Bench StrengthI know we are very annoyed with management for development delays and lack of shareholder communication. (Things on the ground seem to be moving faster in the last few months and information flow has been better.) Besides recent events, if I look objectively at their careers, I see a remarkably deep and experienced team in Ram's management and board of directors. Any one of them would have the qualifications to be CEO.
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Walt Higgins ran NV energy, that's a big utility with experience with geothermal projects. Schochet and Stu Johnson both have as much experience developing geothermal in the US as anyone. Jim Lawless is a geothermal expert and knows as much about developing geothermal globally as anyone. Gordon Alter was a partner at a major law firm and a director at an investment firm with extensive experience with energy financing deals. Antony Mitchell, while he has little energy experience, ran two large financial receivables companies, both of which were successful and taken over (Peachtree taken over for $775 million in 2007). The list goes on, Murray Sinclair ran the company that became Sprott Resource Lending, and Erik Friedman was a managing director at J.P. Morgan.
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Do we need Ross Beaty or some other larger-than-life CEO? I don't think so, I just want somebody without a big ego who will quietly deliver on his promises. We already have a team with deep geothermal, financial, legal and utility experience. They all had very successful careers before joining Ram, they all have a lot of skin in the game just like we do, and I think they will get this ship turned around.