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Technology / AI and automation

COMMODORE STILL EXPERIENCING PROBLEMS

Rather than risk another outsider for the top job at Commodore International Ltd, chairman Irving Gould has decided to take the vacant chief executive post himself – and he could well find his work cut out keeping the home computer maker on course over the next few months: Commodore is doing well enough in Europe, but that does not cut much ice back home, where performance in the US market is the yardstick by which US bankers and brokers measure a US-based company, and the deeply damaging wave of firings at the firm (CI No 668) have brought to light the fact that Commodore is still not home and dry with its re-financing programme, and that it has been working on an issue of convertibles with Dillon Read & Co to plug the gap; Alfred Duncan is back as US general manager and up to 40% of the 200 staff positions are likely to be eliminated this week, but that is by no means certain to be enough to keep investors in the firm happy; Commodore shares lost 12.5% of their value last Thursday, off $1.375 at $10.50.

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CBR Staff Writer

CBR Online legacy content.