TO: Michael J. Saylor, aboard the Yacht HARLE, possibly traveling off the coast of Grenada
FR: Sanford Colen, San Francisco
Please make haste for nearest port of call and thence back to work. Alternately, do not, and we will find someone else to do so.
"The recent stream of photos of Mr. Saylor's yachts in exotic locations (as posted on his Twitter feed) does little to assuage our fears that the company's senior management is not fully engaged in the day-to-day operations of the business or agonizing over inferior shareholder returns," Colen wrote in the letter in reference to company founder Michael Saylor's recent pictures of his boat.
For the record, Saylor has two pictures of a yacht in his Twitter feed….
One specific change requested by Apex is to split Saylor's dual chairman and CEO role, leaving Saylor as chair, and to find a new chief executive.
"We recommend that the board conduct an extensive executive search for a CEO capable of being fully engaged with the daily business and operations of the company," the letter said.