Ann: Response to article in 'Margin Call', page-116

Fes, I think the board are in disarray, it's obvious that two of the board members feel aggrieved and have yet to communicate, but it looks like Williams still has the numbers on the board, if not he would have gone or announced that he was stepping aside. He has done a good job until now, and my thoughts are that whoever comes into the role of the CEO, has to be aligned with the same values/goals as him - in particular they need to be looking through the same lens, ie they will have to perform and meet the agreed KPI's, that way there will be no disgruntled conversations and objectively they can demonstrate their achievements to a broader audience. I must say SR has looked and come across as meek in the recent presentations, no fault of his - and yes the company is in a good position and the fundamentals remain ISQ - but objectively the SP remains where it was 6 years prior, and well below when SR started - yes I readily acknowledge he has done great work in other areas of the company, but I also suspect that Williams looks at it from an investment baker perspective, ROI etc, while SR has drilled down on the finer details of all aspects of the company from a wholeI think if all had their time again, the double, double, double YoY growth comment would be retracted, but I suspect that as an investment banker, and one with a good track record, that Williams wants to see the consolidation of the company, and increases in sales forces etc reflected in the company SP, just my thoughts, as always stay well and DYOR