Well, well, well...the day of reckoning is here. Goodbye PWO. Goodbye KM (terrible CEO - absolutely terrible). Goodbye TR. We will be led by idiots no more.
AND this brain trust could have avoided today's outcome had they just given Sarissa 2 or 3 board seats in 2022 - but they knew better. Yes, they knew better.
Yesterday's vote (80% against Management) is a prime example of Management's misjudgements over the past years. Sarissa asked for 2 board seats. Management did their analysis/SWOT and went in the direction they chose. Clearly, their analysis was WRONG. How many other things have they been wrong about over the years? (Stocktwits repost)
During an internal proxy debrief call yesterday with around 75 participants, an Executive in Europe (LA, who has a bromance with KM) could not contain his distain for shareholders being heard yesterday, and shareholders' voice resoundingly rejecting current leadership. He literally said, "I am so angry right now, I can't even say their name, the S-word" (Sarissa). So. Unprofessional.
LA is such a tool. Angry that he’s about to lose his job because there is no way Sarissa will GIA in EU.
Shareholders have spoken and sent an overwhelming message…. Time to refresh BOD and purge the overpaid underperforming group that allowed the decimation of shareholder value
The complete lack of humility from KM and Co. is astounding. The stock is down over 70% since KM became CEO and a Board member, over 80% of shareholder votes just rejected the leadership of the Board and current management, but zero humility from KM. Worse of all is KM’s efforts to delegitimize the proxy vote by repeatedly referencing “ISS and Glass Lewis” endorsing current leadership ahead of the proxy vote - as if that carries any weight compared to KM’s failings. Wonder if he loses sleep over the fateful decision to blow off Sarissa’s request for a mere 2 board seats? This type of bad decision is a hallmark of KM’s tenure.
