Jim - maybe you'll delete this post because some may take it as management bashing, but I'm going to share MY opinion.
Prefacing this by stating I have no real problem with the day to day staff of HG, AB, ML, RB, BM, JK...or even RT...and I really enjoy some of the engineers I've met with too. But.....
This year I have the opportunity to vote for a change at the top of this company, and I'm going to do so. why?
IMO, HC runs this company like a private business - kind of like his dry cleaning company. why do I think this?
Lomp - one of the most prolific patenters the company purchased (Gary worked for Dr. Don). In 1998 he was the most highly compensated executive on the staff...why did he walk away? Grass greener? From everything I'e seen, it wasn't a pleasant parting.
Papenella - this industry veteran (10 years prior with Lucent) was hired in as VP and GM of BCDMA in 1998....where did he go? Too long to wait it out?
significant others....how many since Harry "saved" the company?
but most of all...Gercenstein - He was a breath of fresh air to many following this company....so why did he leave? Culture clash?
here was his intro in this IDCC release at the 2000 ASM (which I was at)
InterDigital's Chairman of the Board, Harry Campagna, opened the official meeting. He introduced Mark Gercenstein, the Company's recently appointed Chief Executive Officer, saying, "I made a commitment to our shareholders that the Board would search for and select a new CEO. We wanted a leader with deep roots in telecommunications, a track record of success and the chemistry and drive that would fit well with our team, we found just such a man in Mark Gercenstein."
Mr. Gercenstein, CEO, commented, "Over the past year, our team has successfully transitioned InterDigital from a focus on the development and production of wireless local loop systems to the development of technology for the 3G market. That focus, along with our participation in worldwide standards activities, has allowed us to attract our first 3G customer, Nokia. We are making excellent progress in developing high data-rate technology for Nokia that we expect to play an important role in advanced wireless products."
"Our work in the standards bodies is a critical element of our strategy," continued Mr. Gercenstein. "As we indicated in November, we have determined that we have technology, patents and patents pending that will be essential to the implementation of all modes of the 3G standard. We plan to add resources to our standards team as we continue to enhance our presence in the standards bodies worldwide.
"Our patent portfolio is a key asset. In 1999, we were granted 44 new patents worldwide, primarily for CDMA inventions and we have been granted another 11 so far in 2000. Since January 1, 2000, we have also filed 25 new patent applications. We have signed 6 new licensing agreements during the past year and will be increasing our investment in our licensing program.
"Financially, InterDigital is sound, with approximately $100 million in cash and short-term investments and a growing stream of recurring revenues from our licensing partners. Excluding the expected adjustment for SAB 101 that we will book in the second quarter, I anticipate reporting a third straight year of profitability and positive cash flow in 2000.
"InterDigital is focused on meeting its technology development milestones. As part of that focus, we are hiring aggressively. Year-to-date, we have increased our engineering team by about 25% and will strive to reach 75% growth for the year. We are doing this because we plan to have system-on-a-chip design solutions in 2001. In the coming months, we will finalize our long-term business strategy and expect to communicate that strategy to our important constituents in the fourth quarter 2000. We will further introduce key business processes to create a platform for growth into the future."
In summary, Mr. Gercenstein concluded, "the goals we have established for 2000 and beyond reflect our commitment to build substantial long-term value for InterDigital's shareholders, employees, customers and partners."
I'm of the opinion that Harry can't stand anyone that won't be a lap dog in his private company, and he's trained his staff to be exactly that...and he'll take care of them from the compensation committee cash register. Hey....if I was home grown in that organization and Harry made sure I had plenty of options and RSUs along with a fat salary, I'd sit up and beg too. Those that question him or try to change things depart. Not healthy IMO.
For those that think changing the COB at THIS point in IDCC's act is detrimental...I ask you why? Did Harry invent the patents that we're in litigation over? No. Is Harry going to change the outcome of the Nokia arbitration hearing that was concluded last month? No. Does Harry bring any kind of positive relationship with major OEMs to the table? No.
So this year I'll choose to vote my shares against HC, but I'll hold my ownership of this company until such a time that I feel I have 1)lost enough money in it (hard at the average price I have), 2)made enough money to sell part, or all of my holdings.
I feel that a change at the top will help ME to achieve #2...in a little sooner time frame. I'm not bashing the company or the stock....or even Harry. Just suggesting that IMO, a change is needed.
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