Yes definitely a fact, and definitely a seriously bad image.
Worse than an image problem, usually impending peril in my experience. 2 or 3 change overs would be an image problem, 5 is a warning sign I think. Not hard to imagine possible perils.
As an experienced CFO myself, I sense that they get in there, discover the true situation, realise it is beyond them or beyond help, and get out as quickly as possible. I could be wrong, there is always a first.
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