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CEO

Six successful, wealthy CEOs who lost everything

by Ethan Caldwell September 7, 2024

written by Ethan Caldwell

Former FTX CEO Sam Bankman-Fried lost money after his company collapsed and he was arrested. Michael M. Santiago via Getty Images

Once powerful CEOs have fallen from grace and lost their fortunes.

Some failed due to market changes, while others faced investigations and prosecutions.

MyPillow CEO Mike Lindell said he and his company lost “every penny.”

This is a machine translation of an article from our US colleagues at Business Insider. It was automatically translated and reviewed by a real editor.

The richer they are, the harder they fall.

John Foley, the former CEO of Peloton, can attest to this, having recently said that he lost all of his fortune. “My family has taken it well. My wife is super supportive. My kids are probably better off, if we’re being honest,” he told the New York Post in August.

He is not the only CEO who has made and lost millions of dollars.

5 former CEOs who lost everything:

Six successful, wealthy CEOs who lost everything

Kimberly White/Getty Images for TechCrunch

Former Peloton CEO John Foley

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Elizabeth Holmes

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Theranos founder Elizabeth Holmes

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MyPillow CEO Mike Lindell

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Former FTX CEO Sam Bankman-Fried.

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FTX founder Sam Bankman-Fried

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Der Tyco CEO Dennis Kozlowski

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September 7, 2024 0 comments

Pavel Durov, founder and CEO of Telegram, arrested in France

by Ethan Caldwell August 25, 2024

written by Ethan Caldwell

The founder and CEO of the messaging platform Telegram, Pavel Durovwas arrested on Saturday night in France as he was getting off his private jet with his wife and bodyguard and has been taken into police custody, TF1 reported, citing sources involved in the investigation.

Durov, who had landed at the airport Le Bourget –near Paris– from Azerbaijan, has been arrested by the Air Transport Gendarmerie (GTA) pursuant to a previously issued arrest warrant for offenses related to the messaging app.

Specifically, TF1 has pointed out, the Justice understands that Telegram is a potential ally for the commission of fraud crimes, crimes against minors or drug trafficking among othersgiven the tools it offers, as well as the lack of moderation in its use and the scant collaboration with the authorities.

“He will end up in pre-trial detention, that’s for sure,” investigators close to the case told the aforementioned channel, who have judged that, “on his platform, (Durov) allowed countless crimes to be committed and crimes for which he did nothing to moderate or cooperate.”

After being brought before the police on Saturday evening, a preliminary investigation against the businessman, who is also the founder of the Russian social media platform VKontakte, is likely to begin on Sunday.

August 25, 2024 0 comments

Tragic Passing of Sultan Al-Deghaither, Al-Nasr Board Member and Zain Saudi Arabia CEO, Mourned by Many

by Ethan Caldwell August 6, 2024

written by Ethan Caldwell

Al-Marsad Newspaper: Sultan Al-Deghaither, a member of the Board of Directors of Al-Nasr and the CEO of Zain Saudi Arabia, and the son of the writer Abdulaziz Al-Deghaither, died today.

Many media professionals and tweeters mourned the death of the late Al-Nasr board member, and comments poured in that included prayers for mercy and forgiveness for him.

Journalist Abdulaziz Al-Muraisal said through his account of the

He said: “He will be prayed for today, Tuesday, after the evening prayer at the Al-Rajhi Mosque in Riyadh.

2024-08-05 23:53:19

#Death #Sultan #AlDeghaither #CEO #Zain #son #sports #writer #Abdulaziz #AlDeghaither

August 6, 2024 0 comments

Walmart: The CEO’s salary is staggering – 976 times the average earnings
– 2024-05-02 01:43:03

Walmart: The CEO’s salary is staggering – 976 times the average earnings – 2024-05-02 01:43:03

by Ethan Caldwell May 2, 2024

written by Ethan Caldwell

The CEO of the world’s largest retailer received total compensation of more than $26.9 million last year. The year-over-year increase is estimated at $1.6 million, according to the company’s annual proxy statement filed Thursday with the SEC.

Walmart’s compensation package for Doug McMillon included $1.5 million in base salary, $19.6 million in stock and $5.8 million in other compensation.

It’s quite a raise from his first job as a salaried loader back at Walmart in 1984, when he earned $6.50 an hour, which would be about $19.79 today.

The 57-year-old from Arkansas is now responsible for 2.1 million employees in more than 10,000 retail stores worldwide, and annual sales of $648 billion — more people and higher sales than any other private employer in the world.

The highest paid

Of those more than 2 million workers, the average employee was paid $27,642 last year, up 1.8% from the previous year. Doug McMillon’s compensation is 976 times that amount.

By comparison, Target CEO Brian Cornell’s most recent package was $17.6 million, while Craig Jelinek earned $16.8 million in his final year as CEO of Costco. Their pay ratios were 680 and 336, respectively.

According to a new calculation that companies are required to disclose since last year, McMillon saw his net worth increase by nearly $47.5 million last year after adjustments to recognize the fair value of his stock awards.

Since 2009, Walmart has paid McMillon a total of nearly $163 million for his work as an executive. Before becoming CEO, he was in charge of the company’s international division from 2009 to 2014 and head of Sam’s Club from 2005 to 2009.

He now owns more than 5.1 million Walmart shares, worth $306 million at Friday’s closing price.

Source OT

#Walmart #CEOs #salary #staggering #times #average #earnings

May 2, 2024 0 comments

Mediation at the National Lottery after “verbal abuse” by CEO Jannie Haek

Mediation at the National Lottery after “verbal abuse” by CEO Jannie Haek

by Ethan Caldwell April 27, 2024

written by Ethan Caldwell

Unacceptable behavior

Since the end of March, a mediation attempt has been underway at the National Lottery between CEO Jannie Haek and a joint trade union front of ACV, ACOD and ACLVB. De Tijd heard this and it was confirmed to our editors. According to the unions, Haek allegedly engaged in “unacceptable behavior”, including verbal violence and alcohol abuse.

At the end of February, several trade unions sent an email to the board of directors of the National Lottery. The CEO allegedly stated “unacceptable behavior”, reads the email that De Tijd was able to view, including verbal aggression and excessive alcohol consumption. “People are afraid of him and avoid him.”

“Over the years we have observed an increasing number of incidents involving verbal abuse by the CEO. “These behaviors, characterized by a toxic attitude based on fear and intimidation, are inconsistent with the values and ethics of our company,” it added.

Unsafe feeling

National Lottery spokesperson Jérémie Demeyer confirms to De Standaard that this was included in the email. At the initiative of the board of directors, a mediation process was started shortly afterwards, says Demeyer. “Haek is aware that he has hurt people with his way of communicating. It made people feel unsafe. He will ensure that this does not happen again,” the company said.

Another mediation attempt would be planned for next week, the spokesperson said. Haek, 58, has been at the head of the National Lottery since 2013. He does not respond himself because the mediation is still ongoing and the participants signed a confidentiality contract, according to Demeyer.

April 27, 2024 0 comments

Union gets itself into trouble due to “inappropriate contact” from CEO in suspension case

Union gets itself into trouble due to “inappropriate contact” from CEO in suspension case

by Ethan Caldwell April 8, 2024

written by Ethan Caldwell

Jupiler Pro League

Has the CEO of Union, Philippe Bormans, overstepped his bounds? In the suspension procedure of his defender Christian Burgess, he called the CEO of the Football Association and the union prosecutor. The latter reported an “inappropriate contact” to the KBVB.

Not only on the field has Union missed its start in the play-offs, off the field the competition leader also seems to be in a corner. The football association’s attorney general, Ebe Verhaegen, reported last weekend of “inappropriate contact by the CEO of Union”, Philippe Bormans. Verhaegen was called by Bormans after he had informed by email that the federal public prosecutor’s office was appealing against the one-match suspension for Union defender Christian Burgess. Federal prosecutor Verhaegen had demanded two effective playing days for the red card that Burgess received by deliberately throwing a ball into the face of an opponent during a throw-in.

The appeal by the public prosecutor’s office was a blow for Union, which had hoped to allow Burgess to serve his day of suspension against Cercle Brugge – a match that Union lost 2-3. Now Burgess can only be suspended after the appeal is heard today, which means he will more than likely miss the crucial match at Anderlecht next Sunday.

According to federal prosecutor Verhaegen, Bormans’ call lasted seven minutes and the conversation was “extremely unpleasant”. Bormans also contacted other people at the association on Saturday, including CEO Piet Vandendriessche. Vandendriessche also reported the contact to the association.

Impartial

To guarantee proper legal proceedings, the federal public prosecutor’s office and the disciplinary chambers work independently within the football association. It is not the first time that club leaders of (professional) football clubs want to exert their influence within the football association. This is the first time this has been reported publicly. The football association says that the report “ensures the impartiality of the federal public prosecutor’s office”.

Bormans himself does not risk any punishment for his “inappropriate contact”, the association confirms. As CEO, he is not a member of the association. A possible punishment could only have hit the Union club. But such a punishment would have to be demanded by the federal prosecutor, who is an involved party in this case. On Tuesday in the Burgess case, another attorney, Gilles Blondeau, will argue on behalf of the federal public prosecutor’s office. Verhaegen is on a skiing holiday.

Union responded to the fuss on Monday afternoon. “The club and its CEO regret the tendentious and incorrect reporting regarding the Burgess case,” it said in a statement. Union believes that it was not informed by the football association in time – before the expiry of the appeal period, Sunday afternoon at 12 noon – about the appeal by the union attorney. It reserved its rights by ultimately not allowing Burgess, who was eligible to play, to play against Cercle.

“With regard to the reporting regarding alleged contacts that would have taken place in order not to file the appeal, the club distances itself from these unproven and unjustified insinuations,” the Brussels residents write.

April 8, 2024 0 comments

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