- Board is mostly independent and those independent dont have equity
- They talk about not being candid - this is legalese for “lying”
The only major thing that could warrant something like this is Sam going behind the boards back to make a decision (or make progress on a decision) that is misaligned with the Charter. Thats the only fireable offense that warrants this language.
My bet: Sam initiated some commercial agreement (like a sale) to an entity that would have violated the “open” nature of the company. Likely he pursued a sale to Microsoft without the board knowing.
He may not be the villain.
But who knows, it feels like an episode of silicon valley!
They had an open ethos and then went quasi closed for profit and then a behemoth has betted the family jewels on their products.
Harking on about the dangers of those products does not help the share price!
My money is on a power play at the top tables.
Embrace, extend, and exterminate.
Playbook!