This text initially appeared on Business Insider.
Ross Levinsohn blasted The Enviornment Group’s board of administrators in a resignation letter, citing the latest layoffs at Sports activities Illustrated and accusing different board members of unlawful and negligent conduct.
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 Illustrated was accused of publishing AI-generated articles below pretend creator names, however remained chairman of the board.
Sports activities Illustrated laid off most of its employees 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 ways” as causes for his resignation. He additionally accused the board of appearing illegally and negligently. He didn’t present particulars on his accusations however mentioned he anticipates shareholder lawsuits.
Levinsohn declined to remark to Enterprise Insider.
In an announcement, The Enviornment Group mentioned: “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 critically,” the corporate continued in its assertion. “The Firm’s choices concerning working bills, strategic transactions, or in any other case, adopted considerate course of and deliberation and had been decided to be in the most effective curiosity of the Firm and its stockholders.”
Learn Levinsohn’s resignation letter beneath:
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 depart me no alternative 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 workers, and shareholders at important threat. The feckless actions and boards lack of ability 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 inconceivable to proceed to serve. Immediately’s obliteration of Sports activities Illustrated’s storied newsroom and the union busting ways is the final straw. These actions and the inaction of this board are unlawful, riddled with self-dealing, and can nearly actually result in shareholder lawsuits. In my greater than 30 years inside private and non-private corporations, I’ve by no means witnessed extra negligence in my profession.
Ross Levinsohn
