RE:shrinking Management TeamActually they did spell this out early last month.
Bringing the top down is one way to narrow losses, but there is a limit to how far you can take that. At some point you have to find a way to bring the bottom up. That is of course unless you believe that if this move does not make them profitable that they can just lower the top one more time to one person running the whole show and that person is just a part-time call-in from a temp service.
2 guys working the steering wheel and 1 guy in the back seat calculating if they have enough money left for another tank of gas...Yeesh! New Leadership Team
The Board has promoted Chris Barrett and Steeve Huin as Co-CEOs of IDC. Mr. Barrett was formerly the Vice President of Engineering and Operations and Mr. Huin was the Vice President of Products and Services. Both have been on the leadership team during the past two years and made significant contributions to the new LASER MPS product line.
Additionally, Steven Archambault (currently CFO of IDC) was promoted to Executive Vice President and CFO. In addition to his current responsibilities, Mr. Archambault will be responsible for investor/shareholder relations and human resources going forward.
As a result of the three promotions, IDC has streamlined the leadership team to the Co-CEOs and the CFO. This leaner executive structure will reduce cost and enable a more agile execution of IDC's new business plan for sustainable growth and profitability. Following the Board's approval, the leadership team is in the process of implementing a plan that is expected to result in breakeven results at a much lower revenue base. Management will provide a further update during IDC's Q2 Fiscal 2016 investor quarterly call to be scheduled in September 2015.