Open Letter to CPG Board: Shareholders Require New Management and New Thinking
July 4, 2018
As shareholders, we acknowledge and appreciate the steps the board has taken, albeit belatedly, in making much needed management changes. However, these changes don’t go nearly far enough. Continuing with failed strategy or management that prioritize capital expenditures and drilling activity rather than share buybacks and debt reduction is not in the best interest of shareholders. The board needs to go much further in demonstrating leadership and deliver tangible results in a timely manner before the few institutional shareholders who supported this board are proven wrong yet again. The board needs to recruit an external CEO with a proven ability to create shareholder value.