Will the current board stick around?Loudon Owen was brought on to the board along with Edwin Nordholm by Xindou Yu, the CEO, and agreed to by Agrium whose reps were on the board at that time. This appointment was made February 2011.
In September 2012 a strategic committee was formed led by Mr. Owen to unlock shareholder value as noted in last year's take private circular.
On September 19, 2012, the Board of Directors met (without Mr. Yu) and, following discussions, determined that it was desirable to authorize the formation of a special committee comprised entirely of independent directors to review and consider the strategic direction of the Corporation and explore ways in which to enhance shareholder value. At that meeting, the Special Committee was formed, comprising Messrs. Loudon Owen (Chair), Edwin Nordholm and David Thomson, each of whom was determined to be an independent director of the Corporation.
The CEO and Mr. Owen obviously reached an amicable agreement which led to the take private offer last year.
So now we are told the CEO no longer likes Mr. Owen because the deal they negotiated 15 months ago could never be closed by the CEO. Also if what VPofFNE posted is correct that Agrium favours the CEO, than if you were Loudon Owen, what would you do? The answer is simple, resign. This is a job at the end of the day.
In my opinion, Mr. Owen will stay on only if there will be a proxy war between two groups of shareholders fighting for the board and he is asked by one of them to stay. Right now, there is only one that has said anything publicly.