I suspect it means the CEO/Board has had a disagreement with the local Board, perhaps about cutting costs, the sale of the business or the speed of the remediation project. The local directors will be concerned about local reputational risk and so walking away on mass is a big move that makes them less employable in Ireland to the gravy train of overseas companies. It would have to be a big trigger so resigning on mass is unlikely to be good news.
The CBI will require a full PFS Board of CBI approved directors before remediation is complete and licence restrictions are lifted. Finding new numpties in Ireland to take over from the current bunch will be difficult so this could set back the remediation project 6-12 months?
Ann: PFS Card Services Ireland Limited Update, page-17
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