https://www.pcgs.com/news/pcgs-president-charville-stepping-down This is an interesting development as he had only started January 1, 2019. What are your thoughts? Note: there is a thread with this same title on the PCGS forums, but it might not last (given the history of controversial topics being poofed).
Here is the PCGS thread: https://forums.collectors.com/discussion/1059363/pcgs-president-charville-stepping-down#latest
PCGS is on its way to be a privately owned company. I hope people who own CLCT are ready to sell, as the stock tops out soon. The privately owned capital jumping in to the parent company prefer sports memorabilia and trading cards, rather than coins. I sense a big jump in the value and reputation of NGC coming.
I wonder if them going private has anything to do with him stepping down. It doesn't seem like it since that announcement was made a while back. Regarding NGC, I like them (and so do many others), but I've seen their reputation take a hit the last month or two due to extended grading times. They are now pushing over 50 days for some tiers and way behind opening packages. My recent submission took about three weeks just to go from USPS delivered to NGC opening the package (and acknowledging receipt). It is still in the process of grading as we speak. PCGS had a similar issue starting November last year but they look to have caught up now (my recent submission there was delivered on a Friday and opened the following Monday).
I'm sure it at least played somewhat of a role. The reality is now that the big money stock options are gone being private he can make a lot more money somewhere else. For all we know he got a huge payday with the sale and is going to go live on a beach somewhere and just enjoy life. He did do a great job during his time modernizing them and setting them up for the future
Private equity takeovers, which apparently this is, are about making money. The hell with the product, service, customers and employees. For reference, check out Alden Capital’s rape of the US newspaper industry.
True although I'd argue the newspaper industry has just as much to blame itself for as the private equity takeovers.
At the very least, having two years of PCGS President on his resume should be enough to get virtually any job in the coin industry (or help in another role). And if the money isn't there like before, it definitely makes sense to move on from a financial perspective.
He probably already could have gotten most jobs in a coin industry before, but that role certainly also opened up executive level jobs in the business world. Is he going to take over Boeing or something like that tomorrow no, but there’s a lot of businesses he could get as the next stepping stone. I have no idea what he wants or his plans are, but he certainly has a lot of different options. Whether it was his choice or not, he likely will do much better than he would have staying there long term.
Id argue the newspaper industry has much more to blame itself than the takeovers. No one wants to pay to read stuff from hacks that are just regurgitating what they read on Twitter.
