There is a lot of speculation here. There could be plenty of plausible reasons as to why he would leave the company e.g. a better offer from elsewhere, family reasons.
You inferred this motive, from the former CEO's plan. The CEO did not explicitly state that they were quitting because they wanted time and space to plan their future.
The circumstances of his departure were more akin to a break-up than a passing of the baton. No point in holding onto to the stock and mentally tying yourself to an organization that shunned you. Steve Jobs did the same thing if I recall correctly.
He probably left because he learned that the project was going to be killed. Sad he didn't share that news with the rest of the team so you could all be hunting for a job while on the corporate payroll just like he did.
I lost touch but in the first 2 years he said he loved it, and it was the best job he ever had. A current check of LinkedIn shows he left but I don't know the reason.
He had personal and financial issues. The pay was cash + profit share. When the cash was fulfilled he had to make ends meet because the profit share was negligible. He was a good developer and a good guy and I don't blame him for going AWOL.
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