No Tombu, it is not too early to make a firm judgement.
The SP rose over the past fortnight not for anything the directors did. It was clearly CP buying in.
The directors response was to place us in a TH for 3 full trading days, stopping momentum that was driving the price up. Doing another questionable CR in terms disadvantageous to the majority of SH. The direct result of their decisions is to drive the SP down around around 7% on huge volumes. Gee, thanks Henry and co. Six years is long enough to pass judgement on the current board.
As for Dalton, the current ACTING CEO, he may well be a gun driller, of that I've no doubt. That does not make him a good CEO. I would say that just like JH before him, he is stuck doing the board's bidding.
When the board goes, I don't think that Dalton should be kept on as CEO. Put him back to his substantive position as Chief Operations Officer and bring in a CEO that has the respect of the industry. But remember, for all those who whined about JH's renumeration, you won't get a quality CEO for what JH was paid. CTP will have to dig deeper to attract someone of the right calibre.
While I think the board's treatment of JH, the dismissal and the subsequent denigration through thinly veiled "analysts reports" is disgusting, there needs to be a clean sweep of all the board and I agree with others that while JH should be retained in some capacity, we need a new CEO as well as a new board.
CTP Price at posting:
50.0¢ Sentiment: Hold Disclosure: Held
