I worked at a company in this situation. Revenues were stagnating and senior employees started leaving. The non-CEO partner was uninvolved and kept pressing for a sale at all business meetings. The atmosphere at the company was pretty dreary.
The CEO remedied this situation by choosing a new CEO from within the remaining senior staff, while giving himself a new position of chief product officer/biz dev.
However, this was all merely a title swap, as the ex-CEO kept tight hold over the finances. So a weird power dynamic formed, as the new CEO was essentially effete. Anything that incurred a cost had to be discussed with the ex-CEO. The new CEO enacted a rigid fiscal policy by reducing headcount and the expenses under his immediate control. Morale fell and the new CEO eventually resigned.
The company is still in existence, and the owner is considering selling it now. Hopefully it's not too late.
The CEO remedied this situation by choosing a new CEO from within the remaining senior staff, while giving himself a new position of chief product officer/biz dev.
However, this was all merely a title swap, as the ex-CEO kept tight hold over the finances. So a weird power dynamic formed, as the new CEO was essentially effete. Anything that incurred a cost had to be discussed with the ex-CEO. The new CEO enacted a rigid fiscal policy by reducing headcount and the expenses under his immediate control. Morale fell and the new CEO eventually resigned.
The company is still in existence, and the owner is considering selling it now. Hopefully it's not too late.