And it explained why he seemed desperate to proceed without the CEO's approval.
The committee's chair looked toward her.
"We need to complete the evidence review before making a final finding."
She nodded.
"I agree."
Then she asked whether the acquisition process had been paused.
The chair confirmed that no binding commitment would be executed pending the independent assessment.
For the first time since the airport confrontation, the CEO felt a different kind of relief.
The pilot's arrogance had drawn attention to the plane.
But the unauthorized flight had exposed a transaction that might have cost the company far more.
The investigation eventually established that the CFO had directed staff to circumvent the aircraft approval process.
The evidence included messages, approval records, and witness statements connecting his office to the disputed flight requests.
Some employees believed the necessary authorizations already existed.
Others raised concerns and were told the executive had personally handled them.
The CFO denied personally copying the CEO's signature onto the documents.
But the independent review found that he knew the ordinary approval requirements hadn't been satisfied and allowed documents purporting to carry her authorization to be used.
The committee also concluded that his undisclosed interest in the acquisition advisory arrangement constituted a serious breach of his responsibilities.
He was placed on leave.
Then, after the relevant review and board procedures, his employment was terminated.
The company referred the document and financial matters to appropriate authorities for further consideration where warranted.
The CEO didn't announce criminal guilt.
She understood that corporate findings and criminal proceedings involved different standards and processes.
But the board no longer trusted the CFO to manage the company's finances.
And the evidence supported that decision.
The most painful moment came when she met him privately with counsel present.
He looked exhausted.
His expensive suit was wrinkled.
And the confidence he'd displayed at the airport had nearly disappeared.
For several seconds, he stared at the table.
Then he asked whether she believed he'd ever intended to hurt the company.
The CEO considered the question.
"I think you convinced yourself that completing the acquisition justified ignoring the controls."
He looked up.
She continued.
"And I think the financial benefit made it easier for you to keep convincing yourself."
The CFO shook his head.
"You don't understand the pressure."
The CEO studied him.
"Then explain it."
He looked toward the window.
For a moment, his expression hardened.
Then he began describing years of demands from investors, lenders, and advisers.
Every successful transaction raised expectations for the next one.
Every expansion created another target.
And he believed the company needed a major acquisition to remain competitive.