Post by
MrWarrenBuffett on Dec 10, 2019 8:35am
Good News and Bad News
Finally, some good news. The company hired a real CFO at the beginning of the month. That's is great news for investors considering the company had never had a competent CFO in the role. Things can only improve from an accounting and reporting perspective.
You know, that "Interim CFO" was a complete joke. An incompetent sycophant that has little knowledge of accounting and finance and how business function in a free market economy. This China educated individual (Supposedly educated. There are doubts that he ever earned a valid accounting degree.) has zero business acumen and ultimately improperly counselled the CEO which hurt the company and investors
Doesn’t it make you wonder why the CEO would allow such an incompetent individual to hold a critical executive position for so long?
Anyhow, for the good of the company and internal culture, that person needs to be removed from the company asap. I sure hope the CFO does the right thing for investors sooner than later (and not keep him around just because he's Chinese and loyal to the CEO).
The bad news – the really bad news - is that the company promoted the wrong person to the VP Sales and Marketing position. This person does not have the qualifications for this job. They have no right to be in this role. They have zero leadership qualities, have little to no business sense, zero vision and entrepreneurial spirit, and have the problem solving skills of a rock. Most importantly, they couldn’t build business relationships if their life depended on it. Investors should take heed of this warning and not invest one cent into this company while this person is leading sales and marketing.
While I am at it, the company really needs to dump the sycophant VP of Communications. All they do is suck up to the CEO and acts as their executive secretary. A total waste of money.
And the VP of Scientific and Regulatory Affairs also have no right being in an executive role. Does the company really need this positon? Really. Another waste of money.
The CEO loves putting on an image. Hence why so many executives in a very, very small company.
When will the CEO put the right people in the right roles, cut costs, save the company some money? When will this company get on track? WHEN?!