CEOs Out

Every CEO has to deal with risk. It is ultimately his or her responsibility to manage any and all potential hazards to the business, whether internal or external. In fact, you could easily call him or her the chief risk manager. That’s consistent with former Intel chief executive Andy Grove’s mantra that “only the paranoid survive.” In other words, CEOs should be constantly concerned about identifying and solving for material threats to the business. Per SmartBrief.com).

Here are some CEOs who have proved the truth of that maxim recently.

NEW YORK (AP) — The CEO of eBay is stepping down as online retailer attempts to sell or spin off some of its major assets. CFO Scott Schenkel will become the interim chief executive as the company seeks a permanent replacement for CEO Devin Wenig.

The CEO of Juul Labs has been ousted, and the e-cigarette company has suspended advertising as it remains embroiled in a crisis over its vaping products. Kevin Burns, who had apologized for the nation’s teen vaping epidemic, resigned effective immediately, Juul announced Wednesday. Juul investor Altria Group, maker of Marlboro cigarettes, said it was a “decision by Juul” for Burns to go. The e-cigarette maker will suspend all of its advertising.

WeWork CEO resigns amid investor revolt.  Saying “too much focus has been placed on me,” Adam Neumann has agreed to step down as CEO and give up majority control of the company. Tuesday’s announcement came shortly after the workspace startup company — whose $47 billion valuation was reportedly slashed more than 50 percent — delayed its initial public offering, thanks to investor concerns over corporate governance and profitability. The 40-year-old has also come under scrutiny for his hard-partying lifestyle.

New York (CNN Business) The outspoken CEO of online home goods retailer Overstock.com resigned Thursday, days after he issued a press release entitled “Comments on Deep State” that claimed he helped the FBI carry out “political espionage.” The strange post from longtime Overstock chief Patrick Byrne triggered a steep decline in Overstock’s stock price last week. The company’s stock price later recovered, and it surged more than 10% Thursday on news of Byrne’s exit. In a letter Byrne issued Thursday, he stated that he is “already far too controversial to serve as CEO” and chose to step away after 20 years so that his presence wouldn’t affect Overstock’s business.

 

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