Management Turnover as Change Agent

Tuesday, October 21, 2008

Recommended Reading - Why sorry isn’t in many CEOs’ vocabularies anymore

Lawyers hold sway for ousted financial CEOs.  According to a story by Del Jones in USA Today,

Apologies, encouraged in recent years by the crisis-management industry, have dried up — even apologies deployed as a business or political strategy.

Legal concerns weigh heavily on any words that might be construed as an admission of guilt. But also weighing heavily is the silence from politicians, regulators and past and present CEOs at Fannie Mae, Freddie Mac, AIG, Bear Stearns, Countrywide Financial, Merrill Lynch and Washington Mutual. It’s been clear for weeks that the financial crisis has dammed the free flow of credit. But with each passing day, it’s also appears that the crisis has likewise dammed the free flow of taking responsibility.

 Public relations has lost out to legal culpability.  For more on the situation check out the article.  

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