Heard there is a small contingency of GP's discussing a no confidence vote for Penny. Has this ever happened at the firm?
Posts mentioning hashtag #governance
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Should IBM Have a separate Chairman and CEO
There would be more accountability. Ginny would have been tossed way before 2020. She was horrible. Declining revenues quarter after quarter.
Alvind would probably have been shown the door as well. He is an awful leader, he is awful at communicating and he is arrogant, and just plain miserable. He hates being held accountable for his blunders.
Interesting little tidbit getting lost in the news
Not just a new CEO, but Sycamore also named a new EXECUTIVE chairman John L. For those unaware an executive chairman has more power and authority than a regular chairman of the board. Executive chairman has a lot more say over day to day operations of a company. And essentially the CEO reports to the executive chairman. Plus like most boards they tend to operate behind the scenes, as opposed to more out front like a CEO. Get ready for virtually no transparency. Plus on a side note, no mention of Stefano's role in the new company.
Finally, Geoff and the board are on notice... and they know it.
Some of you are nervous about Elliott Management, saying it might mean layoffs. A future with Geoff Martha definitely means continued layoffs and possibly much worse anyway, while him and the board continue to sacrifice others to benefit themselves. It is not by chance that Geoff has loaded up the top cadre of the company and board with buddies from GE.
The fact this board has not removed Geoff after so many years of poor performance -well over the NYSE trading company average of 3 bad years for a CEO- is all you need to see to know that nepotism and cronyism is rife at Medtronic. It is absurd.
Elliott Management is a significant shareholder and they have exercised their rights. These companies do not usually walk into a company they hold major stakes in, with the intention of shutting it down. They genuinely want it to return to being profitable and a market leader... but yes, that might also take some layoffs... and divestitures. Again, a future under GM is the far worse result.
And Elliott are there for another reason. Pay attention: they have just 'diluted' the existing board's powers by installing two of their own. That's a governance and accountability mechanism. That's their spot to scrutinize Geoff's performance. That's an eventual motion to remove him as CEO and potentially more if they deem that the board's actions are harmful to investors.
Geoff is on notice and he knows it. That's what you saw in his body language.
Elliott might do things we don't like, but make no mistake that this is the beginning of the end for Geoff. Enjoy it. We've waited forever for it.
Keep Chipping Away Mike! Next up JG
Make a real move against a member of your MC who has singlehandedly placed his income and expanding real estate holdings over keeping the business afloat.
FIG is run horribly!
Elephant in the Room
Gunjan over Stern? Stern seems like the natural replacement.
Will be amazing if AC’e career is destroying a 100 year old company
It's actually worse I knew people at Wells who were embezzling money and involved in countless s-x scandals all the while were not doing any work. These were not minimum wage workers but well paid staff. No governance or adult supervision in sight.