Yet another case of rodents departing a sinking ship as the pent up discrepancy between reality and future expectations means imminent scapegoating of executives for poor performance:
- WAL-MART STORES NAMES DOUG MCMILLON CEO, SUCCEEDING MIKE DUKE
- BLACKBERRY SAYS ROGER MARTIN RESIGNS FROM BOARD
- BLACKBERRY SAYS COO, MARKETING CHIEF TO LEAVE; REPLACES CFO
You decide… The press releases are mind-blowingly full of fluff.
BlackBerry Announces Management and Board Changes
BlackBerry, a world leader in mobile communications, today announced that as part of the on-going reorganization of BlackBerry, Kristian Tear, the Company’s Chief Operating Officer, and Frank Boulben, the Company’s Chief Marketing Officer, will leave the Company. BlackBerry also announced that James Yersh will replace Brian Bidulka as its Chief Financial Officer. Yersh, who has worked at BlackBerry since 2008, previously served as Senior Vice President, Controller and as the Company’s head of Compliance. Bidulka will stay on as a special advisor to the CEO for the remainder of the fiscal year to assist with the transition.
“I thank Kristian and Frank for their efforts on behalf of BlackBerry. I look forward to working more directly with the talented teams of engineers, and the sales and marketing teams around the world to facilitate the BlackBerry turn-around and to drive innovation,” said John Chen, Executive Chair and CEO of BlackBerry. “I also thank Brian for his eight years of dedicated service to BlackBerry. I look forward to working with James and his Finance team as we move forward, execute on our plans and deliver long-term value for our shareholders.”
Chen added, “BlackBerry has a strong cash position and continues, by a significant margin, to be the top provider of trusted and secure mobile device management solutions to enterprise customers around the world. Building on this core strength, and in conjunction with these management changes, I will continue to align my senior management team and organizational structure, and refine the Company’s strategy to ensure we deliver the best devices, mobile security and device management through BES 10, provide multi-platform messaging solutions with BBM, and expand adoption of QNX embedded systems.”
BlackBerry also announced today that Roger Martin, a Board member since 2007, has resigned. “Our Board has benefitted from Roger’s expertise and insights over the past six years and we wish him the best,” said Barbara Stymiest, Board Member and Former Chair of the Board.
James Yersh has more than 15 years of experience in the technology and telecommunications industries. Yersh previously served as the Senior Vice President, Controller and head of Compliance for BlackBerry. Prior to joining BlackBerry in 2008, he held various senior positions at Cognos Incorporated and Deloitte.
Doug McMillon Elected New Chief Executive Officer of Wal-Mart Stores, Inc.
Mike Duke retires as CEO after delivering strong financial performance and developing building blocks that position the company for continued success
Wal-Mart Stores today announced that its board of directors elected company veteran Doug McMillon, 47, to succeed Mike Duke, 63, as president and chief executive officer, effective February 1, 2014. McMillon was also elected to the company’s board of directors, effective immediately.
“This leadership change comes at a time of strength and growth at Walmart,” said Rob Walton, chairman of Walmart’s board of directors. “The company has the right strategy to serve the changing customer around the world, and Doug has been actively involved in this process. The company has a strong management team to execute that strategy.”
Walton continued, “Doug is uniquely positioned to lead our growing global company and to serve the changing customer, while remaining true to our culture and values. He has broad experience – with successful senior leadership roles in all of Walmart’s business segments – and a deep understanding of the economic, social and technological trends shaping our world. A merchant at heart, Doug has both a long history with our company and a keen sense of where our customers globally are heading next. He has also shown strong leadership on environmental sustainability and a commitment to using Walmart’s size and scale to make a difference in the lives of people, wherever they might be.”
“The opportunity to lead Walmart is a great privilege,” McMillon said. “Our company has a rich history of delivering value to customers across the globe and, as their needs grow and change, we will be there to serve them. Our management team is talented and experienced, and our strategy gives me confidence that our future is bright. By keeping our promise to customers, we will drive shareholder value, create opportunity for our associates and grow our business.”
“Mike put in place the building blocks for the next generation Walmart and today the company is stronger, more global and more unified across all our stores, mobile and online,” said Walton. “He also reinvigorated the productivity loop and delivered strong financial performance. During his tenure the company made critical investments in talent and technology to expand Walmart to even more customers globally and stepped up its progress on social and environmental issues. Mike also has a strong commitment to diversity, and has been especially engaged in advancing women throughout organization. He set a tone at the top to never be satisfied, to always accelerate and do better, while remaining true to the culture that has been core to the company’s success.”
“This is a great company and it has been an honor to help advance Sam Walton’s vision of giving people around the world a better life,” said Duke. “Our associates make it all possible and I’ve learned so much from them. No matter where I traveled, our associates continued to inspire me with their commitment to living our values, serving our customers and taking care of each other.“
Duke will continue serving as chairman of the executive committee of the board and, in the tradition of his predecessors, stay on as an advisor to McMillon for one year. The company plans to make an announcement on McMillon’s successor as CEO of Walmart International by the end of the fiscal year.
via Zero Hedge http://feedproxy.google.com/~r/zerohedge/feed/~3/qH-7cyejhCs/story01.htm Tyler Durden