I would gather that no one involved in the process was actually awake at 0430. Perhaps the timing of the release was to give a couple hours before the markets opened to limit the inevitable slide in stock price. From what I’m told, rumours about GGG’s imminent demise were floating around the Teal Palace late yesterday afternoon, so perhaps not so sudden.
I would expect nothing less than an immediate departure of a CEO upon notifying the BoD of intent to retire as it keeps the leadership going in the right direction rather than floundering through a couple weeks or months.
The fact that GGG was not fired nor was language used similar to that for Luc Jobin (CN) says this was likely a mutual decision. Whether the offer to retire was extended by the Chairman of the Board or whether he is leaving of his own accord, I doubt we will ever know.
Last edited by +TSRA; 9th Mar 2018 at 04:54.
Reason: Grammar fix