Cramer on Thursday at last named his newest addition to the Mad Money Wall of Shame: AirTran Holdings CEO Robert Fornaro.
Fornaro topped the list of worst CEOs, as voted on by Mad Money viewers, followed by Johnson & Johnson’s William Weldon, Nokia’s Olli-Pekka Kallasvuo and Blackstone’s Steven Schwarzman, in that order. Fan sentiment or not, Cramer always said the final decision would be his own, but he had to agree with them on the AirTran CEO.
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While presiding over the ninth-largest airline in the US, starting on Nov. 1, 2007, Farnaro watched his stock fall 55%. The S&P 500 during that time fell just 28%. And over the past 12 months, the stock is off 33%. Against his peers, Farnaro failed as well, with AirTran down 25% year-to-date versus an average 5% slip for other low-cost carriers.
“That’s darn awful,” Cramer said.
For that reason, he said, Robert Fornaro of AirTran is now “a proud member in good standing of the Mad Money Wall of Shame.”
“Welcome to the losers club, pal,” he said.
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