Isaiah took the seat, placed his folder in front of him, and looked around at the directors. "Good morning," he said. "The acquisition has closed according to schedule. Thank you to everyone who helped complete the transaction without disrupting Meridian's client obligations." The acknowledgment was directed at the board as a whole, not at Charles, and several people seemed relieved to hear something other than a threat.
"Mr. Montgomery," Charles began, forcing a smile. "On behalf of Meridian, I want to welcome you. I'd also like to address a regrettable misunderstanding from last night, which I fear may have given the wrong impression of my commitment to the transition. I'm passionate about this institution, and occasionally that passion makes me more direct than a formal setting requires."
Isaiah listened until Charles finished. He did not interrupt or make an impatient movement. Then he asked, "Is that your description of what happened?"
Charles's smile faltered. "I think it's a fair summary, yes."
"You believed I was a member of the event staff," Isaiah said. "When the maître d' confirmed I had been seated correctly, you questioned whether I belonged there on the basis of my background. Later, you threatened to have the person responsible for my invitation dismissed. Is any part of that inaccurate?"
Charles glanced toward Margaret, but she did not help him. "In retrospect, I used language I wouldn't use in a more formal environment," he conceded. "I didn't know I was speaking to the acquiring company's chief executive."
Isaiah turned his watch slightly to read the time. "Nine-oh-four," he said. "Last night you told me this board would meet at nine, that by nine-oh-five you would be named chairman, and that at nine-ten you would arrange for my dismissal. I wanted to make sure we had the schedule straight."
An uncomfortable sound moved around the table, not quite laughter and not quite a sigh. Philip looked as if he were swallowing something difficult, while Margaret kept her gaze on Charles. Isaiah let the moment pass without exploiting it further. He had made clear that he remembered the threat, and that was enough.
"Now I'd like to discuss something more important," he said. "The operating condition of this business and the decisions required to protect it." He nodded to Victoria, who activated the room's display. A simple chart appeared, showing client retention, expense growth, and the timing of major management decisions over three years.
The chart was not designed for drama. Its lines were legible, its dates sourced, and its annotations referred to documents the directors had received under the transaction's confidential diligence process. Isaiah asked everyone to take a copy of the supporting binder before discussing the conclusions. He wanted people to understand where the numbers came from, not merely admire his confidence in presenting them.
"Under Charles's tenure as acting chief executive," he said, "client retention has fallen fourteen percent from its previous baseline. At the same time, executive entertainment spending has increased twenty-two percent. Those figures do not prove misconduct by themselves, but they tell us that something in our priorities is wrong."
Charles raised a hand. "We have been managing through an unusually complicated market. Our high-value clients require personal attention, and that attention is expensive." His voice steadied as he returned to territory he understood. "There are reasons behind the figures that may not be visible to an outside evaluator."