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Definitely not award themselves very generous severance packages, that sounds fishy as hell regardless of any other factors.

If the packages are generous enough, it would create an incentive not to fire them, and, that way, be actually in the best interest of the company.

If the CEO is indeed insane and incapable of fulfilling his duties, and he still controls 84% of the voting shares, all options are nuclear.

I could see that logic somewhat if I squint really hard but still, awarding yourself such packages remains very fishy..