The Chartwell Chronicles: Release & Resignation
The Impact of the Great Resignation
DE Under 3: U.S. Labor Secretary Walsh Expected to Resign
On February 11, the White House announced the nomination of Jonathan McKernan as CFPB Director. Recently, McKernan announced his resignation from the FDIC board due to Rodney E. Hood’s addition, which resulted in more...more
At what point do the steps a director takes to establish a competing business before resigning become unlawful? In the recent case of Cheshire Estate & Legal Ltd v Blanchfield & Ors, the Court of Appeal considered whether two...more
The Court of Chancery recently concluded that a member of a Delaware LLC could reach an implied contractual agreement to withdraw as a member of the LLC, even if the LLC does not have a written operating agreement....more
Monday on Wall Street was the equivalent of a well-forecast storm that still managed to blow meteorologists’ minds. The deadly combination of diving oil prices and yet more COVID-19 worries spelled disaster for U.S. markets,...more
In a week that’s already seen plenty of C-suite shakeups, we’ve learned that Ginni Rometty is stepping down from her role as CEO at IBM. The company’s cloud computing chief, Arvind Krishna, will take over for her, though...more
Google announced late Tuesday that co-founders Larry Page and Sergey Brin are “stepping down from executive roles at Google’s parent company, Alphabet.” Google CEO Sundar Pichai will now helm both operations, while Page and...more
Board members tend to stay with companies for a relatively long time, but, like employees, sometimes it makes sense for a board member to leave. Here is what I try to do when a board member departs: - Clear...more
In this unusual case, the Court of Chancery has reinstated a director who was tricked into resigning. The opinion has a good discussion of how directors may resign and when their resignation is not effective....more
Last month, in Biolase, Inc. v. Oracle Partners, L.P. (Del. June 12, 2014), the Delaware Supreme court affirmed the oral resignation of a director while on a board call....more
Yesterday, I mentioned the Delaware Supreme Court’s recent holding in Biolase, Inc. v. Oracle Partners, L.P., 2014 Del. LEXIS 278 (Del. June 12, 2014). In an opinion written by Chief Justice Leo E. Strine, Jr., the Supreme...more
Suppose in a fit of pique, a director telephones a fellow director and announces that she is quitting the board. Has the director resigned? California Corporations Code Section 305(d) provides...more