The is a mess and it is squarely at DW feet regardless of what benefit he has provided for the company in the past. He will need to answer to that at the next meeting.
IMO SR stood up to DW and called out the inappropriate behaviour not just to himself but to others in his team as he should in the CEO roll. My impression from speaking with SR at AGM and presentations, is that his has a strong moral compass and would not tolerate DW as much as others obviously have.
The problem is DW is Chair, has significant holdings, has a lot of contacts in the investment community, and has a history of navigating the company successfully thus far. SR was never going to win the argument politically with the board all having history with DW. So the board has tried to go down the internal review and "training" route but the exposition of the problems inthe media has nailed the coffin for SR. His position is untenable which is a real shame.
I suspect that we will also be looking for a new chair as DW steps aside in the coming 12 moths as the dust settles. This has exposed a ciluter issue thta needs to be addressed in real terms from the top down.
From a practical point of view we will likely recover from this as a company due to the value of the assets and the market momentum, but it will take time. As an investor I am hoping fellow holders and traders see this as the bottom and we all compete with shorts to get back to a realistic SP value.
PNV Price at posting:
$1.27 Sentiment: Buy Disclosure: Held
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