Former Director and Chairman of Audit Committee
(January 2011 - May 2016)
By all accounts, Ralph Carlton was a smart, experienced and capable board member. Carlton also appears to be the only Director with sufficient character and sense of duty to stand up to Cyanotech's chairman for life, Michael Arlen Davis (MAD).
The significance of Director Carlton's sudden resignation is amplified by his earlier education and professional training/experience. Consider these particular aspects of Ralph Carlton's background:
- Graduated Dartmouth College, summa cum laude
- Graduated Amos Tuck School (Dartmouth) MBA , with distinction
- Worked in consulting at Booze Allen Hamilton for eight years
- Worked in Mergers and Acquisitions Investment Banking at Goldman Sachs in New York City for eight years.
Carlton's resignation suggests he well understood the substance and implications of Meridian's 2016 letter to the Cyanotech's board. He also seems to have understood the potential consequences of Chairman Davis' inappropriate response, especially as it relates to the potential legal exposure of individual Directors.