While the episode focuses on the Chairman, it sets up the later reveal that someone was mimicking Mr. Kaplan’s signature phrase ("Dearie") to manipulate Red.

This episode fueled major speculation regarding Marvin Gerard . Many viewers correctly suspected he was the puppet master using Red’s bank accounts and deep secrets against him, even as Red remained focused on the ghost of Mr. Kaplan .

The Chairman (played by guest star Craig Bierko ) operates the "Chairman of the Board" system, which allows criminal groups to thrive by treating their illegal activities like corporate assets.