Galtos Sr was brought on to clean things up and kick start the company. Being the Ex Queensland Liberal Party President he apparently had a reputation for getting things sorted. To his credit he established the Fortrend financing which basically saved the company from collaspe however later on this financing arrangement proved fairly costly to shareholders.
When he was appointed it was done on a contract basis. In doing so he subsequently shaped the board. His mate/associate from the The Australian Grain Exchange Dave Woodall came on as Chair then Dennis followed. Murray (forget his last name) departed. Galtos jr then came on as commerical manager just to 'ease-in' to ESI. Galtos Sr later departed and 'somehow' Kos was appointed CEO with no relevant experience.
Imo, the problem is the board is a little political given the way it was established. Again, this is only my opinion but if you take the Larry episode it simply doesn't make any sense what unfolded.
My understanding is that Larry went onto the Board to help uphold shareholders interests particularly with financing matters given their poor history. But strangely he was voted out in a relatively short time. Now why would that be?
Cheers,
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