haz13, I think TNG needs change. I'm not convinced that removing the chair and CEO are the right step.
I've never been involved in shareholder activism, and I imagine that by the time a 249D is required, that bridges are already burned between shareholders and management. Which might require a significant action to precipitate change. But I would have thought a simple nomination for GW to join the board at the next AGM would have been a reasonable step. From inside, he could still have played his high-transparency, high-accountability role, but without overly upsetting the applecart.
I can't say how much longer, but could also ask if such a drastic action is required, why right now? Why at this very moment is it critical that we remove the chair and CEO and have a new shareholder build a new board? I suppose the previous failed 249D could be seen as the first attempt which failed and precipitated the need for this.
I'm leaning towards supporting the action. But I think it reflects very badly on both parties (current board and requisitioning shareholders) that a negotiated agreement couldn't be reached.
TNG Price at posting:
9.4¢ Sentiment: Hold Disclosure: Held
