Source: Proformative This discussion is the second part of a previous conversation (link: https://www.proformative.com/questions/ceo-inaction-killing-company-now-what).

Continuing from the above:

"I am trying to be careful not to reveal too much information that could identify the company, but Mike Haile has hit the nail on the head. This is a family-owned business. The CEO has been blocking board meetings. Even when meetings do occur, they are held only at the family residence, and no one attends except family members. As far as I know, these are not formal meetings. The company's financial situation continues to deteriorate, and the forecast is bleak. The CEO does not respond to this, but instead is busy with projects that are off track.

Regarding my position: I was clear when I joined that reporting the financial situation truthfully might affect my tenure at the company. I am okay with that. My biggest concern is the company going under, and the impact of that on the family and employees. I have always believed that my ultimate fiduciary responsibility is to all shareholders—including the CEO and the many family members. The CEO does not hold a majority stake in the company."