Matt Levine, Columnist

The Board Can’t Fire You If It Quits

Also tax harvesting, anti-ESG, payment for order flow, rogue trades and Mafia texts.

October 5, 2021 at 4:31 PM UTC

Matt Levine is a Bloomberg Opinion columnist. A former investment banker at Goldman Sachs, he was a mergers and acquisitions lawyer at Wachtell, Lipton, Rosen & Katz; a clerk for the U.S. Court of Appeals for the 3rd Circuit; and an editor of Dealbreaker.

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This is a sequence of corporate governance moves that is honestly new to me:

Does that work? Is that anything? Sort of a board cleanse? What do you have at the end of that process? I truly do not know, like I said, this is all pretty new to me. But I think a lot about questions of who controls a company. In some theoretical sense, the board of directors controls the company; it has the ultimate decision-making authority and can hire and fire executives. Traditionally, if the executives do a very bad thing they might expect to get fired.