"His entire business strategy is wrong and he's shown that he is unwilling to change it even though it isn't working"
I would also add this.... unwilling and unable to change. The reason as I see it is this... he hasn't the talent ...skilled manpower or cash now to make the necessary change... in short his opportunity to shine has moved on.
I do own shares and I loath the way he has snubbed his shareholders knowing full well he was ill prepared to be a CEO who could execute on all levels required of a CEO in a private or public company. Thats my ENTITLED OPINION.