So what is your ultimate solution to this so called problem with the CEO? If he resigns who do you want to see fill the position next? And if so, do you think the new person will do a much better job then the prior? Or will he more or less be status quo? People on this board scream about the CEO and yet I have never seen one good solution to the issue at hand. One might call it typical W/S back seat complaining and yet they never give a viable solution to the problem at hand.
The executive management of any firm is highly compensated. And with that high compensation comes accountability. Either you produce, or your fired. I'm surprised by the attitude of some on this forum: "stock price halved? hoo hum, stock prices go up and down all the time. no worries. just sell if you don't like losing value in a stock. who you gonna get to replace him anyway? just let him keep his job and accept any loss of value that comes down the pike. nothing you can do anyway." I mean, why pay someone $5 million a year, if you would get the same results no matter who was in charge?
The executive management of FNFG have demonstrated glaringly their incompetence, and they must go. They've destroyed shareholder value by this ill-advised acquisition. The management, including the CEO, were not qualified to run this institution right from the beginning. He and most of his minions have zero experience running a bank this size. I believe the CEO's prior experience was as an accountant for many years, then a year or so at a tiny community bank as CAO. I'm guessing the Board (who should also be relieved of their duties too) are considering a decapitation but must consider timing. If I was on the board, I would not do the firing so soon after the close of the acquisition because it would be an admission of failure (and the board approved the acquisition and are complicit). But after a quarter or two, if the stock price is still around where it is now, there will be unbearable pressure to "do something".
90% of the CEO's of other regionals have stocks doing much better then this stock. Which if you haven't noticed is around 1/2 of its old high. Around multi year lows in an environment that others have done just fine. And yeah my favorite. They cut the divident in half to pay for their over payment of the HSBC branches. Pull a CEO from any number of regionals and it would be an improvement!