Presstek, Inc. (PRST - NASDAQ), a manufacturer and marketer of digital offset printing solutions has been floundering for some time. On top of it middling performance, the company found itself mired in an SEC investigation of its accounting methods. Following these continuing problems, Presstek underwent a series of top management changes over the last few months concluding with a new CEO.
First, in March, Moosa E. Moosa, the firm's CFO resigned and was replaced by Jeffrey Cook, a former CFO and CIO of Kodak's Polychrome Graphics. Then in early April, the firm's SVP of Operations , William Keller, who had been in office for less than one year, resigned to pursue a career in private equity. The biggest change took place yesterday, when it was announced Edward J. Marino, the director, president and CEO would be leaving the firm to pursue other opportunities. In his place, the board selected Jeff Jacobson. Jacobson who was one of the founding managers of KPG , a joint venture between Eastman Kodak Company and Sun. He was most recently the chief operating officer of Kodak's Graphic Communications Group and a Vice President of Eastman Kodak.
Jacobson's decision to take the job, says a great deal. While he is being offered a highly incentivized package (he received a sign-on bonus of 300,000 shares of the company’s stock, and has an option to purchase another 1 million shares) which will require him to perform to make the new job worthwhile, his acceptance indicates he thinks there is real potential for the company. He is a strong choice. He knows the business and can be expected to bring a great deal to the table. He should work well with the new CFO, Jeffrey Cook who also had been at Kodak.
Going forward keep your eye open for a possible turnaround at the company.