The board of Chesapeake Energy (NYSE: CHK) just released a statement in which it denied knowing of CEO Aubrey McClendon’s borrowings related to his stakes in the company’s wells, contradicting a statement made by the company’s general counsel earlier in the week: “Chesapeake also wishes to clarify a statement appearing in its April 18, 2012 […]
E.F. Hutton is set to return to the brokerage world, according to a report in The Wall Street Journal. Backed by former Hutton executives, the long-dormant name is being revived and the firm is set to launch later this year. E.F. Hutton’s return is a measure of how badly damaged major financial brands are in […]
The question for Wal-Mart is how long its public statement about bribery allegations in Mexico will stand as pressure mounts on the company from several fronts. A report surfaced today that the U.S. Justice Department has opened a criminal investigation into the matter – news that likely was responsible for a further 2% slide in Wal-Mart […]
Kazuo Hirai just might have the toughest job in the corporate world. Named CEO of Sony in February, his task is to turn around the struggling electronics conglomerateafter years of strategic drift and financial losses. He’ll have to revive the brand, excite consumers with new products and revamp operations – all while competing with nimble […]
Best Buy Co has accomplished something remarkable. In a few short hours, it took a fairly routine CEO resignation and turned it into a scandal. Early this morning, just after the opening of trading, Best Buy issued a brief statement saying CEO Brian Dunn resigned. It wasn’t a big surprise; after all, Dunn had been […]
The announcement by Best Buy Co. that its CEO Brian Dunn resigned is significant for what it doesn’t say. Although it was awkwardly announced just as the stock market was opening, the company’s news release was direct, brief and included positive comments from Dunn and interim CEO Mike Mikan. The statement was also quick to […]
I must have missed this Reuters interview with KKR co-founder Henry Kravis last week, which isn’t too surprising because it didn’t make many waves. Based on an interview with Reuters Editor-in-Chief Steven Adler, it is the very definition of a puff piece. The article barely touched on whether Kravis believes the favorable tax treatment enjoyed […]
Friday was a horrible day for investors in Groupon. The stock tumbled 6 percent on news that the company would restate it earnings after underestimating customer refunds, which led its auditor to declare the company had a material weakness in its internal controls. That kind of news is never welcome, and Groupon’s management has a […]
It was a busy weekend for damage control, with two examples of executives who tried to regroup after enduring very bad news. First, there was an effort by former MF Global CEO Jon Corzine to counter a memo that emerged late last week that said Corzine authorized the transfer of client monies to J.P. Morgan. […]
Hartford Financial CEO Liam McGee on Wednesday announced plans to break up the company, largely along the lines recommended by hedge-fund activist John Paulson, whose funds own about 8.5% of the insurer. It looks like McGee never put up a serious effort to counter Paulson’s recommendation to separate Hartford’s property and casualty insurance business, despite […]