[s9e12]: The Chairman

Reddington takes extreme measures to locate a hidden tracking device, a search that uncovers startling clues about the person who may have orchestrated Liz Keen’s death.

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 . [S9E12] The Chairman

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. Reddington takes extreme measures to locate a hidden

Assistant Director Harold Cooper makes direct contact with the mysterious figure blackmailing him, further tightening the season's overarching mystery. Community Insights & Trivia Kaplan

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.