"I have been CEO since the company was founded, without any compensation for my job (because you have refused to pay me such compensation), and I have brought the company to huge achievements," said Givot Olam Oil Exploration LP (TASE:GIVO.L) CEO Tovia Luskin, in response to the board of directors effort to oust him.
"The company's success is thanks to my efforts and the hard work I have invested indefatigably, while you have not lifted a finger in managing the company, or even invested any capital in it. Instead, for a long time, you have been busy solely with unnecessary power struggles for personal gain rather than for the good of the company."
Luskin slammed the directors, saying, "I regret to say that you lack the understanding, knowledge, and skills to serve as directors of the company, and you serve solely on the basis of historical agreements. Instead of being happy at the company's success, to which you have contributed nothing, and even though you profited hugely from it, you do not desist from undermining proper management. Your attempt to fire the CEO at this time is the best expression of the quality of your actions and your utter lack of judgment."
Luskin added that if he is fired as CEO, he will not continue to serve as Givot's chief geologist. "I cannot assume the responsibility for operations, and all that that involves, outside my capacity as CEO, and I have no intention of doing so in any case," he concluded in his letter to the board.
In a separate development, Givot today notified the TASE that it has not obtained the electrical logs from the newly completed Meged 6 oil well, because of conditions in the borehole. The company needs the logs to draw up a plan for production tests. In the absence of the necessary logs, it will use the logs from the Meged 5. The company plans to complete the casing of the borehole.
Published by Globes [online], Israel business news - www.globes-online.com - on February 12, 2014
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