https://www.techdirt.com/articles/20210805/07520947306/us-press-softsells-real-scope-atts-merger-incompetence-ensuring-it-will-happen-again.shtml
5 replies (most recent on top)
Get rid of unneeded workers. Can always hire workers if we need more workers.
it is amazing the do overs stank and rand get all the while smiling to the bank. too bad the employees don't get the same number.
Randall made the decision based on his business acumen. Stank was subordinate, he had to agree or get shoved aside and Donovan would win the race to be next CEO
The board was weak - for that matter Randall was the chair of the Board. Thus they were unable to exercise effective control of management.
Arrogant CEO + weak board = big blunders. End of story.
Do you think Stank and horse face made these decisions themselves? I don’t. I think the BoD are just as much responsible for the bad decisions as these two guys are. I cannot imagine a single person has the authority to make these decisions themselves. They dream these things up at the country club amongst their yes men. I have to also think that someone is forcing Stank to sell these assets at a loss. There is no way a person with his personality would admit failure and sell these assets.
The biggest problem in T's case is not the Media, although I agree the media is scared of loosing the Lilly ads from T. Afterall, Jim Cramer put Ratty and Stinky at the top of his CEO Wall of Shame! And Lilly remains on CNBC.
The biggest problem is a Board of Misdirectors that did not immediately remove the Ratty after the TMOB debacle, and does not remove the Stinky for continuing his buying high and selling low and gross mismanagement.
The second biggest problem is the major institutional investor, BlackRock, that did NOTHING to remove the BoD at T and thus failed fiduciary duties for their own investors. But BlackRock had no problem unseating Exxon BoD to support their Climate Change!