Anyone following this stock know why Steven Clough resigned? A press release only mentioned a difference of opinion with the Board of Directors.
Sorry it's taken so long to post - sort of forgot about this board (I'm more active on AOL's Motley Fool and the Silicon Investor).Apparently, the Board, including the previous CEO, who was Chairman until stepping back in as temporary CEO, differed with respect to acquisition philosophy. I do not know whether Clough wanted to do something big or go into some geographic region that the Board didn't or maybe he didn't want to acquire something specifically. Seems strange that a guy who was there for a dozen years all of a sudden has such a falling out that he leaves. Will try to get more color (they owe us that as shareholders I think).Since then, Kaydon has floated a note for more cash (so acquisitions must be in the works) and a new CEO has come in. Thing is, he was previously on the Board so this company is still being run within a small circle of people. Thought they might bring in someone from the outside. This guy has experience building companies from acquisitions (not that this will be KDN's main focus). But I think it will be business as usual there.Ended up buying shares at a few prices and now my average cost is $29. Doesn't feel too good with the stock below $24, but in this market, I'm comfortable given how cheap it is.
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