Q: Our board fired our CEO in an emergency meeting three weeks ago, after he made a mistake not even a rookie manager would make, sending us into potential litigation with clients and vendors. Our company may not survive the damage he has created.
He’s leaving behind a shell-shocked company. He was charismatic, and the employees who looked up to him don’t believe he did anything meriting termination. This group includes many key individuals who’ve lost confidence in our board and have already begun circulating resumes to other employers. Other employees have heard the rapidly spreading rumors and feel betrayed.
Our board has been flooded with questions from managers and employees. They demand answers, but we can’t say anything given the litigation we face. The CEO, however, won’t stop talking. When we reached out to him and asked him to stop, because everything he says made matters worse, he said, “Your problems are no longer my problems.” Although it’s hard to believe, he thinks he did nothing wrong. He even said no one would sue us if we’d stood by him.
I keep thinking if I could understand how this happened, why someone at the pinnacle of his career would throw everything away, I could help all of us regroup and move forward.
A: Media, news, entertainment, religious, nonprofit and entrepreneurial private sector companies fire their CEOs with stunning regularity.
While the situation is often described as a shock, it need not be. The signs always exist.
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