TAMPA – Undersea treasure hunting company Odyssey Marine Exploration said Monday that Mark Gordon, currently president and chief operating officer, will assume the role of chief executive officer now held by Greg Stemm before the end of the year. Stemm will serve as chairman of the board and focus on strategic initiatives and new project development.
"There comes a time in a company's history when the entrepreneurial founder needs to step aside and allow a seasoned management team to run the day-to-day operations of a business," Stemm stated. "I have put 20 years of my life into building Odyssey and as the company moves from an entrepreneurial business model to a more predictable revenue generating entity, it is time for me to entrust Mark and the team he has helped assemble with this transition."
Odyssey's announcement was accompanied by the release of its quarterly financials, with the company reporting just over a $4 million loss in net income in the quarter ended June 30 compared to a loss of nearly $11 million in the corresponding quarter of 2013. News of Odyssey's management change and earnings was released after the close of the stock market. Odyssey shares closed a shade above a dollar, at $1.15.