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The ability to appoint a board member doesn't mean you get to control their every decision. Nor is their fiduciary duty just one shareholder. Of course usually
by jsnell 23d ago
The ability to appoint a board member doesn't mean you get to control their every decision. Nor is their fiduciary duty just one shareholder.
Of course usually hand-picked boards don't go against their benefactor, and they're not keeping their seats.
That they did in this case says something about just how bad the situation must be.
- phendrenad2 22d agoIt's really strange that a company with such a volatile owner would even have a board. But I guess minority shareholders demand it.
- jefftk 21d agoAutomattic is a Delaware corporation, so it's required to have a board.
- phendrenad2 21d agoRight, I'm confused about why at the first clash with the board the CEO didn't reform the company as a boardless LLC.