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CEO’s often experience overwhelming pressure to perform. Unfortunately, many CEO’s are misaligned with corporate objectives. Some make poor or even fatal decisions under stress, while others allow their character flaws to spin out of control. When CEO’s sabotage their own best efforts and fail to bring their best selves to the workplace, they can experience untold embarrassment, despair, and untimely resignations. So what do sudden CEO resignations reveal?
On February 25, 2020, Robert Iger, Chief Executive Officer of The Walt Disney Company from 2005 to 2020 announced his immediate resignation as the company’s chief executive. He will continue his role as Executive Chairman until end the end of 2021. It appears Mr. Iger doesn’t want to be involved in daily operations any longer. Wondering why? Here’s how Robert Iger thinks.
On February 6, Tidjane Thiam, CEO of Credit Suisse resigned after a private investigator spied on a former executive who had joined another bank. An internal investigation cleared Thiam of misconduct, however the scandal impacted the credibility of his leadership.
On February 1, Adam Bierman, CEO and co-founder of MedMen, resigned after downsizing 40 percent of its workforce at the end of 2019. He resided over a sharp reduction in the cannabis company’s share price over the past year.
On December 23, 2019 Boeing CEO Dennis Muilenburg was fired after a turbulent period in which there were two deadly crashes, delays and setbacks with the 737 Max. After the first crash, Muilenburg indicated that the pilots were at fault.
On November 3, 2019, McDonald’s Corporation announced that CEO Steve Easterbrook would step down as a result of his consensual relationship with an employee that violated company policy.
On September 25, 2019, Juul CEO Kevin Burns resigned. Burns’ simply took too long to acknowledge the potential health risks of the company’s vaping products. On September 9, the FDA banned marketing to young users and various flavored-vaping products. Some states have already followed suit.
On September 24, 2019, WeWork parent, We Company, stated that its controversial founder, Adam Neumann, would step down as CEO amid reports of his predilection for marijuana and over-the-top grandiosity. Investors and others had already raised concerns about the company’s governance and business model.
On March 28, 2019, Wells Fargo CEO Tim Sloan resigned due to the widespread sales practices scandal based on opening millions of unauthorized consumer accounts.
On Jan. 23, 2019, Carlos Ghosn resigned as chairman and CEO of Renault, the largest French car maker, on accusations of financial misconduct. Ghosn had served as the CEO of Michelin North America, chairman of AvtoVAZ, chairman and former CEO of Nissan, and chairman of Mitsubishi Motors.
On January 8, 2019, Herbalife’s chief executive Richard Goudis resigned over unspecified comments he made prior to taking the helm contrary to the company’s expense-related policies and business practices. According to the news release, his departure was not due to any issues regarding the company’s financial reporting.
On October 2, 2018, Indra Nooyi, PepsiCo CEO stepped down after 25 years with the company. During her 12 year tenure as the CEO, the company experienced 80 percent sales growth. Her exit occurred during concerns about overhauling the U.S. beverage division either by spinning off bottling operations or splitting up the company. Here’s how Indra Nooyi thinks.
On September 10, 2018, Les Moonves, Chairman, President and CEO of US media giant CBS resigned following allegations of sexual misconduct.
On July 17, 2018, Texas Instruments Chief Executive Brian Crutcher resigned due to violations of the company’s code of conduct, less than two months after taking the control of the company. The semiconductor company stated that “the violations are related to personal behavior that is not consistent with our ethics and core values.”
On June 15, 2018, Theranos CEO Elizabeth Holmes resigned after Holmes and Theranos were charged with fraudulently raising in excess of $700 million from investors. Holmes made numerous misleading statements about the firm’s portable blood analyzer.
On June 1, 2018, Samsonite CEO Ramesh Tainwala resigned after allegations that he padded his resume by falsifying his academic credentials.
On January 27, 2018, Steve Wynn, CEO of Wynn Resorts Ltd. and Finance Chair of the Republican National Committee resigned after dozens of accusations of rape and sexual harassment.
In 2016, Toshifumi Suzuki, the 83-year-old Japanese businessman whose Seven & I Holdings is the parent company of the 7-Eleven chain, announced he was resigning as CEO at a press conference by stating “It is my lack of virtue and I am unbearably ashamed.”
The Optimal Thinking CEO is committed to optimization. We are true to ourselves, others, and the mission of our company. Optimal Thinking CEO’s understand that when the cost of failure is high, optimism is the wrong strategy. Leading with our best selves, we take the most constructive actions to achieve the best outcome while we best prepare for the worst outcome.
Optimal Thinking CEO’s lead by example, point the best way forward. and bring out the best from our people.