I guess I am not following your train of thought here. The BOD sets the company strategy as expanding thru acquisition. They hire a CEO to execute that strategy. The CEO fails at that strategy by greatly overpaying for an acquisition. They obviously gave him too much latitude in determining what company to buy and how much to pay for it. And you say they didn't give up control because he was doing what he was hired to do in the first place?

Type real slow so I'll understand.