Agenda reports on the “sudden” departure of Matt Maddox from Wynn Resorts after a now-revealed series of troubling behavior over a longer period. Despite the dismissal for what in any other position would be considered “cause,” the official position is that it was a voluntary departure: “Mr. Maddox’s decision to step down as CEO was…
Tag: CEO
Adam Bryant on The CEO Test
Adam Bryant’s Corner Office interviews with CEOs included some of the most innovative, practical, and often surprising insights into the challenges and strategies of leaders I have ever read. So it is not surprising that his latest book, The CEO Test: Master the Challenges That Make or Break All Leaders, co-written with former Amgen CEO…
Goldman Sachs CEO David Solomon’s Flies the Corporate Jet to the Bahamas For Weekend Getaways
Why is it that the people who make the most money do not want to spend it? There’s no reason a CEO should use the corporate jet for island getaways at any time, but during the pandemic it sends an especially poor message. Note the reference to “reimbursement.” We suspect that means he pays the…
Sonic Automotive CEO Smith Charged With Assault, Board Structure Draws Criticism – Bloomberg
VEA Vice Chair Nell Minow is quoted in this story about a CEO charged with criminal assault and his insider-stacked board’s insistence that it doesn’t matter. Barely 24 hours after his release, Sonic’s board — more than a quarter of which is made up of Smith family members, including the CEO’s father and 93-year-old founder O….
Ex-Bumble Bee CEO Gets 3-Year Prison Term, a Rarity in Antitrust – Bloomberg
Former Bumble Bee Foods LLC chief executive officer Chris Lischewski was sentenced to more than three years in prison for his role in a price-fixing racket, a rare outcome in a U.S. antitrust crackdown. In December, Lischewski was found guilty by a San Francisco federal jury of conspiring with colleagues and other industry executives to…
CEO Turnover: Why CEOs Are Bailing Out In Droves | Investor’s Business Daily
We can’t help thinking of rats deserting a sinking ship. Are CEOs shorting American business? More than 1,400 CEOs left their posts this year through November, says Challenger, Gray & Christmas. That’s up 12% from this point last year. And it’s the highest January to November total since Challenger started keeping track of the numbers…
WeWork Employee Options Underwater as Ex-CEO Reaps – WSJ
VEA Vice Chair Nell Minow is quoted in the Wall Street Journal about the mind-boggling $1.7 billion departure package for Adam Neumann at We Work, which includes $187 million in consulting fees and a $500 million line of credit. “There used to be crazy departure packages in the past, and shareholders really objected,” said Nell…
WeWork founder Adam Neumann’s $1.7 billion payout from Softbank is unprecedented – Vox
VEA Vice Chair Nell Minow is quoted about the astounding payout to ex-We Work CEO Adam Neumann — $1.7 billion for his stock plus $185 million for consulting services AND a $500 million credit line. “He basically said, ‘This is what I need in order to leave,’ and they’re finding different ways to categorize that…
Has La Croix Lost Its Fizz?
National Beverage, producer of La Croix flavored fizzy water, has been criticized for the tone and substance of its recent filings. On Forbes, Jim Collins calls CEO Nick Caporella’s statement “bizarre” and points out the contradictions in its explanation for reduced revenues: La Croix sales are falling due to litigation, but that litigation will not…
More U.S. Companies Separating Chief Executive and Chairman Roles – WSJ
A push by corporate governance experts, shareholders and, in some cases, regulators to untangle the chairman and chief executive positions at U.S. public companies is gaining traction.The percentage of S&P 500 companies whose chief executives also serve as chairman reached 45.6% in 2018, compared with 48.7% the year before and the lowest percentage in at…
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