In losing Tony Stelliga, the world lost a man with great passion and drive. But his vision will live on, says Cantor Fitzgerald Canada analyst Ralph Garcea.
Last Friday, Spectra7 Microsystems (Spectra7 Microsystems Stock Quote, Chart, News: TSXV:SEV) announced that the company’s CEO Tony Stelliga had died suddenly.
“We are greatly saddened by Tony’s passing, ” said chairman Ronald Pasek. “The board and the company are indebted to Tony for his strong leadership, boundless energy and dedication, and significant contribution to Spectra7 during his tenure. The board’s thoughts are with Tony’s family at this very difficult time.”
The company announced that CFO Dave Mier and VP general counsel and corporate development Cynthia Cole had been appointed to oversee the company on an interim basis until a new CEO can be found.
Garcea says it is the duty of those who remain with Spectra7 to carry out his vision, and the analyst believes it is a task they will honour.
“It is with our deepest regrets to publish on such sad news; however in Tony’s honour, SEV’s vision must live on. Tony was a great visionary and full of passion and drive. Just as he started putting all the pieces of the puzzle together for SEV, he suddenly and unexpectedly passed away,” said Garcea. “We are confident in the ability of SEV’s Board to appoint a CEO with deep roots in the semiconductor industry and one that is capable of delivering on Tony’s vision.”
In a research update to clients today, Garcea maintained his “Buy” rating one-year price target of $1.25 on Spectra7 Microsystems, implying a return of 127 per cent at the time of publication.