81.9 F
Laguna Hills
Thursday, Jul 18, 2024
-Advertisement-

Meade CEO To Retire

Meade Instruments Corp. said on Friday Chief Executive Steven Murdock is stepping down once a successor is found to run the Irvine maker of telescopes.

The move comes a day after a key shareholder said Murdock’s salary should be cut amid poor results at the company.

The company said it expects to finish a search for Murdock’s spot in the next several months.

Murdock plans to stay on Meade’s board.

Hummingbird Management LLC, a major Meade shareholder, sent a letter to the company Thursday expressing concerns about “disappointing” financial performance.

The investor proposed cutting Murdock’s base salary to $300,000 from $450,000. Hummingbird, which owns 14% of Meade, suggested pay changes for other managers.

Hummingbird also said Meade could be vulnerable to private equity firms or strategic buyers.

In December, Meade said third-quarter sales rose 7% from a year earlier to $53.1 million. Net income was $1.5 million, or nearly half of what it was a year earlier.

Want more from the best local business newspaper in the country?

Sign-up for our FREE Daily eNews update to get the latest Orange County news delivered right to your inbox!

-Advertisement-

Featured Articles

-Advertisement-
-Advertisement-
-Advertisement-
-Advertisement-

Related Articles

-Advertisement-
-Advertisement-