A sign of Leadership and ConfidenceHi All,
On my way to work this morning, I saw the following article in The Globe and Mail and thought for a moment that a CEO we knew was investing some serious money in his company shares that were yielding 11%:
https://www.theglobeandmail.com/investing/markets/inside-the-market/article-mondays-insider-report-ceo-invests-over-700000-in-this-security/
I mistakenly thought that Boynton had finally stepped up and demonstrated the kind of leadership you would expect from someone leading an organization and personally earning more than $2 million a year. His first investment of $21,000 a couple of weeks ago was a disgrace and he should be embarrassed. Better to have done nothing than to throw some loose change he found in his couch into the shares to demonstrate what I don't know?
The example cited in The Globe is what you would more than expect from a newly appointed CEO. Stock options, RSUs and DSUs are no substitute for demonstrating your commitment to the company and the plans you have put in place. He has personally put nothing at risk and his substantial guaranteed salary and employment agreement ensure he will leave much richer for the experience at our expense.
The fact that the Board, the Voting Trust and the rest of the senior management haven't invested a dime confirms my contempt for this gang of incompetents. They are all along for the ride and don't have any respect for the B shareholders. Prem Watsa will remedy that situation when he cleans house.