Western States Optical Corporation

Topics: Board of directors, Corporate governance, Ownership equity Pages: 3 (845 words) Published: October 15, 2014
KIEI 926 – PE/VC and Human Elements
Final Exam

Western States Optical Corporation
Part I – Case analysis
Based on the information given in the case, I would like to take below actions: 1) Hire Barry Fielding as the new CEO for Western States Optical Corporation (WSO); 2) Hire Barry’s wife, Betty Fielding, as the director of Marketing and Merchandising for WSO; 3) Leverage Meredith McDougall as CFO to keep an eye on the Fielding couple; 4) Remind Ron Weiner not to interfere new CEO’s business decisions too much in the future; 5) Kick Byron Buntz out of board and invite another third-party industry expert to sit on board to balance different perspectives. I will explain my reasons for the decision in detail in the following paragraphs.

To begin with, I would like to summarize the people who appear in the case as this is basically a decision based on human elements. Name
Role
Highlights
Ron Weiner
Partner of Bill in WSO deal; acting interim CEO; Chairman of WSO board 1. Previously operated as a one-man investment banking firm in Cleveland, initiated WSO deal and retained the title of Chairman of the Board, with $200,000 personal investment in this deal initially 2. Currently he was acting as interim CEO while WSO looked for a new leader, but obviously he is very interested in WSO’s daily operations 3. Strong support from Meredith (current CFO) and Byron Buntz (longtime attorney, friend, and WSO board member) Barry Fielding

President of 100-store optical chain
1. Very experienced in optical retails business, currently the president of a 100-store optical chain located entirely in California 2. Looking for outside opportunities because he felt that the owners of his current company broke their promise to provide him with a meaningful equity stake 3. Demands to join WSO: a) 7% equity ownership in WSO through time-vested options; b) Position at the company as Director of Marketing and Merchandise for Betty Betty Fielding

Barry’s wife; experienced in...
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