I think the Chairman had to take responsibility for non-disclosure rule issues. It was a responsibility for the Board and not the CEO in my opinion. Clearly there was a capability issue there and additional Independent Directors with suitable experience should be a great help.
Will be interesting who else they recruit for the Board and who will replace Massie as Chairman.
More to unfold here but I think we can be confident that Richard will stay as CEO and Massie has taken the fall for the issues.
Without wanting to read too much into it I imagine this might also be a signal that the main issues at play are non-disclosure.
If there were major issues relating to responsibilities of the CEO then I don't believe the statement would have defended Richard in the way that it did.
I could be wrong though, time will tell, but that's my vibe so far.
BIG Price at posting:
$2.22 Sentiment: Hold Disclosure: Held
