A bylaw allowing a majority of shareholders to summarily fire a CEO is invalid under Delaware law, the Delaware Court of Chancery has ruled.
August 12, 2015 at 10:31 AM
1 minute read
A bylaw allowing a majority of shareholders to summarily fire a CEO is invalid under Delaware law, the Delaware Court of Chancery has ruled.
In Gorman v. Salamone, Vice Chancellor John W. Noble on July 31 issued the latest opinion in the ongoing tug-of-war over the executive leadership and makeup of the board of directors of Westech Capital Corp., which, according to a profile in Bloomberg News, is a financial services holding company.
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