Title: I agree with everything you say, except, "...the jury is still out as to whether Solms can get the job done."
The case is far from closed, but IMO, the jury's verdict is already in. I base that on Solm's statements of goals set, but unmet on his timetable. Not a single goal he set has been reached within Solms's timeline. That constitute's failure, IMO.
No signs of a turnaround in Q3 or Q4, no Bell-ID deal done in August, CFBE was supposed to have happened in Q4 and was reiterated right up until Nov. when Solms, under questioning, said it might take a bit longer. And his famous (or infamous) statement to "Standby" [for big announcements] has left us standing by for nothing for half a year.
There are zero signs of any improvement in Wave's position--in my view, that of a tiring arm holding on to a twig sticking out of the steep cliffside with rocks far below.
Tomorrow's close will mark a full month and a week of the the new quarter passing without any announcements from Wave. In fact, the silence from Wave continues, even as pressure mounts, deadlines pass and progress is MIA.
I do credit Solms, as you do, with cleaning up much of the mess the Spragues left behind, but as to Wave's actual business--no significant sales and no explanations from Wave about the expanding delays in reaching goals the CEO himself set publicly.
If there was a reasonable explanation for missing the goals, I believe we would have heard it by now. It is hard to escape the inevitable conclusion Wave's products are not attractive to a market looking for exactly what Wave claims to supply.
I think shareholders are entitled to an explanation of what went wrong and why, but I suspect we will have to wait until March to get any sort of definitive statement from Wave--and my guess is, in March, we will not be given any real explanations, but instead, we will be given more vague statements along the line of, "We're making real progress."
At this point, only results count and the results we were told were coming, have not come. It seems only fair, the man who said he wants to be held accountable to shareholders and the Wave BoD, should be held accountable for incredible misses on goals.
IMO, Solms owes shareholders not only an explanation, but an apology for raising expectations and then failing to achieve them. Personally, I think he also owes an apology for saying he wants to be held accountable, but then, after he called for accountability, he ducked down behind the ramparts and hid from it.
My jury has come back with a clear verdict. Guilty on all charges.
Blue
