Word: mcginn
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...Contributing writer Timothy J. McGinn can be reached at mcginn@fas.harvard.edu...
...Contributing writer Timothy J. McGinn can be reached at mcginn@fas.harvard.edu
...didn't try to be critical of the men. I did use three examples. Rick Thoman of Xerox is one. Richard McGinn of Lucent is another. And Mike Armstrong of AT&T. I pointed out in all three cases that I didn't think the way they were operating the company was consistent with being able to execute. These are decent men, and I like them. I hope when all is said and done, they take it for the teaching value of it, rather than as a personal criticism...
...reserved for GE alums. When Carly Fiorina left Lucent to become Hewlett-Packard's CEO, she reportedly landed more than $50 million up front to compensate for the value of stock options she had to leave behind. (Smart move. Lucent's stock collapsed this year, contributing to CEO Rich McGinn's recent unemployment.) Alex Mandl got $20 million up front and 18% of the company when he left the No. 2 post at AT&T to run the telecom start-up Teligent. Others landing huge pay deals include Jamie Dimon at Bank One, Joseph Nacchio at Qwest and C. Michael...
...today's directors think they should be. For years boards allowed underperforming ceos to bumble onward; after all, many board members are CEOs too. But increasing pressure has forced them to oil the trapdoor. Boards, just like stockholders, don't want to be surprised. ceos such as McGinn and Procter & Gamble's Durk Jager, who was forced out in June, were sunk by overly rosy earnings projections. In both cases, the chief executive predicted better earnings than he could deliver--twice in Jager's case, three times in McGinn's. At Gillette, director Warren Buffett, famous for his long-term...