Colabor’s CEO announced his resignation today. No reason was given, but given the nature in which it was done we can surmise that he either found a better opportunity or was at odds with the board and asked to resign.
It’s hard to say how much of the early turnaround results to ascribe to him, but it’s worth noting that the entire executive team has been replaced over the past couple of years, with new talent, and he played a part in that. That may be his lasting contribution.
Robert Briscoe, a director and food distribution veteran, will take over on an interim basis. He bought another 500,000 shares this month at 88 cents and now owns about 12 million shares.
The market shrugged off the news, with the stock up as much as 8%.
We’ve sent an email to the company and will report back if we hear anything.
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