Things got quite exciting in London at noon on Tuesday. First Kweku Adoboli, the rogue trader formerly employed by UBS, was sentenced to seven years in prison for fraud. Then Hewlett-Packard accused the former management of Autonomy, the UK software company, of wrongdoing. The moral appeared to be, as a New York journalist wryly tweeted: “Don’t trust the British.”
Roberto Di Matteo. Image by Getty
Chief executives who fret about the short-termist demands of their companies’ shareholders should spare a thought for Roberto Di Matteo, ditched as manager of Chelsea Football Club on Wednesday.
Football is a funny old management game, of course, but Chelsea’s capricious owner Roman Abramovich embodies a combination of short-termism, short temper and short-term memory loss that is extreme even in that curious world.
True, Mr Di Matteo had just overseen Chelsea’s defeat in the Champions’ League on Tuesday night to Italy’s Juventus, which puts the London club in danger of an early exit from Europe’s most prestigious club competition. But Mr Di Matteo is also the man who, having taken over only weeks earlier from the last hapless Chelsea manager, led the club to (admittedly unexpected) victory in the same tournament in May. Read more