Roo Names New President….. but does it matter?
Roo Group has, once again, named another top exec in their continued attempt at turning their ship around. Roo said they “intend to streamline its ownership and management structure through several initiatives.”
The appointment of Gavin Campion, the managing director of Sputnik Agency Pty. Ltd., as president of the overall company; — The exercise of its right to complete the purchase of 51% of its Sputnik subsidiary; — The execution of an agreement in principle to acquire the remaining 49% of Sputnik and the subsequent consolidation of Sputnik and subsidiary ROO Media Corporation; — Elimination of the 10 million preferred class of super-voting shares through a preferred-to-common conversion or other plan to be proposed and voted on by a majority of the common shareholders; — The consolidation of all international subsidiaries into a wholly-owned Dubai subsidiary; and — The relocation of its corporate headquarters/executive management from New York and Australia to Dubai.
Moving HQ to Dubai? They must like those new luxury towers. CEO Kaleil Isaza Tuzman had this to say in a statement: “Campion will have full responsibility for ROO Group’s sales, operations and administration, reporting directly to Isaza Tuzman. He will also take the lead role in fully integrating the operations of Sputnik into ROO Group.”
Tuzman continued, “His operational discipline and business development instincts are second-to-none and his interactive marketing experience will be of great value in differentiating ROO from our competitors - as we focus on an integrated video enablement and marketing approach for enterprise clients. Gavin built a profitable business for us in the Asia-Pacific region, and we hope to see that quickly replicated across the global platform.”
For anyone keeping track, Roo’s stock is defying the overall market today, up 13% or $.01.
Tags: Roo Group
March 18th, 2008 at 11:10 am
I think for the ‘first’ time in their operating history they are making the ‘right’ moves and as long as they continue to surround themselves w/’C’ level executives and communicate clearly to their shareholders what their short & long term strategies entail their stock will be rewarded accordingly. If everything they’ve done wrong has caused the stock to decline then doing everything right should send the opposite signal and revive shareholder belief in the company.
At this stage given the new team and direction coupled w/the state of the stock price you’d think there is only one way to go, that being up
March 18th, 2008 at 11:53 am
I’d usually agree with you wholeheartedly. But as a holder of their stock at $2, $1.50, $1.00, $.85, etc., sometimes companies need to be taken out back behind the woodshed and shot. Not saying that Roo is one of those companies, just that every time it looked like it couldn’t get any worse, it has.