>> <The new CEO at IDT is looking to improve financial performance. Jeff McCreary took over from Ted Tewksbury in August.
Wish him good luck of course. Yet. my point remains that if you have a really good guy and put him in a really bad sector/business, most times the latter wins. Ask the Apple VP that moved to JC Penney and then out. Our industry is simply not a place you can come and play 4 quaters of magic, the supply chain is complicated. The cars that will be branded as 2015 have all the parts in Ford, Toyota, etc now. So, even if you come now, you have 3 years lead time for compete for new supplies.
Mannerisms <<The new CEO at IDT is looking to improve financial performance. Jeff McCreary took over from Ted Tewksbury in August.
The hugely respected Tewksbury had initiated a turnaround at IDT, putting the company into new product programmes aimed at taking IDT further into the mobile internet, cloud computing and connectivity.
"Ted did a great job in injecting some new DNA into this company," says McCreary, "but were were spending a lot on R&D and not delivering great results and the company was vulnerable because the stock value was low." "The board thought we were vulnerable and had got distracted chasing new product ideas and were not delivering great financial results," says McCreary, adding, "IDT has divested itself of some businesses that were OK but needed money to develop."
In December 2011, Tewksbury told EW: "The biggest challenge is explaining to Wall Street, getting the analysts to understand that it does take time to turn around a company. Basically, in the semiconductor industry it takes about 3 to 5 years from the time that you define a product to the time you develop it, get it designed into customer systems, get it qualified, get it ramped up into early revenue, and then get it to peak revenue. Analysts and investors typically have a short attention span, so that's the biggest challenge. Right now, we're about 3 years into this 5-year turnaround. So, with that timeline constantly in mind, the next couple of years are going to be the most fruitful for the company in terms of revenue growth." The investors couldn't wait.>>
@adamrowski <<McCreary should thank his lucky star that he lucked into this strong CEO who built him a great company, now all he has to do is sit back, enjoy his life and take credit for all the good things to come for which he has done nothing to deserve.>>
McCreary is thanking Dr. Ted by trashing him in public.
This is the difference between tech guys and imposters. Tech guys get there by working hard and being brilliant.
Imposters try to get there by blowing hot air and glad handing everyone. Of course McCreary is enjoying his live, he doesn't have to work hard, it's all done for him, least he could do is show some gratitude.
@isagosen<< IDT's board engineered Dr. T's resignation? McCreary is part of the IDT board; the interim CEO voted out Dr. T so he can have a chance to become pernamnent CEO? And what qualifies this guy to be CEO? >>
Quite reprehensible. I hope the permanent CEO is beter than this guy. IDT has been around for more than 30 years, few tech companies can boast that these days, it deserves to be led by someone who's not a self-serving back stabber.
This is horrorible news, IDT was in everyone's peripheral vision as an industry bright spot, a little pocket of happiness where excellence reigns, now it is in serious trouble. What is happening to our industry?
<<a "noisy" shareholder unhappy with IDT's "cheap stocks.">>
A noisy shareholder? McCreary means the noisy Starboard Value for whom he carries water. Cheap stocks? Last year the stock was at $5, this year it trades at $9-10. Apparently growing the stock 200% is not good enough for this noisy shareholder. Let's see how high McCreary can push the stock.
McCreary showed very bad form. Instead of introducing his vision for a new IDT,he had little to say but for badmouthing the former CEO. If he's not ready to talk about what he will bring to the table, why do the interview? Sounds like he's given much more thought to trashing the former CEO than growing IDT.
Not sure how someone could dismiss an overstuffed pipeline of unending new 'World's Best' and 'World's First' high-margin products; market leadership in dozens of markets NEW to IDT; breathrough Timing solutions; a world-class company culture and bus loads of world-class engineers as "a few key seeds" planted by the former CEO.
That is like saying Steve Jobs and Bill gates planted a few key seeds for computing.
This is a fluff marketing piece for the lucky McCreary who will be able to have a party everyday at work, walking around, visiting every employee and 'cheering' them on because all the diffcult hard work, all the work that really matters in turning around IDT and keeping it on track for the next decade has been done by Ted Tewksbury.
McCreary should thank his lucky star that he lucked into this strong CEO who built him a great company, now all he has to do is sit back, enjoy his life and take credit for all the good things to come for which he has done nothing to deserve.