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in the world of Corporations it is usually to have a hierarchyy.
how ever some organisations run it differently:
In my particular company:
we have the MD at the Top
CEO underneath
State Mangers
etc
some even go down to
Category Managers
etc
I have worked at other places that have the CEO as the power man, and MD's under him/her
IIRC , the Company Secretary is the one who reports to the regulatory authorities>
So an MD leaving is no great drama, just depending on what structure the Board have put in
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