When any CEO leaves a company for "personal" reasons, this is often(but not always) just a nice way of saying the Board asked for his resignation, and since he did not want to get fired...he left for personal reasons?
Again when no real reason is given for a CEO's departure, one begins to speculate....was Roger tired of the commute, or was the board tired of having an absentee CEO who was not bringing in new contracts?
Roger was the last vestige of our previous crew since they were the ones that hired him, and while he came with glowing credentials(and a very high price tag?), was he just too tired and too slow in turning around Avid's fortunes?
I also thought the news release could have been handled much better and had a much more positive spin put on it! The board could have thanked Roger for his great work in stabilizing this company financially and setting it up to succeed, and now the reins were being handed off to a new management team focusing on growth and profitability. A win win for everyone...instead of a CEO just abruptly walking away from a company?
What we do know, is that this is a very qualified high powered board with loads of biomanufacturing experience. These board members would hardly be serving on the CDMO board if it was only for the money, as the $50,000 is a pittance when put in perspective with the liability that comes with it.
Unfortunately when a CEO leaves abruptly this is always taken as a negative initially and hence the shares are sold off....with the float as tight as it is, it does not take much selling to get the kind of price drop we received today.
Hopefully the selling will abate and our institutional growth will continue.....of course we will not know what percentage of sellers were retail and which were institutional, until the next reporting period.
Good luck to us all....FWIW, I do not believe it is a good time to sell...I think the preferred shares are telling us that things are solid financially...now we need some new customers and some new orders for AVID....and yes, whatever happened to those two "Pending" new contracts???
And finally, to show confidence in the new CEO and hopefully new direction, it would be nice to see some insider buying? However I am not holding my breath here.
