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VTSS Investor Forum

New CFO

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http://finance.yahoo.com/news/Vitesse-Appoints-Martin-S-bw-2679242939.html?x=0&.v=1

This is the announcement of a new CFO for VTSS.

http://www.allbusiness.com/company-activities-management/company-structures-ownership/7261315-1.html



Here is the announcement of Marin S. McDermut's appointment as CFO of iris International. It has some further background.

He started at Coopers in 1975. Typically that would be the first job out of college. That is 36 years ago. so pick a date for his age at that first job. Let's just use 22 and I think that would be a little young. that would make him late 58. So he is late 50s at the youngest.

His CFO positions, IRIS has a market cap today of $176 million and less employees than VTSS. Superconductor (SCON) has a market cap today of $74 million and less than 100 employees.

Not what I was expecting. If you are going to "pass the baton" I was thinking someone in the 35-50 age range with some chance for longevity and continuity. But I am willing to admit I may be out of touch with all of this. Still it makes me wonder about why the change at all. this is not much of a baton pass.

Posted by dlog - 14 years ago

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I just called Vitesse to see if Yonkers is still working. The response; "he is no longer with the company." That would mean that on August 9 we will be listening to a CFO who has 9 days of experience with the company. So basically we have a an earnings release without CFO comments/insights. Presumably the earnings aren't even put together yet (or else they would be released). So our new CFO has 9 days to get the earnings put together and present them to the board of directors. Couldn't they have waited 9 days?

I am getting very tired of this type of thing. It just smacks of lack of foresight or even worse lack of concern. the more I look at this the more it looks like Yonkers just said "I'm done."

I think, I am not certain, by leaving now he forfeits a pot load of options that supposedly would be worth a good deal of money next year "when revenue increases". Why would you walk away 12 months before the ship came in?

Posted by dlog - 14 years ago | Updated 14 years ago

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<<Still it makes me wonder about why the change at all. this is not much of a baton pass.>>

maybe you never met rich yonker. he was tired and gettin older by the quarter. please let him retire without all the speculation. i knew from the last shm that he was tired and done, before the announcement, just by lookin at him.

now yonker was called yawnker around these parts-

so we need to come up with a nic for our new mc dernuttin.

see if that one sticks!!

Posted by daWiley1 - 14 years ago

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all speculation -who states the quarter numbers, and how the corp. treats options for an executive.

not concerned in the slightest - -

as an old boss used to tell me about bean counters - they just post the numbers out in left field - - you play the game - -so if crg and the vtss org has played well - -any old bean counter can parrot the numbers in a conf call.

in the end - -vtss is the switch king with increasing sales in the next year - - - - or not .

Posted by daWiley1 - 14 years ago

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btw - USC and mba U of Chicago - -and CPA - -are a bit better on the bio than yonker - -but who cares as long as he can add one plus one and get $50MM!!

Posted by daWiley1 - 14 years ago

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"Why would you walk away 12 months before the ship came in?"

Because the ship ain't coming in and in fact may take a direct hit from a SICBM. I stopped believing a loooooooooooooong time ago anything that came out of CRG's mouth.

Posted by G - 14 years ago

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His bio is still listed on his old firm's website.

http://www.avantadvisory.com/bio_martin_mcdermut.php

My guess is that they know they will not be around in their present form 5 years from now, a buyout or merger would seem inevitable in the next few years (please God). Consolidation in this space is way overdue. Too many $150M - $300M firms that should be teaming up. His M&A background might prove useful in that regard. Otherwise they would have went for a younger person. This guy is 60.

Posted by sharpinvestments - 14 years ago

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Indeed, the battle scars of the last few years were written all over Yonkers face! The golf turfs and tropical breezes should revive his spirit as he toasts to all of US saps who made it happen for him!!
Only in America right Yonk???

Posted by GARIF - 14 years ago

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DaWiley:

your old boss who said "any old bean counter will do" evidently never heard of Enron, world com, or HealthSouth (who distinguished itself by having a succession of 5 CFOs who all committed and perpetuated the fraud started by the first CFO) or a host of others including Vitesse. In all of these companies the guys posting the score in left field wanted the home team to win no matter what was happening in the game. So they posted whatever numbers they wanted irregardless of what was happening on the field. And there were lots of fans placing bets on what they thought was their winning team. It cost Vitesse $60+ million and 3 years to get the score right and still no one trusts the scorekeepers. That is why we have a whole industry that does nothing but examine published financial statements (of any and all public companies) to try to figure out if the score that is posted is anywhere near what is actually happening.

"Any bean counter will do" makes for great rhetoric between company departments but it gets to be very dangerous and VERY expensive when someone starts to believe it.

Posted by dlog - 14 years ago | Updated 14 years ago

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please remember that in every situation you have noted, the bean counters and the executives who likely hired them; and were executing the daily goals and activities, were directly held accountable and convicted or just might be (in our case).

that boss who said "any beancounter . . . " was just trying to get product shipped and would also be involved in the creation of any numbers presented to the board and the bond/shareholders.

in his case, one of the first things he said to his managers was not to test our product, just ship them. since we owned the product and they paid us a percentage for each failure, we would make more money repairing the failed units as field returns. we held firm, none of us would compromise our product integrity or our professional ethics to ' Just Ship It'.

when i worked at xerox, if you put something in the heat room for 7 days, you would get fired. you were to log it in and back date it 7 days, and Ship IT!!! if you had ethical problems with that, i guess you better have another job lined up.

i worked for a lot of assholes in my day, but none were ever convicted. point is, cfo's of public corporations seldom cook the books on their own.

Posted by daWiley1 - 14 years ago

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