Published in News
OCZ shares tumble
New CEO, old woes
It’s been a busy month at OCZ and we saw quite a lot of changes in the company.
Let’s start with the departure of long time CEO Ryan Peterson, who was temporarily replaced by Alex Mei who acted as interim CEO until the company announced a new one.
The board thinks that Ralph Schmitt, formerly of PLX semiconductor Connectivity Company, is the right man for the job and as of yesterday they appointed him as the new CEO. Ralph worked as a President and CEO of PLX from 2008 until yesterday when he formally took over as OCZ CEO.
At the same time OCZ began reviewing its preliminary revenue that ranges from $110 to $120 million for the Q3 warring that it might be lower. This is not really surprising as almost every company in the industry, including untouchables like Apple, had a worse than expected Q3 and according to Gartner some big notebook and computer manufacturers such as Toshiba had -33.4 percent growth in Q3 2012 compared to the same quarter last year.
OCZ closed at $3.15 on October 9 and in afterhours trading it managed to drop sharply to $1.9 after it was reported that someone dropped close to 400.000 shares. This is at least what you can learn from Yahoo or Google finance charts.
OCZ has yet to announce the official earnings numbers and at this time, there is no mention of a possible acquisition by someone bigger. The new CEO wants to expand the enterprise and OEM business, as this is something that can make higher revenue but at the same time it might drive the company from its famous rebate actions for USA market in etail and retail channel.