Sounds like he lost faith in the company too. Are we all crazy for staying if even McBee couldn't take it??
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Jerry and every CEO after was “pushed out.” If you’re honest with yourself, TB always pulls the strings.
"A pile of cr-p spray painted gold is still a pile of cr-p"
McBee didn't leave on his own he failed and recognized that fact. He was with Riverbed a total of 20 months and jumped or was pushed out. Leaving the hardworking employees who believed his BS holding the bag.
Smoot would sell his soul for: 1. A CEO role and 2. To be considered one of the "guys" at TB.(remember this is the guy that recruited and handpicked Pete Dockery that didn't work out too well). If you believe Smoot is your answer I actually feel sorry for you.
Sadly those left carrying the burden will be left holding the bag in the not too distant future. It's quite sad really. Riverbed was once a market leader and relevant in the technology world...but that was long ago.
The proposed restructuring, if completed would lead to a discounted recovery on the company's debt. The outlook remains negative.
Though Riverbed's recently proposed debt restructuring would extend the first lien debt's maturity, if completed it would lead to a partial loss of principal of the unsecured debt and the restructuring and extension of the maturity of the first lien debt, both of which will likely be considered a distressed exchange and default by Moody's. The review of the first lien debt rating will focus on the size, terms and relative position of the debt if the restructuring is completed. The first lien debt will likely be downgraded if a restructuring is not completed shortly under the proposed terms.
RATINGS RATIONALE
Riverbed's Caa1 CFR is driven by the high probability of a near-term default, and the very high financial leverage, weak free cash flow and the challenges the company has reversing product declines
It makes me feel better that Rich McBee is leaving on his own. His reason for leaving - to join a renewable energy company - makes sense and is believable. I don't think he was pushed out. After all, he was happily employed when TB asked him to lead RVBD. Whatever the reason for his exit is, though, it doesn't have good optics. I can see a lot of people thinking of an exit strategy and brushing up on their interview skills at this point.
@1ujp - I was hoping for Tickle-Me-Elmo but I guess we got got his weird cousin instead.
DM has the inside track with TB, who else did you expect would be CEO…
Please...do you really think the last two CEOs walked on their own?
It’s great for DS, he titled up very nicely
My guess is the Q2 numbers are horrendous and he decided to walk as he has realised it will only get worse