I get the feeling that jacobson was let go because he wanted to market the company and grow their products like a professional marketer that he is. The bored has no ideas about marketing and growth which is evedent by their last 20 year record. I doubt that they will get a seasoned marketing man without a much larger contract than what jacobson had. I hope we all do as well as jacobson will do. His work record speaks for itself.
I have reviewed Jacobson's employment letter, and he was to be due a bonus of $100,000 on March 31 and to be vested in an additional 131,000 options in May. The strike price on the options was under $2/share. He's a heavy hitter in his industry, his performance was exemplary, he was more than well deserving of his compensation, and we shareholders were being rewarded by his efforts. Now that he was let go, the stock and the company's reputation is taking a beating.
I think the board decided to "cheap-out" and renege on their deal to avoid the cost of the bonus and options (they'll only owe Jacobson one year of salary for dismissal without cause), and due to their actions (anyone with any sense will figure out what transpired), they'll never get another CEO of Jacobson's quality. I think Jacobson got screwed, the shareholders got screwed (Robertson and Rosenthal own very few shares so they haven't been harmed), and the board doesn't have the integrity to honor their deals or to site a reason for their actions.
There is nothing positive that I can see coming from the board's action. I suppose board member Mike Davis is the biggest loser, and if he supported this action, he deserves the loss in his stock value. Cysewski probably didn't like resigning his position as CEO in the first place, so I'm guessing sour grapes on his part, and Rosenthal lost his CFO position when Hain took over Celestial Seasonings (Jacobson was president of Hain's natural products group). It all sounds quite childish doesn't it?
I read through the company's "code of ethics" on their website. It seems like integrity and fair dealing doesn't apply to Cyanotech's BOD. Just keep an eye on where the money goes. Watch who starts getting the stock options going forward (although considering the company's history, stock options haven't been of much value). Cyanotech's BOD did something incredible when they hired someone of Jacobson's caliber, it showed up in the company's performance, and now they've pissed it all away.