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I don't understand how there can be such a push for a vote of no-confidence in three C-level people with no mention of the CEO that ostensibly chose, managed, a

by saurik 4y ago

I don't understand how there can be such a push for a vote of no-confidence in three C-level people with no mention of the CEO that ostensibly chose, managed, and retained them.

boeingUH60 4y ago
Probably because it’s nearly impossible to wage an internal campaign against a Founder/CEO with 60% voting power. https://www.afr.com/wealth/people/crypto-billionaires-fortunes-destroyed-in-weeks-20220512-p5akrl https://www.afr.com/wealth/people/crypto-billionaires-fortun...
- prepend 4y ago
  If the CEO has 60% voting power then this petition is extra useful without an appeal to the CEO.
ayewo 4y ago
> I don't understand how there can be such a push for a vote of no-confidence in three C-level people with no mention of the CEO that ostensibly chose, managed, and retained them. The CEO and his C-suite all have agency. If one member of the C-suite misbehaves professionally, you are suggesting that the one who hired/managed him/her should be punished alongside the errant person by virtue of association, rather than by establishing concrete evidence that they both acted in concert?
- saurik 4y ago
  I am assuming/suggesting that if NOT one, not even two, but three core members of the C-suite fail to do their jobs correctly--jobs that are described as fundamental to the company: defining product direction and allocating corporate resources--then it would seem strange not to cast at least some blame on the person who leads them, whether for having chose them in the first place, for having managed or directed them incorrectly, or for having continued to retain them to this point... if this isn't the CEO's fault, then what even is the CEO doing? Is his job just to make controversial statements on Twitter?
  - ayewo 4y ago
    Well, the whole post was written by one or more faceless individuals [1], so rather than allow my emotions lead me to make premature judgement in the face of incomplete information, I decided it was best to suspend judgement [2] by treating the claims made as what they truly are: allegations. Premature judgement is what is causing a lot of commenters to elevate these anonymous claims to the level of facts, rather than wait until an interested party (like an external investigator commissioned by the board of directors, or a regulator like SEC) is able to substantiate any or all of the claims. I don't work for Coinbase, so I am in no position to speak on whether the CEO is at fault or not. Any attempt to do so as an outsider with limited information would be pure speculation. [1]: https://news.ycombinator.com/item?id=31697142 https://news.ycombinator.com/item?id=31697142 [2]: https://en.wikipedia.org/wiki/Suspension_of_judgment https://en.wikipedia.org/wiki/Suspension_of_judgment
blocked_again 4y ago
It's simple. The CEO is the founder and built the company from the ground up and has the most skin in the game. Execs keeps jumping between the companies for better resume and compensation and don't generally care about long term results.
- andsoitis 4y ago
  If the CEO manages the three people and has the most skin in the game, this petition is actually a message to the CEO saying: you're doing a bad job / don't know what you're doing. Not very strategic or well thought out.

by saurik 4y ago

I don't understand how there can be such a push for a vote of no-confidence in three C-level people with no mention of the CEO that ostensibly chose, managed, and retained them.

boeingUH60 4y ago

Probably because it’s nearly impossible to wage an internal campaign against a Founder/CEO with 60% voting power. https://www.afr.com/wealth/people/crypto-billionaires-fortunes-destroyed-in-weeks-20220512-p5akrl https://www.afr.com/wealth/people/crypto-billionaires-fortun...

prepend 4y ago
If the CEO has 60% voting power then this petition is extra useful without an appeal to the CEO.

ayewo 4y ago

> I don't understand how there can be such a push for a vote of no-confidence in three C-level people with no mention of the CEO that ostensibly chose, managed, and retained them. The CEO and his C-suite all have agency. If one member of the C-suite misbehaves professionally, you are suggesting that the one who hired/managed him/her should be punished alongside the errant person by virtue of association, rather than by establishing concrete evidence that they both acted in concert?

saurik 4y ago
I am assuming/suggesting that if NOT one, not even two, but three core members of the C-suite fail to do their jobs correctly--jobs that are described as fundamental to the company: defining product direction and allocating corporate resources--then it would seem strange not to cast at least some blame on the person who leads them, whether for having chose them in the first place, for having managed or directed them incorrectly, or for having continued to retain them to this point... if this isn't the CEO's fault, then what even is the CEO doing? Is his job just to make controversial statements on Twitter?
- ayewo 4y ago
  Well, the whole post was written by one or more faceless individuals [1], so rather than allow my emotions lead me to make premature judgement in the face of incomplete information, I decided it was best to suspend judgement [2] by treating the claims made as what they truly are: allegations. Premature judgement is what is causing a lot of commenters to elevate these anonymous claims to the level of facts, rather than wait until an interested party (like an external investigator commissioned by the board of directors, or a regulator like SEC) is able to substantiate any or all of the claims. I don't work for Coinbase, so I am in no position to speak on whether the CEO is at fault or not. Any attempt to do so as an outsider with limited information would be pure speculation. [1]: https://news.ycombinator.com/item?id=31697142 https://news.ycombinator.com/item?id=31697142 [2]: https://en.wikipedia.org/wiki/Suspension_of_judgment https://en.wikipedia.org/wiki/Suspension_of_judgment

blocked_again 4y ago

It's simple. The CEO is the founder and built the company from the ground up and has the most skin in the game. Execs keeps jumping between the companies for better resume and compensation and don't generally care about long term results.

andsoitis 4y ago
If the CEO manages the three people and has the most skin in the game, this petition is actually a message to the CEO saying: you're doing a bad job / don't know what you're doing. Not very strategic or well thought out.