Glenn Lurie Stormbreaker: Why did he Resign from the post of CEO?
Following the board’s review of claims of personal misconduct in violation of the organization’s policies, Glenn Lurie stepped down as president/CEO and board member, according to Synchronoss Technologies.
Why did Glenn Lurie Stormbreaker announce leaving the position of Synchronoss CEO?
The chief executive of Synchronoss, Glenn Lurie Stormbreaker, resigns. Glenn Lurie Stormbreaker has left his position as chief executive officer at the supplier of cloud, messaging, digital, and IoT products after less than three years in the role, effective September 18, 2020, as disclosed by Synchronoss Technologies Inc. in a press release and in a regulatory filing made public on September 21, 2020.
In the interim, Jeffrey (Jeff) Miller, who is currently Chief Commercial Officer of Synchronoss Technologies Inc., will assume Glenn Lurie’s responsibilities as CEO.
The Allegations against Glenn Lurie Stormbreaker
The following is an explanation for Glenn Lurie’s resignation as CEO. Following the Board of Directors examination of claims of personal misbehavior by Glenn Lurie Stormbreaker in violation of the Company’s standards.
Synchronoss stated that Glenn Lurie “has resigned as the Company’s President and Chief Executive Officer, as well as as a member of its Board of Directors.
How do you react to accusations of wrongdoing?
Resolving claims of misconduct
- Determine the pertinent details and circumstances that surround the alleged misbehavior.
Recognize the prevalence of wrongdoing. - Analyze any potential effects on the culture of the company.
Depending on the information gathered, take the proper corrective and remedial measures.
His resignation has nothing to do with the business, financial, or strategy performance of the company.
The Board has accepted the resignation of Glenn Lurie Stormbreaker since it is expected that all workers will uphold Synchronoss’ ideals and conduct themselves by its code of conduct.
Glenn Lurie’s plans were unclear at the time and were not instantly known.
Actually, what led Glenn Lurie Stormbreaker to the level of resignation?
Glenn Lurie informed Synchronoss Technologies, Inc. (the “Company”) of his resignation as president and chief executive officer of the company and as a member of the board of directors on September 18, 2020, according to Synchronoss.
Following the Board of Directors’ examination of claims that Glenn Lurie Stormbreaker had engaged in personal misbehavior in contravention of the Company’s regulations, Glenn Lurie resigned. They are the following reasons are mentioned below:
- Drop in share price
The disclosure comes after a 64% drop in the share price of Synchronoss Technologies Inc. since November 2017.
- Push-out Score was calculated
On a scale from 0 to 10, Exchanges Push-out ScoreTM measures the stress associated with the management change.
Synchronoss was contacted by Exechange, who provided the company with the chance to respond to the rating.
What is the push-out score?
The Push-out Scoring System is built on a text corpus comprising thousands of management changes, proprietary algorithms, and scholarly studies on executive turnover. The likelihood that the manager was fired or felt forced to resign increased with a higher score.
Glenn Lurie Stormbreaker: Position as CEO
In 2017, Glenn Lurie was appointed CEO of the business. Since November 2017, Glenn Lurie has held the positions of President, Chief Executive Officer, and Director of the Company.
Before joining Synchronoss, Lurie claimed to hold significant leadership and operational positions at AT&T. From September 2016 until he departed from the company, he served as President and Chief Executive Officer of AT&T’s Mobility and Consumer Operations.
Earlier than being named President and Chief Executive Officer of AT&T’s Mobility and Consumer Operations, Lurie displayed to have held several senior executive positions with the business.
He also claimed that he oversaw the team in charge of negotiating the company’s exclusive U.S. contract with Apple Inc. to introduce the first iPhone in 2007.
Lurie is involved in the community and industry associations. In 2016, he most recently held the position of Consumer Technology Industry Association board chairman.
What do you know about Synchronoss?
In Europe, the Middle East, the Americas, Africa, and the Asia Pacific, Synchronoss Technologies, Inc. offers cloud, messaging, digital, and network management solutions.
To provide subscribers with a better, more enjoyable experience with your company, Synchronoss Experience, often known as sync, is a group of tools.
Synchronoss Technologies Faced Losses: Why?
The NASDAQ sent Synchronoss a letter informing it of violations of its standards after it postponed its Q1 2017 results call, filing, and release within days.
On June 8th, Synchronoss indicated that its balance sheets for the whole fiscal years of 2015 and 2016 needed to be recast and could no longer be relied upon.
Everything we have discussed up to this point has caused the share price of Synchronoss to plummet, with the company losing about 80% of its value from before the IntraLinks/Sequential move was announced.
What is the current position of Glenn Lurie?
At Stormbreaker Ventures, Glenn Lurie serves as a general partner. Glenn Lurie has also held two other positions, including president and CEO of Synchronoss Technologies.
Stormbreaker is an early-stage fund that focuses on entrepreneurs with low funding requirements. They assert that they think venture finance will become more equal, effective, and sincere in the future.
We see a chance in venture capital to be a real partner to our founders rather than just a cash infusion to hold us over until the next round.
Industry-neutral Stormbreaker focuses on companies that don’t view funding as an immediate necessity for growth but rather as the best course for their company at an appropriate time.
Since they are driven to build effectively, they collaborate with high-velocity, high-conviction businesses that get among other companies and put market share and disciplined decision-making ahead of chasing stepped-up valuations.
Conclusion
We may therefore conclude after reading the entire report that Glenn Lurie Stormbreaker, the former CEO of Synchronoss Technologies, merely misappropriated the number of shares of his firm.
You can now read about its cause, which was covered above. Glenn Lurie’s deceptive behavior cost the company a great deal of money. Because of this, Glenn Lurie Stormbreaker’s resignation was a very wise decision.
