Myers (MYE, Financial) shares were sold upon the announcement of CEO Dave Banyard’s departure. Our investment thesis hinged on Mr. Banyard’s leadership in pivoting Myers from a disparate collection of manufacturing businesses through the implementation of Lean principles and potential acquisitions. In effect, Myers was a “jockey bet” that lost its jockey, and we elected to move on. (As an aside, Mr. Banyard is now a senior executive at portfolio holding Fortune Brands, meaning he remains “in the family.”)
From Wallace Weitz (Trades, Portfolio)'s Hickory Fund fourth-quarter 2019 commentary.