A quick look at SMRT's board and it's no wonder they, too, have been swept up in the retail carnage: members include former executives from Macy's and Neiman Marcus. We're surprised there hasn't been a corporate governance backlash against these various retailers as Amazon - which just celebrated its 20th anniversary - didn't exactly come out of nowhere. We don't think it's a coincidence that Walmart surprised to the upside. With Kevin Systrom (Instagram Founder) and Greg Penner (early Baidu investor) on the Board, there are some new innovative voices around the table. We may need to do a deeper dive on this but aren't entrenched management teams and old-school directors part of this story? Classic innovator's dilemma.