The Imation Corp. shareholder meeting was this week and The Clinton Group proved victorious - with shareholders voting to remove three board members, including the chairman and the CEO.
Recall that Clinton has said that Imation executives were taking excessive day amidst years of underperformance. CEO Mark Lucas will remain at the top spot, however. Worth noting is that Lucas was quoted saying that "we don't anticipate anything to change" following the removal of himself and two others from the board.
Roger Rasmussen, a long time shareholder, actually took to yelling at Lucas at the shareholder meeting, demanding answers as to why the company's revenue and stock price are just a fraction of what they were a half decade ago.
Imation's legacy products have been in question for some time - selling CDs and DVDs just isn't a profitable business anymore. The key is to get these businesses sold as soon as possible and focus on higher growth markets, whatever they may be - i.e. data security.