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Nairaland Forum / Nairaland / General / Investment / Can The Board Of Directors Fire The Owner Of A Company? (38079 Views)
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Re: Can The Board Of Directors Fire The Owner Of A Company? by MrMcJay(m): 7:01pm On Jun 06, 2021 |
Saint99: Same thing happened to the founder of Healthplus pharmacy. 9 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by gidob(m): 7:01pm On Jun 06, 2021 |
Premiumwriter2: You won't find investors....that clause in the contract will scare investors away. 6 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Danny50: 7:02pm On Jun 06, 2021 |
Can only happen if he does not own the ultimate shares but he does own the ultimate it's very much impossible. 4 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by LagbajaTheBEREAN: 7:02pm On Jun 06, 2021 |
thebosstrevor1:I've learnt a new one today. Thanks a lot.. 3 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by MadamExcellency: 7:02pm On Jun 06, 2021 |
Cisco is an example. Yes absolutely correct,he can be fired and paid off. 4 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by stanley000: 7:03pm On Jun 06, 2021 |
Yea possibly but you are gonna need alot of board votes, company shares, issurance etc to do that. U think someone just made a company to get fired from it? 7 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by freemi(m): 7:03pm On Jun 06, 2021 |
Premiumwriter2:lols. See m wahala o. For my company |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Switch07(m): 7:04pm On Jun 06, 2021 |
LagbajaTheBEREAN: You can't grow to a cooperate entity if you're sole proprietor 4 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Nobody: 7:04pm On Jun 06, 2021 |
Mandesz: how is it not possible. have you heard of Steve Jobs? 4 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by LagbajaTheBEREAN: 7:06pm On Jun 06, 2021 |
Switch07:I appreciate that fact but we might need to start from point A before we can talk about point Z. Or what do you think? 5 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by stanley000: 7:07pm On Jun 06, 2021 |
Saint99:not like he was fired, he only stepped down a bit like a sort of retirement plan of which all companies owners do it especially if they have a trusted person nas they need to teach him how to run the company just incase of a demise. Bill gate also did it, for years now gates is no longer the ceo but Microsoft can't do without that name so for generations gate will only sit and earn. Don't be surprised dangote is not necessarily running the coy, he's the head already, he's work everything, all he does is eat and sign papers. 7 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Nobody: 7:07pm On Jun 06, 2021 |
stanley000: Correct. Only founders who don't have senior management knowledge can be so removed. No smart founder can be taken off easily. 10 Likes 1 Share |
Re: Can The Board Of Directors Fire The Owner Of A Company? by emmanuelewumi(m): 7:08pm On Jun 06, 2021 |
Casper21: Very possible, if he doesn't have controlling shares in the company. The more shares the founder sells, the more money he makes the more valuable the company becomes, the more controlling shares he loses 8 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Ferdinandu(m): 7:08pm On Jun 06, 2021 |
Casper21:Steve Job was first fired from apple he Co founded by the board before he was brought back years later to change the fortunes of apple. it is only a CEO that has upto 50% +1 share that cannot be fired 4 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by UncleKoboko: 7:10pm On Jun 06, 2021 |
Premiumwriter2: Then, you don't know the meaning of shares dilutions... As the company grows, your shares gets diluted.... Your 60% can become 5%>>> 12 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by emmanuelewumi(m): 7:11pm On Jun 06, 2021 |
Premiumwriter2: It doesn't work that way, ask corporate lawyers. SEC will not approve it, no serious investor will come on board. It is better to remain as a sole proprietor 11 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Emmyloyalty: 7:11pm On Jun 06, 2021 |
thebosstrevor1: Your last sentence is not true. Bill Gates owns just 1% of Microsoft. 2 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Asquare84(m): 7:12pm On Jun 06, 2021 |
It happens in my current place of work (pension fund administrator), the founder was the chairman for almost 12 years, but no longer the majority share holder, what brought the dispute that led to eventual sacking of the chairman was the issue of appointment of MD. The founder want to appoint a new MD meanwhile the board members want to retain the MD, when the share holder meeting was held the chairman announced the sacking of the MD and the board members rejected the sack because the chairman felt that he is a demi- god, immediately a vote was conducted and a new chairman was appointed, but that not the end, alot of fighting came up but Pencom have to step in and give verdict to the board of directors. 9 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by stanley000: 7:12pm On Jun 06, 2021 |
Plus5:right. No one founds a company that will fire him rather they build the company and step down for a hier like a retirement, but for some companies especially the tech company it can happen especially when u the founder can't come up with something innovative for a very long while. But a production company like dangote, never!dangote can only retire and have someone else running things and he will create a trust fund to cover all revenues etc 5 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by emmanuelewumi(m): 7:13pm On Jun 06, 2021 |
Mandesz: Get educated about business and corporate law 11 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Nobody: 7:13pm On Jun 06, 2021 |
Casper21: A film titled, Jobs comes to mind . It was all about Steve Jobs and his company, apple. He got fired by the board of directors of his own company . |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Oyerinde16(m): 7:13pm On Jun 06, 2021 |
Even if you get kicked out, you still remain the founder of the company occupying a non functional or ceremonial post, but kicked out of decision making, this is because u sold out majority shares to investors who want their money to grow by all means not minding u are at the helms or not... 9 Likes 1 Share |
Re: Can The Board Of Directors Fire The Owner Of A Company? by selemempe: 7:14pm On Jun 06, 2021 |
Premiumwriter2:no serious investor will bring his money for that 5 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Nobody: 7:15pm On Jun 06, 2021 |
Emmyloyalty: Most Nigerian founders will never be bill gates and we are talking about Nigeria. |
Re: Can The Board Of Directors Fire The Owner Of A Company? by KaluwisxPRO: 7:16pm On Jun 06, 2021 |
Premiumwriter2: Hence do not borrow more than what you have, because in some cases, your shares are used to settle your debts which will in turn reduce your ownership of the said company. Once you loose majority shares via litigations from personal debts, you have no control. 7 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Willzkid(m): 7:17pm On Jun 06, 2021 |
Elon Musk with PayPal Steve Jobs with Apple... Yes these owners were sacked by their BODs 3 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by emae009(m): 7:18pm On Jun 06, 2021 |
Premiumwriter2: that's not how it works though. The process of selling shares of a company is to increase its liquidity for expansion (more funds). Before someone invest in a company, you have to show your financials (total assets, both fixed and liquid). That's one of the determinant of how much each share of your company is worth. The other is the potential for growth. All those jargon I just said means, it depends on how much you want. If selling 40% shares is not enough, what will you do?? 7 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by PotatoSalad(m): 7:19pm On Jun 06, 2021 |
Mandesz:You should try read more business books please. 5 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Freelancerx: 7:19pm On Jun 06, 2021 |
Yes they can ask the owner to step aside |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Hseffa: 7:20pm On Jun 06, 2021 |
Premiumwriter2:............ Your submission isn't practicably applicable in corporate world. Read how Adenuga pushed former President, Gen. Yakubu Gowon out of African Petroleum. Just guard yourself. You become more predisposable, the moment your incorporated company grows to level of trading on the Nigerian Stock Exchange! Immediately, Security Exchange Commission register and vet daily your company performance trends. They are absolute CRAZIER THAN THE STOCK EXCHANGE COMMISSION! Reasons, big businessmen always use Abuja connection to PUSH OUT THE DIRECTOR GENERAL OF SECURITY EXCHANGE COMMISSION. NSE is paddy-paddy activities. Which Dangote used over Otedola's defunct Zenox Oil! SEC are weyreys. Strictly pros. Even NSE guys fear them. 5 Likes |
Re: Can The Board Of Directors Fire The Owner Of A Company? by Nobody: 7:22pm On Jun 06, 2021 |
Oyerinde16: Correct. |
Re: Can The Board Of Directors Fire The Owner Of A Company? by kingemaker(m): 7:23pm On Jun 06, 2021 |
Premiumwriter2:If it's publicly listed, regulators have the power to evict you. There's something called corporate governance. 4 Likes |
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