There’s the difference then. You know what it must be like flying through a thunderstorm. I know what it’s like when the corporate dung hits the fan and the public is baying for your blood and YOU are held to be to blame. Neither is a pleasant feeling.
Drinking Perrier, my backside. The actions of the Virgin Board and individual Directors are now being scrutinized for illegality by dozens of the finest legal brains in the country as well as the corporate regulator as well as the press. This scrutiny and potentially associated legal proceedings can go on for years. Your legal fees will likely bankrupt you and D&O insurance doesn’t cover illegalities on your part. You won’t be getting another Board gig either unless you are obviously squeaky clean. I have just had a friend lose a year of their life while awaiting possible legal action against them. Take it from me, russian roulette or half an hour in a thunderstorm may seem preferable to the long slow torture the lawyers are going to subject the Virgin Board to.
Non Star Actor; The Board didn’t have the guts to bone borghetti because they couldn’t without a fight. Borghetti was a Director. He had a right to full information on everything and authority to attend and vote at all meetings. He had shareholder backing which is why he was on the Board. He was an effing Director, NOT an employee of the company. To remove him if he didn’t want to go would have required the Board to lobby the shareholders, get the votes to requisition a special general meeting, call for nominations, probably for all positions and get the shareholder to vote JB down. The name for that is a #$#@ fight and it would have has to be done in the full glare of publicity which wouldn’t do morale or revenue much good either.
If he was a simple CEO, as an employee, he could have been fired as soon as it became apparent that he was risking the business. Simple, private and cheap; he would have gone “to spend time with his family”.
Last edited by Sunfish; 1st Jul 2020 at 05:52.