Javier Tallada left his position on the Ezentis advisory board with 740,000 euros in his pockets. According to sources close to Ezentis, current president of technology Manuel García Durán made a monetary deal with the investor in exchange for his agreement to leave his position and thus avoid future confrontations with shareholders. These squabbles have characterized his past two years with the company.
Three years ago Tallada signed a contract for his consulting services with the ex-president of the company known formerly as Avanzit, José Luis Macho Conde. The contract was valued at a little less than 1.2 million euros. Since signing the contract, Tallada has not been paid at all and stated that he would resign from his consulting position that would have paid up to 1.4 million euros after factoring in additional perks. García Durán reached an agreement to solve the conflict by paying him 35% of the contract value. Macho Conde became president Avanzit in 2008 instead of Tallada, who still owns 4.18% of the company through a company named Rustraductus.
Shareholders at peace
The investor's departure was not the only step that the new Ezentis president took as a means of pacifying his board of advisers, but it was the step most applauded by the markets. The company's stock has risen 111% to 0.30 euros per share since Ezentis announced Tallada's departure.
Tallada leaving in December was followed by the departure of the Japanese investment bank Nomura, which owned 14.35% of the company through the investment fund TSS Luxembourg. There had been a conflict between Nomura and TSS Luxembourg, which took both groups before an arbitrage court. Nomura, who had intentions of selling their stake in Ezentis due to constant internal strife, sold their 10.15 percent (equivalent to 34.2 million shares and 4.1 million euros) to the new president and three other directors from Ezentis.
