Look Communications Inc., a Milton, Ont. firm that used to provide Internet and television over fixed wireless networks, announced its board of directors resigned en masse Wednesday.
The new board is comprised of Robert Ulicki, Henry Eaton and Grant McCutcheon, who is also Look’s new chief executive officer, replacing Gerald McGoey.
Look announced more than a year ago it would sell its wireless spectrum to Inukshuk and wind up operations. It completed the sale last year for $80 million to Inukshuk, of which Bell Canada Enterprises Inc. and Rogers Communications Inc. own 50 per cent each.
Ulicki, McCutcheon and Eaton are members of an ad-hoc group of shareholders of Uniquq Broadband Systems Inc., which used to own the majority of Look shares but now owns about one-third of Look.
They started a proxy battle earlier this year to replace the UBS board of directors. As a result, a majority of shareholders voted last month to remove McGoey, Douglas Reeson and Louis Mitrovitch from the UBS board and replace them with Ulicki, McCutcheon and Eaton. The dissident shareholders main complaint was over executive compensation.
UBS announced that McGoey had served notice that he was terminated without cause and was owed $8.29 million by Look and an additional $7.41 million by UBS.
Ulicki, McCutcheon and Eaton had been concerned about contracts UBS had with McGoey and others to pay them millions if they were not re-elected to the board of directors.
Look has been focusing for the past year on winding down operations and distributing proceeds of asset sales to shareholders.
In addition to television and Internet, Look also started testing mobile WiMAX in late 2008.
