I think the only people who can convince the CEO to leave, will be the Board members and of course her conscious. The CEO is an Executive Director as well. She makes decisions on her own. She negotiates on her own. She spends and approves whatever she sees fit without being challenged. I have my doubts if the Chairman ever challenges the CEO. 12 years is more than enough to become complacent; to ignore due diligence processes, checks and balances; to bypass rules and regulations; to ignore advices; to become egoistic and to think that she has a job for life.
A new CEO on performance based contract, will be neutral, brings in fresh blood, energetic, respects money and has fresh look at identifying wastes and reduce costs. He is not a significant shareholder, humble enough to listen to advises and realises that his job is at stake if he or she does not perform. The company will save money. If I look at the reported financials, a competent and experienced CEO can easily spot areas where costs can be significantly reduced and turn around this company within a very short period. There is so much waste. Consultancy fees, salaries, travelling, other costs to name a few. For a cash starved company to not go after receivables is suicidal.
Dentie, Siren 4, Major Jonny, Bread89, Ozjin, Rocket, Pharma and Maldowl and others have put together thorough, insightful and candid postings. The complains they have highlighted are genuine and true. Dentie's posting reveals the state of the company, the mismanagement of the cash, the attempt to paint a positive image on the company's financials whilst the truth is the opposite, the high costs of financing, the poor feed backs e.g. the conference feedback (even a first year undergraduate biochemistry student could put together a better feed back than the one given by the CEO and faster), the lack of transparency etc etc etc. I fully agree with Siren4 that to compare Dantie's company analysis/evaluation to the financials of a corner shop is rather unfair, stupid and insulting.
Dear Board Members kindly take heed to what we are saying and proposing. It is time for a change.
Finally it is refreshing to read that even the most ardent supporter of the CEO, Mr. OOOGER may loose his patience if things don't turn out positively soon. Things will not turn out positively unless the existing CEO steps down. She is a substantial shareholder and she still will remain an independent director.
Expand
(20min delay)