New President of PCGS Announced

He is the new president, not the CEO. I understand where you are coming from, but would be even more concerned: 1) had he been selected as the new CEO; and 2) if I directly utilized any of their services.

As president, he will be running the internals of the operation, answering to the board and CEO. It's not like he is going to be a bull set loose in a china shop. If anything, I would fear that he would be set up as a scapegoat. If so, more power to him to succeed!

This man appears to have both focus and business savviness...requirements for a good company president. Although he is to bring a forward looking vision in his position, the CEO will drive the company's public policy and focus.

If you are looking for internal consistency, this man may well be able to do so. It would appear he has at the very least held a continued focus in the industry. His experience does not appear to be fickle nor does he appear to be easily jaded from his task.

My overall opinion of TPGs does not change, but it at least appears that PCGS has selected someone fully capable of the position.

 

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Well they sure seem to have rid themselves of an "old guard" problem.

 

Sorry, I've never heard of him until the announcement was posted on the CU forums two days ago.

 

Just think! His daddy taught him to shave what looks like last week, and now THIS! Oh boy!

 

V. Kurt Bellman, posted: "Just think! His daddy taught him to shave what looks like last week, and now THIS! Oh boy!"

THIS what?

News flash, I lead a sheltered life and unfortunately don't feel "right" socializing with coin dealers because when I went on a short trip with a dealer in the 1980's I was criticized! Consequently, I've missed out on a lot of fun at major shows when I head for my room after eating alone.

Just because I've never heard of some of the younger "major players" in the industry today means nothing. I NEVER HEARD OF YOU EITHER!

I will tell you this about the new president. He was notified of a problem a customer had with PCGS and within a few minutes, he contacted the customer directly in a PM! It looks like there are going to be some major changes at PCGS!

 

If only he really does have an impact with a truly sclerotic organization. Hope.

BTW, NEVER take criticism to heart in this field. We may be overwhelmingly biological Y-chromosome carriers, but that doesn’t stop many of us from acting like a whiny little, well, I need to stop there.

 

V. Kurt Bellman, suggested: "BTW, NEVER take criticism to heart in this field. We may be overwhelmingly biological Y-chromosome carriers, but that doesn’t stop many of us from acting like a whiny little, well, I need to stop there."

I thrive on criticism. I eat criticism for breakfast , lunch , and dinner ! It better be warranted or I'll spit it right back double.

I suggest that your reply "now this" referred to the fact that a "young" executive whose "...daddy taught him to shave what looks like last week" was not directed to me at all but used to criticize a person I never heard of.

 

I don't know the guy but he seems to have a well rounded history in the hobby. I like that he has a history with Heritage. It's going to be fun watching how the young man does. I wish him the best.

 

This was brilliant. I'm sorry Baseball21. I had to laugh.

 

In all honesty from what I’ve seen others who do know say ect I am rather optimistic to see what may be coming in the future. I get the sense that innovation was the biggest reason for the turn over they’ve had that certainly could be very good for the hobby overall.

 

That is definitely what I'm hoping for. It really is just too soon to tell, however.

 

I agree time will tell. I will keep an open mind in the mean time and be optimistic and see what happens. Supposedly some sort of Q&A will be happening in the future and the initial impression is he’s much more open to suggestions than they were before

 

That wouldn't take a whole lot of effort.

 

The PCGS lunch at Fun is going to be interesting. I hope they rock the show with new ideas.

 

Interesting. My perception was that its plummeting stock price and forced reduction of its dividend have something to do with it. It really isn't rocket science for them to improve revenue streams - stop with the grading over correction and submissions will spike. There are many collectors and dealers, myself included, that are holding multiple submissions and waiting for a return to normal grading standards over there.

 

Me too. I would love to see a holder with a gasket or insert that would create noxious fumes whenever mixed with whatever edgedynamicmarketing and crew use to gas the slabs and AT coins.

 

But Doug says everything must remain constant.

 

The stock decline was related to the dividend cut which in all honesty was to high in the past. Once they did that a lot of the hedge fund money got out as obviously their growth and revenue even in the most successful of times will never compete with an Amazon.

I do agree though the very conservative grading has without question caused people to hold back submissions. At the very least they need to change the holder or the label to denote this new conservative style if they want to stick with that from now on.

There's submission fees they could clean up as well, but really the biggest flaw in those was from the start and to late to drastically change now

 

I agree.

 

Sorry, I'm late to this thread...my 2 cents below.

He seems really young because he is. As best I can tell, he is 33 years old. And, I'd agree with you - he's not a known name in the numismatic world and his CV is sparse at best to be the president of a $130 million company. The mention of Tulsa in his CV made me chuckle a bit; not exactly a Mecca of numismatic business. I guess we'll see. I personally think PCGS is on a trajectory downward...except for a few big hitters who are hanging on with bloody white knuckles trying to convince themselves otherwise.

Dividends are cut for a reason. Usually because of weak(ening) earnings. You act as if the dividend was cut for no reason, and subsequently the stock fell for no reason. That's simply not how things work.