Wayne Albo ResignationHi everyone,
Does anyone have a view on Wayne's resignation?
It isn't clear to me if the announcement related to:
- Wayne looking to enter retirement mode or health reason (Wayne has been practicing since 1975);
- Wayne wanting to focus on his other businesses (CIEL Capital);
- Wayne and Macro disagreeing on a matter of capital allocation or strategy; or
- Some combination of the above or another issue altogether.
Regardless of the above reasons, during Wayne's tenure as a director the book value of equity has increased from about $40 million at the end of 2012 to $114 million by the end of Q2 2021. Contrasting that, the share price has had some wild fluctuations over his tenure but is ultimately about flat since the beginning of his tenure.
It is clear that public market participants are hesitant to ascribe value to Macro and therefore, it is up to the Directors of the company to begin the process of unlocking shareholder value through its own actions.
Thanks to Wayne for his work with Macro over the years!
To the extent that any of you have connections that would be a suitable replacement for Wayne I would encourage you to reach out to the Company.
Best of luck,
LR