RE: RE: RE: RE: RE: About Management at YLO
I think that the BOD should represent the ideal that preserving and growing shareholder value is priority #1.
Given this statement, I cannot support Tellier as a director given his atrocious track record during his tenure at the helm of YLO. Could you imagine him in a duel role as CEO/Chairman? Preposterous!
Once a new BOD is installed (without Tellier) it will be their duty to decide if long-term shareholder value can be reestablished under Tellier's leadership as CEO. If they conclude that this is unlikely, he should be removed swiftly – most likely along with many other senior managers that subscribe to the Tellier-YLO attitude.
Tellier was removed from the BOD at National Bank because of the bank's dealings with YLO and the implied conflict of interest. YLO's BOD would also be in severe conflict of interest if their CEO, is to represent both equity holders and employees in such a fragile state. While it is important in a large company to have a good relationship between the BOD and management, at times like these, I would prefer a BOD that is able to operate somewhat independently from management. They should have the ability to “close the door” and work together candidly with minimal politics, when tough decisions related to the performance of management and the CEO are in question – and thus deciding who is working in the best interest of the shareholders.
I think that the choice regarding Tellier's appointment to the BOD is overwhelmingly clear - NO!
Black&YLO – Oakville, ON