Q: Can Corporate titles be changed when when the company is in negotiations to be sold?
I own a company with a 50% partner. Our GM and I are in negotiations for him to purchase my half of the business. To date I have carried the title of President/CEO but I have been largely inactive in operational decisions for the last year. My partner has been more involved and is now desiring to become more involved. He is asking for President/CEO title since he is more active. Our bylaws don't specify much of distinction in role powers or responsibilities. It strikes me as unethical and largely ego driven to change titles during a sale since in our company they are largely useless titles but I want to know if there are any legal issues as well. I don't want to deny something that is benign but I don't want to give something that may compromise my position.
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