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Wednesday, February 22, 2006 11:00:47 AM
Well it's clear that Tom Carpenter does not think that Mr. Campagna is the right person for the job at hand. In 2003, Carpenter was calling for some new directors with wireless industry experience and extensive contacts for IDCC's BoD, and for a new board chairman. It appears that Campagna compromised and got three new board members with wireless industry experience, but did not step down as CoB.
Now Carpenter is calling for Campagna to actually resign from IDCC's BoD. This is stronger than Carpenter's 2003 comments, which just asked for new directors and for Harry to give up the chairmanship of the board. Now Carpenter would like to see Campagna completely off of IDCC's BoD and its leadership team.
You said "But, if the board decides to replace Harry, at least we (and others on Wall Street, etc.) won't be surprised". First the existing directors can not force Harry to resign from the BoD, and replace him with a new director. However, the existing board could elect a new chairman from amongst themselves and thus replace him as CoB.
My own preference is for Mr. Campagna to resign voluntarily, for the good of the company. Whatever benefits or contributions that Harry might have previously brought to the organization are no longer there, in the opinion of Carpenter, other analysts, the ISS, some large institutional investors, and many individual investors. If Mr. Campagna will not voluntarily resign from the BoD, he should at least step down from his position as CoB.
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