The CEO mentioned in a LinkedIn post that ~82% of employees voted with board in the proxy battle.
I know the company is not supposed to know how any particular shareholder voted, but if they know how a group voted it might not take much effort to find out how individuals.
5 replies (most recent on top)
@jy the ELT has for a very long time been strategically misaligned, hence the “strategy” being a simple put from the very top. Emerging Energy and the poorly timed additional investment into Chems well before the cyclical trough (a damn the torpedoes approach) are two relatively recent examples.
Folks simply could not align, so the weak strategy work that focused on doubling down on Chems and West Coast Renewables (and that only due to federal & state government largesse via credits, a large internal short, and an asset with an awful terminal value if not converted) won the day.
The CEO’s (both) & CFO have always had strong biases for Chems, and are definitely “don’t let the board run the company….WE run the company and do what we want” type of leaders. Dissenters were / are terminated “with prejudice” to say the least.
So. it became a self fulfilling ahem…… “strategy” to sort any misalignment-at the expense of everything else (ie Refining). Top down.
The board is old-school clubby and compliant (one of the reason for Elliott’s entreaty) - the few folks on the board in prior years who would have in prior years challenged the agenda were summarily run off. The Elliott nominated board members at the expense of some seriously old school thinkers should help-and it doesn’t look like Elliott is going anywhere soon as an investor anyway.
Split apart or remaining together while the Board has issues themselves from a strategic perspective, the ELT compounds the issues because they are unable to successfully execute whatever direction the Board decides. The ELT is toxic and the company will not realize it's full potential until they are replaced.
I thought it was that the board received 82% of shares held in P66 retirement fund not 82% of employees.
Considering most of these shares are probably held by ELT it’s hardly surprising
As long as the current ELT and poor management exist throughout the company structure, be very worried.
Yes, you should be worried, not because they may know how you voted, but because the ELT now have to show quick results by year end. Elliott is not leaving and they will be back in 2026.