Management Turnover as Change Agent

Tuesday, November 20, 2007

Recommended Reading - Don't Cry for Financial CEOs

David Weidner of MarketWatch wrote an inciteful column today entitled Hired or fired, Street CEOs give thanks. In the piece he wrote:
Guys like O'Neal and Prince, ousted amid the biggest credit write-downs to ever grace the industry, are leaving with exit packages averaging more than $100 million. They've also been retired, not fired, which means more perks and a little dignity, even if we know better.
The changes at the top are all happening while jobs are bleeding on Wall Street.
Conditions are so bad on Wall Street that, when it comes to cutting jobs, the financial industry is even beating the automakers.

Detroit cut 51,934 jobs through the end of October, compared to 140,442 job cuts in the financial industry during the same period. More than half of those -- 73,436 -- were announced in the past three months.
For those interested it's a quick read.

1 comment:

jgoodie said...

Maybe, the turnaround will come with management changes. H&R Block announced today that Richard C Breeden will be stepping in as Chairman of the company, elected to replace Mark A Ernst, who has resigned as Chairman/CEO. The NewsVisual article analyzes Breeden’s past experience, and suggests that he has the experience necessary to be a good steward of the company.