This has been the worst handled succession plan by a Board since Jack Welch retired from GE. Now the only option left will be to no real up the company. Clover alone is worth the current market cap. Mike was never the right selection but the fact that that they couldn't retain him speaks to the ineptness of the current Chair and Board. Even the activist investor knew it was a weak Board.
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@aq most plausible answer.
Reading between the lines, Frank handpicked Georgakopoulos to be his successor. Lyons was just supposed to cover the transition and take the blame for the inevitable drop in share price. That is why Georgakopoulos never got assigned any tasks. He was being groomed the entire time to take over as CEO. All of this was arranged with the Board since before Frank left. The question is if they also arranged for Frank to return to Fiserv.
Mike was nothing more than the bag holder. Whether the board knew that or not, I have no idea but dude was set up and saw it and got out. Smart guy. Makes sense why he didnt stick around.
Mike was the fall guy for Frank to take the whipping