FormerXBC Inc XEBEQ

RE:RE:RE:WRITE TO THE BOARD - NOW

[DueDiligence20]

p.s. How does "two months" have anything to do with appointing people with no experience or knowledge of the industry? if it was 1,000 months would it be different.   

DueDiligence20 wrote: And has been COO prior for a lot months. Are we failing on strategy or operations? I think that is VERY clear personally. Did you see the Q1 results presentation and Q&A? If you did you could guage how good he will be as CEO. It was a disaster. Simple questions were asked of the company, that any body with a fraction of a briain could have anticipated if they knew the terrible results. What went for responses did not answer the questions asked generally, were vague and shifty in my mind. To give the impression of a need for financing when there is none was negligent and, please tell me how that benefitted shareholders and the share price!  

tony08 wrote:

DueDiligence20 wrote: I have retitled my post to make clear what I am suggesting. My original post quoting TradePro has received over 70 reads and two thumbs up. I couldn´t care less about the thumbs up, but if that is indicative of peoples´attitude to my suggestion and likelihood of any writing... it is poor to say the least. Again, don´t complain and do nothing. 

TradePro wrote: Let's take a look at the managment team:

Jim Vounassis - has never been a CEO before this appointment by the Board. He has zero experience in Cleantech or a fast growing technology firm. In addition he comes from Bombardier, a company that basically went bust during he was there and had to sell all their businesses (most of them at a steep loss) so that they could maintain their private jet business.

Mike Munro - has never been a COO before. Has zero experience in Cleantech or a fast growing technology company

Stephane Archambault - has never been a CFO until being appointed by the Board of Xebec to this position. No experience in a fast growing technology firm or Cleantech

Nathalie Theberge - has never been a CLO before. No experience in a fast growing technology firm or manufacturing background.

Marinus van Driel - has lots of experience in hydrogen and the technology space. He has just been sidelined by the CEO into a special projects role (normally a dead end job). It would be a surprise if he will hang around very long. Let's see.

You can check all this on LInkedIn. It is really an eye opener.

So no surprise that XBC has issues with operational performance and delivering on their targets. The executive team consists of junior to mid-level executives without much experience in the field they operate in (expect van Driel), and are completely new in their role.

The real question is what is this Board thinking? There seems to be little thought given to the necessary qualifications for the senior executive team. Clearly a case of collective Board irresponsibility and incompetence. It is the Board that needs to held responsible.

I suggest people read TradePro's other two post made at the same time as this one above. Spot on analysis. I would also suggest that all shareholders write to the board asking why they implemented a managerial team with no experience of their current roles and no experience in this type of business (my opinion is that this could constitute negligence by them). As the problems are in operational delivery, also ask how the board intends to solve the problem they created and very soon. It is time for all shareholders to become activists. All of us should do whatever we can to help correct this company and our investment. If you can't be bothered to write that letter, please don't bother to post your complaints on this board. Do you want your investment to do better, or just winge. The choice is yours. YOUR COMPANY NEEDS YOU!

Jim Vounassis has been CEO since March 17 and he has to deal with Legacy issues for which he is in no way responsible, but less than two months after his appointment, some may already claim that all the members of the board of directors are incompetent and they must be replaced ...... I repeat: "less than two months" !!

Could it be that some are getting carried away by frustration following the poor results of Q1 and the exaggerated decline in the value of the title.