Originally posted by: GTKeeper
Originally posted by: jackschmittusa
So, the company was on the brink of bankruptcy, and they failed to implement even common sense cost cutting measures.
Is there a malfeasance/misfeasance clause in any of their contracts where they could be tossed out with no bonuses/golden parachutes?
There should be a shareholder revolt.
This reminds me of a story I read in the book 'From Good to Great'.
It dealt with 2 steel manufacturers. 1 was Nucor (HUGELY successful company) and 1 was Bethlehem Steel ....
When BS started going down the tubes, there was an executive meeting... they wanted to figure out how to limit costs etc.
1 Exec or director said 'Maybe we can sell the company jet'. And he was just laughed at and told to shut up. Anyway, BS went down the tubes and Nucor went from a good to a great company.
BS was also a company that built their new headquarters in the shape of a cross.... you know why? To maximize the number of corner offices for their executives instead of just having a square building. The construction costs alone were like 40% higher because of that..... LOL