By Howard Solomon
Assistant Editor, Network World Canada
After only seven months in the top seat, David Lazzarato has departed Craig Wireless, the company announced this morning.
The move is a sign of more trouble at the publicly-traded Winnipeg-based company, which is trying to shift from fixed wireless provider to a specialist in mobile WiMAX services in Canada, the U.S. and Greece. Stock in the company, 73 per cent of which is owned by the Craig family, has steadily drifted down in the past 12 months. This morning it was priced at 40 cents a share. A year ago it was $4.03
Lazzarato former Bell Mobility and Allstream Corp. executive, was hired in April to replace company co-founder Boyd Craig. No reason for his departure was given in the news release that announced the resignation. Boyd Craig and Drew Craig, who are co-chairmen, have been appointed co-chief executive officers, and Lazzarato has agreed to help with an orderly transition.
In July, the company released third quarter unaudited financials for the period ending May 31 listing revenue of $461,386, which translated into a five cents a share loss.
In an interview Drew Craig would only say Lazzarato's departure was "his decision." Lazzarato, he said, has been telling investors the decision "is not a reflection of his long-term view of Craig Wireless."
In the last year the company has acquired WiMAX licences in Norway and New Zealand, he said, and combined with the network under construction in the Palm Springs, Calif., area means Craig Wireless "is in good shape."
On the other hand, it is still waiting for Industry Canada to give it the green light to build WiMAX networks in British Columbia and Manitoba. He's hopeful that will come within the next six months, before Bell Mobility and Telus launch their new HSPA networks and before any of the new spectrum licence holders go on the air. Craig Wireless' offering would be similar the WiMAX-based Xohm network Sprint is building in the U.S., which it just began piloting in the Baltimore.
Xohm offers download speeds to laptop users of between 2M bps (bits per second) and 4M bps,