If there is a time that a company needs strong leadership, it’s during a crisis. Leadership is more like driving. Sometimes you need to ignore the rules and come up with creative ways to avoid crashing.
Well, Xcor may not make it to the other side of the tunnel with their newly-elected CEO, Michael Blum. A lot has happened since he took over, and none of them is good stuff.
Here is just a highlight of the things that have happened under his watch:
Xcor is at the edge of being declared bankrupt. On one of his interviews, Michael Blum says every day that passes, the company is at risk of liquidation.
According to Blum, the major shareholders are only contributing limited funds to the company. He says that the company is even struggling to pay basic bills. The company has been interviewing potential shareholders, but Blum says it’s taking longer than planned. Although he says the potential investors are only waiting for the last minute to take advantage of the prices, he hasn’t mentioned any interested names.
During a crisis, a company must retain old employees who understand the culture of the firm. However, Michael Blum has decided to fire the employees and use the little funds the company has to recruit new workers.
Michael Blum is clearly the wrong person for the Xcor CEO position. He keeps taking the wrong moves for the business. If the board of directors doesn’t take action fast and replaces him with someone who knows what he is doing, Xcor will be history.
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