The board would have to be insane to keep this guy. Someone has to take the fall. It’s the corporate way. Been there done that and had it happen to me. It’s just part of the game. It’s very much like a struggling sports franchise. The coach usually goes first. Of course the BIG question is how many guys was Tone able to fire in an attempt to deflect the blame away from the palace doors. If the answer is few or none than Tone is toast. His power is gone. Who needs a CEO who has no power? CEO’s to be effective have to be alpha and Tone has move rather quickly to beta.
I have watched these guys sweat in air-conditioned offices once their time runs out. Their job was to make others sweat. Now the tables are turned and the bell tolls for them.
To remain alpha it is best to resign. Just leave before the axe falls. The best do that. The cowards hang on by their necks. It’s not the severance because they get that anyway. But if you are going to rebuild your reputation it is best to start right away.
When I was getting deposed at Borland many years back (I was an HR Manager..small fish) I could hardly wait to leave so I could get on with it. But I had to hang on for almost a month, waiting because of financial obligations.
I hated it.