McCracken must go --!!!!>
I went through this with AT&T. At T, Robert Allen, surely the worst CEO at a major corporation in the 1990's, made it appear that he
would step aside for John Walter, an excellent manager by all insider
accounts -- except for Allen's pals on the board. Allen then went to
work to undermine Walter, and eventually the board (incredibly)
sacked Walter, instead of Allen.
But by then, new blood had joined the board -- at the insistence of major shareholders. Thenceforth, Allen's days were numbered.
Finally, Michael Armstrong was picked, and the stock has since taken
off -- while the rest of the Dow has languished.
No top flight candidate for CEO is going to repeat Walter's mistake. As long as there is a possibility that McC remains Chairman, any new CEO would fear being undermined when trying to change course
from McC's vision thing, which sadly has gone awry. (Allen never had any to begin with.)
Once I'm sure McC is out the door, I would grab shares with both
paws, even at 25. But, until I'm sure McC is really out the door, I
wouldn't go near it at 10.
porc --''''> |
