And the board let the financial wizard violate the old principle [1] of not taking a fence down until you fully understand the reason why it was put it up in the first place (i.e., don't assume that your predecessors were stupid just because you don't yet understand why they did what they did.)

Really sad results there, throwing away a sound investment & body of know how, for worse results everywhere, and less safety for everyone.

[1] https://www.chesterton.org/taking-a-fence-down/