Neteller's Director of the Board Resigns

[jrjunior31]

From Neteller's investor relations page, OCT 16, 2006 :

The Company announces that Mr. Steve Lawrence resigned as a non-executive Director of the Board with effect from Fri. 13th of October 2006. The Board sincerely thanks Mr. Lawrence for his significant contribution and efforts in founding and helping to build Neteller into the world's leading independant online money transfer business, and wishes him well in the future. Mr. Lawrence continues to remain a supportive shareholder of the Company.

What a coincidence. Any thoughts on this?

[LotteryOrPoker]

Director is a title for anyone on a corporate board. Non executive simply means he does not work for the company. It may or may not be related. They did emphesize that he is still a shareholder.

[J.R.]

He wasn't just on the board, but a co-founder and the CEO until 20002:

[ QUOTE ]
In 1999, Stephen Lawrence, the founder and major shareholder of the NETELLER Group, conceived the idea of an 'e-wallet' that could be used to fund Internet based transactions without the security risk of processing transactions at each of multiple merchants' sites.

[/ QUOTE ]

link (https://www.neteller.com/neteller/Investor/index2821.html)

I'm not sure there is any reason to read into things. He wasn't active in management recently but is still a major shareholder.

[MagCFO]

I'm not sure what to read into this, but I do know of all the things that will be difficult for the banks to do....cutting off neteller will not be one of them.

95% sure neteller will be a goner, but someone else will step up.

[RoundGuy]

[ QUOTE ]
The Company announces that Mr. Steve I-Got-No-Balls Lawrence resigned as a non-executive Director of the Board with effect from Fri. 13th of October 2006.

[/ QUOTE ]

Oh, I have plenty of thoughts for this p*ssy, but it would all be pure speculation.

Maybe he just happened to retire on the day the new law went into effect -- it could happen -- maybe -- if you believe in the tooth fairy.

[AndyH69]

He's a non-exec - it's not a big deal.

I'm guessing he's resigned because he has other business interests (perhaps similar non-exec positions) in America, and wants to be able to travel freely into the USA to attend meetings etc.

He's probably so far removed from the everyday business of Neteller that the decision was an easy one for him to make.

[omgwtf]

[ QUOTE ]
95% sure neteller will be a goner, but someone else will step up.

[/ QUOTE ]
MagCFO can you elaborate on this? My understanding is that the banking regulations would go beyond what is actually required by the legislation if they blocked Neteller.

Neteller does have the problem that it has shunned the general merchant community (charging a $1000 setup fee for merchant accounts, etc.), but Neteller is smart enough that I think they will focus their efforts to expand "legitimate commerce" uses for its service before the regs are implemented.

[uninformedposter]

Maybe he doesn't want to be a part of a company who's nearly sole business function is a violation of US law... perhaps he actually wants to enter the US someday, and doesn't want to do so knowing he could get arrested at the gate at JFK. Maybe that makes him a pu$$y... maybe not?

[Synergistic Explosions]

[ QUOTE ]
Maybe he doesn't want to be a part of a company who's nearly sole business function is a violation of US law... perhaps he actually wants to enter the US someday, and doesn't want to do so knowing he could get arrested at the gate at JFK. Maybe that makes him a pu$$y... maybe not?

[/ QUOTE ]

Government shill?

[Bill Haywood]

Speculating on a silver lining.

Maybe he's resigning because Neteller plans to keep taking US gambling money, and he wants to avoid legal liability.

[Richas]

Non-Executives role is an important one - essentially it is to challenge the day to day managers of a company where necessary and represent the shareholders. They are most of the main board - essentially the people the CEO needs to take with him/her. It is part time and they are expected to bring some serious experience from business to the role.

His resignation probably reflects disagreement with Nettellers response and/or his desire to be able to travel to the US for other business reasons.

This is not surprising at all, if anything the surprise is it's only one. The overall effect for shareholders is a bad one though - anyone with a real heavyweight business CV will be reluctant to step in here.

[LotteryOrPoker]

[ QUOTE ]
Non-Executives role is an important one - essentially it is to challenge the day to day managers of a company where necessary and represent the shareholders. They are most of the main board - essentially the people the CEO needs to take with him/her. It is part time and they are expected to bring some serious experience from business to the role.

His resignation probably reflects disagreement with Nettellers response and/or his desire to be able to travel to the US for other business reasons.

This is not surprising at all, if anything the surprise is it's only one. The overall effect for shareholders is a bad one though - anyone with a real heavyweight business CV will be reluctant to step in here.

[/ QUOTE ]

Absolutely, especially in light of little most directors on an executive board are compensated. The compensation may seem like a lot, but not when you look at how successful most board members are at major corporations. He probably decided it just wasn't worth the risk. I do not think it is a major issue to get concerned about, just continued fall out.

Either that or he suffered a major personal loss, had a family tragedy. There are a lot of reasons he may have stepped down. It is just speculation. It is not like their entire board walked out.