CHAPTER 7: DECISION MAKING (CLO2,PL01) H Instruction: Answer ALL questions. Chemical Company A chemical company needed to fire a Chief Financial Officer (CFO) and hire a new one. The acting CFO had a bad track record of poor decision making. As a result, a bad culture has developed. People hate working for the CFO and in turn, hate the company. Finally, the Board of Directors insisted that the Chief Executive Officer (CEO) fired the CFO. The CFO was fired, but damage was already done to the company image and employees morale. The worst part is that the CEO is very cautious and nervous in making the decision to hire the new CFO due to his past unfortunate experience. Hence, the CFO position was left open for almost one year. As a result, the company suffered due to the lack of leadership. During that time, the company loosened its internal controls, and the budgeting process became a mess. The lack of decision making by the CEO caused the Board of Directors to lose confidence in the CEO. Currently, the entire organization is suffering from a lack of leadership. 2. Suggest THREE (3) alternatives to overcome the problem and explain how each alternative can help solve the problem. (9 marks)