i think he means resigning. to answer you're question, i feel that if you resign then to a prospective chairman, you're nothing more than a quitter or a bottler(Adrian Durham catchphrase of the year). if you've been sacked, it shows that you've stuck at it.
other chairmen may feel differently. they may think that you've resigned in order to fufill your promise, or because you've fled a sinking ship. if sacked, they may think you have no talent.
either way, if you're looking for a new job, there are three options, apply whilst still in your current job (which could make your chairman unhappy, and he'll sack you if you're already in a bad way). you can resign and apply, or wait it out. the choice is ultimately yours.
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