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I work for a small team. There are only 26 total employees. In the past year I'd taken on major management responsibilities and put in a huge amount of overtime.This gave me the impression that it was a good time to ask for a raise. However when I went to do so I was informed by the CEO that although he believed I deserved a raise, due to a major client leaving earlier that year and an extended project that was mismanaged the company had taken a substantial loss and he himself took a pay cut in order to avoid layoffs.
This really scared me as later this week he had said yet said mismanaged client was unhappy with how long things were taking to ship and was considering cutting ties. I really hate to kick him when he's down but feel like for my own financial well being I need to take an offer that was recently extended to me (which I'd previously declined). Would it be a common practice to include this reasoning in a resignation letter or would there be a more tactful way to approach it?