FT.com reports that Jerry York– car industry veteran and investor Kirk Kerkorian's Number One– apologized to Ford executives for shooting from the lip. Apparently, the Grand Old Duke of York regrets advising The Blue Oval Boyz to sell Volvo and give Mercury the needle. "Tracinda, Mr Kerkorian's holding company, disclosed in a regulatory filing that Mr York had backtracked on his 'off-the-cuff' remarks." When was the last time Jerry York apologized for anything? He and Captain Kirk are well known for their stock shenanigans, notably the one which pushed Chrysler into being bought by a merger of equals with Daimler– which resulted in dismantling of the vaunted Chrysler management team. We're still waiting for that apology, Jerry. Let's not forget you were the CEO of Micro Warehouse, which went Chapter 11 a few years back. On the flip side, Lutz got his golden parachute, rode Exide into Chapter 11 as well, then got hired by GM where he went on to win his own award here at TTAC. [Check out John Horner's take on Captain Kirk in Ford Death Watch 44. And TTAC welcomes longtime contributor and tipster Richard Chen into the blogging fold.]
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I’d call this progress only if Captain Kirk dumped York for an advisor with a brain.
How do these idiots get into these positions? American companies are apparently run by failures. Why hire someone who failed at previous position, especially if that position ruined the company? What the hell.
BlueBrat,
It does seem strange these guys stay at the top in spite of failures that would likely prevent most people from making it to the middle.
I blame it on the laziness of the decision makers. It’s easier to hire a guy who has experience than talent.
@BlueBrat: How do these idiots get into these positions? American companies are apparently run by failures. Why hire someone who failed at previous position, especially if that position ruined the company? What the hell.
It’s the same way throughout American corporate world. We have an incestuous circle of arrogant thieves who keep writing themselves golden parachutes and benefit from destroying companies. They bring each other into leadership positions so the circle can continue. I have seen too much of it to believe it is just incompetence. At some point prosecutors have to get involved, or it will be too late to stop the destruction of this country’s industry.