Does it sound strange? But it is a reality. It is not me who explored the top 5 worst business leaders of 2012. Thanks to Sydney Finkelstein, the veteran professor at Dartmouth College’s Tuck School of Business who disclosed their names. He is the author of 11 interesting books including the best seller “Why Good Leaders Make Bad Decisions”.
The series of the top 5 worst business leaders of 2012 is not an astonishing tweet for the avid readers of Finkelstein’s write-ups. He has been revealing the list of utter failures in business leadership for the previous three years. Last year he declared the CEOs of Netflix (NFLX), Research in Motion (RIM) and Hewlett-Packard (HPQ) as the most failing top managers.
Who are top 5 worst business leaders of 2012?
Here is the list of the top 5 worst business leaders of 2012
He quit the top slot of Best Buy (BBY) in April 2012 when he was alleged of the courting and having indecent affair with a teen subordinate. This was not the only reason of his failure. Several managerial and financial wrongdoings were also forced him quit the lucrative top-notch. His craze to buy back company’s share made his employer suffer the total losses of $6.4 billion.
This gentleman was the chief executive officer of Chesapeake Energy (CHK) and earned the notoriety of putting his company into the hot water. He was alleged of developing conflict of interest with the company on account of his own business parallel to the company’s. According to a news agency he also reportedly borrowed as much as $1.1 billion in three years violating the company rules. Another allegation on him was of using company resources for the personal benefits. Accordingly company parted ways with him with an unceremonious gesture.
She was the top leader of the Avon (AVP) and bowed out in April. Her main mistake was turning down a $10.7 billion offer from a beauty care-company Coty which could have escalated her to the sky in case she would have accepted the offer. During eight years of her leadership the company’s shares total worth declined from $21 billion to paltry $6 billion. She also made company pay a huge fee to lawyer to defend the allegations of greasing the palms of foreign officials to curry the business favors.
Whoever uses Facebook is fully aware of its famous application Farmville. He was the chief executive of the company Zynga (ZNGA) that introduced this online application. During his one year tenure as CEO the company’s stock declined 75 per cent. He was alleged of over-smartness to make the company to earn hugely but his every smart move proved counterproductive.
He was the chairman of Spanish bank Bankia (BKIA) and stepped down in July 2012. Earlier he served as finance minister of Spain and managing director of the global lender IMF. He faced the charges of fraud, price-fixing and embezzlement which led the Bankia near collapse with retreat on government bailout.
Most surprisingly Finkelstein also treated Mark Zuckerberg of Facebook – the world’s youngest billionaire – in the list of flop business leaders of 2012 because of his massive ego. But Zuckerberg being relatively so young could not be labeled outright blame of a failed business leader.
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