Worst CEOs of 2011: Greenberg
By: Fourth worst CEO of 2011
Number 4: Antonio Perez, Eastman Kodak.
Perez has been CEO of Kodak since 2005. Since then the stock has lost about 97 percent of its value.
This year alone its share price has fallen by around 84 percent.
Perez’s claim-to-fame is launching a well-received ink-jet printer to go up, an industry dominated by Hewlett Packard, in pursuit of an imminent turnaround that has never happened.
Perez’s last hope has been to sell the company’s patent business for a big number.
But even that appears to be uncertain.
Reality: He hasn’t executed.
Third worst CEO of 2011
Number 3: Andrea Jung, Avon.
When I saw the news that Avon CEO Andrea Jung was being kicked out as CEO, but keep her job as chairman, I screamed to myself: “NO!” She was already on my list.
Good news, she’ll keep the job until she finds a replacement, which keeps her on the list.
How she has kept the job this long is unclear. She has been CEO since 2001, and based on our calculations, the best compensated CEO on this list and Brian Sullivan’s Best CEO list.
After a fast start, with the stock performing—with her getting the accolades she deserved at the time—the company’s performance since 2004 has been uneven and unenviable.
Her spot on this list was sealed after last quarter when the company announced it was embarking on a long-overdue review of itself.
Things had become so bad that one analyst dared ask on the earnings call—for all to hear: “Why should investors believe management and the board has any control over the business at this point? And I guess, Andrea, you're chairman.
Given an average board tenure of over 10 years, I believe, how long can the status quo here remain?” Another, clearly frustrated, added: “It strikes me that you, guys are so totally screwed up in so many ways.” Enough said.
