Mr. Flynn and Mr. Moran must be turning over in their graves tonight with all the carnage handed down by "Chainsaw" Stevo Rich. Some of you might be too young to remember this but back in the day, Sunbeam Corp hires a CEO who the media branded at "Chainsaw Al" Duggan. He cut the workforce by 50% and shipped many jobs overseas. When the likes of Greedy Rich really shows Rich's Greed with laying off over 250 employees this years and shipping all the assets to Empower, Principal, Voya, ADP, and Fidelity. This feels like a "Hacksaw" Al job for the firm at the moment. The emotions are raw. Lives have been destroyed. God bless all of you.
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Festog has hurt other companies. He has been in 3 or 4 companies without long empolyment except for MOA because his buddy Greed protected him.
He was at MOA because of Greed a while ago, then left for supposesly an opportunity in another company that of course didn't work out (as usual he blamed the employees wouldn't accept changes.)
Then returned to MOA on Greed's request, which is his is longest time employed by a company.
He will not last long in the current either, just his pattern.
There should be a thorough investigation into what Christ Festog did at Mutual. What he did was criminal behavior. Perhaps that's why he was finally let go but he's allowed to leave and go destroy another company. Anyone see his "farewell to Mutual" post on LinkedIn? Quite a fairy tale...
I remember as do countless other employees that Mr. Flynn and Mr.Moran had two important character traits - INTEGRITY and ACCOUNTABILITY. Mr. Flynn was correct when he stated at a meeting that there was not a LEADER he saw out there. Freaking disgusting
That's BS. Greed and Festog ARE responsible for this. Rich just inherited it. Festog is the one who spent millions on a gym in the basement that no one but him wanted.
The Board should mandate that all with a VP title and above take a 25% pay cut.
Couldn't disagree more with some of the sentiment saying Greed/Rich had no choice. Incentive comp for the firm is close to 40 million of which 35 comes from the SVPs and up. Well what happens when the company is a loser for consecutive years? In a honorable organization the top dogs don't get their bonuses because how can the board justify paying those out when the company is hemorrhaging money. Meanwhile at 320 park avenue the executives get a raise and 100's of employees get fired. Come on guys it is pretty simple. And while tech needed an overhaul, how about a gradual phase in, not trying to shoe ho-n in something with no testing and as a result lose BILLIONS of assets under management in a thriving market. Poor planning and bad management are to blame and that starts with whomever is in charge at the time....oh and the crooked BOD. Happy holidays.
Sadly, I agree with much you’ve said. For many years both Flynn and Moran weren’t engaged with company operations. So much time, energy and money on Ireland. Technology shortcomings were evident for decades. Hard to complete without competitive architecture. They were happy with results and were complacent to change.
Ironically this is Flynn and Moran’s fault. 20 years ago steps should have been taken to modernize and be competitive. Instead MoA continued down a path of outdated tech with a sub-par product. Rich and Greed were left with no choice.