I have been writing for years about GasFrac Energy Services (GFS in Canada and GSFVF on the pink sheets.) Last year, GasFrac dumped its CEO and began a search for a new chief executive. In the interim, Jim Hill who was the CFO became acting CEO. The search process dragged on and on with little news forthcoming about when it would be over. Tonight the wait finally ended. The board appointed as the new CEO the same Jim Hill who has been acting CEO.
The only fair response to this news is to ask if the board of directors is kidding. We have nothing against Mr. Hill; he may prove to be a fine CEO although there is little evidence of that as of yet. But why did the board drag this process out for almost nine months only to name the man already holding the job on a temporary basis?
There was widespread hope among the share holders of GasFrac that the new CEO would bring with him some connections that would enable the company to sell its services to new customers. Indeed, for many, that hope was the reason that they stayed invested in the stock. We now know that there is no hope of new connections beyond those already in place.
It will be interesting to see the second quarter results for the company in a short while. Did Mr. Hill manage to make this second quarter profitable? How much better than last year did the company do? Shareholders will need to stop looking at anything other than the financial results. No more stories from management. No more big plans for the future. It is time for results. Let's hope that Hill and the rest of the management actually deliver.
The only fair response to this news is to ask if the board of directors is kidding. We have nothing against Mr. Hill; he may prove to be a fine CEO although there is little evidence of that as of yet. But why did the board drag this process out for almost nine months only to name the man already holding the job on a temporary basis?
There was widespread hope among the share holders of GasFrac that the new CEO would bring with him some connections that would enable the company to sell its services to new customers. Indeed, for many, that hope was the reason that they stayed invested in the stock. We now know that there is no hope of new connections beyond those already in place.
It will be interesting to see the second quarter results for the company in a short while. Did Mr. Hill manage to make this second quarter profitable? How much better than last year did the company do? Shareholders will need to stop looking at anything other than the financial results. No more stories from management. No more big plans for the future. It is time for results. Let's hope that Hill and the rest of the management actually deliver.
1 comment:
The board may a decision, could not find a competent CEO that would take the job for the financial package they were willing to offer.
No dead weight!!!
I have written on other boards, CEO means nothing at this time unless they could bring contracts to the table.
This appointment will only last till the revenue proves greater acceptance of the technology.
This was to placate all the whining going on from the shareholders.
I am long and have been since IPO.
Let's see where we are after the end of year 2013 & 1st 1/4 results 2014.
Company is still crawling, let's give it a chance to get running with some consistent revenue!
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