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Share Name | Share Symbol | Market | Type |
---|---|---|---|
CarParts com Inc | NASDAQ:PRTS | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.20 | 1.16 | 1.20 | 739 | 12:00:00 |
Dear Mr. Meniane and PRTS Board,
Despite your requests for “private” dialogue we cannot remain silent. Our public communication is justified due to your lack of action and lip service only posture. We will be voting our shares against David Meniane for the following reasons:
In regards to culture, we strongly disagree with Mr. Meniane. We believe he was handed an excellent culture and company. Since becoming CEO, in our opinion, he is doing great harm. Although we are not insiders, we can only go by publicly available information and testimony of former employees including “Glassdoor”. Please visit the following link: PRTS Employee Reviews. As you can see, over the last year, while Mr. Meniane has been CEO, the number of employees who disapprove of his leadership specifically has gone up to 6! This is out of only 12 months and 29 reviews. That compares to a total of 5 in the previous 28 months and out of 69 reviews on the employee review platform. There are already more people disapproving of Mr. Meniane within the company in his first year than in the previous two-plus years before him. We have also heard anecdotal stories of Mr. Meniane behaving in a threatening, dictatorial manner towards certain employees, particularly those exiting. If this is true, WE DO NOT SUPPORT DICTATORS!
Therefore, we are calling upon the board to create a “safe zone” and process, whereby employees that feel threatened with retribution can “safely” express their concerns without fear. This is the only way that the board can get to the bottom of this and determine if Mr. Meniane should be terminated with cause.
Regardless of the outcome, the financial results and stock price performance alone are sufficient for the board to conduct a CEO search immediately.
In conclusion, we look forward to the board taking action and making a shift towards value creation, and reversing the poor outcomes under Mr. Meniane’s CEO tenure.
Sincerely,
David Kanen
President/CEO
Kanen Wealth Management
dkanen@kanenadvisory.com
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