Solomon Lew appears to be desperate to retain his board seat at Coles Myer.
Why?
No-one seems to be very game to tackle this particular question. About the only thing I've read in the media that pertains to this question only covers my opening sentence and then they go off on some tangent without giving any reasons why Solomon Lew is so very desperate to retain his board seat.
I am in the camp that is against him, but my opinion doesn't count as I hold no shares in CML. Actually to be honest I think my interests would be best served if he DID get re-elected as I hold shares in WOW. I believe that if Lew was re-elected that this would created some turmoil at the board and executive level within CML which would be of benefit to WOW.
Points that Lew is not prepared to raise in his re-election campaign:
- Yannon - His interest in related party transactions - Why is he hedging his latest share purchases in CML? - Why is he so desperate to be re-elected?
Lew believes that the board needs to have retail experience. That in itself is fair enough, but given that he has retail experience one would assume that he has been utilising that experience for the last 17 years that he's been on the board. So why is it that his experience doesn't seem to have made much of a difference to CML's prospects?
Is Lew desperate to be re-elected because he fears that if he doesn't that his related party transactions may be at risk?
Is there dirt within CML's books somewhere that could implicate him similar to how he was close to being implicated in the Yannon affair?
Why spend so much money trying to be re-elected to a board that clearly does not want him and obviously can't work with him?
Will we ever find out the real reasons? Probably not.
Surandy
CML Price at posting:
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