Citing a poor performance in May, NorthLogics CEO Moira Cassen put her foot down, effective May 10. A company spokesperson says it will remain down until at least the end of the third quarter.
“This is a significant move,” says Norman Wollcott of the Litman Group, which tracks executive foot positions at over 20,000 US businesses. “When CEO’s put one of their feet down, they rarely announce up front how long it is going to remain there.”
Despite the effects of the pandemic, NorthLogics stock was up 12 percent on January 1, compared to a year prior, based on speculation the company was restructuring its questionable Pansing IV Parameters. When this hadn’t been accomplished by April 1, the stock began to reverse course and fell by 21 percent as of May 1
Now, says Wollcott, the company will have to step up and restructure the parameters, or face the possibility the foot will remain down into the third and even fourth quarters.
While a foot staying down for four months is lengthy by corporate standards, the record was set in 1995 and 1996 when Kingman Transversals CEO Larry Olsen kept his down for a year and seven months. The result, of course, was the industry-changing “Advance/Pre-Advance” platform.
NOTE: In 1987, a New York CEO actually kept his foot down for nearly three years, though this does not qualify for the record because it was eventually discovered that he had died in his office.
