Earnings is a lagging indicator
Reality is a lagging indicator. All this schadenfreude on HN, so much eager anticipation for bad things, why do you people read this site? There is real malicious intent among a lot of commentators. A lot of posts recently have been FUD and cheap and low quality posts to business insider and other vapid blogs.
My point is, I seriously doubt the CTO was forced out or left because he thought his stock was worthless. He is most likely leaving for any of the million other reasons people leave companies every day.