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1 sauceruney  Fri, Nov 23, 2012 7:46:26am

the ruling class never accepts blame, even when walked off in shackles to their country-club prisons

2 Lidane  Fri, Nov 23, 2012 8:35:08am
Hostess’s failure was compounded by having six CEO’s in 8 years who had no experience in the bread or cake baking industry

No, their failure was CAUSED BY having six CEO's in 8 years with no experience in the bread or cake baking industry.

Upper management and CEO's in particular set the tone and direction for the rest of the company. Their vision is what helps to drive the decisions that are made and the way that a company navigates the waters. Hostess was a multi-billion dollar a year juggernaut in sales, but with that kind of chaos at the very top, a lot of shitty decisions were going to be made.

I don't buy for a second that it was the union workers to blame for any of this. You don't go through that many CEO's in that short of a time without there being some serious incompetence and mismanagement at the top.

3 KingKenrod  Sat, Nov 24, 2012 7:17:36pm
Hostess’s failure was compounded by having six CEO’s in 8 years who had no experience in the bread or cake baking industry, and despite their financial woes, the company’s CEO got a 300% salary increase from $750,000 to $2,250,000, and other top executives received raises worth hundreds-of-thousands of dollars; all while the company was struggling.

Isn't that kind of a contradiction - you want a talented CEO with baking industry experience to lead your company out of bankruptcy, but only want to pay him/her $750,000 to start?

If Driscoll had been able to turn Hostess around, he would have easily been worth $2.25 million - the average compensation for a CEO in 2011 was $9.4 million. You're simply not going to be able to hire an experienced CEO talented enough to do this incredibly difficult job for $750,000. BTW after Driscoll left Hostess he was hired by Diamond Foods and (with incentives) he will be making a whole lot more than $2.25 million.


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 Frank says:

If something goes wrong and you tend to smile it away, then you have someone to blame.