> What he did wasn't immoral ... Since morality is subjective

I agree that morality is subjective -- what he did was immoral to some and moral to others. Similarly there are people who considered it immoral when CEOs were publicly voicing support for pro-choice policies.

For a leader it probably hinges on the perspectives of the people they lead. You won't have a healthy organization if a significantly large number of people believe you are behaving immorally, especially at a nonprofit paying below-market rates.