A firm has just hired a new CEO to replace the old CEO who suddenly passed away. The firm is in a complex industry where success requires decisions to be made rapidly. Its managers are compensated heavily with stock and a very large percentage of the stock is held by institutional investors. The firm has asked your advice on designing some key aspects of its board. Given this background, discuss fully the pros and cons of the board being $($a$)$ small $($b$)$ having a greater than average proportion of inside directors $($compared to outside directors$),$ and, $($c$)$ having the new CEO also be the chair the board.