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Heimdall Corporation’s board of directors hired a new CEO, Essa Alharbi. The
Executive Search Firm that hired him found that in their search of over 200
candidates, he was the most qualified. He had extensive experience in helping
businesses succeed. After the Board of Directors hired him, 11 months into the job,
the company experienced significant losses in revenue and market share. As a
result, the Board forced him to resign but paid him a handsome sum to leave the
company, as was customary in this situation. A group of shareholders filed a lawsuit
against the Board of Directors indicating that they were liable for the hiring of the
incompetent CEO, and demanding they reimburse the shareholders for their losses
due to his actions.
Are the members of the board liable for hiring Mr. Alharbi, and for the losses of the
company?

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