Four departures in less than a week, and no explanation for any of them.
Board director Kim Roy left on October 30. Muhammad Asif Seemab resigned as President and Interim CEO on November 1, with Chief Strategy Officer Muhammad Umair stepping down the same day. Those two departures placed John Szczepanski, the chief financial officer, into the role of acting President and principal executive officer — not through a new appointment, but by operation of the company's bylaws. Turki Saleh AlRajhi then resigned as Executive Chairman on November 3.
The filing says none of the departures resulted from disagreements over operations, policies, or practices. No other explanation was offered for any of them.
For someone holding the stock, the question is who is running the company. Szczepanski received no new compensation arrangements, and the filing makes no mention of a search for a permanent chief executive.
Shares closed 39.46% higher at $0.3361, on dollar volume of about $33 million.
Both Seemab and Umair will remain on the board. AlRajhi keeps his seat as Chairman and continues to chair two board committees. The filing gives no indication of when, or whether, a permanent chief executive will be named.