Correct, the BOD is ultimately responsible for the company, the mngt serves at the will of the BOD. So, the BOD has an obligation to the shareholders to make the mngt team live up to their goals and guidance. If they can't do this, then the BOD has an obligation to search for other alternative human capital.
Seems like a lot of you guys/gals are hung up on the CEO and what he is worth, get's paid, etc.
Forget about this, it is nonsense. I have been investing a long time and I used to get a little worked up when I looked at highly compensated CEOs that didn't perform. Now, I just look at the business first and management second. When I see a mangement team that SUCKS, I look a little deeper to see if there is potential for change at the upper levels, and with PBI, there is definitely a reson for Murray and a number of others to go. Just look at his record and tell me if you would hire this guy to run your business. He is on the way out, unless he puts together a string of good Qs.
I will stay tuned. 80% cut in dividend based upon the stock going down. HMMM. Sounds like you have read the 'tea leaves' and as the stock drops over the coming quarters you see the management reducing the div as a response to the stock dropping.
Keep me posted on that one. Even if these guys all die on Mon. and the headquarters is empty, I think they can pull off the dividend for at least another few years.
A better management team is right around the corner, either through a takover or a BOD firing. Either way, the management of this stock will change in the next few quarters.