This drama (a slow-moving one) began when Raj Patel left the CEO job on July 31, 2010. He was replaced by Martijn Janmaat who seemed to have done a good job, but only wanted to be CEO for a year. It also leaves the company with a one-person board of managing directors, Timmer, and no separate CFO. European companies have a structure in which there is a supervisory board which oversees the managing directors, the top management. This two-tier system differs from the practice in the United States in which the CEO and other directors sit on the same board. Many European companies have three managing directors. Wolters Kluwer, for example, which is also Dutch, has three managing directors including the CEO and CFO. But before it got down to one person, only Exact had two for a while, which included Timmer, who joined in December 2009. I guess Exact has simplified the problem of getting a quorum for the board of managing directors. "Max, would you like to make a motion?" "Max, would you like to second that?" "All in favor?"