Word: schadt
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Last April, four months before he resigned, CEO James Schadt unveiled a $400 million revitalization plan to push the company out of its morass and move it forward. But his approach, which upended the firm's age-old philosophy of dedicated product testing prior to direct-mail pitches, was roundly criticized by Wall Street as lacking coherence. In the week the plan was presented, the stock dropped 21%. Schadt's strategy was further hampered by the departure of more than two dozen senior executives...
Insiders say Grune played a role in ousting Schadt, his handpicked successor, and then dismantled much of what Schadt had set in motion. Two weeks after Grune returned, the company pulled the plug on a costly Internet search engine called LookSmart. "Over the last few months Grune has basically disowned everything his predecessor did," says Dennis McAlpine, an analyst with Josephthal & Co. Digest says it is just returning to basics. "In the last few years we drastically reduced our testing," says Thomas Gardner, vice president of U.S. marketing. "Our general philosophy was to focus on new initiatives...
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