What is there left for me to say about the clown car show that is Ignite?
Garry Sladden, who has been a board member since September 2013 and Chairman since November 2013 has just announced the appointment of the fifth CEO of his tenure, after the announcement of incumbent CEO, Tim Moran’s departure.
The company’s official announcement can call it a resignation if they like, we all know that when the reasons for the resignation are not advised or an acknowledgment of the incumbent’s efforts and results is missing, it’s an “I have lost confidence in you – we would you like to negotiate an orderly departure with you” resignation.
The most recent half year results produced more bad news but the Chairman refuses to look in the mirror – he thinks another CEO is what’s required.
Former Chandler Macleod CEO, Cameron Judson, will move from a non-executive director position to CEO, effective immediately.
Since he departed Chandler Macleod in mid-2015, Judson has had a succession of shortish tenure CEO and board roles, none of which have been in the recruitment sector until he joined the Ignite board last March.
Tim Moran had all the cards stacked against him when he accepted the role and it’s no surprise he hasn’t lasted. I am sure he has tried his absolute best and his departure is no reflection of his skills – more a reflection of his ungrounded optimism in being able to counterbalance the chairman’s incompetence.
The real pain for Moran isn’t losing his job; it’s the substantial hit he has taken to his personal wealth. In March 2022 he purchased 8,302,000 Ignite shares at 18 cents per share at the cost of nearly $1.5 million.
Moran was instantly the third-largest holder of Ignite shares on the company’s share registry.
Almost from the day he outlaid his hard-earned cash the share price has been on the slide. Today Tim Moran’s stake in Ignite is worth $583,000 – an average monthly (paper) loss of around $76,40 per month for every month of the past twelve months.
The company’s share price peaked at $3.84 on the first day of December in 1999 (see above), when it was still known as Candle. The share price hasn’t been above 30 cents for well over a decade and it was last above $1 in 2009.
Despite whatever feelings he leaves Ignite with you can be sure that Tim Moran will be barracking hard for Cameron’s Judson’s success…..and asking plenty of hard questions at AGMs – if there is enough of a cash runway left to make it to the next one (eight months away).