Ann: Letter to Shareholders, page-60

I think that Lewin’s statement about reinstating the CEO demonstrates sound board leadership. Shareholders appoint boards and boards appoint CEOs, but shareholders invest in the vision and strategy of the CEO and management team. If a board disrupts the strategy or destabilises the company, shareholders have the right to take action to put things right (we own the company!). That’s the very essence of shareholder activism.
It’s great to have a prospective chair that actually listens to his bosses, who believe that Mr Ohanessian deserves a chance to work under a supportive board. I’m sure the new directors did their due diligence before agreeing to a public stoush, and will do checks and balances once they’re in the role and have access to documents and people. If Mr Ohanessian proves to have done what the current board alleges, then Mr Lewin will advise shareholders accordingly and take appropriate action.
I’ve read the NoM a dozen times and quite frankly I don’t believe the allegations. A CEO doesn’t have the authority to block board travel or subcommittees, and if he doesn’t provide adequate information the board won’t sign off on anything. I think this board is being less than truthful. There, I said it.
And @stlamc, I would normally agree with you that temporary fluctuations in SP shouldn’t factor in, but since the board stated a major reason for the sacking was poor performance of the SP, they should be held to the same KPI. Their actions caused a 27% drop in the share price, so by their own standards they should be fired.