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TAMPA — As part of its second quarter filing, Odyssey Marine Exploration Inc. announced it plans to move forward with its executive succession plan later this year. Greg Stemm, Odyssey Marine Exploration's CEO, will assume the role of chairman of the board and Mark Gordon, the company's current president and chief operating officer, will take on the CEO post.
The company says that Stemm will devote his time to strategic initiatives and new project development.
“There comes a time in a company's history when the entrepreneurial founder needs to step aside and allow a seasoned management team to run the day-to-day operations of a business,” Stemm says in a filing. “I have put 20 years of my life into building Odyssey and as the company moves from an entrepreneurial business model to a more predictable revenue generating entity, it is time for me to entrust Mark and the team he has helped assemble with this transition.”
Stemm says he expects to focus on the Oceanica project and other future ocean mineral opportunities.
The announcement come as the company (symbol: OMEX; recent price: $1.33) reported a net loss of $4 million (5 cents per share) for the second quarter, an improvement from the net loss of $10.9 million (14 cents per share) for the same quarter a year ago. The firm's total revenue for the quarter was up by 37% to $348,000 compared with $254,000 in the same quarter last year.
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