http://www.ceosmack.com Just another WordPress weblog Thu, 03 Jul 2008 14:17:14 +0000 http://backend.userland.com/rss092 en  Blockbuster Video has called off its deal to purchase electronics retailer Circuit City. "Based on market conditions and the completion of our initial due diligence process, we have determined that it is not in the best interest of Blockbuster's shareholders to proceed with an acquisition of Circuit City," Blockbuster CEO ... http://www.ceosmack.com/2008/07/03/blockbuster-ceo-jim-keyes-pulls-plug-on-deal-to-buy-circuit-city/ Former Hewlett-Packard vice president Atul Malhotra has been indicted by federal prosecutors for allegedly passing a confidential email from his previous employer, IBM Corp., to senior H-P executives. According to an indictment filed June 27 in U.S. District Court in San Jose, Calif., Atul Malhotra was the director of sales and business ... http://www.ceosmack.com/2008/07/02/former-exec-at-mega-technology-company-indicted-for-emailing-secret-ibm-pricing/ Don't screw with Steve Wynn, owner of Wynn Las Vegas Casino.  In May of this year, Wynn Las Vegas recovered a $400,000 gambling debt from retired basketball player Charles Barkley after filing a lawsuit against the TNT TV personality. After the media reported the lawsuit, Barkley quickly repaid the debt, plus $40,000 in ... http://www.ceosmack.com/2008/07/01/first-barkley-then-mourning-now-girls-gone-wild-founder-sued-by-steve-wynn/ Ex Oilman T.  Boone Pickens has made a water investment in the area of $100 million so far to acquire water rights throughout the Texas panhandle. According to Business Week, Pickens owns more water than any other individual in the country through water rights in the Ogallala aquifer. And Pickens is still ... http://www.ceosmack.com/2008/07/01/t-boone-pickens-wants-water-with-his-steak/  Bill Gates, the founder and creator of Microsoft, and in many ways the father of computers worldwide is leaving the company he created on Friday. Gates founded the company 33 years ago, and he leaves it in great operating shape. He stepped back a number of years ago to pursue other work, ... http://www.ceosmack.com/2008/06/26/bill-gates-leaving-microsoft-for-good/   This week New York businessman Jacob Arabo (Born Yakov Arabov) and known in the hip-hop world as "Jacob the Jeweler" was sentenced to 30 months in prison for lying to investigators looking into a multistate drug ring. In October Arabo pleaded guilty to falsifying records and giving false statements as part of a deal ... http://www.ceosmack.com/2008/06/26/bling-bling-watch-aficionado-jacob-the-jeweler-sentenced-to-30-months-in-prision/   There is buzz throughout the technology and media world that Apple CEO Jobs' health is failing.  Many say that Jobs didn't look well onstage during the introduction of the new 3G iPhone at the 2008 Worldwide Developers Conference.  They say the already slim and trim Jobs looked even thinner than usual...almost crack head like.  SF Gate ... http://www.ceosmack.com/2008/06/20/apple-ceo-steve-jobs-dying/ Despite the high operating costs associated with high tech cell phones...which often contain web and text messaging capabilities,  people apparently have placed a greater priority on communication than they have on keeping a roof over their heads. With house foreclosures soaring, the smart homeowner might want to consider redirecting the $150-$300 per month they ... http://www.ceosmack.com/2008/03/19/people-choosing-cell-phone-bills-over-mortgages/ According to the justice department, in 2002 Brisbane-based InterMune put out a press release under the direction of former CEO Scott Harkonen saying a clinical trial showed Actimmune effective in treating idiopathic pulmonary fibrosis. The trial however, showed the exact opposite. Actimmune has been approved by the Food and Drug Administration only for severe osteoporosis ... http://www.ceosmack.com/2008/03/19/former-biotech-ceo-indicted-on-drug-charges/ In a move that is sure to create ill will from music lovers, U2 manager Paul McGuinness has called for illegal music file-sharers to have their service cut off by their ISPs if they download music without paying for it.  McGuinness also said ISPs should face prosecution if they don't ... http://www.ceosmack.com/2008/01/29/u2-wants-isp-service-cut-off-for-illegal-music-downloaderssteve-jobs-called-on-to-help/ Jim Donald, who was forced out this month as CEO of Starbucks Corp., will receive a $1.25 million severance payment. At an average of $4 per cup, that equates to 312,500 cups of Joe.  And he might need it. Donald will not be opening up his own Coffee shop or ... http://www.ceosmack.com/2008/01/29/former-starbucks-chief-jim-donald-gets-312500-cups-of-coffee-in-severance-buyout/ In a move that has skeptics wondering whether the announcement was a result of taking the moral high ground or simply a cover-up...Countrywide CEO Angelo Mozilo says he is forfeiting some $37.5 million in severance pay, fees and perks he was scheduled to receive upon his retirement as part of the proposed buyout ... http://www.ceosmack.com/2008/01/28/countrywides-angelo-mozilo-to-forego-37-million-in-pay-morality-or-cover-up/   Today Sears Holdings Corp. announced that Chief Executive Aylwin Lewis will leave the company by February 2.  The news is the latest in a series of shake-ups at Sears Holdings which owns both Sears and Kmart retail chains. "The board has determined that now is the right time to put in place new leadership to ... http://www.ceosmack.com/2008/01/28/aylwin-lewis-leaves-top-spot-at-sears/   According to the Wall Street Journal, In an effort to show investors that he is serious about cutting costs Sprint Nextel's CEO is preparing to cut thousands of jobs. Exactly how many people could lose their jobs is not yet known. Last year the company cut about 5,000 jobs. At the end ... http://www.ceosmack.com/2008/01/16/sprint-ceo-preparing-to-slash-head-count/ News Corp. has officially announced it: Les Hinton will become the CEO of Dow Jones, when News Corp. completes its $5.6 billion acquisition next week. Hinton is a veteran News Corp. executive, and has been with the company for several decades. Read.Share This http://www.ceosmack.com/2007/12/08/dow-jones-gets-new-ceo/ It's only been a week or so since Stanley O'neal was forced to step down as CEO of Merrill Lynch.  Today Citigroup Inc. Chairman and CEO Charles Prince also resigned and is being replaced as chairman by former Treasury Secretary Robert Rubin. Prince is the latest executive casualty of the current banking woes...his company's ... http://www.ceosmack.com/2007/11/04/citigroup-ceo-the-latest-casualty-among-wall-street-execs/ Here's a dream scenario: Start a technology or internet-based company. Grow and nurture that company over the next 1-5 years. Generate some nice revenue and publicity from your venture. Become an acquisitiion target for $50 million-$1 billion. Sell out and live happily ever after. That's the dream ... http://www.ceosmack.com/2007/10/22/microsoft-planning-to-buy-100-companies-over-next-5-years/ During a spirited discussion at the Web 2.0 Summit taking place in San Francisco, Microsoft CEO Steve Ballmer compared his company's attempt to become a respected player in web search to Google. In his normal passionate kind of way, Ballmer said Microsoft's aspirations to become a web search giant is like ... http://www.ceosmack.com/2007/10/19/microsofts-ceo-says-google-a-12-year-old-his-company-an-infant-in-web-search/ Ashutosh Roy, eGain's co-founder, has served as Chief Executive Officer and Chairman of eGain since 1997.  In October 2003, the head of Mountain View-based eGain asked the board to cut his annual salary to $24 per year. The company was in restructuring/cost cutting mode at the time. Roy's $24 annual salary makes him one of ... http://www.ceosmack.com/2007/10/18/this-ceo-makes-24-per-year/ Facebook CEO Mark Zuckerberg says an initial public offering for Facebook Inc. is years away.  He did say however, that the company is working on a major round of financing.  Microsoft has been the suspected sugar daddy reportedly looking to invest some $500 million for a 5% stake. When asked at the Web ... http://www.ceosmack.com/2007/10/18/facebook-ceo-planning-to-make-money-selling-ads/ According the New York Times, Countrywide CEO Angelo Mozilo started a plan to sell tons of stock over a period just before the sub-prime markets tanked. In fact Mozilo twice raised the number of shares that could be sold: once in December 2006, when Countrywide stock was $40.50, then again in ... http://www.ceosmack.com/2007/10/12/is-countrywides-ceo-a-sell-out-or-a-genius/ News Corp. has hired former HP CEO Carly Fiorina to be a contributor to its new Fox Business Network, due to launch next week. Fiorina could become the next Maria Bartiromo (Anchor for CNBC) or Katie Couric (CBS). Fox did not say how often Miss Fiorina would be contrbuting, but the ... http://www.ceosmack.com/2007/10/10/former-hp-ceo-carly-fiorina-could-be-the-next-maria-bartiromo/ Internet Billionaire/Movie Mogul/Dallas Mavericks owner Mark Cuban has managed to survive two weeks on Dancing With The Stars. C uban, who says hes "having a blast," will dance the jive tonight (8 ET/PT) with professional partner Kym Johnson. "I'm doing something completely unnatural to me. I'm a fish out of water. And ... http://www.ceosmack.com/2007/10/08/mark-cuban-to-dance-the-jive-on-3rd-week-of-dancing-with-the-stars/ In a recent interview Airbus CEO Tom Enders said he felt he had been "treated like a criminal and stigmatised" by "unfounded criticism" linked to a probe into insider trading at parent group EADS. Enders reportedly sold 50,000 stock options in EADS in November 2005 for a pre-tax profit of ... http://www.ceosmack.com/2007/10/08/airbus-ceo-says-he-was-treated-like-a-criminal-by-the-french-stock-market-authority-amf/ On Friday Whole Foods proclaimed support for its founder and CEO John Mackey after completing an internal investigation into his anonymous postings on Internet message boards in which he built up Whole Foods and tore down the competition. The company has turned over its findings to the U.S. Securities and ... http://www.ceosmack.com/2007/10/08/whole-foods-completes-anonymous-ceo-postings-investigation/ In an interview with the UK publication Times Online Microsoft CEO Steve Ballmer questioned the permanence of the success of Facebook, Myspace and other social networking sites. "I think these things [social networks] are going to have some legs, and yet there's a faddishness, a faddish nature about anything that basically appeals to younger people," ... http://www.ceosmack.com/2007/10/05/microsoft-ceo-not-impressed-with-facebooks-future/ The Wall Street Journal reports that Sprint's board of directors has had enough with the company's poor performance. And the blame is being put squarely on the shoulders of CEO Gary Forsee. Forsee oversaw the $35 billion acquisition of Nextel two years ago.  However, there has been nothing but fizzle ever since.  The company has been plagued by ... http://www.ceosmack.com/2007/10/05/sprint-forsees-an-immediate-change-in-leadership/ In an announcement that makes one wonder whether Internet phone provider Skype is just a bunch of Hype... eBay said today that it will take $1.4 billion in writeoffs and other charges related to its October 2005 acquisition of Skype.  To top it off, Skype Co-Founder & CEO Niklas Zennstrom is stepping down from his post ... http://www.ceosmack.com/2007/10/01/skype-all-hype-ebay-fires-ceo/ Today Citigroup announced that $5.9 billion in credit-related write-offs, losses, and extra costs will cut deep into third quarter profits.  The warning reinvirograted speculation about whether CEO Charles Prince would hold on to his job. Today also marked Prince's 4th year at the helm at Citigroup.  The royal one has been under intense pressure as ... http://www.ceosmack.com/2007/10/01/charles-prince-of-citigroup-could-be-on-the-way-out/ In the wake of massive predicted losses caused by worldwide credit woes Swiss bank UBS has decided to make some major management changes anouncing that it plans to cut 1,500 jobs in its investment bank. The third-quarter losses of up to $685 million are mostly linked to the subprime ... http://www.ceosmack.com/2007/10/01/swiss-bank-ubs-shakes-up-managment-ceo-out/ In the words of Gospel Singer Kirk Franklin...Do you want a revolution? Whoop Whoop!  Do you want a revolution? Whoop Whoop!  Former AOL Founder and CEO Steve Case unveiled a new credit card called Revolution Money this week. Case who now runs the investment firm Revolution LLC says the new credit ... http://www.ceosmack.com/2007/09/28/aol-founder-creates-revolutionary-new-credit-card/ According to reports, Facebook CEO Mark Zuckerberg was spotted in Seattle earlier this week.  Sources say he was in town to meet with Microsoft execs. There has been talk that Microsoft is looking to invest around $500 million for a 5 percent state in Facebook.  If this is true, it means that Microsoft ... http://www.ceosmack.com/2007/09/27/microsoft-facebook-have-a-10-billion-sitdown/ Children's Place CEO Ezra Dabah has resigned after reportedly violating the company's stock-trading policies. According to reports, Dabah failed to report an increase in his wife's holdings of Children's Place stock. Ezra also pledged shares to a margin account during a "blackout period" without board approval on two separate occasions. Still, the ... http://www.ceosmack.com/2007/09/27/childrens-place-ceo-forced-to-resign-over-shady-stock-trades/ Nikon has named Yasuyuki Okamoto President and CEO. With the move, Okamoto assumes responsibility for sales, marketing and customer service in the Americas. With 29 years in Nikon's photo and imaging business the company is hopeful that Okamoto can lead the charge to keep up with rival Canon who recently released ... http://www.ceosmack.com/2007/09/26/nikon-inc-has-named-new-americas-ceo-in-fight-against-canon/ Ford Motor Company's new factory in China began operations today.  The new joint-venture factory will produce both Ford and Mazda small cars for the Chinese market. The factory reportedly cost $510 million to build and is located in the eastern city of Nanjing.  Production capacity will be around 160,000 vehicles per year bringing Ford's annual production ... http://www.ceosmack.com/2007/09/24/alan-mulally-says-ford-may-export-small-cars-from-china/ Home Depot's CEO Frank Blake announced earlier this week that his compay will be closing its 11 Landscape Supply stores.  This follows the closing of a significant number of its Expo Design Centers.  Blake says that unlike Countrywide who announced plans to lay off 12,000 employees, his company does not plan to make any significant job cuts or ... http://www.ceosmack.com/2007/09/21/home-depot-will-not-cut-12000-jobs/ NBA Commissioner David Stern has announced that Tim Chen, CEO of Microsoft Greater China, will assume duties as the first CEO of NBA China. NBA China has been created to be the epicenter of the NBA's businesses in mainland China, Hong kong, Macao, and Taiwan. The NBA desperately wants to embed itself into markets ... http://www.ceosmack.com/2007/09/20/the-nba-names-tim-chen-ceo-of-nba-china-in-effort-to-rule-chinese-sports/ Yesterday the Federal Reserve cut interest rates by a half-percentage point. This was the first rate cut in the past four years. Toll Brothers CEO Robert Toll said the rate cut may signal that the economy is worse than previously thought and likely doesn't indicate the U.S. housing market has ... http://www.ceosmack.com/2007/09/19/toll-brothers-ceo-says-the-feds-12-point-interest-rate-cut-signals-were-in-deep-doodoo/ About a month ago we reported that Apple Co-Founder Steve Wozniak was dating Comedian Kathy Griffin.  At the time the couple seemed to be playing cat and mouse.  But apparently the games are over.  Woz and Griffin attended the Emmy's together where Griffin won a creative arts Emmy. Her acceptance speech was edited when the event was shown ... http://www.ceosmack.com/2007/09/18/apple-co-founder-steve-wozniak-escorted-comedian-kathy-griffin-her-potty-mouth-to-the-emmys/ Mark Zuckerberg, CEO of Facebook Inc., the social-networking company, announced that the company is launching a $10 million fund to give grants to individuals and startups building applications on its platform. Zuckerberg made the announcement at the TechCrunch 40 technology conference in San Francisco.  He said grants of $25,000 to $250,000 will ... http://www.ceosmack.com/2007/09/18/facebook-ceo-announces-grants-for-building-applications-on-its-platform/   Video games have taken over the lives of both children and adults alike.  However, many of the games have become so violent, that some parents refuse to let their kids play them.  Many of today's games feature blood, guts, war and drive-by shootings...and have many parents afraid of what those types of games might ... http://www.ceosmack.com/2007/09/17/which-is-more-violent-tv-or-video-games-eas-john-riccitiello-on-the-defense/ Cisco CEO John Chambers predicts that the IT industry will experience a new-found age of productivity that will create growth similar to that experienced during the original Internet revolution in the mid 90s...you know, the growth that created thousands of Internet millionaires virtually overnight. In his keynote address to VMworld in San Francisco, Chambers said the "second phase" ... http://www.ceosmack.com/2007/09/17/ciscos-john-chambers-says-early-90s-like-internet-boom-on-the-way/ Today George Harrison Senior VP of Marketing at Nintendo of America, announced his departure after fifteen years with the company. Reuters was told by Harrison that he had "confirmed to all employees" that he would "be leaving at the end of December.  This announcement comes as Nintendo America is moving its offices from Redmond to San Francisco and ... http://www.ceosmack.com/2007/09/14/george-harrison-of-nintendo-bailsthe-door-opens-for-new-video-game-king/ The Finanical Times Deutschland is reporting that Bavarian Motor Werks' (BMW) CEO Norbert Reithofer is considering revamping his company's car models more frequently to keep customers from jumping ship and buying more up-to-date vehicles from the competition. "More freshening-up of models could make sense", Reithofer told the newspaper at the IAA car show. "We are thinking about revamping our models ... http://www.ceosmack.com/2007/09/14/bmw-car-models-may-soon-be-obsolete-as-frequently-as-computers-or-cell-phones/ Anita Roddick, founder of the Body Shop chain of cosmetics stores died unexpectedly at St. Richard's Hospital in Chichester, England, earlier this week her family said. She was 64. Roddick, was admitted to the hospital's intensive care unit after complaining of head pains. Reports say she suffered a brain hemorrhage resulting in her death. Roddick ... http://www.ceosmack.com/2007/09/13/bodyshop-founder-anita-roddick-died-unexpectedly-this-week/ Speaking to a Senate subcommittee investigating the dangers posed to children by his company's toys, Mattel Chief Executive Officer Richard Eckert was deeply apologetic. Mattel has had three recalls this year...with reason for the recalls ranging from toys containing dangerous lead paint, to loose magnets causing choking hazards. Eckert guaranteed the safety of his company's toys in ... http://www.ceosmack.com/2007/09/13/richard-eckert-of-mattel-apologizes-to-senate-for-toy-scare/ Today Career Builder Founder Rob McGovern launched a new Web 2.0 style career site that gives job seekers a different type of online job search experience.  The new site is called JobFox and it is designed to improve upon the current job board model which only helps a small percentage of people who use them.  Here ... http://www.ceosmack.com/2007/09/12/career-builder-founder-launches-jobfox-radical-new-job-site/ Dennis Michael Nouri, CEO of Smart Online Inc., his brother and four brokers were arrested yesterday in connection with an alleged scheme to artificially inflate their company's stock price. The men have been charged with Securities fraud and conspiracy. They each face a maximum of 20 years in prison on the ... http://www.ceosmack.com/2007/09/12/smart-online-ceo-4-brokers-busted-in-scheme-to-inflate-company-stock-price/ Hilton Hotels has revealed that CEO Stephen Bollenbach would get $10.5 million in severance if his job is involuntarily terminated after the Blackstone Acquistion deal closes. In a filing with the Securities and Exchange Commission, the hotel chain said if the merger isn't completed and Bollenbach leaves the CEO's post as scheduled ... http://www.ceosmack.com/2007/09/11/hilton-ceo-to-receive-105-million-severence-if-terminated-by-blackstone/ Blockbuster must really like the way 7 Eleven does business. The company announced that its chief operating officer will leave at the end of September and that they have brought in two more former 7 eleven big gulp big-wigs. Keith Morrow has been appointed CIO and David Podeschi has been named ... http://www.ceosmack.com/2007/09/11/blockbuster-coo-resigns-2-more-big-gulp-big-wigs-brought-in/