Daily Archives: October 16, 2012

Andrew Hill

Michael Corbat looks like the most conventional chief executive Citigroup has appointed for 10, even 20 years. Certainly over the past decade, for a blue-chip, Fortune 500 banking institution, Citi has been led by a remarkably diverse range of CEO types:

1) An entrepreneur: the irrepressible Sandy Weill with his gargantuan appetite for deals. Having alienated his protege Jamie Dimon, Mr Weill appointed….

2) A lawyer: Chuck Prince, his general counsel and long-time legal fixer, who lasted only four years before being forced out as the banking crisis built, to make way for…. Read more

Andrew Hill

Simon Fox of Trinity Mirror, the UK newspaper and publishing group, is the latest chief executive to attempt to give a restructuring plan a sense of focus, simplicity and unity by attaching “One” to the company name. “One Trinity Mirror” – which unifies the regional and national newspaper divisions under a “flatter, more efficient management structure” – follows in the footsteps of One Ford, One Siemens, and One Anglo (at Anglo American), to name just a handful.

I prefer the “One” theme to some of the other names applied to past restructurings. Among my least favourite: “Shape 2012″ at Metro, the German retailer (“Pear-shaped 2012″ would have been more appropriate, as one observer pointed out ); Reuters’ “Fast Forward” – a scheme that predated the Thomson merger and led to mordant humour among the newly redundant about having been “fast-forwarded”; and law firm Linklaters’ “Project New World“, with its sinister Aldous Huxley overtones. Read more

Once upon a time, in a not-so faraway land, an evil poisoner stalked the apothecaries’ aisles, tainting the good things there and spreading fear, until a wise leader decreed the shelves should be cleared. Behold, the danger was averted and trust was restored