PWC reports that the top reason that CEOs from large companies are fired is no longer related to bad financial performance or board conflict as has been the case for nearly two decades of their CEO Success studies. It's because the ousted CEOs are, surprise, slimeballs and crooks! From PWC:
For the first time in the study’s history, more CEOs were dismissed for ethical lapses than for financial performance or board struggles. (We define dismissals for ethical lapses as the removal of the CEO as the result of a scandal or improper conduct by the CEO or other employees; examples include fraud, bribery, insider trading, environmental disasters, inflated resumes, and sexual indiscretions.) The rise in these kinds of dismissals reflects several societal and governance trends, including more aggressive intervention by regulatory and law enforcement authorities, new pressures for accountability about sexual harassment and sexual assault brought about by the rise of the “Me Too” movement, and the increasing propensity of boards of directors to adopt a zero-tolerance stance toward executive misconduct.
"Succeeding the long-serving legend in the corner office" (PWC/Strategy&)
This is sure an interesting Friday, with Reddit and Facebook and now Amazon CEOs and founders speaking about Black Lives Matter and the protests surrounding the police killing of George Floyd.
• Founder to leave Reddit, saying resignation can be ‘act of leadership’ • Reddit promises to update content moderation policies to “explicitly address hate” within weeks Earlier today, we told you that Reddit’s Alexis Ohanian was resigning from the Reddit board, asked the company to fill his seat with a Black candidate, and said he’d […]
“I will use future gains on my Reddit stock to serve the black community, chiefly to curb racial hate”
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