“Mr Flavin informed the Board today that, due to the continuing uncertainty arising from the outcome of the litigation with Fyffes, it was in the interests of the Company and its shareholders for him to resign as Executive Chairman and a director of DCC.”
Mr Flavin told the Board: “While I am resigning, I firmly hold the view that I have always acted honourably and in what I believe to be the best interests of the Company and all its shareholders”.
The Board has appointed Mr Michael Buckley as non-executive Chairman also with immediate effect.”
It took a while, didn’t it? Except Flavin always did not always act “honourably and in the best interests of the Company and all its shareholders”. He committed a fraud on the market, and and those shareholders.
Of course resignation is the very minimum punishment. If we applied international standards, Flavin would be doing hard time.