Further evidence - never hold a losing position.

Extracts from AFR page MW20 (Rear window):

Start quote:
For the second time this month, Ken Cowley has quit a major directorship in what can only be described as intriguing circumstances. Rupert Murdoch's former right-hand man yesterday jumped ship from the venerable board of the Commonwealth Bank after a three-and-a-half-year stint. And the reason for the abrupt departure ? A terse statement said only that Cowley wants more time to concentrate on his job as chairman of Kiwi group Independent Newspapers. Adding to intrigue, Cowley's PR flack would not expand on the resignation.

Just three weeks ago, Kenny's rocky role with magazine shocker PMP ended when he resigned in similarly unexpectedly fashion, citing potential conflict of interest with his other duties - though nobody's quite sure what they could be.

One's thing for sure : his pay packet will shrink without that $88,000 from CBA and $100,000 from PMP in annual director's fees.
As far as we know, Cowley has no plans also to resign from the board of bush-wear retailer RM Williams, which hung its tail between its legs yesterday after an Australian Stock Exchange query about disclosure leading up to the release this month of a $189,000 interim loss.
The loss, which compared with a $1.6 million profit for the same half in the previous year, came after some one-off items including a $295,000 write-down on the company's stake in, wait for it, PMP.
end quote.

Never try to further support (justify for the ego) a losing position. Accept you loss gracefully and move on. Or even worse, use your influence elsewhere to further underwrite existing poor performance.