Ann: Valmec Reports HY17 Sales and Earnings, page-7

They haven't been making much money since he was there, so probably part of their rationalisation to let him go.
Bitten2many is right on the mark when he says salaries of execs look really high. They certainly can't afford keeping highly paid people without the work coming in. As long as the work they are getting has a profit margin its a step forward. Better work with low margins than no work at all, its just a sign of the times.