Shares of Lumber Liquidators are in free fall. Sources within the company tell me that senior management is in disbelief.
CEO Dennis Knowles cannot comprehend why the stock price is falling.
I don’t know Mr. Knowles. I have never met him or spoken to him, despite my best efforts to engage with him. But two things are clear from the stock drop today and over the course of the last weeks/months.
- Mr. Knowles does not possess the skills necessary to operate a public company like Lumber Liquidators.
- Mr. Knowles has lost the faith of shareholders and the investment community.
Mr. Knowles, you may be a great person. A great family man. And I am sure that you have many things to be grateful for in your life. But each day that you remain at this company, you do a disservice both to shareholders and to the whole team at LL.
Shareholders and LL employees have families and lives. You have been entrusted to steward investments, employments and reputations. For one reason or another, you have failed at this job. Now, you are injuring all of us financially each day that you remain with the company.
Mr. Knowles, it is time for you to resign your position as CEO of Lumber Liquidators.
Nancy M. Taylor
More than anybody at the company, Nancy M. Taylor must shoulder the blame both for the failings at the company and the collapsing stock price. As Chairwoman of the Board of Directors, you have been directly elected by the shareholders of this company to guide this company to profits and growth. It is your fiduciary duty to act only in the best interests of the corporation and its collective shareholders. You have failed in your duty.
A collapsing stock price in the face of abysmal company performance perfectly reflects the lack of faith that shareholders and investors have in your ability to guide this company.
Nancy M. Taylor, you recruited and employed Dennis Knowles. You watched over his actions and missteps over the years. You watched in silence as the stock price dropped. You have seemingly taken no direct actions to correct the course of this company or to address the failings of this management team.
It is very clear that as Chairwoman of Lumber Liquidators, you have been ineffective at your duties. Every day that you remain as Chairwoman of Lumber Liquidators, is one less day that we have to fix this company and one more day that we allow the competition to erode our market shares. You are causing irreparable damage to shareholders and the company.
Ms. Nancy M. Taylor, it is time for you to resign your position as Chairwoman of Lumber Liquidators.
Board of Directors
To members of the Board of Directors, your must perform your legal, fiduciary duty to shareholders and the company. Hard decisions must be made. But action must be taken before it is too late. Shareholders have suffered enough. It is time to remove both Dennis Knowles and Nancy M. Taylor from their positions, so that more competent individuals can be charged to turn this company around.
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