[aeyes]

I'm surprised that this letter isn't written by the CEO, maybe the board is already in the process of axing the guy.

[eitally]

I'd be more surprised if the board hadn't been included in the review process for the previous change.

[Waterluvian]

Boards are often presented pre-packaged answers via CEOs with slide decks. They are rarely given the flat truth about reality. Good boardmembers know this and how know to smell and cut through bullshit. Sales gonna sell.