FormerXBC Inc XEBEQ

Xebec Announces Organizational Changes

[kulewater]

Xebec Announces Organizational Changes

15 minutes ago

MONTREAL, Feb. 12, 2021 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (TSX: XBC) (“ Xebec ” or the “ Corporation ”), a global provider of clean energy solutions for renewable and low carbon gases, today announced that effective immediately, Mr. Marinus Van Driel, who joined Xebec through its recent acquisition of HyGear, has been appointed to lead Xebec’s global hydrogen operations as the new President for the Global Hydrogen Group, in addition to his role as President for Xebec Europe. This is the first appointment in a series of planned management changes and appointments, as the Corporation reorganizes to allow for future growth. 

Xebec also announced that Dr. Prabhu Rao is leaving Xebec in his capacity as Chief Operating Officer effective immediately. Mr. Rao continues to be a director of the Corporation but is not expected to be nominated for re-election at the Corporation’s upcoming annual meeting of shareholders. Mr. Rao served as the Chief Operating Officer of the Corporation since March 2017. The Corporation expects to replace Mr. Rao with a new Chief Operating Officer in due course. 

About Xebec Adsorption Inc. 
Xebec is a global provider of clean energy solutions for renewable and low carbon gases used in energy, mobility and industry applications. The company specializes in deploying a portfolio of proprietary technologies for the distributed production of hydrogen, renewable natural gas, oxygen and nitrogen. By focusing on environmentally responsible gas generation, Xebec has helped thousands of customers around the world reduce their carbon footprints and operating costs. Headquartered in Qubec, Canada, Xebec has a worldwide presence with four manufacturing facilities, seven Cleantech Service Centers and three sales offices spanning over four continents. Xebec trades on the Toronto Stock Exchange under the symbol (TSX: XBC). For more information, xebecinc.com .

[tamaracktop]

Prabhakar is leaving "effective immediately"? This is not good news, and may explain the stock of late. I don't particularly like the wording here.

[tamaracktop]

No doubt the result of an in-house power struggle. The "new guy" gets to run the show. I'd be a little pissed too. It's too bad. I liked Prabhu. We'll just have to trust Kurt's judgment.

[kulewater]

It will be interesting to see who they replace him with. There likely many potential heavy hitters who would love to take this role on, and who have a great deal of experience in scaling up energy businesses.  Either Prabu failed to meet his MBOs or there was friction with existing/incoming leadership. I liked Prabu but the horse often makes the jockey.  Just like Louis D leaving we

[Ciao]

Perhaps this was a cloud on the share price. Some uncertainty is at least gone for now. XBC has been able to attract talent to the Board, no doubt they should be able to find a more than able and experienced replacement.

[marketwatch9]

A person with all the company and technicals knowledge that he got. Not sure about that. Xebec lost a big kingpin and the market will probably show that.... 

[bmo1212]

Xebec is not dependent on one person, his leaving will not have a material affect on the business going forward. The interesting news is the announcement of Mr. Marinus Van Driel.  Looking forward to new growth.

[Ciao]

The company has a top notch Board and management team, they will not shoot themselves in the foot (definitely not head), no doubt this was a decision that was made over lengthl discussions, they believe they are doing what is best for the company as it evolves; "This is the first appointment in a series of planned management changes and appointments, as the Corporation reorganizes to allow

[ddogold]

Would loved to have been a fly on the wall when all this went down . For all that he was for the company, the wording tells you it wasn’t amicable . That being said , I’m certain there is a most capable list of replacements to be considered .definitely curious to hear about the new person .Xebec is growing exponentially with the latest acquisitions and its maybe time for a new infusion of talent .

[marketwatch9]

Prabhu was a kingpin at Xebec. Just listen to Xebec webinars and you will understand.

[Ciao]

Not to diminish his contribution but as the COO, that position itself dictates that you need to have a pulse on the company's operations, it in itself is a Kingpin position.

[kulewater]

Yes. Any C-suite position carries with it a great deal of responsibility, experience and awareness. I did like Prabu and he seemed to understand the product side of the business well. I believe his presence on the investor calls and webinars was Kurt extending him the courtesy of speaking to various parts of the business, likely to appease Prabo or even evaluate his ability to communicate on such

[Ridgeback]

Event Xebec announced changes to the management team. Impact: SLIGHTLY NEGATIVE Details: Xebec announced that Dr. Prabhu Rao is stepping down as COO, effective immediately and that Marinus Van Driel has been appointed as the new President for the Global Hydrogen Group, in addition to his role as President for Xebec Europe. Xebec will replace Dr. Rao with a new COO in due course. TD View: The

[SORNG1]

Agree with Rao's knowledge of the operation.  Being COO is second in command to the CEO.  Xebec is quickly becoming a different company than it was.  Market Cap of 300 million a few months ago to 1.5 billion today.  That's a whole different animal--especially with the acquisitions of HyGEAR and Inmatec.  A new COO would mean a demotion for Rao if he stayed. 

[ferret_ca]

I don't like this developement and was already a bit leary about the upcoming quarter results causing a bit of a sell off. I sold 1/2 my position this morning to protect some huge gains, I still have a meaningful position and am happy with what I have left. usually when something happens like this it's not very good.   I was looking for more cash to put into VB and now I have it,

[LongoGlueStick]

I have diamond hands!  I am not selling at all!  What if they hire a superstar to be their COO? You'll regret that you sold.

[ferret_ca]

lol, I won't regret selling, I'm retired, still have about a 5% position in my portfolio and start getting uncomfortable when stocks start getting up over 10% or so. you don't get to where I am by not taking profits along the way. there's a ton of other green plays out there with less short term risk, I still like xbc long term. re coo leaving, it will be interesting to see what

[LongoGlueStick]

ferret_ca said:  "re coo leaving, it will be interesting to see what the reason was, I'm wondering if he got p'd off because they made the new guy head of the hydrogen div. whereas he had expertise in this, it could also be he wasn't happy with the way they are developing some aspects of the co. and butt heads with others.  maybe they found a skeleton in his closet, lol.

[Motownwing]

From experience, when the head of operations leaves (or is forced to leave...), it usually has to do with poor project execution and lower than expected gross margins. I am a bit worried about their 2020 Q4 numbers. Do we know when the results will come out? Still a great long term play but we could see some short term pain. AIMO GL

[marketwatch9]

They even not thank him for his services. That's a shame.

[Ciao]

Lots of speculation that the departure was due to poor execution in Q4. I wouldn't be too worried about Q4 as long as they can explain any reasons for shortcomings if any. Q4 2019 was weak, the stock continued to advance. I believe Q1 2020 was close to expectations. Q2 and Q3 was weak.  Nonetheless the stock continued to advance in 2020. Short term hiccups which do not change the

[westcoast1000]

Ciao, Thank you for the informative comments and the look back at quarterly performance vs share price.

[filoux004]

Good day, what is VB? Thanks

[savyinvestor333]

Versabank

[Possibleidiot01]

Companies evolve. A couple of years ago , Xebec was an RNG equiment supplier ; now it's far more - hydrogen , growing service business, owner/ operator etc. etc. The needs of the past company executives may not be the needs of the future. The ability to both retain and attract has been a strength for Xebec so far. I did like "the horse makes the jockey" comment by kulewater earlier

[Zipolitemexico]

No 'thank you for his contributions to the success of the company'. That is an outright termination

[marketwatch9]

Worst news possible. Rao is an incredible asset to Xebec.

[trek01]

When companies grow exponentially it doesnt mean that everyone will follow. As a COO you need to have a vision, you need to be ahead of everything possible, every obstacle on the way to deliver your product to customer. You guys see a knowledgeable man who worked there for 5 years while the company grow from 15mil in sales to 70-80M. Ok. I see 70-80M in sales for 2020 and nearly 90M in

[Olderguy1]

Sudden COO leaving tells me to expect a big loss on next quarterly report, because that are losing money on their installations. Hopefully the COO replacement can get operations back to profitability.

[sumpineh]

Your first post here is as negative as they all are on PYR BB.

[Idontpostmuch15]

PLUG power fell 13% today which bring the total to about a 35% pullback since it's high of $73 not even a month ago. If anyone still thinks this is a Xebec specific problem - because of a change in their COO... I believe you are terribly mistaken. Side point - it's been repoted that Prabu actually stepped down from his position which has me believe that the organizational changes were

[kulewater]

Yes. The board outranks Kurt. There are some big plans afoot.

[Canoutchie]

At such a senior level, anyone "stepping down" from their role would typically give the company (and the public shareholders) a few months notice, not an abrupt 24 hours notice. The less news I have about a replacement COO, then the more cautious I get about the rationale for his abrupt departure. I'm not comfortable with the trading recently in XBC, along with the fact that it has