And if it wasn't over... I thought about the dismissal of Sebastien de Montessus; the rapid and brutal reaction of the board of directors; the impossibility of Montessus to debate his fault; the subsequent fall of the SP; ...
I also thought about the shareholders who had the courage to question executive compensation; and on the responses obtained, bordering on contempt. Were these questions justified, considering that the CEO's annual compensation was greater than >$20,000,000? The question could be asked, I think.
Should I explain to you that to normalize an annual salary of several millions, you simply have to be generous with your close custody. Often, these people end up believing that they have this value, that they are exceptional leaders, and that they have the right to be offended when asked about the subject. After all, what's better than a good explanation to understand.
Regarding this fault committed by Montessus, despite the small amount involved, I reflect on what makes a person take such an initiative, and why an audit is necessary to discover it. It's not just an amount of ~$5,000,000 but a lack of respect for the limits that the role imposes. In short, I was not impressed by Montessus' comment, which seemed to minimize the seriousness of this mistake, as if it were carelessness.
Is it possible that other leaders feel less confident; who feels the precariousness of their status; as if they were in an ejection seat? Montessus was still the one who benefited from the support of EDV's largest shareholder, and watched the speed with which he left.
For the board of directors, it may be time to do a little housekeeping. Does EDV really have the talent needed in its senior management to achieve economic efficiency, from top to bottom in its income statement report? If this is not the case, this may be the end of a monarchy at Endeavour, the opportunity to implement a new culture, and to manage this company in an innovative way.That said, I won't be surprised to see other dismissals soon...