|  | | 2007 News and Press Releases | | |
HEADLINE NEWS:
Bye-Bye, Boss
Matthew Kirdahy
Forbes.com. December 18, 2007
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EXCERPT: The job of chief executive is no different than a raucous game of King of the Hill--though it tends to be shareholders tugging the pant legs of the guys at the top, rather than their would-be replacements. It's not a question of what's tougher--to climb to the top or to stay there. Without a doubt, it's job security that should be concerning the modern CEO. We've learned this much in 2007. "I would say that the theme is that the CEO position is a temporary job, like everyone else's," said Leslie Gaines-Ross, chief reputation strategist at Weber Shandwick. "In fact, it has less job security than most of us have." To some degree, the boss has always been under the microscope, with the shareholders' lens revealing more each year. What's next? X-ray vision? If investors aren't satisfied, they've found it in their means to make noise, thus making life uncomfortable for the unworthy. This has never been more apparent than in recent months. According to the consulting firm Challenger, Gray & Christmas, there were 1,305 CEO departures in U.S. companies through November this year. The reasons for these departures include firings, resignations and retirements. Challenger, Gray & Christmas will release a final 2007 tally soon. Sometimes it isn't a question of worth or capability. After all, Stanley O'Neal was undoubtedly capable of leading Merrill Lynch, just as Charles Prince III was at Citigroup. They just got caught in the subprime mortgage fray, over-leveraging assets in what turned out to be the worst place imaginable for Wall Street. |
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