It is being reported in the Jerusalem Post that former BlackBerry CEO Thorsten Heins has been ousted as CEO at Israeli Tech firm Powermat. Mr Heins troubles at Powermat stemmed from friction between him and the company’s board that culimated in a lawsuit being filed. This lawsuit accused Heins and his leadership team of financially tanking the company by running it without an approved budget in a fiscally irresponsible manner.
Since former BlackBerry CEO Thorsten Heins arrival, Powermat’s shareholders have not warmed up to him or his leasdership team and have accused him of lacking strategic vision, overspending and failing to seal new deals for the company.
On Sunday morning, the sides filed a mediation case in the Tel Aviv District Court reflecting an agreement that Heins will leave the position, a CEO search committee will be set up, the board will restructure, and that investors, which include Goldman Sachs, will invest an addition $10 million into the company in the form of bridge loans.
What this will mean for Thorsten Heins future, only time will tell
Source: The Jerusalem Post