US CEOs face uncertain times, & it's not just their companies that worry them
“Beggars can’t be choosers,” says a famous adage. Nowadays, that adage extends to some CEOs too, for they sure have quite a few things to beg for; now that economic downturn can't be wished away.
Well, if not choosers, they can certainly make the best of their predicament by begging in style, at least till it lasts. The top honchos of Detroit’s trio, viz Rick Wagoner, General Motors; Alan Mulally, Ford Motors; and Robert Nardelli, Chrysler, are a case in point. Imagine using luxury private jets to land in Washington, seeking a $25 billion bailout option to save their respective companies!
But why luxury jets? Well, obviously because of “security reasons.” After posting pathetically low profit figures (combined net loss of the three exceeded $5 billion for the quarter ending September 30, 2008), they definitely need protection from stakeholders! And if these humungous losses were not enough, the three have also been extremely successful in eroding the share price of their stocks (from January 1, 2008, General Motors has come down by 85.29%, while Ford Motors’ stock price has fallen by 76.36% till November 24, 2008).
And its not just the auto CEOs who face such overwhelming dilemmas. CEOs across the board are making news nowadays for reasons entirely different from what they had ever imagined. Some CEOs have seen their companies go underwater like Philip J. Schoonover, CEO, Circuit City (which recently Chapter 11’ed itself); some are stepping down like Jerry Yang, CEO, Yahoo! (per force exited); some are announcing a sizeable lay-off (Vikram Pandit, CEO, Citi Group announced to axe as many as 52,000 jobs); and we also have a macabre incident where one of them Sid Agrawal, CEO, SiPort has been shot dead by a revengeful employee. God bless his soul.
“Beggars can’t be choosers,” says a famous adage. Nowadays, that adage extends to some CEOs too, for they sure have quite a few things to beg for; now that economic downturn can't be wished away.
Well, if not choosers, they can certainly make the best of their predicament by begging in style, at least till it lasts. The top honchos of Detroit’s trio, viz Rick Wagoner, General Motors; Alan Mulally, Ford Motors; and Robert Nardelli, Chrysler, are a case in point. Imagine using luxury private jets to land in Washington, seeking a $25 billion bailout option to save their respective companies!
But why luxury jets? Well, obviously because of “security reasons.” After posting pathetically low profit figures (combined net loss of the three exceeded $5 billion for the quarter ending September 30, 2008), they definitely need protection from stakeholders! And if these humungous losses were not enough, the three have also been extremely successful in eroding the share price of their stocks (from January 1, 2008, General Motors has come down by 85.29%, while Ford Motors’ stock price has fallen by 76.36% till November 24, 2008).
And its not just the auto CEOs who face such overwhelming dilemmas. CEOs across the board are making news nowadays for reasons entirely different from what they had ever imagined. Some CEOs have seen their companies go underwater like Philip J. Schoonover, CEO, Circuit City (which recently Chapter 11’ed itself); some are stepping down like Jerry Yang, CEO, Yahoo! (per force exited); some are announcing a sizeable lay-off (Vikram Pandit, CEO, Citi Group announced to axe as many as 52,000 jobs); and we also have a macabre incident where one of them Sid Agrawal, CEO, SiPort has been shot dead by a revengeful employee. God bless his soul.
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Zee Business Best B-School Survey 2012
Prof. Arindam Chaudhuri’s Session at IMA Indore
IIPM IN FINANCIAL TIMES, UK. FEATURE OF THE WEEK
IIPM strong hold on Placement : 10000 Students Placed in last 5 year
IIPM’s Management Consulting Arm-Planman Consulting
Professor Arindam Chaudhuri – A Man For The Society….
IIPM: Indian Institute of Planning and Management
IIPM makes business education truly global
Management Guru Arindam Chaudhuri
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IIPM : The B-School with a Human Face
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