I guess a CEO resignation without notice and without "Thank You" does not sound like a resounding vote of confidence. However - without any additional information difficult to make sense out of this information.Originally Posted by JAYAY
Obviously - the old guard (including Simon and now Chris) clearly destroyed a huge amount of share holder value and it always felt that Vector basically controlled NWF without owning a majority stake (and clearly without visible advantage to other share holders).
So what could it all mean (all hypothetical scenarios)?
(1) Rats leaving the sinking ship: The people in the know expect a bad outcome of the ongoing consent approval process ... and don't want their names tarnished by association. Hope this is not the case, but we probably can't discount this scenario;
(2) Some of the new big share holders might have discovered evidence that the association between Vector and NWF was much closer than "arms length" - and are now "silently" clearing the deck
(3) Vector wants to take over and removing everything looking like direct influence on the NWF board (though not clear why this would require a resignation without notice from the CEO - an Ex VCT man);
(4) Board and CEO disagreeing about the outcome of the recent company review (aren't we still owed an update on the outcome?) and Chris leaving under protest;
(5) Chris thinks that he did an amazing job at NWF but didn't got enough love and support out of the new board. Throwing the towel;
(6) Both events have nothing to do with each other and Chris is resigning for innocent reasons like health or family ... only thing I am wondering ... if this is the case - why don't they say so?
Whatever it is - I think the communication from the board could be better. Interesting to note that none (*) of the remaining directors has ever been elected by NWF share holders (if you can call it an election if many share holders just give the chair a blank cheque with their vote - proxies) ... our board system is clearly lacking and it probably will be again share holders who are paying the bill for that.
Next AGM will be interesting but might be a sad event for shareholders.
Discl: Holding, but didn't bother to buy this time a flight ticket to Palmerston North ... managed to somewhat reduce my holding since last year (but still holding to many);
(*) Changed from "only one" (which was clearly wrong) to "none". Thanks, crackity for pointing this out to me - you are (unfortunately) absolutely correct.
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