Destined Entwining: Capturing My Devoted Beau

Chapter 386 - 208: Decisive and Efficient (First Update, Please Vote for Monthly Ticket) _2

"Typically, it’s to ensure that major clients can’t be lost within a certain period. If such a major client is lost within the specified period, we can claim compensation from the seller. — Was this protective clause included in the acquisition contract?"Justus Spencer’s face suddenly turned pale.

"...Pro... protective clause?" At the time, he was only worried about Luke Stern refusing to sell, and went out of his way to offer many favorable terms, even agreeing to a premium acquisition of fifty billion. How could he have thought to include a protective clause?

He then thought of Kenneth Osborne, who interfered in the process. If it weren’t for him, their acquisition wouldn’t have been so chaotic and off course!

At this moment, Justus Spencer not only resented Luke Stern of Wayford Intelligence but also Kenneth Osborne.

Of course, his true hatred was for Luke Stern.

However, at this point, what use was hatred?

He lowered his head, the earlier fury gradually dissipating, his shoulders sagging, and his back hunched, appearing utterly defeated.

Cameron Spencer’s expression also darkened.

Seeing Justus Spencer in this state, everyone in the meeting room understood.

This CEO hadn’t included a protective clause during the acquisition!

Spring Spencer also showed a remorseful expression and silently stood up.

"...Justus, say something, did your acquisition contract include a protective clause? If it did, we could seek compensation from Wayford Intelligence’s shareholders; the loss can be recovered," a female board member, who had a good impression of Justus Spencer, repeatedly spoke up for him.

Justus Spencer remained silent for a long time before dejectedly shaking his head, softly saying, "...this acquisition was rather hurried; we didn’t manage to include this clause in the contract."

"So there’s no protective clause? A company with ninety-five percent of its revenue coming from one single client, and during the acquisition, you still didn’t include a protective clause? Didn’t you think about what a huge loss we’d face if we lost this largest client?"

The other board members were furious; they were also major shareholders of the Spencer Group.

Every penny the Spencer Group lost was like cutting into their flesh.

Justus Spencer, pale-faced, trembled as he said, "...This issue, during the acquisition, no one brought it up."

He glanced at Spring Spencer, trying hard to pass the buck: "Spring, did you think about this problem?"

Spring Spencer, from the moment she stood up, knew this matter couldn’t be resolved easily.

She said, "This was indeed an oversight of our finance department. The client base was too concentrated, with only one major client. We should have advised the investment department for risk management. This should have been a normal step in the acquisition, but we overlooked it, causing the company significant loss—it’s my fault."

"I am willing to take responsibility and resign."

Spring Spencer said this with a bow to everyone, "I will go write my resignation letter now, effective immediately."

Having said that, she left the meeting room.

As the Chief Financial Officer, Spring Spencer actually didn’t have much say in the acquisition process.

Everyone in the meeting room knew that the person truly responsible should be CEO Justus Spencer.

Yet, he actually put the blame on Spring Spencer, showing a complete lack of accountability.

Even Cameron Spencer, who initially wanted to protect him, was thoroughly disappointed.

The Spencer Group, a large company publicly listed for over twenty years, wouldn’t face a fatal error from a fifty-billion loan, but a CEO without accountability could lead the company swiftly into oblivion.

He stared at Justus Spencer for a while and coldly said, "Since this is the case, the CEO should bear the responsibility. I propose to relieve Justus Spencer of his CEO position, reclaim all shares and stock options granted to him to offset the company’s losses, and furthermore, dismiss Justus Spencer with terms to not rehire him within the Spencer Group for the next ten years."

Justus Spencer abruptly raised his head, looking at Cameron Spencer in disbelief, and cried out, "Dad! How can you do this?!"

He was his only son!

Unable to be employed by the Spencer Group for ten years, what else could he do?

Cameron Spencer let out a cold hum, saying, "Right now, we’re not father and son; we are in the roles of Chairman and Chief Executive Officer. As Chairman, I must take responsibility for the entire group and all shareholders."

"And you? What did you do? Just one acquisition could lead the company to lose fifty billion! — If we don’t fire you for such a colossal mistake, are we to wait until you’ve bankrupted the company?!"

The board members exchanged glances, each secretly applauding Cameron Spencer.

Cameron Spencer was indeed the main shareholder of the Spencer Group; his shareholdings eclipsed all other board members.

If he didn’t want Justus Spencer ousted, no one could make it happen.

Nor did Justus Spencer possess the same sense of shame to resign as Spring Spencer did.

So these board members actually had no faith left in the Spencer Group and were planning to sell their shares once the meeting ended.

But with a single sentence, Cameron Spencer not only personally dismissed Justus Spencer but also restored the directors’ and shareholders’ confidence in the company.

Everyone’s mood visibly lightened.

Someone even joked, "Actually, Justus isn’t that bad, just a bit too young. He can come back in ten years, haha..."

Cameron Spencer bowed slightly and said, "You’ve given him opportunities, but he’s let everyone down. This time, I will try to minimize the loss as much as possible."

Then, he turned to Justus Spencer and said, "You may leave now; I’ll have my secretary handle the formalities for you, no need to return to your office."

This was effective immediately.

Enraged, Justus Spencer burst with anger, shouting at Cameron Spencer, "Do you think I care?!"

With that, he stormed out, slamming the door behind him.

After he left, Cameron Spencer calmly said, "The Spencer Group still needs a new CEO, but before finding one, I propose letting Old Ray serve as the interim CEO. What do you all think?"

Old Ray was the Rayner Clan’s representative within the Spencer Group.

Due to Cameron Spencer’s divorce from his wife, Ruby Rayner, they didn’t see eye to eye with him. They were even conspiring behind the scenes to dethrone him from the board.

However, when Cameron Spencer suggested letting Old Ray become the CEO, he immediately abandoned his previous plans, laughingly saying, "Brother-in-law, you are really letting me be the CEO?"

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This is the first update; another will be given at 1 PM due to a significant reward from "I Love Hall" Chief Lord in January, followed by a third update at 7 PM.

Today is the last day of February, asking for monthly tickets!!!

Big kisses, yay!