Endurance Announces CEO Transition Plan

whmcsguru

whmcsguru

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And in todays rather surprising news? That company we all love to hate (yes, that EIG) has announced it's looking for another CEO

BURLINGTON, Mass., April 17, 2017 (GLOBE NEWSWIRE) -- Endurance International Group (NASDAQ:EIGI) (“Endurance” or the “Company”), a leading provider of cloud based platform solutions, today announced that its Board of Directors and its Chief Executive Officer Hari Ravichandran have adopted a CEO transition plan. Mr. Ravichandran will remain CEO and serve as a Board member while the Company conducts a search to identify his successor.

As a founder of the Company, Mr. Ravichandran has led the Company to many milestones, including the Company’s IPO in 2013 and last year’s acquisition of Constant Contact. Endurance generated over $1 billion of revenue in 2016 under Mr. Ravichandran’s leadership.

“The Board thanks Hari for his vision and the entrepreneurial spirit that led to Endurance’s growth into the global family of web service providers it is today,” said James C. Neary, Chairman of the Board of Directors, Endurance International Group. “The Board and Hari have been engaged in a dialogue over an extended period of time about an eventual transition of his leadership, and will work together to bring on a CEO who can take Endurance to the next level.”
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I wonder what they mean by 'take endurance to the next level'.. Hmmm, maybe there's a lower level of customer service? If there is, I'm sure their next CEO will find it ;)
 
Maybe I should throw my hat in the ring, become their CEO and then fire everyone and re-hire with REAL support. That, or just shut it down ;)
 
bigredseo said:
Maybe I should throw my hat in the ring, become their CEO and then fire everyone and re-hire with REAL support. That, or just shut it down ;)
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Jokes aside, if I were them, I'd hire you in an heartbeat. The problem with those companies is that they hire "resumes", not hands on practical people who not only know the business inside-out, but who aren't afraid to get their hands dirty and do real work. The scope of most CEO's work comes down to strategic decisions and PR. Only the CEOs who stay on top of absolutely everything succeed in customer satisfaction: Jeff Bezos, Steve Jobs, Elon Musk, Larry Page, etc.
 
Artashes said:
The problem with those companies is that they hire "resumes", not hands on practical people who not only know the business inside-out, but who aren't afraid to get their hands dirty and do real work.
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Exactly. They're looking for someone who's been to 'business school', not someone who knows the hosting industry in and out. If any real hosting expert were hired, that place would be cleaned up in a heartbeat.

HostXNow said:
Interesting. Probably be no change though, just a different name with CEO title.
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Pretty much my thoughts exactly. It's just them trying to put a new face on the company that's been tanking in stocks for a couple years now..

Two years ago it was around $22/share. Now, it's not even a third of that, and it's been tanking quite heavily since then.

They need to put someone in that seat who knows what the hell they're doing, not someone who simply buys out big name companies
 
Artashes said:
The problem with those companies is that they hire "resumes", not hands on practical people who not only know the business inside-out, but who aren't afraid to get their hands dirty and do real work.
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Companies like this will hire someone straight out of Diapers and into University who has gained a few degrees, but has no work experience.
 
Artashes said:
Jokes aside, if I were them, I'd hire you in an heartbeat.
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:D

The problem with those companies is that they hire "resumes", not hands on practical people
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When I worked in corporate many many years ago, the mantra was "promote to the point of incompetence." So the idea being, if you don't want someone in your department, you made them shine, and they were promoted and moved to another department.

This is sadly the way many corporations work. I had a strict policy and still do, that I don't care what your piece of paper says - if you can do the work, you're hired. Whether you're 15 or 50, it comes down to results.

Now if EIG can get someone in there to turn things around (as mentioned, their stock peaked in April 2015 and has been dropping steadily since then.
Not even a dividend issued in more than a year - of course, it's hard to issue a dividend when you're bleeding cash!

The only time they increased their overall stock was when they aquired another company/division. They've had a -50% Return On Equity. (for every dollar I give them via stock, they have lost 50% of it, and no foreseable way to recover it either). That's pretty awful.
 
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