Time Warner ( NYSE:TWX ) executed the CEO of Time Magazine Jack Griffins. Hand picked by Time Warner CEO Jeff Bewkes it took a mere six months to fall apart.
Say what you want about an immovable object colliding with fast-moving energy I blame the board. Sure Jeff Bewkes picked him. But appointments at this level are or should be scrutinized at the board level. By the time you make C-level status your personality is an open book. The board backed Jeff Bewkes and did not give the proper oversight. A personality conflict after six months means they are asleep and dozing comfortably as the digital world eats their lunch,then dinner, breakfast and lastly all the good snacks you have.
Disclosure: “George Gutowski” writes from a caveat emptor perspective. I hold no positions in stocks mentioned in this post. I have no plans to initiate new positions within the next 72 hours.
- Time Warner Fires Magazine Head Griffin (paidcontent.org)
- Time Inc. CEO ousted because management style did not mesh (theglobeandmail.com)
- Holy Roller: Jack Griffin Out As Chief Executive Of Time Inc. After Just Five Months (mediaite.com)