A Hypothetical Question

After two straight years of losses a CEO of a fortune 500 company has his performance review with the shareholders. He accepts responsibility for the company's struggles saying, "The buck stops with me. There are absolutely no excuses for anything. I wish we had had a lot better year."

Then he promptly asks to stay in his position in order to turn things around.

Review Questions:
1. Would any Fortune 500 company do this?
2. If a Fortune 500 did do this, would they remain a Fortune 500 company?
3. Why would the Timberwolves think a record of failures will magically disappear with the status quo?