This is no surprise. As I noted here on December 6, after the stock had leaped 20% in the wake of the headline of a narrowing loss, the only reason the loss narrowed was a halving of general and administrative costs while sales, free cash flow and cash continued to crumble.
Chairman James Morgan now slides into the top spot, and according to the company: “This is not an interim appointment, and it is anticipated that he will serve as President and Chief Executive Officer for the foreseeable future.”
“Not interim” and “foreseeable future” are somewhat incongruous. Why say one along with the other? My guess, given Morgan’s investment banking background, his goal is to put the company out of its misery one way or the other, either via a distress sale or some other, uh, not-so-sugar-coated action.
The cookie — donut –continues to crumble.