The worst CEO of 1997... Vote Here! Message Board

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Pastimes : The worst CEO of 1997... Vote Here!

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To: JEFF CHAPMAN who wrote ()	12/1/1997 8:26:00 AM
From: Ron Mitchell	Read Replies (1) of 89

Phil White, ex-CEO of Informix (IFMX), a database software company. Phil richly deserves consideration for several reasons. First, he expends significant resources in a senseless billboard war with competitor Oracle, culminating in a lawsuit over employees who left Informix for Oracle. (I believe the lawsuit was eventually dismissed.) On March 26, he sets his financial targets high: a 30% increase in revenue over last year... exchange2000.com Then on April Fool's Day, he pre-announces a substantial revenue shortfall and operating loss... exchange2000.com and the stock price dives from $17 to $9. After leaving (finally!) at mid-year, his successor had the accounting records restated back to 1994, wiping away over $250 million in overstated revenues, sending the stock down again to $6 - $7! Phil White went the extra mile in 1997 to burn his investors to a crisp!

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