A GrafTech Worldwide (NYSE:EAF) holder issued an open letter and seeks board modifications, citing a 90% decline within the firm’s share value since its IPO.

Nilesh Undavia, along with associates, beneficially owns roughly 5.9%, and is anxious concerning the firm’s CEO search course of, in accordance to a letter the investor issued on Tuesday. Undavia started to have interaction privately with the corporate in December.

“In these conferences, we clearly expressed considerations with the corporate’s efficiency,” Undavia wrote. “Our frustration is with the CEO search course of which now has been ongoing for nearly six months with no replace; and most significantly, the Board’s abject failure to offer the mandatory administration oversight which has resulted in huge shareholder worth destruction.”

Undavia writes that he believes that the board cannot be belief to conduct a profitable CEO search.

GrafTech (EAF) did not instantly reply to Searching for Alpha e-mail request for remark after regular enterprise hours.

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