Now the board has hired the prestigious law firm of Wachtel Lipton & Katz to evaluate management. What’s better than this, the board abrogates their fiduciary responsibility and then hires a law firm to verify that management screwed up, too!
If this doesn’t make for one of the best Harvard business school cases ever, I’ll be surprised.
All of this represents a vivid lesson for any board of directors on how not to function. It is also a classic example of everyone in management, who had the ultimate responsibility, for blaming everyone but themselves for evading their responsibilities.
For CEOs and board members, this should serve as a lesson for all.