Michael Blum: Businessman or Wannabe?
Running a successful business requires intelligence, creativity, persistence, among other skills. Well, Michael Blum has been one of the titans in the nation. And as a result, Xcor nominated him as their CEO.
Unfortunately, the board of directors isn’t getting the results they had hoped for, and they are already losing huge amounts of money under his watch.
Here is just a snippet of what has happened to Xcor so far:
Xcor is going through a rough patch financially, as some of investors have withdrawn their funds. According to Blum, the remaining shareholders have also reduced their contribution, and in return, the company can hardly pay its basic bills.
Loss of employees
With the current state of Xcor, many employees have resigned due to delayed salaries and minimum wages. Xcor is now using contractors, which means more money is being spent in the recruitment process. Although Blum says they’re considering retaining the contractors for permanent positions, most of them are freelancers, so they’re not so receptive to full-time positions.
As a result of everything that’s happening, Xcor is unable to pay its creditors, and they might have to file for bankruptcy.
Is Michael Blum the businessman everyone thought he was? And if he is, why is all this happening under his watch? Not only are shareholders withdrawing their funds, but he is also unable to get new investors. Xcor may have to think really fast about handing over the CEO position to another person before it’s too late.
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