Route1 responds to former CEO’s statement

The statement from Route1’s former president and CEO Andrew White ruffled the feathers of the company’s board and has issued a response. "It is always a difficult decision when a Board has to step in and replace the CEO," said Ian Currie, chair of the board of directors, in a statement "The decision to replace Mr. White came after many months of his failure to meet the job requirements of the CEO and the board's directions. This impaired the board's ability to meet its fiduciary responsibilities to shareholders. Ultimately, the board was compelled to act. “The board, recognizing Mr. White's entrepreneurial spirit, offered to transition him to a role as vice-chairman and chief architect, where his true strengths could be better utilized. This opportunity was summarily declined and further met with a demand by Mr. White that the board resign en masse at the upcoming annual general meeting in favour of a new slate of directors. Clearly, the board could not accept this demand and meet its responsibilities to shareholders. At that point, Mr. White was removed. "Mr. Dean Peloso has tremendous experience and capability to manage the business effectively as interim president and CEO," added Mr. Currie. "Shareholders should be assured that all measures are being taken to ensure there are no disruption to Route1's customers and business operations.”

Route1 responds to former CEO’s statement

Brief | July 23, 2009

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