Barrenechea Resigns as CEO of SGI

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smj
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Barrenechea Resigns as CEO of SGI

Unread postby smj » Wed Dec 28, 2011 4:37 pm

I missed this press release when it was issued on or around December 14th.

Mark J. Barrenechea Resigns as CEO of SGI, Ronald D. Verdoorn Named Interim CEO

Fremont, Calif. — December 14, 2011 — SGI's (NASDAQ: SGI) Board of Directors today announced that Mark J. Barrenechea has tendered his resignation as president, chief executive officer and member of the Board of Directors, effective January 1, 2012. Ronald D. Verdoorn, chairman of the Board of Directors, will serve as interim CEO while the board conducts a search for a new CEO. Mr. Barrenechea will join a global enterprise software company as President and CEO.

"We are thankful for Mark's leadership over the past five years as the company has undergone a successful transformation and achieved profitability," said Mr. Verdoorn. "We wish Mark the best in the next phase of his career."

"SGI will continue its strategic focus on growing revenues and maintaining profitability," Mr. Verdoorn added. "On December 7th, we reaffirmed our fiscal year 2012 guidance, and Mark's departure does not change that guidance."

"I am proud of our accomplishments over the past five years as we have transformed SGI and taken the lead in Technical Computing," said Mr. Barrenechea. "I am sincerely grateful for the support I've received from the Board of Directors, our customers and our employees. SGI is well positioned and on a clear path to $1B in revenue. While I am transitioning as CEO, I will remain a fan and shareholder of SGI."

Gary A. Griffiths, the chair of the Nominating and Governance board committee, is leading the search for Mr. Barrenechea's replacement and has engaged the executive search firm Spencer Stuart to assist.
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Re: Barrenechea Resigns as CEO of SGI

Unread postby hamei » Thu Dec 29, 2011 7:14 am

Doesn't sound good. Dennis McKenna got them moving back in a positive direction, too -- so they replaced him with Bozo Bob.

Did SGI have anything to do with Tutankahman ? The place seems to be cursed.

By the way, is there any chance of sending those babbling babboons back to school for a few classes in remedial English ? My Assistant has a better grasp of the language than those morons. What a bunch of losers.

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Re: Barrenechea Resigns as CEO of SGI

Unread postby skywriter » Thu Dec 29, 2011 8:25 am

"SGI will continue its strategic focus on growing revenues and maintaining profitability,"


now there's a fresh idea.
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Re: Barrenechea Resigns as CEO of SGI

Unread postby pentium » Fri Dec 30, 2011 1:41 pm

hamei wrote:Did SGI have anything to do with Tutankahman ? The place seems to be cursed.


I think many years ago before they started to go blue in the face they sent out some gear on loan so they could CT scan him. :roll:
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Re: Barrenechea Resigns as CEO of SGI

Unread postby vishnu » Tue Jan 24, 2012 11:57 pm

I wonder how many CEO's that tallies up to since Ed McCracken's misbehavior led Jim Clark to flee the scene in 1994...
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Re: Barrenechea Resigns as CEO of SGI

Unread postby dhjj » Sat Jan 28, 2012 7:04 am

Apple should have bought sgi when there was still a reason for them to exist. They have not made a dime in 10 years, poor management, nothing left but expensive pc's

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Re: Barrenechea Resigns as CEO of SGI

Unread postby smj » Fri Feb 03, 2012 9:23 pm

Well well, I missed this turn -- Barrenechea jumped ship for greener pastures as president and CEO at OpenText. The Reg article includes a nice capsule background that I hadn't bothered to look into.

The Reg wrote:The news of Barrenechea's abrupt departure was not received well by SGI shareholders. The company's shares lost 14 per cent of their value on Wednesday, December 14 when the announcement was made, and are off a total of 25 per cent on Monday morning compared to the closing price of $14.03 on December 13.
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Re: Barrenechea Resigns as CEO of SGI

Unread postby SAQ » Sat Feb 04, 2012 8:10 am

smj wrote:Well well, I missed this turn -- Barrenechea jumped ship for greener pastures as president and CEO at OpenText. The Reg article includes a nice capsule background that I hadn't bothered to look into.

The Reg wrote:The news of Barrenechea's abrupt departure was not received well by SGI shareholders. The company's shares lost 14 per cent of their value on Wednesday, December 14 when the announcement was made, and are off a total of 25 per cent on Monday morning compared to the closing price of $14.03 on December 13.


That article makes me wonder what "exotic" means now, if pre-SGI Rackable made "exotic" systems. They seemed to be pretty standard to me.

Perhaps GM is going to start selling the Chevy Cobalt as an "exotic" car now.
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Re: Barrenechea Resigns as CEO of SGI

Unread postby skywriter » Sat Feb 04, 2012 12:51 pm

I would put exotic at anything that ships with less volume, and most cost than high-end. which is similarly above commodity.
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Re: Barrenechea Resigns as CEO of SGI

Unread postby GL1zdA » Thu Feb 23, 2012 1:35 pm

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Re: Barrenechea Resigns as CEO of SGI

Unread postby hamei » Thu Feb 23, 2012 7:05 pm


"Earlier in his career, Mr. Titinger was vice president of Global Operations within business and product divisions at Applied Materials."

Oh Christ, another Applied Materials buffooon. I wish someone would fire a cruise missile into their building. They are the worst group of useless bastards in Sillycon Valley. They destroy everything they touch (e.g. Solyndra and about 2/3 of the shops making parts for them). You're going to look long and hard in Silly Valley trying to find anyone who respects Applied Materials, except for idiot "investors" who could care less what they destroy as long as they get "theirs".

Let's hope this guy is the exception that proves the rule but it sure looks like another Bozo Ewald dog and pony show.


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