What Would A Ceo Do If Money Was No Object
From employee scandals to legal controversies, some companies have faced serious bug after their CEOs put their entire future in jeopardy with their questionable actions. Even powerhouse companies similar Nike, Victoria's Cloak-and-dagger, Groupon, Etsy and Uber weren't allowed from damaged reputations caused by controversial CEOs.
Intense media backfire, fallouts with shareholders, lies, arrests and plenty of questionable actions — these CEOs most cost their companies everything. Are you set to encounter the controversial entrepreneurs who were fired from their ain businesses? Permit's have a await!
John Schnatter – Papa Johns
When we talk near a CEO hit with the almost media backfire, the one and only John Schnatter of Papa John'due south Pizza comes to heed. Schnatter came under fire because of his comments related to the NFL and national anthem protests. He effectively said poor NFL leadership affected Papa John's shareholders.
What actually didn't help his case was that he dropped a racial slur in the process. The intense social media backlash resulted in a thirty% drop in Papa John's share price. As of 2022, Schnatter has sold a third of his stock in the company, claiming it'south doomed, and he doesn't want to run into the crash.
1 of the most controversial Hollywood personas in 2022, Harvey Weinstein is a former film producer who came under fire when advocates of the #metoo campaign accused him of sexually assaulting more than lxxx women during his time as an influential Hollywood figure. Due to the intense and immediate backlash by the Hollywood picture manufacture and on social media, his ain visitor fired him.
Weinstein no longer works in the flick industry due to his reputation. He is still subject to plenty of lawsuits and other significant court cases surrounding the sexual assault allegations. 1 criminal trial recently started in January 2022.
Rob Kalin – Etsy
Rob Kalin is one of those founders that quit his own visitor not only one time, but twice — first in 2008 and again three years afterwards in 2022. Although Etsy'southward global reputation remains solid, rumor has it that Kalin wasn't up to the challenge of scaling the visitor's growth. According to critics, Etsy wasn't managed professionally under Kalin's leadership.
Rather than damaging the company's reputation further, he decided to leave and hand things over to Republic of chad Dickerson, who was later fired. The share cost of the company plummeted, and 17% of Etsy'due south workforce was laid off in 2022.
Travis Kalanick – Uber
Travis Kalanick is perhaps one of the almost notable names in the corporate world. Existence the founder of Uber was never an easy job, and Kalanick came under fire after the visitor faced a major public relations crunch in 2022. Uber was accused of toxic in-firm environments, sexual harassment and an unethical culture.
The controversial CEO reportedly ignored repeated sexual harassment claims in the company and behaved inappropriately in professional situations, prompting growing concern for Uber's in-house and global reputation. After many controversies, he resigned in 2022 along with several other top visitor managers.
Jonah Peretti – BuzzFeed
BuzzFeed's reputation tends to be questioned and criticized due to the diversity of content on the platform. When Jonah Peretti, the visitor's CEO, had to let more than 200 employees go without warning, the controversial deportment quickly became public noesis.
The visitor was criticized for not paying its community contributors, including an unpaid teenager who brought in more than 130 million website views in 2022 with her quizzes. Peretti besides came nether fire later suggesting that people bring puppies to the office on the day of the layoffs, an action that many deemed to be insensitive.
Roger Ailes – Play a joke on News
2017 was a huge year for controversies in the world of big business and CEOs, and many of those controversies concluded upward changing companies forever. Fox News was no stranger to controversy and scandal, just the network behemothic took a huge reputation striking in 2022.
The company's CEO, Roger Ailes, and some pinnacle news anchors in the company were accused of multiple counts of sexual harassment. The anchors got their shows canceled, and Ailes was fired when more than a dozen women came forward to accuse him. In May 2022, Ailes passed abroad from hemophilia.
Lee Jae-yong – Samsung
Samsung faced its biggest controversy in 2022, thanks to issues with exploding batteries that hurt both people and the company's reputation. Just a year subsequently, the company came under fire for its questionable leadership. Samsung is family-run, with Lee Jae-yong once at the forefront.
However, in 2022 Jae-yong was arrested based on accusations of embezzlement and corruption, which included bribing Southward Korea'south ex-president. He was released from jail in 2022, just his future with Samsung is unclear. The company was also guilty of several labor offenses, and antitrust concerns arose after Jae-yong's bribery scandal.
Aubrey McClendon – Chesapeake Energy
Leadership comes in many shapes and forms, and some CEOs are known to be slightly more than aggressive and reckless than others. In 2022, Chesapeake Energy's CEO, Aubrey McClendon, fabricated the news when he was questioned about the legitimacy of borrowing coin from some of his investment wells.
Information technology was revealed he had borrowed more than $1 billion for personal investments in wells that were initiated by Chesapeake. The reports completely tarnished the company'southward reputation, with many assertive Chesapeake was no longer a natural gas company, just rather a domain for McClendon's personal ventures.
Andrew Bricklayer – Groupon
Andrew Mason has been embroiled in quite a few controversies that directly hurt Groupon's reputation with its investors every bit well as with consumers. The CEO struggled to move on from the company's fun commencement-up life and came under burn plenty of times for his beliefs, including one incident where he drank beer during one of the investor meetings.
Wall Street too started to lose faith in the company, claiming that Groupon had lost managerial focus and confidence. In 2022, CNBC named Bricklayer the "Worst CEO of the Twelvemonth," claiming his antics put a bad image on the company's corporate reputation.
Martin Shkreli – Turing Pharmaceuticals
1 of the biggest pharma scandals was perpetrated by CEO Martin Shkreli, ofttimes dubbed one of the well-nigh hated men in America. Shkreli received global criticism in 2022 after raising the price of a common drug used to treat parasitic diseases.
It may be quite normal for drug companies to heighten their pricing, merely because of Shkreli'southward decisions, this item antiparasitic was beingness sold for $750 per pill instead of $xiii.fifty per pill. He was too charged with securities fraud, resulting in a seven-year prison house sentence and a fine of more than $vii 1000000. He is currently in prison.
Bongani Nqwababa and Stephen Cornell – Sasol
Some companies accept joint CEOs in society to complement each other'south business and leadership skills. Of course, that arroyo doesn't ever work out. Bongani Nqwababa and Stephen Cornell both agreed to resign after initiating a project that toll the company more than than $12 billion and dramatically lowered Sasol'south share price by 44%.
An investigation into the projection uncovered misconduct and incompetence at summit management levels as well as fiscal communications with the co-CEOs. After the two executives resigned, the visitor'southward share price went support based on the hope of a ameliorate company civilization and management.
Sanjay Kumar – Computer Assembly International
The infamous 2004 Calculator Assembly International fraud scandal put the company'south reputation at risk. The multi-billion-dollar fraud involved the participation of many employees, from top-level management all the fashion down, but the primary person responsible was the CEO, Sanjay Kumar.
The company was accused of intentionally miscalculating its revenues in the previous quarter, committing a serious regulatory offense and harming the visitor'south human relationship with its shareholders. Information technology was proven that top direction removed contract fourth dimension stamps and did everything they could to falsely inflate sales and profits. Kumar was arrested in 2006 and released from prison in 2022.
John Fellows Akers – IBM
IBM's reputation among employees (also as not-employees) tends to be beneath boilerplate. In the late '80s, the company's CEO, John Fellows Akers, made some significant changes to speed up the process of delivering their products to the market.
He created three autonomous organizations within the visitor, but the strategy wasn't successful. Instead, it resulted in huge business losses likewise as more than 40,000 employees losing their jobs. He was ultimately removed past the lath, and the visitor is still trying to rebuild IBM'south reputation with both consumers and employees.
Adam Neumann – WeWork
WeWork was without a doubt one of the most successful coworking and co-living startups — for a while. Nevertheless, in 2022, the visitor's downfall started when its CEO, Adam Neumann, began to lose the confidence of the company's investors due to his inability to run the public corporation efficiently.
In the midst of brutal losses, Neumann stepped downwardly from his CEO position, but not before he received almost $200 million in consultancy fees and nearly $1 billion from selling WeWork stock to SoftBank. In 2022, Neumann was also sued by a former employee for sexual discrimination.
Kevin Plank – Nether Armour
Under Armour has faced many challenges over the past decade, as the company has struggled to go along up with other sportswear brands like Nike and Adidas. It lost $200 million due to restructuring and layoffs, and many employees came forrad with negative allegations about its CEO, Kevin Plank.
The company was criticized for its overly relaxed civilisation, which included regular company-paid trips to strip clubs. Plank was also part of an matter scandal with an MSNBC ballast. The company's reputation took a hit with its shareholders, and Plank was forced to resign.
Marker Parker – Nike
2018 and 2022 were hard years for Nike's PR team, as the visitor'due south CEO, Mark Parker, was accused non only of a controversial doping scandal, but also sexual harassment and gender bigotry in the workplace. An investigation revealed emails of Parker communicating with coach Alberto Salazar virtually using functioning enhancing drugs that wouldn't exist discovered by doping tests.
Two ex-employees sued the company, stating that the salaries of women were lower than salaries of men. Parker officially left Nike in 2022, forth with several executives and the president of the Nike brand.
Jan Vocaliser – Victoria's Surreptitious
Victoria'due south Surreptitious has reportedly struggled with sales and profits over the by couple of years. In 2022, the company's CEO, Jan Singer, resigned when a Vogue interview with Victoria Secret's chief marketing officer highlighted that the visitor'south controversial strategy was to market its products but to certain types of women.
The visitor has also been criticized for not responding to the consumer demand to put condolement before lace every bit well every bit failing to embrace inclusivity. Unable to satisfy these demands and restore the visitor's reputation, Jan Vocaliser resigned.
John McAfee – McAfee
McAfee'due south onetime CEO, John McAfee, has led a life that could have been taken straight out of an intense offense flick. Afterwards relocating to Belize, McAfee was questioned by authorities as a person of interest in the murder of an American expatriate.
The interrogations fabricated McAfee avoid Belize and relocate to Guatemala, where he proceeded to blog about his time on the run from the police. He was and then arrested and almost faced displacement, merely he faked two minor heart attacks to purchase time for his lawyer to file an entreatment. We couldn't make up this kind of crazy if nosotros tried!
Elon Musk – Tesla
Although Tesla is becoming more than and more popular, Elon Musk is no stranger to outrageous controversies. He might not compare to some of the other CEOs on our list for bad management, but it has been reported that Musk is ane of the toughest bosses out there.
In 2022, he reportedly scolded an employee for leaving for the nativity of his child instead of staying at work. Tesla workers take likewise come forward to claim they were fired for taking sick or maternity leave. Apparently, the law means zippo to Musk, and the company has faced several lawsuits, including some related to discrimination and harassment.
Bernardo Hees – Kraft Heinz
Kraft Heinz faced a big shakeup in 2022 afterwards its CEO stepped downwardly in the wake of a huge value decline in the company's stock toll. Originally dissever companies, Kraft and Heinz merged when they were acquired by 3G Capital.
Bernardo Hees took control of the company and came under fire for his strict direction and bizarre rules, which included one that wouldn't allow employees to bring rival food brands into the function. This had a dramatic event on the company's in-house reputation, especially subsequently many layoffs and budget cuts related to operating and managing the company.
Marissa Mayer – Yahoo
Marissa Mayer has been named i of the worst CEOs in American history. Impressive, correct? She took over Yahoo in 2022 in hopes of restoring the search engine'south greatness so it could compete with giants like Google. Her strategy involved acquiring 53 internet companies. However, apart from Tumblr, none of them made any significant dissonance in the online globe.
Additionally, the Tumblr acquisition ended with its value decreasing by a staggering $230 meg. She as well prevented employees from working from home in an try to bring the team closer together again. None of the strategies worked and only resulted in layoffs and her official dismissal.
Kenneth Lay – Enron
Kenneth Lay was a huge figure in Enron's early days, as information technology made its mode to the top as an free energy-trading behemothic. Unfortunately, bad concern practices led to the company's downfall. Later investigators uncovered accounting fraud, the business concern' stock price plummeted from $90 to $one, and its shareholders lost $11 billion.
The loss resulted in Enron filing for bankruptcy in what was one of the largest corporate bankruptcies in America. Lay and another Enron executive, Jeffrey Skilling, were arrested for fraud and conspiracy. Lay passed away from a heart attack during the sentencing phase of his trial. Skilling spent years in prison and was released in 2022.
Bernie Ebbers – MCI WorldCom
In 2002, the success of MCI WorldCom's business concern ventures came to a crushing finish. Bernie Ebbers, the visitor's CEO, was involved in the largest accounting fraud in history, making a staggering $11 billion in misstatements. Ebbers was also defendant of taking millions of dollars from the company for personal loans.
It was as well late to save the company at that betoken. The huge scandal plummeted MCI WorldCom'due south stock toll, and the visitor's shareholders lost more than than $100 billion. Ebbers was arrested and sentenced to 25 years in prison house. He is gear up to exist released in 2028.
Marking Hurd – Hewlett-Packard
Mark Hurd may not be on the aforementioned level as some of the CEOs on our listing, but that doesn't hateful he'south not guilty of some wrongdoing. He was fired as CEO of Hewlett-Packard subsequently he was caught submitting inaccurate expense reports. To make matters worse, he tried to hide his human relationship with a female contractor who was involved with the business concern.
Hurd was fired for inaccurate expense reporting and demonstrating poor leadership skills that didn't alive up to CEO standards. The decision was unanimously fabricated past the board, who stated that his "bear undermined the standards" ready for employees.
James McDermott – Keefe, Bruyette & Wood
Keefe, Bruyette & Woods is an investment bank that didn't go past without a scandal in the belatedly '90s. The company's CEO, James McDermott, was involved in a relationship with an adult moving picture extra, Marilyn Star (also frequently styled equally Marylin Star). He revealed confidential visitor information about a time to come merger, and Star passed the information on to some other lover.
The couple used McDermott's data to invest in the stock market place and fabricated more than than $80,000. McDermott was arrested and forced to pay a fine of $230,000, while Star simply faced a few months in jail.
Martha Stewart – Martha Stewart Living Omnimedia
Ah, Martha Stewart — what do you lot think nearly when you hear that name? Starting her catering company back in 1976, Stewart soon became a strength to be reckoned with in the culinary earth. She launched her own company, Martha Stewart Living Omnimedia, and that'south when things started to go downhill.
She was constitute guilty of conspiracy and insider trading and served five months in a minimum security prison house. Although her brand recovered from the bad press, Stewart is frequently associated with fourth dimension in prison as much as culinary success.
Abby Lee Miller – Abby Lee Dance Company
Abby Lee Miller is an infamous dance instructor and the owner of Abby Lee Dance Company. Climbing to fame due to the TV evidence Dance Moms, Miller showed the globe her character as one of the toughest dance teachers around.
In 2022, her reputation took a hit when she was charged with defalcation fraud and hiding more $700,000 in assets. She was convicted and sentenced to one year in prison. As of 2022, Miller is back teaching, but her reputation will never be the same again.
John Browne – BP
The John Browne scandal is slightly different than the others on our list. Browne, the CEO of BP, lied under oath when he was asked well-nigh his relationship with his boyfriend. Specifically, he lied about how they first met, maxim they were both jogging in London when, in fact, they met through a male escort agency.
This resulted in a permanent dismissal from the company, mostly to ensure damage command before perjury accusations could hurt the brand. Browne also forfeited a multimillion-dollar severance package upon his leave.
David Edmondson – RadioShack
David Edmondson spent more than than x years at RadioShack before revealing a shocking truth — he had lied on his CV. The CEO of the visitor claimed he had received a theology and psychology degree, but he actually only finished two semesters at a schoolhouse where a psychology degree was never even offered.
In truth, he didn't agree any degrees whatever. He admitted to lying on his resume in 2006 and resigned shortly after that. The discovery came about subsequently Edmondson was arrested for DUI, and a newspaper started digging up information virtually his past.
Harry Stonecipher – Boeing
Boeing is no stranger to controversies from inside and outside the company. In 2003, Harry Stonecipher came out of retirement and became the company's CEO, just he didn't seem to acquire annihilation from the former CEOs' mistakes.
Affairs with employees are a huge no-no in the concern world, and Stonecipher just didn't listen. An investigation into his emails with one of his executives confirmed the affair, forcing Stonecipher to resign afterwards just 18 months in the position. Later news of the thing broke, his wife filed for divorce. At least information technology was for true dear, as Stonecipher later on married the employee.
Source: https://www.consumersearch.com/technology/companies-screwed-by-ceo?utm_content=params%3Ao%3D740007%26ad%3DdirN%26qo%3DserpIndex
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