Firstly you don't mention what sort of setting your are in. I take it you are a committee run pre-school or similar? If so, there should be a constitution which your committee adhere to, and this usually states that your committee are all "liable" for the running of the business, not just your Chairperson. Therefore, the committee are your employers.
From what I understand, most committees can continue running so long as they have a Secretary and Treasurer, and sufficient ordinary members to represent your membership. Failure to find a new chair should not necessarily be a problem.
As for the "relationship" between your manager and ex-chair, if the chair is no longer in office, then what difference should it make? If they were still in control of the committee, it may make life awkward, and possibly a "conflict of interest" would apply, but so long as the chair has stepped down, I should leave well alone. Saying something is more likely to jeopardise your job!
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