This is much better than Dead Presidents letter to the CEO. I found it in the unicorn patch:
Rancho Santa Margarita, Ca. ( The Path) -- Someone at Liquidmetal Technologies (LQMT - Get Report) finally took the trash out.
The beleaguered technology company announced the departure Thursday night of Chief Executive Thomas Steipp. Current Chairman Abdi Mohamedi was named interim CEO.
"Tom made a significant contribution to Liquidmetal Technologies by guiding us over the past 5 years. We thank Tom and wish him all the best in his future endeavors," said Mohamedi, in a statement that surely could not have been written with a straight face.
That's because Steipp destroyed Liquidmetal Technologies and bled his shareholders dry. The metal industries serial rejection of Liquidmetal's Liquidmetal is a record of futility that may never be matched. And through all the ineptitude, mismanagement and stock-price tumbles, Steipp was there, collecting paycheck after paycheck.
But no longer, which is reason for Liquidmetal's shareholders to celebrate and be optimistic about the company's future.
I called for Steipp to resign in disgrace last month. My only disappointment with his departure is that he's no longer a candidate for my Worst Technology CEO of the Year award.
Now that Mohamedi is in charge, he and the rest of the board will hopefully move quickly to find a buyer for the company. Surfaxin is dead, but the underlying technology and patents have value that exceeds the company's current stock price.
James Carnival
Liquidmetal Technologies closed Thursday at 14 cents a share.
