[sheepscreek]

The point you’re missing is urgency. Convincing the board is also an important part of the CEOs job. They need to use all the tools at their disposal. They have to build the necessary relationships to smoothen out the board approvals for their plans. Better yet, they could reach out to major shareholders, pitch their plan to them, and use their influence to get the board in line. There is more than one way to achieve this. Pat must have tried some of this but didn’t succeed.

[silvestrov]

The movie "Margin Call" has an excellent scene where this happends: https://www.youtube.com/watch?v=Hhy7JUinlu0

It is clear how it is setup that "to survive we must act now, not in a week, and we must do this expensive sell-off"

The whole movie is very well worth watching: https://www.imdb.com/title/tt1615147/