VeriSign CFO Quits & Stock Plunges & Quickly As It Soared
2011 September 8
The CFO of Verisign (VRSN) resigned today causing shares to fall as quickly as the rose the other day on buyout rumors.
Today the Chief Financial Officer of Verisign, Brian Robins resigned which seemed to end rumors that the company is being bought out.
Shares Verisign was down almost 9% on the news after hours to $31.10 after closing at $33.91 on Thursday on Nasdaq.
Robins’ resignation comes a little more than a month after Mark McLaughlin quit as CEO
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Did OBAMA announce in his .JOBS speech he is going to be running .COM and .NET ?
No, but I see the State of Texas made one today:
http://www.informationweek.com/pressreleases/X863605
when the cfo quits, it’s almost always a sign there’s significant changes/problems ahead.
something is happening at verisign.
Imagine you are the Verisign Board of Directors.
Imagine you will be paying $185,000 and $25,000 per year to put TLDs in YOUR own servers.
Imagine you are the Verisign CEO and the Board asks, “HOW could you allow this to happen ?”
Former CEO McLaughlin has a special touch. All his “Strategic” investments for Verisign bombed. As a manager he had little interest in the naming space and spent all his time looking for ways to expand the footprint and scope of VeriSign with ZERO success. He lead the investments of over $20Billion in companies over a short 8 year period of time that amounted to less than $1B in return. That represents 4 times the current stock valuation…oh, and they have gotten rid of just about ALL those investments. In my opinion, the stock should have exploded up when he announced his departure. The fact that the young CFO he hand picked is going is inconsequential.
interesting. makes more sense now. looking at where the ceo went. maybe the naming space just isn’t exciting enough for some “web 2.0″ types, always looking for the “next big thing”, that includes wall st.