Over the years, I have written several blogs and articles focused on corporate culture. The recent collapse of FTX reminds us once again how toxic culture and ineffective corporate governance can destroy a company. The words of the newly appointed CEO of FTX, from the company’s Chapter 11 bankruptcy declaration, are a searing indictment:
“Never in my career have I seen such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here. From compromised systems integrity and faulty regulatory oversight abroad, to the concentration of control in the hands of a very small group of inexperienced, unsophisticated and potentially compromised individuals, this situation is unprecedented.”…