If you enjoy being the bulls-eye for the president's verbal target practice, then you can continue to sit in silence. Over time, your passivity is probably going to invite more of these comments, and they may well become more cutting and less funny. These kinds of remarks are typically based less on humor, and more on power and control.
Many people who are targeted in this way do not want to approach the company leader because they fear they will look weak, insecure, or childish. Although people have different thresholds of tolerance for these kinds of comments, it sounds like you are at the point where you cannot stand them any more. If this is the case, you should discuss the matter with the president, particularly in light of the fact that your manager is not inclined to do anything about it.
After the next meeting, ask the president if the two of you can have a few words in private. Let him know that you enjoy working for the company, but his comments at these meeting are creating real problems for you. Give him a couple of examples and tell him that you want the insults to stop. At that point, although it is important to listen to what he has to say, his behavior at the next meeting will say more.
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