https://www.theglobeandmail.com/business/article-open-text-ousts-ceo-puts-more-divestitures-on-table-as-organic-growth/
Their spin on the press release
2 replies (most recent on top)
@a7 , Great info. Keep us in the loop.
Let's call it what it is:
- CEO fired. The way it happened and the way it is frames says Mark was asked to voluntarily resign and refused.
- Strategic portfolio review + refocus on AI offerings =OT is in a financial position to require a major change in and shift in the company.
- Saying there is a newly formed committee for CEO search is fake talk to present this idea that this is an open visible process starting from scratch. The BOD already has 3 candidates.
- The BOD already is working with financial firms to review business ...been going on for 15 months.
- Streaming OT business is code for selling off Cyber and possibly ITOM which means the new CEO will be someone with deep M and A divestiture experience and strong relationships with investment banks and tech buyers. Since AI is the focus, next CEO will be tech savvy , charismatic, but experienced because they are going to need to be able to sell the vision of the new OT to Wall Street
- Expect quick announcements of asset sales .. within 12 months.
- New CEO announced in 8 to 12 weeks. It is down to 2. New CEO is replacing most of Mark's former directs. First to go is Todd Cione.
to get around the paywall: https://archive.ph/Vv0z5