The retirement of Ascent (formerly St. Thomas Holdings Inc.) CEO Brian Hollywood at the end of June and the resignation of former board chairman, Ald. Tom Johnston, the same month has this corner puzzling over the timing of this double play.
Especially in the case of Johnston who tumbled from board chairman to out the door in a matter of weeks, prompting the question: How much pressure was exerted by the board of directors on Johnston?
Was it the fact Ascent lost $1 million in 2011, down from a profit of $584,501 in 2010.
Or, how about the possibility Johnston was continuing to receive compensation in some fashion as Ascent board chairman, in spite of a city bylaw enacted in 2009 that eliminated remuneration for members of city council sitting on outside boards?
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