Alm certainly makes some good points.
Expense control is an essential part of the equation. However, I tend to look at things from a spend effectiveness perspective. Was there a potential prize in Germany that would justify the spend?
If I remember correctly, prior management announced a healthy dose of expense reductions also. So, this isn’t something unique to new management. However, I’ll concede the point that better spend discipline is a good sign.
On the contrary…
Didn’t Denner issue sizable grants of stock to the new board members and Holt? It seems that when KM issued RSU’s, that was a bad thing. However, Denner does it and it’s about ensuring the BoD has skin in the game.
Look… There are some incredibly smart people on this board. But, we are seeing the game from the stands and not from the field of play and the game always looks different from the field of play. I suspect that’s what happened with Denner. He saw what appeared to be a better game plan from the stands. Now that he’s on the field of play, that game plan doesn’t appear to be such a good idea. The one thing that’s unavoidable here though is non-performers eventually get fired. It happened to KM. Will it happen to Denner? Time will tell as the game progresses. But, based on the today’s share price, I would say we are approaching half time and down by 4 goals.
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