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After big shakeup at DIRTT, Smed vows he's in for long haul

5 8 17

On Mogens Smed’s 70th birthday, he sweeps through his company’s headquarters like a whirlwind, constantly on the move, touching down to talk to workers.

By his estimation, the entrepreneur works up to 80 hours a week at DIRTT Environmental Solutions Ltd., the Calgary company he helped co-found more than a decade ago.

“When I find a 40 year old that has got more energy than me, that’s when I’ll think about slowing down,” he says.

On this day, Smed simultaneously chats with self-described “DIRTT-bag” employees and walks with a couple of visitors through the company’s bustling headquarters in the city’s east end.

But 2018 has already been a period of upheaval within the public company — and for Smed.

On Jan. 2, the company unveiled a major shakeup in its management ranks, replacing the longtime CEO and entrepreneurial force of nature.

Smed was shifted into the executive chair position, where it’s said he will continue to focus on the company’s sales network and business initiatives.

As part of the change, president and interim CFO Scott Jenkins left the company. The board of directors brought in an interim CEO, Michael Goldstein, and interim CFO, Peter Henry, as replacements.

Reaction to the switch was swift, with the company’s shares falling nearly 18 per cent that day. Stock in DIRTT closed Friday at $5.31 on the Toronto Stock Exchange, down about 21 per cent since the announcement.

It wasn’t only the leadership switch that caught people off guard, but the fact Smed told an analysts’ call he hadn’t been made aware of the changes until only a few........

© Calgary Herald