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Originally posted by sgtclub
If you read between the lines, this wasn't voluntary. The board asked for his resignation, meaning that if he didn't give it, he was toast.

There are two other things going on here, I think.

First, this was based on an blind tip, and given board sensitivity to suits these days, they may have felt they had no choice. In other words, if they didn't can him, the info would leak, and then they'd have to face investors.

The more likely reason, in my mind, is as Ty said earlier. They wanted him out and this gave them cause.

I would be extremely surprised if this guy's lawyer would agree, as a negotiated settlement, to allow the company to out him like this. My bet is they couldn't reach agreement and this was a shot accross the bow ahead of the litigation that will result. Also, if this was negotiated already, they would (or should) have mentioned that in the release. That way, idiots like me and you wouldn't have to speculate.

Um, whatever.

ETA you do KNOW that this guy KNEW he was brought in to clean stuff up, right? In light of the many ethics problems? Now I really do want to go look up his employment agreement.