More to come..., page-20

They are not sacking "all and sundry", but they are reviewing all positions in the Executive Team, which would be the right thing to do (and say) in this situation.

The COO was appointed in July 2106. So he knows the business and may even have been instrumental in bringing this to the BOD attention.

Having an interim CEO does a few things. It allows time to clean up some of the mess and lets the company steady the ship - you can't just find a great CEO in a month (especially given the specifics of BAL). The COO knows the business and the BOD must have seen that over the past few months he has the ability to work with the BOD and senior managers in this time. Also, it allows them to find the right person to move forward with BAL. Once the new CEO is found, they will make a plan on how to move the company forward over the next 1/3/5 years.

The CFO has been replaced and demoted, reporting to the new CFO. I suspect this is a stop-gap measure as the ex-CFO will only be there to help work out all the numbers with suppliers and customers and get the books all cleared up. She will be managed out of the business. (Also, the new CEO probably wouldn't want her around).

I have no doubt some senior Sales people have been moved on also. This will be because of some of the deals they have signed up and to clear out some of the deadwood.

I agree with you that it was a team effort to get to where they are now. But it is the CEO and CFO that have alot more say than the COO. So, the promotion of the COO to CEO should be seen as a good move at this stage.