The immediate street reaction to the Crosby appointment has been a harsh negative. It appears that the board made little effort to regain credibility on the street after the HSBC fiasco. The board either failed to, or made no attempt to, hire a CEO with strong banking credentials.
I don't have any insights into Crosby's leadership ability, but that's really the point. The market would have preferred to see an appointment of an individual with a strong track record. Crosby may wind up being an ok selection, but the lack of a "home run" appointment says something about the board & its vision. Did the board not recognize that their choice was going to be perceived as either a home run or a strike out?
The board has been and still is incompetent.Look what they let the boy with his shopping cart do.I will however hold out hope that maybe they decided it would just be better to sell and leave him at post while the investment bankers shop it.
This might explain why the stock was trending down. A few big players this morning are selling to show their displeasure with not getting their chosen one in. I see a good buying opportunity at this temporary level.