So declares the latest issue of Condé Nast’s Portfolio magazine, which features a list of “leaders who helped drive their companies into the ground”.
The list is compiled in consultation with a panel of “experts” from business schools around the US. The panelists were “asked to consider each CEO’s record of creating or destroying value, innovation, and management skills or lack thereof,” Portfolio says.
Their conclusion?
Dick Fuld, epic CEO FAIL. Indeed, the panel thought the former Lehman-ite was a worse chief executive than third-ranked Ken Lay (Enron), Bear Stearns’ Jimmy Cayne, Worldcom’s Bernie Ebbers (number four) and Citi’s Vikram Pandit, who round outs the list at number 20.
HP’s Carly Fiorina also made the list. Portfolio described her as “consummate self-promoter” who posed for magazine covers while her company foundered. Clearly being considered guilty of “destroying value” and “lacking management skills” is no obstacle to a political career.
Portfolio also put together a list of the 20 best chief executives,which takes a more historical perspective. The top two on that list are Henry Ford and JP Morgan.
Related links:
Defending Dick Fuld – FT Alphaville
The personal pain of James Cayne – FT Alphaville