Ann: Retirement of Managing Director, page-35

Possible reasons for BG retiring/resigning (in order of most likely to least likely IMO):

1 - BG simply feels the time is right on a personal level. May not have the inclination/energy to continue on to next phase.

2a - Tap on shoulder. Company looking to bring in a new MD with fresh ideas and different skillset.

2b - Tap on shoulder. Prospective partners looking for a higher caliber candidate to lead next phase.

3 - Jumping from a sinking ship.

4 - HIO to merge with another company.

5 - HIO to be acquired by another company.