@goafrit, so muchagree. When it comes to CEO their personalities makes lot of difference in decisionmaking and where and how they wanth company and the employees to grow. Like the one who had done lotof engineering work will have a different approach than one with sales background. The age also matters.
>> Sometimes CEO shuffle is needed for companies growth or for taking the company to next level.
There is always a reason to change CEOs. Steve Jobs was fired, Mark Hurd of HP was fired. Sometimes, the problem is not the CEO but the business! Have a brilliant guy, put him in a bad business, the bad business will win.
@Junko: McCreary revealed that Tewksbury's resignation was engineered by the company's board, which had been dealing for months with a "noisy" shareholder unhappy with IDT's "cheap stocks."
I do wonder a bit who the "noisy shareholder" was, but the reason for Tewksbury's departure doesn't come as a big surprise. I think I've lost count of the number of such moves I've seen because a shareholder was unhappy with the price of the stock they held. One question is whether the market will agree with the reasoning, and the stock price will rise with Tewksbury gone. We probably won't know till the board picks who the non-interim CEO will be.
Another question is noisy shareholder's ultimate intent. The usual reason for unhappiness with the stock price is that you want to sell it for a bundle and reap capital gains, and you can't unload it at the price you would like. This can lead to pressure on the company to do things that are in the short-term interest of the shareholder, but may be damaging long term to the firm.
I wish McCreary luck. I suspect he and IDT will need it.
@Junko: interesting story on this... many of us were curious in the Silicon Valley on the inside scoop on what lead to the CEO shuffle. Incidentally last week I was talking about this with a professional contact at PMC Sierra who is involved in integrating the former IDT PCI Express enterprise flash controller business who feels that it was a worthy acquisition to PMC Sierra.
IDT did make some headway in MEMS timing devices and I am glad to notice that it was retained.
Thanks for this update on the CEO shuffle at IDT--McCreary certainly puts a new face on the company. It will be interesting to see if the board chooses such a "cheerleader" as you put it, for their permanent CEO.