GPRE - Green Plains major shareholder alleges CEO 'misconduct'

2023-08-07 10:31:14 ET

Green Plains ( NASDAQ: GPRE ) ( NASDAQ: GPP ) shareholder Ancora Holdings said Monday its July 11 letter to the company's board raising concerns about CEO Todd Becker's "apparent misconduct and evident failings" have gone unaddressed by the company.

Ancora, which owns ~7% of Green Plains' ( GPRE ) ( GPP ) stock, said its letter questioned Becker's "curiously-timed stock sales, lack of operational and safety acumen, outdated leadership style and shocking claims of being insulated from shareholder accountability by BlackRock," and urged the board to implement a succession plan to replace Becker or review strategic alternatives including offtake transactions and sale options.

While Becker is "a talented marketer and salesman, he clearly lacks the forecasting abilities, operational acumen, safety pedigree and judgement to lead Green Plains going forward," Ancora said in its letter.

The firm also wants the board to authorize a independent investigation into management's stock sales and potential violation of corporate policies.

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