The True Story of ParkerVision
Founded in 1989 and headquartered in Jacksonville, FL, with additional facilities in Orlando, FL, ParkerVision designs, develops and manufactures complete solutions for wireless products based on the its patented D2D and D2P technology.
Unproven Executive Leadership
ParkerVision’s CEO has a 17-year history of failure: Jeff Parker has not yet guided the company to a profitable year in its entire 17-year existence. Parker has been Chairman and CEO since the company’s inception in August 1989 and President from April 1993 to June 1998. Prior to that, Jeff Parker had limited executive experience. From March 1983 to August 1989, he served as EVP for Parker Electronics, Inc., a joint venture with Carrier Corporation that performed research, development, manufacturing, sales and marketing for the heating, ventilation and air conditioning industry.
We postulate that ParkerVision would be better run by a new CEO with industry experience, or at least a new President in an operational role. However, the Board of Directors appears to view Jeff Parker’s financial performance as adequate, which is surprising given the lack of revenue for the past two years. Why is a 17-year-old company acting like a Silicon Valley start-up? Perhaps it is Jeff’s fund raising abilities that assure him a continuing position as CEO at ParkerVision. On this front, we certainly do not anticipate any changes.
Board of Directors Have No Wireless Expertise
ParkerVision has a diverse Board of Directors who are experts in different fields, and have successes in other industries such as semiconductor manufacturing equipment, passive electronic and electrical components, or mechanical engineering. None of the directors appears to have expertise in the actual markets that ParkerVision addresses, namely wireless communications and RF microdevices.
President Quit in November 2004
William Hightower, President since 2003 and a board member since 1999, resigned on November 19, 2004 to focus on personal interests. He has remained active on the Board of Directors. While ParkerVision has still not named a successor, Hightower’s resignation is perplexing given ParkerVision’s announcement of a “supposedly” revolutionary product only two months later, (and, at a time, coincidentally, when ParkerVision was desperate for cash).
New, Inexperienced Management Team
Other than CEO Jeff Parker and CTO David Sorrells, everyone on the management team listed on the ParkerVision web site joined the company in 2004, except for Cindy Poehlman, who was promoted to CFO in 2004. Director of Retail Sales Bob Williams joined the company in October 2004. VP of Business Development John Stuckey joined the company in July 2004. VP of Engineering Felix Krupczynski joined the company in 2004.