The issue here is NOT the cost overrun The issue here is MANAGEMENT and the failure to provide timely disclosure to not only the shareholders but, I believe to the BOD.
Cost overruns do not materialize overnight.
Any significant project is subject to budgeting. The process includes a comparison of the expenditures to date against the budget and the projecting the yet-to-be made expenditures against the future known expenditures.
Therefore, if the budgeting process was PROPER, management knew that the costs were elevated and should have informed the shareholders [ IMO full disclosure] as this is a MATERIAL event.
If the budgeting process was flawed, how then does this exhibit good leadership skills?
JP is over his head folks. To protect the shareholders interests, he must go.