Montgomery stated several aspects of this situation well, but...

Montgomery stated several aspects of this situation well, but also seems to have only glanced at graham's four page letter. For example, montgomery says graham wants to retain ifm's culture wheras the letter suggests the culture has changed and needs to be more innovative. Montgomery's description of costs also seems to misstate graham's observation.

And montgomery's conclusion is based mainly on tthe risk of changing the board, wheras that argument conflicts with the fact that the board itself increased unecesary risk through recent actions, including removal of aceo and apparently other activities. Also, such risk of board change occurs mainly when a new board has limited knowledge of the husiness. Not so here.

I do agree with montgomery that there are times when founders should move on, and times when board dhould be replaced because they lack sufficient skill and motivation aligned with long term shareholders to oversee the husiness effectively. And i agree that -- for the short to mi term -- ifm will perform well enough either way.