OMM: Changes Up Top
Until this morning, Tigli was busy guiding OMM through the twists and turns of the startup maze. Now, all of a sudden, he's gone. "It's been an abrupt change," notes Conrad Burke, OMM's senior VP of sales and marketing.
Luckily for OMM, there was an obvious replacement candidate. Chapman is an unusual mix of a financial whiz with a technical background in applied physics. He joined OMM in May 1999 as its chief financial officer. Before that he served eight years as CFO of Microchip Technology Inc. (Nasdaq: MCHP), where he oversaw the company's initial public offering. He also worked at Motorola Inc. (NYSE: MOT), Spectra-Physics Inc. (Nasdaq: SPLI), and Syntellect Inc. (Nasdaq: SYNL), which he also took public.
Chapman's credentials look solid enough in case OMM revisits the IPO scene. OMM originally filed for a $100 million IPO back in September 2000 (see OMM Files for an IPO). Although an ill-tempered stock market forced it to shelve its IPO last month (see IPO Window Shuts Tighter), the setback is only temporary, according to Burke.
Chapman joined OMM two months after Tigli, who came on board in March 1999.
Tigli was formerly senior VP of the telecommunciations, industrial, and energy group at Raychem. He joined the Raychem division when it was just 30 people, and stayed with it as it became a 3500-strong venture. But he appeared to lack the specific financial expertise that can make or break a company in these parlous times. OMM refuses to comment on why Tigli decided to leave or where he's gone. But he appears to have left the company, which, nonetheless, maintains the No. 1 spot on Light Reading's list of Top Ten Private Companies. It lays claim to that position in good part because it has customers and revenue. Financially, it's difficult to determine when the company will have to land more financing, now that the IPO market has gone cold. Burke claims that enough of the $100 million originally raised from private investors is left to carry the company through the tough times.
— Pauline Rigby, Senior Editor, Light Reading http://www.lightreading.com