Citizens for a Pro-Business Delaware says the process of selling of selling New York-based TransPerfect is leading to the departure of key executives.
The group noted that two “C-level employees for TransPerfect have resigned within the last two weeks, both naming custodian Robert Pincus’ disregard for the company’s employees and success as the reason for leaving.”
The Chief Technology Officer and the Chief Information Officer had their decision-making powers taken away by the court-appointed custodian, despite their status as long-tenured managers of the company a release from Citizens stated.
The group went on to claim that Pincus has now overseen the largest personal data breach in company history, the reduction of health and retirement benefits for employees and the vacating of multiple leadership positions.
“The courts are out of control, and we are asking legislators, business allies and the residents of Delaware to act now and halt the destruction of a company to which so many have dedicated years of their lives for its success,” said Miranda Wessinger, president of Citizens for a Pro-Business Delaware. Citizens for a Pro-Business Delaware persists in its efforts to expose the unprecedented overreach of the Delaware courts to sell a private and profitable company.
“Custodian Pincus is hurting TransPerfect, its employees, and Delaware’s business climate, while many Delaware legislators look away rather than act against the state’s powerful litigation network,” stated Wessinger. “If we continue to ignore the custodian’s reckless actions, we will have lost the chance to save this successful company and more than 4,000 American jobs.”
Citizens for a Pro-Business Delaware is a group made up of more than 2,200 members including employees of the global translation services company TransPerfect, as well as concerned Delaware residents, business executives and others. They formed in April of 2016 to focus on raising awareness with Delaware residents, elected officials, and other stakeholders about the issue.
While the two executives blamed Pincus and the courts for their departures, there has been concern that the dispute itself between owners Elizabeth Elting and Philip has damaged the company.
Citizens for a Pro-Business Delaware campaign chair Chris Coffey issued the following in response to the question.
“TransPerfect is losing top-notch people who have worked for the company for over a decade. Losses like this make it harder and harder to recruit the talent that makes TransPerfect among the most successful translation companies in the world. And acquisitions, which used to happen more frequently before the Custodian thwarted the acquisition department, have become increasingly rare as Liz Elting and the Custodian work on selling instead of growing.”
See letter below from former executive:
[pdf-embedder url=”http://delawarebusinessnow.com/wp-content/uploads/2018/05/attachment-1.pdf” title=”attachment 1″]
