CEO bailing - Now Toy's R Usgreenspun.com : LUSENET : TimeBomb 2000 (Y2000) : One Thread
I see another CEO suddenly bailing today. If someone has the time, which I do not, a survery of the last say, five years, may reveal some interesting trends of the numbers of CEO's that have bailed, "suddenly". Anyone want to bite on this?
-- Jim (firstname.lastname@example.org), August 27, 1999
Nothing ominious. Decreased earnings. Losing market share ...
Toys 'R' Us CEO Nakasone Quits In Latest Sign of Retailer Turmoil
By JOSEPH PEREIRA Staff Reporter of THE WALL STREET JOURNAL
Toys "R" Us Inc. said Chief Executive Robert Nakasone resigned, effective immediately, in the latest sign of turmoil at the struggling retailer.
Michael Goldstein, the company's chairman who was Mr. Nakasone's predecessor as CEO, was named acting chief executive of the Paramus, N.J., concern until a permanent successor can be found. Mr. Nakasone also resigned as a director.
The departure, the third by a high-level executive at the company this year, comes as Toys "R" Us has struggled with disappointing earnings, ceded its No. 1 position in toy retailing to Wal-Mart Stores Inc. and stumbled badly trying to establish a competitive online business.
The company's operating profit has been at its lowest level since 1990, and investors increasingly are growing impatient with the company's misadventures. Toys "R" Us's market share meanwhile has fallen to about 16% last year from about 19% three years ago, while smaller specialty toy stores selling education-oriented toys, have grown to 38% from 34% over the period ...
-- Cheryl (Transplant@Oregon.com), August 27, 1999.
NOT to mention the FTC Price Fixing Scandal!!
-- Chuck, a night driver (email@example.com), August 27, 1999.