He really needs to go. You pushed the company into financial ruin by letting key people go, keeping the dead wood and thinking sticking a bandaid on it would stop the hemorrhaging. Cut your wages, Dave and bonuses, and incentives. The good people you let go are now going to bury you with their companies and yours will only end up a vague, forgettable memory.
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Dave was greedy and arrogant!!
You must have been a reject, an afterthought. Dave held onto the key people. Sorry, you must have not been one of them.