One story that's been making news the last few weeks is the community college president who was fired for kegging it up with students. The board knew about the incident but didn't fire him until a photo of him made the rounds of the internet; the photo in question shows him pouring a keg of beer into a female student's mouth. You can see the photo along with a thoughtful blog post here.
There's a lot that's appalling about this case - since I'm studying boards, the board's blind eye comes to mind, but let's not forget the president himself. What really caught my attention, though, was a quote from a board member about letting the president's "personal life" remain personal.
Personal life? When you're a college president interacting with your students, you're on the job. That's not your personal life.
That means that while in some cases drinking with students might be OK, the president should have no expectation of privacy. (Those cases? The school allows alcohol. The students are of age. Drinking is being modeled responsibly - this does not include pony keg chugging.) And the board should recognize this.
Judging from other information, though, this was a board that long ago became a closed system existing to protect the president, abdicating its responsibility to lead the institution, which includes assessing and monitoring the CEO.