Leadership., page-15

I'm all for meritocracy, and from what I've heard, he's actually not too bad at his job, so I dont rest blame too much on his shoulders, for the current woes. In any case it would have been certainly much cheaper to recruit internally than using a recruitment company to find a new CFO.

But as to why his father is still on the board, I cannot find an answer. To have seen a 95% destruction of the value of one's shareholding (in the 6 years they were the largest shareholder and the longest serving director with 2 votes, he and his son), takes some special skills. Surely he has had time to reflect on the fact that he could have done better for himself, let alone the shareholders by now, and tendered his resignation.
For god's sake man, just go.