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Microvision names new execs
By Eric Fetters
Herald Writer
BOTHELL - Friday the 13th turned out to be truly unlucky for Microvision's top managers, as both the chief executive officer and chief financial officer departed.
The Bothell company's directors appointed Alexander Tokman, a former GE Healthcare manager who became Microvision's president and chief operating officer in 2005, as the new CEO.
"The board believes that new leadership is an important first step in an overall plan to strengthen this company and achieve growth and profitability," Walter Lack, Microvision's chairman, said in the statement.
"The company has been struggling for a number of years, and the board felt it was time for a change," said James McIlree, a managing director at CE Unterberg, Towbin who tracks Microvision.
He called Tokman a "good operator" who has the potential to improve Microvision's strategy for product sales.
Bill Block of WAB Capital in Los Angeles was less restrained in assessing the sudden management shifts.
"This is the best thing that could have ever happened to the company," said Block, who owns stock warrants but no actual shares of Microvision.
The pressure's now on Tokman, who was general manager of GE Healthcare's Global Molecular Imaging & Radiopharmacy unit before joining Microvision. Based on his work at GE, his new bosses have high expectations.
"We believe his strong operational experience, leadership skills and strategic vision are key to Microvision achieving its potential," Lack said.
Comments
Good to hear others opinions, but the market has spoken. It appears that investors are "spooked" by the sudden departure with no warning, and no explanation. I have tried to invest in Microvision and this is my 3rd time!!! This investment has never worked for me, although I am thankful that I got out in time.
ReplyDeleteNow I'm trying to decide if to leave it be, or get out and just wait.
Anyone else out there with an "uneasy" feeling?
I understand your uneasiness, but this is one stock I believe one should at least have some exposure to. Once good news begins to come out, whenever that would be, the company will take off. I don't want to be one who says five years from now "I wish I would have bought at least some shares of Microvision." I really don't have much of a timeframe in mind, but I do believe this will be a company to reckon with in years to come.
ReplyDeleteI dunno what you're talking about saying 'the market has spoken'. I wouldn't put any significance in yesterday's trading, especially considering the 15% up day on Thursday.
ReplyDeleteWhat explanation is necessary for removing Rick and elevating Tokman to CEO? The stock has underperformed for an extended period. There is accountability by the CEO for the performance of the stock.
It's that simple.
The guy at WAB Capital said it best, 'this is the best thing that ever could have happened to the company.'
I wholeheartedly agree.
Thanks for writing.
MVIS has been on the NASDAQ most advanced list and has IMHO gotten the attention of short term traders.
ReplyDeleteI'm staying invested.
I don't think Rick R was fired for only the performance of the stock. I think its more about his ability to transform the company from R&D to one that sells real products. If you go back to the conference calls, you can get a flavor for the troubles they've had with marketing and bringing in orders. They also had problems with manufacturing. I think the Board had been contemplating the removal of RR when they brought Tokman on last summer.
ReplyDelete