Michael Blum to Step Down from His CEO Position in Xcor
Well, the tenure of Michael Blum as Xcor CEO seems to have been very short-lived. A few months after his nomination, things are really heading in the wrong direction. And the board of directors is starting to second guess their decision.
One of the greatest challenges Xcor is currently facing is the lack of a proper workforce and investors. A few months after Blum became CEO, a few shareholders withdrew their funds. They must have seen him for who he really is. Xcor is now looking for investors to fill in the gaps with no success.
According to an inner source, the investors have said that the only way they’ll invest in Xcor is if Michael Blum steps down from his position. As much the firm wants to retain him, they’re running out of time, and if they don’t act with urgency, they might lose everything.
Michael Blum has also carelessly fired some employees who have worked with the firm for years. This has disrupted everything as the newbies he is bringing in don’t know anything about Xcor’s culture. And really? Using money to recruit new employees in times of crisis? Definitely not a boss move.
It’s time for Xcor to make a tough decision and relieve Blum of his CEO duties; otherwise, they will lose everything they’ve built for years. He currently doesn’t have what it takes to lead a firm, and all he is doing is making things worse instead of coming up with solutions.