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I think you're reading too much into it. People retire for a number of reasons....
source link: https://twitter.com/IanCutress/status/1451562613951897600
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I share the assessment.
The plan is financially suicidal. No competent CFO will go for it. Pat will have to find a "yes" man.
I actually think IDM 2.0 isn't 100% Pat's invention, but one option before the board at the time Pat was being courted. He probably ran with that option with the explicit condition that the board gives him a free hand. George Davis likely knew and was OK with that initial plan.
But somewhere along the way, Pat did, or planned to do something that gave him doubts, and he eventually diverged. Either way, it's clear he doesn't believe Pat's plan will work out as planned and had to "retire". The question is what and why?
I think you're reading too much into it. People retire for a number of reasons. To say 'it's clear he doesn't believe Pat's plan will work out' is a massive leap in assumptions.
IDM was certainly planned out before Pat, the only thing Pat's really done is accelerate/expand it.
George’s official comment on the call was that “he has been a public company CFO for over 15 years - it’s time to begin a new chapter and spend more time with friends and family”
He is 62 after all not a bad age to retire
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George phrased his answers in a negative connotation to Pat. And Pat had to get the last word in everytime to put emphasis on his plan and optimism.
Sounds pretty obvious they don't agree with some of the decisions.
George is saying, "yeah, this is what Pat's plan will do"
Pat is then saying, "But we have to. And the board is on board!"
Not an exchange you expect on an analyst call, reminding the board that they are for your plan. Doesn't sit right with me.
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