CEO of struggling storage biz Tintri quits
SEC filing shows company up the creek and sans paddle
Thomas Barton, CEO of struggling storage array supplier Tintri, has resigned, leaving the California upstart leaderless as it heads toward running out of cash by the end of the month.
Barton only became Tintri’s CEO at the beginning of April, replacing Ken Klein who took Tintri through its inglorious IPO in June 2017. After that sales have fallen so far and losses become so high that strategic options are being pursued.
A few days ago Tintri announced drastically poor results, and said running out of cash by the end of June was a real option. It is looking for a sale, and bankruptcy was possible if that failed.
Now the company has filed a statement to America's financial watchdog, the SEC, that states:
On June 18, 2018, Tom Barton notified Tintri, Inc. (the “Company”) of his resignation as the Company’s Chief Executive Officer, interim Chief Financial Officer and member of the Board, effective immediately. Mr. Barton did not resign due to any disagreement with the Company on any matter relating to the Company’s operations, policies or practices. The Company has not appointed any replacement Chief Executive Officer or Chief Financial Officer at this time.
That’s it. This bald statement. Barton has ejected without either selling the company or declaring bankruptcy. It looks like he just gave up. The four-man board now has the responsibility for running Tintri, and its members are:
- Cofounder and CTO Dr Kieran Harty,
- Adam Grosser, partner at Silver Lake Kraftwerk,
- Chris Schaepe, managing director, Lightspeed,
- Pete Sonsini, general partner, NEA.
The stock price is $0.19 and the market capitalisation $6.3m. The future is surely, in this vulture's opinion, bankruptcy as the prospects of anyone taking over the company’s debts and funding its operations look vanishingly slim. It must be getting close to the time when board members will pull the trigger. ®