NEW YORK, June 17 /PRNewswire/ -- The following letter was issued on
Monday, June 16, 2008, by Nickolas W. Vande Steeg tendering his resignation
from the board of directors of Insituform Technologies, Inc. (Nasdaq:
INSU). The letter was delivered to Alfred L. Woods, chairman of the board
of Insituform:
Dear Al,
After lengthy telecom discussions with you it became evident to me that
simply serving as a traditional Director at Insituform would make it
impossible for me to work effectively to assist in the transition of the
company in a manner consistent with the mandate requested by the
shareholders who elected me.
My requests to utilize consultants with whom I have a long and
effective working relationship and who specialize in "Lean" and "Strategy
Deployment" were not favorably received and ignored. Furthermore, my offer
to schedule a week in August to meet with the new CEO, Joe Burgess, and
other staff members to begin a transition process was also ignored. My
request for a list of actionable issues with expected financial results,
which would be addressed by management during the next 6 months was also
summarily dismissed. Additionally I felt I was being circumvented from
actively pursuing the Shareholder's Mandate by signing the Board's Code of
Ethics that I was requested to sign before serving as a Director. This
signing would have prohibited me from communicating openly and directly
with the company's key operating management and shareholders.
In my opinion, simply serving as a Director at Insituform in this type
of unfocused (Traditional Form) will not serve the Company or its
shareholders in the manner consistent with the Shareholder Mandate
requiring substantive transition.
While it is true that the BOD schedule of meetings was often
conflicting with other Boards I serve, there seemed to be little regard for
substantive date accommodation. However the scheduling conflicts became a
moot point as it became increasingly obvious that the need for significant
change was not considered to be a compelling issue and that attending Board
meetings would not accomplish significant progress on operating problems
and issues with a near term "Results Driven" bias consistent with the
Company's shareholders objectives.
Any Strategy that resembles "Business as Usual "or "Status Quo" will
not be favorably received by shareholders and is patently unsatisfactory to
those who I was elected to serve.
I implore you and the other BOD members to take very seriously the
Mandate for "near term" business transition and to actively guide
management (using outside consultants) to attain or exceed peer group
"results driven" financial parity over both the near term and long term !
For the above reasons I hereby tender my resignation as a Director.
/SIG/
Nickolas W. Vande Steeg
SOURCE Water Asset Management
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CONTACT: Marc H. Robert or Matthew J. Diserio, Water Asset Management, +1-212-754-5132
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