Even my manager looks tired of this place. It's sad to see the company in this shape.
At one point everything went downhill and continues to do so at high speed. Could it have been different? I think so. I'm interested in what you think, which bad moves hurt the company the most?
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Every CEO after Benmoshe:
Hancock - Not a bad guy, just clueless about insurance. At least he had the integrity to stop Icahn from doing what Duperreault would eventually put in motion.
Duperreault (the evil emperor) - Saw an opportunity to exploit a company with weak leadership, but a great deal of assets. Accomplished very little and netted $100 Million plus for his 5 years of vacationing in Bermuda.
Zaffino (the apprentice) - Ruthless "numbers guy" who would sell his mother to India if it meant his stock value would rise. Moral, employee retention and customer service are secondary. The one and only thing that matters is the stakeholder.
Gross. Pacific Life ran with this playbook.
Line by line starting in 2018. Looking back 4 years ago they followed AIG exactly.
Step 1 meet with Accenture
Step 2 hire CEO from Genworth
Step 3 Outsource Operations and IT to new “partners” = friends of GE overseas
Step 4 Pay Accenture millions in consulting fees and hire a whole new generation of “Digital Transformation Experts” silicone valley wannabes.
Genpact was 2014 wave which I thought it was bad. The 2022 Accenture is the worst I’ve experienced. Everyone should try to jump this sinking ship now while they can. Except it you’re friends with the executives then I understand why you want to stay.
First bad move, round table reviews that made staff not looking to be the next ceo look like slackers. Then offshoring jobs to Genpact making everyone worried they would lose their job to someone in India. Third not investing in IT infrastructure forever.