Not trying to build my resume, but you have CEO in your title so, I am using that as a reference point.
1 - As was already pointed out, the BOT was derelict in their fiduciary duties on multiple levels.
2 - The overall governance approach for the university was outdated. As a BOD member of a small private school in GA, we had more controls in place recommended by the Freeh Report than our University. I think that this reflects 2 key points, 1, the BOT members viewed this role as a 'club' for self enrichment. 2, they took their responsibility too lightly and when the defecation hit the rotating oscillator, they were ill prepared, because they should have done more. The BOT members are high profile members of publically traded companies, they understand their responsibilities and they scapegoated them most conveniently.
3 - No executive likes surprises, yet when notified over many years, out BOT did nothing to prepare for or insurance against any potential fall out.
4 - Corbett, the former AG turned governor knew what was happening around JS. As a Board member, Governor, he let PSU burn while playing his fiddle.
5 - Follow the money trail.
In my book, everything rises and falls on leadership. PSU lacked leadership when it needed it the most. The BOT is reprehensible and incorrigible.