This text initially appeared on Enterprise Insider.
Ross Levinsohn blasted The Enviornment Group’s board of administrators in a resignation letter, citing the current layoffs at Sports activities Illustrated and accusing different board members of unlawful and negligent habits.
Levinsohn is the previous CEO of The Enviornment Group — which publishes Sports activities Illustrated, Males’s Journal, and different media manufacturers. He was ousted as CEO in December, weeks after Sports activities Illustrated was accused of publishing AI-generated articles underneath faux writer names, however remained chairman of the board.
Sports activities Illustrated laid off most of its workers final week, leaving the way forward for the enduring journal up within the air.
He initially posted about his resignation on LinkedIn final week, however leveled new accusations in his outgoing letter, which is undated.
Within the letter, Levinsohn cited the layoffs and “union-busting techniques” as causes for his resignation. He additionally accused the board of appearing illegally and negligently. He didn’t present particulars on his accusations however stated he anticipates shareholder lawsuits.
Levinsohn declined to remark to Enterprise Insider.
In a press release, The Enviornment Group stated: “The Firm disagrees with the feedback within the Resignation E-mail. The Firm believes that Mr. Levinsohn’s feedback are reflective of a disgruntled former govt who was terminated on December 11, 2023.”
“The members of the Board take their fiduciary duties and obligations significantly,” the corporate continued in its assertion. “The Firm’s selections concerning working bills, strategic transactions, or in any other case, adopted considerate course of and deliberation and had been decided to be in the very best curiosity of the Firm and its stockholders.”
Learn Levinsohn’s resignation letter under:
To The Enviornment Group and the Board of Administrators thereof:
Efficient instantly, I’m resigning my place as a board member of The Enviornment Group.
The abhorrent actions of this board over the previous six weeks go away me no selection however to resign, regardless of the years of my life I’ve put into this firm and my concern that the actions which have been taken over the previous a number of months have put this firm, its staff, and shareholders at important threat. The feckless actions and boards incapability to face as much as the calls for of a minority shareholder and his two board representatives has positioned the corporate in extreme misery, and watching what’s transpiring in actual time makes it unimaginable to proceed to serve. In the present day’s obliteration of Sports activities Illustrated’s storied newsroom and the union busting techniques is the final straw. These actions and the inaction of this board are unlawful, riddled with self-dealing, and can virtually definitely result in shareholder lawsuits. In my greater than 30 years within private and non-private corporations, I’ve by no means witnessed extra negligence in my profession.
Ross Levinsohn
