Chapter 12 - PRESTON LOST HIS JOB BEFORE HE LOST HIS SHARESWhitmore Urban Infrastructure’s board placed him on leave.
Independent committee.
Outside investigation.
Eventually they concluded:
He had undisclosed conflict through his relationship with Sloan.
Approved inadequately supported consultant payments.
Failed to disclose personal relationship affecting vendor oversight.
Ignored red flags.
No evidence initially proved he knowingly authorized bribery or credential theft.
So they did not call him a criminal internally.
They removed him as president.
Separate from ownership.
Preston still held equity.
He hated that distinction because losing a title hurt more immediately than losing wealth.
The company later clawed back part of his incentive compensation under policy.
Again:
May you like
Governance.
Not vengeance.
