The longtime head of the company was frivolously dismissed from the range as unbearable t-shirts after the changing season. Gap's board thanked Art Peck for "its multiple contributions", the company said last week. The fashion chain has made "progress" during its 15-year mandate. Two great sentences for one and a half decades.
Peck is not the only top manager to dismiss the case. A few days earlier, his McDonald's colleague, Steve Westbrook, was saying good-bye. According to the official version, Veligbruck had to go because he had a relationship with a colleague and thus violated internal rules.
Some admirers initially doubted that this was just an excuse to get rid of the 52-year-old manager. It couldn't come to the point that love in American society was forbidden, admired Fox's astounding presenter. But in the days of the MeToo debate, McDonald's was obviously too explosive. He usually complains about the fact that the supervisory boards were acting too hesitant, praising management expert Ryan Patel of the Drucker School of Management: "Here they have moved at high speed."
REUTERS / Shannon Stapleton / File Photography
Ex-McDonald's CEO Steve Westbrook (2016 archive image)
Not only in the case of McDonald's <img src = "http://www.spiegel.de/static/sys/v12/icons/ic_chart_17x13.png" width = "17" height = "13″ alt=”View the table”/> now traded fast. At the Hall of Fame of Dethroned Business Kings in 2019, new names are added almost weekly.
- Kevin Burns' career at e-cigar maker Juul has come to an equally abrupt end
like Devin Wennig of Ebay.
- Overwatch's chief marketing officer of retail services, Patrick Byrne, who had an affair with a Russian spy, resigned after two decades.
- Under Armor CEO and founder Kevin Planck, his chair has also been cleared.
- The astonishing boss of George Adam Neumann, considered necessary by the office provider to suggest a possible departure of its founder in the prospectus as a business risk factor, was complemented by golden handling.
And so on.
The company's 172 bosses went it alone in October – a record
As far as the reasons for the departures are concerned, one can see the trend: The fall in the threshold for companies to free themselves from the problems of inmates in the upstairs corner offices. 172 business leaders quit the career consulting firm Challenger, Gray and Christmas just in October for their record-breaking job. Challenger, who helps executives killed as so called accommodation agencies also include foundations and authorities. Even in the financial crisis of 2008, staff turnover was not as high as in recent months, says Vice President Andrew Challenger.
Recent upstairs upstairs and upstairs is not a purely American phenomenon. According to a study by consulting firm PwC, 17.5 percent of bosses in the world's 2,500 largest companies were replaced last year, more than ever. While one CEO once could count on retaining at least eight years, there are only five today. Sometimes the range of patience is even shorter. For 17 years, Effefer Immel led the GE industrial group. His successor Johnon Flannery came just 14 months. Toy maker Mattel has replaced its CEO three times since 2015.
The logic of activist investors is: who does not deliver, flies. At the same time, oversight bodies' willingness to tolerate social behavior is diminishing. "Chief executives today are likely to be responsible for their personal behavior," says Career Advisor Challenger. According to PwC, for the first time in 2018, more CEOs had to go for ethical errors than for bad financial results. Among them, PVC scandals, sexual relations, scams, and environmental disasters. Bosses are not only responsible for their own negligence, but also for their employees.
"Board members are far less patient than in the past," said Michael Usemim, director of the Center for Leadership and Change Management at the University of Pennsylvania, The Washington Post. "The executives are asking: Do we have a CEO right to survive the next storm? And, increasingly, they answer the question no. "
In business, the motto "The little hanging, the big ones are allowed to run" seems outdated. There is one difference: if the boss has to leave, it will be expensive for the company. The lunch farewell package donated for the departure of McDonald's chief Veligbrook is worth nearly $ 42m, according to Equalist analyst.