In these days of competitive and disruptive environment a CEO's job is perhaps the not most envied jobs.. With global economy tottering, along with geo political realities, companies are under pressure to perform and increase shareholder value,as CEO's cope with ever increasing demands and occasional hostile environment of boardrooms.The average tenure of a Fortune 500 CEO is reported at 4.6 years – about the length of a presidential term. And, the average tenure of all CEOs according to published reports is 8.1 years.In this post we look at the CEO's which has been there in the coveted post for the smallest amount of time, with the shortest duration.Here's a trivia :Bill Johnson, Energy CEO who got paid 44 million dollars for 20 minutes of work was the most paid CEO in the shortest amount of time.Here are the top CEO's of global companies that served for the shortest duration.
Alan Fishman, Washington Mutual : 17 days:Alan took over Washington Mutual from Kerry K. Killinger, who led the company for 18 years, once the firm was collapsing amidst the financial crisis. including that of Lehman Brothers, the government arranged for JPMorgan to take over the company replacing Mr Fishman.
Robert Willumstad, A.I.G. :3 months:Willumstad, a former Citigroup executive, saw A.I.G.'s shares drop 97% during his tenure. He was forced out of the giant insurance company once the federal government took control of the company -- which eventually accepted $182 billion in bailout funds -- and was largely blamed for the financial crisis of 2008.
Jack Griffin, Time Inc., Magazine : 5 months:Griffin rubbed feathers the wrong way,by making too many references to his being Roman Catholic (including comparing the company to the Vatican) including off-color or sexist comments. Jack was accused of spending too much and bringing his favorite consultants to help in a restructuring effort, and insisting his name appear prominently atop Time Inc. magazines' mastheads. Griffin was given an unceremonious exit and reportedly asked to pack off within less that 24 hours.
Ed Whitacre, Jr., General Motors : 9 month.Whitacre was known as the "GM Reaper" for killing off brands post-bankruptcy. He pulled up the the auto brand " GM"'s financials, and prepared the company for its IPO. But once that time came, prospective investors wanted a long-term CEO who could steer the company in a new direction. However the board did not think Whitacre was the guy in the scheme of things for the future .
Fritz Henderson, General Motors: 9 months Henderson took over as GM CEO after President Obama called for Rick Wagoner to step down during the auto bailout crisis. But Henderson didn't prove a very good choice. He wasn't flexible in working with the GM board and failed to built a partnership and was shown the door early.Henderson will be remembered as being as smart and experienced as any GM CEO, but he appeared tone-deaf when it came to listening to Whitacre and the rest of his board of directors. Since he had no role in picking them and they owed him nothing, that proved to be a fatal mistake.Henderson also had the bad luck to have several deals blow up in his face. Entrepreneur Roger Penske walked away from an agreement to buy Saturn because he couldn't find anyone to supply him with cars, forcing GM to close the division.
Owen Van Natta, Myspace : 10 months:Owen Van Natta was the COO of Facebook before leading online music startup Project Playlist.Prior to his role as MySpace COO, Mr. Jones founded and operated several online businesses, including Userplane, a leading provider of tools for online communities such as MySpace. Userplane was acquired in 2006 by AOL, where Jones subsequently served as a senior vice president and focused on social media monetization.
Alan Fishman, Washington Mutual : 17 days:Alan took over Washington Mutual from Kerry K. Killinger, who led the company for 18 years, once the firm was collapsing amidst the financial crisis. including that of Lehman Brothers, the government arranged for JPMorgan to take over the company replacing Mr Fishman.
Robert Willumstad, A.I.G. :3 months:Willumstad, a former Citigroup executive, saw A.I.G.'s shares drop 97% during his tenure. He was forced out of the giant insurance company once the federal government took control of the company -- which eventually accepted $182 billion in bailout funds -- and was largely blamed for the financial crisis of 2008.
Jack Griffin, Time Inc., Magazine : 5 months:Griffin rubbed feathers the wrong way,by making too many references to his being Roman Catholic (including comparing the company to the Vatican) including off-color or sexist comments. Jack was accused of spending too much and bringing his favorite consultants to help in a restructuring effort, and insisting his name appear prominently atop Time Inc. magazines' mastheads. Griffin was given an unceremonious exit and reportedly asked to pack off within less that 24 hours.
Ed Whitacre, Jr., General Motors : 9 month.Whitacre was known as the "GM Reaper" for killing off brands post-bankruptcy. He pulled up the the auto brand " GM"'s financials, and prepared the company for its IPO. But once that time came, prospective investors wanted a long-term CEO who could steer the company in a new direction. However the board did not think Whitacre was the guy in the scheme of things for the future .
Fritz Henderson, General Motors: 9 months Henderson took over as GM CEO after President Obama called for Rick Wagoner to step down during the auto bailout crisis. But Henderson didn't prove a very good choice. He wasn't flexible in working with the GM board and failed to built a partnership and was shown the door early.Henderson will be remembered as being as smart and experienced as any GM CEO, but he appeared tone-deaf when it came to listening to Whitacre and the rest of his board of directors. Since he had no role in picking them and they owed him nothing, that proved to be a fatal mistake.Henderson also had the bad luck to have several deals blow up in his face. Entrepreneur Roger Penske walked away from an agreement to buy Saturn because he couldn't find anyone to supply him with cars, forcing GM to close the division.
Owen Van Natta, Myspace : 10 months:Owen Van Natta was the COO of Facebook before leading online music startup Project Playlist.Prior to his role as MySpace COO, Mr. Jones founded and operated several online businesses, including Userplane, a leading provider of tools for online communities such as MySpace. Userplane was acquired in 2006 by AOL, where Jones subsequently served as a senior vice president and focused on social media monetization.
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