Doug Bergeron’s Parting Email

A source forwarded me this link in the wake of Doug Bergeron’s recent departure from VeriFone. I’m assured that it’s legitimate.

Doug Bergeron’s departure as CEO of VeriFone comes at a time when the point of sale terminal manufacturer disclosed that it has engaged in business dealings with Iran that may have been prohibited by recently enacted sanctions against the Middle Eastern country, as well as a recently filed shareholder lawsuit alleging securities fraud.
VeriFone made the disclosures in a 10-Q filing with the Securities and Exchange Commission for its fiscal first quarter 2013, less than two hours after the company announced Monday that Bergeron will step down on March 12. Its fiscal quarter ended Jan. 31.

I thought I would re-post this note here in order to incite some conversation.

From Jottit.com, (An anonymous website  builder):

{Doug Bergeron’s parting message to employees}

From: Doug Bergeron. Sent: Monday, March 11, 2013 04:20 PM Subject: To All of You

Dear friends,

I write to you today with thoughts that are full of emotion and filled with love for you and our company.

Late last week, the VeriFone board met, and together with my agreement decided that the time is right for new leadership of the Company. We have had our victories together as well as our stumbles. Recently, we disappointed our investors with some terrible results that I have largely blamed on our own issues. This was my responsibility and I accept the consequences.

I have been your CEO for almost 12 years and I have enjoyed every single day here. In 2001, we purchased the company from Hewlett Packard for $50 million dollars (which we mostly had to borrow) and today VeriFone’s enterprise value is about $3 billion dollars. We had 800 employees and under $300 million in revenue in the first year. Today, our revenues are six times larger and we employ almost 5,000 people around the world. I am so very proud of this achievement. It was one of the most remarkable turnaround investments in a generation.

I actually do not recall much about life before VeriFone. I was CEO of VeriFone before I met my wife, and we now have 3 children together who have only known their father in this role. Those of you who know me best know that there is very little daylight between my personal identity and my role here. I will have to rediscover myself over the coming weeks and months, and I hope to discover some long lost talents.

I tried my best, always, to be an honorable leader and to make you proud of me and proud to work here. I know we created a special culture of entrepreneurship, risk taking, high expectations, and fun.

You will have an opportunity in the days ahead to be part of a new and rejuvenated company. We have many strong leaders who I’m sure will be asked to do even more. This is a great opportunity for all of you. The culture that we have created together is alive and well, and it will carry this company through this transition.

May God bless each of you and your families. I will always love you and I will always love VeriFone.

Doug

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9 thoughts on “Doug Bergeron’s Parting Email

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