Company X, a large multinational corporation, has been faced with an ethical dilemma. The company's top executives have been found to be involved in unethical behaviour, including conflicts of interest and embezzlement of company funds. This behaviour has been exposed to the public, and the company's reputation has been significantly damaged.

As a result, the company has lost a significant amount of trust from its stakeholders, and the stock price has plummeted. The board of directors has tasked the new CEO with addressing these ethical and corporate governance challenges and restoring the company's reputation.

What are some of the factors that contributed to Company X's ethical and corporate governance challenges? What are some strategies that the new CEO could implement to address the ethical and corporate governance challenges faced by Company X?