KVH Industries CEO retires, COO to step in for interim CEO role

• KVH Industries (NASDAQ:KVHI) announced that after serving for 40 years President and CEO, Martin Kits van Heyningen, is retiring from his executive and board roles.
• Mr. Kits van Heyningen is a co-founder of KVH and has served as President and a director since 1982, CEO since 1990.
• The board has engaged a nationally recognized executive search firm to identify a new CEO.
• Current COO, Brent Bruun will assume the role of Interim CEO; Mr. Bruun has been with KVH since 2008.
• The board appointed Cathy-Ann Martine-Dolecki, one of KVH’s current independent directors, to serve as the new Chairman of the Board.

Comments

[old maid]

so this company has been scr*wing its shareholders since it went public. never a dividend, never share appreciation, except when they goosed the stock to sell more shares. they expensed all r&d so there was rarely a profit. all directors and senior management gorged at the trough with stock options that they exercised and dumped. there was no governance, no end to their greed.

so what now? the chief reprobate seems to have left the barn with no one in place to take over. hard to imagine that sort would leave with a nickel left on the table.

my guess is what is left of the company will be sold/stolen.

any comments?