Corporate Governance
Good corporate governance - pointing out corporate directors who should and shouldn't be elected anywhere. This is my attempt to keep track of good people for board of directors and keep track of people who should be avoided.Monday, September 17, 2007
Citigroup
The stock is in the dumps, only partially because of the current market conditions for financial services companies. Many of the company employees I know would love to see CEO Chuck Prince go because they know that the market will start buying their stock once he's gone and better management comes in.
Who's on this board which lets Prince stay as king?
C. Michael Armstrong. WARNING - The Citigroup site lists him as being the Chairman of John Hopkins Medicine. Anytime the spin on a bio is that bad you get nauseous reading it, you know this is bad. Mr Armstrong is the former CEO of AT&T, who, as normally timid Wikipedia puts it, "During his tenure at AT&T, some say his series of missteps and shortsightedness nearly ran the company into the ground." When Wikipedia is nasty like this, WARNING. Clearly, this is not a former CEO who would be tough on underperforming CEOs. He's also a director at IHS for those wanting to do more research.
Alain Belda - CEO of Alcoa.
George David - CEO of United Technologies.
Kenneth Derr - former CEO and chairman of Chevron.
John Deutch - former Director of Central Intelligence and former Deputy Secretary of State. Of course, Citigroup says he's just some professor at MIT. Ummmm.....
Roberto Hernandez Ramirez - Chairman and former CEO of Banco Nacional de Mexico (Benamex)
Andrew Liveris - Chairman and CEO of Dow Chemical.
Anne Mulcahy - Chairman and CEO of Xerox.
Richard Parsons - Chairman and CEO of Time Warner. Also a underperforming CEO.
Charles Prince - Chairman and CEO of Citigroup.
Judith Rodin - President, Rockefeller Foundation
Robert Rubin - former Secretary of the Treasury. Former Co-Chairman of Goldman Sachs.
Robert Ryan - Former CFO of Medtronic.
Franklin Thomas - head of the TFF Study Group and former President and CEO of the Ford Foundation. Formerly on Lucent's board. This guy knows an underperforming CEO when he sees one. NOTE - If you want to be a underperforming CEO, you need to get to know this guy. He's your kind of director.
This board has a lot of CEOs on it - some of them known non-performers. I see why they dont make a change with Citigroup.
WARNING - Most of these guys are on other boards too. Citigroup is the poster child for why you want limits on board memberships for your board members.
Who's on this board which lets Prince stay as king?
C. Michael Armstrong. WARNING - The Citigroup site lists him as being the Chairman of John Hopkins Medicine. Anytime the spin on a bio is that bad you get nauseous reading it, you know this is bad. Mr Armstrong is the former CEO of AT&T, who, as normally timid Wikipedia puts it, "During his tenure at AT&T, some say his series of missteps and shortsightedness nearly ran the company into the ground." When Wikipedia is nasty like this, WARNING. Clearly, this is not a former CEO who would be tough on underperforming CEOs. He's also a director at IHS for those wanting to do more research.
Alain Belda - CEO of Alcoa.
George David - CEO of United Technologies.
Kenneth Derr - former CEO and chairman of Chevron.
John Deutch - former Director of Central Intelligence and former Deputy Secretary of State. Of course, Citigroup says he's just some professor at MIT. Ummmm.....
Roberto Hernandez Ramirez - Chairman and former CEO of Banco Nacional de Mexico (Benamex)
Andrew Liveris - Chairman and CEO of Dow Chemical.
Anne Mulcahy - Chairman and CEO of Xerox.
Richard Parsons - Chairman and CEO of Time Warner. Also a underperforming CEO.
Charles Prince - Chairman and CEO of Citigroup.
Judith Rodin - President, Rockefeller Foundation
Robert Rubin - former Secretary of the Treasury. Former Co-Chairman of Goldman Sachs.
Robert Ryan - Former CFO of Medtronic.
Franklin Thomas - head of the TFF Study Group and former President and CEO of the Ford Foundation. Formerly on Lucent's board. This guy knows an underperforming CEO when he sees one. NOTE - If you want to be a underperforming CEO, you need to get to know this guy. He's your kind of director.
This board has a lot of CEOs on it - some of them known non-performers. I see why they dont make a change with Citigroup.
WARNING - Most of these guys are on other boards too. Citigroup is the poster child for why you want limits on board memberships for your board members.
posted by Larry Diamond # 9:21 PM 
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