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No board is going to say “we think the CEO is a bit crap, but we’re going to stick with them for now and see how it goes.”
There are ways to say this without saying it
But are there reasons for them to say it? They don't say it because there's no benefit to the company by saying it, either outright or implicit.
“His moral failings are secondary to their commercial successes and clear delivery of shareholder value”
Did you expect anything else in a country that choose trump as their president?
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What about a board that says: "We think the CEO is a bit crap, but due to how the business is structured we have no actual power over him"? cough meta.