No replacement has yet been named but a special board meeting was held and it is likely that was a topic of dicussion. I have heard that he has tendered his resignation for the end of the quarter, specifically the end of March. I do not know the departure date of the other gentleman, yet.
The current board has substantial talent and connections, denominationally and extra-denominationally and should have no problem coming up with a talented individual.
On the other hand, I do not believe the resignation was the only topic. I have heard rumblings that someone who worked in the Accounting Dept recently has issued a letter that would seem to indict the current accounting administration for failure to follow GAAP procedures and has raised quite the furor among directors regarding just how to deal with those charges. I am not sure yet whether the letter, which I have been told went to a lot of directors and officers, came before or after the resignation. If it came before the resignation, it is likely this may have precipitated the resignation. If it came after the resignation, it may have been the strain of dealing with an IRS Criminal Investigation and the stigma that such a process could have on your career, not to mention the premise that you could very well become the scapegoat for decades of inappropriate accounting issues.
The other question is whether the letter also made it to the IRS Criminal Investigation coordinator. It obviously represents a serious challenge to 3ABN's perpetual assertion that "the books are in order" and there is no basis for the "Joy and Pickle claims of wrongdoing". Now to discover it from the clowns...should be loads of fun!!!
Gailon Arthur Joy