Mr Cooper Group Inc (COOP)

[fsshon]

The interim CEO is Charles Smith III, beat up on him. Mike is just sitting there occupying a seat at this time. Don't you know the CEO controls the company? The Chairman of the Board (Mike) controls the board meeting, agenda of board and communication with the CEO. It is The CEO who executes the company's strategy. Was Jamie Dimon "Chairman of the Board" for JPM...NO!!!! But, he executed the strategy he is paid to execute. If he did not, he would have been replaced with someone who would.

This is not the EC's board. It is the HF's/Noteholders board. Eventually it could be ours, but it currently is not and nothing Mike Willingham can do at this time to change the dynamics. The POR laid out the language and terms, not Mike. He is there to try and rep us, give Smith advice and acquire the financing (KKR) we need. but we all know the HF's control Smith.

An effective chairman and CEO partnership requires mutual trust and regular contact. Critical to this equation is appointing a chairman who is complementary and compatible with the CEO. A chairman must have the maturity, leadership skills, tact, and ability to keep his or her ego in check—as well as a clear understanding of the boundaries of the role—to be an effective boardroom leader. A board should not choose a chairman who has the ambition or the inclination to run the company.

The chairman's role is communication-intensive, requiring exceptional interpersonal skills, intellectual honesty, and an apolitical mindset. A nonexecutive chairman must be able to focus a diverse group of directors and build consensus among them. He or she must also be able to coach the CEO and be willing to have the difficult conversations with the CEO, when necessary.

Cheers

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