Hi RRX I don't think that it's very complicated. Both Steve and Stu agree that the BOD some time ago decided to get a new CEO. Now the old CEO has a choice after deciding to resign. One choice is option A, orderly departure joint press conference to smooth market fears. The other option B, is unexpected resignation, which could only stoke market fears. Steve chose option B. He also sold all his shares, which he must have know would create a downward cascade even without the help of the shorters. As to him acting against his own interests, well that would be the case for any CEO who had detrimental insider information and sold up. Surely the logical outcome of that would include a spell in prison. I think that the most reasonable explanation is that Steve resigned as a way to vent rather than do insider trading.
LKE Price at posting:
73.5¢ Sentiment: Buy Disclosure: Held
