Is Fountain Introuble ?
 

Two high-level Fountain officials jump ship.

Two more high-ranking Fountain officials have abandoned ship.

Anthony A. Sarandes, a member of Fountain Powerboat Industries’ Board of Directors resigned from his post on Oct. 27, while the board’s secretary and treasurer Roger F. Scott’s employment was terminated on Nov. 3, Irving Smith, the company’s chief financial officer, said in a written statement.

Scott also served as secretary, vice president and controller of the company’s subsidiary, Fountain Powerboats. In Scott’s role as treasurer, he served as the company’s principal accounting officer, said Smith in a written statement.

With the termination of Scott’s employment, the company has lost its president, vice president, treasurer, secretary, controller and a member of the board in a matter of less than three months.

On Oct. 31 and Nov. 3, Fountain laid off a total of 70 employees. Prior notification was not given to those laid off, according to Carol Price, director of human resources for the company.

Among those laid off were individuals in high-level positions, said Fountain CEO Reggie Fountain.

On Nov. 5, the company received a second notice from the NYSE Alternext US, successor to the American Stock Exchange, that it was not in compliance with one of the Exchange’s standards for continued listing, and was in danger of being delisted.

The fallout of high-level employees started on Aug. 20, when former Fountain President R. David Knight resigned from his position.

At the time, Knight said that he felt comfortable resigning from his post because “the company is poised for more profit potential.”

Sarandes, 61, said he was on Fountain’s Board of Directors for about a year.

He said Fountain CEO Reggie Fountain Jr. personally asked him to join the board.

“I told him I’d give it a try,” said Sarandes.

Sarandes is a 10-year veteran of powerboat racing and sponsored Fountain at races for four years before joining the board.

He cited the main reason for resigning as the company’s weakening commitment to powerboat racing.

“It just got to where racing wasn’t a priority,” he said.

Sarandes, a resident of Ocala, Fla., said he also resigned to concentrate on other business ventures.

“There is a consulting project I’m involved with,” the semi-retired entrepreneur said.

“I bit off more than I could chew, as far as Fountain,” he said.

That is like asking if a hobby horse has a hickory d!ck.........

Jump ship or got the boot:rolleyes:

is the sky blue?

Making cuts at the top too...nice

Most of the industry is suffering is my guess and Fountain as a big player in it cannot be immune to it unfortunately.

there should be an abundance of errogant ceo's available for employment soon from detroit. maybe they can hire one of the big shots from the auto industry and they can run the boating industry into the ground too. I hope the best for Fountain and all boat builders. we are in for tough times and it is only going to get worse. good news is gas is cheap again!!

Now that is funny shiat!!! :ernaehrung004:

"Sarandes is a 10-year veteran of powerboat racing and sponsored Fountain at races for four years before joining the board."

10 year racing veteran?????? I have never heard of this guy before today?

Or Raggedy Ann has cotton tits!!

Tony Sarandes is an old school veteran of 70"s offshore racing. He has been an avid supporter of offshore since then, sponsoring the Rio Roses Cigarette and my boat, the Rio Roses Fountain for 4 years which had great success.
He continues to support me at poker runs.
I believe he has some serious health problems and that may be driving his decision also.He is quite the gentleman and supplies roses to SBI and Poker Runs America.

Rich

A ten year racing veteran should know that while racing improves R&D on their boats, it costs TONS of money that they aren't making back right now.

That said, OF COURSE they've put less priority into racing lately.....they need the money they're making to keep the remaining jobs and the company as a whole employed. Pretty simple concept to understand for a board member I would think? Maybe not.

Hi Rich, Thanks for the info, I probably met him back when I worked on your boat then. The way the article sounded he was IN a boat for the last 10 years. I am glad to hear that you are enjoying your boat once again in the Poker Runs.

Hi, Ryan
And nice to hear from you too. Tony's a real good person.
Yeah, I'm enjoying the poker runs, people getting me confused with "cat killer". That's funny.

I went to Key West this year, though, and told Cathy maybe I should'nt have gone. I miss racing and am thinking about it for next year. We'll see.

I, too, find it ironic that he named Lack of Commitment to Racing as the reason to depart. :rolleyes:

Great News , Its about time you come back.


Mike

Thank you Mike.
It's nice to hear you are having luck with your skiff.
Rich

Rich

I sold the skiff , I`m working on the new boat now.


Mike