Basically yes I would not care at all if he's lying to his wife or family or friends, that's his own personal life. It's not illegal to lie or cheat or bang your customers. Criminal behaviour is much worse and besides, you may as well get rid of them if they're going to jail anyway. If I was on the board I'd want the guy who's getting me rich, not a moral CEO or one you could have a beer with, or a nice guy. If the reputational damage of non-illegal activity (or even minor illegal activity - I wouldn't care if the CEO is doing drugs or speeding or whatever) is not going to damage the company as much as getting rid of him (which it wouldn't, who on earth is going to boycott a company for being run by a cheater?) then it just doesn't make sense to get rid of them.