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I wonder if part of it is that corporate culture run amok. It does seem significant that they had a really great board that should've never allowed this. They s

I wonder if part of it is that corporate culture run amok. It does seem significant that they had a really great board that should've never allowed this. They should do some serious soul-searching. How could it reach this point? This is just a guess, but I've worked at companies where I worried the leadership took the analogy of 'going to war' a little too seriously. Like they didn't get that it was supposed to motivate us to make a better product and win the customer. Not literally go to war. Does an executive have a killer instinct? Will they go for the jugular? The answer is supposed to be yes - metaphorically. Many executives don't get the 'metaphorical' part, which is one reason to drop that language. Just work super hard and make a better product. Maneuver in the market to outsmart your competitor. Don't literally try to kill them with a heart attack, or send pig heads to critics writing negatively about your company.

hogFeast 6y ago
Yep, there is some point between building a product that customers like and sending pig heads to people who have wronged you...before the "pig head" phase is probably best. Being serious, some people aren't meant to lead. It is why police need oversight, it is why politicians need oversight...95% of people will fold instantly when put in leadership (that this was triggered by the CEO's wife suggests true fragility). Some can't make decisions, some ego hard...but most people shouldn't be there. It is that simple. Btw though, I wouldn't call the board great. Again, the Compensation Committee Chair is well-known as one of the worst retail executives of all time (up there with Ron Johnson of JC Penney fame). The board is largely composed of people like the CEO whose only proven ability is being able to bullshit other people about their failure. That is what being a CEO/director usually optimises for. Everyone fails but these guys don't learn and are delusional about their failure. They are agents. Make the directors invest 50% of their net worth and take all their pay as variable compensation. See how many Wenigs they hire? Zero. Very easy to make bad decisions when you are making $400k/year base (add a bonus) for twenty hours work. Put a spike in the middle of the steering wheel, you won't get many speeders.
- julianeon 6y ago
  That seems pretty convincing. I hope they clean house.

hogFeast 6y ago

Yep, there is some point between building a product that customers like and sending pig heads to people who have wronged you...before the "pig head" phase is probably best. Being serious, some people aren't meant to lead. It is why police need oversight, it is why politicians need oversight...95% of people will fold instantly when put in leadership (that this was triggered by the CEO's wife suggests true fragility). Some can't make decisions, some ego hard...but most people shouldn't be there. It is that simple. Btw though, I wouldn't call the board great. Again, the Compensation Committee Chair is well-known as one of the worst retail executives of all time (up there with Ron Johnson of JC Penney fame). The board is largely composed of people like the CEO whose only proven ability is being able to bullshit other people about their failure. That is what being a CEO/director usually optimises for. Everyone fails but these guys don't learn and are delusional about their failure. They are agents. Make the directors invest 50% of their net worth and take all their pay as variable compensation. See how many Wenigs they hire? Zero. Very easy to make bad decisions when you are making $400k/year base (add a bonus) for twenty hours work. Put a spike in the middle of the steering wheel, you won't get many speeders.

julianeon 6y ago
That seems pretty convincing. I hope they clean house.