Why would he not “go quietly”? He was given the contracted notice period and is being paid-out until June.
It is not uncommon for company boards and their CEOs to have a falling out. If you don’t see eye to eye with the board, having failed to persuade them otherwise, then you should go. The professional response is to accept it and move on. In his case back to retirement after having held a well-paid position at an interesting, developing Australian company with an international reach selling a remarkable product.
As for expansions plans in Asia, he leaves behind a President for Asia Pacific well qualified to lead the company into those markets, and hopefully as successfully as the President for North America has done there.
It’s reasonable that the loss of SR is causing anxiety about the future. But it’s done. He’ll move on and so will the company.
The acting CEO will do just fine. And a replacement should not be difficult to find because the company is now at a point where revenue growth to date has made it financially stable but with plenty more rewarding and exciting times ahead for the right person to lead the company into.
So my main concern is not SR’s leaving but finding the rat and getting rid of it.
PNV Price at posting:
$1.26 Sentiment: Buy Disclosure: Held
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