Ann: Appointment of Executive Chairman, page-13

Very interesting announcement this morning. Lets take a moment to remember that Gilchrist forwent part of his salary and took shares instead. He has almost 4m shares and over 3m in options. So I'll rule out it is an issue with the project.

The enormous attention the project seems to be attracting by local/state governments has clearly come along with pressure and he was previously criticized for being slow. So I am thinking that they are thinking that his work is done (now that the hard part is out the way) and he felt pressured to hand in his resignation. It happens a lot when companies reach inflection points. The 'founder' gets shafted and some big shot comes through.

Feel bad because Gilchrist was clearly excited by the results. I'm holding for now and although I liked him quite a bit I do not believe he warranted the title 'key person risk'.