Make us your home page
Instagram

Some recent victims of CEO flameout

NEW YORK — Ron Johnson's short-lived tenure as J.C. Penney Co.'s CEO will go down as one of the biggest flameouts in corporate America, as he lasted only 17 months. But Johnson isn't the only executive to be pushed out after failing to live up to big expectations. Here's a look at a few major ousters in recent times:

CAROL BARTZ, YAHOO: Yahoo hired technology veteran Bartz in 2009 with the goal of bringing in a no-nonsense leader who would develop a clear vision. Bartz shook up Yahoo's management and instituted a cost-cutting program that helped boost the company's earnings. But revenue failed to grow even as the online ad market grew at a rapid clip. After more than 2½ years of financial lethargy, Yahoo fired Bartz in 2011. Bartz said she was informed about the firing over the phone by the company's chairman.

LEO APOTHEKER, HEWLETT PACKARD: When HP hired Apotheker in November 2010, it was seen as an aggressive push by the company into the software business. Apotheker was supposed to be a steady hand to steer HP out of a tumultuous time, but his strategic decisions were drastic and did little to inspire confidence. He was doomed by disappointing earnings and a fumbled announcement that the company's personal computer division was for sale. Apotheker was also one of the chief backers of HP's acquisition of British software company Autonomy, which HP paid $10 billion for. After just 11 months, Apotheker was forced out and replaced by former eBay CEO Meg Whitman.

BOB NARDELLI, CHRYSLER: Nardelli was hailed as an outsider who could help save the U.S. auto industry by private equity firm Cerberus Capital Management, which installed him as the head of Chrysler in August 2007. But Nardelli, who spent most of his career in the executive ranks at GE before leaving to run Home Depot, had no experience in the complex business of auto manufacturing, and it showed. Instead of investing to improve Chrysler's substandard lineup, Nardelli focused on cutting jobs and closing plants. By the time the financial crisis hit in fall 2008, Chrysler was already in serious trouble. Chrysler filed for bankruptcy in April 2009. When it exited bankruptcy that June, Nardelli was out and Fiat CEO Sergio Marchionne took over.

Some recent victims of CEO flameout 04/09/13 [Last modified: Tuesday, April 9, 2013 9:57pm]
Photo reprints | Article reprints

Copyright: For copyright information, please check with the distributor of this item, Associated Press.
    

Join the discussion: Click to view comments, add yours

Loading...
  1. Tampa Bay small businesses give Tampa B+ for regulatory climate

    Corporate

    In a recent survey about small business sentiments toward state and local government policies that affect them, Tampa Bay ranked at No. 25 out of 80 — a B+ overall.

    Tampa Bay ranked No. 25 out of 80 in a recent survey about how small business owners feel about state and local government policies that affect them. | [Times file photo]
  2. Seminole Heights restaurants face struggles amid killings, post-Irma

    Food & Dining

    TAMPA — The neighborhood's hip circle of popular, well-regarded restaurants is feeling the squeeze in the wake of a recent killing spree. And the timing is rough.

    Ella’s Americana Folk Art Cafe has been taking precautions in light of the Seminole Heights killings: keeping the lights on all night and having employees walk to their cars in groups.
  3. St. Pete-Clearwater holding food, supply drive for hurricane refugees

    Airlines

    CLEARWATER — St. Pete-Clearwater International Airport and Allegiant Air are holding a food and supply drive for the Hispanic Outreach Center in Pinellas County. The event, which will benefit refugees displaced by Hurricane Maria, will be held Tuesday from 5 p.m. to 8 p.m. at the airport at 14700 Terminal Blvd.

    St. Pete-Clearwater International Airport and Allegiant Air are hosting a food and supplies drive Tuesday for refugees displaced by Hurricane Maria. | [Times file photo]
  4. Tallest building in Pinellas County in search of a new name

    Real Estate

    ST. PETERSBURG — The name "Priatek" is gone from Pinellas County's tallest building, perhaps to be replaced by that of a much better-known company new to the Tampa Bay area.

    The Priatek name is off of downtown St. Petersburg's tallest building.
 [LARA CERRI  |   Times.  2015]
  5. Estuary wins pier design contest for the Lee Roy Selmon Expressway extension

    Real Estate

    TAMPA — And the winner is… Estuary.

    Voters overwhelmingly supported a pier design called Estuary for the $200-million extension of the Lee Roy Selmon Expressway in Tampa.
[Courtesy of AECOM]