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Big Change At Collectors Universe

 
 
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Bedrock of the Community
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 Posted 09/19/2018  12:16 am Show Profile   Bookmark this topic Add basebal21 to your friends list Get a Link to this Message
Collectors Universe ( PCGS parent company) just announced today that David Hall had been terminated. Joseph Orlando who used to run PSA and had been the CEO of Collectors Universe is taking over his duties.

There aren't really any details released yet that I have seen as to why the decision was made

https://www.nasdaq.com/press-releas...180918-01229
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 Posted 09/19/2018  12:57 am  Show Profile   Check spruett001's eBay Listings Bookmark this reply Add spruett001 to your friends list Get a Link to this Reply
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Pillar of the Community
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 Posted 09/19/2018  01:07 am  Show Profile   Bookmark this reply Add westernsky to your friends list Get a Link to this Reply
Hall seemed kinda outta touch with reality in his market updates he used to do. Surprised it took this long to show him the door. Oh well....it's business!
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 Posted 09/19/2018  2:41 pm  Show Profile   Bookmark this reply Add nutmeg to your friends list Get a Link to this Reply
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 Posted 09/19/2018  7:27 pm  Show Profile   Check westcoin's eBay Listings Bookmark this reply Add westcoin to your friends list Get a Link to this Reply

Quote:
From the official statement: "...announced the termination of David G. Hall's employment as the Company's President and Chief Operating Officer, effective as of the close of business on September 18, 2018."


Italics are mine, "Termination" is corporate speak for fired, and a word only the board of directors can use. Usually we see retirement instead, something is rotten at Collectors Universe I believe. The profits have been down for a few quarters in the coin division, all profits have been coming from sports cards and autograph authentication and grading.

It will be interesting to see how this plays out. What about NGC or ANACS now? What will this do for dealer submissions to PCGS? Lots of unanswered question at the moment. The stock price has been moving up a few ticks today, overall the past year it's not looked good.

Regardless, David Hall was a visionary and a leader in the numismatics business. I know he had a major health issue last year, I hope it works out for him.
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Bedrock of the Community
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12546 Posts
 Posted 09/19/2018  8:06 pm  Show Profile   Bookmark this reply Add basebal21 to your friends list Get a Link to this Reply

Quote:
The profits have been down for a few quarters in the coin division, all profits have been coming from sports cards and autograph authentication and grading.


Which until I hear otherwise I am assuming is likely the reason for the firing. It very easily could be something as simple as they wanted him to step down for a while now and firing him was the only way they could make the change they wanted to or irreconcilable differences that got a bit personal at the end type thing. Will certainly be interesting to see what they say about it later.

They have their own data but the price hike to start the year at the same time grading went conservative I haven't been surprised by the decreased submissions which of course lowers revenue a bit. I honestly believe they could fix that if they really took a long look at their pricing and tiers particularly in the world economy tier where there are several areas that the last price hike just made them noncompetitive price wise.

As you said though either way though he certainly had a great accomplishment helping to build up the company from the beginning.
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 Posted 09/20/2018  3:05 pm  Show Profile   Bookmark this reply Add Slider23 to your friends list Get a Link to this Reply

Below is from CoinWeek on Hall's termination:

Hall's departure is the latest in a string of high profile personnel changes at Collectors Universe. Earlier this year, the company saw PCGS Vice President Mark Stephenson, PCGS CoinFacts President Ron Guth, and PCGS founder John Dannreuther leave.

2018 has been a difficult year for the Newport Beach grading service. In February, Collectors Universe stock lost more than 30% of its value after dividends were cut from $0.35 per share to $0.175 per share.

The company's most recent quarterly report, showed a 4.6% decline of revenue over last year, with the coin division accounting for most of the decline. The company's revenues were buttressed this year by an 18% increase in revenue from its sports card and autograph divisions.

The weak coin numbers are reflective of the weakness of the current market, which in recent years has suffered headwinds, especially in its modern divisions. Despite these numbers, the overall financial picture of Collectors Universe's appears to be solid.

As news circulated around the numismatic hobby, dealers and industry insiders expressed a sense of shock.

Hall has been a very public face for the PCGS and Collectors Universe brand and its hard to imagine the company without him.

For years, Hall's Rare Coin Market Report videos were a staple on the company's YouTube channel and he would often meet with collectors and fans, holding "Meet the Expert" sessions at the Long Beach Expo.

CoinWeek reached out to David Hall and found him to be in good spirits, despite the news. "The Collectors Universe press release is correct," Hall said, "And I expect PCGS to continue to do the great job that it has done over the years."

An explanation as to what happened at the company to necessitate the termination was not forthcoming from Hall or from Collectors Universe CFO Joe Wallace, who told CoinWeek that Collectors Universe is grateful for the "immense contribution made by David Hall over the course of his career," but as Hall's termination is a personnel matter, Wallace said, "we cannot further."

Hall told CoinWeek that he still retains a seat on the board and that in the hours after the news reports, he got a lot of calls and a lot of job offers. What's next for Hall is a return to the business he started more than forty years ago, David Hall Rare Coins, where he will be joined by his longtime friend, business associate, and fellow PCGS co-founder Van Simmons.

"I told Van it was going to be David and Van again," Hall told CoinWeek.
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