Dear Fellow Investors,
This past Tuesday I had the opportunity to speak with Charles Smith, President & CEO of WMIH. He also holds several other positions EVP, Interim CEO, Interim Chief Legal Officer and Secretary. Seems like he is a one man show. I express the anger and frustration of the shareholder and I asked questions;
• I asked why there has been no communications with the stockholders and he has us left in the dark. I stated that the stockholders have the right to know what is going on with the company. I stated that the stockholders have lost all confidence with the company management.
Response: Everything is available on the SEC filings that are available for review as required by law. He stated he was going to email me the lasts filing. So far he has not.
• I told him he should the review The Investor Hub website and he can see for himself the anger and frustration of the stockholder.
Response: He had heard of the website. Did not say he would check it out.
• I said that many companies have a Facebook account where they communicate with shareholders and potential investors and he should do the same.
Response: He said he will take it under advisement.
• I stated that shareholder call and no one ever answers the phone or returns the call. No email address provided.
Response: He stated he called me back, but nothing about all the other calls. (FYI: when I left my message I asked it if 200 shareholders writing to the SEC would get them to return my call….. I guess they would not like that so the called me.)
• I stated the stock price has dropped 25 times in the last 30 days and down 40% since the 52 week high and he has done nothing about it.
Response: He stated he did not know how to respond to this question.
• I asked about the merger/ acquisition strategy mentioned 2.5 years ago and since then it has never been mentioned again.
Response: He stated he could not speak on ongoing negotiations.
• I asked about the Blackstone/ KKR deal.
Response: He would not speak about this.
• I asked about the assets held by the FDIC and the escrow shares.
Response: Stated he did not know anything about what the FDIC is doing.
Mr. Smith has a bland personality; not friendly in any manner and did not promote an open conversation. It was obvious that he was annoyed talking to me and he did not like any of my remarks or questions.
Mr. Smith is a bankruptcy attorney, and he may be a good one, but he definitely did not display any of the traits of a top executive. He was wishy-washy to say the least and basically had nothing to say about anything. At the very least he could have said that he would try to be a better communicator …… but he did not. He could have displayed some concern for the company investors …. but he did not. He just tried to get me off the phone as fast possible.
I believe that all of us should write to the Board of Directors stating we believe that it is time for a change in the leadership of the Company. We should state that the current CEO had ample opportunity to demonstrate his leadership abilities, but he has been unable to deliver on any of the strategic objectives of the company. (per Annual Repot) . He has also failed to deliver any significant shareholder value and not had the common courtesy or consideration to keep the investor informed. It is very obvious that we just do not matter to him.
I will be writing to the Board and I strongly encourage all of you to do the same. We cannot afford to remain silent and be kept in the dark any longer. Another 5% stock price decline today.
Directors
• MICHAEL WILLINGHAM – Chairman of the Board`
• EUGENE I. DAVIS
• DIANE BETH GLOSSMAN
• TIMOTHY R. GRAHAM
• MARK E. HOLLIDAY
• MICHAEL RENOFF
• STEVEN D. SCHEIWE
•
WMI Holdings Corp.
1201 Third Avenue, Suite 3000
Seattle, Washington 98101
E-Mail of Executives Assistants
Helen Grayson (helen.grayson@wamuinc.net)
Yana Hirata (Yana.Soriano@wamuinc.net)
