we have all seen the list come out from time to time. Old Mikey will earn #1, worst ceo of all time.
2 replies (most recent on top)
He has a new job title...... you can call him "Defendent Lawrie"
https://finance.yahoo.com/news/bragar-eagel-squire-p-c-034500134.html
https://bespc.com/dxc-2/
"CSC was on the verge of bankruptcy when I became CEO"
And now DXC is the same. What goes around... at least last time it was from a contract gone bad, this time is due to direct intent.
"I re located the headquarters from California 2 Washington DC"
Nope.
CSC moved HQ to Falls Church under Laphen (From CA)
Mikey moved it to Tysons - just up the road.
"I focused CSC on commercial business and spun off the state and local business public sector to form CSRA.I also sold off the Eds public sector and merged with two other companies to form perspecta"
Let me rewrite for you. Ditched US Federal sector business as a Democrat left office and a Republican took over. In other words, as the Fed sector bounced upwards, you decided to bail from the marketplace.
"There is no other technology professional services organization that has made the progress that CSC has made in the last 7 years"
If you count progress downwards, correct.
"I am worth 500 million dollars in less than 7 years"
Funny that, if you l00t a company, you get rich.
To be honest, taken as one liners, all of this sounds impressive. However it isn't because its dozens of different directions all executed badly - except for the bit where the CEO gets 500 million out of the company.
You could also ask things like:
What happened to a raft of CSC components that were quietly turning in profit without anyone noticing? An employment agency, an insurance company etc etc Sold off to "consolidate" the company, when random purchases since then make as much sense as they did - only both of those were established money makers.
Probably the biggest dicey element of the whole sorry tale was after ditching CSC NPS, the $1.5bn raised from its sale was given to shareholders. Even though I believe strategically selling NPS made no sense, the money from it could have been massively trans-formative for CSC, but no, it was just given to shareholders, flushing it away.
There also was all of the money in share buy backs. Money again that could have made a massive difference in terms of CSC capability and future. Into DXC time, share buy backs were still going on. Again this is money flushed away and the total amount spent is probably easily $5bn.
The overall problem is that for all of this, its just been share price manipulation and asset stripping. Its not been about building an actual business with a future. Massive amounts of money have flowed out of CSC and DXC, never to be seen again and it seems unlikely now that there is anyway of rebuilding the husk that is left.
If Sal is going to achieve anything, its going to be more of the same, because the chance of making a business which just sells stuff and makes money is gone. All that is left is just more shell game and I don't think he's a shell game shark.