Category: Forced Out or Fired

CEO Snags $44 Million for 20-Minute Tenure

A boardroom coup last week resulted in outrage, contoversy and a wealthy loser. When the merger between Duke Energy and Progress Energy closed to form an electric utility powerhouse, Progress Energy chief executive Bill Johnson took over as CEO of the…

$15 Million and Fired in Eight Months

A former Target marketing executive, hired last October to turn around old-line discount retailer JC Penney’s, was fired this week. Michael Francis had been a successful marketing executive at Target and came to Penney’s amid great expectations. As president he…

Rebellion Over British CEO Greed

Investors in the U.K. are up in arms about the excesses they perceive public company executives are indulging in. Described as a “shareholder rebellion” by the Wall Street Journal, a succession of companies are seeing their pay plans voted down…

$65 Million After Cutting 7,000 Jobs

June ushered in a new CEO for AstraZeneca, the U.K.-based global biopharmaceutical company which ousted David Brennan for years of poor results. “Ironically, just a month ago, Brennan received an 11 percent pay raise” from the same board of directors.…

Highmark CEO Fired for Sleeping with Employee

Pittsburgh health insurance company Highmark fired their chief executive after an alleged scandal involving an extramarital affair with a 28-year-old worker. “Kenneth Melani, 58, was arraigned Thursday on charges that he assaulted the husband of his alleged mistress, Melissa Myler,”…

$26 Million Phony Degree

The story keeps getting stranger. After a high profile turnover in the leadership of troubled internet pioneer Yahoo!, former PayPal president Scott Thompson assumed the reins in January. The company’s board had given up on Carol Bartz’s efforts to turn…

Did Affair Derail Stryker CEO?

What was universally described as “abrupt,” Stephen P. MacMillan resigned as CEO of Stryker Corp. weeks ago. The Kalamazoo, Mich. company manufactures medical technology such as hip and knee replacement parts and orthopedic tools. MacMillan had been well-regarded as he…

CEO Loses His Nuts

Diamond Foods, the snack food giant which built its empire on almonds and other nuts, canned their CEO and CFO after “an internal audit that revealed improper accounting of payments to walnut growers, resulting in the public company having to…

Best Buy CEO Quits Over Scandal

Two weeks after announcing the closing of 50 of their electronics big box stores, with the loss of 400 jobs, another job loss was announced. Brian Dunn, the co-chief executive, resigned after reports of disturbing personal conduct. According to The…