"I understand CM was not the CEO that time so who actually is responsible???
He may not have been the CEO, but I think he still wielded tremendous influence on management decisions. Quite handy really, because he can just walk away from the bad decisions and take the credit for good ones.
A few years ago, a French politician named Georgina Dufoix, exonerating herself from blame for an almighty cockup, declared that she had been "responsable, mais pas coupable." Case dismissed, by herself.