Reasons for Mr. Steven Sprague dismissal as CEO of Wave Systems company:
- Wave under Mr. Sprague has never managed to achieve a profit over more than a decade.
- Mr. Sprague has consistently misled the shareholders about the real status of the company, prticularly in respect to sale prospects and financial status. In the meantime Wave has accumulated over 354 mln losses. The information about number of total shares on the market is at least doubtful as it appears that well over 10 mln. shares have been used for internal distribution, that is more than 10%.
- He allowed Wavexpress run by his brother Michael sprague to accumulate losses of 45 mln up to the point it became a huge danger for Wave itself, so it had to be stopped inn the very last moment. Over the years the shareholders has been fed with quarterly reports about the Wavexpress "tremendous progress". Whether the highly "successful" Mr. Michael Sprague is still on Wave payroll there has been no information...
- Mr. Sprague income for 2010 of over 882K$ is a total disregard to the company performance and to its shareholders.
- Under normal circumstances in any public hold company the BoD should have dismissed the CEO long time ago.
- The overall performance of Mr. Sprague, neither in respect to company profitability nor in respect to company owners, that is its shareholders does not entitle him to continue in his CEO position.
The question to me is whether the shareholders majority will support Sprague´s dismissal or will continue to another 10 years hopes...
AI
