RE:A Special DaySo,, he inherited a $10m revenue business and then a $6m GSX during his rime as a CEO. The company turned in combined revenues just north of $60m and net losses of just north of $30m.
Honestly, could anynoe have done worse? At least if they were paid $100k instead of around $300k per year they would have reduced the losses by $1m.
These two gentlemen clearly can see every day that their leadership had produced almost literally a penny stock for shareholdets. But I wonder how they would both feel if they were reminded of the things they said at the beginning of their journey. What would their personal integrity have them do when faced with these results when reminded of the "promise" or "expectations" they set to those that entrusted their hard earned money to them? And given the role of the Wesley Clover investment management team, as described by themselves, where are they? This speacial meeting should have TM and WC gifting the money to save this failure without any shares IMO. It is a drop in the bucket for them and the least they can do to show some responsibility and accountability for the results produced by their chosen leader IMO.
How many years is a CEO given to bring back a business to profitability after they had made an existing profitable business into a huge loser?
Hertevald wrote: Five years ago today, December 18, 2017, Martello announced the signing of John Proctor as president and CEO. Happy Anniversary! In the announcement, Proctor is quoted, “It is an excellent chance for me to help scale further an already profitable business.."
So, how he has done? Since the company was still private in March 2018, I don`t know revenues and profits for that year. For the subsequent four fiscal years, the company had revenues of $10.3 million, $11.2 million, $16.8 million and $17.5 million and net losses of $5.4 million, $8.2 million, $6.3 million and $8.2 million. For the 6 months of FY2023, it had revenues of $8.0 million and a net loss of $3.4 million.
I wonder if that`s what Terry Matthews expected when he said, “Martello is primed for continued growth and is adding senior leadership experience to ensure they get there”?