After the multiple scandals of 2015, the board of directors was hastily replaced. Current members have a lot of experience, but most of that experience is with companies which went bankrupt, or with companies that are irrelevant to the flooring or retail industry. We believe that these are not board members that will be effective at turning around this company or that even know how to turn around a company. They might be great people, but they are not a great fit for this business, and several members must be replaced.
Note that some members on the board have been serving for much longer and their tenure dates from before the scandals. While these members might be slightly more effective and have relevant experience, that does not change the fact that the company shares are currently at historic lows. If these members were actually “all stars” would they really have let the company fall as far as it has? The board needs new blood. A fresh, vibrant, and eager team of experienced members.