Friday, September 18, 2015

Yale professor on Carly Fiorina's business record: She 'destroyed half the wealth of her investors yet still earned almost $100 million'

Business Insider
Carly Fiorina
(AP) Republican presidential candidate Carly Fiorina.
Carly Fiorina is ready to take on Donald Trump, the front-runner for the Republican presidential nomination.
"I think Mr. Trump's going to be hearing quite a lot from me," said Fiorina in an interview with CNBC ahead of the second Republican debate.
"Donald Trump and I are in totally different businesses," said Fiorina. "He's in the entertainment business. And he's also in a privately held business. In the business I was in, we had to report our results publicly, as you well know, in excruciating detail, quarter after quarter after quarter. She added, "If you file for bankruptcy four times, I think it suggests either lack of judgment or lack of discipline."
So far, no attacks on Trump have stuck. Maybe this one will stick. Maybe people will question Trump's business credentials.
But Fiorina better be careful because her biggest business achievement, CEO of Hewlett-Packard, is widely regarded as a disaster.

She has been frequently called out as one of the "worst" CEOs.
In an article about worst CEOs in USA Today in 2005, Yale business Professor Jeffrey Sonnenfeld said that Fiorina was "the worst because of her ruthless attack on the essence of this great company. ... She destroyed half the wealth of her investors and yet still earned almost $100 million in total payments for this destructive reign of terror."
Trump is quick-witted, and incisive. He is really good at delivering campaign-ending insults. Fiorina appears ready to serve Trump a softball if she's going to run on her business record.

Stands by his 'worst CEO' comment today

We reached out to Sonnenfeld, who is still at Yale — he's a senior associate dean — who told us he stands by his opinion.
"Yes — I stand by what I said," he said. "The only things I would add are ... the board’s wisdom in her unanimous firing was vindicated by the fact that there has been no exoneration or contrition."
Sonnenfeld also told us that, while Fiorina was at HP, "virtually everything she bought ... has been shuttered or divested." He pointed out — emphasis his — that "She has NEVER been offered another CEO position in the decade since."

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