the 10-K at all???
The last thing that the new CEO Sperzel is going to do is to ask for a departing CEO's advice.... especially when the BoD let go of him.
It's Sperzel's Company now.
And it's going to take awhile for him to turn this ship around and get it going in a profitable direction.
That requires time. As a result, CEMI is (as Randy says)...... Dead Money.
The Company MUST PAY LARRY 6 MONTHS OF SEVERANCE per his Employment Agreement!
You sound like you've never even bothered to read the 10-K.
Because you are an idiot that thinks that LS knows how to grow a company.
There's a very good reason why his bonus was cut in half from $101,500 in 2012 to $50,750.
He didn't perform.
Your MANLOVE for LS makes you totally blind to the fact that LS was let go by the Board.
Since the secondary offering at $5.00 a share of 11 months ago.... it's been one screw up and postponement after another. The share price has declined by 32% during a huge surge in the US equity markets. LS was in over his head and the Board said "Bye Bye".
But you are too blind and DUMB to figure this out.
LS is NOT the largest shareholder in CEMI.
Wellington is the largest shareholder with 820,280 shares.
This is basic info..... yet you are totally oblivious to it.
The Company will not contact her until ColoGuard is FDA approved.
"the success of the company will not depend on his pedigree....although that helps.......the success will depend on revenue and earnings increases......more sales in more markets.........whether that happens will depend more on the decisions of others than on the new CEO..."
This is a very small company and its future direction and decision making will revolve around its NEW LEADER and his ability to have the proper people in position to EXECUTE a successful business plan.
It's pretty damn obvious that CEMI has failed to be on the same page with the FDA.
Who do you think is ULTIMATELY responsible for that???
Randy is right.
This stock is DEAD MONEY.
And as you have posted, the Board clearly had a lack of confidence in LS and let him go.
The Sunshine Pumpers here are just too dumb to comprehend that.... as they query, "Gee, Why didn't the Board appoint LS as a Director?"
Man.... there are some REALLY DUMB people posting here.
Wow..... your ManLove for LS really clouds your capacity to think clearly.
LS was forced out by the Board. Hence the FACT that he is not on the Board.
Man you are DUMB!
Why do you think that Sperzel left "Accriva" so soon after the merger between ITC and Accumetrics?
Answer: His job turning ITC around was over with.
You just can't keep from drinking the LS Kool-Aid can you?
The Board of Directors dumped him! That's why he isn't on the Board!
Get your facts straight.
FDA approval has nothing to do with CMS approval. It's the other way around, clown.
And the short interest is 19.0 million.
Your reading comprehension is terribly poor.
Do you know what the difference is between a TURNAROUND specialist like Mr. Sperzel.... and a CEO that is hired to drive Growth???
You are clueless.
He's obviously a TURNAROUND specialist, which goes to my point that I've been making the entire time here that CEMI is no longer a GROWTH story.
What leads you to believe that he is "awesome"?
Can you cite any specific examples? Care to point out something in his bio that shows that he has any experience shepherding a PMA thru the FDA process?
I'm all ears.
The kid that spent hours every week telling us that EXAS was "capped at $8.00" and "capped at $9.00" is now back as "exact_sciences_cologuard"
Into the IGNORE BIN.