Well I have never really had a great feel for why this business needs a operational CEO. Certainly the business needs someone who acts as CEO from the main drivers and I would think those are either Interprac or the Stockbroking arm. Why have a floating CEO who seems to be responsible for only the strategic direction of a group such as this? maybe I don't understand his role but its always seemed to be vague.
Each division head can report to the board and have a CEO who has a major holding and is head of one of the divisions - really this is a financial services business they all understand the process and objectives. The current CEO only has one component of that he holds a significant number of shares but so does the Interprac guys and not on the requisition is Sargon as I see it. Really my vote goes to get rid of the current CEO as he does not lead a specific business as I see it.
Really don't understand why you need a requisition in a company like this 15 phone calls should tell you if you have the numbers...
When Interprac went into SEQ they had a number of shareholders and I think that they must be happy with their management team/ shareholders - it seems one of them is a party to the requisition and as such they plus Sargon and a few more will have the votes I suspect , unless this is an unhappy party to the merger with sequoia. Personally I think this should be solved by 15 phone calls and you would know whether this will fly or not.The need for the meeting should be resolved by sanity prevailing.
