Chapter 11 - The Board Does Not Fire Ethan

The board placed Ethan on temporary administrative leave.
Not permanent removal.
An independent investigation reviewed expense misuse, disclosure failures, and management of the liquidity crisis.
Ethan expected Declan to demand his termination.
Declan did not.
Pierce Global wanted governance safeguards.
The board would decide leadership.
Weeks later, investigators concluded Ethan had failed to disclose material operational risks promptly and exercised poor oversight around expenses.
They did not find that he stole $86,000 intentionally.
Vanessa’s expense instructions were clearer.
She resigned before the review ended.
The board eventually replaced Ethan as CEO.
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He remained a shareholder.
Losing the title hurt more than losing the office.