Originally published at: https://boingboing.net/2019/05/21/pwc-study-the-new-1-reason-c.html
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The new #1 reason CEOs get booted is because they are sexual predators and thieves
Like that’s a bad thing? That’s why they pay them so well.
[note sadly the sarcasm]
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Those poor CEOs! One tiny little mistake and they have to pay for it the rest of their couple of weeks before getting another C-level job.
And tell me, what can they do if their severance package isn’t generous enough to retire a decade ago? Retire now?! Unthinkable! By God, if they’re going to do nothing productive, they’re going to get paid for it, dammit!
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There’s a part of me that definitely thinks that the stated reason for CEOs getting axed may have changed, but the actual reasons haven’t. Ultimately the reason a CEO gets sacked is palace intrigue. As long as you keep the good ol’ boys happy nothing you do in your job will matter.
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Yep. Because theft and sexual misconduct are only a problem if they get caught and it comes under public scrutiny, from their POV. It only matters if it puts downward pressure on the stock prices…
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I’m not even sure that matters. Corporate boards live in a consequence free world of clashing egos.
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I think it can, though, be a factor, at least for publicly traded corporations. They might want to get rid of someone for personal reasons, and then leak information that they know will make the guy look bad and tank the stock, meaning they can get him out.
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“Put the results in the usual file, Watson.”
“‘No shit’, Sherlock?”
“Indubitably.”
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PWC won’t openly say that there’s a new type of CEO - no qualifications, come up from nothing, trying to take advantage of the easy money, no idea what they’re doing when they get there, and a whole delicious load of money to use, and policies like “only hire pretty girls” - I’ve actually heard this!
Those with longer memories will remember I had an issue with one some time back. He was - in my amateur opinion - at best a narcisstic sociopath, and likely actually a true psychopath. The things he allegedly wanted to do …
The fast easy money flooding into tech means the jackals flood in too. They talk fast, they play loose, and they relish that what used to take 20 years to achieve now takes 3.
It’s a bad situation.
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It really makes one wonder: is being a nasty piece of work something that overlaps with traits hiring entities are looking for? Does power just corrupt really fast? Are the hiring entities terrible at their jobs?
I would, apparently naively, think that finding someone who could keep the moral turpitude within acceptable tolerances in exchange for large amounts of money wouldn’t be that hard; so I’m forced to assume that some combination of the above is true.
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Yep. Otherwise the board can open themselves up to litigation from shareholders for ignoring something that results in poor financial results. It can also get them some shitty credit ratings, which means they spend more money on the bonds they issue.
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“propensity of boards of directors to adopt a zero-tolerance stance toward executive misconduct”
How could anyone write that seriously? Boards don’t give a damn about any conduct that doesn’t hurt share prices. What I hear from this story is that being caught commiting fraud or sexual abuse is the only thing that will get you fired if you’re a CEO
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Yes.
Yes.
And yes.
When it comes to hiring - bear in mind that most if not all of the stuff that we peons have to go through in terms of HR stuff, applications, interviews, etc. simply does not apply to people at the top level.
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They have to provide perks like that to attract the best people, the top talent. /s
Ah, selection pressures at work.
Hire CEOs. Fire those who make the least money, regardless of causes, and keep the rest. Repeat.
Result? At first the best CEOs are probably the ones that run their company well. Soon that becomes hard to improve for non-CEO reasons. At that point CEOs get fired for random reasons, except that those who steal and cheat look like they have better results. And guess what!? if they’ll steal for you, they’ll steal from you!
Also, you’re selecting for ruthlessness, aggression, risk-taking, greed, and a sociopathic willingness to exploit every opportunity. Hence the sexual misconduct.
Power corrupts, yes, but also power accrues to those who seek power, and those who seek power for its own sake get it faster than those who also care about something else. They’re pre-corrupted.
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