tag:blogger.com,1999:blog-18628400715806324282024-03-12T22:05:32.916-04:00Management Turnover as Change AgentA blog covering high-level turnover in public companies. Primary focus is "significant" CEO changes that could have a short or long-term impact on a company's performance and share price either positive or negative.Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.comBlogger683125tag:blogger.com,1999:blog-1862840071580632428.post-45088565477726070122016-02-08T11:12:00.000-05:002016-02-08T11:12:31.430-05:00<div style="background-color: white;">
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 17.12px;">Liberum Research's latest January 2016 executive turnover numbers show a decline from the rapid growth in turnover seen in December and November 2015. Nevertheless as a general, January's turnover figures tend to be slower than those registered in the previous months of December and November. January's turnover numbers when compared to the figures registered in January a year earlier, showed increases in three out of the four key categories Liberum analyzes for its monthly report (see details below). The overall numbers for January were surprisingly positive when one considers how the stock market has been reacting over the last number of weeks along with growing concerns by numerous analysts and business experts that the American economy could be moving toward recession in the near future. Liberum contends that continuing strong executive turnover over the last number of months combined with strong employment growth and moderate unemployment continue to point in a positive direction for the American Economy.</span><span style="background-color: transparent;"> </span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 17.12px;">Typically, Liberum's monthly executive turnover figures tend to follow a similar pattern with the U.S. Government's Bureau of Labor Statistics' (BLS) Monthly Employment Report and ADP's Monthly Private Employment Report. The BLS and ADP's latest January Reports were more sober than the numbers for December but overall, they continue to point to strong job growth and consistent rates of moderate unemployment, currently at an 8 year low of 4.9%. </span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 17.12px;">On Wednesday, February 3, ADP released its</span> <a href="http://www.adpemploymentreport.com/2016/January/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-Janaury2016-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP January Employment Report</a>:</span></div>
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<span style="color: black;"><span style="line-height: normal;">Private sector employment increased by 205,000 jobs from December to January according to the January ADP National Employment Report®</span></span></div>
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<span style="color: black;"><span style="line-height: normal;">"One of the main reasons for lower overall employment gains in January was the drop off in jobs added at the largest companies compared to December. These businesses are more sensitive to current economic conditions than small and mid-sized companies,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Over the past year, businesses with less than 500 employees have created nearly 80 percent of new jobs.”</span></span></div>
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<span style="color: black;">Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth remains strong despite the turmoil in the global economy and financial markets. Manufacturers and energy companies are reducing payrolls, but job gains across all other industries remain robust. The U.S. economy remains on track to return to full employment by mid-year."</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: black; line-height: 17.12px;">The employment news from the U.S. Government's Bureau of Labor Statistics (BLS) released Friday, February 5, appeared more negative but a close reading between the lines indicates the latest figures were reasonably positive. According to the </span><span style="color: black;"><span style="line-height: normal;"><a href="http://www.bls.gov/news.release/empsit.nr0.htm" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">January BLS Employment Report</a>:</span></span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: black;"><span style="line-height: normal;"><i>Total nonfarm payroll employment rose by 151,000 in January, and the unemployment </i></span></span><i style="background-color: transparent; color: black; line-height: normal;">rate was little changed at 4.9 percent, the U.S. Bureau of Labor Statistics reported </i><i style="background-color: transparent; color: black; line-height: normal;">today. Job gains occurred in several industries, led by retail trade, food services </i><i style="background-color: transparent; color: black; line-height: normal;">and drinking places, health care, and manufacturing. Employment declined in private </i><i style="background-color: transparent; color: black; line-height: normal;">educational services, transportation and warehousing, and mining.</i></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: black;"><span style="line-height: normal;"><i>Both the number of unemployed persons, at 7.8 million, and the unemployment rate, </i></span></span><i style="background-color: transparent; color: black; line-height: normal;">at 4.9 percent, changed little in January. Over the past 12 months, the number of </i></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: black;"><span style="line-height: normal;"><i>unemployed persons and the unemployment rate were down by 1.1 million and 0.8 </i></span></span><i style="background-color: transparent; color: black; line-height: normal;">percentage point, respectively.</i></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="background-color: transparent; color: black; line-height: 17.12px;">A closer reading of the latest numbers BLS numbers and the circumstances behind them actually point to real progress in the employment numbers. According to a story by Akin Oyedele in </span><a href="http://www.businessinsider.com/us-jobs-report-january-2016-2016-2" rel="nofollow" style="background-color: transparent; color: #835ea5; line-height: 17.12px; text-decoration: none;" target="_blank">Business Insider</a><span style="background-color: transparent; color: black; line-height: 17.12px;"> right after the BLS announcement:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><i>"Economists had estimated job gains of 190,000 and an unemployment rate of 5%.</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><i>Wage growth was stronger than expected. Average hourly earnings rose 0.5% month-on-month. And compared with January 2015, earnings rose 2.5% (2.2% estimated).</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><i>There was also a nice surprise from the manufacturing sector, which added 29,000 jobs last month, the most since August 2013. The sector has been hurt by weak global demand and the strong dollar in recent months.</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><i>Also, the labor-force participation rate rose to 62.7% from 62.6%.</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><i>Overall, and despite the month-on-month slowdown, it's a strong report that shows the labor market is still robust."</i></span></span></div>
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<span style="color: black; line-height: 23.3333px;"><span style="line-height: normal;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">Bloomberg News also saw positive signs from the latest BLS Jobs report. According to a story by Christopher Condon, entitled, </span></span></span><span style="background-color: transparent; line-height: normal;"><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><a href="http://www.bloomberg.com/news/articles/2016-02-05/fed-can-find-plenty-of-positives-in-details-of-latest-jobs-report" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">Fed Can Find Plenty of Positives in Details of Latest Jobs Report</a>,</span></span></div>
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Taken together, the report was "somewhat hawkish for the Fed, given the move down in the unemployment rate and the move up in wages," Michael Feroli, chief U.S. economist at JPMorgan Chase & Co. in New York, said. Feroli believes the Fed still wouldn't raise rates if it were meeting tomorrow.</div>
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"The report unequivocally supports the Federal Reserve’s (and our) baseline view that further gradual rate hikes are warranted," Harm Bandholz, chief U.S. economist at Unicredit Bank AG in New York, wrote in a note to clients. "A falling unemployment rate and faster wage gains also mean that the Fed is getting closer to meet both of its mandates."</div>
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<span style="background-color: transparent; color: black; line-height: 14.98px;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">Liberum, despite the growing concerns about a recession in the future and troubles facing the world economy, remains optimistic about the American Economy for the next number of months. Executive turnover in public companies continues to remain robust and is predicted to continue. The likelihood of robust executive turnover and ongoing job growth should counteract some of the negative news about recent weak corporate profits and the continuing stock market turmoil in the United States and throughout world stock exchanges.</span></span></div>
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<b><span style="color: blue;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">Liberum Comparison Breakdown of Key January Executive Turnover Figure</span></span></b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px;">Below is a breakdown of Liberum's key executive category percentage changes for January 2016 compared with January a year earlier and the previous month of December 2015. </span><b><span style="color: blue;"><span style="font-family: 'times new roman', serif; font-size: 12pt;"><br /><ul>
<li><b style="line-height: 21px;">January 2015 Compared to January 2016</b></li>
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<span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: 15.75pt;">For January 2016 increases in turnover occurred in three out of four key categories. CEO changes increased 18% from January a year earlier, CFO changes declined -2%, C-level changes increased 15%, and board of director changes increased 5%, respectively. </span></div>
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<span style="font-family: times new roman, serif;"><span style="line-height: 21px;"><b style="font-size: 16px; line-height: normal;"><span style="color: blue;">December 2015 Compared to January 2016</span></b></span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">The month to month changes in executive turnover was a reverse, three out of four categories saw declines. CEO changes declined a mere -1%, CFO changes declined -6%, C-level changes declined -22%, while board of director changes increased 16%. <span style="background-color: transparent;"> </span><span style="background-color: transparent;"> </span></span><span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 12pt;"> </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: black;">Below are the overall turnover totals for January 2016. </span>The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b style="background-color: yellow;"><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms can use the information to generate new leads and new clients, and consulting firms can use the data for a variety of analytical purposes.</span> </b><span style="background-color: yellow;"> </span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="background-color: yellow; text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span><span style="background-color: yellow;">.</span> Find out why Hedge Funds, Executive Search, Business Intelligence, and Consulting firms all rely on Liberum's data.</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">KEY CEO CHANGES - JANUARY </span></b><b style="color: blue;">2016</b><b><span style="color: blue;"><br /></span></b><b><span style="color: blue;">55 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span></b></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">According to Liberum's Management Change Database, a total of 226 CEO related changes occurred during January 2016. Here are 45 changes from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs, CIOs, Presidents, etc.)</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="color: black; line-height: 23.3333px;"><span style="line-height: 25px;">Change date Co name<span style="white-space: pre;"> </span>Ticker<span style="white-space: pre;"> </span>Market cap</span></span><span style="color: black;"><span style="line-height: 25px;"><span style="background-color: transparent;">01-04</span><span style="background-color: transparent; white-space: pre;"> </span><span style="background-color: transparent;">Wipro Limited (ADR) WIT NYSE 27500</span></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-05<span style="white-space: pre;"> </span>National Cinemedi NCMI NASDAQ 880</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-05<span style="white-space: pre;"> </span>Spirit Airlines<span style="white-space: pre;"> </span>SAVE NASDAQ 2690</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-06<span style="white-space: pre;"> </span>Jetpay Corporation JTPY NASDAQ 37</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-06<span style="white-space: pre;"> </span>Ovascience Inc. OVAS NASDAQ 231</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-06<span style="white-space: pre;"> </span>Valeant Pharmaceuticals Intl VRX NYSE 33280</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-07<span style="white-space: pre;"> </span>Aegerion Pharmaceuticals Inc. AEGR NASDAQ 230</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-07<span style="white-space: pre;"> </span>Diamond Hill Investment Group, Inc. DHIL NASDAQ 566</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-07<span style="white-space: pre;"> </span>Enerpulse Technology ENPT OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-07<span style="white-space: pre;"> </span>IsoRay Inc. ISR NYSE 49</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-07<span style="white-space: pre;"> </span>Rignet, Inc. RNET NASDAQ 316</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-07<span style="white-space: pre;"> </span>Zosano Pharma Corp ZSAN NASDAQ 30</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-08<span style="white-space: pre;"> </span>Freestone Resources Inc<span style="white-space: pre;"> </span>FSNR OTC 14</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-08<span style="white-space: pre;"> </span>Quest Resource Ho QRHC NASDAQ 77</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-08<span style="white-space: pre;"> </span>Zaza Energy Corpo ZAZA OTC 964646</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>BT Group plc (ADR) BT NYSE 56390</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>DuSolo Fertilizers Inc. DSF CVE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>Helix BioPharma Corp HBPCF OTC 130</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>MannKind Corporation MNKD NASDAQ 315</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>Oncothyreon ONTY NASDAQ 159</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>Reading International, Inc. RDI NASDAQ 271</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-11<span style="white-space: pre;"> </span>UTStarcom, Inc. UTSI NASDAQ 82</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-12<span style="white-space: pre;"> </span>Epistem Holdings EHP LONDON</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-12<span style="white-space: pre;"> </span>Jack Henry & Associates, Inc. JKHY NASDAQ 6230</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-12<span style="white-space: pre;"> </span>Nuo Therapeutics, NUOT OTC 6</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-13<span style="white-space: pre;"> </span>Publix Super Markets PUSH OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-13<span style="white-space: pre;"> </span>USA Truck, Inc. USAK NASDAQ 146</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-14<span style="white-space: pre;"> </span>Isle of Capri Casinos Inc. ISLE NASDAQ 507</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-15<span style="white-space: pre;"> </span>Cabinet Grow CBNT OTC 374256</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-15<span style="white-space: pre;"> </span>Highland Gold Mining Ltd HGHGF OTC 246</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-15<span style="white-space: pre;"> </span>OHA Investment Corporation OHAI NASDAQ<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-18<span style="white-space: pre;"> </span>Addus Homecare Co ADUS NASDAQ 226</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-18<span style="white-space: pre;"> </span>Adidas AG ADDYY OTC 19970</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-18<span style="white-space: pre;"> </span>Amec Foster Wheeler PLC<span style="white-space: pre;"> </span>AMFW LONDON<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-18<span style="white-space: pre;"> </span>NOTE AB<span style="white-space: pre;"> </span>NOTE SWEDEN<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-19<span style="white-space: pre;"> </span>Zix Corporation ZIXI NASDAQ 250</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-20<span style="white-space: pre;"> </span>Citrix Systems, Inc. CTXS NASDAQ 10370</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-22<span style="white-space: pre;"> </span>Jamba, Inc. JMBA NASDAQ 197</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-22<span style="white-space: pre;"> </span>Rcs Capital Corpo RCAP SEA 842225</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-25<span style="white-space: pre;"> </span>Redstar Gold Corp RGCTV OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-25<span style="white-space: pre;"> </span>Timberline Resources TBR VANCOUVER 3</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-26<span style="white-space: pre;"> </span>Wilhelmina Intern WHLM NASDAQ 39</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-27<span style="white-space: pre;"> </span>K12 Inc<span style="white-space: pre;"> </span>LRN NYSE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-27<span style="white-space: pre;"> </span>Perceptron, Inc. PRCP NASDAQ 65</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">01-28<span style="white-space: pre;"> </span>Acorn Energy Inc ACFN OTC 5</span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif; font-size: 12pt;">JANAURY 2016 MANAGEMENT CHANGE STATISTICS</span></b></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif; font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1,694</span></b></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif; font-size: 12pt;">TOP INDUSTRY SECTORS</span></b></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">> Drugs- 174<br />> Banking - 161<br />> Energy - 143</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b style="color: blue;">JANAURY </b><b style="color: blue;">2016</b><span style="color: blue;"><b> CEO CHANGE STATISTICS<br />GRAND TOTAL - 226</b></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif; font-size: 12pt;">TOP INDUSTRY SECTORS</span></b></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">> Drugs/Biotech - 20</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">> Energy- 20<br />> Banking - 18<br />> Metals/Mining - 17</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b style="color: blue;">JANAURY </b><b style="color: blue;">2016</b><span style="color: blue;"><b> CFO CHANGE STATISTICS<br />GRAND TOTAL - 220</b></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif; font-size: 12pt;">TOP INDUSTRY SECTORS</span></b></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">> Drugs/Biotech - 24<br />> Energy - 16<br />> Banking - 14</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b style="color: blue;">JANUARY </b><b style="color: blue;">2016</b><span style="color: blue;"><b> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 487</b></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif; font-size: 12pt;">TOP INDUSTRY SECTORS</span></b></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">> Drugs/Biotech - 75<br />> Energy - 43<br />> Banking - 32</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><br /></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">Likewise departing CFOs New CFOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs, and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-33252227270712763622016-01-14T14:29:00.002-05:002016-01-14T14:29:41.368-05:00U.S. Annual and Quarterly Executive Turnover Point to Continued Economic Growth<div dir="ltr" style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The last year experienced significant upside in the American economy. Employment growth continued to show steady gains throughout the entire year. Unemployment also continued to drop throughout the year and was below estimates put forth by virtually all major analysts. Manufacturing saw gains overall but has not been as positive a force in the economy as has overall employment growth which took place in nearly all sectors of the economy. These positive trends have also continued in executive turnover for public companies as tracked by Liberum Research's Management Change Database. Over the most recent number of weeks, stock markets throughout the world have been reeling and concern has been growing for the world economy and particularly the Chinese economy. Even the United States, which has faired economically quite well in the last year to two years, has appeared to show signs of concern about the economy and the possibility of recession. While problems remain, Liberum's latest positive monthly, quarterly, and annual executive turnover numbers continue to point to a strong American economy despite the economic difficulties the Chinese and other industrialized nations are encountering. While the American economy is likely to encounter problems in 2016 as well, Liberum continues to remain optimistic about the economy's overall performance. The continuing high level of executive turnover in key categories and the continuing positive trend of employment growth throughout the economy serve as a major buffer to future economic difficulties. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below, an eight year quarterly and annual breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At that point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow while not consistently and that trend has continued and is expected to follow a similar pattern for 2016.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="background-color: white;"><span style="text-decoration: underline;">Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks. Failure to do so, will result in lost opportunities or worse</span><b>.</b> To take advantage of executive changes, <span style="text-decoration: underline;"><a href="http://mce_host/app/mail%20to:%20richard@twst.com" rel="nofollow" style="text-decoration: none;"><b>get a free trial to Liberum's Online Management Change Database</b></a></span>. Just call Richard at 212-988-5497 or send an email to richard@twst.com requesting your free trial. Within a day of your trial, you will have access to over 250,000 data points from which you can generate ideas and daily information on who is changing jobs at the top and where they are going.</span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly and annual turnover totals as registered through Liberum Research's Management Change Database for 2008 through 2015 for CEOs, CFOs and overall C-level turnover. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"><b> <span style="font-size: 12pt;">Total CEO Turnover Comparisons</span> </b></span><span style="font-weight: bold;"> </span></span></div>
<table border="1" cellspacing="0" style="border-collapse: collapse; border-image-outset: initial; border-image-repeat: initial; border-image-slice: initial; border-image-source: initial; border-image-width: initial; border: 1px solid rgb(136, 136, 136); color: black; font-family: Arial, Verdana, sans-serif; font-size: 14px; line-height: 21px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 18.7778px; vertical-align: top; width: 79.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18.7778px; vertical-align: top; width: 69.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18.7778px; vertical-align: top; width: 66.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18.7778px; vertical-align: top; width: 75.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18.7778px; vertical-align: top; width: 58.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18.7778px; vertical-align: top; width: 57.7778px;"></td><td style="height: 18.7778px; vertical-align: top; width: 57.7778px;"></td><td style="height: 18.7778px; vertical-align: top; width: 61.7778px;"> </td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 79.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2008 </span></span></strong></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 16.7778px; vertical-align: top; width: 75.7778px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 16.7778px; vertical-align: top; width: 58.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"><span style="color: blue; font-size: 10pt;"><b>2013 </b></span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2015</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 79.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 16.7778px; vertical-align: top; width: 75.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 16.7778px; vertical-align: top; width: 58.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"><span style="font-size: 10pt;">583</span> </td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;">500 </td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;">522 </td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 79.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 16.7778px; vertical-align: top; width: 75.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 16.7778px; vertical-align: top; width: 58.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"><span style="font-size: 10pt;">619</span> </td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;">527</td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;">538 </td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 79.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 16.7778px; vertical-align: top; width: 75.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 16.7778px; vertical-align: top; width: 58.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"> <span style="font-size: 10pt;">627</span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"> 557</td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;">621 </td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 79.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 16.7778px; vertical-align: top; width: 75.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 16.7778px; vertical-align: top; width: 58.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 16.7778px; vertical-align: top; width: 69.7778px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;"> <span style="font-size: 10pt;">636</span></td><td style="height: 16.7778px; vertical-align: top; width: 57.7778px;">651</td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;">674 </td></tr>
<tr><td style="height: 37.7778px; vertical-align: top; width: 79.7778px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 37.7778px; vertical-align: top; width: 69.7778px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 37.7778px; vertical-align: top; width: 66.7778px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 37.7778px; vertical-align: top; width: 75.7778px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 37.7778px; vertical-align: top; width: 58.7778px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 37.7778px; vertical-align: top; width: 69.7778px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span></b></span></td><td style="height: 37.7778px; vertical-align: top; width: 57.7778px;"><b><span style="color: blue; font-size: 12pt;">2,465</span></b> </td><td style="height: 37.7778px; vertical-align: top; width: 57.7778px;"><span style="color: blue; font-size: 12pt;"><b>2,235</b></span></td><td style="height: 37.7778px; vertical-align: top; width: 61.7778px;"><b style="color: blue; font-size: 16px;">2,355</b> </td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total CFO Turnover Comparisons </span></span></strong></span></div>
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<table border="1" bordercolor="#888" cellspacing="0" style="border-collapse: collapse; border-color: rgb(136, 136, 136); border-width: 1px; color: black; font-family: Arial, Verdana, sans-serif; line-height: 21px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 17.7778px; vertical-align: top; width: 76.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> </span></span></span></td><td style="height: 17.7778px; vertical-align: top; width: 66.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> </span></span></span></td><td style="height: 17.7778px; vertical-align: top; width: 63.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> </span></span></span></td><td style="height: 17.7778px; vertical-align: top; width: 77.7778px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> </span></span></span></td><td style="height: 17.7778px; vertical-align: top; width: 55.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> </span></span></td><td style="height: 17.7778px; vertical-align: top; width: 74.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> </span></span></td><td style="height: 17.7778px; vertical-align: top; width: 68.7778px;"></td><td style="height: 17.7778px; vertical-align: top; width: 59.7778px;"></td><td style="height: 17.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;"> </span></td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 76.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></span></td><td style="height: 16.7778px; vertical-align: top; width: 63.7778px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">2009 </span></span></span></strong></td><td style="height: 16.7778px; vertical-align: top; width: 77.7778px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">2010 </span></span></span></strong></td><td style="height: 16.7778px; vertical-align: top; width: 55.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><strong><span style="color: blue;">2011</span></strong> </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 74.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"><strong><span style="color: blue;">2012</span></strong> </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 68.7778px;"><span style="font-size: x-small;"><strong style="font-family: arial, sans-serif;"><span style="color: blue;">2013</span></strong> </span></td><td style="height: 16.7778px; vertical-align: top; width: 59.7778px;"><span style="font-size: x-small;"><strong style="font-family: arial, sans-serif;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif;"> </span> </span></td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;"><strong style="font-family: arial, sans-serif;"><span style="color: blue;">2015</span></strong><span style="font-family: arial, sans-serif;"> </span> </span></td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 76.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">1st Quarter </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">593 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 63.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">332 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 77.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">296 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 55.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">280 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 74.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">640 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 68.7778px;"><span style="font-size: x-small;">495 </span></td><td style="height: 16.7778px; vertical-align: top; width: 59.7778px;"><span style="font-size: x-small;"> 468</span></td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;">513 </span></td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 76.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> 2nd Quarter</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">551 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 63.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">326 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 77.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">273</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 55.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> 404</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 74.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">612 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 68.7778px;"><span style="font-size: x-small;">557 </span></td><td style="height: 16.7778px; vertical-align: top; width: 59.7778px;"><span style="font-size: x-small;"> 595 </span></td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;">588</span></td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 76.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> 3rd Quarter</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">438 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 63.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">279 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 77.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">256</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 55.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">629 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 74.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">598</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 68.7778px;"><span style="font-size: x-small;">582 </span></td><td style="height: 16.7778px; vertical-align: top; width: 59.7778px;"><span style="font-size: x-small;"> 550</span></td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;"> 628 </span></td></tr>
<tr><td style="height: 16.7778px; vertical-align: top; width: 76.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> 4th Quarter</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 66.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">364 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 63.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">313</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 77.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> 258 </span></span></td><td style="height: 16.7778px; vertical-align: top; width: 55.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;"> 476</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 74.7778px;"><span style="font-family: arial, sans-serif;"><span style="font-size: x-small;">569</span></span></td><td style="height: 16.7778px; vertical-align: top; width: 68.7778px;"><span style="font-size: x-small;">562 </span></td><td style="height: 16.7778px; vertical-align: top; width: 59.7778px;"><span style="font-size: x-small;">586 </span></td><td style="height: 16.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;">624 </span></td></tr>
<tr><td style="height: 36.7778px; vertical-align: top; width: 76.7778px;"><span style="font-size: x-small;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 36.7778px; vertical-align: top; width: 66.7778px;"><strong><span style="color: blue;"><span style="font-size: x-small;">1,946</span></span></strong></td><td style="height: 36.7778px; vertical-align: top; width: 63.7778px;"><strong><span style="color: blue;"><span style="font-size: x-small;">1,250 </span></span></strong></td><td style="height: 36.7778px; vertical-align: top; width: 77.7778px;"><span style="color: blue;"><b><span style="font-size: x-small;">1,083</span></b></span></td><td style="height: 36.7778px; vertical-align: top; width: 55.7778px;"><span style="font-size: x-small;"><b style="color: blue;">1,789</b> </span></td><td style="height: 36.7778px; vertical-align: top; width: 74.7778px;"><b><span style="color: blue;"><span style="font-size: x-small;">2,419</span></span></b></td><td style="height: 36.7778px; vertical-align: top; width: 68.7778px;"><span style="color: blue;"><b><span style="font-size: x-small;">2,196 </span></b></span></td><td style="height: 36.7778px; vertical-align: top; width: 59.7778px;"><span style="color: blue;"><b><span style="font-size: x-small;">2,199</span></b></span></td><td style="height: 36.7778px; vertical-align: top; width: 61.7778px;"><span style="font-size: x-small;"><b style="color: blue;">2,353</b> </span></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="font-size: 12pt;">Total C-level Turnover Comparisons</span></span></strong></span></div>
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<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"></td><td style="vertical-align: top; width: 60px;"></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 75px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2015</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">3971 </span></td><td style="vertical-align: top; width: 60px;">4083 </td><td style="vertical-align: top; width: 60px;">3923 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4102 </span></td><td style="vertical-align: top; width: 60px;">4117 </td><td style="vertical-align: top; width: 60px;">4767 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4123</span></td><td style="vertical-align: top; width: 60px;">3950 </td><td style="vertical-align: top; width: 60px;">5368 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4196</span></td><td style="vertical-align: top; width: 60px;">4200 </td><td style="vertical-align: top; width: 60px;">5297 </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 90px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 59px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 75px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 37px; vertical-align: top; width: 62px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="height: 37px; vertical-align: top; width: 74px;"><span style="color: blue; font-size: 12pt;"><b>16,392 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>16,350</b></span></td><td style="vertical-align: top; width: 60px;"><b style="color: blue; font-size: 16px;">19,355</b> </td></tr>
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<strong style="font-family: Arial, Verdana, sans-serif; font-size: 16px; line-height: 21px; text-align: center;"><span style="color: blue;">Latest Monthly Comparisons</span></strong></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for </span><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">December 2015</span></span><span style="font-family: arial, sans-serif; font-size: 10pt;"> as compared with those of December 2014 and December 2015 and November 2015 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for December 2015 showed a mere 1% change from that of December 2014, CFO turnover increased only 3%, C-level turnover increased 24% and Board of Director turnover increased 21%. </span></li>
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<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The the month to month change from November 2015 to December 2015 overall was somewhat less clear. CEO turnover declined 8% for CEOs, declined 15% for CFOs, but remained unchanged with regard to C-level changes and increased 13% for Board of Director changes. </span></li>
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<strong style="color: black; font-size: 16px; line-height: 21px; text-align: center;"><span style="color: blue;">December CEO Changes of Possible Significance</span></strong></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black;">In the below report, Liberum has focused on 46 CEO changes of </span><b><span style="color: blue;">special significance</span></b><span style="color: black;"> for the month of December out of a total of 229. We have also put together the overall turnover figures for the month of December 2015. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans, etc., just through Liberum's Management Change Database.</span></span></div>
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<strong><span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</span></span></span></strong></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Eurotin Inc TIN Vancouver CN<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Shutterfly, Inc. SFLY NASAQ 1580</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>The Travelers Companies, Inc. TRV NYSE 35190</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Zurich Insurance ZURN SWL</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-02<span style="white-space: pre;"> </span>Glorywin Entertainment Group Inc GWIN OTC 106</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-03<span style="white-space: pre;"> </span>Solera Natl Banco SLRK OTC 16</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-04<span style="white-space: pre;"> </span>Goldcorp Inc. (USA) GG NYSE 10570</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-07<span style="white-space: pre;"> </span>FARO Technologies, Inc. FARO NASDAQ 514</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-07<span style="white-space: pre;"> </span>Lantronix, Inc. LTRX NASDAQ 18</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-07<span style="white-space: pre;"> </span>NRG Yield Inc NYLD NYSE 1160</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-07<span style="white-space: pre;"> </span>Wellgreen Platinum Ltd WGPLF OTC 20</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-08<span style="white-space: pre;"> </span>Afrocentric Investment ACT JSE<span style="white-space: pre;"> </span>South Africa</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-08<span style="white-space: pre;"> </span>Benitec Biopharma Ltd BNTC NASDAQ 27</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-08<span style="white-space: pre;"> </span>Myers Industries, Inc. MYE NYSE 438</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-09<span style="white-space: pre;"> </span>Novogen Limited (ADR) NVGN NASDAQ 36</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-10<span style="white-space: pre;"> </span>Robert Half Intl RHI NYSE 6130</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-10<span style="white-space: pre;"> </span>Veloxis Pharmaceuticals A/S LFCYF OTC 416</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-11<span style="white-space: pre;"> </span>Genesis Energy, L.P. GEL NYSE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-11<span style="white-space: pre;"> </span>NEL ASA<span style="white-space: pre;"> </span>NEL.OL 2590</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-11<span style="white-space: pre;"> </span>Sirona Dental Sys., Inc. SIRO NASDAQ 6030</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-11<span style="white-space: pre;"> </span>Swiss Prime Site SWPRF OTC 5350</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-14<span style="white-space: pre;"> </span>American Midstrea AMID NYSE 174</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-14<span style="white-space: pre;"> </span>Cheniere Energy U CQP NYSE 7500</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>AMC Entertainment Holdings, Inc. AMC NYSE 2350</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>Platform Specialty Products Corp PAH NYSE 2600</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>Sitestar Corp SYTE OTC 4</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-16<span style="white-space: pre;"> </span>Avanza Bank Holding AB AZA STOCKHOLM 11150</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-16<span style="white-space: pre;"> </span>BankAtlantic Bancorp, Inc. BBX NYSE 247</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-16<span style="white-space: pre;"> </span>Truecar, Inc. TRUE NASDAQ 693</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>Nanotech Entainmt NTEK OTC 2</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>Speed Commerce, I SPDC UTC </span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-18<span style="white-space: pre;"> </span>Ariad Pharmaceuticals, Inc. ARIA NASDAQ 1170</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-18<span style="white-space: pre;"> </span>Southcrest Fin Gr SCSG OTC 60</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-21<span style="white-space: pre;"> </span>Derma Sciences, I DSCI NASDAQ 119</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-21<span style="white-space: pre;"> </span>Eastern Co EML NASDAQ 110</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-21<span style="white-space: pre;"> </span>Kalobios Pharmace KBIO 97</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-21<span style="white-space: pre;"> </span>Winnebago Industries, Inc. WGO NYSE 524</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-22<span style="white-space: pre;"> </span>Acacia Research- Acacia Tech ACTG NASDAQ 201</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-22<span style="white-space: pre;"> </span>PDI, Inc. PDII 9</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>Black Box Corporation BBOX NASDAQ 140</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>MannKind Corporation MNKD NASDAQ 630</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>Owen Dukes SPOM OTC 54904</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-24<span style="white-space: pre;"> </span>True Drinks Holdings, Inc. TRUU OTC 19</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-28<span style="white-space: pre;"> </span>Timberline Res Co TLR NYSE 2</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-28<span style="white-space: pre;"> </span>Valeant Pharmaceuticals Int'l VRX NYSE 35040</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-29<span style="white-space: pre;"> </span>Triumph Group, Inc. TGI NYSE 2020</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2015 MANAGEMENT CHANGE STATISTICS</span></b></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1810<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs/Biotech </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 226<br />> Banking - 155<br />> Manufacturing - 97</span></span></span></strong></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2015</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 229<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 24</span><span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt;">> Banking -20<br />> Energy - 20<br />> Manufacturing - 12</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2015</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 190<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Drugs/Biotech - 29<br />> Manufacturing - 11<br />> Energy - 10<br />> Leisure - 10<br />> Media - 10<br />> Real Estate - 10</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2015</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 624<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 88<br />> Banking - 53<br />> Metals/Mining - 35</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.</span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
</ul>
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<span style="text-align: -webkit-auto;"><span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt; text-align: -webkit-auto;">Liberum's over ten year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing. You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-20994532974063521382015-12-07T15:49:00.000-05:002015-12-07T15:49:28.508-05:00November Executive Turnover Points Positive For U.S. Economy<div style="background-color: white;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5556px;">Liberum Research's latest November executive turnover numbers were even more positive than the previous month of October and continued to point in a positive direction for the American economy. November's executive turnover numbers showed increases over last year's November figures in all four key categories Liberum analyzes for its monthly report (see details below). The executive turnover figures in November as compared to the previous month of October also showed positive increases in all four categories, something we have not seen for a long time and together indicates positively for the U.S. economy. The growing executive turnover numbers dovetailed directly with the positive employment growth numbers released last week by ADP for November and more importantly, the U.S. Government's Bureau of Labor Statistics (BLS) November Employment Report.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5556px;">Typically, Liberum's monthly executive turnover figures tend to follow a similar pattern with the U.S. Government's Bureau of Labor Statistics' (BLS) Monthly Employment Report as well as ADP's Monthly Private Employment Report. The ADP and BLS November Reports exceeded expectations by most analysts and as a result, the Federal Reserve seems even more likely to begin raising interest rates slightly for the first time since the 2008 financial crisis. According to the <a href="http://adpemploymentreport.com/2015/November/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-November2015-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP November Report</a>:</span></span></div>
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<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">ADP National Employment Report: Private Sector Employment Increased by </span></span><i style="line-height: 23.3333px;"><div style="display: inline !important;">
<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">217,000 Jobs from October to November according to the November ADP National Employment Report®</span></span></div>
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<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">"The strongest gains in the service sector since June led to greater employment growth in November,”</span></span><i style="line-height: 23.3333px;"><div style="display: inline !important;">
<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">said Ahu Yildirmaz, VP and head of the ADP Research Institute. “The increase was driven in large part </span></span></div>
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<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">by a rebound in professional/business service jobs.”</span></span></div>
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<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth remains strong and steady. The </span></span><i style="line-height: 23.3333px;"><div style="display: inline !important;">
<span style="color: black; font-family: 'Times New Roman';"><span style="font-size: 16px; line-height: normal;">current pace of job creation is twice that needed to absorb growth in the working age population. The </span></span></div>
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<span style="color: black; font-family: 'Times New Roman';">economy is fast approaching full employment and will be there no later than next summer.”</span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;">The employment news from the U.S. Government's Bureau of Labor Statistics (BLS) was very close to ADP's Employment Report. According to the <a href="http://www.bls.gov/news.release/empsit.nr0.htm" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">November BLS Report</a>:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>Total nonfarm payroll employment increased by 211,000 in November, and the unemployment</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>rate was unchanged at 5.0 percent, the U.S. Bureau of Labor Statistics reported today. </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 15.5556px; line-height: normal;">Job gains occurred in construction, professional and technical services, and health</i><i style="color: black; font-family: 'times new roman', serif; font-size: 15.5556px; line-height: normal;">care.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>In November, the unemployment rate held at 5.0 percent, and the number of unemployed </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 15.5556px; line-height: normal;">persons, at 7.9 million, was essentially unchanged. Over the past 12 months, the</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>unemployment rate and the number of unemployed persons are down by 0.8 percentage </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 15.5556px; line-height: normal;">point and 1.1 million, respectively.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;">Liberum expects the early winter months will continue to see the economy moving forward but, as we stated in the previous month and earlier months, with blips along the way. We continue to expect executive turnover numbers in the early winter months will also remain fairly positive. Overall, we remain positive for the American Economy despite the likelihood of a slight increase in interest rates from the Federal Reserve and continuing economic difficulties abroad.</span></span></div>
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<b><span style="color: blue;">Liberum Comparison Breakdown of Key November Executive Turnover Figures</span></b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for November 2015 compared with November a year earlier and the previous month of October 2015. </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">November 2014 Compared to November 2015</span></b></span></div>
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<li><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;">November </span><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2015 increases in turnover occurred in all four key categories. CEO changes increased 18% from November a year earlier, CFO changes increased 6%, C-level changes increased 37%, and board of director changes increased 44%, respectively. </span></li>
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<span style="color: #616161; font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">October 2015 Compared to November 2015</span></b></span></blockquote>
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<li><span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover for all four key categories saw increases. </span><span style="line-height: normal;">CEO changes increased 28%, CFO changes increased 6%, C-level changes increased 9%, and </span></span><span style="font-family: 'times new roman', serif; font-size: 16px;">board of director changes increased 14%. </span><span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for November 2015. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b style="background-color: yellow;"><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms can use the information to generate new leads and new clients, and consulting firms can use the data for a variety of analytical purposes.</span> </b><span style="background-color: yellow;"> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="background-color: yellow; text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span><span style="background-color: yellow;">.</span> Find out why Hedge Funds, Executive Search, Business Intelligence, and Consulting firms all rely on Liberum's data.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - NOVEMBER </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">55 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 250 CEO related changes occurred during November 2015. Here are 51 changes from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs, CIOs, Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-02<span style="white-space: pre;"> </span>Enteromedics Inc. ETRM NASDAQ 33</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-02<span style="white-space: pre;"> </span>Intrum Justitia<span style="white-space: pre;"> </span>IJ STO<span style="white-space: pre;"> </span>21170</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-02<span style="white-space: pre;"> </span>Quest Resource Ho QRHC<span style="white-space: pre;"> </span>NASDAQ 85</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-03<span style="white-space: pre;"> </span>Commerzbank CBK LONDON<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-03<span style="white-space: pre;"> </span>DSW Inc. DSW NYSE 2180</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-03<span style="white-space: pre;"> </span>Groupon, Inc. GRPN NASDAQ 2640</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-03<span style="white-space: pre;"> </span>Kappahl<span style="white-space: pre;"> </span>KAHL STO 2370</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-03<span style="white-space: pre;"> </span>Razor Resources Inc RZOR OTC 607830</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-04<span style="white-space: pre;"> </span>Beijer Electronic BELE STO 1020</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-04<span style="white-space: pre;"> </span>First Capital Bcp FCVA<span style="white-space: pre;"> </span>NASDAQ 73</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-04<span style="white-space: pre;"> </span>Lumber Liquidator LL NYSE 420</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-05<span style="white-space: pre;"> </span>Armistice Resourc AZ TORONTO<span style="white-space: pre;"> </span>42</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-05<span style="white-space: pre;"> </span>Wound Mgmt Tech WNDM OTC 7</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-09<span style="white-space: pre;"> </span>E.I. du Pont de Nemours & Co DD NYSE 58520</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-09<span style="white-space: pre;"> </span>Elementis ELM CVE</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-09<span style="white-space: pre;"> </span>Loomis AB LOOMB STO<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-09<span style="white-space: pre;"> </span>Santos SSLTY OTC 3710</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-09<span style="white-space: pre;"> </span>XLI Technologies, Inc. MYXY 32</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-10<span style="white-space: pre;"> </span>Jason Industries, Inc. JASN NASDAQ 84</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Advance Auto Parts, Inc. AAP NYSE 12050</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Connecture, Inc. CNXR<span style="white-space: pre;"> </span>NASDAQ 93</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Entree Gold Inc. EGI NYSE 38</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Platinum Group Me PLG NYSE 161</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Sunshine Capital, Inc. SCNP OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-13<span style="white-space: pre;"> </span>La Quinta Holding LQ NYSE 1910</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-13<span style="white-space: pre;"> </span>LDK Solar Co Ltd. LDKYQ OTC 20</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-16<span style="white-space: pre;"> </span>CNA Financial Corporation CNA NYSE 9740</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Akeena Solar, Inc WEST<span style="white-space: pre;"> </span> OTC 618197</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Bob Evans Farms, Inc. BOBE NASDAQ <span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Elephant Talk Com ETAK NYSE 58</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>TiVo Inc. TIVO NASDAQ 893</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Virtual Piggy, Inc VPIG OTC 38</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-18<span style="white-space: pre;"> </span>Bridgeline Digital, Inc. BLIN NASDAQ 5</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-18<span style="white-space: pre;"> </span>Intelligent Livin ILIV OTC 14019</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-18<span style="white-space: pre;"> </span>Korian SA KORI EPA 2840</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-18<span style="white-space: pre;"> </span>Pivot Pharmaceuticals Inc PVOTF OTC 98</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>Kalobios Pharmace KBIO UTC 75</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>Kemper Corporation KMPR NYSE 2110</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>Lantronix, Inc. LTRX NASDAQ 17</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>Markel Corporation MKL NYSE 12560</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>NBC Capital Corporation<span style="white-space: pre;"> </span>NBY 14</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>Portage Biotech Inc PTGEF OTC 33</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-20<span style="white-space: pre;"> </span>Avalanche Biotechnologies Inc AAVL NASDAQ 186</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-23<span style="white-space: pre;"> </span>Alfa Laval ALFALAVAL OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-23<span style="white-space: pre;"> </span>Global Healthcare GBCS OTC 16</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-23<span style="white-space: pre;"> </span>TerraForm Global, Inc. GLBL NASDAQ 480</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-23<span style="white-space: pre;"> </span>Truecar, Inc. TRUE NASDAQ 719</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-24<span style="white-space: pre;"> </span>Akers Biosciences AKER NASDAQ 10</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-25<span style="white-space: pre;"> </span>MannKind Corporation MNKD NASDAQ 896</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-27<span style="white-space: pre;"> </span>Point Capital Inc PTCI OTC 85</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-30<span style="white-space: pre;"> </span>Broadwind Energy, BWEN NASDAQ 30</span></span></div>
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<span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">NOVEMBER 2015 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1,817</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs- 174</span><span style="font-size: 12pt;">> Banking - 161<br />> Energy - 143</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><br /></span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">NOVEMBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 250</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 20</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy- 20</span><span style="font-size: 12pt;">> Banking - 18<br />> Metals/Mining - 17</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">NOVEMBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 223</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 24<br />> Energy - 16<br />> Banking - 14</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">NOVEMBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 550</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 75</span><br /><span style="font-size: 12pt;">> Energy - 43</span><span style="font-size: 12pt;"><br />> Banking - 32</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><br /></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CFOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs, and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><br /></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum's over ten-year-old database offers institutional investors the ability to examine: </span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">an individual company, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">sector/s, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">corporate titles</span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">groups of companies, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">market caps</span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">and/or geographic region/s/ locations via a metric of one's own choosing. </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">you can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></span></li>
</ul>
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Subscribers often take the service as an electronic feed rather than as an online service. Through the use of Liberum's electronic feed, investment firms have the ability to integrate Liberum's management change data with a variety of other feeds and data applications which, when combined, could be used as a sophisticated method for developing potential short and long-term investment ideas. </span><span style="color: black; font-size: 12pt;">Liberum's database whether used as an online tool, an electronic feed, or as a means to receive customized reports is broken down into a number of highly specific fields that afford a user the ability to easily search and manipulate data. </span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-71153219319210777872015-11-04T12:39:00.001-05:002015-11-04T12:39:29.949-05:00October Executive Turnover Points Positive<div style="background-color: white;">
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<span style="font-family: "times new roman" , serif;"><span style="font-size: 15.5556px;">Liberum Research's latest October executive turnover numbers continued to point in a positive direction for the American ecoonomy. October's executive turnover numbers showed increases over last year's October figures in three out of four key categories Liberum analyzes for its monthly report (see details below). The executive turnover figures in October as compared to the previous month of September, on the other hand, were not nearly as positive, three out of the four categories saw declines, while the remaining category saw a slight increase. Despite the middling numbers, we remain optimistic about the economy, overall employment growth, and continuing turnover at public companies.</span></span></div>
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<span style="font-family: "times new roman" , serif;"><span style="font-size: 15.5556px;">Typically, Liberum's monthly executive turnover figures tend to follow a similar pattern with the U.S. Government's Bureau of Labor Statistics' (BLS) Monthly Employment Report as well as ADP's Monthly Private Employment Report. The government's employment figures for October will be released this coming Friday, November 6, and Liberum expects them to be better than September's revised figures. Earlier today, ADP released its October 2015 Employment Report and while it was not terrific, it was on target with analyst's expectations. According to the <a href="http://www.adpemploymentreport.com/2015/October/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-October2015-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">Report</a>:</span></span></div>
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<i><span style="color: black; font-family: "times new roman";"><span style="font-size: 16px; line-height: normal;">Private sector employment increased by 182,000 jobs from September to October.</span></span></i></div>
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<span style="color: black; font-family: "times new roman";"><span style="font-size: 16px; line-height: normal;">"Firm size contributions to October employment gains returned to the same pattern we had been seeing for some time prior to September as small businesses rebounded to account for almost half the jobs added,” said Ahu Yildirmaz, VP and head of the ADP Research Institute. “Large companies continue to be negatively impacted by trends such as low oil prices and the strong dollar driving weaker exports. On the other hand, small businesses can benefit from these same trends.”</span></span></div>
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<span style="background-color: transparent; font-size: 16px; line-height: normal;"><span style="color: black; font-family: "times new roman";">Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth as measured by the ADP Research Institute is not slowing meaningfully in contrast with the recent slowdown in the government’s data. The economy is creating close to 200,000 jobs per month. Job gains are broad based with energy and manufacturing alone subtracting from the top line. Small businesses, in particular, are contributing to the labor market’s solid performance.” </span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 15.5556px; line-height: normal;">Liberum expects the remaining fall months will continue to see the economy moving forward but, as we stated in the previous month, with blips along the way. We continue to expect excecutive turnover numbers in the fall and early winter months will also remain fairly positive. Overall, we remain quite positive for the American Economy despite the likelihood of a slight increase in interest rates from the Federal Reserve, possibly in December, and contiuing economic difficulties abroad.</span></span></div>
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<b><span style="color: blue;"><span style="font-size: large;">Liberum Comparison Breakdown of Key October Executive Turnover Figures</span></span></b></div>
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<span style="font-family: "times new roman" , serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for October 2015 compared with October a year earlier and the previous month of September 2015. </span></div>
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<span style="font-family: "times new roman" , serif; font-size: 12pt;"><b><span style="color: blue;">October 2014 Compared to October 2015</span></b></span></div>
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<li><span style="color: black; font-family: "times new roman" , serif; font-size: 12pt; line-height: normal;">For </span><span style="color: black; font-family: "times new roman" , serif; font-size: 12pt; line-height: 1.5;">October </span><span style="color: black; font-family: "times new roman" , serif; font-size: 12pt; line-height: normal;">2015 increases in turnover occured in three out of four key categories. CEO changes decreased 8% from October a year earlier, while CFO changes increased 10%, C-level changes increased a 18%, and board of director changes increased 6% respectively. </span></li>
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<span style="color: #616161; font-family: "times new roman" , serif; font-size: 12pt;"><b><span style="color: blue;">September 2015 Compared to October 2015</span></b></span></blockquote>
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<li><span style="font-family: "times new roman" , serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover for three out of the four key categories, on the other hand, were characterized by declines. </span><span style="line-height: normal;">CEO changes declined 3%, CFO changes increased 3%, C-level changes declined 11%, and </span></span><span style="font-family: "times new roman" , serif; font-size: 16px;">board of director changes declined 19%. </span><span style="font-family: "times new roman" , serif; font-size: 12pt;"> </span></li>
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<span style="font-family: "times new roman" , serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for October 2015. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance.</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;"><span style="background-color: yellow; text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span><span style="background-color: yellow;">.</span> Find out why Hedge Funds, Executive Search, Business Intelligence, and Consulting firms all rely on Liberum's data.</span></span></div>
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<span style="font-size: large;"><span style="font-family: "times new roman" , serif;"><b><span style="color: blue;">KEY CEO CHANGES - OCTOBER </span></b></span><b style="color: blue;"><span style="font-family: "times new roman" , serif;">2015</span></b><span style="font-family: "times new roman" , serif;"><b><span style="color: blue;"><br /></span></b><b><span style="color: blue;">55 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span></b></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">According to Liberum's Management Change Database, a total of 195 CEO related changes occurred during October 2015. Here are 55 changes from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs, CIOs, Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>Autobytel Inc.<span style="white-space: pre;"> </span>ABTL NASDAQ 212</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>Jamba, Inc. JMBA NASDAQ 223</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>Puget Technologie PUGE OTC 463159</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>SUPERVALU INC. SVU NYSE 1850</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>Travelzoo Inc. TZOO NASDAQ 122</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>TV Azteca AZTEF OTC 448</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-01<span style="white-space: pre;"> </span>XenoPort, Inc. XNPT NASDAQ 220</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-02<span style="white-space: pre;"> </span>Altair Nanotechnologies, Inc. ALTI OTC 2</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-02<span style="white-space: pre;"> </span>Majesco Entertainment Co. COOL NASDAQ<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-02<span style="white-space: pre;"> </span>Pharmacyte Biotech PMCB OTC 66</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>Arena Pharmaceuticals, Inc. ARNA NASDAQ 521</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>Cardica, Inc. CRDC NASDAQ 23</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>E.I. du Pont de Nemours & Company DD NYSE 46400</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>Jayhawk Energy In JYHW<span style="white-space: pre;"> </span> OTC 1</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>Kulicke and Soffa Industries Inc. KLIC<span style="white-space: pre;"> </span>NASDAQ 686</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>SmartChase Corp SCHS OTC 3</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-05<span style="white-space: pre;"> </span>Tweeter Home Entertainment Group, Inc. TWTR NYSE 18450</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-13<span style="white-space: pre;"> </span>Barclays PLC (ADR) BCS<span style="white-space: pre;"> </span>NYSE 55010</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-13<span style="white-space: pre;"> </span>Fastenal Company FAST NASDAQ 11070</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-13<span style="white-space: pre;"> </span>The Carlyle Group CG NASDAQ 1520</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-14<span style="white-space: pre;"> </span>Famous Brands Ltd F5B BEB<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-14<span style="white-space: pre;"> </span>Great Lakes Dredg GLDD<span style="white-space: pre;"> </span>NASDAQ 323</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-14<span style="white-space: pre;"> </span>Imation Corp. IMN NYSE 85</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-15<span style="white-space: pre;"> </span>Go Green Global T GOGR<span style="white-space: pre;"> </span>OTC 3</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-15<span style="white-space: pre;"> </span>Terex Corporation TEX NYSE 2010</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-19<span style="white-space: pre;"> </span>21vianet Group, I VNET NASDAQ 1760</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-19<span style="white-space: pre;"> </span>Biotime, Inc. Com BTX NYSE 316</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-19<span style="white-space: pre;"> </span>Eutelsat Communications SA ETL WARSAW<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-19<span style="white-space: pre;"> </span>Investment Technology Group ITG NYSE 517</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-19<span style="white-space: pre;"> </span>The Hanover Insurance Group, Inc. THG NYSE 3610</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-19<span style="white-space: pre;"> </span>United Continental Holdings Inc. UAL NYSE 21440</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-20<span style="white-space: pre;"> </span>Aladdin International Inc. ALAD OTC 3</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-20<span style="white-space: pre;"> </span>Exar Corporation EXAR NYSE 265</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-20<span style="white-space: pre;"> </span>Syngenta AG (ADR) SYT NYSE 31750</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-21<span style="white-space: pre;"> </span>National Cinemedi NCMI<span style="white-space: pre;"> </span>NASDAQ 814</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-21<span style="white-space: pre;"> </span>Volt Info Sci Inc VISI<span style="white-space: pre;"> </span>NYSE 172</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-22<span style="white-space: pre;"> </span>420 Property Management, Inc. DOGOD 107040</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-22<span style="white-space: pre;"> </span>Debenhams DEB LONDON<span style="white-space: pre;"> </span>11</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-22<span style="white-space: pre;"> </span>KapStone Paper and Packaging Corp KS NYSE 1970</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-22<span style="white-space: pre;"> </span>Platform Specialty Products Corp PAH NYSE 2170</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-22<span style="white-space: pre;"> </span>Vince Holding Corp. VNCE NYSE 174</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-22<span style="white-space: pre;"> </span>Wall Street Media Co, Inc. WSCO OTC 27</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-23<span style="white-space: pre;"> </span>Infosys INFY NYSE 42510</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-23<span style="white-space: pre;"> </span>News Corporation NWSA NASDAQ 8710</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-23<span style="white-space: pre;"> </span>Paradox Entertainment AB PDXE SWEDEN<span style="white-space: pre;"> </span>33</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-26<span style="white-space: pre;"> </span>alpha-En Corp ALPE OTC 12</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-26<span style="white-space: pre;"> </span>Cdex Inc Cl ACDEX OTC 374679</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-26<span style="white-space: pre;"> </span>Northsight Capital Inc. NCAP OTC 10</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-26<span style="white-space: pre;"> </span>Penn Virginia Corporation PVA NYSE 47</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-26<span style="white-space: pre;"> </span>Standard Metals Processing Inc SMPR OTC 16</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-27<span style="white-space: pre;"> </span>DS Healthcare Group Inc DSKX NYSE 58</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-27<span style="white-space: pre;"> </span>LVMH Moet Hennessy Louis Vuitton SE LVMHF OTC 93370</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-28<span style="white-space: pre;"> </span>Baxter International Inc. BAX NYSE 20320</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;">10-28<span style="white-space: pre;"> </span>Chico's FAS, Inc. CHS NYSE 1960</span></span></div>
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<span style="color: black; font-family: "times new roman" , serif;"><span style="font-size: 16px; line-height: 25px;"><span style="background-color: transparent;">10-28</span><span style="background-color: transparent; white-space: pre;"> </span><span style="background-color: transparent;">UBS AG (USA) UBS NYSE 74440</span></span></span><span style="background-color: transparent; color: black; font-family: "times new roman" , serif; font-size: 16px; line-height: 25px; white-space: pre;"> </span></div>
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<span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">OCTOBER 2015 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1670</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">> Drugs- 180</span><span style="font-size: 12pt;">> Banking - 142<br />> Energy - 112</span></span><br />
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">OCTOBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">2015</span></span></b><span style="font-family: "times new roman" , serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 195</span></b></span></span></div>
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<span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 18</span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">OCTOBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">2015</span></span></b><span style="font-family: "times new roman" , serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 211</span></b></span></span></div>
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<span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">> Energy - 27<br />> Drugs/Biotech - 21<br />> Manufacturing - 14</span></span><br />
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">OCTOBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">2015</span></span></b><span style="font-family: "times new roman" , serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 481</span></b></span></span></div>
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<span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 55</span><br /><span style="font-size: 12pt;">> Banking - 40</span><span style="font-size: 12pt;"><br />> Metals/Mining - 37</span></span><br />
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<span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: "times new roman" , serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CFOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
</ul>
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<div style="color: black; margin-bottom: 0.0001pt;">
<span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">Liberum's over ten year old database offers institutional investors the ability to examine: </span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">an individual company, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">sector/s, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">corporate titles</span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">groups of companies, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">market caps</span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">and/or geographic region/s/ locations via a metric of one's own choosing. </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: "times new roman" , serif;">you can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></span></li>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-24967603715594180302015-10-06T14:15:00.000-04:002015-10-06T14:15:46.096-04:00September Executive Turnover Figures Diverge With Slowing Employment Growth<div style="background-color: white;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5556px;">Liberum Research's latest September executive turnover numbers continued to point in a positive direction for the American ecoonomy despite the disappointing employment growth and unemployment figures for September released last week from the U.S. Government's Bureau of Labor Statistics (BLS). According to Liberum's Management Change Database, September's overall executive turnover numbers continued to point to an ongoing American economic recovery. September's executive turnover numbers showed increases over last year's September figures in all four key categories Liberum analyzes for its monthly report (see details below). The executive turnover figures in September as compared to the previous month of August, on the other hand, were not nearly as positive, two out of the four categories saw declines, while the other two categories eked out slight increases. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5556px;">Typically, Liberum's monthly executive turnover figures tend to follow a similar pattern with the U.S. Government's Bureau of Labor Statistics' (BLS) Monthly Employment Report. The Government's Employment figures for September released last Friday, October 2, were somewhat disappointing. Liberum's turnover figures were far more positive overall and despite growing economic difficulties in China and Europe, Liberum remains more positive about the American economy than the latest employment figures would suggest.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5556px;">According to the <a href="http://www.bls.gov/news.release/pdf/empsit.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank"><b>BLS Employment Report for September</b></a><b>:</b></span></span></div>
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Total nonfarm payroll employment increased by 142,000 in September, and the unemployment rate <i style="background-color: transparent;"> <div style="display: inline !important;">
was unchanged at 5.1 percent, the U.S. Bureau of Labor Statistics reported today. </div>
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In September, the unemployment rate held at 5.1 percent, and the number of unemployed persons (7.9 <i style="background-color: transparent;"> <div style="display: inline !important;">
million) changed little. </div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;">Liberum expects the early fall months will continue to see the economy moving forward but with blips along the way. We predict excecutive turnover numbers in the early fall will remain fairly positive. A number of economists have viewed the latest disappointing BLS employment figures in the same way Liberum has. According to an article in the October 5 edition of Business Insider entitled, </span></span><span style="color: #298cca; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><a href="http://www.businessinsider.com/jobs-report-doesnt-mean-economy-crumbling-2015-10" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank"><b>This doesn't look like an economy where the jobs landscape is all of a sudden crumbling beneath our feet</b></a></span></span><span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;">,</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>Tom Porcelli, chief economist for RBC Capital Markets, argues the jobs report seems out of sync with most other economic indicators. </i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>"Given what the multitude of employment metrics had been flagging about the jobs landscape, the September employment report seems like something right out of Bizarro World," wrote Porcelli in a note to clients.</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>He pointed specifically to the purchasing activity in markets that require long-term financing requirements: cars and houses.</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.5556px; line-height: normal;"><i>What we are highlighting is that despite [Friday's] modest outcome all of those other things we have just highlighted continue to perform well," said Porcelli. "And assuming job growth is not falling off a cliff – none of the hi-frequency data support that notion – then achieving sturdy consumption growth of around 3% is still easily achieved."</i></span></span></div>
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<b><span style="color: blue;">Liberum Comparison Breakdown of Key September Executive Turnover Figures</span></b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for September 2015 compared with September a year earlier and the previous month of August 2015. </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">September 2014 Compared to September 2015</span></b></span></div>
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<li style="margin-left: 15px;"><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;">September </span><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2015 increases in turnover occured in all key categories. CEO changes increased 15% from September a year earlier, CFO changes increased 11%, C-level changes increased a huge 53%, and board of director changes increased 65%. </span></li>
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<span style="color: #616161; font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">August 2015 Compared to September 2015</span></b></span></blockquote>
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<li style="margin-left: 15px;"><span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover for two out of the four key categories, on the other hand, were characterized by declines. </span><span style="line-height: normal;">CEO changes declined 6%, CFO changes declined 8%, while C-level changes increased 5% and </span></span><span style="font-family: 'times new roman', serif; font-size: 16px;">board of director changes increased a mere 1%. </span><span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for September 2015. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b style="background-color: yellow;"><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms on the other hand, can use the information to generate new leads and new clients and consulting firms can use the data for a variety of purposes.</span> </b><span style="background-color: yellow;"> </span></span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - SEPTEMBER </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">65 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 202 CEO related changes occurred during September 2015. Here are 65 changes from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs, CIOs, Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-01<span style="white-space: pre-wrap;"> </span>NeuroVive Pharmaceutical AB NEVPF OTC<span style="white-space: pre-wrap;"> </span>82<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-01<span style="white-space: pre-wrap;"> </span>Sun BioPharma, Inc. SNBP OTC<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-01<span style="white-space: pre-wrap;"> </span>The Fresh Market TFM NASDAQ 1030<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-01<span style="white-space: pre-wrap;"> </span>Wildcat Exploration Ltd. WEL CVE<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-02<span style="white-space: pre-wrap;"> </span>Silver Spring Net SSNI NYSE 568<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-03<span style="white-space: pre-wrap;"> </span>Cortronix Biomedi CBAT OTC 27952<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-03<span style="white-space: pre-wrap;"> </span>LSB Industries, Inc. LXU NYSE 562<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-04<span style="white-space: pre-wrap;"> </span>Studio One Media SOMD OTC 47<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-04<span style="white-space: pre-wrap;"> </span>XPO Logistics Inc XPO NYSE 3230<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-06<span style="white-space: pre-wrap;"> </span>NuState Energy Holdings, Inc. NSEH OTC 203788<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-07<span style="white-space: pre-wrap;"> </span>Granite Real Estate Investment Trust GRP-U NYSE<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-08<span style="white-space: pre-wrap;"> </span>Angie's List, Inc ANGI NASDAQ 305<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-08<span style="white-space: pre-wrap;"> </span>Tempur Sealy International, Inc. TPX NYSE 4860<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-08<span style="white-space: pre-wrap;"> </span>United Continental Holdings Inc. UAL NYSE 21730<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-09<span style="white-space: pre-wrap;"> </span>Conn's Inc. CONN NAS 1040<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-09<span style="white-space: pre-wrap;"> </span>Express Scripts Holding Company<span style="white-space: pre-wrap;"> </span>ESRX NASDAQ 56500<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-09<span style="white-space: pre-wrap;"> </span>Start Scientific STSC OTC 3<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-09<span style="white-space: pre-wrap;"> </span>The Andersons, Inc. ANDE NASDAQ 983<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-10<span style="white-space: pre-wrap;"> </span>Finisar Corporation FNSR NASDAQ 1270<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-11<span style="white-space: pre-wrap;"> </span>America Greener Technologies Inc AGRN OTC 7<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-11<span style="white-space: pre-wrap;"> </span>Canaccord Financi CF TORONTO 511<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-11<span style="white-space: pre-wrap;"> </span>DGSE Companies, Inc. DGSE NYSE 5<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-11<span style="white-space: pre-wrap;"> </span>FBEC Worldwide Inc FBEC OTC 5<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-14<span style="white-space: pre-wrap;"> </span>Fuelstream Inc<span style="white-space: pre-wrap;"> </span>FLST OTC 23674<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-14<span style="white-space: pre-wrap;"> </span>Harte-Hanks, Inc. HHS NYSE 236<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-14<span style="white-space: pre-wrap;"> </span>Heatwurx HUWX OTC 11<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-14<span style="white-space: pre-wrap;"> </span>SPX Corporation<span style="white-space: pre-wrap;"> </span>SPW FRANCE 2240<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-15<span style="white-space: pre-wrap;"> </span>Bellerophon Therapeutics Inc. BLPH NASDAQ<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-15<span style="white-space: pre-wrap;"> </span>Winnebago Industries, Inc. WGO NYSE 557<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>Avis Budget Group Inc.<span style="white-space: pre-wrap;"> </span>CAR NASDAQ 4630<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>Envoy Capital Group Inc. ECGI<span style="white-space: pre-wrap;"> </span>17<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>Hampton Roads Bankshares, Inc. HMPR 348<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>Hospitality Property Fund HPA<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>LaBranche & Co., Inc. LAB CVE<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>Turkcell Iletisim Hizmetleri A.S. (ADR)<span style="white-space: pre-wrap;"> </span>TKC NYSE 7970<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-16<span style="white-space: pre-wrap;"> </span>Xchanging XCH ETF CHINA<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-17<span style="white-space: pre-wrap;"> </span>La Quinta Holding LQ NYSE 2480<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-17<span style="white-space: pre-wrap;"> </span>Vision Eye Institute Limited VEI AUSTRALIA<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-18<span style="white-space: pre-wrap;"> </span>Emergent Health C EMGE OTC 3<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-18<span style="white-space: pre-wrap;"> </span>Huttig Building Products, Inc. HBP NASDAQ 78<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-18<span style="white-space: pre-wrap;"> </span>Tele2 Ab Adr TLTZY OTC 4400<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-21<span style="white-space: pre-wrap;"> </span>Mitcham Industries, Inc. MIND NASDAQ<span style="white-space: pre-wrap;"> </span>46<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-21<span style="white-space: pre-wrap;"> </span>Nation Energy Inc. NEGY OTC 68<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-21<span style="white-space: pre-wrap;"> </span>Sequenom, Inc. SQNM NASDAQ 252<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-21<span style="white-space: pre-wrap;"> </span>YuuZoo Corporation AFC SINGAPORE<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-22<span style="white-space: pre-wrap;"> </span>Churchill Downs, Inc. CHDN NASDAQ 2360<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-22<span style="white-space: pre-wrap;"> </span>Grogenesis Inc GROG OTC 15<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-22<span style="white-space: pre-wrap;"> </span>Iteris Inc. ITI NYSE<span style="white-space: pre-wrap;"> </span>78<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-22<span style="white-space: pre-wrap;"> </span>MedGen Inc MDIN OTC 317826<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-23<span style="white-space: pre-wrap;"> </span>Gala Global Inc<span style="white-space: pre-wrap;"> </span>GLAG OTC<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-23<span style="white-space: pre-wrap;"> </span>Volkswagen a G Sp VLKAY OTC 63800<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-25<span style="white-space: pre-wrap;"> </span>EMAS Offshore Limited<span style="white-space: pre-wrap;"> </span>EMAS NORWAY<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-28<span style="white-space: pre-wrap;"> </span>Atmos Energy Corporation ATO NYSE 5790<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Cumulus Media Inc. CMLS NASDAQ 159<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Epcylon Technolog PRFC OTC 14<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Great Rock Development Corp GROC OTC 46752<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Haemonetics Corporation<span style="white-space: pre-wrap;"> </span>HAE NYSE 1700<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Independence Banc IEBS OTC 9<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Inside Secure SA ISDCF OTC 52<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Kalex Corp KLXC OTC 48510<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Lpath Inc LPTN NASDAQ 6<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Polo Ralph Lauren Corporation RL NYSE 8910<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-29<span style="white-space: pre-wrap;"> </span>Tuesday Morning Corporation TUES NASDAQ 233<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-30<span style="white-space: pre-wrap;"> </span>Qliro Group AB<span style="white-space: pre-wrap;"> </span>QLRO SCANDINAVIA 1570<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">09-30<span style="white-space: pre-wrap;"> </span>Sli Systems Limit SLI NEW ZEALAND 48<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">SEPTEMBER 2015 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1876</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs- 175</span><span style="font-size: 12pt;">> Banking - 144<br />> Energy - 113</span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">SEPTEMBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 202</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Banking - 19</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 18</span><span style="font-size: 12pt;">> Business Services - 15</span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">SEPTEMBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 205</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 17<br />> Drugs/Biotech - 12<br />> Business Services - 10<br />> Food Drink - 10<br />> Health Services - 10<br />> Manufacturing - 10<br />> Transportation - 10</span></span></div>
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<b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">SEPTEMBER </span></span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 594</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 69</span><br /><span style="font-size: 12pt;">> Banking - 44</span><br /><span style="font-size: 12pt;">> Manufacturing - 40<br />> Metals/Mining - 40</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum's over ten year old database offers institutional investors the ability to examine: </span></span></div>
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<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">an individual company, </span></span></li>
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">sector/s, </span></span></li>
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">corporate titles</span></span></li>
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">groups of companies, </span></span></li>
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">market caps</span></span></li>
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">and/or geographic region/s/ locations via a metric of one's own choosing. </span></span></li>
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">you can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></span></li>
</ul>
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Subscribers often take the service as an electronic feed rather than as an online service. Through the use of Liberum's electronic feed, investment firms have the ability to integrate Liberum's management change data with a variety of other feeds and data applications which, when combined, could be used as a sophisticated method for developing potential short and long-term investment ideas. </span><span style="color: black; font-size: 12pt;">Liberum's database whether used as an online tool, an electronic feed, or as a means to receive customized reports is broken down into a number of highly specific fields that afford a user the ability to easily search and manipulate data. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Investors interested in special situation opportunities or corporate management changes should consider taking a free trial to Liberum's Management Change Database. </span><span style="font-size: 12pt;">The next step is to get a reliable source of these investment leads - and that's why funds use Liberum.</span> </span></div>
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<b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">ABOUT LIBERUM</span></span></b></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The largest database of C-level executive change at public companies. Frequently quoted in the financial press, Liberum helps investors monitor this important, continuous stream of investment events. The data is also useful for investment bankers, private equity, executive search and consulting firms. The data can be used in numerous ways.</span> <span style="font-size: 12pt;">Daily customizable alerts, a searchable database, custom reports, xml feeds. Liberum clients get the data the way they can best exploit it.</span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-55382420427000480112015-05-07T11:40:00.000-04:002015-05-07T11:40:17.391-04:00April a Mixed Month for Executive Turnover and Employment Growth<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 19.0909080505371px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">April was somewhat of a mixed month in relation to executive turnover as tracked by Liberum Research. A number of key categories (All C-level, CEO, CFO and board of director changes) we focus on saw increases while others were just the opposite. Overall executive turnover in the month of April was a bit more robust than the last few months but far from very positive in terms of total numbers. Liberum's executive turnover numbers dovetailed closely with ADP's April Employment Report released earlier this week whose numbers were below most analysts' expectations. <span style="font-size: 15.5555562973022px;">Liberum Resarch views the level of executive turnover as a key economic indicator for the ecoonomy. </span>It appears from Liberum and ADP's latest numbers for April, the American economy is struggling to find its legs once again. At the end of this week, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) will release its much anticipated April Employment Report. Liberum expects the BLS report will come in closer to analysts' expectations than the ADP Report and will be slightly more positive. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">Overall Liberum Research remains positive about the North American economies, particularly the United States. We expect the spring and early summer months will see the economy jump back a bit but will remain in flux. Excecutive turnover numbers are expected to grow as will overall employment.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 16px;">According to <a href="http://www.adpemploymentreport.com/2015/April/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-April2015-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP's April Employment Report</a>,</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Private sector employment increased by 169,000 jobs from March to </i></span></span><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">April.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Payrolls for businesses with 49 or fewer employees increased by 94,000 jobs in April, down from 105,000</i></span></span><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">in March. Employment among companies with 50-499 employees increased by 70,000 jobs, up from </i><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">64,000 the previous month. Employment gains at large companies – those with 500 or more employees </i><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">– decreased slightly from March, adding 5,000 jobs in April, down from 6,000. Companies with 500-999 </i><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">employees added no jobs, after adding just 2,000 in March. Companies with over 1,000 employees </i><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">added 5,000 jobs, a small improvement from 4,000 the previous month.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>"April job gains came in under 200,000 for the second straight month,” said Carlos Rodriguez, president </i></span></span><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">and chief executive officer of ADP. “Companies with 500 or more employees had the slowest growth.”</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, “Fallout from the collapse of oil prices and the </i></span></span><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">surging value of the dollar are weighing on job creation. Employment in the energy sector and </i><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">manufacturing is declining. However, this should prove temporary and job growth will reaccelerate this </i><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">summer.”</i></div>
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<b>Liberum Comparison Breakdown of Key April Executive Turnover Figures</b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for April 2015 compared with April a year earlier and the previous month of March 2015. For the first time in a few years we saw declines in all four key categories measured. </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">April 2014 Compared to April 2015</span></b></span></div>
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<li><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;">April </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2015 declines in turnover occured in three of the four key categories. CEO changes increased 7% from April a year earlier whereas CFO changes declined 4%, C-level changes declined 9%, and board of director changes declined 12%. </span></li>
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<span style="color: #616161; font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">March 2015 Compared to April 2015</span></b></span></div>
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<li><span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover was bit more mixed. </span><span style="line-height: normal;">CEO changes declined 9%, CFO changes declined 5%, whereas C-level changes increased 2% and </span></span><span style="font-family: 'times new roman', serif; font-size: 16px;">board of director changes increased 14%. </span><span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for April 2015. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b style="background-color: yellow;"><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms on the other hand, can use the information to generate new leads and new clients and consulting firms can use the data for a variety of purposes.</span> </b><span style="background-color: yellow;"> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="background-color: yellow; text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span><span style="background-color: yellow;">.</span> Find out why Hedge Funds, Executive Search, Business Intelligence and Consulting firms all rely on Liberum's data.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - APRIL </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">39 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 163 CEO related changes occurred during April 2015. Here are 39 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs, CIOs, Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-01<span style="white-space: pre;"> </span>Shanta Gold SHG LONDON<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-02<span style="white-space: pre;"> </span>Fortum Corp Finland FOJCF OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-02<span style="white-space: pre;"> </span>Four Oaks Fincorp FOFN OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-02<span style="white-space: pre;"> </span>Mattel, Inc. MAT NASDAQ 7660</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-02<span style="white-space: pre;"> </span>Sotheby's BID NYSE 2890</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-06<span style="white-space: pre;"> </span>Cash America International, Inc. CSH NYSE 684</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-06<span style="white-space: pre;"> </span>Wesco Aircraft Ho WAIR NYSE 1520</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-07<span style="white-space: pre;"> </span>Interleukin Genet ILIU OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-08<span style="white-space: pre;"> </span>Cocrystal Pharma COCP OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-08<span style="white-space: pre;"> </span>Gold Reach Resour GRV VANCOUVER 13</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-08<span style="white-space: pre;"> </span>Zynga Inc. ZNGA NASDAQ 2280</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-13<span style="white-space: pre;"> </span>Ces Synergies Inc CESX OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-13<span style="white-space: pre;"> </span>Eagle Ford Oil & Gas ECCE OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-13<span style="white-space: pre;"> </span>Unwired Planet, I UPIP NASDAQ<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-14<span style="white-space: pre;"> </span>Avita Medical AVMXY OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-15<span style="white-space: pre;"> </span>Abercrombie & Fitch Co. ANF NYSE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-15<span style="white-space: pre;"> </span>Angie's List, Inc ANGI NASDAQ</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-15<span style="white-space: pre;"> </span>West Pharmaceutical Services Inc. WST NYSE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-16<span style="white-space: pre;"> </span>Harvard Apparatus HART NASDAQ<span style="white-space: pre;"> </span>34</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-16<span style="white-space: pre;"> </span>Sunedison, Inc. C SUNE NYSE 7310</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-16<span style="white-space: pre;"> </span>Volga Gas VGAS LONDON</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-17<span style="white-space: pre;"> </span>A.M. Castle & Co. CAS NYSE 98</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-20<span style="white-space: pre;"> </span>Chuma Holdings In CHUM OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-20<span style="white-space: pre;"> </span>Coty Inc. Class A COTY NYSE 8670</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-20<span style="white-space: pre;"> </span>Netqin Mobile Inc NQ NYSE 372</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-20<span style="white-space: pre;"> </span>Voya Financial, Inc. VOYA NYSE 10420</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-21<span style="white-space: pre;"> </span>Amazing Energy Oil & Gas AMAZD NQB 31</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-21<span style="white-space: pre;"> </span>Rolls Royce Grp Adr RYCEY OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-22<span style="white-space: pre;"> </span>Balchem Cp BCPC NASDAQ 1710</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-22<span style="white-space: pre;"> </span>Manitou Gold Inc MNTUF OTC 2</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-22<span style="white-space: pre;"> </span>Prestige Brands Holdings, Inc. PBH NYSE 2240</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-22<span style="white-space: pre;"> </span>Transocean Inc. RIG NYSE 5960</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-22<span style="white-space: pre;"> </span>Volvo Ab Cl B Adr VOLVY OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-24<span style="white-space: pre;"> </span>Houston American HUSA NYSE 11</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-24<span style="white-space: pre;"> </span>Laserlock Techs LLTI OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-24<span style="white-space: pre;"> </span>Wherevertv Broadcast TVTV OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-27<span style="white-space: pre;"> </span>Campus Crest Comm CCG NYSE 420</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-27<span style="white-space: pre;"> </span>Fuel Systems Solutions, Inc. FSYS NASDAQ 216</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">04-27<span style="white-space: pre;"> </span>Zogenix, Inc. ZGNX NASDAQ 210</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">APRIL 2015 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1270</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 136</span><span style="font-size: 12pt;">> Banking - 96<br />> Energy - 75</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Banking - 16</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 16</span><span style="font-size: 12pt;">> Drugs/Biotech - 14<br />> Manufacturing - 11</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">APRIL </span></span></b><b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 161</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 22<br />> Business Services - 11<br />> Health Services - 10<br />> Manufacturing - 10</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">APRIL </span></span></b><b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 435</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 56</span><br /><span style="font-size: 12pt;">> Energy - 34</span><br /><span style="font-size: 12pt;">> Banking - 31</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum's ten year old database offers institutional investors the ability to examine: </span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">an individual company, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">sector/s, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">corporate titles</span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">group of companies, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">and/or geographic region/s/ locations via a metric of one's own choosing. </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">you can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></span></li>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-1578232022357557082015-04-07T12:23:00.000-04:002015-04-07T12:23:17.236-04:00March Executive Turnover Defies Weakened Employment Numbers<div dir="ltr" style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Last Friday, April 3, the U.S. Government released its job growth and employment numbers for March, and to most analysts' surprise, the totals were quite weak and well below most analysts' expectations. Liberum Research, which tracks executive turnover in public companies saw the situation a bit differently. Liberum's North American executive turnover numbers were much better than the U.S. government job growth and and unemployment numbers for March. While Liberum's March figures were far from terrific, they continued to point in a positive direction for the North American economy particularly the United States economy. Many experts are now atttributing the government's weak March numbers to the continuing harsh winter. On Monday April 6, the <a href="http://www.latimes.com/business/la-fi-federal-reserve-jobs-economy-dudley-20150406-story.html" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">Los Angeles Times quoted the President of the New York Fed, William C. Dudley when referring to the job numbers a</a>s folllows,</span></div>
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<span style="color: black; font-family: arial, sans-serif;"><span style="font-size: 13.3333330154419px; line-height: normal;"><i>"The March labor market report is another indicator that the first quarter is likely to be quite weak," Dudley said in the first comments from a Fed policymaker on the employment data released Friday.</i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif;"><span style="font-size: 13.3333330154419px; line-height: normal;"><i>Dudley said the report showed a broad-based slowdown in job creation last month. </i></span></span><i style="background-color: transparent; color: black; font-family: arial, sans-serif; font-size: 13.3333330154419px; line-height: normal;">He added that "it will be important to monitor developments to determine whether the softness in the March labor market report .... foreshadows a more substantial slowing in the labor market than I currently anticipate." </i><i style="background-color: transparent; color: black; font-family: arial, sans-serif; font-size: 13.3333330154419px; line-height: normal;">The recent "downside surprises" in key economic data reflect "temporary factors to a significant degree."</i></div>
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<span style="color: black; font-family: arial, sans-serif;"><span style="font-size: 13.3333330154419px; line-height: normal;"><i>His staff found that the effects of snow and winter weather in the Northeast and Midwest were 20% to 25% more severe than the five-year average.</i></span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Time will tell but Liberum Research contends Dudley's assessment is correct. Over the last number of months, Liberum Research has seen a slowdown in executive turnover but as of this point, the slowdown has not been worrisome. Liberum expects the spring and summer months will show far more improvement in executive turnover totals, and if that happens it will bode well for the North American economy. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below, a seven plus year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At that point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow, while not consistently, and that trend has continued and Liberum expects it to be about the same for the remainder of 2015.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="background-color: yellow;"><b><span style="text-decoration: underline;">Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks. Failure to do so, will result in lost opportunities or worse</span></b>.</span> To take advantage of executive changes, <span style="text-decoration: underline;"><span style="background-color: yellow;"><a href="http://mce_host/app/mail%20to:%20richard@twst.com" rel="nofollow" style="color: #835ea5; text-decoration: none;"><b>get a free trial to Liberum's Online Management Change Database</b></a></span></span>. Just call Richard at 212-988-5497 or send an email to richard@twst.com requesting your free trial. Within a day of your trial, you will have access to over 200,000 data points from which you can generate ideas and daily information on who is changing jobs at the top and where they are going.</span></div>
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<span style="font-family: arial, sans-serif;"><span style="color: blue; font-size: 12pt;"><b>Quarterly and Annual Executive Turnover Totals</b></span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly and annual turnover totals as registered through Liberum Research's Management Change Database for 2008 through the first quarter of 2015 for CEOs, CFOs, and overall C-level turnover. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"><b> <span style="font-size: 12pt;">Total CEO Turnover Comparisons</span> </b></span><span style="font-weight: bold;"> </span></span></div>
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<tr><td style="height: 37px; vertical-align: top; width: 87px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 69px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 76px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"></td><td style="vertical-align: top; width: 60px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2008 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 76px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 10pt;"><b>2013 </b></span></td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2015</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">583</span> </td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">500</span> </td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">522</span></td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">619</span> </td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">527</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">627</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">557</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">651</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 38px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 38px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 76px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 38px; vertical-align: top; width: 61px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 38px; vertical-align: top; width: 72px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span></b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">2,465</span></b> </td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2,235</b></span></td><td style="vertical-align: top; width: 60px;"><b style="color: blue; font-size: 16px; line-height: 24px;">522</b> </td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total CFO Turnover Comparisons </span></span></strong></span></div>
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<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 68px;"></td><td style="vertical-align: top; width: 60px;"></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 79px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2015</span></strong> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">593 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">332 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">296 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">280 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">640 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">495 </span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">468</span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">513 </span></td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">551 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">326 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">273</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 404</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">612 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">557 </span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">595</span> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">438 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">279 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">256</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">629 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">598</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">582 </span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">550</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">364 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">313</span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 258 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 476</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">569</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">562 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">586 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="height: 37px; vertical-align: top; width: 68px;"><span style="color: blue; font-size: 12pt;"><b>2,196 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2,199</b></span></td><td style="vertical-align: top; width: 60px;"> <b style="color: blue; font-size: 16px; line-height: 24px;">513</b></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total C-level Turnover Comparisons</span></span></strong></span></div>
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<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"></td><td style="vertical-align: top; width: 60px;"></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 75px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2015</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">3971 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">4083 </span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">3923</span></td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4102 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">4117 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4123</span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">3950 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4196</span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">4200 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 90px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 59px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 75px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 37px; vertical-align: top; width: 62px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="height: 37px; vertical-align: top; width: 74px;"><span style="color: blue; font-size: 12pt;"><b>16,392 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>16,350</b></span></td><td style="vertical-align: top; width: 60px;"> <b style="color: blue; font-size: 16px; line-height: 24px;">3,923</b></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhZ0qHtrz_4IMRsiexq-S4caFH2oLCjguY69hY_ZQ9L0UrEx3ZoT2cyCSnwDlcibO7Af89qEHKGFJTBNa0kPFFaHLdvoiB2pEJiJpUZ91m3XsTExBEopoAPnuwGX2ARNPsfElqVkTJzhzK/s1600/TotalQuarterlyC-levelTurnover2008-2015.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhZ0qHtrz_4IMRsiexq-S4caFH2oLCjguY69hY_ZQ9L0UrEx3ZoT2cyCSnwDlcibO7Af89qEHKGFJTBNa0kPFFaHLdvoiB2pEJiJpUZ91m3XsTExBEopoAPnuwGX2ARNPsfElqVkTJzhzK/s1600/TotalQuarterlyC-levelTurnover2008-2015.png" height="178" width="320" /></a></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for </span><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">March 2015</span></span><span style="font-family: arial, sans-serif; font-size: 10pt;"> as compared with those of March 2014 and March 2015 and February 2015 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for March 2015 showed a 10% increase over that of March 2014, CFO turnover increased 2%, C-level turnover declined 8% and Board of Director turnover declined 23%. </span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The the month to month change from February 2015 to March 2015 overall was somewhat more positive. CEO turnover increased 20% for CEOs, increased a huge 43% for CFOs, increased 5% with regard to C-level changes but declined 8% for Board of Director changes. </span></li>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black;">In the below report, Liberum has focused on 32 CEO changes of </span><b><span style="color: blue;">special significance</span></b><span style="color: black;"> for the month of March out of a total of 180. We have also put together the overall turnover figures for the month of March 2015. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans, etc., just through Liberum's Management Change Database.</span></span></div>
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<strong><span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</span></span></span></strong></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-02<span style="white-space: pre;"> </span>Api Technologies ATNY NASDAQ 114</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-05<span style="white-space: pre;"> </span>Centrus Energy Co<span style="white-space: pre;"> </span>LEU<span style="white-space: pre;"> NYSE </span>38</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-09<span style="white-space: pre;"> </span>Credit Suisse Group (ADR) CS NYSE 39780</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-10<span style="white-space: pre;"> </span>American Realty C<span style="white-space: pre;"> </span>ARCP NASDAQ 8930</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-10<span style="white-space: pre;"> </span>Epcylon Technolog<span style="white-space: pre;"> </span>PRFC OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-10<span style="white-space: pre;"> </span>Tag Oil Ltd TAOIF OTC 67</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-11<span style="white-space: pre;"> </span>ACADIA Pharmaceuticals Inc. ACAD NASDAQ 3340</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-11<span style="white-space: pre;"> </span>Prudential Financial, Inc. PRU NYSE 37380</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-11<span style="white-space: pre;"> </span>Sanchez Production Partners LP SPP NYSE 54</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-13<span style="white-space: pre;"> </span>Blue Square-Israel Ltd. (ADR)<span style="white-space: pre;"> </span>BSI NYSE 185</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-16<span style="white-space: pre;"> </span>Madison Square Ga<span style="white-space: pre;"> </span> MSG NASDAQ 6110</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-16<span style="white-space: pre;"> </span>Sotheby's<span style="white-space: pre;"> </span> BID NYSE 2830</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-16<span style="white-space: pre;"> </span>Stoneridge, Inc. SRI NYSE 319</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-16<span style="white-space: pre;"> </span>Visteon Corporation VC NYSE 4280</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-17<span style="white-space: pre;"> </span>Agritek Holdings AGTK OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-17<span style="white-space: pre;"> </span>Charles & Colvard, Ltd. CTHR NASDAQ 25</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-17<span style="white-space: pre;"> </span>Corinthian Colleges, Inc. COCO OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18<span style="white-space: pre;"> </span>Medical Marijuana MJNA OTC 60</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18<span style="white-space: pre;"> </span>TreeHouse Foods Inc. THS NYSE 3650</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19<span style="white-space: pre;"> </span>Acelrx Pharmaceut ACRX NASDAQ 178</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19<span style="white-space: pre;"> </span>Seaworld Entertai SEAS NYSE 1720</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-20<span style="white-space: pre;"> </span>Cockatoo Coal Ltd CKATF OTC 1680</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-20<span style="white-space: pre;"> </span>On4 Communication ONCI OTC 59502</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-23<span style="white-space: pre;"> </span>Halfords Group Adr HLFDY OTC 1280</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-23<span style="white-space: pre;"> </span>Neutral Tandem, I IQNT NASDAQ 544</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-24<span style="white-space: pre;"> </span>Midstates Petrole MPO NYSE 62</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-24<span style="white-space: pre;"> </span>Rocket Fuel Inc. FUEL NASDA 395</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-25<span style="white-space: pre;"> </span>Blonder Tongue Labs, Inc. BDR NYSE 11</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-26<span style="white-space: pre;"> </span>Align Technology, Inc. ALGN NASDAQ 4400</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-26<span style="white-space: pre;"> </span>Sagent Pharmaceut SGNT NASDAQ 768</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-30<span style="white-space: pre;"> </span>State Auto Financial<span style="white-space: pre;"> </span> STFC NASDAQ 997</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-31<span style="white-space: pre;"> </span>Gen Employment En JOB NYSE 27</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2015 MANAGEMENT CHANGE STATISTICS</span></b></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1250<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs/Biotech </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 125<br />> Banking -78<br />> Business Services - 71</span></span></span></strong></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2015</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 180<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 20</span><span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt;">> Business Services -13<br />> Energy - 12</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2015</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 170<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Drugs/Biotech - 12<br />> Food - 10<br />> Health Services - 10</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2015</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 381<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 45<br />> Energy - 24<br />> Banking - 23<br />> Health Services - 23</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.</span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
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<span style="text-align: -webkit-auto;"><span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt; text-align: -webkit-auto;">Liberum's over ten year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing. You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-55789682973066779602015-03-04T13:19:00.000-05:002015-03-05T10:32:18.407-05:00<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">February saw a number of surprising changes in executive turnover as tracked by Liberum Research. Unlike previous months, Liberum registered declines in all four key categories, CEOs, CFOs, All C-level, and Board of Directors. We have not seen this level of a drop since the financial crisis back in 2008. A precipitous drop of this kind could present a problem for the North American Economy if it continues for a number of months. Liberum believes the drop is an outlier and will not continue as we move into the early spring. It is likely some of the drop might even be attributed to the severe winter weather in the U.S. Northeast. Liberum Research remains positive overall about the North American economies, particularly the United States. Earlier today, ADP released its February Private Employment Report. The numbers, while not reaching most analysts expectations, were far better than the executive turnover numbers for February from Liberum Research. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 16px;">According to <a href="http://www.adpemploymentreport.com/2015/February/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-February2015-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP's February Employment Report</a>:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Private sector employment increased by 212,000 jobs from January</i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">to February according to the February ADP National Employment Report.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>"While February’s job gains came in slightly lower than recent months, the trend of solid growth above </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">200,000 jobs per month continued,” said Carlos Rodriguez, president and chief executive officer of ADP. </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">“What is also encouraging is that job gains are broad-based across all key industries.”</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, “Job growth is strong, but slowing from the torrid </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">pace of recent months. Job gains remain broad-based, although the collapse in oil prices has begun to </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">weigh on energy-related employment. At the current pace of growth, the economy will return to full </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">employment by mid-2016.” </i></div>
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<span style="font-family: 'times new roman', serif; font-size: 15.5555562973022px;">Liberum expects the U.S. Government's employment numbers expected for release this Friday, March 6 will be lower than expected by most analysts but will still show overall employment growth for another month.</span></div>
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<b>Liberum Comparison Breakdown of Key January Executive Turnover Figures</b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for February 2015 compared with February a year earlier and the previous month of January 2015. For the first time in a few years we saw declines in all four key categories measured. </span><br />
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">February 2014 Compared to February 2015</span></b></span></div>
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<li><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;">February </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2015 declines in turnover occured in all four key categories. CEO changes declined 11% from February a year earlier, CFO changes declined 27%, C-level changes declined 6%, and board of director changes declined 7%. </span></li>
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<span style="color: #616161; font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">January 2015 Compared to February 2015</span></b></span></div>
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<li><span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover also showed major declines in all four key categories. </span><span style="line-height: normal;">CEO changes declined 22%, CFO changes declined a huge 47%, C-level changes declined 19% and </span></span><span style="font-family: 'times new roman', serif; font-size: 16px;">board of director changes declined 11%. </span><span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for February 2015. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b style="background-color: yellow;"><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms on the other hand can use the information to generate new leads and new clients.</span> </b><span style="background-color: yellow;"> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="background-color: yellow; text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span><span style="background-color: yellow;">.</span> Find out why Hedge Funds, Executive Search, Business Intelligence and Consulting firms all rely on Liberum's data.</span></span><br />
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - FEBRUARY </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">34 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 150 CEO related changes occurred during February 2015. Here are 34 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-02<span style="white-space: pre;"> </span>Ally Financial In ALLY<span style="white-space: pre;"> </span> NYSE 9155</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-02<span style="white-space: pre;"> </span>Bio Blast Pharma ORPN NASDAQ 103</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-03<span style="white-space: pre;"> </span>Greenhouse Soluti GRSU OTC 41</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-03<span style="white-space: pre;"> </span>McDonald's Corporation<span style="white-space: pre;"> </span> MCD NYSE 91812</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-04<span style="white-space: pre;"> </span>Caesars Entertain CZR<span style="white-space: pre;"> </span>NASDAQ 1630</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-04<span style="white-space: pre;"> </span>Dupont Fabros Tec DFT NYSE 2413</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-04<span style="white-space: pre;"> </span>Grieg Seafood GRGSF<span style="white-space: pre;"> </span>OTC 425</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-04<span style="white-space: pre;"> </span>Lands' End, Inc. LE NASDAQ 1192</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-04<span style="white-space: pre;"> </span>Petroleo Brasilei PBR NYSE 46373</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-05<span style="white-space: pre;"> </span>Bioadaptives Inc BDPT OTC 14</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-05<span style="white-space: pre;"> </span>Clearsign Combust CLIR NASDAQ 70</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-05<span style="white-space: pre;"> </span>Gran Tierra Energy, Inc. GTE NYSE 767</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-05<span style="white-space: pre;"> </span>Vgtel, Inc. VGTL OTC 537</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-06<span style="white-space: pre;"> </span>Chc Group Ltd. Or HELI NYSE 174</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-06<span style="white-space: pre;"> </span>Citizens & Northe CZNC NASDAQ 238</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-06<span style="white-space: pre;"> </span>I E C Electronics IEC NYSE 43</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-06<span style="white-space: pre;"> </span>Pitooey!, Inc.<span style="white-space: pre;"> </span>OTC PTOO<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-09<span style="white-space: pre;"> </span>Eurosite Power OTC EUSP<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-09<span style="white-space: pre;"> </span>Star Gold Corp 0TC SRGZ<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-10<span style="white-space: pre;"> </span>Neurokine Pharm NEUKF OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-11<span style="white-space: pre;"> </span>Independent Film OTC IFLM<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-11<span style="white-space: pre;"> </span>Tag Oil Ltd TAO TORONTO 101</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-12<span style="white-space: pre;"> </span>Bombardier Inc Cl BDRBF OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-12<span style="white-space: pre;"> </span>Career Education Corp.<span style="white-space: pre;"> </span>CECO NASDAQ 370</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-13<span style="white-space: pre;"> </span>ConAgra Foods, Inc. CAG NASDAQ 14771</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-16<span style="white-space: pre;"> </span>sanofi-aventis (ADR) SNY NYSE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-16<span style="white-space: pre;"> </span>Starwood Hotels & Resorts, Inc HOT NYSE 13990</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-17<span style="white-space: pre;"> </span>Transocean Inc. RIG NYSE 6162</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-17<span style="white-space: pre;"> </span>Xg Technology, In XGTI NASDAQ 12</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-18<span style="white-space: pre;"> </span>Us Precious Metal USPR OTC 22</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-23<span style="white-space: pre;"> </span>Darden Restaurants, Inc. DRI NYSE 7881</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-23<span style="white-space: pre;"> </span>DISH Network Corporation DISH NASDAQ 36021</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-23<span style="white-space: pre;"> </span>Honda Motor Compa HMC NYSE 60070</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">02-25<span style="white-space: pre;"> </span>Iteris Inc. ITI NYSE 56</span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1194</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 109</span></span><br />
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">FEBRUARY </span></span></b><b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 150</span></b></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 15</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Food - 10</span></span><br />
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Metals/Mining - 10<br />> Real Estate - 9<br />> Telecommunications - 9 </span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">FEBRUARY </span></span></b><b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 119</span></b></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Consumer Products - 11<br />> Business Services - 10<br />> Drugs/Biotech - 9<br />> Retail - 9</span></span><br />
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">FEBRUARY </span></span></b><b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 413</span></b></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 47</span><br /><span style="font-size: 12pt;">> Banking - 29</span><br /><span style="font-size: 12pt;">> Energy - 27<br />> Manufacturing - 27</span></span><br />
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum's 10 year old database offers institutional investors the ability to examine: </span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">an individual company, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">sector/s, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">corporate titles</span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">group of companies, </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">and/or geographic region/s/ locations via a metric of one's own choosing. </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">you can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></span></li>
</ul>
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Subscribers often take the service as an electronic feed rather than as an online service. Through the use of Liberum's electronic feed, investment firms have the ability to integrate Liberum's management change data with a variety of other feeds and data applications which when combined, could be used as a sophisticated method for developing potential short and long-term investment ideas. </span><span style="color: black; font-size: 12pt;">Liberum's database whether used as an online tool, an electronic feed or as a means to receive customized reports is broken down into a number of highly specific fields that afford a user the ability to search and manipulate data. </span></span></div>
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<b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">ABOUT LIBERUM</span></span></b></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The largest database of C-level executive change at public companies. Frequently quoted in the financial press, Liberum helps investors monitor this important, continuous stream of investment events. The data is also useful for investment bankers, private equity, executive search and consulting firms. The data can be used in numerous ways.</span> <span style="font-size: 12pt;">Daily customizable alerts, a searchable database, custom reports, xml feeds. Liberum clients get the data the way they can best exploit it. </span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-90403312719769180052015-02-11T10:06:00.000-05:002015-02-11T10:06:13.450-05:00January Executive Turnover Points Upward for The Economy<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">Liberum Research remains very positive about the North American economies, particularly the United States. As we have seen for the last two years, overall executive turnover has continued to trend upward with various bumps. The same has been true for overall job growth which has also been trending upward. Better yet, monthly unemployment claims have, with some exceptions, continued to trend downward, a further positive note. Liberum remains quite positive on continuing executive turnover as we move into the later winter and early spring months. The European economies, however, remain a special caveat and could present real risks to our prediction The continuing risks in Greece and growing possibility of deflation throughout the European Community could present a serious problem for world growth if these problems are not properly tackled. Last week the employment numbers released from the U.S. Government for the month of January and the numbers released from ADP's January Employment Report both dovetailed with Liberum's positive figures.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 16px;">According to <a href="http://www.adpemploymentreport.com/2015/January/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-January2015-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP's January 2015 Employment Report</a>:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Private sector employment increased by 213,000 jobs from </i></span></span><i style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">December to January.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>"January marks another month of solid job gains and is in line with the NER’s twelve-month average of </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">over 200,000 jobs added per month,” said Carlos Rodriguez, president and chief executive officer of ADP.</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, “Employment posted another solid gain in</i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">January, although the pace of growth is slower than in recent months. Businesses in the energy and </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">supplying industries are already scaling back payrolls in reaction to the collapse in oil prices, while </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">industries benefiting from the lower prices have been slower to increase their hiring. All indications are </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">that the job market will continue to improve in 2015.” </i></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">Even more positive was the <a href="http://www.bls.gov/news.release/empsit.nr0.htm" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">U.S. Labor Department's Bureau of Labor Statistics January Employment release</a>:</span></span></div>
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Total nonfarm payroll employment rose by 257,000 in January, and the unemployment rate</div>
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was little changed at 5.7 percent, the U.S. Bureau of Labor Statistics reported today.</div>
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Job gains occurred in retail trade, construction, health care, financial activities,</div>
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and manufacturing.</div>
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<b>Liberum Comparison Breakdown of Key January Executive Turnover Figures</b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for January 2015 compared with January a year earlier and the previous month of December 2014. </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">January 2014 Compared to January 2015</span></b></span></div>
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<li><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;">January </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2015 increases in turnover occured in three out of four key categories. CEO changes declined 4% from January a year earlier, CFO changes increased 14%, C-level changes increased 2%, and board of director changes increased 14%. </span></li>
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<span style="background-color: white; color: #616161; font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="color: blue;">December 2014 Compared to January 2015</span></b></span></div>
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<li><span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover, December 2014 to </span>January <span style="line-height: normal;">2015, however, were not nearly as positive. CEO changes declined 15%, CFO changes increased 21%, C-level changes increased 2% and </span></span><span style="font-family: 'times new roman', serif; font-size: 16px;">board of director changes declined 10%. </span><span style="font-family: 'times new roman', serif; font-size: 12pt;"> </span></li>
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<span style="font-family: 'times new roman', serif;"><span style="background-color: white; color: black; font-size: 12pt;">Below are the overall turnover totals for January 2015. </span><span style="font-size: 12pt;"><span style="background-color: white; color: #444444;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. </span><span style="background-color: white;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms on the other hand can use the information to generate new leads and new clients. </span></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="background-color: white;">Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database. Find out why Hedge Funds, Executive Search, Business Intelligence and Consulting firms all rely on Liberum's data.</span></span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - JANUARY </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2015</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">41 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 192 CEO related changes occurred during January 2015. Here are 41 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-02<span style="white-space: pre;"> </span>Developers Diversified Realty Corp. DDR NYSE 6659</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Covanta Holding Corporation<span style="white-space: pre;"> </span> CVA NYSE 2821</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Neostem, Inc. NBS NASDAQ 125</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Nephros Inc. NEPH OTC 24</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Northrim BanCorp, Inc.<span style="white-space: pre;"> </span>NRIM NASDAQ 159</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Ocean Power Tech<span style="white-space: pre;"> </span>OPTT NASDAQ 12</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Salix Pharmaceuticals, Ltd. SLXP NASDAQ 7579</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-05<span style="white-space: pre;"> </span>Ultra Clean Holdings, Inc. UCTT NASDAQ 282</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-08<span style="white-space: pre;"> </span>Kalobios Pharmace<span style="white-space: pre;"> </span> KBIO NASDAQ 16</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-09<span style="white-space: pre;"> </span>Norwegian Cruise<span style="white-space: pre;"> </span>NCLH NASDAQ 9212</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-12<span style="white-space: pre;"> </span>Getinge -B- GETIB SWEDEN<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-12<span style="white-space: pre;"> </span>Halitron, Inc HAON OTC 599</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-12<span style="white-space: pre;"> </span>Morrison Supermkt<span style="white-space: pre;"> </span> MRW LONDON<span style="white-space: pre;"> </span> 43</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-13<span style="white-space: pre;"> </span>Boomerang Systems BMER OTC 17</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-13<span style="white-space: pre;"> </span>Sevion Therapeuti<span style="white-space: pre;"> </span>SVON OTC 7</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-13<span style="white-space: pre;"> </span>The Fresh Market TFM NASDAQ<span style="white-space: pre;"> </span>1805</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-14<span style="white-space: pre;"> </span>Licont Corp LNTP OTC 8</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-15<span style="white-space: pre;"> </span>Dice Holdings, In DHX NYSE 512</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-16<span style="white-space: pre;"> </span>Integrated Electrical Services, Inc. IESC NASDAQ 159</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-16<span style="white-space: pre;"> </span>Las Vegas Sands Corp. LVS NYSE 44080</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-16<span style="white-space: pre;"> </span>T Bird Pharma Inc TPI CANADA VANCOUVER 20</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-16<span style="white-space: pre;"> </span>The Home Depot, Inc. HD NYSE 137200</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-20<span style="white-space: pre;"> </span>Apache Corporation APA NYSE 22649</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-20<span style="white-space: pre;"> </span>Outerwall Inc.<span style="white-space: pre;"> </span> OUTR NASDAQ 1134</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-20<span style="white-space: pre;"> </span>Santa Fe Petroleum, Inc. SFPI OTC 269</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-21<span style="white-space: pre;"> </span>American Mortgage Acceptance Company AMC NASDAQ 2700</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-21<span style="white-space: pre;"> </span>Forward Industries, Inc. FORD NASDAQ 8</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-21<span style="white-space: pre;"> </span>Innovative Food H<span style="white-space: pre;"> </span> IVFH OTC 35</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-21<span style="white-space: pre;"> </span>MER Telemanagement Solutions Ltd. MTSL NASDAQ 4</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-21<span style="white-space: pre;"> </span>Tootsie Roll Indu TR NYSE 2042</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-22<span style="white-space: pre;"> </span>Invacare Corporation IVC NYSE 482</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-22<span style="white-space: pre;"> </span>Kinder Morgan, Inc. KMI NYSE 43268</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-22<span style="white-space: pre;"> </span>Peabody Energy Corporation BTU NYSE 1827</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-23<span style="white-space: pre;"> </span>ATLANTIC POWER CORP AT NYSE 330</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-23<span style="white-space: pre;"> </span>Bristol Myers Squibb Co. BMY NYSE 102800</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-23<span style="white-space: pre;"> </span>Joe's Jeans Inc. JOEZ NASDAQ 25</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-24<span style="white-space: pre;"> </span>Sears Canada Inc SCC TORONTO 1188</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-26<span style="white-space: pre;"> </span>Adaptive Medias ADTM OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-26<span style="white-space: pre;"> </span>Glyeco Inc. GLYE OTC</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-26<span style="white-space: pre;"> </span>Mattel, Inc. MAT NASDAQ 8982</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">01-27<span style="white-space: pre;"> </span>McDonald's Corporation<span style="white-space: pre;"> </span> MCD NYSE 86401</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">JANUARY 2015 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1479</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 183</span><span style="font-size: 12pt;">> Banking - 127<br />> Business Services - 98</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">JANUARY 2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 192</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 32</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 15</span><span style="font-size: 12pt;">> Manufacturing - 10</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">JANUARY 2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 224</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 23<br />> Banking - 17<br />> Software - 12</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">JANUARY 2015</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 466</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 76</span><br /><span style="font-size: 12pt;">> Energy - 48</span><br /><span style="font-size: 12pt;">> Banking - 36</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-63067492103243913662015-01-06T14:49:00.001-05:002015-01-06T14:49:49.689-05:00Annual and Quarterly Executive Turnover Point to Continued Economic Growth<div dir="ltr" style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Who would have thought, but for the first time in many years, it's the American Economy that is getting all the positive attention. Some of the positive change is related to the precipitous fall in oil prices but more of it relates to improved ecoonomic policies and the ability of the American economy to adapt. Liberum Research has been predicting positive news for the American Economy over the last two years. Most of our predictions have been primarily based on the overall growth trend in executive turnover and the slowly improving employment situation. The latest executive turnover numbers, while not fabulous, continue to support positive growth for the American Economy. The economy is still faced with serious employment problems, particularly for the long term unemployed, and a continuing drag in salary increases for the majority of the working population. Increases in executive turnover, which Liberum Research sees as an important economic indicator, have remained on a constant positive trend. Liberum expects executive turnover to continue in a positive direction as we move through the new year.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below, a seven year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At that point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow while not consistently and that trend has continued and is expected to be about the same for all of 2015.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="background-color: yellow;"><b><span style="text-decoration: underline;">Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks. Failure to do so, will result in lost opportunities or worse</span></b>.</span> To take advantage of executive changes, <span style="text-decoration: underline;"><span style="background-color: yellow;"><a href="http://mce_host/app/mail%20to:%20richard@twst.com" rel="nofollow" style="color: #835ea5; text-decoration: none;"><b>get a free trial to Liberum's Online Management Change Database</b></a></span></span>. Just call Richard at 212-988-5497 or send an email to richard@twst.com requesting your free trial. Within a day of your trial, you will have access to over 200,000 data points from which you can generate ideas and daily information on who is changing jobs at the top and where they are going.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly and annual turnover totals as registered through Liberum Research's Management Change Database for 2008 through 2014 for CEOs, CFOs and overall C-level turnover. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"><b> <span style="font-size: 12pt;">Total CEO Turnover Comparisons</span> </b></span><span style="font-weight: bold;"> </span></span></div>
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<tr><td style="height: 37px; vertical-align: top; width: 87px;"></td><td style="height: 37px; vertical-align: top; width: 72px;"></td><td style="height: 37px; vertical-align: top; width: 69px;"></td><td style="height: 37px; vertical-align: top; width: 76px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 61px;"></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2008 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 76px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 10pt;"><b>2013 </b></span></td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">583</span> </td><td style="vertical-align: top; width: 60px;">500 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">619</span> </td><td style="vertical-align: top; width: 60px;">527</td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">627</span></td><td style="vertical-align: top; width: 60px;"> 557</td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;">651</td></tr>
<tr><td style="height: 38px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 38px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 76px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 38px; vertical-align: top; width: 61px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 38px; vertical-align: top; width: 72px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span></b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">2,465</span></b> </td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2,235</b></span></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDmFJdw-lqHIS86X4J3qxx8iGeo5Zra2xViandtK8cA0vO6lmNrxpvmBOYh3P6jdW-6xi3baXp07NFD1JrCTe2VwCpnJ3KnXk8nJMVBmUuZ6Hwx5HYmrOVqlKbHTzhBAaBngVs2YDrJaUM/s1600/TotalCEOTurnover2008-2014+(1).png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjDmFJdw-lqHIS86X4J3qxx8iGeo5Zra2xViandtK8cA0vO6lmNrxpvmBOYh3P6jdW-6xi3baXp07NFD1JrCTe2VwCpnJ3KnXk8nJMVBmUuZ6Hwx5HYmrOVqlKbHTzhBAaBngVs2YDrJaUM/s1600/TotalCEOTurnover2008-2014+(1).png" height="163" width="320" /></a></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total CFO Turnover Comparisons </span></span></strong></span></div>
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<tr><td style="height: 37px; vertical-align: top; width: 89px;"></td><td style="height: 37px; vertical-align: top; width: 66px;"></td><td style="height: 37px; vertical-align: top; width: 64px;"></td><td style="height: 37px; vertical-align: top; width: 79px;"></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"></td><td style="height: 37px; vertical-align: top; width: 68px;"></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 79px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">593 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">332 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">296 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">280 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">640 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">495 </span></td><td style="vertical-align: top; width: 60px;"> 468</td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">551 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">326 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">273</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 404</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">612 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">557 </span></td><td style="vertical-align: top; width: 60px;"> 595 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">438 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">279 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">256</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">629 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">598</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">582 </span></td><td style="vertical-align: top; width: 60px;"> 550</td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">364 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">313</span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 258 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 476</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">569</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">562 </span></td><td style="vertical-align: top; width: 60px;">586 </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="height: 37px; vertical-align: top; width: 68px;"><span style="color: blue; font-size: 12pt;"><b>2,196 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2,199</b></span></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitwtYfvxnkIiLCXm33-G4mUwRope_iKrgar-2Qrv_Sz07425AJZitcjNaoPRXy_FOucwNLtKV8UPpZW5bmaxClelgIdqs_n7I8lWzyxG3uwPRbOK1bW7x9O-ndsRAFdb8wphx-RTFYCKTI/s1600/TotalCFOTurnover2008-2014+(1).png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEitwtYfvxnkIiLCXm33-G4mUwRope_iKrgar-2Qrv_Sz07425AJZitcjNaoPRXy_FOucwNLtKV8UPpZW5bmaxClelgIdqs_n7I8lWzyxG3uwPRbOK1bW7x9O-ndsRAFdb8wphx-RTFYCKTI/s1600/TotalCFOTurnover2008-2014+(1).png" height="163" width="320" /></a></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total C-level Turnover Comparisons</span></span></strong></span></div>
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<tr><td style="height: 18px; vertical-align: top; width: 90px;"></td><td style="height: 18px; vertical-align: top; width: 59px;"></td><td style="height: 18px; vertical-align: top; width: 64px;"></td><td style="height: 18px; vertical-align: top; width: 75px;"></td><td style="height: 18px; vertical-align: top; width: 62px;"></td><td style="height: 18px; vertical-align: top; width: 73px;"></td><td style="height: 18px; vertical-align: top; width: 74px;"></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 75px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">3971 </span></td><td style="vertical-align: top; width: 60px;">4083 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4102 </span></td><td style="vertical-align: top; width: 60px;">4117 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4123</span></td><td style="vertical-align: top; width: 60px;">3950 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4196</span></td><td style="vertical-align: top; width: 60px;">4200 </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 90px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 59px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 75px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 37px; vertical-align: top; width: 62px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="height: 37px; vertical-align: top; width: 74px;"><span style="color: blue; font-size: 12pt;"><b>16,392 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>16,350</b></span></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyrTIc01Bhk-ndfhjORvEG9aOA4kS4Sag8CsgCYhFxzrEURG7ILhwf_StEIQZOYuNgGMYdkWmy5bSjjA60IvTVCAlJz_vgNkQJErDn31G6T6r3Ew8dk8946MdGXCx9ZV-ER5Lxx9VPeqE7/s1600/TotalQuarterlyC-levelTurnover2008-2014+(1).png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgyrTIc01Bhk-ndfhjORvEG9aOA4kS4Sag8CsgCYhFxzrEURG7ILhwf_StEIQZOYuNgGMYdkWmy5bSjjA60IvTVCAlJz_vgNkQJErDn31G6T6r3Ew8dk8946MdGXCx9ZV-ER5Lxx9VPeqE7/s1600/TotalQuarterlyC-levelTurnover2008-2014+(1).png" height="172" width="320" /></a></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for </span><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">December 2014</span></span><span style="font-family: arial, sans-serif; font-size: 10pt;"> as compared with those of December 2013 and December 2014 and November 2014 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for December 2014 showed no change from that of December 2013, CFO turnover increased 2%, C-level turnover increased just 1% and Board of Director turnover declined 4%. </span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The the month to month change from November 2014 to December 2014 overall was somewhat more positive. CEO turnover increased 7% for CEOs, declined 12% for CFOs, increased 10% with regard to C-level changes and increased 35% for Board of Director changes. </span></li>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black;">In the below report, Liberum has focused on 52 CEO changes of </span><b><span style="color: blue;">special significance</span></b><span style="color: black;"> for the month of December out of a total of 226. We have also put together the overall turnover figures for the month of December 2014. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans, etc., just through Liberum's Management Change Database.</span></span></div>
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<strong><span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</span></span></span></strong></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Bison Instruments BSOI OTC 67</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Idera Pharmaceuti IDRA NASDAQ 349</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Legg Mason, Inc. LM NYSE 6292</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Millcom Swed Dep MICCF 8500</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Pope Resources POPE NASDAQ 280</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-01<span style="white-space: pre;"> </span>Pulse Electronics PULS OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-02<span style="white-space: pre;"> </span>Allied Minds ALM LONDON 7</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-02<span style="white-space: pre;"> </span>Loews Corporation L NYSE 15433</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-03<span style="white-space: pre;"> </span>Digi International Inc. DGII NASDAQ 185</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-04<span style="white-space: pre;"> </span>Carbonite, Inc. CARB NASDAQ 383</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-04<span style="white-space: pre;"> </span>New Jersey Mining NJMC NYSE 7</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>Arctic Cat, Inc. ACAT NASDAQ 430</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>Areva - Societe ARVCF OTC 4531</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>Bay Bancorp, Inc. BYBK NASDAQ 48</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>Francesca's Holdi FRAN NASDAQ 638</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>South Jersey Industries SJI NYSE 1968</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>Stanley Black & Decker, Inc. SWK NYSE 14970</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-05<span style="white-space: pre;"> </span>Warren Resources, Inc. WRES NASDAQ 122</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-08<span style="white-space: pre;"> </span>Innocoll Ag INNL NASDAQ 137</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-09<span style="white-space: pre;"> </span>Abercrombie & Fitch Co. ANF NYSE 1961</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-10<span style="white-space: pre;"> </span>G. Willi-Food International Limited WILC NASDAQ 93</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-10<span style="white-space: pre;"> </span>Layne Christensen Company LAYN NASDAQ 157</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-10<span style="white-space: pre;"> </span>Seaworld Entertai SEAS NYSE<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-10<span style="white-space: pre;"> </span>Walgreen Company WAG 70595</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-11<span style="white-space: pre;"> </span>C T I Group CTIG OTC 11</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-12<span style="white-space: pre;"> </span>Midway Gold Corpo<span style="white-space: pre;"> </span>MDW NYSE 124</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>Bob Evans Farms, Inc. BOBE NASDAQ<span style="white-space: pre;"> </span>1243</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>Crocs, Inc. CROX NASDAQ<span style="white-space: pre;"> </span>1050</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>Lyondellbasell In LYB NYSE<span style="white-space: pre;"> </span>41055</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-15<span style="white-space: pre;"> </span>Spark Networks plc (ADR) LOV NYSE<span style="white-space: pre;"> </span>86</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-16<span style="white-space: pre;"> </span>Medbook World Inc<span style="white-space: pre;"> </span>MBOO OTC<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-16<span style="white-space: pre;"> </span>Sms Management SMSUF OTC 194</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>American Apparel, Inc. APP NYSE 128</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>Ampco-Pittsburgh AP NYSE 180</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>Crimson Wine CWGL OTC 231</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>Hudsons Bay HBAYF TORONTO 3746</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>New Peoples Banks <span style="white-space: pre;"> </span>NWPP OTC 29</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-17<span style="white-space: pre;"> </span>Par Petroleum Corporation PARR NYSE<span style="white-space: pre;"> </span>589</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-18<span style="white-space: pre;"> </span>Avix Technologies AVIX OTC 719</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-18<span style="white-space: pre;"> </span>Sierra Bancorp BSRR NASDAQ 240</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-19<span style="white-space: pre;"> </span>Blue Ridge Banksh BRBS OTC 20</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-19<span style="white-space: pre;"> </span>Bonanza Gold Corp<span style="white-space: pre;"> </span>BNZA OTC 4</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-19<span style="white-space: pre;"> </span>Huntsworth HNT LONDON<span style="white-space: pre;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-19<span style="white-space: pre;"> </span>SupportSoft, Inc. SPPR NASDAQ 11</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-19<span style="white-space: pre;"> </span>Table Trac Inc TBTC OTC 4</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-19<span style="white-space: pre;"> </span>Tesco Corp TESO NASDAQ 539</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-22<span style="white-space: pre;"> </span>Orca Gold CANWF OTC 30</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>Comtech Telecomm. Corp CMTL NASDAQ 530</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>Echo Therapeutics ECTE NASDAQ 19</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>Redux Holdings In RDXH OTC 205</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-23<span style="white-space: pre;"> </span>Supernova Energy SPRN OTC 2</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">12-24<span style="white-space: pre;"> </span>Takata Corp Unsp TKTDY OTC 922</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2014 MANAGEMENT CHANGE STATISTICS</span></b></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1457<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs/Biotech </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 148<br />> Energy -119<br />> Banking - 97</span></span></span></strong></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 226<br />TOP INDUSTRY SECTORS</span></strong><br />> Energy - 14<br />> Drugs/Biotech - 12</span><span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt;">> Banking -10<br />> Consumer Products - 10<br />> Metals/Mining - 10</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 185<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Drugs/Biotech - 17<br />> Metals/Mining - 13<br />> Computer - 10</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">DECEMBER 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 517<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 68<br />> Energy - 49<br />> Banking - 33</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.</span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
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<span style="text-align: -webkit-auto;"><span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt; text-align: -webkit-auto;">Liberum's over ten year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing. You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></div>
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<b><span style="font-family: arial, sans-serif; font-size: 10pt;">ABOUT LIBERUM</span></b></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black;">The largest database of C-level executive change at public companies. Frequently quoted in the financial press, Liberum helps investors monitor this important, continuous stream of investment events. </span><b><span style="color: blue;">The data is also useful for investment bankers, private equity, executive search and consulting firms.</span></b><span style="color: black;"> The data can be used in numerous ways. </span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-75740243758311401702014-12-03T11:36:00.000-05:002014-12-03T11:36:01.411-05:00November Executive Turnover Remains Positive With Caveats<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">Liberum Research continues to see positive signs for increasing executive turnover which typically translates into growth for the economy. Just as Liberum registered in the previous month of October, November has also shown positive signs for continued executive turnover but with a few caveats. Unlike October, executive turnover totals were positive in the year to year November 2014 to the month of November 2014. The same, however, was not completely the case when Liberum compared October 2014's executive turnover results with those of November 2014. Liberum anticipates the U.S. Government's employment numbers scheduled for release at the end of this week, will not be as positive as those anticipated by most market analysts but will still be acceptable. Liberum anticipates executive turnover will continue to grow as we move into the winter and the early spring which, if true, will bode well for the overall North American economies. Earlier today, ADP released its November Employment Report. The results while positive, were not near the expectations of most market analysts but does coincide with Liberum's latest figures.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 16px;">According to <a href="http://www.adpemploymentreport.com/2014/November/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-November2014-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP's November Employment Report</a>:</span></span></div>
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<i><span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;">Private sector employment increased by 208,000 jobs from </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">October to November according to the November ADP National Employment Report®</span></i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>"November continued to show solid job growth above 200,000,” said Carlos Rodriguez, president and </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">chief executive officer of ADP. “Small businesses continued to drive job gains adding almost half the total </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">for the month.”</i></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, “Steady as she goes in the job market. Monthly </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">job gains remain consistently over 200,000. At this pace the unemployment rate will drop by half a </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">percentage point per annum. The tightening in the job market will soon prompt acceleration in wage </i><i style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">growth.” </i></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">As for Liberum's latest figures, all four key categories experienced increases in November 2014 over the same month of November 2013, however, Liberum registered more mixed results when November 2014's turnover figures were compared to the totals for the previous month of October. </span></span></div>
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<b>Liberum Comparison Breakdown of Key November Executive Turnover Figures</b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for November 2014 compared with November a year earlier and the previous month of October 2014. </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><b>November 2013 Compared to November 2014</b></span></div>
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<li><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;">November </span><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2014 increases in turnover occured in all four key categories. CEO changes increased 5% from November a year earlier, CFO changes increased 23%, C-level changes increased 5%, and board of director changes increased 2%. </span></li>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><b>October 2014 Compared to November 2014</b></span></span></blockquote>
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<li><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 12pt; line-height: 1.5;"><span style="line-height: normal;">The month to month changes in executive turnover, October 2014 to </span>November <span style="line-height: normal;">2014, however, were not nearly as positive. CEO changes saw no change, CFO changes increased 10%, while C-level changes and </span></span><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;">board of director changes declined 7% and 15% respectively. </span><span style="background-color: transparent; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;"> </span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for November 2014. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b style="background-color: yellow;"><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms on the other hand can use the information to generate new leads and new clients.</span> </b><span style="background-color: yellow;"> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="background-color: yellow; text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span><span style="background-color: yellow;">.</span> Find out why Hedge Funds, Executive Search, Business Intelligence and Consulting firms all rely on Liberum's data.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - NOVEMBER </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2014</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">35 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 212 CEO related changes occurred during November 2014. Here are 35 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-03<span style="white-space: pre;"> </span>Cesca Therapeutics Inc<span style="white-space: pre;"> </span> KOOL NASDAQ 43</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-04<span style="white-space: pre;"> </span>Lpath Inc LPTN NASDAQ 45</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-05<span style="white-space: pre;"> </span>Acelrx Pharmaceut ACRX NASDAQ 244</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-05<span style="white-space: pre;"> </span>Jive Software, In JIVE NASDAQ 461</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-06<span style="white-space: pre;"> </span>Americn Transn Hl ATHI OTC 92</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-06<span style="white-space: pre;"> </span>Financial Engines FNGN NASDAQ 1635</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-06<span style="white-space: pre;"> </span>Fuelstream Inc FLST OTC 64</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-06<span style="white-space: pre;"> </span>Goldspan Resource GSPND 168</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-06<span style="white-space: pre;"> </span>Osram Licht Ag OSAGF OTC 3668</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-10<span style="white-space: pre;"> </span>Aaron's, Inc. Com AAN NYSE 1883</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-10<span style="white-space: pre;"> </span>Bsd Medical Corpo BSDM NASDAQ 18</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Northstar Hlthcr NRTSF OTC 63</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-12<span style="white-space: pre;"> </span>Unitedhealth Group, Inc. UNH NYSE 91660</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-13<span style="white-space: pre;"> </span>Alchemia Ltd AEMAF OTC 23</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-13<span style="white-space: pre;"> </span>Calzada Ltd CALZF OTC 31</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-13<span style="white-space: pre;"> </span>Willis Group Holdings Limited WSH NYSE 7377</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-14<span style="white-space: pre;"> </span>Arctic Cat, Inc. ACAT NASDAQ 432</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-14<span style="white-space: pre;"> </span>Ashland Inc. ASH NYSE 7992</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-14<span style="white-space: pre;"> </span>Biocorrx Inc BICX OTC 15</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-14<span style="white-space: pre;"> </span>Carpenter Technology Corporation CRS NYSE 2742</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Genuine Parts Company GPC NYSE 15307</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Kennametal Inc. KMT NYSE 3205</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-17<span style="white-space: pre;"> </span>Servicesource Int SREV NASDAQ 356</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-18<span style="white-space: pre;"> </span>Concurrent Computer Corp CCUR NASDAQ 60</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-19<span style="white-space: pre;"> </span>Air Industries Gr AIRI NYSE 74</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-20<span style="white-space: pre;"> </span>First Titan Corp FTTN OTC 870</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-20<span style="white-space: pre;"> </span>Hertz Global Holdings, Inc. HTZ NYSE 10185</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-20<span style="white-space: pre;"> </span>Rhino Resource Pa RNO NYSE 84</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-21<span style="white-space: pre;"> </span>Evertec, Inc. Com EVTC NYSE 1737</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-21<span style="white-space: pre;"> </span>Intrawest Resorts SNOW NYSE 478</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-21<span style="white-space: pre;"> </span>Sotheby's<span style="white-space: pre;"> </span>BID NYSE 2908 </span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-24<span style="white-space: pre;"> </span>Banco Santander S BCDRF OTC 108000</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-24<span style="white-space: pre;"> </span>Infoblox Inc. Com BLOX NYSE 980</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-24<span style="white-space: pre;"> </span>Jacobs Engineering Group Inc. JEC NYSE 6321</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 16px; line-height: 25px;">11-26<span style="white-space: pre;"> </span>Highvista Gold In HVV CVE 399</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">NOVEMBER 2014 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1323</span></span></b></span></div>
<div style="color: black; font-size: medium; margin-bottom: 0.0001pt;">
<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 158</span><span style="font-size: 12pt;">> Banking - 76<br />> Energy - 72</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">NOVEMBER 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 212</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 19</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Metals/Mining - 13</span><span style="font-size: 12pt;">> Banking- 11</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">NOVEMBER 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 210</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 19<br />> Metals/Mining - 16<br />> Food - 10</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">NOVEMBER 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 382</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 56</span><br /><span style="font-size: 12pt;">> Energy - 28</span><br /><span style="font-size: 12pt;">> Banking - 21</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum's ten year old database offers institutional investors the ability to examine: </span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">an individual company, </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">and/or geographic region/s/ locations via a metric of one's own choosing. </span></span></li>
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">you can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></span></li>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-24109566352663790562014-11-06T10:53:00.001-05:002014-11-06T11:41:40.171-05:00Executive Turnover Jumps As Do Private Employment Rolls - Economy Humming?<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">Liberum Research has been predicting for the last number of months increased executive turnover at public companies. While turnover has not lived up to Liberum's predictions, October's latest figures have moved in a far more positive direction and along the path Liberum has been forecasting. October's growth in executive turnover coincides with ADP's latest Employment Report released November 5, that showed an unexpected increase in private employment. Liberum expects the same will be true with the U.S. Labor Department's (BLS) Employment figures scheduled for release at the end of this week.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">According to today's <a href="http://www.adpemploymentreport.com/2014/October/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-October2014-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP October Employment Report</a>:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><i>Private-sector employment increased by 230,000 from September to October, on a seasonally adjusted basis.</i></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;">Mark Zandi, chief economist of Moody’s Analytics, said, <i>“The job market is steadily picking up pace. Job </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">growth is strong and broad-based across industries and company sizes. At this pace of job growth </i><i style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">unemployment and underemployment is quickly declining. The job market will soon be tight enough to </i><i style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">support a meaningful acceleration in wage growth.”</i></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">As for Liberum's latest figures, three out four key categories experienced declines in October 2014 over the same month of October 2013, however, Liberum saw consistently large increases in all four categories when October 2014's turnover figures were compared to the same totals for the previous month of September 2014. Liberum expects executive turnover will continue to grow as we move into the later Fall and early Winter months. If turnover growth continues to grow, it will represent another positive sign for North America's economic recovery. </span></span><br />
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<b>Liberum Comparison Breakdown of Key October Executive Turnover Figures</b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for October 2014 compared with October a year earlier and the previous month of September 2014. </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 24px;"><b>October 2013 Compared to October 2014</b></span></span><span style="font-family: 'Times New Roman'; font-size: small;"> </span></div>
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<span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">For </span><span style="font-family: 'times new roman', serif; font-size: 12pt;">October </span><span style="font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;">2014 declines in turnover occured in three key categories. CFO changes declined 9% from October a year earlier, C-level changes declined 4%, and board of director changes declined 12%. CEO changes on the other hand, increased a mere 1%.</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;"><b>September 2014 Compared to October 2014</b></span></span><span style="color: black; font-family: 'Times New Roman'; font-size: small;"> </span></blockquote>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;">The month to month changes in executive turnover, September 2014 to </span>October <span style="line-height: normal;">2014, however, showed significant increases in all four key categories. CEO changes increased 22%, CFO changes increased 4%, C-level changes increased 16%, and </span></span><span style="color: black; font-family: 'times new roman', serif; font-size: 16px; line-height: normal;"><span style="font-size: 12pt;">board of director changes increased 25%. </span></span><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt; line-height: normal;"> </span><span style="background-color: transparent;"> </span></blockquote>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for October 2014. </span><span style="font-size: 12pt;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. </span></span><br />
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - OCTOBER </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2014</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">33 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 213 CEO related changes occurred during October 2014. Here are 33 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-01<span style="white-space: pre;"> </span>Activecare Inc ACAR<span style="white-space: pre;"> $</span>10</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-01<span style="white-space: pre;"> </span>Centrus Energy Co LEU </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">38</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-06<span style="white-space: pre;"> </span>Unisys Corporation UIS OTC </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">1044</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-07<span style="white-space: pre;"> </span>Niko Res<span style="white-space: pre;"> </span>NKO TORONTO </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">85</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-07<span style="white-space: pre;"> </span>Vonage Holdings Corp<span style="white-space: pre;"> </span>VG NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">667</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-08<span style="white-space: pre;"> </span>Purespectrum, Inc PSRU OTC </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">263</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-08<span style="white-space: pre;"> </span>The Gap Inc. GPS NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">15946</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-09<span style="white-space: pre;"> </span>Advanced Micro Devices, Inc. AMD NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">2287</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-13<span style="white-space: pre;"> </span>Adcare Health Sys ADK NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">76</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-13<span style="white-space: pre;"> </span>J.C. Penney Co., Inc. JCP NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">2242</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-14<span style="white-space: pre;"> </span>Computer Task Group, Inc CTG NASDAQ </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">198</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-14<span style="white-space: pre;"> </span>Dex Media, Inc. DXM NSADQ </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">134</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-14<span style="white-space: pre;"> </span>Quiksilver, Inc. ZQK NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">304</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-15<span style="white-space: pre;"> </span>Appiphany Technol APHD OTC </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">93</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-15<span style="white-space: pre;"> </span>Bg Group<span style="white-space: pre;"> </span>BG LONDON </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">346</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-15<span style="white-space: pre;"> </span>Innovative Softwa INIV OTC </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">22</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-15<span style="white-space: pre;"> </span>Midway Gold Corpo MDW NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">182</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-15<span style="white-space: pre;"> </span>Navidea Biopharma NAVB NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">200</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-15<span style="white-space: pre;"> </span>Statoil ASA (ADR) STO NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">70382</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-16<span style="white-space: pre;"> </span>Darden Restaurants, Inc. DRI NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">6536</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-17<span style="white-space: pre;"> </span>Richmont Mines Inc. (USA) RIC NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">120</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-21<span style="white-space: pre;"> </span>C T I Group (Hold CTIG OTC </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">10</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-21<span style="white-space: pre;"> </span>First Colombia Go FCGD OTC </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">16</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-21<span style="white-space: pre;"> </span>SeaChange Intl SEAC NASDAQ </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">211</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-22<span style="white-space: pre;"> </span>Golden Predator M GPY CVE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">3</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-24<span style="white-space: pre;"> </span>Thales HO France </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">7738</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-27<span style="white-space: pre;"> </span>Cerulean Pharma I CERU NASDAQ </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">83</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-28<span style="white-space: pre;"> </span>22nd Cent<span style="white-space: pre;"> </span>XXII NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">129</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-29<span style="white-space: pre;"> </span>sanofi-aventis (ADR) SNY NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">118900</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-29<span style="white-space: pre;"> </span>Shanda Games Limi GAME NASDAQ </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">1740</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-30<span style="white-space: pre;"> </span>F5 Networks, Inc. FFIV NASDAQ </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">9077</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-31<span style="white-space: pre;"> </span>Carnival Corporation CCL NYSE </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px; white-space: pre;">$</span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: 25px;">31197</span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">10-31<span style="white-space: pre;"> </span>Oragenics Inc OGEN NYSE</span></span><br />
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1420</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 173</span></span><br />
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Banking - 107<br />> Energy - 106</span></span><br />
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">OCTOBER 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 213</span></b></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 21</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy- 21</span><span style="font-size: 12pt;">> Retail - 14<br />> Metals/Mining - 13</span></span><br />
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">OCTOBER 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 191</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 21<br />> Energy - 20<br />> Real Estate - 15</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Software - 15</span></span><br />
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">OCTOBER 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 452</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 73</span><br /><span style="font-size: 12pt;">> Banking - 41</span><br /><span style="font-size: 12pt;">> Energy - 22</span></span><br />
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">The largest database of C-level executive change at public companies. Frequently quoted in the financial press, Liberum helps investors monitor this important, continuous stream of investment events. The data is also useful for investment bankers, private equity, executive search and consulting firms. The data can be used in numerous ways.</span> <span style="color: black; font-size: 12pt;">Daily customizable alerts, a searchable database, custom reports, xml feeds. Liberum clients get the data the way they can best exploit it. </span><b><span style="background-color: yellow;"><span style="text-decoration: underline;"><span style="font-size: 12pt;">Get a short trial call 212-988-5497 or email richard@twst.com.</span></span></span></b><span style="font-size: 12pt;"> </span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-88150285961431250592014-10-02T14:46:00.001-04:002014-10-02T14:47:46.417-04:00Latest Executive Turnover Data Does Not Correlate With Employment Growth Figures<div dir="ltr" style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest executive turnover numbers remain far more muddled than Liberum expected. Both the September totals and the latest quarterly executive turnover numbers have failed to indicate a trend for where executive turnover will be going in the near future. To make matters more complicated, Liberum Research's latest executive turnover numbers have not correlated with the job growth numbers that were just released October 1, </span><span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt;">from ADP or with the latest decreased number of people seeking unemployment benefits released from the government. ADP's September Employment Report results were far more positive than the executive turnover numbers Liberum tracked over the same period. This lack of correlation between these two data categories is a bit unusual. It is possible the employment numbers to be released from U.S. Government's Bureau of Labor Statistics (BLS) later this week, will correlate more closely with Liberum's latest executive turnover figures, we will just have to see.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">According to <a href="http://www.adpemploymentreport.com/2014/September/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-September2014-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP's latest Employment Report</a>:</span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><i><span style="line-height: normal;">Private sector employment increased by 213,000 jobs from August to September.</span><br /><br /><span style="line-height: normal;">"September’s jobs added number marks the sixth straight month of employment gains above 200,000,” </span><span style="line-height: normal;">said Carlos Rodriguez, president and chief executive officer of ADP. “It’s a positive sign for the economy </span><span style="line-height: normal;">to see the 200,000-plus trend continue.”</span><span style="line-height: normal;"><br /></span><span style="line-height: normal;">Mark Zandi, chief economist of Moody’s Analytics, said, "Job gains remain strong and steady. The pace </span><span style="line-height: normal;">of job growth has been remarkably similar for the past several years. Especially encouraging most </span><span style="line-height: normal;">recently is the increasingly broad base nature of those gains. Nearly all industries and companies of all </span><span style="line-height: normal;">sizes are adding consistently to payrolls.” </span></i></span></blockquote>
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<span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt;">While Liberum has been a bit surprised about the latest executive turnover numbers, we remain positive about the American Economy and continue to expect executive turnover numbers to trend upward as we move into the Fall and early Winter months. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below, a six plus year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At that point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow but not consistently and that trend has continued. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="background-color: yellow;"><b><span style="text-decoration: underline;">Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks. Failure to do so, will result in lost opportunities or worse</span></b>.</span> To take advantage of these <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span>, <span style="text-decoration: underline;"><span style="background-color: yellow;"><a href="http://mce_host/app/mail%20to:%20richard@twst.com" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank"><b>get a free trial to Liberum's Online<span class="il" style="background: rgb(255, 255, 204); color: #222222;">Management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">Change</span> Database</b></a></span></span>. Just call Richard at <a href="tel:212-988-5497" style="color: #1155cc;" target="_blank" value="+12129885497">212-988-5497</a> or send an email to <a href="mailto:richard@twst.com" style="color: #1155cc;" target="_blank">richard@twst.com</a> requesting your free trial. Within a day of your trial, you will have access to nearly 200,000 data points from which you can generate ideas and daily information on who is<span class="il" style="background: rgb(255, 255, 204); color: #222222;">changing</span> jobs at the top.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly turnover totals as registered through Liberum Research's <span class="il" style="background: rgb(255, 255, 204); color: #222222;">Management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">Change</span> Database for 2008 through the third quarter of 2014 for CEO, CFO and overall C-level turnover. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"><b> <span style="font-size: 12pt;">Total CEO Turnover Comparisons</span> </b></span><span style="font-weight: bold;"> </span></span></div>
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<tr><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 87px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 72px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 69px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 76px;"><span style="color: blue;"><span style="font-size: 10pt;"> </span></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 61px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;"> </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"></td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-size: 10pt;"> 2008 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-size: 10pt;">2009 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 76px;"><strong><span style="color: blue;"><span style="font-size: 10pt;">2010 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 61px;"><span style="font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><span style="color: blue; font-size: 10pt;"><b>2013 </b></span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><strong style="font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-size: 13px;"> </span> </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;">1st Quarter </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">745</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 69px;"><span style="font-size: 10pt;">491 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 76px;"><span style="font-size: 10pt;">388</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 61px;"><span style="font-size: 10pt;">346 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">680 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><span style="font-size: 10pt;">583</span> </td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">500 </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"> 2nd Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">596 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 69px;"><span style="font-size: 10pt;">380</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 76px;"><span style="font-size: 10pt;">321</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 61px;"><span style="font-size: 10pt;"> 581</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">665 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><span style="font-size: 10pt;">619</span> </td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">527</td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"> 3rd Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">533</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 69px;"><span style="font-size: 10pt;">409</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 76px;"><span style="font-size: 10pt;">298</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 61px;"><span style="font-size: 10pt;">713 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">636</span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">627</span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"> 557</td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"> 4th Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">461</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 69px;"><span style="font-size: 10pt;">430</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 76px;"><span style="font-size: 10pt;">328</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 61px;"><span style="font-size: 10pt;">697 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 10pt;">673</span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">636</span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">NA</td></tr>
<tr><td style="font-family: arial, sans-serif; height: 38px; margin: 0px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="font-family: arial, sans-serif; height: 38px; margin: 0px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="font-family: arial, sans-serif; height: 38px; margin: 0px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="font-family: arial, sans-serif; height: 38px; margin: 0px; vertical-align: top; width: 76px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="font-family: arial, sans-serif; height: 38px; margin: 0px; vertical-align: top; width: 61px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="font-family: arial, sans-serif; height: 38px; margin: 0px; vertical-align: top; width: 72px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span></b></span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">2,465</span></b> </td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>1,584</b></span></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total CFO Turnover Comparisons </span></span></strong></span></div>
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<tr><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 89px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 66px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 64px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 79px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 10pt;"> </span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 73px;"></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 68px;"></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"></td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 89px;"><span style="font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 66px;"><span style="font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 10pt;">2009 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 79px;"><strong><span style="color: blue;"><span style="font-size: 10pt;">2010 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 68px;"><strong style="font-size: 13px;"><span style="color: blue;">2013</span></strong> </td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><strong style="font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-size: 13px;"> </span> </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 89px;"><span style="font-size: 10pt;">1st Quarter </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 66px;"><span style="font-size: 10pt;">593 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">332 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 79px;"><span style="font-size: 10pt;">296 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 10pt;">280 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">640 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">495 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"> 468</td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 89px;"><span style="font-size: 10pt;"> 2nd Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 66px;"><span style="font-size: 10pt;">551 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">326 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 79px;"><span style="font-size: 10pt;">273</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 10pt;"> 404</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">612 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">557 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"> 595 </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 89px;"><span style="font-size: 10pt;"> 3rd Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 66px;"><span style="font-size: 10pt;">438 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">279 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 79px;"><span style="font-size: 10pt;">256</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 10pt;">629 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">598</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">582 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"> 550</td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 89px;"><span style="font-size: 10pt;"> 4th Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 66px;"><span style="font-size: 10pt;">364 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">313</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 79px;"><span style="font-size: 10pt;"> 258 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 10pt;"> 476</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">569</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">562 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">NA </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 89px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 66px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 79px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 68px;"><span style="color: blue; font-size: 12pt;"><b>2,196 </b></span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>1,613</b></span></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijYZ8wYd_FHGDWRu0EJOaX-5FwnAtbMSTwthQYGu7admHmfKCM9neKvuw_5gdC_aBOi2E5iAhtGsQ5tLjqLNdXq3lOB69B3jln-FTk1REBHLxm5qFWTtWD9uNac6U4FrcZVfDuHbmh7w76/s1600/TotalCEOTurnover2008-2014.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijYZ8wYd_FHGDWRu0EJOaX-5FwnAtbMSTwthQYGu7admHmfKCM9neKvuw_5gdC_aBOi2E5iAhtGsQ5tLjqLNdXq3lOB69B3jln-FTk1REBHLxm5qFWTtWD9uNac6U4FrcZVfDuHbmh7w76/s1600/TotalCEOTurnover2008-2014.png" height="163" width="320" /></a></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total C-level Turnover Comparisons</span></span></strong></span></div>
<table border="1" cellspacing="0" style="border-collapse: collapse; border-color: rgb(136, 136, 136); border-width: 1px; color: black; font-family: Arial, Verdana, sans-serif; margin: 0px; text-align: center;"><tbody>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 90px;"></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 59px;"></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 75px;"></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 62px;"></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 74px;"></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"></td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 90px;"><span style="font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 59px;"><span style="font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 10pt;">2009 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 75px;"><strong><span style="color: blue;"><span style="font-size: 10pt;">2010 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 62px;"><span style="font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 74px;"><strong style="font-size: 13px;"><span style="color: blue;">2013</span></strong><span style="font-size: 13px;"> </span> </td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><strong style="font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-size: 13px;"> </span> </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 90px;"><span style="font-size: 10pt;">1st Quarter </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 59px;"><span style="font-size: 10pt;">6735 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">4061 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 75px;"><span style="font-size: 10pt;">3453</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 62px;"><span style="font-size: 10pt;">2863 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">5442 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">3971 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">4083 </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 90px;"><span style="font-size: 10pt;"> 2nd Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 59px;"><span style="font-size: 10pt;">7430 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">5051 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 75px;"><span style="font-size: 10pt;">3199</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 62px;"><span style="font-size: 10pt;"> 4041</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">5036</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4102 </span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">4117 </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 90px;"><span style="font-size: 10pt;"> 3rd Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 59px;"><span style="font-size: 10pt;">4865 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">3690 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 75px;"><span style="font-size: 10pt;">2522</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 62px;"><span style="font-size: 10pt;">5349 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">4235</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4123</span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">3950 </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 90px;"><span style="font-size: 10pt;"> 4th Quarter</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 59px;"><span style="font-size: 10pt;">4277 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 64px;"><span style="font-size: 10pt;">3439 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 75px;"><span style="font-size: 10pt;"> 2381 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 62px;"><span style="font-size: 10pt;">4596 </span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 10pt;">4197</span></td><td style="font-family: arial, sans-serif; height: 18px; margin: 0px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4196</span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;">NA </td></tr>
<tr><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 90px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 59px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 75px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 62px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="font-family: arial, sans-serif; height: 37px; margin: 0px; vertical-align: top; width: 74px;"><span style="color: blue; font-size: 12pt;"><b>16,392 </b></span></td><td style="font-family: arial, sans-serif; margin: 0px; vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>12,150</b></span></td></tr>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1Ugoz9mCqd6weusXRXX4uyKc_Gq_VAzcCtPabm0x03CjfJS62Nf8GNNJzFxtqP79lxdUs-Qkob78K6sDMl84rB3r6EhVCqzlpeB4i-lVEBeAAslNwVgBEcD7BTIsvv4_6M2hrO48_GHmE/s1600/TotalCFOTurnover2008-2014.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj1Ugoz9mCqd6weusXRXX4uyKc_Gq_VAzcCtPabm0x03CjfJS62Nf8GNNJzFxtqP79lxdUs-Qkob78K6sDMl84rB3r6EhVCqzlpeB4i-lVEBeAAslNwVgBEcD7BTIsvv4_6M2hrO48_GHmE/s1600/TotalCFOTurnover2008-2014.png" height="163" width="320" /></a></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for September 2014 as compared with those of September 2013 and August 2014 and September 2014 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for September 2014 declined 17% from that of September 2013, CFO turnover declined 7%, C-level turnover declined 5% and Board of Director turnover declined 14%. </span></li>
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<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The the month to month <span class="il" style="background: rgb(255, 255, 204); color: #222222;">change</span> from August 2014 to September 2014 was a bit more positive. CEO turnover increased 11% for CEOs, declined 12% for CFOs, increased 6% with regard to C-level <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span> and declined 9% for Board of Director <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span>. </span></li>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">In the below report, Liberum has focused on forty five CEO <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span> of <b>special significance</b> for the month of September out of a total of 175. We have also put together the overall turnover figures for the month of September 2014. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans, etc. just through the Liberum database.</span></div>
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<strong><span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</span></span></span></strong></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-01<span style="white-space: pre-wrap;"> </span>American International Group, Inc.<span style="white-space: pre-wrap;"> </span>AIG 79991</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-01<span style="white-space: pre-wrap;"> </span>Luxottica Group S.p.A. (ADR)<span style="white-space: pre-wrap;"> </span> LUX 25308</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-02<span style="white-space: pre-wrap;"> </span>Danaher Corporation DHR 53546</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-02<span style="white-space: pre-wrap;"> </span>Gordmans Stores GMAN 70</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-03<span style="white-space: pre-wrap;"> </span>Baldwin Technology Co.<span style="white-space: pre-wrap;"> </span>BLD<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-03<span style="white-space: pre-wrap;"> </span>Trans World Entertainment Corporation TWMC 115</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-03<span style="white-space: pre-wrap;"> </span>Westell Technologies, Inc. WTSL 70</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-03<span style="white-space: pre-wrap;"> </span>Willbros Group, Inc.<span style="white-space: pre-wrap;"> </span>WG 530</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-04<span style="white-space: pre-wrap;"> </span>Alcatel-Lucent (ADR) ALU 9377</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-05<span style="white-space: pre-wrap;"> </span>First Mountain Bn FMBP 9</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-05<span style="white-space: pre-wrap;"> </span>Triple-S Mgmt Cl GTS<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-06<span style="white-space: pre-wrap;"> </span>Positron Corp POSC<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-08<span style="white-space: pre-wrap;"> </span>Capital Product P CPLP 918</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-08<span style="white-space: pre-wrap;"> </span>Hertz Global Holdings, Inc. HTZ 12522</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-08<span style="white-space: pre-wrap;"> </span>International Paper Company IP 20659</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-08<span style="white-space: pre-wrap;"> </span>Reneuron Group RENE.L<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-09<span style="white-space: pre-wrap;"> </span>Lighting Science LSCG 37</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-11<span style="white-space: pre-wrap;"> </span>Altisource Portfo ASPS 2252</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-11<span style="white-space: pre-wrap;"> </span>Mri Interventions MRIC 68</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-12<span style="white-space: pre-wrap;"> </span>Vicon Inds Inc<span style="white-space: pre-wrap;"> </span>VII 16</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-16<span style="white-space: pre-wrap;"> </span>ATLANTIC POWER CORP AT<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-16<span style="white-space: pre-wrap;"> </span>Landec Corporation LNDC 337</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-17<span style="white-space: pre-wrap;"> </span>Agilent Technologies Inc. A<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-17<span style="white-space: pre-wrap;"> </span>Insulet Corporati PODD 2033</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-18<span style="white-space: pre-wrap;"> </span>Continental Resrc CLR 24783</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-18<span style="white-space: pre-wrap;"> </span>Hudson City Bncp HCBK<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-18<span style="white-space: pre-wrap;"> </span>Oracle Corporation ORCL 175100</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-19<span style="white-space: pre-wrap;"> </span>JetBlue Airways Corporation JBLU 3210</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-19<span style="white-space: pre-wrap;"> </span>Solaris Power Cel SPCL<span style="white-space: pre-wrap;"> </span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-22<span style="white-space: pre-wrap;"> </span>Medijane Hldgs In MJMD 12</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-22<span style="white-space: pre-wrap;"> </span>Response Biomedic RPBIF 9</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-22<span style="white-space: pre-wrap;"> </span>Thoratec Corp. THOR 1495</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-24<span style="white-space: pre-wrap;"> </span>Activecare Inc ACAR 14</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-24<span style="white-space: pre-wrap;"> </span>Aja Cannafacturin AJAC 339</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-24<span style="white-space: pre-wrap;"> </span>Malvern Bancorp, MLVF 71</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-24<span style="white-space: pre-wrap;"> </span>That Marketing So VSHGD 15</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-25<span style="white-space: pre-wrap;"> </span>Sears Canada Inc <a href="http://scc.to/" style="color: #1155cc;" target="_blank">SCC.TO</a> 1299</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-25<span style="white-space: pre-wrap;"> </span>Success Holding G SHGT 51</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-26<span style="white-space: pre-wrap;"> </span>The Pep Boys - Manny, Moe & Jack PBY 503</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-29<span style="white-space: pre-wrap;"> </span>American Apparel, Inc. APP 140</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-29<span style="white-space: pre-wrap;"> </span>AMN Healthcare Services, Inc. AHS 719</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-29<span style="white-space: pre-wrap;"> </span>Coty Inc. Class A COTY 5903</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-29<span style="white-space: pre-wrap;"> </span>Loton Corp LTNR 268</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-29<span style="white-space: pre-wrap;"> </span>Lyondellbasell In LYB 56925</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">09-29<span style="white-space: pre-wrap;"> </span>Protalix BioTherapeutics Inc. PLX 221</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2014 <span class="il" style="background: rgb(255, 255, 204); color: #222222;">MANAGEMENT</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">CHANGE</span> STATISTICS</span></b></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL <span class="il" style="background: rgb(255, 255, 204); color: #222222;">MANAGEMENT</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">CHANGE</span> STATISTICS<br />GRAND TOTAL - 1223<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs/Biotech </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 137<br />> Banking - 124<br />> Business Services - 84</span></span></span></strong></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO <span class="il" style="background: rgb(255, 255, 204); color: #222222;">CHANGE</span> STATISTICS<br />GRAND TOTAL - 175<br />TOP INDUSTRY SECTORS</span></strong><br />> Banking - 15<br />> Drugs/Biotech - 14</span><span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt;">> Insurance -14<br />> Manufacturing - 14</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO <span class="il" style="background: rgb(255, 255, 204); color: #222222;">CHANGE</span> STATISTICS<br />GRAND TOTAL - 184<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Business Services - 13<br />> Energy - 13<br />> Drugs/Biotech - 11<br />> Manufacturing - 11</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR <span class="il" style="background: rgb(255, 255, 204); color: #222222;">CHANGE</span> STATISTICS<br />GRAND TOTAL - 361<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 51<br />> Banking - 24<br />> Business Services - 22</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key <span class="il" style="background: rgb(255, 255, 204); color: #222222;">management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span>. Certain <span class="il" style="background: rgb(255, 255, 204); color: #222222;">management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span> should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.</span></div>
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<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
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<li style="list-style-position: outside; list-style-type: square; margin-left: 15px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
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<span style="text-align: -webkit-auto;"><span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum Research, the independent research firm focused on corporate <span class="il" style="background: rgb(255, 255, 204); color: #222222;">management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">change</span>, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive <span class="il" style="background: rgb(255, 255, 204); color: #222222;">management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">change</span>. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive <span class="il" style="background: rgb(255, 255, 204); color: #222222;">management</span> <span class="il" style="background: rgb(255, 255, 204); color: #222222;">changes</span>, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
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<span style="background-color: transparent; font-family: arial, sans-serif; font-size: 10pt; text-align: -webkit-auto;">Liberum's ten year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing. You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. </span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-21767814905497657642014-09-08T11:05:00.000-04:002014-09-08T11:05:19.337-04:00August Experiences Major Drop in Executive Turnover - Coincides with Employment Growth Drop for August<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 13.63636302948px; line-height: 19.0909080505371px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.5555562973022px;">August is the first month in a long time where executive turnover showed significant declines from the same month a year earlier </span></span><span style="font-family: 'times new roman', serif; font-size: 15.4545450210571px;">(August 2013) </span><span style="font-family: 'times new roman', serif; font-size: 15.5555562973022px;">and from the previous month (July 2014). It is likely, the latest drop in Liberum Research's executive turnover numbers is a momentary blip. Liberum expects turnover in September to increase significantly and to continue growing throughout most of the Fall. As has so often been the case, the drop in executive turnover for August coincided with a similar drop in August for job growth as measured by the U.S. Bureau of Labor Statistics and by ADP's August employment Report.</span></div>
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<b>Liberum Comparison Breakdown of Key August Executive Turnover </b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for August 2014 compared with August a year earlier and the previous month of July 2014. </span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">For <span style="line-height: 24px;">August</span> 2014 declines in turnover took place in three key categories. CEO changes declined 24% from August a year earlier, C-level changes declined 20%, and board of director changes declined 25%. CFO changes on the other hand, increased a mere 1%.</span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The month to month change in executive turnover (July 2014 to <span style="line-height: 24px;">August</span> 2014) also showed significant declines in three of the four key categories. CEO changes declined 30% for CEOs, C-level changes declined 26%, and </span><span style="font-size: 16px;"><span style="font-size: 12pt;">board of director changes declined 29%. CFO changes on the other hand, increased 32%. </span> </span><span style="font-size: 12pt;"> </span></span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for August. </span><span style="font-size: 12pt;"><span style="background-color: yellow;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b><span style="text-decoration: underline;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities. Executive search firms on the other hand can use the information to generate new leads and new clients.</span> </b> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="background-color: yellow;"><span style="font-family: 'times new roman', serif;"><span style="text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span>.</span></span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">AUGUST 2014</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">63 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 157 CEO related changes occurred during August 2014. Here are 63 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. (Anyone using Liberum's database could do the same kind of analysis for other key titles, e.g., CFOs, COOs, CMOs Presidents, etc.)</span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-01 Xiangtian Usa Air GOAS OTC 971</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 Brady Corporation BRC NYSE 1306</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 Cafepress Inc. PRSS NASDAQ 87</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 DST Systems, Inc. DST NYSE 3595</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 ITT Educational Services, Inc. ESI NYSE 186</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 Southwest Gas Corporation SWX NYSE 2256</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 Synacor, Inc. SYNC NASDAQ 66</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 Vantage Health VNTH OTC 17</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-04 Vystar Corp VYST OTC 5</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-05 Dara Biosciences DARA NASDAQ 11</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-05 Rex Bionics RXB SEA</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-06 Sage Grp Plc Unsp SGPYY OTC 6876</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-06 Sprint Nextel Corporation S NYSE 23275</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-06 Theravance, Inc. THRX NASDAQ 2478</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-07 Bcb Bancorp, Inc. BCBP NASDAQ 108</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-07 Cleveland-Cliffs Inc CLF NYSE 2618</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-07 Cortendo Ab CRTOF OTC 57</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-07 Nanometrics Incorporated NANO NASDAQ 398</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-08 Axion Intl Hldgs AXIH OTC 20</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-08 GNC Corporation GNC NYSE 3091</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 Bemis Company, Inc. BMS NYSE 3982</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 Citizens & Northe CZNC NASDAQ 241</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 ConAgra Foods, Inc. CAG NYSE 13279</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 Demand Media Inc. DMD NYSE 167</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 Destination Mater DEST NASDAQ 266</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 Empire Global Gam EPGG OTC 974</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-11 Lmi Aerospace Inc. LMIA NASDAQ 187</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-12 Capital Product P CPLP NASDAQ 973</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-12 Equal Energy Ltd EQU TORONTO 215</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-12 Gncc Capital, Inc GNCP OTC 20</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-12 Manitoba Telecom MOBAF OTC 2190</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-12 Serco Group SRP LONDON 15</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-12 Spark Networks plc (ADR) LOV NYSE 133</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-13 Alternative Energ ALNE OTC 36</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-13 CDI Corp.<span style="white-space: pre;"> </span> CDI NYSE 282</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-13 Ezcorp Inc<span style="white-space: pre;"> </span> EZPW NASDAQ 525</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-13 Platforms Wireles PLFM OTC 306</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-15 Cms Bancorp, Inc. CMSB NASDAQ 21</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-15 Decisionpoint Sys DPSI OTC 4</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-15 Hallmark Financial Services, Inc. HALL NASDAQ 188</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-18 Aeropostale, Inc. ARO NYSE 308</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-18 Dollar General Corp. DG NYSE 19339</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-18 Eniro ENRO STO </span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-18 Kennametal Inc. KMT NYSE 3509</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-18 Mechel OAO (ADR) MTL NYSE 762</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-19 Gordmans Stores GMAN NASDAQ 65</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-19 Imperva, Inc. Com IMPV NYSE 770</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-19 Urologix, Inc. ULGX OTC 3</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-20 Polonia Bancorp, PBCP NASDAQ 46</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-21 Aaron's, Inc. Com AAN NYSE 1838</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-21 Ixia XXIA NASDAQ 752</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-21 Petlife Pharmaceu EVGID OTC </span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-22 Landauer, Inc. LDR NYSE 342</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-22 NTN Buzztime Inc. NTN NYSE 40</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-22 Rightscorp, Inc RIHT OTC 26</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-25 The Bon-Ton Stores, Inc. BONT NASDAQ 226</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-26 Single Touch Syst SITO OTC 57</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-26 Telecity Group Pl TLEIY OTC 2679</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-26 Western Graphite WSGP OTC 595</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-27 Pandora Media, In P NYSE 5509</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-27 Xzeres Corp XPWR OTC 15</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-28 Era Group Inc. ERA NYSE 522</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-29 Donegal Group, In DGICA NASDAQ 420</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: 25px;">08-29 Neutra Corp NTRR OTC 4</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">AUGUST 2014 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1157</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 131</span><span style="font-size: 12pt;">> Energy - 101<br />> Banking - 73</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">AUGUST 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 157</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 16</span></span></div>
<div style="color: black; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Retail - 12</span><span style="font-size: 12pt;">> Banking - 9<br />> Business Services - 9</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><br /></span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">AUGUST 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 158</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 30<br />> Drugs/Biotech - 28<br />> Banking - 12</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><br /></span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">AUGUST 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 395</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 43</span><br /><span style="font-size: 12pt;">> Energy - 35</span><br /><span style="font-size: 12pt;">> Business Services - 27</span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-26612026897822117692014-07-17T11:52:00.000-04:002014-07-17T11:52:10.898-04:002nd Quarter Executive Turnover Remains Positive - Investment Ops Abound<div dir="ltr" style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Executive turnover continues in a positive direction despite a slowdown in a few of the key categories. The trend in executive turnover continues to correlate with the continuing positive news related to job growth in the American economy and the declining overall unemployment rate. Last Thursday, July 3, the U.S. Department of Labor's Bureau of Labor Statistics (BLS) announced the June Employment Report and, as anticipated, the numbers were quite positive. According to the <a href="http://www.bls.gov/news.release/pdf/empsit.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">BLS Report</a>,</span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>Total nonfarm payroll employment increased by 288,000 in June, and the unemployment rate </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>declined to 6.1 percent, the U.S. Bureau of Labor Statistics reported today. Job gains were widespread, </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>led by employment growth in professional and business services, retail trade, food services and drinking </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>places, and health care. </i></span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Earlier in that same week, ADP released it latest Employment Report and the job growth numbers were also very positive. According to the <a href="http://www.adpemploymentreport.com/2014/June/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-June2014-Final-Press-Release.pdf">ADP Report</a> released July 2,</span></div>
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<i style="background-color: transparent; color: #252525; font-family: Arial, Helvetica, sans-serif; font-size: small; line-height: 16px;">Private sector employment increased by 281,000 jobs from May to June.</i></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, </i></span></span><span style="background-color: transparent; line-height: normal;"><span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><i>"The job market is steadily improving. </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>Job gains are broad based across all industries and company sizes. Judging from the job </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>market, the economic recovery remains fully intact and is gaining momentum.” </i></span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The American economy appears to moving on all cylinders. Job opportunities are growing at numerous levels of the economy but still remain inconsistent for numerous people with different skills and experience. Top executives in both small and large firms are beginning to find new job opportunities for their talents. </span><span style="font-family: arial, sans-serif; font-size: 13px;">Liberum Research expects to see increased turnover in the executive ranks as we move through the the Summer and into the early Fall, despite the fact this is typically a slower time for executive turnover</span><span style="font-family: arial, sans-serif; font-size: 10pt;">. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below a six plus year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At this point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow but not consistently. You can see that despite the slowing overall numbers in June of this year, the numbers were quite positive for the second quarter.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly turnover totals as registered through Liberum Research's Management Change Database for 2008 through the first quarter of 2014 for CEO, CFO and overall C-level turnover. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"><b> <span style="font-size: 12pt;">Total CEO Turnover Comparisons</span> </b></span><span style="font-weight: bold;"> </span></span></div>
<table border="1" cellspacing="0" style="border-collapse: collapse; border: 1px solid rgb(136, 136, 136); color: black; font-family: Arial, Verdana, sans-serif; font-size: 14px; line-height: 21px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 37px; vertical-align: top; width: 87px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 69px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 76px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2008 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 76px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 10pt;"><b>2013 </b></span></td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">583</span> </td><td style="vertical-align: top; width: 60px;">500 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">619</span> </td><td style="vertical-align: top; width: 60px;">537 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">627</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 38px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 38px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 76px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 38px; vertical-align: top; width: 61px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 38px; vertical-align: top; width: 72px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span></b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">2,465</span></b> </td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>1037</b></span></td></tr>
</tbody></table>
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<div style="color: black; font-family: 'Times New Roman'; font-size: medium; line-height: normal;">
<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total CFO Turnover Comparisons </span></span></strong></span></div>
<table border="1" bordercolor="#888" cellspacing="0" style="border-collapse: collapse; border-color: rgb(136, 136, 136); border-width: 1px; color: black; font-family: Arial, Verdana, sans-serif; font-size: 14px; line-height: 21px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 68px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 79px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">593 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">332 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">296 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">280 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">640 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">495 </span></td><td style="vertical-align: top; width: 60px;"> 468</td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">551 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">326 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">273</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 404</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">612 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">557 </span></td><td style="vertical-align: top; width: 60px;"> 595 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">438 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">279 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">256</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">629 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">598</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">582 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">364 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">313</span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 258 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 476</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">569</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">562 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="height: 37px; vertical-align: top; width: 68px;"><span style="color: blue; font-size: 12pt;"><b>2196 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>1063</b></span></td></tr>
</tbody></table>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></div>
<div style="color: black; font-family: 'Times New Roman'; font-size: medium; line-height: normal;">
<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total C-level Turnover Comparisons</span></span></strong></span></div>
<table border="1" bordercolor="#888" cellspacing="0" style="border-collapse: collapse; border-color: rgb(136, 136, 136); border-width: 1px; color: black; font-family: Arial, Verdana, sans-serif; font-size: 14px; line-height: 21px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 75px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">3971 </span></td><td style="vertical-align: top; width: 60px;">4083 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4102 </span></td><td style="vertical-align: top; width: 60px;">4117 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4123</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4196</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 90px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 59px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 75px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 37px; vertical-align: top; width: 62px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="height: 37px; vertical-align: top; width: 74px;"><span style="color: blue; font-size: 12pt;"><b>16,392 </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>8,200</b></span></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">As you can see from the quarterly and annual executive turnover totals in the above chart, North American public companies are operating at a more consistent level with regard to turnover. The same is true when viewed from a brief monthly perspective. June's 2014's executive turnover totals remained reasonably high in the key categories. Liberum expects this trend to continue as we move through the Summer and early Fall months. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for June 2014 with those of June 2013 and May 2014 and June 2014 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for June 2014 declined 14% from that of June 2013, whereas CFO turnover increased 10%, C-level and Board of Director turnover declined 15% for both categories. </span></li>
</ul>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The the month to month change from May 2014 to June 2014 showed a decline of 23% for CEOs, a decrease of 27% for CFOs and a decline of 20% with regard to C-level changes and a decline of 12% for Board of Director changes. </span></li>
</ul>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">In the below report, Liberum has focused on fifty six CEO changes of <b>special significance</b> for the month of June out of a total of only 164. We have also put together the overall turnover figures for the month of June 2014. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans, etc. just through the Liberum database.</span></div>
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<strong><span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</span></span></span></strong></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-12 Absolute Software ABT TORONTO 301</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-24 Advanced Cell Tec ACTC OTC 193</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Advanced Energy Industries, Inc. AEIS NASDAQ 756</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-17 Air Products & Chemicals, Inc. APD NYSE 27679</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-18 American Apparel, Inc. APP NYSE 115 </span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-10 American Int'l Group, Inc. AIG NYSE 79580</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-24 Antares Pharma Inc. ATRS NASDAQ 358</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Arctic Cat, Inc. ACAT NASDAQ 452</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-05 Avra AVRN 47</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-12 bebe stores, Inc. BEBE NASDAQ 263</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-16 Biolase, Inc. BIOL NASDAQ 80</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-09 Brainstorm Cell T BCLI OTC 55</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-05 Caprock Oil Inc ROKO OTC 48</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-24 Chemring Group Pl CMGMF OTC 737</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Cision CSN ST</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-26 Citrix Systems, Inc. CTXS NASDAQ 10426</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Curis, Inc. CRIS NASDAQ 145</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-17 Dara Biosciences DARA NASDAQ 10</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-10 Dendreon Corporation DNDN NASDAQ 327</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-25 Diadexus, Inc. DDXS OTC 41</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-03 Digipath DIGP OTC 22</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-11 Dna Brands, Inc. DNAX OTC 696</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-27 Dollar General Corp. DG NYSE 17346</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-13 Doral Financial Corp. DRL NYSE 30</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-18 Ecrypt Techno Inc ECRY OTC 16</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Equity One, Inc. EQY NYSE 2796</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-09 Everyware Global, EVRY NASDAQ 28</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-30 Finnvedenbulten FBAB STO</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-12 First Natl Corp S FXNC OTC 37</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-05 Fresh Promise Foo FPFI OTC 306</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-28 Furmanite Corp FRM NYSE 417</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-25 Heatwurx HUWX OTC 20</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Hipcricket Inc HIPP OTC 32</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-23 I.D. Systems, Inc. IDSY NASDAQ 62</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-12 Infosys Technologies Ltd (ADR) INFY NYSE 30421</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-03 Innocent, Inc. INCT OTC 392</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-24 Kid Brands, Inc KIDB OTC 233</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-16 Lihua Internation LIWA OTC 62</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-05 Maxwell Resources, Inc. MAXE OTC 1</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-11 Medient Studios, MDNT OTC 1</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-02 Navidea Biopharma NAVB NYSE 239</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-13 Novatel Wireless, Inc. NVTL NASDAQ 60</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-10 Ocean Power Tech OPTT NASDAQ 20</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-18 Pdc Energy, Inc. PDCE NASDAQ 2410</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-13 Protalix BioTherapeutics Inc. PLX NYSE 356</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-30 Rayonier Inc. RYN NYSE</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-13 Research Frontier REFR NASDAQ 139</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-25 Senesco Tech SNTI OTC 19</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-17 Solvista Gold Cor SVV CA VANCOUVER 10</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-27 Tecumseh Products TECU NASDAQ 94</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-06 Thinspace Tech THNS OTC 23</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-04 Universal Truckload Srvcs, Inc. UACL NASDAQ 715</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-03 Unwired Planet, I UPIP NASDAQ 239</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-23 Vican Resources, VCAN OTC 19</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-06 Xerium Technologies, Inc. XRM NYSE 242</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">06-23 Zynex Inc ZYXI OTC 8</span></span></div>
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<span style="color: blue;"><b><span style="font-family: arial, sans-serif; font-size: 10pt;">JUNE 2014 MANAGEMENT CHANGE STATISTICS</span></b></span></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1206<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs/Biotech </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 160<br />> Banking - 101<br />> Energy - 70</span></span></span></strong></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">JUNE 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 163<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs - 24<br />> Auto - 7<br />> Energy - 6</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">JUNE 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 181<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Drugs/Biotech - 26<br />> Metals/Mining - 14<br />> Health - 10</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">JUNE 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 376<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 60<br />> Banking - 26<br />> Energy- 25</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: -webkit-auto;">
<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.</span></div>
<ul style="text-align: -webkit-auto;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
</ul>
<ul style="text-align: -webkit-auto;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
</ul>
<div style="margin: 10px 0px; padding: 0px;">
<span style="text-align: -webkit-auto;"><span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div>
<div style="margin-bottom: 0.0001pt; text-align: -webkit-auto;">
<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum's ten year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing. You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. Subscribers often take the service as an electronic feed rather than as an online service. Through the use of Liberum's electronic feed, investment firms have the ability to integrate Liberum's management change data with a variety of other feeds and data applications which when combined could be used as a sophisticated method for developing potential short and long-term investment ideas. </span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-15643370780014630512014-06-18T11:32:00.000-04:002014-06-18T11:33:11.376-04:00May Executive Turnover Points Positive For Economy - Watch for Bumps Ahead<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 13.63636302947998px; line-height: 19.09090805053711px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;">Liberum Research's executive turnover data for May 2014 continued to show positive signs for the North American economies. CEO and CFO changes monitored by Liberum saw very high percentage increases from the previous month of April and C-level turnover showed a healthy increase over the same period. The numbers were not quite as positive when viewed from the same month of May a year earlier, but Liberum does not view the year to year by the one month as a real issue. The recovery continues to move in spurts, both up and down, but the overall trend remains positive. Wednesday, June 4, ADP released its Employment Report for May and while the totals were below most analysts expectations, the U.S. Labor Department's Bureau of Labor Statistics (BLS) Employment Report, the far more important of the two, released Friday, June 6, was better than the ADP report and bodes well for the continued up and down recovery. This BLS report was far closer to results Liberum saw in May as it related to executive turnover. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;">Last Wednesday's ADP's Employment Report for May 2014, as stated above, was below analysts expectations but was not terrible. According to the <a href="http://www.adpemploymentreport.com/2014/May/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-May2014-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP Employment Report</a>:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: normal;"><i>"After a strong post-winter rebound in April, job growth in May slowed somewhat,” said Carlos </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 15.555556297302246px; line-height: normal;">Rodriguez, president and chief executive officer of ADP. “The 179,000 jobs added figure is </i><i style="color: black; font-family: 'times new roman', serif; font-size: 15.555556297302246px; line-height: normal;">higher than May of last year and in line with the average over the past twelve months.” </i></blockquote>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, "Job growth moderated in May. The </i></span></span><i style="color: black; font-family: 'times new roman', serif; font-size: 15.555556297302246px; line-height: normal;">slowing in growth was concentrated in Professional/Business Services and companies with 50-</i><i style="color: black; font-family: 'times new roman', serif; font-size: 15.555556297302246px; line-height: normal;">999 employees. The job market has yet to break out from the pace of growth that has prevailed </i><i style="color: black; font-family: 'times new roman', serif; font-size: 15.555556297302246px; line-height: normal;">over the last three years.” </i></blockquote>
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Last Friday's <a href="http://www.bls.gov/news.release/pdf/empsit.pdf">U.S. Labor Department's BLS Report</a>, while not terrific, was reaosnably good:</div>
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<i>Total nonfarm payroll employment rose by 217,000 in May, and the unemployment rate was unchanged at 6.3 percent. Employment increased in professional and business services, health care and social assistance, food services and drinking places, and transportation and warehousing.</i></div>
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<b>Liberum Comparison Breakdown of Key May Executive Turnover </b></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for May 2014 compared with May a year earlier and the previous month of April 2014. </span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">For May 2014 decreases took place in two key categories. CEO changes declined 5% from a year earlier, board of director changes declined 21%, whereas overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) remained virtually the same and CFO changes increased 17%.</span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The month to month change in executive turnover (April 2014 to May 2014) showed a different picture with increases in three of the four key categories of 38% for CEOs, CFO changes increased a whopping 48%, C-level changes increased 8% while </span><span style="font-size: 16px;"><span style="font-size: 12pt;">board of director changes declined 14%. </span> </span><span style="font-size: 12pt;"> </span></span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for May. </span><span style="font-size: 12pt;"><span style="background-color: yellow;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b>Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities.</b> </span></span></span></div>
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<span style="font-size: 12pt;"><span style="background-color: yellow;"><span style="font-family: 'times new roman', serif;"><span style="text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span>.</span></span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">MAY 2014</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">58 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 211 CEO related changes occurred during May 2014. Here are 58 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Adcare Health Sys ADK NYSE</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Aggreko AGK LONDON 45</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Ambassadors Group EPAX NASDAQ 60</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Ambit Biosciences AMBI NASDAQB 110</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">American Caresour ANCI NASDAQ 11</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Assurant, Inc. AIZ NYSE 4793</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">California Gold M CGM CVE</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Canadian Pacific Railway LTD (USA) CP NYSE 27698</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Canamex Resources CSQ CVE</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Corecomm Solution COCMF OBB 649</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Covance Inc. CVD NYSE 4826</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Crocs, Inc. CROX NASDAQ 1308 </span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">ENSCO International Inc ESV NYSE 11837</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Enzymebiosystems ENZB OBB 19</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Excel Corp EXCC OTN 9</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Famous Dave's of America, Inc. DAVE NASDAQ 227</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Ford Motor Company F NYSE 61662</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">FTI Consulting, Inc. FCN NYSE 1236</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Furmanite Corp FRM NYSE 412</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Green Tech Soluti GTSO OBB 986</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Greenplex Svcs In GRPX OTN 43</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Hansen Medical, I HNSN NASDAQ 147</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Hawaiian Electric Industries, Inc. HE NYSE 2436</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Hyduke Energy Ser HYD TORONTO 13</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Infoblox Inc. Com BLOX NYSE 690</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">International Flavors & Fragrances Inc. IFF NYSE 7982</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Ja Energy JAEN OBB 9</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Krispy Kreme Doughnuts KKD NYSE 1210</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">LGL Group Inc. LGL NYSE 11</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Lihua Internation LIWA NASDAQ 62</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Magnachip Semicon MX NYSE 439</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Marin Software In MRIN NYSE 324</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Maxwell Technologies Inc. MXWL NASDAQ 483</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">National Bank Hol NBHC NYSE 844</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Navidea Biopharma NAVB NYSE 204</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Nokian Tyres NRE FINLAND</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Omnicare, Inc. OCR NYSE 6271</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Orofino Gold Corp ORFG OTN 2</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">OXiGENE, Inc. OXGN NASDAQ 27</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Parker Drilling Company PKD NYSE 803</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">PGT, Inc. PGTI NASDAQ 395</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">PolyOne Corporation POL NYSE 3533</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Pope Resources POPE NASDAQ 304</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Prospect Global R PGRX OTN 4</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Radient Pharm Cp RXPC OTN</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Sally Beauty Holdings, Inc. SBH NYSE 4135</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Sierra Monitor Co SRMC OTN 16</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">SupportSoft, Inc. SPRT NASDAQ 124</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Target Corporation TGT NYSE 36939</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">The Mosaic Company MOS NYSE 19133</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Tier Technologies, Inc. TIER OTN 711</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Vhgi Holdings Inc VHGI OTN 891</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Viewtran Group, I VIEW NASDAQ 58</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Virtus Oil and Ga VOIL OBB</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Vulcan Materials Co VMC NYSE 7815</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">WesBanco, Inc. WSBC NASDAQ 847</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Wpx Energy, Inc. WPX NYSE 4345</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25px;">Yaterra Ventures YTRV OTN 635</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">MAY 2014 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1513</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 137</span><span style="font-size: 12pt;">> Business Services - 102<br />> Banking - 98</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">MAY 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 211</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 19</span><span style="font-size: 12pt;">> Drugs - 17<br />> Health Services - 11</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">MAY 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 247</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Business Services - 23<br />> Drugs/Biotech - 20<br />> Energy - 18</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">MAY 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 428</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 39</span><br /><span style="font-size: 12pt;">> Energy - 30</span><br /><span style="font-size: 12pt;">> Business Services - 29</span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-70317294293291320092014-05-12T09:44:00.000-04:002014-05-12T09:44:08.138-04:00April Turnover Declines a Bit But Future Remains Rosy<div style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 13.63636302947998px; line-height: 19.09090805053711px;">
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;">Liberum's executive turnover data for April 2014 seemed to conflict a bit with the latest employment growth and unemployment figures that were recently announced for April 2014. CEO and CFO changes monitored by Liberum Research saw reasonably high percentage declines from the same month a year earlier. The numbers were a bit better for those two categories, when compared with the previous month's total for March 2014. The trend was a somewhat more positive when we examined the same changes with regard to overall C-level turnover (as defined by Liberum as all C-level executives down to VP level) and Board of Director changes. C-level turnover increased a mere 2% from the year earlier period of April 2013 and saw a slight increase of 3% when compared with the previous month of March 2014. Board of Director turnover was slightly different with a 7% increase from the year earlier and a static change for the previous month of March 2014. Overall, Liberum was not very concerned with the slight declines recorded for April 2014. We still see positive changes continuing in executive turnover totals and expect them to remain the same or higher as we move forward in to the spring and summer. Investors should keep this in mind.</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;">Last week both ADP's Employment Report for April 2014 and the government's monthly report from the Bureau of Labor Statistics (BLS) illustrated truly positive news for employment growth and unemployment. While a significant part of the large employment increases and declines in unemployed were due to end of the difficult winter, Liberum still views the overall numbers as being quite positive. According to the <a href="http://www.adpemploymentreport.com/2014/April/NER/NER-April-2014.aspx" style="color: #835ea5; cursor: text; text-decoration: none;" target="_blank">ADP Employment Report</a>:</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: normal;"><i>Private-sector employment increased by 220,000 from March to April, on a seasonally adjusted basis. </i></span></span></blockquote>
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<span style="font-family: 'times new roman', serif;">The government's <a href="http://www.bls.gov/news.release/empsit.nr0.htm" style="color: #835ea5; cursor: text; text-decoration: none;" target="_blank">BLS Report</a> was even more positive:</span></div>
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<i><span style="color: black; font-family: 'times new roman', serif; font-size: 12pt;"><span style="line-height: normal;">Total nonfarm payroll employment rose by 288,000, and the unemployment rate fell by 0.4 percentage point to 6.3 percent in April, the U.S. Bureau of Labor </span></span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: normal;">Statistics reported. Employment gains were widespread, led by job growth in professional and business services, retail trade, food services and drinking </span><span style="background-color: transparent; color: black; font-family: 'times new roman', serif; font-size: small; line-height: normal;">places, and construction.</span></i></div>
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<span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for April 2014 compared with April a year earlier and the previous month of March 2014. </span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">For April 2014 declines took place in two key categories. CEO changes declined 32% from a year earlier, CFO changes declined 12%, overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes increased 2% and board of director changes increased 7%.</span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The month to month change in executive turnover (March 2014 to February 2014) showed a slightly different picture with a decline of 7% for CEOs, CFO changes increased a mere 1%, C-level changes increased 3% and </span><span style="font-size: 16px;"><span style="font-size: 12pt;">board of director changes remained static. </span> </span><span style="font-size: 12pt;"> </span></span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for April. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - </span></span></b></span><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">APRIL 2014</span></span></b><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;"><br /></span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">53 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 153 CEO related changes occurred during April 2014. Here are 53 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-01 Core Resource Man CRMI OTN 47</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-01 Sun Bancorp, Inc. SNBCNASDAQ 337</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-02 Epcylon Technolog PRFC OTN 26</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-02 Reachlocal, Inc. RLOC NASDAQ 302</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-03 Modern Mobility A MDRM OTN 34</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-03 Taylor Consulting TAYO OBB 17</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-03 Vapor Hub Interna VHUB OTN</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-04 GTx, Inc. GTXI NASDAQ 116</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-07 Efftec Intl Inc EFFI OTN 381</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-07 Equity One, Inc. EQY NYSE 2663</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-07 Patriot Berry Far PBFI OBB 47</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-07 Plures Technologi MANY OTN 170</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-07 Rango Energy, Inc RAGO OTN 10</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-07 Vonage Holdings Corp. VG NYSE 880</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-08 Harsco Corporation HSC NYSE 1852</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-08 L&L Energy, Inc. LLEN OTN 54</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-09 Attune Rtd AURT OTN 520</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-09 Chimerix, Inc. CMRX NASDAQ 591</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-09 Tierra Grande Res TGRI OTN 1</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-10 Cal-Bay Intl Inc CBYI OTN 777</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-10 Infosys Technologies LTD (ADR) INFY NYSE</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-11 CMG Holdings Group, Inc. CMGO OTN 6</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-11 Crossbox Inc. CBXX 23</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-14 Sw China Imports SWCI OBB</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-14 Thermoenergy Corp TMEN OTN 2</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-14 Uni-Pixel, Inc. UNXL NASDAQ 93</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-15 As Seen On Tv Inc ASTV OBB 4</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-15 Finmeccanica Adr FINMY OTN 5111</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-15 Integrated Drilli IRIG OTN 27</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-15 Noble Energy, Inc. NBL NYSE 25920</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-16 Glow Holdings, In GLOH OTN</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-16 Higher One Holdin ONE NYSE 288</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-17 Agricon Global Co AGRC OTN 4</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-17 Impax Laboratories Inc. IPXL NASDAQ 1733</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-18 Ford Motor Company F NYSE 64363</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-18 Telecom Italia Sp TIAJF OTN</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-22 Ashland Inc. ASH NYSE 7600</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-22 Health Rev Assurn HRAA OBB 5</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-22 Helios Advantage HAV NYSE</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-22 Independence Res SNKTY OTN 17</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-22 Reneuron Group Pl RNUGF OTN 58</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-22 Strategic Mng Cor SMNG OTN</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-23 Accretive Health ACHI OTN 882</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-23 Capital Product P CPLP NASDAQ 946</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-23 Digi International Inc. DGII NASDAQ 228</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-23 Newcrest Mining L NCMGF OTN 7430</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-23 Vermillion Inc VRML NASDAQ 108</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-24 Canadian Imperial CM NYSE 34609</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-24 WesBanco, Inc. WSBC NASDAQ 878</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-25 Bg Group BG LONDON 408</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-25 Big Sky Petroleum BSP.V</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-28 Intertech Solutio ITEC 295</span></span></div>
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<span style="color: black; font-family: 'times new roman', serif;"><span style="font-size: 15px; line-height: 25px;">04-30 Superior Industries Intl Inc. SUP NYSE 565</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">APRIL 2014 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1398</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 150</span><span style="font-size: 12pt;">> Banking - 120<br />> Energy - 87</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">APRIL 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 153</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Energy - 16</span><span style="font-size: 12pt;">> Drugs - 15<br />> Banking - 12</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">APRIL 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 167</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 16<br />> Energy - 12<br />> Banking - 11</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">> Metals Mining - 11</span></span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">APRIL 2014</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 495</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 47</span><br /><span style="font-size: 12pt;">> Chemicals - 43</span><br /><span style="font-size: 12pt;">> Banking - 33</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span><b style="color: #444444; font-family: 'times new roman', serif; font-size: 12pt;">Using Liberum's database could offer a totally new perspective on investment and is a potential way to come up with unique special situation opportunities.</b></div>
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<span style="font-size: 12pt;"><span style="background-color: yellow;"><span style="font-family: 'times new roman', serif;"><span style="text-decoration: underline;"><b>If interested, call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span>.</span></span></span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-76648945176883697582014-04-07T13:54:00.001-04:002014-04-07T13:54:47.127-04:00Good News - Executive Turnover Begins to Grow<div dir="ltr" style="background-color: white; color: #616161; font-family: 'Open Sans'; font-size: 14px; line-height: 21px;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Executive turnover is finally beginning to show signs of growth again, a positive sign for the North American economy. The last number of months executive turnover was rather slow in comparison to a year earlier but we are beginning to see signs of a slight growth in turnover among the executive ranks. The increase in executive turnover seems to correlate with the latest more positive news regarding job growth in the Amercican economy. Earlier on Friday morning April 4, the U.S. Department of Labor Bureau of Labor Statistics (BLS) announced March employment Report and as expected the numbers were reasonably positive. According to the <a href="http://www.bls.gov/news.release/empsit.nr0.htm" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">BLS Report</a>,</span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>Total nonfarm payroll employment rose by 192,000 in March, and the unemployment rate</i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>was unchanged at 6.7 percent, the U.S. Bureau of Labor Statistics reported today.</i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>Employment grew in professional and business services, in health care, and in mining</i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>and logging.</i></span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Earlier in the same week ADP released it latest Employment Report and the job growth numbers were greater than anticipated. According to the <a href="http://www.adpemploymentreport.com/2014/March/NER/NER-March-2014.aspx" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP Employment Report</a> released April 2,</span></div>
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<i><span style="font-size: 10pt;">Private-sector employment increased by 191,000 from February to March, on a seasonally adjusted basis.</span></i></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, "The job market is coming out from its </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>deep winter slumber. Job gains are consistent with the pace prior to the brutal winter. The gains </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>are broad based across industries and business size classes. Even better numbers are likely in </i></span></span></div>
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<span style="color: black; font-family: arial, sans-serif; font-size: 10pt;"><span style="line-height: normal;"><i>coming months as the weather warms.</i></span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The American economy appears to have turned the corner but is still far from out of the woods. With winter beginning to fade the economy seems to be percolating. Unemployment continues to slowly decline and job growth is starting to show real incremental improvement. Top executives in both small and large firms also find themselves in a similar situation. Opportunities are growing for top executives and at the same time underperforming firms are now more likely to change deck chairs as the overall economy shows improved signs of life. </span><span style="font-family: arial, sans-serif; font-size: 13px;"> Liberum Research expects to see increased turnover in the executive ranks as we move through the Spring and into the Summer</span><span style="font-family: arial, sans-serif; font-size: 10pt;">. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below a six plus year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At this point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow but not consistently. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly turnover totals as registered through Liberum Research's Management Change Database for 2008 through the first quarter of 2014 for CEO, CFO and overall C-level turnover. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"><b> <span style="font-size: 12pt;">Total CEO Turnover Comparisons</span> </b></span><span style="font-weight: bold;"> </span></span></div>
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<tr><td style="height: 37px; vertical-align: top; width: 87px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 69px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 76px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2008 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 76px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 10pt;"><b>2013 </b></span></td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">583</span> </td><td style="vertical-align: top; width: 60px;">500 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 10pt;">619</span> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">627</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 87px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 18px; vertical-align: top; width: 69px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 18px; vertical-align: top; width: 76px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 18px; vertical-align: top; width: 61px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 18px; vertical-align: top; width: 72px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="vertical-align: top; width: 60px;"> <span style="font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 38px; vertical-align: top; width: 87px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 38px; vertical-align: top; width: 72px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 69px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 38px; vertical-align: top; width: 76px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 38px; vertical-align: top; width: 61px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 38px; vertical-align: top; width: 72px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span></b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">2,465</span></b> </td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">500</span></b><b> </b></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total CFO Turnover Comparisons </span></span></strong></span></div>
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<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 37px; vertical-align: top; width: 68px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 79px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">593 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">332 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">296 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">280 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">640 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">495 </span></td><td style="vertical-align: top; width: 60px;"> 468</td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">551 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">326 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">273</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 404</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">612 </span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">557 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">438 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">279 </span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">256</span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">629 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">598</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">582 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 89px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 66px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">364 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">313</span></td><td style="height: 18px; vertical-align: top; width: 79px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 258 </span></td><td style="height: 18px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 476</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">569</span></td><td style="height: 18px; vertical-align: top; width: 68px;"><span style="font-size: 10pt;">562 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 89px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 66px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 79px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="height: 37px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="height: 37px; vertical-align: top; width: 68px;"><span style="color: blue; font-size: 12pt;"><b>2196 </b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">468</span></b> </td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"> <strong><span style="color: blue;"><span style="font-size: 12pt;">Total C-level Turnover Comparisons</span></span></strong></span></div>
<table border="1" bordercolor="#888" cellspacing="0" style="border-collapse: collapse; border-color: rgb(136, 136, 136); border-width: 1px; color: black; font-family: Arial, Verdana, sans-serif; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"> </td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Year</span></strong></span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> 2008</span></strong><strong><span style="color: blue;"> </span></strong></span></td><td style="height: 18px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2009 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 75px;"><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2010 </span></span></strong></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2011</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;">2012</span></strong> </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2013</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td><td style="vertical-align: top; width: 60px;"><strong style="font-family: arial, sans-serif; font-size: 13px;"><span style="color: blue;">2014</span></strong><span style="font-family: arial, sans-serif; font-size: 13px;"> </span> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">3971 </span></td><td style="vertical-align: top; width: 60px;">4083 </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4102 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4123</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 18px; vertical-align: top; width: 90px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 18px; vertical-align: top; width: 59px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 18px; vertical-align: top; width: 64px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 18px; vertical-align: top; width: 75px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 18px; vertical-align: top; width: 62px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="height: 18px; vertical-align: top; width: 73px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="height: 18px; vertical-align: top; width: 74px;"><span style="font-size: 10pt;">4196</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 37px; vertical-align: top; width: 90px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 37px; vertical-align: top; width: 59px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 64px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 37px; vertical-align: top; width: 75px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 37px; vertical-align: top; width: 62px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="height: 37px; vertical-align: top; width: 73px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="height: 37px; vertical-align: top; width: 74px;"><span style="color: blue; font-size: 12pt;"><b>16,392 </b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="color: blue; font-size: 12pt;">4,083</span></b> </td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">As you can see from the quarterly and annual executive turnover totals in the above chart, North American public companies are operating at a more consistent level with regard to turnover. The same is true when viewed from a brief monthly perspective. March 2014's executive turnover totals remained reasonably high in the key categories. Liberum anticipates this trend will continue as we move through the Spring and Summer months. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for March 2014 with those of March 2013 and February 2014 and March 2014 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for March 2014 declined 7% from that of March 2013, whereas CFO, C-level and Board of Director turnover all increased 22%, 9% and 9%, respectively. </span></li>
</ul>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The the month to month change from February 2014 to March 2014 showed a small decline of 2% for CEOs, an increase of 13% for CFOs and an increase of 6% with regard to C-level changes and an increase of 16% for Board of Director changes. Overall these totals remain positive signs for the economy. </span></li>
</ul>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">In the below report, Liberum has focused on fifty seven CEO changes of <b>special significance</b> for the month of March out of a total of only 164. We have also put together the overall turnover figures for the month of March 2014. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans etc. just through the Liberum database.</span></div>
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<strong><span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;">DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</span></span></span></strong></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-03 I.DOBB. Systems, Inc. IDSY NASDAQ 69</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-03 meemee Media Inc. MEME OTN 16</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-03 Vansen Pharma Inc. VNSN 112</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-03 Xylem Inc. Common XYL NYSE</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-04 Oiltanking Partne OILT NYSE 2893</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-04 QUALCOMM Incorporated QCOM NASDAQ 129900</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-05 Comscore, Inc. SCOR NASDAQ 1074 </span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-05 Stallergenes GENP FRANCE EPA</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-05 Viking Minerals I VKML OTN</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-05 Wyndham Worldwide WYN NYSE</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-06 Vedanta Resources VED.L 23</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-07 Canexus Corp CXUSF OTN 659</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-07 Plandel Resources PLDX 56</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-10 Astika Holdings ASKH OBB 8</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-10 Kresta Fpo KRS ASX 25</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-11 Synacor, Inc. SYNC NASDAQ 74</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-11 The Bon-Ton Stores, Inc. BONT NASDAQ 207</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-12 Advanced Content ADCS OTN</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-12 Akers Biosciences AKER NASDAQ 11</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-12 Covisint Corporation COVS NASDAQ 292</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-12 Eastman Kodak Company EK </span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-12 Semgroup Corporat SEMG NYSE 2767</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-13 Apple Rush Co APRU OTN 5</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-13 Rotoblock Corp RTBC OTN 415</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Business Cont Sol BUCS OTN 4</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Centor Inc CNTO OTN 8</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Chembio Diagnosti CEMI NASDAQ 32</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Crumbs Bake Shop CRMB NASDAQ 8</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Nokia Corporation (ADR) NOK NYSE 28214</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 SupportSoft, Inc. SPRT NASDAQ 151</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Us Dataworks Inc UDWK OTN 2</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-17 Digital Realty Trust, Inc. DLR NYSE 6665</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-17 First Titan Corp FTTN OBB 5</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-17 Wayne Savings Bancshares, Inc WAYN NASDAQ 33</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 Nam Tai Electronics, Inc. NTE NYSE 271</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 Schmolz + Bicken SSN Germany</span></span></div>
<div>
<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 United Community Financial Corp UCFC NASDAQ 197</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19 Equity One, Inc. EQY NYSE 2637</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-20 Contravir Pharmac CTRV OBB 52</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-20 General Cable Corporation BGC NYSE 1376</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-20 Symantec Corporation SYMC NASDAQ 12923</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-20 Synta Pharmaceuticals Corp. SNTA NASDAQ 393</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-21 3d Eye Solutions, TDEY OTN 42</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-21 Pbs Holding, Inc. PBHG OTN 409</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-21 Zumiez Inc. ZUMZ NASDAQ 738</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-24 Catalyst Copper C CCY CANADA 836</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-25 Affiliated Managers Group, Inc. AMG NYSE 9873</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-25 Cantex Energycorp CTXE OTN 344</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-25 Double Eagle Petroleum Co. DBLE 32</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-25 Gordmans Stores GMAN NASDAQ 101</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-25 Omnicare, Inc. OCR NYSE 5859</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-27 Superior Industries Int'l Inc. SUP NYSE 546</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-27 Westmoreland Coal Company WLB NASDAQ 433</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-28 Hudson Valley Hol HVB NYSE 377</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-31 CDI Corp. CDI NYSE 334</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-31 Elbit Medical Imaging Ltd EMITF NASDAQ 6</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-31 Zoned Properties ZDPY OTN 10</span></span></div>
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<span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;"><br /></span></span></div>
<div dir="ltr" style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<span style="color: blue;"><b><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2014 MANAGEMENT CHANGE STATISTICS</span></b></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal; margin: 10px 0px; padding: 0px;">
<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1355<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs/Biotech </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 144<br />> Banking - 103<br />> Energy - 87</span></span></span></strong></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 164<br />TOP INDUSTRY SECTORS</span></strong><br />> Banking - 15<br />> Drugs/Biotech - 15<br />> Metals/Mining - 14</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 166<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Drugs/Biotech - 17<br />> Metals/Mining - 14<br />> Banking - 12</span></div>
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<b style="background-color: transparent; color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2014</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 497<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 72<br />> Energy - 38<br />> Banking - 32</span></div>
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<div style="margin-bottom: 0.0001pt; text-align: -webkit-auto;">
<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "special situation" that can have a direct and major impact on a company's performance and share price.</span></div>
<ul style="text-align: -webkit-auto;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
</ul>
<ul style="text-align: -webkit-auto;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
</ul>
</div>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-27329544555599080222014-02-13T12:28:00.003-05:002014-02-13T12:28:42.619-05:00January Executive Turnover Continues to Decline<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 11.818181991577148px;">
<div>
Liberum’s executive turnover data for January 2014 continued to follow the same negative trend we have been measuring for the last few months. CEO and CFO changes monitored by Liberum Research saw significant percentage declines from the same month a year earlier and from the previous month of December 2013. The trend was somewhat more confusing when we examined the same changes with regard to overall C-level turnover (as defined by Liberum as all C-level executives down to VP level) and to turnover in the Board of directors. C-level turnover was static (virtually unchanged) for both periods and board of director turnover was actually up in both periods. The January employment figures from U.S. Department of Labor that camne out Friday, February 7, 2014 were also somewhat disappointing as well. According to the <a href="http://www.bls.gov/news.release/empsit.nr0.htm" style="color: #9d0504; text-decoration: none;" target="_blank">BLS Employment Report</a>:</div>
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</div>
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<blockquote>
Total nonfarm payroll employment rose by 113,000 in January, and the unemployment ratewas little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today (February 7th). <span style="font-size: 13px;">Employment grew in construction, manufacturing, wholesale trade, and mining. </span><span style="font-size: 13px;">Total nonfarm payroll employment rose by 113,000 in January, and the unemployment ratewas little changed at 6.6 percent, the U.S. Bureau of Labor Statistics reported today.Employment grew in construction, manufacturing, wholesale trade, and mining.</span></blockquote>
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<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 11.818181991577148px;">
Below is a breakdown of Liberum’s key executive category percentage changes for January 2014 compared with January a year earlier and the previous month of December 2013.<br />
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<div>
<ul>
<li>For January 2014 declines took place in two key categories. CEO changes declined 16% from a year earlier, CFO changes declined 21%, whereas overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes remained static and board of director changes increased 6% as compared with January 2013 totals.</li>
</ul>
<ul>
<li>The month to month change in executive turnover (December 2013 to January 2014) showed a slightly more negative picture with a decline of 25% for CEOs, a decline of 14% for CFOs, C-level changes remained static and board of director changes declined 19%, respectively.</li>
</ul>
Below are the overall turnover totals for January. The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company’s performance. <strong></strong><br />
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</div>
<strong><br /></strong>
<strong>KEY CEO CHANGES – </strong><strong>JANUARY 2014</strong><strong><br /></strong><strong>41 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</strong><br />
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<strong><br /></strong></div>
<div>
According to Liberum’s Management Change Database, a total of 168 CEO related changes occurred during January 2014. Here are 41 from the time period that caught my eye. By significant, I’m looking for situations where I think a particularly strong or weak choice has been made – given the apparent current state of the company – or where there is an interesting special situation.</div>
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</div>
<strong><br /></strong>
<strong>DATE COMPANY </strong><strong>TICKER </strong><strong>EXCHANGE </strong><strong>MARKET CAP $ MILLIONS</strong></div>
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01-02 Ryl Dtch Shl Cl A RDS-A LSS 221900</div>
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01-03 Healthcare Corp HCCAE OTN 16</div>
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01-06 Endeavor Ip, Inc. ENIP OBB 32</div>
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01-06 Mbac Fertilizer C MBC TORONTO 257</div>
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01-08 Barnes & Noble, Inc. BKS NYSE 887</div>
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01-08 Ideal Power Inc. IPWR NASDAQ 48</div>
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01-08 Ratos Ab Shs-B RTOBF OTN 2801</div>
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01-09 Hybrid Paytech World FPOTF OTN 22</div>
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01-09 Suntech Power Hld STPFQ OTN 100</div>
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01-09 Teva Pharm Ind Ltd (ADR) TEVA NYSE 35127</div>
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01-10 Amarin Corporation plc (ADR) AMRN NASDAQ 373</div>
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01-10 Experience Art & EXAD OBB 29</div>
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01-10 Guided Therapeuti GTHP OBB 36</div>
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01-13 Incyte Corporation INCY NASDAQ 9561</div>
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01-13 Red Lion Hotels Corp RLH NYSE 114</div>
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01-14 Breedit Corp BRDT OTN 8</div>
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01-14 Canarc Resource C CRCUF OBB 7</div>
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01-15 Iceweb Inc IWEB OBB 4</div>
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01-15 Local.com Corp. LOCM NASDAQ 36</div>
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01-15 Malvern Bancorp, MLVF NASDAQ 69</div>
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01-17 BlueLinx Holdings Inc. BXC NASDAQ 149</div>
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01-17 Independent Film IFLM OTN 697</div>
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01-17 Sunvault Energy, SVLT OBB 4</div>
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01-18 Silver Stream Min AGSM OTN 5</div>
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01-20 Deutsche Lufthans DLAKY OTN 11369</div>
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01-21 Oak Ridge Micro E OKME OBB 63</div>
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01-22 Advanced Cell Tec ACTC OTN 162</div>
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01-22 Liposcience, Inc. LPDX NASDAQ 63</div>
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01-23 American Eagle Outfitters AEO NYSE 2543</div>
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01-23 Greenhunter Energ GRH NYSE 40</div>
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01-23 Teradyne, Inc. TER NYSE 3625</div>
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01-24 Premier Alliance PIMO OTN 15</div>
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01-27 Astro-Med, Inc. ALOT NASDAQ 98</div>
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01-27 Chunghwa Telecom Co., Ltd. (ADR) CHT NYSE 22869</div>
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01-27 E2v Technologies E2V LSS 3</div>
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01-27 Global Cash Access Holdings, Inc. GCA CVE</div>
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01-27 K3 Business Tec G KBT LSS</div>
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01-27 Lanxess Ag LNXSF OTN 5497</div>
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01-27 Metal Management, Inc. MM 607</div>
<div>
01-27 Pepco Holdings, Inc. POM NYSE 4735</div>
<div>
01-30 Johnson Matthey P JMPLY OTN 10959</div>
</div>
<div>
<strong><br /></strong>
<strong><br /></strong>
<strong>JANUARY 2014 MANAGEMENT CHANGE STATISTICS</strong><br />
<div>
<strong>C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL – 1449</strong></div>
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</div>
<div>
<strong><br /></strong></div>
<div>
<strong>TOP INDUSTRY SECTORS</strong></div>
<div>
> Drugs/Biotech – 141<br />> Banking – 124<br />> Energy – 102</div>
<strong><br /></strong>
<strong>JANUARY 2014</strong><strong> CEO CHANGE STATISTICS<br />GRAND TOTAL – 168</strong><br />
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</div>
<div>
<strong><br /></strong></div>
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<strong>TOP INDUSTRY SECTORS</strong></div>
<div>
> Energy – 12<br />> Manufacturing – 12<br />> Banking – 10</div>
<div>
> Business Services – 10</div>
<strong><br /></strong>
<strong>JANUARY 2014</strong><strong> CFO CHANGE STATISTICS<br />GRAND TOTAL – 155</strong><br />
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</div>
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<strong><br /></strong></div>
<div>
<strong>TOP INDUSTRY SECTORS</strong></div>
<div>
> Manufacturing – 14<br />> Energy – 12</div>
<div>
> Food/Drink – 10</div>
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> Telecom – 10</div>
<strong><br /></strong>
<strong>JANUARY 2014</strong><strong> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL – 434</strong><br />
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</div>
<div>
<strong><br /></strong></div>
<div>
<strong>TOP INDUSTRY SECTORS</strong></div>
<div>
> Energy – 44<br />> Banking – 39<br />> Drugs/Biotech – 39</div>
<div>
> Consumer Products – 23</div>
</div>
</div>
</div>
Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-57885875792949193422014-01-14T11:17:00.000-05:002014-01-14T11:17:03.462-05:002013 Executive Turnover Totals Point to Positive Growth Continuing<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
The American economy appears to have turned the corner but is still far from out of the woods. With unemployment still slowly dropping and job growth incrementally improving, there appears to be growing optimism about job prospects and economic growth. This optimism experienced a hiccup recently when the U.S. Government’s Bureau of Labor Statistics December 2013 job growth figures were well below analysts’ expectations. Analysts expected a large number for December 2013 (around 200,000) and were quite disappointed after <a href="http://www.bls.gov/news.release/empsit.nr0.htm" style="color: #9d0504; text-decoration: none;" target="_blank" title="US Dept. Labor BLS December 2013 Employment Report">BLS </a>announced,</div>
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<br /></div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;">
<em>The unemployment rate declined from 7.0 percent to 6.7 percent in December, while total nonfarm payroll employment edged up (+74,000)…</em></div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px; padding-left: 30px;">
<em><br /></em></div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
Top executives in both small and large firms also find themselves in a similar situation. Opportunities are growing for top executives yet, underperforming firms are now more likely to change deck chairs as the overall economy shows life. Liberum Research expects to see increased turnover in the executive ranks as we move through the early months of 2014.</div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<br /></div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
Liberum has put together below a six year quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At this point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow but not consistently. Companies began again to consider new blood and often looked to change their corporate strategies as kernels of opportunity began to sprout ever so slightly. Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks. Failure to do so, will result in lost opportunities or worse.</div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<br /></div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
Below is a simple table outlining the quarterly turnover totals as registered through Liberum Research’s Management Change Database for 2008 through the fourth quarter of 2013 for CEO, CFO and overall C-level turnover.</div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<br /></div>
<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<span style="color: blue;"><strong></strong><strong>Total CEO Turnover Comparisons</strong></span><strong></strong><strong></strong></div>
<table border="1" cellpadding="0" cellspacing="0" style="background-color: #f7f7f7; color: black; font-family: Arial, sans-serif; font-size: 12px; margin: 0px; padding: 0px;"><tbody>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87"></td><td style="margin: 0px; padding: 0px;" valign="top" width="72"></td><td style="margin: 0px; padding: 0px;" valign="top" width="69"></td><td style="margin: 0px; padding: 0px;" valign="top" width="76"></td><td style="margin: 0px; padding: 0px;" valign="top" width="61"></td><td style="margin: 0px; padding: 0px;" valign="top" width="72"></td><td style="margin: 0px; padding: 0px;" valign="top" width="60"></td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87"><strong><span style="color: blue;">Year</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="72"><strong><span style="color: blue;">2008</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="69"><strong><span style="color: blue;">2009</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="76"><strong><span style="color: blue;">2010</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="61"><strong><span style="color: blue;">2011</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="72"><strong><span style="color: blue;">2012</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="60"><strong><span style="color: blue;">2013</span></strong></td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87">1st Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">745</td><td style="margin: 0px; padding: 0px;" valign="top" width="69">491</td><td style="margin: 0px; padding: 0px;" valign="top" width="76">388</td><td style="margin: 0px; padding: 0px;" valign="top" width="61">346</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">680</td><td style="margin: 0px; padding: 0px;" valign="top" width="60">583</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87">2nd Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">596</td><td style="margin: 0px; padding: 0px;" valign="top" width="69">380</td><td style="margin: 0px; padding: 0px;" valign="top" width="76">321</td><td style="margin: 0px; padding: 0px;" valign="top" width="61">581</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">665</td><td style="margin: 0px; padding: 0px;" valign="top" width="60">619</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87">3rd Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">533</td><td style="margin: 0px; padding: 0px;" valign="top" width="69">409</td><td style="margin: 0px; padding: 0px;" valign="top" width="76">298</td><td style="margin: 0px; padding: 0px;" valign="top" width="61">713</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">636</td><td style="margin: 0px; padding: 0px;" valign="top" width="60">627</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87">4th Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">461</td><td style="margin: 0px; padding: 0px;" valign="top" width="69">430</td><td style="margin: 0px; padding: 0px;" valign="top" width="76">328</td><td style="margin: 0px; padding: 0px;" valign="top" width="61">697</td><td style="margin: 0px; padding: 0px;" valign="top" width="72">673</td><td style="margin: 0px; padding: 0px;" valign="top" width="60">636</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="87"><strong><span style="color: blue;">Annual Total</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="72"><strong><span style="color: blue;">2,335</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="69"><strong><span style="color: blue;">1,710</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="76"><strong><span style="color: blue;">1,335</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="61"><strong><span style="color: blue;">2,337</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="72"><strong><span style="color: blue;">2,654</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="60"><strong><span style="color: blue;">2,465</span></strong></td></tr>
</tbody></table>
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<div style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<strong><span style="color: blue;">Total CFO Turnover Comparisons</span></strong></div>
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<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89"></td><td style="margin: 0px; padding: 0px;" valign="top" width="66"></td><td style="margin: 0px; padding: 0px;" valign="top" width="64"></td><td style="margin: 0px; padding: 0px;" valign="top" width="79"></td><td style="margin: 0px; padding: 0px;" valign="top" width="58"></td><td style="margin: 0px; padding: 0px;" valign="top" width="73"></td><td style="margin: 0px; padding: 0px;" valign="top" width="68"></td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89"><strong><span style="color: blue;">Year</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="66"><strong><span style="color: blue;">2008</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="64"><strong><span style="color: blue;">2009</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="79"><strong><span style="color: blue;">2010</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="58"><strong><span style="color: blue;">2011</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="73"><strong><span style="color: blue;">2012</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="68"><strong><span style="color: blue;">2013</span></strong></td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89">1st Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="66">593</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">332</td><td style="margin: 0px; padding: 0px;" valign="top" width="79">296</td><td style="margin: 0px; padding: 0px;" valign="top" width="58">280</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">640</td><td style="margin: 0px; padding: 0px;" valign="top" width="68">495</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89">2nd Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="66">551</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">326</td><td style="margin: 0px; padding: 0px;" valign="top" width="79">273</td><td style="margin: 0px; padding: 0px;" valign="top" width="58">404</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">612</td><td style="margin: 0px; padding: 0px;" valign="top" width="68">557</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89">3rd Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="66">438</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">279</td><td style="margin: 0px; padding: 0px;" valign="top" width="79">256</td><td style="margin: 0px; padding: 0px;" valign="top" width="58">629</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">598</td><td style="margin: 0px; padding: 0px;" valign="top" width="68">582</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89">4th Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="66">364</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">313</td><td style="margin: 0px; padding: 0px;" valign="top" width="79">258</td><td style="margin: 0px; padding: 0px;" valign="top" width="58">476</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">569</td><td style="margin: 0px; padding: 0px;" valign="top" width="68">562</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="89"><strong><span style="color: blue;">Annual Total</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="66"><strong><span style="color: blue;">1,946</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="64"><strong><span style="color: blue;">1,250</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="79"><strong><span style="color: blue;">1,083</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="58"><strong><span style="color: blue;">1,789</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="73"><strong><span style="color: blue;">2,419</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="68"><strong><span style="color: blue;">2196</span></strong></td></tr>
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<strong><span style="color: blue;">Total C-level Turnover Comparisons</span></strong></div>
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<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90"></td><td style="margin: 0px; padding: 0px;" valign="top" width="59"></td><td style="margin: 0px; padding: 0px;" valign="top" width="64"></td><td style="margin: 0px; padding: 0px;" valign="top" width="75"></td><td style="margin: 0px; padding: 0px;" valign="top" width="62"></td><td style="margin: 0px; padding: 0px;" valign="top" width="73"></td><td style="margin: 0px; padding: 0px;" valign="top" width="74"></td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90"><strong><span style="color: blue;">Year</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="59"><strong><span style="color: blue;">2008</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="64"><strong><span style="color: blue;">2009</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="75"><strong><span style="color: blue;">2010</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="62"><strong><span style="color: blue;">2011</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="73"><strong><span style="color: blue;">2012</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="74"><strong><span style="color: blue;">2013</span></strong></td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90">1st Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="59">6735</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">4061</td><td style="margin: 0px; padding: 0px;" valign="top" width="75">3453</td><td style="margin: 0px; padding: 0px;" valign="top" width="62">2863</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">5442</td><td style="margin: 0px; padding: 0px;" valign="top" width="74">3971</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90">2nd Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="59">7430</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">5051</td><td style="margin: 0px; padding: 0px;" valign="top" width="75">3199</td><td style="margin: 0px; padding: 0px;" valign="top" width="62">4041</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">5036</td><td style="margin: 0px; padding: 0px;" valign="top" width="74">4102</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90">3rd Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="59">4865</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">3690</td><td style="margin: 0px; padding: 0px;" valign="top" width="75">2522</td><td style="margin: 0px; padding: 0px;" valign="top" width="62">5349</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">4235</td><td style="margin: 0px; padding: 0px;" valign="top" width="74">4123</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90">4th Quarter</td><td style="margin: 0px; padding: 0px;" valign="top" width="59">4277</td><td style="margin: 0px; padding: 0px;" valign="top" width="64">3439</td><td style="margin: 0px; padding: 0px;" valign="top" width="75">2381</td><td style="margin: 0px; padding: 0px;" valign="top" width="62">4596</td><td style="margin: 0px; padding: 0px;" valign="top" width="73">4197</td><td style="margin: 0px; padding: 0px;" valign="top" width="74">4196</td></tr>
<tr style="margin: 0px; padding: 0px;"><td style="margin: 0px; padding: 0px;" valign="top" width="90"><strong><span style="color: blue;">Annual Total</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="59"><strong><span style="color: blue;">23,307</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="64"><strong><span style="color: blue;">16,241</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="75"><strong><span style="color: blue;">11,555</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="62"><strong><span style="color: blue;">16,849</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="73"><strong><span style="color: blue;">18,910</span></strong></td><td style="margin: 0px; padding: 0px;" valign="top" width="74"><strong><span style="color: blue;">16,392</span></strong></td></tr>
</tbody></table>
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As you can see from the quarterly and annual executive turnover totals in the above chart, North American public companies are operating at a more consistent level with regard to turnover. The same is true when viewed from a brief monthly perspective. December 2013′s executive turnover totals remained reasonably high in the key categories. Liberum anticipates this trend will continue as we move through January and February.</div>
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The latest monthly comparison figures with regard to executive turnover for December 2013 with those of December 2012 and November 2013 and December 2013 are as follows:</div>
<ul style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<li>CEO turnover for December 2013 declined 9% from that of December 2012, CFO turnover declined 3%, while overall C-level turnover remained the same.</li>
</ul>
<ul style="background-color: #f7f7f7; font-family: Arial, sans-serif; font-size: 12px;">
<li>The month to month change from November 2013 to December 2013 showed an increase of 12% for CEOs, an increase of 6% for CFOs and an increase of 15% with regard to C-level changes. Overall these totals remain positive signs for the economy.</li>
</ul>
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In the below report, Liberum has focused on fifty two CEO changes of special significance for the month of December out of a total of 225. We have also put together the overall turnover figures for the month of December 2013. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company’s performance. The same could be done for COOs, Presidents, Chairmans etc. just through the Liberum database.</div>
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<strong>DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</strong></div>
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12-02 Rathbone Brothers RAT LSS 7</div>
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12-03 Polycom, Inc. PLCM NASDAQ 1810</div>
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12-04 Wolfden Resources WLF CANADA 10</div>
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12-05 Agri-Dynamics Inc AGDY OTN</div>
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12-05 Rainbow Coral Cor RBCC OBB 3</div>
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12-05 Zodiac Exploratio ZEX CVE</div>
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12-06 Domino’s Pizza, Inc. DPZ NYSE 3871</div>
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12-06 Rio Bravo Oil, In RIOB OBB 29</div>
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12-06 Selectica, Inc. SLTC NASDAQ 23</div>
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12-09 First Physicians FPCG OTN 50</div>
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12-09 Hologic, Inc. HOLX NASDAQ 5992</div>
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12-10 Blox Inc BLXX NYSE 864</div>
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12-10 Clean Diesel Tech CDTI NASDAQ 13</div>
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12-10 General Motors Corporation GM NYSE 55870</div>
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12-10 Jacksonville Banc JAXB NASDAQ 75</div>
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12-10 Lululemon Athletica Inc. LULU NASDAQ 10127</div>
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12-10 QLogic Corporation QLGC NASDAQ 998</div>
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12-11 Absolute Software ABT TORONTO 296</div>
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12-11 Crumbs Bake Shop, CRMB NASDAQ 10</div>
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12-11 EOG Resources, Inc. EOG NYSE 43089</div>
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12-11 Female Health Com FHCO NASDAQ 244</div>
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12-11 Spdr S&P 500 SPY ETF</div>
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12-12 Restoration Hardw RH USC 2510</div>
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12-13 FTI Consulting, Inc. FCN NYSE 1683</div>
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12-13 Great East Energy GASE OBB 25</div>
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12-13 QUALCOMM Incorporated QCOM NASDAQ 123200</div>
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12-13 Rsa Insurance Gro RSNAY OTN 5410</div>
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12-16 KBR, Inc. KBR NYSE 4518</div>
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12-16 Pricer -B- PRICB STOCKHOLM</div>
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12-16 Violin Memory, In VMEM NYSE 128</div>
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12-17 Centor Inc CNTO OBB 74</div>
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12-17 Halozyme Therapeu HALO NASDAQ 1663</div>
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12-18 Encision Inc ECIA OTN 7</div>
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12-18 Globalscape Inc GSB NYSE 44</div>
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12-18 Integrated Device IDTI NASDAQ 1520</div>
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12-18 QUALCOMM Incorporated QCOM NASDAQ 123100</div>
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12-18 Standex Int’l Corp. SXI NYSE 760</div>
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12-19 Arricano Re Est ARO LONDON</div>
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12-19 Bhp Billiton Limi BHP NYSE 169500</div>
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12-19 Co-Signer, Inc COSR OBB 4</div>
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12-20 Nielsen Holdings NLSN NYSE 17237</div>
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12-20 Renuen Corporatio RENU OTN 324</div>
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12-23 Acer Inc Gdrregs ACEIF OTN</div>
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12-23 CyberOptics Corporation CYBE NASDAQ 40</div>
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12-23 EarthLink, Inc. ELNK NASDAQ 516</div>
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12-23 First West Virgin FWV NYSE 28</div>
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12-23 Invivo Therapeuti NVIV OTN 150</div>
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12-23 Metabolix, Inc. MBLX NASDAQ 46</div>
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12-23 Orgenesis Inc ORGS OTN 31</div>
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12-23 SMTC Corporation (USA) SMTX NASDAQ 37</div>
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12-27 Crocs, Inc. CROX NASDAQ 1427</div>
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12-31 Deutsche Tele Ag DTEGY OTN 75116</div>
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<strong><span style="color: blue;">DECEMBER 2013 MANAGEMENT CHANGE STATISTICS</span></strong></div>
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<span style="color: blue;"><strong>C-LEVEL MANAGEMENT CHANGE STATISTICS</strong><strong><br /><strong>GRAND TOTAL – 1448</strong><br /><strong>TOP INDUSTRY SECTORS</strong></strong></span></div>
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<strong><br /></strong>> Energy - 161<br />> Drugs/Biotech – 129<br />> Metals/Mining – 103</div>
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<span style="color: blue;"><strong>DECEMBER 2013 CEO CHANGE STATISTICS</strong><strong><br /><strong>GRAND TOTAL – 225</strong><br /><strong>TOP INDUSTRY SECTORS</strong></strong></span></div>
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<span style="color: blue;"><b><br /></b></span>> Energy – 29<br />> Manufacturing – 17<br />> Drugs/Biotech – 16</div>
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<span style="color: blue;"><strong>DECEMBER 2013 CFO CHANGE STATISTICS</strong><strong><br /><strong>GRAND TOTAL – 181</strong><br /><strong>TOP INDUSTRY SECTORS</strong></strong></span></div>
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> Energy – 34<br />> Drugs/Biotech – 17<br />> Banking – 12</div>
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<span style="color: blue;"><strong>DECEMBER 2013 BOARD OF DIRECTOR CHANGE STATISTICS</strong><strong><br /><strong>GRAND TOTAL – 539</strong><br /><strong>TOP INDUSTRY SECTORS</strong></strong></span></div>
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<span style="color: blue;"><b><br /></b></span>> Energy – 69<br />> Drugs/Biotech – 50<br />> Business Services – 31<br />> Manufacturing – 31</div>
Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-25914103713115078622013-11-11T10:50:00.000-05:002013-11-11T10:52:02.044-05:00October Executive Turnover Defies Analyst Expectations<div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;">Liberum's executive turnover data for October 2013 appeared a bit more positive for the American economy than the previous month of September. Three out of the four key executive turnover categories (CEOs, CFOs, C-level Execs and Board of Directors) saw percentage increases from the same month a year earlier and from the previous month of September 2013. The more positive trend for October, however, was not evidenced in the latest monthly employment numbers released last week by ADP's October Employment Report. </span></span></div>
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<span style="font-size: 15.555556297302246px;"><span style="font-family: 'times new roman', serif;">According to the <a href="http://www.adpemploymentreport.com/2013/October/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-October2013-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP October Employment Report</a>:</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>"According to ADP National Employment Report findings, the U.S. private sector added a total </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>of 130,000 jobs during the month of October, well below the average of the last twelve months,” </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>said Carlos Rodriguez, president and chief executive officer of ADP. "Small business growth </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>was down from the previous month, while payrolls among large enterprises showed an </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>increase." </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>Mark Zandi, chief economist of Moody’s Analytics, said, "The government shutdown and debt </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>limit brinkmanship hurt the already softening job market in October. Average monthly growth </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>has fallen below 150,000. Any further weakening would signal rising unemployment. The </i></span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px; line-height: 25.55555534362793px;"><i>weaker job growth is evident across most industries and company sizes.” </i></span></span></div>
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<span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px; line-height: 25.55555534362793px;">The U.S. Department of Labor's Bureau of Labor Statistics (BLS) released its employment numbers last Friday, a week late due to the recent government shutdown. Liberum analysis of our executive turnover totals has coincided more closely with the BLS' latest numbers which were much better than those reported by ADP and originally expected by most analysts.</span></div>
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<span style="font-family: 'times new roman', serif;"> </span><span style="font-family: 'times new roman', serif; font-size: 16px; line-height: 1.5;">Below is a breakdown of Liberum's key executive category percentage changes for October 2013 compared with October a year earlier and the previous month of September 2013. </span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">For October 2013 CEO changes declined 3% from a year earlier, CFO changes increased 17%, overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes increased 10% and board of director changes increased 5% as compared with October 2012 totals. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The month to month change in executive turnover (September 2013 to October 2013) showed a somewhat similar picture with no change in CEOs, CFO changes increased 6%, overall C-level changes increased 16% and </span><span style="font-size: 16px;"><span style="font-size: 12pt;">board of director changes increased 22%, respectively. </span> </span><span style="font-size: 12pt;"> </span></span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover totals for October: </span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - OCTOBER 2013</span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">32 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 210 CEO related changes occurred during October 2013. Here are 32 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has been made - given the apparent current state of the company - or where there is an interesting special situation. </span></span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-02 Altair Nanotech, Inc. ALTI NASDAQ 30</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-02 Ener Core Inc ENCR OBB 106</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-02 Pyramid Oil Co PDO NYSE 25</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-03 United Online, Inc. UNTD NASDAQ 739</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-04 Farmers National FMNB NASDAQ 116</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-06 Basic Energy Srvcs. BAS NYSE 510</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-06 Blacksands Petrol BSPE OTN 36</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-08 Det Norske DETNF OTN 1885</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-09 Cognitiv Inc COGV OTN 188</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-09 Wave Systems Corp WAVX NASDAQ 42</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-10 Arcis Resources C ARCS OTN 2</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-10 Lyris Inc LYRI OTN 12</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-11 American Railcar ARII NASDAQ 859</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-14 Burberry Group Pl BURBY OTN 10113</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-15 Superior Indust Int'l SUP NYSE 499</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-15 Ucp Holdings, Inc UCPH OTN 12</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-16 Circa Enterprises CTO Canada 4</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-16 Citrix Systems, Inc. CTXS NASDAQ 10619</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-16 Usell.Com Inc USEL OTN 22</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-17 Cca Industries, I CAW NYSE 22</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-17 McDermott International MDR NYSE 1786</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-21 Dussault Apparel DUSS OTN 424</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-24 Ixia XXIA NASDAQ 1123</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-24 Maxwell Tech. Inc. MXWL NASDAQ 239</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-25 Lassonde Industri LAS-A.TO 649</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-25 VirtualScopics, Inc. VSCP 13</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-28 Lorus Therapeutic LOR TOR 13</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-28 Sed International SED NYSE 5</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-29 AZZ incorporated AZZ NYSE 1136</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-30 Randstad Holding RANJF OTN 9676</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-30 Teva Pharmaceutical Ind TEVA NYSE 32600</span></span></div>
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<span style="font-size: 12pt;"><span style="line-height: 25px;">10-31 Maxcom Telecom Ad MXT NYSE 205</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">OCTOBER 2013 MANAGEME</span>NT CHANGE STATISTICS</span></span></b></span></span></span></div>
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<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1486</span></span></b></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 146</span><span style="font-size: 12pt;">> Energy - 120<br />> Metals/Mining - 89</span></span></div>
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<span style="font-family: 'times new roman', serif;"><b style="color: blue;"><span style="font-size: 12pt;">OCTOBER </span></b><b style="color: blue;"><span style="font-size: 12pt;">2013</span></b><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 210</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 22</span><span style="font-size: 12pt;">> Energy - 21<br />> Banking - 13</span></span></div>
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<span style="font-family: 'times new roman', serif;"><b style="color: blue;"><span style="font-size: 12pt;">OCTOBER </span></b><b style="color: blue;"><span style="font-size: 12pt;">2013</span></b><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 210</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 21<br />> Metals/Mining - 20</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">> Energy - 17</span></span></div>
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<span style="font-family: 'times new roman', serif;"><b style="color: blue;"><span style="font-size: 12pt;">OCTOBER </span></b><b style="color: blue;"><span style="font-size: 12pt;">2013</span></b><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 514</span></b></span></span></div>
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<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 60</span><br /><span style="font-size: 12pt;">> Energy - 55</span><br /><span style="font-size: 12pt;">> Metals/Mining - 39</span></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">Likewise departing CFOs </span><span style="font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></span></li>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-15103996542378939872013-10-04T11:29:00.000-04:002013-10-04T16:38:06.002-04:003rd Quarter Executive Turnover Unsettling<div dir="ltr" style="background-color: white;">
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest quarterly and monthly executive turnover results have been a bit confusing with regard to the American and Canadian economies. Both </span><span style="font-family: arial, sans-serif; font-size: 13.333333969116211px;">third quarter</span><span style="font-family: arial, sans-serif; font-size: 13.333333969116211px;"> and September executive turnover totals for CEOs, CFOs, C-level executives (board of directors down to VP level) and board of director changes have been inconsistent when compared on a year to year, month to month and quarter to quarter basis. Liberum's analysis is further complicated by the latest government closings which will undoubtedly impact this coming Friday's Bureau of Labor Statistics Employment Report. The BLS' Employment Report, even if the government is reopened in time, due to the vagaries of the government closing, will not be accurate or will not be released. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 13.333333969116211px;">Overall, Liberum's latest monthly and quarterly executive turnover totals show an economy recovering but still facing a number of uncertainties. This conclusion is reaffirmed by ADP's September Private Employment Report which was released this morning and was below what analysts had anticipated. According to the <a href="http://www.adpemploymentreport.com/2013/September/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-September2013-Final-Press-Release.pdf">ADP Report</a>:</span></div>
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<i><span style="font-family: arial, sans-serif; font-size: 10pt;">Private sector employment increased by 166,000 jobs </span><span style="font-family: arial, sans-serif; font-size: x-small;">from August to September</span></i></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black;">Liberum has put together below a quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America from 2008 through this last quarter. </span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly turnover totals as registered through Liberum's Management Change Database for 2008 through the second quarter of 2013 for CEO, CFO and overall C-level turnover. To get more extensive turnover details contact Liberum. </span></div>
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<span style="font-family: arial, sans-serif;"><span style="color: blue;"><b><span style="font-size: 10pt;"> </span><span style="font-size: 14pt;">Total CEO Turnover Comparisons </span></b></span><span style="font-size: 10pt; font-weight: bold;"> </span></span></div>
<table border="1" cellspacing="0" style="border-collapse: collapse; border: 1px solid rgb(136, 136, 136); color: black; font-family: Arial, Verdana, sans-serif; font-size: 13.63636302947998px; line-height: 19.09090805053711px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"></td><td style="height: 19px; vertical-align: top; width: 114px;"></td><td style="height: 19px; vertical-align: top; width: 114px;"></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 109px;"></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> </span><span style="color: blue;">Year</span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"> 2008 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2009 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2010 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2011</span> </span></b></span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2012</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2013 </b></span></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="vertical-align: top; width: 60px;">583 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="vertical-align: top; width: 60px;">619 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;">627</td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span> </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>1,829</b></span></td></tr>
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<span style="font-family: arial, sans-serif;"><span style="font-size: 14pt;"> <strong><span style="color: blue;">Total CFO Turnover Comparisons </span></strong></span></span></div>
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<tr><td style="height: 19px; vertical-align: top; width: 122px;"></td><td style="height: 19px; vertical-align: top; width: 114px;"></td><td style="height: 19px; vertical-align: top; width: 114px;"></td><td style="height: 19px; vertical-align: top; width: 137px;"></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> </span><span style="color: blue;">Year</span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> 2008</span><span style="color: blue;"> </span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2009 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2010 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2011</span> </span></b></span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2012</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="font-size: 12pt;"> <span style="color: blue;">2013</span></span></b></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">593 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">332 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">296 </span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">280 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">640 </span></td><td style="vertical-align: top; width: 60px;">495 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">551 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">326 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">273</span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 404</span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">612 </span></td><td style="vertical-align: top; width: 60px;">557 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">438 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">279 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">256</span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">629 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">598</span></td><td style="vertical-align: top; width: 60px;">582</td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">364 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">313</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 258 </span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 476</span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">569</span></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>1,639</b></span></td></tr>
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<span style="font-family: arial, sans-serif;"><span style="font-size: 14pt;"> <strong><span style="color: blue;">Total C-level Turnover Comparisons</span></strong></span></span></div>
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<tr><td style="height: 19px; vertical-align: top; width: 126px;"></td><td style="height: 19px; vertical-align: top; width: 118px;"></td><td style="height: 19px; vertical-align: top; width: 118px;"></td><td style="height: 19px; vertical-align: top; width: 141px;"></td><td style="height: 19px; vertical-align: top; width: 98px;"></td><td style="vertical-align: top; width: 60px;"></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> </span><span style="color: blue;">Year</span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> 2008</span><span style="color: blue;"> </span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2009 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2010 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2011</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2012</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2013 </b></span></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="vertical-align: top; width: 60px;">3971 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="vertical-align: top; width: 60px;">4102 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="vertical-align: top; width: 60px;">4123 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="vertical-align: top; width: 60px;"></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 19px; vertical-align: top; width: 118px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>12,196<br /> </b></span></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The quarterly trend for key executives (above) illustrates a continuiing concern for the North American economy. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for September 2013 with those of September 2012 and August 2013 and September 2013 are as follows: </span></div>
<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; line-height: normal;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for September 2013 increased 12% from that of September 2012, CFO turnover declined 3%, overall C-level turnover declined 1% and Board of Director turnover increased 9%. </span></li>
</ul>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">The month to month change from August 2013 to September 2013 showed an increase of 2% for CEOs, a decline of 3% for CFOs a decline of 11% for C-level changes and a decline of 19% for board of director changes. </span></li>
</ul>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">In the below report, Liberum has focused on an unusually large <b>fifty four </b>CEO changes of special significance for the month of September. We have also put together the overall turnover figures for the month of September 2013. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for CFOs, COOs, Presidents, Chairmans etc. just through our database.</span></div>
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<span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;"><b>DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</b></span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-03 Antaga Intl Corp ANTR TOR 54</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-03 ClickSoftware Technologies Ltd. CKSW NASDAQ 216</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-03 Morgans Hotel Group Co. MHGC NASDAQ 227</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-03 Nokia Corporation (ADR) NOK NYSE 19006</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-03 Reachlocal, Inc. RLOC NASDAQ 319</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-04 Active Health Foo AHFDD OBB 131</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-04 VIVUS, Inc. VVUS NASDAQ 1055</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-05 Rcs Capital Corpo RCAP NYSE 39</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-06 Chembio Diagnosti CEMI NASDAQ 31</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-06 First Potomac Realty Trust FPO NYSE 750</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-09 8x8, Inc. EGHT NASDAQ 716</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-09 American Ecology Corporation ECOL NASDAQ 513</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-09 Communications Systems, Inc. JCS NASDAQ 101</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-09 Sharprock Resourc SHRK OTN 846</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-09 The Timken Company TKR NYSE 5930</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-10 Invivo Therapeuti NVIV OTN 110</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-10 Pure Bioscience PURE OTN 12</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-11 CoBiz, Inc. COBZ NASDAQ 367</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-11 iGATE Corporation IGTE NASDAQ 1533</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-11 Pandora Media, In P NYSE 3772</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-11 Selective Insurance Group SIGI NASDAQ 1332</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-12 Renal Care Group, Inc. RCI NYSE 21414</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-13 Golden Global Cor GLDG OTN 383</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-13 Poly Shield SHPR OBB 107</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-13 Suntech Power Holdings Co., Ltd. STP NYSE 230</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-16 Danske Bk a/S Bea DNSKY OTN 22572</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-16 Esterline Technologies Corporation ESL NYSE 2567</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-16 Terra Nitr Co Com TNH NYSE 3828</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-17 Thompson Crk Mtls TC NYSE 609</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-18 Acusphere Inc ACUSD OTN 3</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-18 Amarok Resources AMOK OTN 909</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-18 CyberOptics Corporation CYBE NASDAQ 44</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-18 Discovery Holding Company DISCA NASDAQ 28928</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-18 Electronic Arts I EA NASDAQ 8248</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-19 Atlantic Coast Federal Corporation ACFC NASDAQ 10</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-19 Efftec Intl Inc EFFI OTN 269</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-19 Emed Mining Publi EMD TORONTO 148</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-19 Horace Mann Educators Corporation HMN NYSE 1097</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-19 Rare Earth Minera REM LONDON</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-20 Actinium Pharma ATNM OTN 131</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-20 Magellan Health Services, Inc. MGLN NYSE 1577</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-23 Bison Petroleum C BISN OTN 31</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-23 Globalscape Inc GSB NYSE 29</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-23 Mfa Mtg Invts Inc MFA NYSE 2694</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-23 Mood Media Corpor MM TORONTO 113</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-23 VAALCO Energy, Inc. EGY NYSE 309</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-23 Weis Markets Inc WMK NYSE 1358</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-24 Diamond Offshore Drilling, Inc. DO NYSE 8843</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-24 Senomyx Inc. SNMX NASDAQ 141</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-24 VeriFone Holdings, Inc. PAY NYSE 2488</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-26 Ata Inc. ATAI NASDAQ 115</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-26 Webster Financial Corporation WBS NYSE 2298</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-30 Active Power, Inc. ACPW NASDAQ 56</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif; font-size: 10pt;"><span style="line-height: normal;">09-30 Albemarle & Bond ABM LONDON</span></span></div>
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<span style="color: blue;"><b><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2013 MANAGEMENT CHANGE STATISTICS</span></b></span></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1285<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Drugs </span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;">- 123<br />> Banking - 109<br />> Energy - 89</span></span></span></strong></div>
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<b style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2013</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 211<br />TOP INDUSTRY SECTORS</span></strong><br />> Energy - 22<br />> Drugs/Biotech - 19<br />> Metals/Mining- 16</span></div>
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<b style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2013</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 198<br />TOP INDUSTRY SECTORS</span></strong><br />> Drugs/Biotech - 21</span><span style="font-family: arial, sans-serif; font-size: 10pt;">> Banking - 15<br />> Energy - 14<br />> Metals/Mining - 14</span></div>
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<b style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">SEPTEMBER 2013</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 422<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Drugs/Biotech - 51<br />> Metals/Mining - 32<br />> Business Services - 25<br />> Telecom - 25</span></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-1551403886678221272013-09-17T12:43:00.002-04:002013-09-17T18:54:10.945-04:00August's Tepid Executive Turnover Raises Concerns<div>
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<span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">Liberum's executive turnover data for August 2013 showed a somewhat confusing trend for the American economy. All four key executive turnover categories (CEOs, CFOs, C-level Execs and Board of Directors) saw percentage declines from the same month a year earlier yet, August saw increases in each of the four key categories from the previous month of July 2013. The somewhat confusing trend for August was also seen in the latest monthly employment numbers released by the U.S. Department of Labor's Bureau of Labor Statistics (BLS) and ADP's August Employment Report. </span><span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">August's Liberum Research's executive turnover data trended closely with the </span><span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">August monthly Employment Data released from the U.S. Department of Labor's Bureau of Labor Statistics (BLS) </span><span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">and from </span><span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">ADP's August Employment Report</span><span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">. Despite August's tepid numbers, Liberum expects excutive turnvoer to trend upward as we move into the fall.</span></div>
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<span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">According to the <a href="http://www.bls.gov/news.release/pdf/empsit.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">BLS August Employment Report</a> released September 6th, which was not as good as Analysts expected,:</span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;"><i>Total nonfarm payroll employment increased by 169,000 in August, and the unemployment rate was </i></span></span><i style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">little changed at 7.3 percent...</i></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;"><br /></span></span></div>
The same was true for <a href="http://www.adpemploymentreport.com/2013/August/NER/docs/ADP-NATIONAL-EMPLOYMENT-REPORT-August2013-Final-Press-Release.pdf" rel="nofollow" style="color: #835ea5; text-decoration: none;" target="_blank">ADP's 2013 August Employment Report</a> released on September 5th reported:<br />
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 15.555556297302246px;"><i>Private sector employment increased by 176,000 jobs from July to August...</i></span></span></blockquote>
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<span style="color: black; font-family: 'times new roman', serif; font-size: 16px;">Below is a breakdown of Liberum's key executive category percentage changes for August 2013 compared with August a year earlier and the previous month of July 2013. </span></div>
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<ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium;">
<li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">For August 2013 CEO changes declined 13% from a year earlier, CFO changes declined 5%, overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes declined 6% and board of director changes declined 3% as compared with August 2012 totals. </span></span></li>
</ul>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The month to month change in executive turnover (July 2013 to August 2013) showed a somewhat different picture with an 8% increase in CEOs, CFO changes increased 25%, overall C-level changes increased a mere 2% and </span><span style="font-size: 16px;"><span style="font-size: 12pt;">board of director changes increased 14%, respectively. </span> </span><span style="font-size: 12pt;"> </span></span></li>
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<span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover figures for August. </span></span></div>
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<span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - AUGUST 2013</span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">67 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div>
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<span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 206 CEO related changes occurred during August 2013. Here are a whopping 67 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has</span> been made - given the apparent current state of the company - or where there is an interesting special situation. </span></div>
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<span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS </b></span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-01 Globalwise Invest GWIV OBB 5</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-01 The Marcus Corporation MCS NYSE 355</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-01 Weight Watchers Int'l, Inc. WTW NYSE 2152</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-02 Elite Pharma Inc ELTP OBB</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-02 Liposcience, Inc. LPDX NASDAQ 78</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-02 Rock-Tenn Company RKT NYSE 8451</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-05 Patapsco Bancorp PATD OBB 5</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-07 Bacterin Internat BONE NYSE 26</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-07 Groupon, Inc. GRPN NASDAQ 7026</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-07 Murphy Oil Corp MUR NYSE 13191</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-07 Selectica, Inc. SLTC NASDAQ 21</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-08 Islet Sciences, I ISLT OTN 25</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-08 Red Lion Hotels Corp RLH NYSE 116</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-08 Shoretel, Inc. SHOR NASDAQ 259</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-08 Standex Int'l Corp. SXI NYSE 760</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-08 Thompson Crk Mtls TC NYSE 582</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-09 American Woodmark Corp AMWD NASDAQ 494</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-09 Merge Technologies Inc MRGE NASDAQ 231</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-09 Semgroup Corporat SEMG NYSE 2316</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-09 United Community Fin Corp UCFC NASDAQ 178</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-12 Lot78, Inc LOTE OTN 71</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-13 Liberty Energy Co LBYE OTN 4</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-14 American Stad Ene ASEN OTN 12</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-14 Pure Bioscience PURE OTN 10</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-14 Silverstar Mining SLVM OTN 446</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-15 Global Digital So GDSI OTN 31</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-15 Jbi, Inc. JBII OTN 36</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-15 LTC Properties, Inc. LTC NYSE 1269</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-15 Sync2 Networks Co SYNW OTN 721</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-15 The First Marblehead Corp FMD NYSE 175</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-16 A.P. Pharma, Inc. APPA OBB 129</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-16 Start Scientific STSC OTN 109</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-18 Catalyst Paper CYSTF OTN 15</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-19 United Silver Cor USCZF OTN 2</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-19 Yancoal Australia YACAF OTN 875</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-20 Agricon Global Co AGRC OTN 11</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-20 Bae Systems BA LSS 143</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-20 Smtp Inc SMTP OBB 15</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-20 Washington REIT WRE NYSE 1625</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-21 Central European Media CETV NASDAQ 584</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-21 Ssh Communication SCSYF 96</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-21 Vestas Wind Syste VWS FRA</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-21 Viewcast.Com VCST OBB 4</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-22 Invivo Therapeuti NVIV OBB 310</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-22 Lsl Property Serv LSLPF OTN 737</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-22 Skyline Medical I SKLN OTN 36</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-23 Green Mountain Coffee Roasters GMCR NASDAQ 13063</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-23 Microsoft Corporation MSFT NASDAQ 275100</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-23 Sierra Vista Bank SVBA OTN 9</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-23 Solar Power, Inc. SOPW OTN 20</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-23 Solta Medical, In SLTM NASDAQ 171</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-23 Zumtobel Ag ZMTBF OTN 518</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-26 Blackbaud, Inc. BLKB NASDAQ 1619</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-26 Echo Therapeutics ECTE NASDAQ 26</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-26 Integrated Device IDTI NASDAQ 1335</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-26 John Bean Tech Co JBT NYSE 684</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-26 Nexus Enterprise NXES OTN 5</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-26 Wesdome Gold Mine WDO TOR 71</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-27 Harvard Bioscience, Inc. HBIO NASDAQ 151</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-27 Monarchy Resource MONK OBB 6</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-28 Insignia Systems, ISIG NASDAQ 34</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-28 Waters Corporatio WAT NYSE 8397</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-29 On the Move Sys C OMVS OTN 4</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-30 Altair Nanotechnologies, Inc. ALTI NASDAQ 27</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-30 New Jersey Mining NJMC OTN 3</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-30 Psm Holdings Inc PSMH OBB 12</span></span></div>
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<span style="color: #444444;"><span style="font-size: 15.555556297302246px; line-height: 25px;">08-30 Redfin Network In RFNN OTN 340</span></span></div>
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<span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-size: 12pt;">AUGUST 2013 MANAGEME</span><span style="font-family: 'times new roman', serif;">NT CHANGE STATISTICS</span></span></b></span></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br /><span style="font-size: 12pt;">GRAND TOTAL - 1440</span></span></b></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Banking - 119</span></span><br />
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Metals/Mining - 112<br />> Drugs/Biotech - 111</span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-iOhDXzhDMMVEF148a2LnhdQGfN_6HgaOtgInfHGNFJHrQmH71nU5BfP5azUQyeSUn5ki7yU6RWu3PEk88Y8eflEQ3MCRY4kw3YoyE2dCmN9pzoO1fRmhA9XXqYupL1lZQcv3GlG619vL/s1600/AUGUST2013C-levelChangesbySector.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="220" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-iOhDXzhDMMVEF148a2LnhdQGfN_6HgaOtgInfHGNFJHrQmH71nU5BfP5azUQyeSUn5ki7yU6RWu3PEk88Y8eflEQ3MCRY4kw3YoyE2dCmN9pzoO1fRmhA9XXqYupL1lZQcv3GlG619vL/s320/AUGUST2013C-levelChangesbySector.png" width="320" /></a></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<b style="color: blue; font-family: 'Times New Roman';"><span style="font-size: 12pt;">AUGUST </span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2013</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 206</span></b></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">>MetalsMining - 24</span></span><br />
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">>Drugs/Biotech - 21<br />>Energy - 20</span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEic39Up2M6Rc15hXfIsBlMuIKoWdf7gXH_YK8EpwIiD9UY_Dj9DZ1bblesrxYQQj7GCa0vPEJFUiw8Lpwq8Y1IQlPtMd44oY6yXTvo29Br_4yUHjAA2793PZ9poNkLM0cjIsoRlfSCxT6TK/s1600/AUGUST2013CEOChangesbySector.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="230" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEic39Up2M6Rc15hXfIsBlMuIKoWdf7gXH_YK8EpwIiD9UY_Dj9DZ1bblesrxYQQj7GCa0vPEJFUiw8Lpwq8Y1IQlPtMd44oY6yXTvo29Br_4yUHjAA2793PZ9poNkLM0cjIsoRlfSCxT6TK/s320/AUGUST2013CEOChangesbySector.png" width="320" /></a></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<b style="color: blue; font-family: 'Times New Roman';"><span style="font-size: 12pt;">AUGUST </span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2013</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />GRAND TOTAL - 205</span></b></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">>Metals/Mining </span><span style="font-size: 12pt;">- 25</span><span style="font-size: 12pt;"><br />>Drugs/Biotech - 23<br />>Banking - 17</span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">>Energy - 17</span></span></div>
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<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGhlynrE43O81d8GzqsoSmbjkiQ-odnJfqrAD1aNIDzqd9RyDww9k3SKagRROuUSS4F1rtSHOijFIX4_Ht93Xs9egoguzumpntICKI2GcvlwD9OerQgBP1PBzU8Hd4F63A55SSD4kMpuci/s1600/AUGUST2013CFOChangesbySector.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgGhlynrE43O81d8GzqsoSmbjkiQ-odnJfqrAD1aNIDzqd9RyDww9k3SKagRROuUSS4F1rtSHOijFIX4_Ht93Xs9egoguzumpntICKI2GcvlwD9OerQgBP1PBzU8Hd4F63A55SSD4kMpuci/s320/AUGUST2013CFOChangesbySector.png" width="320" /></a></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br /></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<b style="color: blue; font-family: 'Times New Roman';"><span style="font-size: 12pt;">AUGUST </span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2013</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 524</span></b></span></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div>
<div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;">
<span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">>Metals/Mining - 54</span><br /><span style="font-size: 12pt;">>Drugs/Biotech - 36</span><br /><span style="font-size: 12pt;">>Energy - 36</span></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBRrVX8xGwuAlWhVAU_s1kzsgfaHhFumfDIXWD0zvoAJQEvLs7favXVSQRtKgt47Q1XZjLOaZcO-h3gRRbnefBGn34UGEDEB95pCNJhBuFKlZUcQrhFB6vEg_LZkiCfA8r1pLZFMMmeavL/s1600/AUGUST2013BoDChangesbySector.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="237" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgBRrVX8xGwuAlWhVAU_s1kzsgfaHhFumfDIXWD0zvoAJQEvLs7favXVSQRtKgt47Q1XZjLOaZcO-h3gRRbnefBGn34UGEDEB95pCNJhBuFKlZUcQrhFB6vEg_LZkiCfA8r1pLZFMMmeavL/s320/AUGUST2013BoDChangesbySector.png" width="320" /></a></div>
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Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-52691843133555596692013-06-10T09:03:00.001-04:002013-06-10T09:03:37.224-04:00May Executive Turnover Continues Trending Positive - Investment Ops Grow<div style="background-color: white; color: #444444; font-family: Arial, Verdana, sans-serif; font-size: 13.333333969116211px;"><div style="color: black;"><span style="font-family: 'times new roman', serif; font-size: 15.555556297302246px;">Liberum's executive turnover data for May 2013 was quite similar to April 2013's data. The overall executive turnover level was reasonably positive and while it still continues to have areas for concern, it remains a positive indicator for the Amercian economy. All four key executive turnover categories (CEOs, CFOs, C-level Execs and Board of Directors) saw percentage declines from the same month a year earlier but May saw a reasonable increase from April 2013 in overall executive turnover for three out of the four key categories (CEO change total remained nearly the same) which remains a positive sign for the economy and was similar to the trend Liberum observed for April 2013 as compared to March 2013. Liberums exexecutive data successfully predicted both May's ADP Employment Report and the U.S. Department of Labor's Bureau of Labor Statistics May Employment Report which were both predicted by most pundents to be somewhat negative..</span></div></div><div style="background-color: white; color: #444444; font-family: Arial, Verdana, sans-serif; font-size: 13.333333969116211px;"><div><span style="color: black; font-family: 'times new roman', serif; font-size: 16px;"><br />
</span></div><div><span style="color: black; font-family: 'times new roman', serif; font-size: 16px;">Below is a breakdown of the key executive category percentage changes for May 2013 compared with May a year earlier and the previous month of April 2013. </span></div></div><div style="background-color: white; color: #616161; font-family: 'Open Sans', sans-serif; font-size: 14.44444465637207px; line-height: 23.33333396911621px;"><div style="color: #444444; font-family: 'Times New Roman'; font-size: 13.333333969116211px; line-height: 21px;"><div style="line-height: normal;"><ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium;"><li style="list-style-position: outside; list-style-type: square;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">For May 2013 CEO changes declined 8% from a year earlier, CFO changes declined 4%, overall C-level (as defined by Liberum Research as board of directors, CEOs, CFOs down to corporate VPs) changes declined 13% and board of director changes declined 5% as compared with May 2012 totals. </span></span></li>
</ul><ul style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium;"><li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The month to month change in executive turnover (April 2013 to May 2013) showed a slightly different picture with a 0% change in CEOs, CFO changes increased 12%, overall C-level changes increased 10% and </span><span style="font-size: 16px;"><span style="font-size: 12pt;">board of director changes increased 18%, respectively. </span> </span><span style="font-size: 12pt;"> </span></span></li>
</ul><div style="font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="color: black; font-size: 12pt;">Below are the overall turnover figures for May. </span><span style="font-size: 12pt;"><span style="background-color: yellow;">The information is just illustrative of how institutional investors could view executive turnover and its possible relationship with a company's performance. <b>Using Liberum's database could offer a totally new perspective on investment.</b> </span></span></span></div><div style="font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><span style="background-color: yellow;"><br />
</span></span></span></div><div style="font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-size: 12pt;"><span style="background-color: yellow;"><span style="font-family: 'times new roman', serif;"><span style="text-decoration: underline;"><b>Call now (212-988-5497) or email richard@twst.com and get a no obligation one week trial to Liberum's online management change database</b></span>.</span></span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"> </div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><b><span style="color: blue;"><span style="font-size: 12pt;">KEY CEO CHANGES - MAY 2013</span></span></b><b><span style="color: blue;"><span style="font-size: 12pt;">31 COMPANIES WITH CEO CHANGES WORTH RE-EXAMINING</span><span style="font-size: 12pt;"> </span></span></b></span></div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">According to Liberum's Management Change Database, a total of 223 CEO related changes occurred during May 2013. Here are 31 from the time period that caught my eye. By significant, I'm looking for situations where I think a particularly strong or weak choice has</span> been made - given the apparent current state of the company - or where there is an interesting special situation. </span></div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-size: 12pt;"><br />
</span></div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-size: 12pt;"><span style="font-size: 12pt;"><span style="color: blue;"><b>DATE COMPANY </b></span><b style="color: blue;">TICKER </b><b style="color: blue;">EXCHANGE </b><b style="color: blue;">MARKET CAP $ MILLIONS</b></span></span></div></div></div><div><div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-01 Gryphon Gold Gorp GYPH OBB</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-01 Symmetricom, Inc. SYMM NASDAQ</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-02 Agere Systems, Inc. AGR </span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-02 First Data Corporation FDC </span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-02 Intel Corporation INTC NASDAQ 119300</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-02 Thq Inc. THQIQ OTN 206</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-03 Big Lots Inc. BIG NYSE 2134</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-07 Liberty Energy Co LBYE OTN 7</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-07 WebMD Health Corp. WBMD NASDAQ 1420</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-08 Bg Medicine, Inc. BGMD NASDAQ</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-08 Fusion-Io, Inc. C FIO NYSE 1478</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-09 Carbon Sciences, CABN OTN</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-10 A.P. Pharma, Inc. APPA OBB 134</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-15 Harvard Bioscience, Inc. HBIO NASDAQ 156</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-16 Eastman Chemical Company EMN NYSE 11448</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-17 Bar Harbor Bankshares BHB NYSE 140</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-17 Helmer Directiona EXLA 180</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-18 Capital Southwest Corp. CSWC NASDAQ 521</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-20 Chesapeake Energy Corporation CHK NYSE 14021</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-20 SMTC Corporation (USA) SMTX NASDAQ 33</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-20 Vision-Sciences, Inc. VSCI NASDAQ 49</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-21 Alternative Energ AEGY OBB 623</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-21 Flagstar Bancorp, Inc. FBC NYSE 767</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-21 Protext Mobility TXTM OTN 764</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-22 iGATE Corporation IGTE NASDAQ 821</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-23 Forest Laboratories, Inc. FRX NYSE 10365</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-23 The Procter & Gamble Company PG NYSE 224400</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-24 Apollo Group, Inc. APOL NASDAQ 2364</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-24 Gleacher & Compan GLCH NASDAQ 84</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-29 Cannabis Science CBIS OTN 31</span></span></div><div><span style="color: #444444; font-family: 'Times New Roman';"><span style="font-size: 15.555556297302246px; line-height: 25px;">05-30 Tessera Technologies, Inc. TSRA NASDAQ 1105</span></span></div></div><div style="color: #444444; font-family: Arial, Verdana, sans-serif; font-size: 13.333333969116211px;"> </div></div><div style="color: #444444; font-family: 'Times New Roman'; font-size: 13.333333969116211px; line-height: normal;"><div style="color: black; margin-bottom: 0.0001pt;"><span style="font-size: small;"><span style="font-size: 12pt;"><span style="color: blue; font-size: small;"><b><span style="font-size: 12pt;"><span style="font-size: 12pt;">MAY 2013 MANAGEME</span><span style="font-family: 'times new roman', serif;">NT CHANGE STATISTICS</span></span></b></span></span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="color: blue;"><b><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS</span><br />
<span style="font-size: 12pt;">GRAND TOTAL - 1512</span></span></b></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Banking - 171</span><span style="font-size: 12pt;">> Drugs/Biotech - 120<br />
> Energy - 108</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br />
</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><b style="color: blue; font-family: 'Times New Roman';"><span style="font-size: 12pt;">MAY </span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2013</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CEO CHANGE STATISTICS<br />
GRAND TOTAL - 223</span></b></span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Banking - 25</span><span style="font-size: 12pt;">> Drugs/Biotech - 20<br />
> Energy - 20</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br />
</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><b style="color: blue; font-family: 'Times New Roman';"><span style="font-size: 12pt;">MAY </span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2013</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> CFO CHANGE STATISTICS<br />
GRAND TOTAL - 212</span></b></span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> </span><span style="font-size: 16px;">Banking </span><span style="font-size: 12pt;"> - 17</span><span style="font-size: 12pt;"><br />
> Drugs/Biotech - 17<br />
> Metals/Mining - 14</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br />
</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><b style="color: blue; font-family: 'Times New Roman';"><span style="font-size: 12pt;">MAY </span></b><b style="color: blue;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">2013</span></span></b><span style="font-family: 'times new roman', serif;"><span style="color: blue;"><b><span style="font-size: 12pt;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />
GRAND TOTAL - 542</span></b></span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="color: blue;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">TOP INDUSTRY SECTORS</span></span></b></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">> Drugs/Biotech - 62</span><br />
<span style="font-size: 12pt;">> Energy - 55</span><br />
<span style="font-size: 12pt;">> Banking - 46</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;"><br />
</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><ul><li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. </span></li>
</ul><ul><li style="list-style-position: outside; list-style-type: square;"><span style="font-family: 'times new roman', serif; font-size: 12pt;">Likewise departing CFOs </span><span style="font-family: 'times new roman', serif; font-size: 12pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
</ul></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. </span></span></div><div style="color: black; font-family: Arial, Verdana, sans-serif; font-size: medium; margin-bottom: 0.0001pt;"><br />
</div></div><div style="color: #444444; font-family: Arial, Verdana, sans-serif; font-size: 13.333333969116211px; line-height: normal;"><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;">ABOUT LIBERUM</span></span></b></div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><b><span style="font-size: 12pt;"><span style="font-family: 'times new roman', serif;"><br />
</span></span></b></div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><span style="font-family: 'times new roman', serif;"><span style="font-size: 12pt;">The largest database of C-level executive change at public companies. Frequently quoted in the financial press, Liberum helps investors monitor this important, continuous stream of investment events. The data is also useful for investment bankers, private equity, executive search and consulting firms. The data can be used in numerous ways.</span> </span><span style="font-family: 'times new roman', serif; font-size: 12pt;">Daily customizable alerts, a searchable database, custom reports, xml feeds. Liberum clients get the data the way they can best exploit it. </span><b style="font-family: 'times new roman', serif;"><span style="background-color: yellow;"><span style="text-decoration: underline;"><span style="font-size: 12pt;">Get a short trial</span></span></span></b><span style="font-family: 'times new roman', serif; font-size: 12pt;"><b><span style="background-color: yellow;">.</span></b> And be sure to check out our management change blog. </span></div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"> </div><div style="color: black; font-size: medium; margin-bottom: 0.0001pt;"><br />
</div></div></div>Anonymoushttp://www.blogger.com/profile/01242693637381265520noreply@blogger.com0tag:blogger.com,1999:blog-1862840071580632428.post-53397712032390053262013-04-02T10:40:00.002-04:002013-04-02T10:40:28.963-04:00Worrisome Trend for March 2013 and First Quarter Executive Turnover<br />
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest quarterly and monthly executive turnover results have raised some concerns for Liberum Research with regard to the American and Canadian economies. Both </span><span style="font-family: arial, sans-serif; font-size: 13.333333969116211px;">first quarter</span><span style="font-family: arial, sans-serif; font-size: 13.333333969116211px;"> and March executive turnover totals for CEOs, CFOs and overall C-level executives (board of directors down to VP level) showed a significant drop from the previous monthly and year earlier totals raising a concern that the economies could be in-store for a negative change. Executive turnover totals have always served as a leading economic indicator. When turnover rises it usually portends future economic and job growth while declining turnover portends a possible decline in economic and job growth. Despite the most recent declining figures, Liberum believes the latest drop in executive turnover totals is only a momentary blip in the growing turnover trend that has been in place now for the last two years. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum has put together below a quarterly breakdown of executive turnover totals for CEOs, CFOs and C-level executives covering North America from 2008 through this last quarter. Most of the below quarterly numbers showed continuing declines until the second quarter of 2011. At this point, the numbers began to reverse themselves. Turnover at the executive levels of corporate America began to grow. Companies began again to consider new blood and often looked to change their corporate strategies as kernels of opportunity began to sprout ever so slightly. <b><span style="text-decoration: underline;">Anyone investing in the market must pay special attention to executive turnover both at the top and the middle executive ranks. Failure to do so, will result in lost opportunities or worse</span></b>. To take advantage of these changes, <span style="text-decoration: underline;"><b><span style="background-color: yellow;"><a href="http://mce_host/app/mail%20to:%20richard@twst.com" rel="nofollow" style="color: #0033cc;">get a free trial to Liberum's Online Management Change Database</a> (more than 200,000 data points)</span></b></span>. Just call Richard at 212-988-5497 or send an email to richard@twst.com requesting your free trial.</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Below is a simple table outlining the quarterly turnover totals as registered through Liberum's Management Change Database for 2008 through the first quarter of 2013 for CEO, CFO and overall C-level turnover. To get more extensive turnover details contact Liberum. </span></div>
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<span style="font-family: arial, sans-serif;"><span style="color: blue;"><b><span style="font-size: 10pt;"> </span><span style="font-size: 14pt;">Total CEO Turnover Comparisons </span></b></span><span style="font-size: 10pt; font-weight: bold;"> </span></span></div>
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<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> </span><span style="color: blue;">Year</span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"> 2008 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2009 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2010 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2011</span> </span></b></span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2012</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2013 </b></span></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">745</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">491 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">388</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">346 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">680 </span></td><td style="vertical-align: top; width: 60px;">583 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">596 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">380</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">321</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 581</span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">665 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">533</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">409</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">298</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">713 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">636</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">461</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">430</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">328</span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">697 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">673</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-size: 10pt;"><span style="color: blue; font-family: arial, sans-serif;"> </span><strong><span style="color: blue;"><span style="font-size: 12pt;">Annual Total</span></span></strong></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">2,335</span></span></strong></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,710</span></span></strong></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,335</span></b></span></td><td style="height: 19px; vertical-align: top; width: 109px;"><span style="font-size: 12pt;"><b style="color: blue;">2,337</b> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,654</span> </b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>583<br /></b></span></td></tr>
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<span style="font-family: arial, sans-serif;"><span style="font-size: 14pt;"> <strong><span style="color: blue;">Total CFO Turnover Comparisons </span></strong></span></span></div>
<table border="1" bordercolor="#888" cellspacing="0" style="border-collapse: collapse; border-color: rgb(136, 136, 136); border-width: 1px; color: black; font-size: 13.63636302947998px; line-height: 19.09090805053711px; margin: 0px; text-align: center;"><tbody>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> </span><span style="color: blue;">Year</span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> 2008</span><span style="color: blue;"> </span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2009 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2010 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2011</span> </span></b></span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2012</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><b><span style="font-size: 12pt;"> <span style="color: blue;">2013</span></span></b></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">593 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">332 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">296 </span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">280 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">640 </span></td><td style="vertical-align: top; width: 60px;">495 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">551 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">326 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">273</span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 404</span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">612 </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">438 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">279 </span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">256</span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">629 </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">598</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">364 </span></td><td style="height: 19px; vertical-align: top; width: 114px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">313</span></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 258 </span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 476</span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">569</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 122px;"><span style="font-size: 12pt;"><span style="color: blue;"> </span><strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,946</span></span></strong></td><td style="height: 19px; vertical-align: top; width: 114px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">1,250 </span></span></strong></td><td style="height: 19px; vertical-align: top; width: 137px;"><span style="color: blue;"><b><span style="font-size: 12pt;">1,083</span></b></span></td><td style="height: 19px; vertical-align: top; width: 105px;"><span style="font-size: 12pt;"><b style="color: blue;">1,789</b> </span></td><td style="height: 19px; vertical-align: top; width: 58px;"><span style="font-size: 12pt;"><b><span style="color: blue;">2,419</span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>495</b><br /></span></td></tr>
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<span style="font-family: arial, sans-serif;"><span style="font-size: 14pt;"> <strong><span style="color: blue;">Total C-level Turnover Comparisons</span></strong></span></span></div>
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<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> </span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> </span><span style="color: blue;">Year</span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;"> 2008</span><span style="color: blue;"> </span></span></b></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2009 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="color: blue;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;">2010 </span></b></span></span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2011</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif;"><b><span style="font-size: 12pt;"><span style="color: blue;">2012</span> </span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>2013 </b></span></td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">1st Quarter </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">6735 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4061 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3453</span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2863 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5442 </span></td><td style="vertical-align: top; width: 60px;">3971 </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2nd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">7430 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5051 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3199</span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4041</span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5036</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 3rd Quarter</span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4865 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3690 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">2522</span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">5349 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4235</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 4th Quarter</span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4277 </span></td><td style="height: 19px; vertical-align: top; width: 118px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">3439 </span></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="font-family: arial, sans-serif; font-size: 10pt;"> 2381 </span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4596 </span></td><td style="vertical-align: top; width: 60px;"><span style="font-family: arial, sans-serif; font-size: 10pt;">4197</span></td><td style="vertical-align: top; width: 60px;"> </td></tr>
<tr><td style="height: 19px; vertical-align: top; width: 126px;"><span style="font-size: 12pt;"> <strong><span style="color: blue;">Annual Total</span></strong></span></td><td style="height: 19px; vertical-align: top; width: 118px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">23,307 </span></span></strong></td><td style="height: 19px; vertical-align: top; width: 118px;"><strong><span style="color: blue;"><span style="font-size: 12pt;">16,241 </span></span></strong></td><td style="height: 19px; vertical-align: top; width: 141px;"><span style="color: blue;"><b><span style="font-size: 12pt;">11,555</span></b></span></td><td style="height: 19px; vertical-align: top; width: 98px;"><span style="font-size: 12pt;"><span style="color: blue;"><b>16,849</b></span> </span></td><td style="vertical-align: top; width: 60px;"><span style="font-size: 12pt;"><b><span style="color: blue;">18,910</span></b></span></td><td style="vertical-align: top; width: 60px;"><span style="color: blue; font-size: 12pt;"><b>3971<br /> </b></span></td></tr>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The quarterly trend for key executives (above) illustrates a potential worry for the North American economy. From a monthly perspective, March 2013 executive turnover totals were also a bit worrisome in most of the key categories. <span style="text-decoration: underline;"><b>Investors can ill afford to ignore executive turnover at the top of a firm and in the middle level. Ignoring executive changes could mean missing a major investment opportunity or may be essential in avoiding a serious investment pitfall</b>.</span> Consider subscribing to Liberum's online Management Change Database or<span style="text-decoration: underline;"><b> <span style="color: blue;">get your free trial now</span></b></span><span style="color: blue;">.</span> Once a subscriber, you will never miss a key executive change again and will be able to use the extensive data to make your own predictions. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The latest monthly comparison figures with regard to executive turnover for March 2013 with those of March 2012 and February 2013 and March 2013 are as follows: </span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">CEO turnover for March 2013 declined 11% from that of March 2012, CFO turnover declined 41%, while overall C-level turnover declined 30%. The month to month change from February 2013 to March 2013 showed a decline of 15% for CEOs, a decline of 16% for CFOs and a decline of 3% with regard to C-level changes. This is the first registered decline in all three categories for some time. It does not yet represent a trend but should be followed closely for the next few months.</span></li>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">In the below report, Liberum has focused on twenty two CEO changes of special significance for the month of March. We have also put together the overall turnover figures for the month of March 2013. The below information is just illustrative of how investors could view executive turnover and its possible relationship with a company's performance. The same could be done for COOs, Presidents, Chairmans etc.just through the database.</span></div>
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<span style="color: blue;"><span style="font-size: 10pt;"><span style="font-family: arial, helvetica, sans-serif;"><b>DATE COMPANY TICKER EXCHANGE MARKET CAP $ MILLIONS</b></span></span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-01 Commercial Veh Group<span style="white-space: pre;"> </span> CVGI<span style="white-space: pre;"> </span> NASDAQ<span style="white-space: pre;"> </span> 232</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-06 AmeriGas Partners<span style="white-space: pre;"> </span> APU<span style="white-space: pre;"> </span> NYSE<span style="white-space: pre;"> </span> 4049</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-06 Digital River, Inc. DRIV<span style="white-space: pre;"> </span> NASDAQ<span style="white-space: pre;"> </span> 474</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-07 Endeavor Power Co<span style="white-space: pre;"> </span> EDVP<span style="white-space: pre;"> </span> OTN<span style="white-space: pre;"> </span> 33</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-07 Pandora Media, In<span style="white-space: pre;"> </span> P<span style="white-space: pre;"> </span> NYSE<span style="white-space: pre;"> </span> 2348</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-08 Aastrom Biosciences<span style="white-space: pre;"> </span> ASTM<span style="white-space: pre;"> </span> NASDAQ 56</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-08 Mobile Integrated MIBI OTN<span style="white-space: pre;"> </span> 28</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-10 Intersil Corp<span style="white-space: pre;"> </span> ISIL<span style="white-space: pre;"> </span> NASDAQ</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-12 VeriFone Holdings<span style="white-space: pre;"> </span> PAY<span style="white-space: pre;"> </span> NYSE 2309</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-13 Orthofix Int'l NV<span style="white-space: pre;"> </span> OFIX<span style="white-space: pre;"> </span> NASDAQ</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-13 Uranium Resources<span style="white-space: pre;"> </span> URRE<span style="white-space: pre;"> </span> NASDAQ<span style="white-space: pre;"> </span> 44</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-14 Hittite Microwave<span style="white-space: pre;"> </span> HITT<span style="white-space: pre;"> </span> NASDAQ<span style="white-space: pre;"> </span> 1875</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 3power Energy Gr<span style="white-space: pre;"> </span> PSPW<span style="white-space: pre;"> </span> OTN<span style="white-space: pre;"> </span> 7</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 American Science<span style="white-space: pre;"> </span> ASEI<span style="white-space: pre;"> </span> NASDAQ<span style="white-space: pre;"> </span> 495</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 Apricus Bioscienc<span style="white-space: pre;"> </span> APRI<span style="white-space: pre;"> </span> NASDAQ</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 Skullcandy, Inc SKUL<span style="white-space: pre;"> </span> NASDAQ</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-18 Spirit Aerosystem<span style="white-space: pre;"> </span> SPR<span style="white-space: pre;"> </span> NYSE<span style="white-space: pre;"> </span> 2713</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19 As Seen On Tv Inc<span style="white-space: pre;"> </span> ASTV<span style="white-space: pre;"> </span> OBB<span style="white-space: pre;"> </span> 20</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19 Cellynx Group Inc CYNX<span style="white-space: pre;"> </span> OTN<span style="white-space: pre;"> </span> 146</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19 Electronic Arts I<span style="white-space: pre;"> </span> EA<span style="white-space: pre;"> </span> NASDAQ 5161</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-19 Mobile Mini, Inc MINI<span style="white-space: pre;"> </span> NASDAQ<span style="white-space: pre;"> </span> 1316</span></span></div>
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<span style="color: black; font-family: arial, helvetica, sans-serif;"><span style="line-height: normal;">03-27 Liqtech Intl Inc<span style="white-space: pre;"> </span> LIQT<span style="white-space: pre;"> </span> OBB<span style="white-space: pre;"> </span> 58</span></span></div>
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<span style="color: blue;"><b><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2013 MANAGEMENT CHANGE STATISTICS</span></b></span></div>
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<strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">C-LEVEL MANAGEMENT CHANGE STATISTICS<br />GRAND TOTAL - 1243<br />TOP INDUSTRY SECTORS<br /><span style="color: black; font-weight: normal;">> Banking</span></span></span></strong><strong><span style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;"><span style="color: black; font-weight: normal;"> - 108<br />> Drugs/Biotech - 108<br />> Energy- 108</span></span></span></strong></div>
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<b style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2013</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> CEO CHANGE STATISTICS<br />GRAND TOTAL - 176<br />TOP INDUSTRY SECTORS</span></strong><br />> Banking - 16<br />> Drugs/Biotech - 16<br />> Energy - 16</span></div>
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<b style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2013</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"><span style="color: black; font-weight: normal;"><strong><span style="color: blue;"> </span></strong></span>CFO CHANGE STATISTICS<br />GRAND TOTAL - 136<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Energy - 15<br />> Drugs/Biotech - 9</span><span style="font-family: arial, sans-serif; font-size: 10pt;">> Banking - 7<br />> Semiconductors - 7<br />> Software - 7</span></div>
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<b style="color: blue;"><span style="font-family: arial, sans-serif; font-size: 10pt;">MARCH 2013</span></b><span style="font-family: arial, sans-serif; font-size: 10pt;"><strong><span style="color: blue;"> BOARD OF DIRECTOR CHANGE STATISTICS<br />GRAND TOTAL - 455<br />TOP INDUSTRY SECTORS</span></strong><span style="color: blue;"><br /></span>> Energy - 51<br />> Drugs/Biotech - 50<br />> Business Services - 34</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors need to diligently monitor key management changes. Certain management changes should be viewed as a "<b>special situation</b>" that can have a direct and major impact on a company's performance and share price.</span></div>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs know more than the market about the company. Their decision to take the position contains information. Likewise the departing CEO. Likewise departing CFOs.</span></li>
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<li style="list-style-position: outside; list-style-type: square;"><span style="font-family: arial, sans-serif; font-size: 10pt;">New CEOs will bring new skills and often-times a new direction. This is normally significant, and worth analyzing.</span></li>
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<span style="text-align: -webkit-auto;"><span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum Research, the independent research firm focused on corporate management change, has developed an online relational database designed to assist institutional investors develop special situation investment ideas related to executive management change. While special situation investing traditionally revolves around corporate restructuring, spin-offs and acquisitions, executive management changes, depending on the circumstances, can represent a short or long-term investment opportunity. Even when one excludes the major executive changes that continue to impact the troubled financial sector other industry sectors have management change related investment opportunities that merit examination.</span></span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum's seven year old database offers institutional investors the ability to examine an individual company, sector/s, group of companies, and/or geographic region/s/ locations via a metric of one's own choosing. You can use the information individually or in combination with a number of other financial tools to develop unique investment ideas. Subscribers often take the service as an electronic feed rather than as an online service. Through the use of Liberum's electronic feed, investment firms have the ability to integrate Liberum's management change data with a variety of other feeds and data applications which when combined could be used as a sophisticated method for developing potential short and long-term investment ideas. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Liberum's database whether used as an online tool, an electronic feed or as a means to receive customized weekly, monthly or annual reports is broken down into a number of highly specific fields that afford a user the ability to search and manipulate data. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Investors interested in special situation opportunities or corporate management changes should consider taking a free trial to Liberum's Management Change Database to determine the usefulness of the service. <b><span style="background-color: yellow;"><span style="text-decoration: underline;">To get a no obligation trial, call Richard Jacovitz at 212-988-5497 or send an</span> <a href="mailto:richard@twst.com" style="color: #0033cc;">email request</a></span></b><a href="mailto:richard@twst.com" style="color: #0033cc;">.</a> The next step is to get a reliable source of these investment leads - and that's why funds use Liberum, a division of The Wall Street Transcript. </span></div>
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<b><span style="font-family: arial, sans-serif; font-size: 10pt;">ABOUT LIBERUM</span></b></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">The largest database of C-level executive change at public companies. Frequently quoted in the financial press, Liberum helps investors monitor this important, continuous stream of investment events. The data is also useful for investment bankers, private equity, executive search and consulting firms. The data can be used in numerous ways. </span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Best,</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Richard</span></div>
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<span style="font-family: arial, sans-serif; font-size: 10pt;">Richard Jacovitz<br />SVP Director of Research<br />Tel. 212-988-5497<br />email: richard@twst.com</span></div>
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