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It's the same thing, really. Even if you want to shut down the company you need a CEO to shut it down! Like John Ray who is shutting down FTX. There isn't just
by lacker 3y ago
It's the same thing, really. Even if you want to shut down the company you need a CEO to shut it down! Like John Ray who is shutting down FTX.
There isn't just a big red button that says "destroy company" in the basement. There will be partnerships to handle, severance, facilities, legal issues, maybe lawsuits, at the very least a lot of people to communicate with. Companies don't just shut themselves down, at least not multi billion dollar companies.
- JumpCrisscross 3y agoYou’re right. But in an emergency, there is a close option which is to put the company into receivership and hire an outside law firm to advise. At that point, the board becomes the executive council.