The shareholder meeting occurred the following Tuesday under the supervision of outside counsel. The ownership challenge had been independently verified, the proxy issue had been resolved under the founder agreement, and Otis cast the votes attached to her controlling shares in accordance with the company's bylaws. She supported a new board slate that retained capable independent directors while removing members who had ignored material conflicts or refused the requested inquiry. Eleanor remained chair, under a more rigorous oversight arrangement.
Later that day, the reconstituted board met to address executive management. Ryan had been offered an opportunity through counsel to respond to the findings of the preliminary review. His attorney disputed them and threatened litigation. The directors considered that response, the preservation controversy, the misleading financial reports, and the independent operations analysis before voting to remove Ryan as chief executive for cause, subject to further legal proceedings.
The board asked Otis to become interim CEO while a permanent leadership structure was developed. She hesitated long enough to make everyone uncomfortable. She had spent years refusing the public role attached to her ownership, and she had no desire to imitate Ryan's belief that one person ought to command every part of a business. Then she looked at Grace, Denise, Eleanor, and the other people at the table who had done the unglamorous work necessary to survive the week.
"I'll accept for a defined term," she said. "With written oversight, an independent chief operating officer, and regular reporting to the employees whose jobs are affected. If I begin confusing ownership with wisdom, I expect every one of you to tell me."
The motion passed. No one applauded. It seemed more appropriate that way. They had too much work to do to celebrate the completion of a process that had only made further work possible.
When Otis announced the change at a company meeting, the auditorium filled with employees standing along the walls and watching through an internal video feed. She told them Ryan had been removed, the shareholder dispute had been resolved, and a bridge-financing plan was being finalized. She also told them plainly that the company was still in financial difficulty. There would be no magical transformation because a different person occupied the office upstairs.
"I can't promise that every problem will disappear," she said. "I can promise that the proposed four hundred layoffs have been withdrawn and that any future staffing changes will require documented operational reasons, transparent review, and genuine consultation. I won't ask you to trust me because of a share certificate. I will ask you to judge what we do next."
Luis stood near the front beside coworkers who had quietly discussed what to do if their jobs vanished. He had wanted to cheer when she said the layoffs were canceled. Instead, tears came into his eyes. His youngest daughter had been asking whether they could still afford her college deposit, and he had spent two weeks saying they would work something out without knowing how.