Comment by jsnell
3 days ago
The ability to appoint a board member doesn't mean you get to control their every decision. Nor is their fiduciary duty just one shareholder.
Of course usually hand-picked boards don't go against their benefactor, and they're not keeping their seats.
That they did in this case says something about just how bad the situation must be.
It's really strange that a company with such a volatile owner would even have a board. But I guess minority shareholders demand it.
Automattic is a Delaware corporation, so it's required to have a board.
Right, I'm confused about why at the first clash with the board the CEO didn't reform the company as a boardless LLC.