ZENN chair resigns, CEO dumped and working relationship with EEStor tightened
ZENN has just put out a press release to discuss the outcome of a strategic review. Company chair Rick McGraw has decided to resign because of the “greater time commitment” being required of his role. CEO Brian Cott is also stepping down, which I was fully expecting. The company says that beyond these management changes it will continue to simplify the structure of the company with a eye to increasing its working relationship with EEStor. “As part of the strategic review, the Board spent considerable time in meetings and discussions with EEStor to determine the best path for the Company going forward. A strong relationship with EEStor is the Company’s priority. The pace of development and achievement of key milestones as well as disclosure relating to these events are all under the control of EEStor. The Company maintains a regular dialogue with EEStor and intends to increase its interaction with EEStor and, where appropriate, collaborate with and assist EEStor,” according to the release.
All of this is no surprise. ZENN is trying the best it can to conserve cash until EEStor delivers on what it has promised. There are no shocking departures here. All restructuring is orderly, and that is a good sign. And while we’re all impatient to see whether EEStor can deliver, I guess the good news is that the ZENN/EEStor relationship remains strong and the two companies are planning to work more closely together. Being a media guy, however, I’m still uber curious about the role that Allan Greg is playing here on EEStor’s board.