What Does Confessions And Executions Represent In Animal Farm
From employee scandals to legal controversies, some companies accept faced serious issues after their CEOs put their entire hereafter in jeopardy with their questionable actions. Even powerhouse companies like Nike, Victoria's Secret, Groupon, Etsy and Uber weren't allowed from damaged reputations caused by controversial CEOs.
Intense media backfire, fallouts with shareholders, lies, arrests and plenty of questionable actions — these CEOs near cost their companies everything. Are you ready to meet the controversial entrepreneurs who were fired from their ain businesses? Let'southward have a look!
John Schnatter – Papa Johns
When we talk most a CEO hit with the about media backfire, the i and only John Schnatter of Papa John'due south Pizza comes to mind. Schnatter came under fire because of his comments related to the NFL and national anthem protests. He effectively said poor NFL leadership affected Papa John's shareholders.
What really didn't help his case was that he dropped a racial slur in the process. The intense social media backlash resulted in a 30% drop in Papa John'south share price. As of 2019, Schnatter has sold a third of his stock in the company, challenge it'due south doomed, and he doesn't want to see the crash.
Ane of the almost controversial Hollywood personas in 2019, Harvey Weinstein is a one-time film producer who came nether fire when advocates of the #metoo campaign defendant him of sexually assaulting more than than lxxx women during his time as an influential Hollywood figure. Due to the intense and immediate backlash by the Hollywood movie industry and on social media, his own company fired him.
Weinstein no longer works in the film industry due to his reputation. He is still discipline to plenty of lawsuits and other pregnant court cases surrounding the sexual set on allegations. One criminal trial recently started in Jan 2020.
Rob Kalin – Etsy
Rob Kalin is ane of those founders that quit his own company non only once, merely twice — start in 2008 and over again three years after in 2011. Although Etsy'southward global reputation remains solid, rumor has information technology that Kalin wasn't up to the challenge of scaling the company's growth. According to critics, Etsy wasn't managed professionally under Kalin's leadership.
Rather than damaging the company's reputation further, he decided to leave and manus things over to Chad Dickerson, who was later fired. The share cost of the company plummeted, and 17% of Etsy's workforce was laid off in 2017.
Travis Kalanick – Uber
Travis Kalanick is maybe one of the virtually notable names in the corporate earth. Being the founder of Uber was never an easy chore, and Kalanick came under fire subsequently the company faced a major public relations crunch in 2017. Uber was defendant of toxic in-firm environments, sexual harassment and an unethical civilisation.
The controversial CEO reportedly ignored repeated sexual harassment claims in the company and behaved inappropriately in professional situations, prompting growing business for Uber's in-house and global reputation. After many controversies, he resigned in 2017 along with several other tiptop company managers.
Jonah Peretti – BuzzFeed
BuzzFeed's reputation tends to be questioned and criticized due to the diverseness of content on the platform. When Jonah Peretti, the company's CEO, had to let more than 200 employees go without alert, the controversial actions quickly became public cognition.
The company was criticized for not paying its community contributors, including an unpaid teenager who brought in more than 130 million website views in 2018 with her quizzes. Peretti also came under fire after suggesting that people bring puppies to the role on the day of the layoffs, an action that many deemed to be insensitive.
Roger Ailes – Trick News
2017 was a huge year for controversies in the world of big business organisation and CEOs, and many of those controversies ended up changing companies forever. Fox News was no stranger to controversy and scandal, only the network giant took a huge reputation striking in 2017.
The company'due south CEO, Roger Ailes, and some tiptop news anchors in the company were accused of multiple counts of sexual harassment. The anchors got their shows canceled, and Ailes was fired when more than than a dozen women came forward to accuse him. In May 2017, Ailes passed away from hemophilia.
Lee Jae-yong – Samsung
Samsung faced its biggest controversy in 2016, cheers to bug with exploding batteries that hurt both people and the company'south reputation. Merely a yr subsequently, the company came under fire for its questionable leadership. Samsung is family-run, with Lee Jae-yong one time at the forefront.
Still, in 2017 Jae-yong was arrested based on accusations of embezzlement and corruption, which included bribing Southward Korea'due south ex-president. He was released from jail in 2018, merely his future with Samsung is unclear. The visitor was also guilty of several labor offenses, and antitrust concerns arose after Jae-yong's bribery scandal.
Aubrey McClendon – Chesapeake Energy
Leadership comes in many shapes and forms, and some CEOs are known to be slightly more than aggressive and reckless than others. In 2018, Chesapeake Energy's CEO, Aubrey McClendon, made the news when he was questioned about the legitimacy of borrowing money from some of his investment wells.
It was revealed he had borrowed more than than $1 billion for personal investments in wells that were initiated by Chesapeake. The reports completely tarnished the company's reputation, with many believing Chesapeake was no longer a natural gas company, just rather a domain for McClendon's personal ventures.
Andrew Mason – Groupon
Andrew Mason has been embroiled in quite a few controversies that straight injure Groupon'due south reputation with its investors every bit well as with consumers. The CEO struggled to move on from the company'southward fun start-upward life and came under fire plenty of times for his behavior, including one incident where he drank beer during one of the investor meetings.
Wall Street also started to lose religion in the company, claiming that Groupon had lost managerial focus and confidence. In 2012, CNBC named Mason the "Worst CEO of the Year," claiming his antics put a bad epitome on the company's corporate reputation.
Martin Shkreli – Turing Pharmaceuticals
1 of the biggest pharma scandals was perpetrated by CEO Martin Shkreli, often dubbed i of the virtually hated men in America. Shkreli received global criticism in 2015 afterward raising the price of a common drug used to treat parasitic diseases.
It may exist quite normal for drug companies to enhance their pricing, but because of Shkreli's decisions, this detail antiparasitic was beingness sold for $750 per pill instead of $xiii.50 per pill. He was as well charged with securities fraud, resulting in a vii-twelvemonth prison sentence and a fine of more than $7 million. He is currently in prison house.
Bongani Nqwababa and Stephen Cornell – Sasol
Some companies have joint CEOs in order to complement each other'due south business and leadership skills. Of form, that approach doesn't always work out. Bongani Nqwababa and Stephen Cornell both agreed to resign after initiating a projection that price the company more than $12 billion and dramatically lowered Sasol's share toll past 44%.
An investigation into the project uncovered misconduct and incompetence at top management levels likewise as fiscal communications with the co-CEOs. After the two executives resigned, the company's share cost went support based on the hope of a improve visitor culture and management.
Sanjay Kumar – Calculator Assembly International
The infamous 2004 Reckoner Associates International fraud scandal put the visitor's reputation at hazard. The multi-billion-dollar fraud involved the participation of many employees, from summit-level direction all the way down, just the primary person responsible was the CEO, Sanjay Kumar.
The company was accused of intentionally miscalculating its revenues in the previous quarter, committing a serious regulatory law-breaking and harming the company'southward human relationship with its shareholders. Information technology was proven that top management removed contract fourth dimension stamps and did everything they could to falsely inflate sales and profits. Kumar was arrested in 2006 and released from prison house in 2017.
John Fellows Akers – IBM
IBM'due south reputation amid employees (also as non-employees) tends to exist below average. In the late '80s, the company'due south CEO, John Fellows Akers, fabricated some significant changes to speed up the process of delivering their products to the marketplace.
He created three autonomous organizations within the company, simply the strategy wasn't successful. Instead, information technology resulted in huge business losses as well as more than twoscore,000 employees losing their jobs. He was ultimately removed by the board, and the company is still trying to rebuild IBM'southward reputation with both consumers and employees.
Adam Neumann – WeWork
WeWork was without a dubiousness i of the most successful coworking and co-living startups — for a while. However, in 2019, the company'south downfall started when its CEO, Adam Neumann, began to lose the confidence of the visitor's investors due to his disability to run the public corporation efficiently.
In the midst of vicious losses, Neumann stepped downward from his CEO position, but non before he received almost $200 meg in consultancy fees and almost $one billion from selling WeWork stock to SoftBank. In 2019, Neumann was also sued by a former employee for sexual bigotry.
Kevin Plank – Under Armour
Under Armour has faced many challenges over the past decade, as the company has struggled to keep up with other sportswear brands like Nike and Adidas. Information technology lost $200 million due to restructuring and layoffs, and many employees came frontwards with negative allegations most its CEO, Kevin Plank.
The visitor was criticized for its overly relaxed culture, which included regular company-paid trips to strip clubs. Plank was as well role of an matter scandal with an MSNBC anchor. The company'due south reputation took a hit with its shareholders, and Plank was forced to resign.
Mark Parker – Nike
2018 and 2019 were hard years for Nike'due south PR team, as the visitor's CEO, Marking Parker, was accused not only of a controversial doping scandal, but besides sexual harassment and gender discrimination in the workplace. An investigation revealed emails of Parker communicating with motorcoach Alberto Salazar about using performance enhancing drugs that wouldn't be discovered past doping tests.
Two ex-employees sued the visitor, stating that the salaries of women were lower than salaries of men. Parker officially left Nike in 2019, along with several executives and the president of the Nike brand.
Jan Singer – Victoria's Cloak-and-dagger
Victoria's Secret has reportedly struggled with sales and profits over the by couple of years. In 2018, the visitor's CEO, January Singer, resigned when a Vogue interview with Victoria Clandestine's main marketing officer highlighted that the company's controversial strategy was to market its products only to certain types of women.
The company has too been criticized for non responding to the consumer demand to put comfort before lace equally well equally failing to encompass inclusivity. Unable to satisfy these demands and restore the company's reputation, January Vocalist resigned.
John McAfee – McAfee
McAfee's former CEO, John McAfee, has led a life that could have been taken straight out of an intense crime flick. Afterward relocating to Belize, McAfee was questioned by authorities as a person of interest in the murder of an American expatriate.
The interrogations made McAfee avoid Belize and relocate to Republic of guatemala, where he proceeded to web log about his time on the run from the police. He was then arrested and almost faced displacement, just he faked two pocket-size heart attacks to buy time for his lawyer to file an appeal. We couldn't make up this kind of crazy if we tried!
Elon Musk – Tesla
Although Tesla is becoming more and more popular, Elon Musk is no stranger to outrageous controversies. He might non compare to some of the other CEOs on our list for bad direction, but information technology has been reported that Musk is 1 of the toughest bosses out in that location.
In 2015, he reportedly scolded an employee for leaving for the birth of his child instead of staying at piece of work. Tesla workers take as well come forwards to claim they were fired for taking ill or maternity leave. Apparently, the constabulary means nix to Musk, and the visitor has faced several lawsuits, including some related to discrimination and harassment.
Bernardo Hees – Kraft Heinz
Kraft Heinz faced a big shakeup in 2019 after its CEO stepped downward in the wake of a huge value refuse in the visitor's stock price. Originally divide companies, Kraft and Heinz merged when they were acquired by 3G Capital letter.
Bernardo Hees took command of the visitor and came under fire for his strict management and bizarre rules, which included one that wouldn't allow employees to bring rival food brands into the office. This had a dramatic effect on the company's in-house reputation, particularly later on many layoffs and budget cuts related to operating and managing the company.
Marissa Mayer – Yahoo
Marissa Mayer has been named 1 of the worst CEOs in American history. Impressive, right? She took over Yahoo in 2012 in hopes of restoring the search engine's greatness then it could compete with giants like Google. Her strategy involved acquiring 53 internet companies. Withal, apart from Tumblr, none of them made whatever significant dissonance in the online earth.
Additionally, the Tumblr acquisition ended with its value decreasing past a staggering $230 million. She besides prevented employees from working from home in an endeavor to bring the squad closer together again. None of the strategies worked and only resulted in layoffs and her official dismissal.
Kenneth Lay – Enron
Kenneth Lay was a huge figure in Enron'south early days, as it made its way to the top as an energy-trading giant. Unfortunately, bad business organisation practices led to the company's downfall. After investigators uncovered accounting fraud, the concern' stock price plummeted from $xc to $1, and its shareholders lost $11 billion.
The loss resulted in Enron filing for defalcation in what was one of the largest corporate bankruptcies in America. Lay and another Enron executive, Jeffrey Skilling, were arrested for fraud and conspiracy. Lay passed away from a heart attack during the sentencing phase of his trial. Skilling spent years in prison house and was released in 2019.
Bernie Ebbers – MCI WorldCom
In 2002, the success of MCI WorldCom's business ventures came to a crushing finish. Bernie Ebbers, the company's CEO, was involved in the largest accounting fraud in history, making a staggering $xi billion in misstatements. Ebbers was also accused of taking millions of dollars from the company for personal loans.
It was likewise late to relieve the company at that point. The huge scandal plummeted MCI WorldCom's stock toll, and the company's shareholders lost more than $100 billion. Ebbers was arrested and sentenced to 25 years in prison. He is gear up to be released in 2028.
Marking Hurd – Hewlett-Packard
Mark Hurd may non be on the same level as some of the CEOs on our list, only that doesn't mean he'south non guilty of some wrongdoing. He was fired as CEO of Hewlett-Packard after he was caught submitting inaccurate expense reports. To make matters worse, he tried to hide his relationship with a female contractor who was involved with the business.
Hurd was fired for inaccurate expense reporting and demonstrating poor leadership skills that didn't live up to CEO standards. The decision was unanimously made by the board, who stated that his "conduct undermined the standards" set for employees.
James McDermott – Keefe, Bruyette & Woods
Keefe, Bruyette & Woods is an investment bank that didn't go by without a scandal in the tardily '90s. The visitor'south CEO, James McDermott, was involved in a relationship with an adult film actress, Marilyn Star (likewise frequently styled every bit Marylin Star). He revealed confidential visitor information nearly a future merger, and Star passed the information on to another lover.
The couple used McDermott's information to invest in the stock market and made more than $80,000. McDermott was arrested and forced to pay a fine of $230,000, while Star only faced a few months in jail.
Martha Stewart – Martha Stewart Living Omnimedia
Ah, Martha Stewart — what practice you call back about when you hear that proper noun? Starting her catering company dorsum in 1976, Stewart before long became a force to exist reckoned with in the culinary world. She launched her own company, Martha Stewart Living Omnimedia, and that's when things started to go downhill.
She was constitute guilty of conspiracy and insider trading and served five months in a minimum security prison. Although her make recovered from the bad printing, Stewart is ofttimes associated with time in prison as much every bit culinary success.
Abby Lee Miller – Abby Lee Dance Company
Abby Lee Miller is an infamous dance instructor and the owner of Abby Lee Dance Company. Climbing to fame due to the TV show Dance Moms, Miller showed the world her graphic symbol as one of the toughest dance teachers around.
In 2015, her reputation took a striking when she was charged with bankruptcy fraud and hiding more than $700,000 in avails. She was convicted and sentenced to ane year in prison. As of 2019, Miller is dorsum educational activity, only her reputation volition never be the same over again.
John Browne – BP
The John Browne scandal is slightly different than the others on our list. Browne, the CEO of BP, lied under oath when he was asked nigh his relationship with his boyfriend. Specifically, he lied about how they first met, saying they were both jogging in London when, in fact, they met through a male escort agency.
This resulted in a permanent dismissal from the company, mostly to ensure damage control before perjury accusations could hurt the brand. Browne besides forfeited a multimillion-dollar severance package upon his exit.
David Edmondson – RadioShack
David Edmondson spent more than ten years at RadioShack earlier revealing a shocking truth — he had lied on his CV. The CEO of the visitor claimed he had received a theology and psychology caste, but he actually only finished two semesters at a school where a psychology degree was never fifty-fifty offered.
In truth, he didn't hold any degrees whatsoever. He admitted to lying on his resume in 2006 and resigned shortly later on that. The discovery came most later on Edmondson was arrested for DUI, and a newspaper started digging up information nigh his by.
Harry Stonecipher – Boeing
Boeing is no stranger to controversies from inside and exterior the company. In 2003, Harry Stonecipher came out of retirement and became the company'south CEO, just he didn't seem to learn anything from the onetime CEOs' mistakes.
Affairs with employees are a huge no-no in the concern world, and Stonecipher just didn't listen. An investigation into his emails with one of his executives confirmed the thing, forcing Stonecipher to resign afterwards just 18 months in the position. After news of the affair bankrupt, his wife filed for divorce. At least it was for true dearest, as Stonecipher afterward married the employee.
Source: https://www.consumersearch.com/technology/companies-screwed-by-ceo?utm_content=params%3Ao%3D740007%26ad%3DdirN%26qo%3DserpIndex
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