You can't just get rid of 20+ years of knowledge without a transition plan. He'll be expected to answer / respond to queries to help the transition. He's also motivated by the 11m shares. In addition, I don't think legally they could have given him a shorter notice period given his length of tenure without inviting lawsuits.
We have a temporary CEO in place on a 3 month contract while the replacement CEO search is underway. Likely, if the temp CEO performs over the next couple of months, he'll transition to the full time CEO. In the event the new CEO doesn't start for 6-9 months, MF is still available.
He's not going to burn the bridge and throw kerosene on it. This is / was his life's work. Unfortunately, he's reached his capacity and shareholders have been frustrated. There were more than enough signs leading up to this point so while he's likely surprised, he shouldn't be all that surprised.
In the event that he takes the scorched earth approach, then there is always the summary dismissal option to terminate without him working out his remaining 12 months.
These are professional individuals expected to act in a professional capacity. The investment / business world is small; it's in everyone's best interest (especially his) to ensure the company is set up and supported for success
SPA Price at posting:
4.9¢ Sentiment: Buy Disclosure: Held
