Morgan board stands by decision to axe Charles
The board cited several counts of misconduct as their reason for ousting their one-time chief executive, but Charles vowed to fight back. Well, he's had a chance to appeal, and the decision apparently stands. Charles made his appeal to the board itself (and not before a third-party adjudicator), and while he plead his case, the board (made primarily of members of his family) refused to back down. The question now is what Charles Morgan will do next.
He's already retained counsel, which suggests he could be seeking legal recourse. With a 30 percent stake in the company that bares his name, he could attempt to lead a buy-out and retake control. Or he could branch out on his own and establish a rival operation, although while not unprecedented, that seems the least likely option. One way or another, we wouldn't expect him to take this all lying down.
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