Fullerton Out At Vicon

By: John Honovich, Published on Aug 05, 2016

One of the biggest names in the industry, Eric Fullerton, has resigned as Vicon CEO.

Just shy of two years ago, Fullerton left Milestone to take the daunting task of turning the embattled Vicon around.

Inside, we examine the move, what it means for Vicon and the industry.

*** ** *** ******* names ** *** ********,**** *********, *** ******** ** Vicon ***.

**** *** ** *** years ***,********* **** ********* ** take *** ******** ****** ******* *** ********* Vicon ******.

******, ** ******* *** move, **** ** ***** for ***** *** *** industry.

[***************]

Resignation ************

**** ** ********* ************, *** ******* ********* a *** *******:

** ****** *, ****,**** ****************** *** *********** ** the ***** ********* ******* and ** * ******** of ***** **********, ***. (the “*******”), *** ******** the ******* **** ****** 5, **** ***** ** his **** *** ** employment **** *** *******.

** ****** *, ****, the *******’* ***** ** Directors ************* *. ******* ***** ** *** Company’s ******* ***** ********* Officer. **. *****, **, has ****** ** *** Company’s ****** **** *********, Finance ***** *** ****, and ** *** ***** Financial ******* ***** ******** 1999. **. ***** **** continue ** **** **** offices ***** ******* ** Interim ***** ********* *******.

Vicon ********

***** ********* ** **** that:

**** *** ******* ** resign **** *** ******* for ******** *******. ** most ****** *** *****, Eric *** * ****** Winery *** *** ******* to ******** *** **** attention ** *** ******** and *** ******. ** currently ********** ** ****** in *** ********* ********** direction *** *** *******'* experienced ********** **** ********* to ** ******* ** its ******** *** *** platform ******. ** **** Eric *** **** ** luck ** *** ******** and ***** *** ********** in ******** *** ******* through * **** *********** post ********** ****** ******.

**** **** ********** **** they **** ******* ***** the ******** *** ****** at **** *** **** the ***** **** ******* a **** *** ******.

********* *** *** * West ***** **** ******** for **** ***** (********* *****) ****** ******* *** NY ************* *****. ** have *** ****** *** feedback **** ********* ***.

Long *******

****** ********* **** ****, Vicon *** **** ********* from * ****, ******* decline. *** ******* *** once * ******, **** financially *** ******* **** in *** ***** ****** era *** *** ********* to ********** / ******* / ***** ** *** industry.

******* ********* *** ******** shocking, ***** *****'* ********* and *********'* ********** *** at *********, *** ** the ********'* ******* *****.

Progress ***** ****

** *** ******** ***** made ** ***** ****** Fullerton's ****** * **** tenure. ** *** **** to***** ** * ****** of *********** ********* *********, ***** *** ******* considering *****'* ********** *** a **** ** *********'* influence. **** **** **** redoing ***** ***, *********** IQinVision *** ********* ** access ******* ********.

** ** *** **** enough ***** *****'* ********* to **** *** ****** of **** ****, *** given *** **** ********* starting ********, ******** ****** significant.

Tough ******, ** ***

**** ****** ***** *** now ** *******. **** have ********* *** ** long *** *** **** another ***** *******, ***** will ****** ***** **** Vicon ********* ** *****.

*** ****** ** ** sell *** ******* *** who ***** *** ***** in *** *****? *** valuation ** *** (***** $10 ******* *** ******** to ~$** ******* *** revenue) *** *** **** of *** **** ********** profits ** ****.

Infinova ***********?

** *** *** ** 2015,******** ********* *.*% ** Vicon. ******** **** **** a ***** ****** ** buying ***** ************ *********, completely *********** ****************. *******, **** ** those ********* *** ***** operations ***** ***** ** a ********** ** ****. On *** ***** ****, Infinova ***** ** **** to ***** ***** *** incorporate ** **** *** other ********.

Vote - *** ** *****?

Comments (11)

John Honovich

IPVM | 08/05/16 12:03pm

Also, Vicon's stock movements over the past month are highly atypical, here's the chart:

Notice that twice in July the stock roughly doubles in a single day but that yesterday the stock did not move at all even with Fullerton's resignation.

There was no public news that we can match to these movements though perhaps someone expects a buyout to occur, driving the price up. Anyone with theories or info, please share.

Avatar

Brian Karas

IPVM | In reply to John Honovich | 08/05/16 12:27pm

The July movement could have been partly attributed to Dallas and the DNC. For some reason this website listed Vicon as a company to watch after the Dallas shootings.

The late July bump coincides with the DNC.

Avigilon and Axis both had similar stock bumps around the same date ranges. Those were much smaller, and stood out less, but those companies are also far less volatile than Vicon, which was trading under $1/share.

Undisclosed #1

In reply to Brian Karas | 08/05/16 12:45pm

Good catch. I'd say it's more than just a coincidence, the article came out on the 8th and the stock doubled on the 8th, on 8 million shares...

John Honovich

IPVM | 08/05/16 12:52pm

Update:

Vicon responded to IPVM:

Eric has decided to resign from the Company for personal reasons. As most people are aware, Eric has a family Winery and has decided to dedicate his full attention to the business and his family. We currently anticipate no change in our strategic technology direction and the Company's experienced management team continues to be focused on its upcoming new VMS platform launch. We wish Eric the best of luck in his business and value his leadership in steering the Company through a very challenging post IQinVision merger period.

Undisclosed #1

08/05/16 04:59pm

Unpredicted...

Giving a job to a new CEO at the precise moment when he no longer needs a job at all (possibly), can lead to unpredictable results. After a couple of months on the job you will notice all sorts of 'windows' opening up...

John Honovich

IPVM | In reply to Undisclosed #1 | 08/05/16 05:31pm

Ok, 1, take your bow...

I am still surprised by the abruptness of this. Leaving without a transition plan is bad, obviously so to the point that it opens the question of what else is wrong here.

Undisclosed #2

08/05/16 05:51pm

With the lackluster financial results, maybe the Vicon board wanted him out and hoped for a transition period, and he chose to resign instead?

John Honovich

IPVM | In reply to Undisclosed #2 | 08/05/16 06:02pm

Their calendar Q1 2016 financial results were poor:

Eric Fullerton, Vicon’s CEO said, “The Company’s financial results for the quarter were very disappointing and included a $6 million write off of goodwill originating from the August 2014 IQinVision business combination. Revenues declined 22% to $8.0 million for this historically weak quarter as the Company experienced issues with certain of its camera product lines and a delay in receipt of certain key project orders. Although we have taken steps to correct these issues, their impact may linger through the balance of this fiscal year.

Calendar Q2 results have not been released yet.

Undisclosed #1

In reply to Undisclosed #2 | 08/05/16 06:35pm

...maybe the Vicon board wanted him out...and he chose to resign instead.

Sour grapes? ;)

Undisclosed Manufacturer #3

08/08/16 03:32pm

as an ex vicon employee I'm not surprised it was unable to hold on to genuine talent. For over a decade the business on both sides of the Atlantic has been run by inflexible out-of-touch bean counters and lost track of the dynamic changes in the industry. Their camera products are 'me too' and their VMS is quirky and 10 years out of date. Hard to see a future for them

Undisclosed #1

08/13/16 09:54pm

Vicon launches both old CEO and new VMS in the same week.

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