"Bridgewater has performed strongly in recent years, and we look forward to working with the new directors and benefiting from their experience as we continue to build shareholder value."

Bridgewater's customers include Verizon Wireless, Clearwire, Sprint, Tata Teleservices, Tatung and Hutchison Telecom.On Friday, when he announced Bridgewater's first quarter financials, CEO Ed Ogonek said he's "very pleased with this resolution, and believe this is an appropriate resolution and solution for all of our shareholders. We now have increased depth on our board and look forward to the contributions from the new directors."

David Sharpley, the company's senior vice-president of marketing and product management said in an interview that the board change has not meant a change in the company's direction or strategy.

"Are we putting the company up for sale? Absolutely not," he said.

Rosenfeld's frustration may be around Bridgewater's shares, which dipped in November to $1.75 (all figures CDN). In 2008 it had net earnings of $2.8 million on sales of $44.2 million.