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You are here: Home / Business/Industry News / Sports Memorabilia Industry News / Collectors Universe President Steps Down

Collectors Universe President Steps Down

March 16, 2009 By Rich Mueller

Michael Haynes is stepping aside as CEO of Collectors Universe, parent company of PSA and PSA/DNA.

Chief Executive Officer Michael Haynes will depart Collectors Universe at the end of this month.

The move comes less than a week after a major investor suggested publicly- traded CU would be worth more as a private company.

Shamrock Capital Advisors Inc., headed by Roy Disney, asked directors to put the company up for sale, saying it felt CU would be an attractive acquisition candidate possibly worth twice as much on the open market. Not having to comply with regulations of publicly traded companies would also save money, according to Shamrock, an investment firm also based in southern California.

Disney is the nephew of Walt Disney Co. founder Walt Disney and was once a CU executive.

Haynes has been heading CU for six years and will "pursue other opportunities" according to a CU news release. He stated: "Based on a strategy established by the board at the beginning of my term in 2003, Collectors Universe has been transformed to focus on its core competency of grading and authentication of collectibles, with updated operating systems and restructured management. The proven leadership position of these divisions in their markets along with the efficient operating support and favorable balance sheet provides the foundation for long-term profitability."

Michael McConnell , a member of the Board of Directors of the Company, has been appointed interim Chief Executive Officer.

In addition to trading cards, autographs and sports memorabilia, CU also authenticates and grades stamps and coins. The company has a market value of about $30 million and reported about $40 million in revenue last year. Shares closed at $3.60 per share on the NASDAQ exchange Monday. They’ve ranged from $2.05 to $10.06 over the last 12 months.

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About Rich Mueller

Rich is the editor and founder of Sports Collectors Daily. A broadcaster and writer for over 40 years and a collector for even longer than that, he's usually typing something somewhere. Type him back at [email protected].

Filed Under: Sports Memorabilia Industry News

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