Replies to post #348055 on Elite Pharmaceuticals Inc (ELTP)

[WeeZuhl]

Neumann walked away with over a billion dollars, while thousands of employees were laid off.

It is easy to identify with those who hate to see a CEO rewarded for failure. Eventually, it is necessary for the few people in a position of responsibility to step up and confront the beast. It is time to expect better from Elite management, including and especially the board of directors.




https://observer.com/2019/12/wework-executive-chairman-defends-adam-neumann-bailout/

The Japanese conglomerate’s “reward” for Neumann’s mismanagement felt especially like a slap in the face amid mass layoffs at WeWork this month. Claure admitted that since taking over as chairman, he’s been faced with staffers questioning him over SoftBank’s decision while 4,000 employees lost their jobs.

“In order for us to have the economic interest that we want, we have to buy shares,” Claure said of the buyout. “He’s a shareholder.”

Elsewhere in the interview, Claure also spoke of the conversation he had with the former controversial CEO on the day SoftBank sent him off. “I said: ‘Adam, we trusted you. We gave you everything. And it’s fair to say things didn’t work out the way we originally planned,’” Claure said. “Now it’s your turn to turn around and basically pay back that trust and provide us with a proxy of all of your shares.”