This afternoon after the close of the market, SVNT announced that it will search for a CEO.
In my view, this serves as the denouement (I had to check the dictionary on spelling that) for SVNT's second failed attempt to sell itself in the past two years. Sucha record should be a cause for shame among the members of the Board of Directors, in my view. I doubt that the company will EVER take publicly again about SVNT being "for sale." In my opinion, if SVNT ever does get sold, it will be a deal announced figuratively "in the dead of night."
With the company searching for a CEO, it is clear that a new direction for SVNT is in the offing, but it is a direction that has been pretty obvious to long-time SVNT-watchers ever since the humiliating announcement almost two months ago that there was no buyer "at this time."
Instead, SVNT will need to rebuild its credibility one prescription at a time. To use an automotive metaphor: "the rubber is hitting the road, now we need to wait and see if it gets an traction."
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