Chapter 284 Removal
"The scope has been expanded to the beginning of the company's establishment. All minutes of meetings, big or small, will be reviewed and compared item by item with the board of directors' charter!"

The large conference room at the Panda TV headquarters was temporarily converted into a combat command post. Investors launched a war against the founder, and the commander was a new employee who had just been in the job for five hours and whose employment contract had not yet been stamped and signed.

Jin Xiu supported her hands on the table. Her neat high ponytail seemed a little loose and drooping. The faint smell of fried fast food mixed with energy drinks wafted in the air. The legal elites all had serious expressions and were busy with their work.

Even though war had been declared, they had not yet determined the direction of the enemy's attack. How ridiculous!

A group of people came in with an imposing manner, splitting the chill of the midnight. Prince Wang stopped at the door and looked around at every face in the conference room.

"Go to your office. There are some documents that need to be signed."

Jin Xiu stopped him from saying the angry rebuke. It happened too quickly. They fell out in the morning, made the internal decision in the morning, and started executing it in the afternoon.

Xie Jingxing had planned this long ago. In comparison, his young master's proactive showdown in the morning seemed more like a thoughtless and impromptu decision, which led to the current situation.

"What do they want to do? Are there any problems at the legal level?" Prince Wang asked questions continuously after returning to the office.

Jin Xiu didn't know how to answer for a moment. She really wanted to ask you if you have done anything wrong recently. Haven't you thought about it?
"Get out, get out."

Prince Wang sent away his new girlfriend and two followers, saying, "Forget it, they can do whatever they want, we will do our own thing."

"The settlement of theatrical revenue of "Lost in Thailand" has been delayed, and the production of "Produce Camp 101" has been suspended, and the cooperation agreement has been reviewed."

According to the originally designed investment agreement, without obvious loopholes, neither he nor Xie Jingxing could eliminate the other party through legal and technical means.

This is also the norm for infighting between founders and investors. Public opinion, personal connections, and interest relations often determine who the final winner will be.

Whether it is transmitting pressure to the LP of Grapefruit Capital or blocking cooperation projects, the essence is a game of weighing interests.

Which is more important: offending LP or selling Panda TV shares and leaving; which is more important: the capital turnover cost of the cooperative investment project or selling Panda TV shares and leaving?

The chips will be stacked one by one until selling off the shares in Panda TV and leaving is the best option in terms of the weight of interests, and then Grapefruit Capital will naturally exit in disgrace.

Unless Xie Jingxing had lost his mind and just wanted to vent his anger, this was beyond the understanding of Prince Wang. In his opinion, people with the surname Xie had always been a stable human money-printing machine, a capital species that could breathe.

He is not. Panda TV is his entrepreneurial project, which means he is more focused on the gains and losses and has a higher psychological tolerance for losses.

"There is also the 'Education Power' project, which bypassed him and Kuaishou and negotiated with Jiaotong University as the main body of Banana Entertainment. As the project progresses now, it is difficult for him to influence a public institution like Jiaotong University to give up cooperation."

Prince Wang gave orders in a cold and murderous voice: "Through the advice given to those technical experts he poached from ByteDance, Zhang Juyuan has already told me that they are not obedient. Design a new board charter and shareholder-level management framework, and show your attitude. Even if I can't kick him out directly, I can make him a good parasite."

"Since they notified us in advance to respond to the lawsuit, it means they are still willing to talk."

After patiently waiting for the boss to finish his three consecutive blows, Jin Xiu tried to persuade him with kind words.

Prince Wang sneered even more: "See? This is what a capital institution is like. As long as there is money to be made, they will always compromise."

"At least we should have an open discussion and exchange views. If we end up in court, it will be a lose-lose situation. After all, we still need to raise funds and deal with investors in the future."

Jin Xiu automatically ignored the meaningless sarcasm and continued to analyze the situation.

Prince Wang shook his head. "My bottom line is to let them take the money and leave. Let's talk tomorrow. I don't want to wait even one more day."

"Okay, I'll arrange it."

Jin Xiu secretly breathed a sigh of relief. It would be impossible to reach a conclusion by talking tomorrow. She would try to stabilize the situation and find out what tricks Xiyou would use.

As they were talking, there was a knock on the office door and the company's legal director walked in with some documents. The atmosphere suddenly fell into a low and depressing silence.

"Why... didn't you attend so many meetings?"

After a long time, Jin Xiu put down the documents with a look of shock and felt it was extremely difficult to breathe.

"I'm very busy. I have to make decisions on all kinds of things. Although I don't attend meetings, I still have to approve and sign all the documents in the end."

Young Master Wang spoke as a matter of course, and someone else walked into the meeting room and gently put down a thin proposal to add additional directors. Jin Xiu smiled inexplicably.

The rude colleague with dark skin, shifty eyes and yellow teeth was right - she really didn't understand her boss.

…………

The next morning, Jin Xiu tied her hair into a high ponytail, used foundation to cover up the dark circles under her eyes, and walked into the conference room with a team of several people in suits.

A moment later, a dark-skinned, rough-looking colleague and a middle-aged woman who was obviously from the legal department appeared side by side, and the two of them sat down leisurely on the other side.

"It starts at half past nine?"

Zhou Wei relaxed his body and crossed his legs, causing the chair to creak.

Jin Xiu took a deep breath and forced a smile: "Everyone is here. If you are ready, you can start early." "Uh, your company's CEO is not attending, right? I saw him when I came in just now?"

Zhou Wei calmly leaned on his arm and pointed his finger outside. His legal colleagues silently arranged the paper documents and opened their computers. There was a slight silence for a moment.

He then summarized: "Two aspects, your CEO's long-term mismanagement and the resulting fiduciary duty risks, we believe that Mr. Wang is no longer qualified to serve as CEO."

The bad news came, and Jin Xiu's heart finally died. Mismanagement is a very general concept that can be used to describe anything.

Is it considered mismanagement by the CEO if the company's operations management staff and the platform anchors have sex videos in small rooms? Is it considered mismanagement by the CEO if the anchors who were hired at a high price jump to other companies without any reason?

Strictly speaking, it cannot be said that it does not count, but it is limited to the level of public opinion. Normal investors will not make trouble for such things. It is inevitable to encounter various problems in business management. If you take it too far and accept criticism from investors, you should pack up and close down as soon as possible.

On the legal level, the position of the relevant departments is the principle of modesty, that is, if no significant losses are caused to the enterprise itself, the operating rights of the enterprise management team should be protected as much as possible unless necessary.

But the key point is that when these bad things happened to Panda TV, the CEO went to Beijing to discuss financing, and it was Xie Jingxing, the nominal co-founder of the investor, who took over the handling of the matter in a timely manner.

Moreover, the CEO was absent from various subsequent meetings and delegated the management of the company to the Chief Operating Officer, while he himself went to work on specific projects such as "Produce 101", where he threw away small things to pick up sesame seeds.

So the mismanagement is an exaggeration, but the failure to effectively perform the corresponding management responsibilities is a real hammer. There is no need to resort to legal procedures. According to the management process of the board of directors and shareholders, Grapefruit Capital, as an investor, has the right to dismiss the CEO.

"I think we have a disagreement on whether the CEO has effectively performed his duties. In fact, during his tenure as CEO of our company, Mr. Wang has been personally involved in projects related to the company's strategic development, and every major decision of the company has been well documented."

Jin Xiu was cursing his stupid teammates in his heart when a smart teammate jumped out to engage in a fight with the enemy, determined to turn the plain offensive into a positional battle.

It is said that the projects that "Mr. Wang" worked on during his tenure were the most important to the company, and he fulfilled his responsibilities as CEO impeccably. If you disagree, go to the board of directors and vote.

As the largest shareholder of Panda TV, Banana Entertainment will cast a strong vote of support for Mr. Wang.

This is a helpless move. If we fail to fulfill our responsibilities and our defense line is breached by Xiyou, a chain reaction will occur, and we will be convicted of a crime of breach of duty of good faith, which will be a fatal move in court.

"We do not want to discuss mismanagement for the time being. Mr. Wang's problems with good faith obligations are sufficient to prove his mismanagement."

Zhou Wei did not rank the two attack points in order: "In the last round of financing, Mr. Wang proposed to us to amend the board charter and add four board seats, one for Qihoo 360 and the other three for management personnel."

"After we agreed to the proposal, Mr. Wang immediately signed a concerted action agreement with three management board seats, which means that he controlled four of the seven board seats in disguise and firmly controlled the company's management rights."

"But the premise for us to agree to the proposal was based on his concealed, false and fraudulent promises. He said that adding three board seats was fair and beneficial to the company's development. The fact is that he wanted to force us to sell off our shares."

"He spent a huge amount of money to bring in a female anchor based on his personal preference... her stage name is Xiaolou? The anchor's real live broadcast data is completely inconsistent with the high signing fee, and it is not reflected in the work report at all. He also brought in a large number of former Qihoo 360 employees for his personal interests, turning the company's personnel management into a gladiatorial arena."

Zhou Wei shook his head and pounded his fist on a thick stack of detailed evidence: "We don't know, we know nothing. He is a liar who cheated us out of our 'veto power'."

The whole audience was silent. Jin Xiu felt a little dizzy and held his forehead with one hand. The female anchor who had seen a ghost, the internal struggle of personnel, and the forced choice between two options...

When she saw the proposal to add new directors last night, she knew that Grapefruit was going to use the "veto power" to make a fuss, but time was tight and the task was heavy, so she only learned about the subsequent agreement on joint actors at most.

Zhou Wei threw out so many trivial details of evidence that she and the entire legal team were simply unable to cope with it.

This shows that Xiyou might have been secretly planning this as early as when the last round of financing was unhappy. Those trivial matters that were usually not brought to the surface have now become a vital point that is difficult to resist.

"Our veto power has been seriously infringed. We must fire him!" Zhou Wei raised his chin, looked at people through his nose, and shouted at the top of his voice.

Looking at Mr. Wang, who was pretending to pass by and looking green, the negotiation could not go on. Jin Xiu sat up straight and adjusted his fighting spirit: "We need to confirm the doubts you raised. How about this, the meeting will be suspended in the afternoon and everyone will have lunch at noon."

"We request that an interim board meeting be held tomorrow to formally initiate the removal process." Zhou Wei said the last sentence and walked away gracefully.

Jin Xiu quickly got up and ran out of the conference room, all the way to the elevator in the corridor, and said in a low voice: "Mr. Zhou, your veto power is only valid for major matters related to financing."

"Bringing in Qihoo in the last round of financing was actually a blow to our veto power." Zhou Wei put one hand in his pocket and pressed the elevator button with a nonchalant look.

Jin Xiu designed a 'double veto' structure when Panda TV was first established. The major shareholder Banana Entertainment represented by Prince Wang has a veto over all major matters of the company, while the veto held by Grapefruit does not involve personnel management.

Therefore, even if the proposal to remove the CEO is submitted to the board of directors, it will be a mess that will take a long time to resolve.

"Boss Zhou, why bother? I think Boss Xie definitely doesn't want to risk the world's disapproval. We are all in the same industry. To be honest, which company has investors suing founders during the development stage? Even if we are dissatisfied with each other, we can tolerate each other and seek common ground while reserving differences for the sake of the country!"

Jin Xiu had no choice but to give more blunt reminders, both softly and hard. She was really afraid that this guy who had just entered the industry didn't know the rules and would go straight to sue and go through the legal process.

Zhou Wei raised his eyebrows in surprise: "I heard that you know Mr. Xie, right?"

"Huh?" Jin Xiu was confused.

"Who is heaven? Who has committed a great crime? Are you the one who can say the words 'the greatest crime in the world'?"

(End of this chapter)