if you know the roles of MD/CEO so well you should also know it is extremely common to do an external search and appoint an internal candidate to executive roles (and this guy wasn't even an internal so to speak).
A lot of very uneducated comments about executive search processes on this thread. Whether this guy is any good i have no idea, but the process they appeared to have run is absolutely the way it should be done. If not, then you are either lazy, cheap or favouring your "crew" over knowing you have the right talent available from the market.
Ann: Appointment of Experienced Lithium Executive MD, page-38
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