What is going on at Incredimail(MAIL)? the last time we heard from the company was to reassure investors that they had worked out their problems with Google(GOOG), and that they were buying back stock. Well that was 2 weeks ago. In internet time 2 weeks is a lifetime.
Today the company announced a change at CEO. Yaron Adler is stepping down and being replaced by his brother Ofer, co-founder and current Chief Product Officer.
Tami Gottlieb, Chairperson of the Company’s board of directors, commented: “We are grateful to Yaron for his vision, leadership, enthusiasm and determination, bringing together with Ofer the Company so far. We accept Yaron’s wish to allocate more time to other endeavors, resulting in a lesser involvement in the Company’s operations, and are thankful for his continued availability and advice, which we believe will contribute to the Company’s future growth and success.”
The whole thing sounds weird, especially the timing of the recent events. We interviewed Yaron a few months ago, and actually had a conference call with him 2 weeks ago, and he gave no indication whatsoever that he wanted to “allocate more time to other endeavors.”
The fact is that in our conference call, absolutely no new information was shed about the Google issue. The call was just a rehash of the press release. While we had our differences about whether the company should be an acquirer or an acquiree, we really liked Yaron and respected his creative vision, and we wish him well.
Unfortunately for investors the total lack of transparency is shocking. This is a publicly traded company, not some mickey mouse operation. We at Israelnewsletter.com are calling for the company to come clean about the whole Google issue, as well as the sudden change in management.
Disclosure: Author’s has no position in any stock mentioned as of 2/5/08.
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Aaron Katsman is Managing Editor of the Israel Opportunity Investor newsletter. He is lead portfolio manager for the Israel Growth Portfolio and Managing Director of America Israel Investment Associates, LLC. For more information, go to www.israelnewsletter.com or call 1-888-327-6179, or email firstname.lastname@example.org.