Today is a gloomy day here in Bristol, UK. Yes, the weather is similar to the one I left less than 24 hours ago in Seattle. However, it is more than the weather that is affecting my mood.
Today, David Eldridge, the CEO of Alterian, resigned. According to the reports from the ‘street’, our company is expected to be around 10% short of revenue projections for the fiscal year, which obviously takes away straight from the bottom line.
I remember the stress and the pressure of being part of the executive team of a publicly traded company (ARIS was listed on the NASDAQ 1997-2001 prior to being acquired itself). Setting the right expectations when there are so many moving parts is no easy task. Reporting on a quarterly basis sometimes forces a smaller company to focus a disappropriate amount of effort into its infrastructure. Regardless, many successful companies have made it work well to raise needed capital and increase public exposure. But it does take a special breed of people to run a public company.
David was the man who shook my hand when Alterian completed the acquisition of Intrepid. One reason I wanted to do the deal was because of his persona, and how loyal his team was to him. David is a very smart and capable business executive, who carried himself in an honorable manner. He’s continuing to do that by stepping aside to give, in his opinion, Alterian the best opportunity to hit greater heights in years ahead.
Appreciative, I will continue to work hard to make sure that our business line gives the company the best return on its investment possible moving forward.