RE:RE:RE:Disappointing Results are being punished.I think you're stereotyping vonDraetz. Sure, there are some directors who like the status quo. But CPG's directors have hired a new CEO, replaced the Chairman, cut the dividend, initiated an NCIB. So can't really say they've been idle.
I'm not sure what investors expect management to do about current operating conditions in the oil patch. Oil companies are price-takers. They can hedge their guesses about where oil prices are going to go but most of the results are out of their control. Cut expenses (they have), sell "non-core" assets (they have). They have also revamped the comp plan to a more performance-based one.
Stock market history is full of stories of boards firing CEO's, changing the business strategy, going on cost-cutting missions, selling off weak divisions.
The Cation effort to replace the board fell flat on its face. The reason was that shareholders thought that the board was doing its best to turn CPG's fortunes around. With the current writedown and the transition plan unfolding, the board and management have shown they are capable of change. How quickly this happens is the question.