Alcor's President and CEO, Joe Waynick, has decided to leave Alcor and pursue other interests. We received his resignation effective August 28, 2005. Joe has been President and CEO for nearly two years. He will continue to be an Alcor member. We wish Joe the best in going forward.
Second, on another matter, we have learned that a substantial sum of money is missing from Alcor. We suspected that a former employee misappropriated approximately $180,000. Last week, the police arrested former Alcor bookkeeper, Tim Reeves. While Mr. Reeves has yet to be tried on these charges and is innocent until proven guilty, the police have informed us that he has confessed to most of the theft. We are cooperating with the Scottsdale prosecutor assigned to this matter, and we will keep you informed as the case progresses. We are also working with the police and a private investigator to recover the funds.
The embezzlement is unfortunate, but managing the aftermath seems to be in hand and it will probably have no negative effect on the organization's capacity to serve existing customers - thanks to the dedication of present staff and volunteers. The embezzler (or embezzlers) were stealing vital resources needed to support individuals in cryonic suspension who are in no position to protect themselves, a notably despicable action in a world filled with despicable actions.
I'm sorry to see Joe Waynick move on: I have long said that a more professional, business-oriented hand on the wheel would help Alcor make the jump to the next level. In order to provide cryonics services to a greater number of people, Alcor simply has to grow, become more professional, diversify their technologies into other profitable outlets - doing all the things that any business must do as it moves forward to greater success. To my eyes, Waynick brought a necessary mindset to the job; I hope that his replacement will be looking to the same future, as it seems that Alcor still has a way to go.