Web Analytics Business News This Week Nine CEOs Who Are Stripped Off From Their Thrones | Business News This Week

May 24, 2013

Nine CEOs Who Are Stripped Off From Their Thrones

IN · · Leave a Comment

The recent CEO calamity has again warmed up the discussion about judging the ability of CEOs of major corporations. The founders’ traits are the most important pillar of a company and its reputation and as one of the Professors of University of Tennessee says – monopoly "can lead to behavior that is inappropriate."

We brought you the stories of some such CEO, who are stripped off from their thrones due to some such traits. Ok! Let’s start with the recent ones –

Phaneesh Murthy, iGate – The news is still afresh in most media channels as the former CEO of iGate is being trialed for sexual harassment case in iGate. Phaneesh Murthy, an IIT-IIM alumni and an Indian tech businessman, had grown into one of the eminent personalities of International Tech industry. But with the harassment case on neck, he is now stripped off from the CEO position.

Fall of China’s Sun King Shi Zhengrong – Founder of China’s largest solar-power maker Suntech Power Holdings Co Ltd, Shi Zhengrong, also known as the Sun King of China, had a tough 2013 when he was been forced by Suntech Board to step down from CEO post. Suntech has a debt of US $2.2 Billion debt and recently filed Bankruptcy protection.

Carol Bartz, Yahoo – After been assigned the CEO of Yahoo, Carol applied the cost-cutting approach and some new direct approaches in work. The implements were seemed right but risky and predicted the destruction of Yahoo. Even Carol promised that Yahoo will revive and needs a bit of time; Yahoo never regained its popularity during her tenure. At last she was fired from her post.

John Browne, British Petroleum – A famous name in Britain, John Browne was insisted into the CEO post of BP to mark the ‘green’ energy brand. John Browne was forced to stand down from CEO position after the allegations about his relationship with his male partner and of misusing the company funds. While it was previously state that he will resign from his post in 2008, he was forced to resign in 2007 after his romantic life got public in newspapers.

Leo Apotheker, Hewlett Packard – Even failing at SAP with strategic decisions, Apotheker had been appointed as CEO of HP in a crunchy condition. HP’s fate never changed under Apothker and its stock value declined by 40% during his tenure. At last he was forced to resign and replaced by ebay’s Meg White.

Harry Stonecipher, Boeing Co – Surrounded with many scandals from its previous employment, Harry joined Boeing Co. giving up his retirement life. Under his tenure Boeing Co. did see good days, but his relationship with a Boeing employee had shown him the way out. Boeing Board directors requested him to resign in 2005.

Mark Hurd, HP – After his relations with TV reality actress Jodie Fisher were public, the then Hewlett Packard CEO Mark Hurd was voted to left the position and the company. The decision has been criticized by many, as Mark Hurd was the finest CEO for HP and revived it in short period.

Kenneth R. Melani, Highmark – One of the finest and powerful health insurance executives in USA, Kenneth has been terminated from the position of CEo of Highmark, due to the allegations of domestic dispute and criminal trespass. After Kenneth left the company, the credit rating of Highmark declined drastically.

Richard Grasso – Former New York Stock Exchange (NYSE) CEO Richard Grasso resigned under the pressure of the then New York government. He had been forced to resign from his position in the allegations of $140 million NYSE compensation pay package controversy.


Post a Comment