The sub-prime mortgage mess has ended the tenure of Stan O 'Neal at Merrill Lynch, followed shortly by Chuck Prince at Citigroup. Turns out money was not free, as well as ability to manage risk as part of business strategy is critical. Among the things of some interest in this story from a performance point of view:
- We now have the answer to, "what does it take to get fired?" According to a recent account in Fortune, in O'Neal's case it is $8.5 billion write-down on sub-prime mortgages. O'Neal is categorized as "having no ability to manage risk". Sounds like a fine bit of understatement. A very hard fall for a well known executive who has graced all the major magazines as a strong leader and strong performer over a long career at ML.
- In Prince's case at Citi, the amount currently stands at $3B, a number widely believed to be conservative. The actual story will take some more time to figure out.
- The O'Neal story has additional legs for 3 reasons - he is black, so his departure, along with the departure of Richard Parsons at Time Warner, is seen in some quarters as cause for concern. He is expected to leave with a package in the neighborhood of $150M - go big and go home. Finally, he and the board appear to have sent him packing without a succession plan in place. This last is potentially more unbelievable than his exit package. Isn't the corporate governance 101 handbook with chapter on "executive gets hit by bus" part of standard b-school fare?
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