A couple of years ago at my previous employer, the staff was called into an all-hands meeting in the afternoon, where we discovered that the CEO and the COO had both been forced to resign. Neither of them were present for the meeting; they had both been escorted from the office earlier in the day. The reason was because the board of directors had provided the FBI with evidence that the CEO had been embezzling money from the company, and the COO, a friend of his, had done nothing to stop the behavior.
This was absolutely crazy to hear since the ousted CEO was also the CTO and the main brain behind the companies ideas and designs. It meant that there would be some significant changes for the company, and there definitely were. But going back to that day, and that moment, it was like a heavy weight had been lifted from my shoulders. I wasn't so concerned about the CEO; he was basically a snake oil salesman and I never really had much interaction with him. The COO on the other hand was, in essence, a pit bull with a hair-trigger temper. It was utterly demoralizing to work under him, as he also took on the role of project manager for a number of the company's projects.
And suddenly, they were both gone. I felt like I had just received a visit from angels.
Oh, but to fast-forward, the company went bankrupt and shut down earlier this year. Unfortunately, it just couldn't survive the start-up life cycle. The former CEO's spending habits didn't exactly help matters, either. We all gave it a valiant effort to turn things around, bu it just wasn't mean to be. As for the ousted CEO, he's been convicted and sentenced to four years in federal prison. As for the COO, he was named in court documents, but I don't believe he was ever charged with anything, and as far as I know has disappeared off the face of the Earth. I imagine he's probably hiding in a back-alley in Rio somewhere.
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