Ann: Management Changes and Expanded Field Test with T&T-ZYB.AX, page-205

I think there are a couple of points here.

1. If you invested solely on the basis of Clay Epstein, you probably need to rethink your investment strategy.

2. If you assume Clay was super conservative and that's why the company hasn't really published anything useful to the market re timelines etc, his removal will be a net positive if the new CEO is more aggressive.

3. If we don't actually have a decent product, it doesn't matter who is running the ship.

The new management team get one shot to establish some credibility and turn sentiment around - their first announcement. Let's hope they don't waste it.