Top Management Shake Ups Could Effect The 2018 Financial World

Corporate changes have been reported but for most folks like me these changes may simply have skated by as MSM and regular life took us in other directions. So I put together a list of a few that happened from September to December.  The changes in upper management will probably be felt in 2018; as to whether they can affect regular life in whole or part, that is debatable. A few such as pharmaceutical conglomerates or financial management groups will certainly filter down to affect each of us in some way.

While I do not endorse nor have I checked out the information in the following video, I am adding it here since the Executive Order Trump issued on December 21 may explain many of these changes that we are about to see.

The video takes one company in particular through its paces to explain how that company’s family tree is so intertwined like many of the largest and largely unknown companies are in the upper atmosphere of corporate corruption. I’m not sure why the video is pushing so hard against the company Vanguard but without verification it is merely something I view as an example. If the statistics are true about such corporate international families, then the information is staggering.

 

 

 

September 2017

Equifax – credit scoring company: Richard Smith, CEO and other top level officials stepped down after the massive data breach cover up and resulting problems.

October 2017

Dentsply Sirona – American dental equipment maker and dental consumables producer: CEO Jeffrey Slovin, Executive Chairman Bret Wise and COO Christopher Clark all resigned but no public reason for change was made.

Pepsico India: Chairman and CEO D Shivakumar resigned and was replaced by Ahmed El Sheikh from the Egypt, Jordan office.

Samsung Electronics components division: CEO Kwon Oh-hyun announced resignation effective March 2018 citing an “unnamed crisis” as reason. It came after Lee Jae-yong, the de facto leader of the entire Samsung group was arrested on corruption charges.

Oman Air – passenger service: CEO Paul Gregorowitsch resigned without much notice and has left the airline floundering financially apparently. His last two positions with other airlines also occurred just as they were folding.

ASCENDAS Funds Management – Chinese fund and property: CEO Chia Nam Toon resigned for personal reasons.

Podesta Group – lobbyists: Tony Posdesta stepped down as chairman during the legal problems with his brother and his own involvement implications.

American Express: CEO Kenneth Chenault set to retire early 2018. He is only one of four CEO’s in the Fortune 500 left that represent the Black community in top position.

General Electric:  CEO Jeff Immelt retired three months earlier than planned. Possible angst might have to do with the corporate jet fiasco.

Vanguard – asset management: CEO Bill McNabb retires as officially as of 1/1/18 after years of successful management.  His reason is the right time and pursuing new goals

Kellogg: CEO John Bryant resigned. Reasons given were lagging sales and shift in focus to healthier choices.  Nature’s Bounty CEO will take his place to redirect company focus

November 2017

Anthem Insurance: CEO Joseph Swedish resigned after leading the company through an unsuccessful merger that would have made the company one of the largest in health insurance industry

Hudson Bay Company – global retailer and real estate: CEO Jerry Storch leaving the company after it was rumored there was a clash over new direction

Texas Gulf Coast Red Cross: CEO David Brady and others resigned after Hurricane Harvey criticism

BuildDirect Technologies Inc. – home improvement retailer and online marketplace : CEO Jeff Booth abruptly resigned in clash over direction of company

Podesta Group – lobbyists: CEO Kimberley Fritts resigned to start her own new lobby group. Many Podesta Group went with her effectively crippling the Podesta Group even if it were open.

Menninger Psychiatric Clinic: CEO Dr. C. Edward Coffey resigned along with five others over the last few months possibly over financial losses. (Earlier in the year, Dr. Ron DePinho resigned MD Anderson Cancer Center’s presidency under pressure; Memorial Hermann announced Dr. Ben Chu was no longer its president; and St. Luke’s Health System announced Michael Covert was resigning, following fiscal losses that led to more than 800 people being laid off.)

Renaissance Technologies – hedge funds: Co-CEO and Board member Robert Mercer resigned and severely cut back on his financial and business interests though he will remain on the technical staff of Renaissance. He sold his Breibart interest to his daughters as well.

EL Al – Israel passenger airlines: CEO David Maimon resigns possibly over recent financial strains and health but staying until replacement hired

Altice – European telecom group: CEO Michel Combes resigns over management reshuffle. Founder Patrick Drahi returns as president

Puerto Rico Electric Power: Executive Director Ricardo Ramos resigns after Hurricane Maria investigation and continued power outage

Ellies Holdings – Southern African manufacturer, importer, wholesaler and distributor of lighting, electrical and electronic products, as well as aerial and satellite equipment: CEO Wayne Samson resigned citing a wish to pursue new interests after successfully turning the company around

Hewlett-Packard: CEO Meg Whitman to step down early next year but will remain on the board.

Oi SA – Brazil Telecom firm: CEO Marco Schroeder resigned, just as it was moving through major bankruptcy stage and a takeover board of directors power bid from Brazilian magnate Nelson Tanure.

Tumblr – blogging service: Founder and CEO David Karp resigned citing personal reasons. The company had been swept up in a massive tech purchase operation-first being bought by YAHOO then absorbed as YAHOO was purchased by Verizon AOL and reorganized into the OATH.

London Stock Exchange Group Plc: CEO Xavier Rolet resigned following a request from the board and Chairman Donald Brydon is supposedly not going to seek reelection to his position in 2019 after a lot of publicity and shareholder infighting.

TravelCenters of America – truck-stop business: CEO Thomas O’Brien resigns to become company consultant during a management shakeup at his leaving. The reason may be stockholders and their sluggish growth.

December 2017

DISH Network: CEO Charlie Ergen resigned his position to move over to concentrate on building DISH’s wireless business

Deutsche Börse Group – marketplace organizer for the trading of shares and other securities: CEO Carsten Kengeter resigns under shadow of insider trading allegations

Chicago Public School: CEO Forrest Claypool possible firing rather than resignation after an Inspector General’s ethics report spills the beans though it is still not made public what was in the report.

Cheil Worldwide – Seoul market media: CEO Daiki Lim unexpectedly resigns. This is a Samsung-owned agency group.

Diebold Nixdorf – American financial self-service, security and services corporation like ATM’s worldwide: President and CEO Andreas Mattes resigns no reason given but for past few years he led a restructuring push.

Boeing: Chairman and CEO of ATT and Boeing board member Randolph Stephenson resigned from Boeing board in order to devote more time to ATT amid conflicting information on a possible CNN purchase and a possible merger with Time Warner.

Vast Resources – UK mining company formerly known as African Consolidated Resources Plc, is an emerging mid-tier, multi-commodity, multi-jurisdictional development and mining company with a project portfolio covering gold, nickel, copper, phosphate and diamonds: CEO Roy Pritchford resigned with no reason listed to be replaced by their Romanian subsidiary president.

ESPN: President John Skipper resigns citing years-long battle with substance abuse issues

Innogy – German power corporation: CEO Peter Terium abruptly resigned after bleak earnings for its British company and other financial lack of confidence issues

Pappa Johns Pizza: Founder and CEO John Schnatter came out against “football taking a knee” and other comments. Liberal backlash hurt the company. He will remain on the board as chairman.

–00–

To a person in the articles, the main theme is the extreme volatility and fluctuations around the world. It appears that many are jumping ship earlier than planned due to some “black cloud” hanging over their heads or simply because they are tired of trying to keep the ship afloat so to speak. In any case 2018 is shaping up to be a “financial stability and survival war” where some of the upper-crust fortune companies may crumble.

Given the “emergency order” by Trump,  I am certain even more  “nervous nelly” rattling knees are about to occur. (especially those protected by the Clintons and Obama for so long)

People can speculate all they want but the proof is in the actions of the coming days. How will the enemies aligned against the US in the corporate and government worlds act? I guess it depends how deeply they dipped into the stench and corruption.

–Uriel–

About Uriel

Retired educator and constitutionalist
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6 Responses to Top Management Shake Ups Could Effect The 2018 Financial World

  1. SafeSpace says:

    Other than the folks leaving to avoid public disgrace and/or dodge embezzlement charges, I suggest that these changes are just creative capitalism operating in its destruct mode — something which healthy capitalism does, as the trade winds vary.

    • Uriel says:

      I agree to a large extent SafeSpace. Many individuals can’t handle years upon years of such stress and like all companies fresh ideas can help. Still as you mentioned some do have much to hide.

  2. Wise Owl says:

    I’ve been wondering (hoping) that Jeff Sessions’ quietness is due to him working on charges against corruption. If so, so many corruption charges could have resulted in behind-the-scenes plea deals: “You step down and we’ll keep this quiet, else we will prosecute the shit out of you”. Since these prosecutions would bog down the DoJ, it seems reasonable for them to do this. Or, I may be dreaming…

    • Uriel says:

      Possibly WiseOwl. The EO Trump wrote may add teeth as needed. But it is a two-edged sword that could become a witch hunt and yes bog down DoJ for many years.

      • Whitetop says:

        We already have a witch hunt going on with the Mueller inquisition and it will go on for years unless Congress gets off its’ dead a$$ and cuts off the funding.

  3. Hardnox says:

    Interesting piece. This might just be deck chairs being moved around by corporations. On the other hand, the bubble will eventually pop. The overvaluation of stocks isn’t good.

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