Can they fire me at a company I started?
Basically we are listing an Investment company on an exchange with 30% management shares (20% locked in for three years). I am trying to consider what kind of situations can lead to that dreaded thing of being fired as a CEO after all my sweat, trying to make sure we structure everything so I can be protected.
3 years down the line can shareholders vote to have my ass kicked?
Bump!
Help!
How are you the CEO of a nearly listed company and not know this? Yes of course they can fire you, just because you started it doesn't mean you own it anymore.
I am trying to brainstorm the conditions under which this can happen
If the shareholders think someone else could do the job better. That's pretty much what it comes down to.
If your company goes public, the board of directors can fire you on behalf of the shareholders.
It's a little different, we set up as a management company for the listed company i.e as a SPAC and I chair the Board and chose them
These types of situations are always tricky.
The conditions for terminating Empirica as the manager of the managed entity should be spelled out in the management contract. My experience with entities like this is that generally, these agreements are quite complex.
I would consult with an attorney about the conditions where you could be removed and your management agreement terminated.
Thanks I will consult my attorney! I like to look at the whole arrangement as a listed Private Equity firm
Just because you get fired doesn't mean you have to sell your ownership..
I'm assuming there will be fiduciary responsibility on your part. Are you protected from liability by this shell game for shareholder lawsuits?
Travis Kalanick, Steve Jobs, Jack Dorsey...
Nice try Travis Kalanick.. They have already done that.. now you can't do anything about it..
Ja but Travis was fired for not stopping sexual harassment at Uber. I can take that, I meant something more structural!
It's the board that decides on who is going to be the CEO. As long as you have your trusted aids in majority their no one can fire you. And if you step down to cool the heat on your tail, that's a different story.
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