Odyssey Marine Exploration, Inc. has implemented its planned management transitions that were announced in August.
Odyssey President Mark D. Gordon assumed the additional role of chief executive officer on October 1, 2014, succeeding Gregory P. Stemm, who had held the position since 2007. Stemm has become chairman of the board, succeeding Bradford B. Baker, who will continue to serve as lead director. Stemm, in his new role, will continue to provide counsel to the company, focusing his efforts on identifying and developing new business opportunities for Odyssey.
“ These management changes reflect the broader, ongoing transition of Odyssey from an entrepreneurial business model to a more predictable revenue-generating entity as well as our anticipation of new projects and monetization events ahead,” commented Stemm .
As part of the planned transition, Gordon has been working closely with Stemm on initiatives that position the company for profitability, which include:
These initiatives have helped Odyssey deliver multiple profitable projects over the past three years that demonstrate the basic business model can be successful.
Gordon plans to continue the focus on deep-ocean exploration while implementing modifications to the existing business model that are designed to expand the demonstrated individual project profitability into enhanced overall operating results with more predictable positive financial results.
“Given my first-hand knowledge and understanding of Odyssey’s strengths, capabilities and challenges, I believe we have a phenomenal opportunity to take our successful project model and make small modifications to our business to produce positive, more predictable operating cash flows for years to come,” said Gordon . “These adjustments to our business model are designed to mitigate risk, enhance our cash generation, and continue to allow us to harvest our portfolio of valuable projects in a disciplined manner that continues to produce leveraged returns.”
“As we begin the final quarter of 2014, we will focus on improving asset utilization and aligning our expenses and investments with defined opportunities that have demonstrative near-term return. We will continue to develop projects that build long-term shareholder value and build on our legacy of excellence in deep-ocean exploration,” continued Gordon.
Press Release, October 02, 2014