Friday, May 22, 2009

Today's Fly Or Die Commerce Report

With all of the mis-management of funds and "economic turmoil" going on, several CEOs are stepping down or being removed from their positions.

Xerox Corporation's Chief Executive Officer is reportedly taking early retirement- for reasons unstated. According to The Wall Street Journal, she is credited with reviving the company when it was near bankruptcy.

Luxury brand, Versace's, CEO is also reportedly resigning. The Wall Street Journal sites alleged clashes with the lead designer over how to cut costs for the company as the possible reason for the step down.

The New York Daily News is reporting that the CEO of the troubled American International Group will also step down as soon as the company finds an adequate replacement for him. The New York Daily News states that: "AIG has received $182.5 billion in financial support from the government since September. As part of the loan package, the government has also taken a roughly 80 percent stake in the huge insurance company."

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