Benchmark VC Michael Eisenberg submits: Jack Ciesielski posted a critical comment on Jim Clark's resignation from Shutterfly's (SFLY) board (you should read the whole post, including excerpts from Clark's letter). He essentially accuses Clark of using Sarbanes-Oxley as a cover up for his real reasons for resigning.
Says Ciesielski:
"A couple of things to note. His first reason is this: the man calls himself a technologist, and uninterested in a manufacturing environment. He’s just got little to offer a manufacturing concern. And if that’s so, and it makes sense to him not to be at Shutterfly on those grounds - why be so concerned about constraints imposed by Sarbanes-Oxley? Seems like just an opportunity to vent on the law, if the first reason is the most important one. And the one that makes leaving a sensible thing to do for a fellow like him.
See full Article.
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