Why ? Because he's 64... hit mandatory retirement... and this is an easy post-retirement gig for him... for which they're probably paying him WAY more than they should ?
Simply a fact that your interests as a shareholder are not plausibly aligned with his as an employee... unless Pierre is ready to start paying people to pretend they're holding SFMI shares and think it is the best thing since sliced bread ?
He takes stock because SFMI can't afford to pay cash. The shares are free. All he has to do is sell them in the open market and whoop, dey it is! A salary! Nice gig if you can get it.