Could a billionaire be fired from his own company?

Question

Say an executive started his own company and owned 90% of the stock, could he still be fired? Could he (or she) go broke?

Answer 1

The board should be able to approve who can serve as an officer, and if the investor doesn't pick a majority of directors, then the board could fire him/her.  It depends on how the investors had negotiated the terms of their investment: how many board seats and what approval rights did they get?

Usually if someone holds 90% of the stock then s/he would control the board, and s/he could fire directors who tried to fire him/her as CEO.  So it's unlikely that someone who controlled 90% of the stock could be fired.  

Answer 2

If he wasn't the majority stock holder, then yes.

Answer 3

Anyone can go broke. Even a CEO who owns 90% of the company. If someone DOES own that much, they can't be fired--because in most companies, it's a board of directors who own the right to hire and fire--but it really depends on the company. They can and have fired CEOs from many major corporations. 

Answer 4

If he owns 90%, no, he'd have the majority vote.  But could go broke.

Answer 5

Anybody can go broke.  Harry Gordon Selfridge went broke.  The Hunt brothers in Texas went broke.  

Answer 6

They can be forced out.

Answer 7

Someone who owns 90% would control who gets fired and who doesn't and therefore couldn't get fired.  But founders do occasionally get fired from companies where they own under 50%.

Answer 8

You really need to stop with the stupid questions.  50.01% voting control guarantees they are not getting fired. For practical purposes, even 30% would be very hard to force out.  Because the other side would need 50.01%.

Answer 9

Anyone can go broke from mismanagement of their funds or someone else funds

Answer 10

not if he owned a majority of the voting stock ...............................