By msnbc.com staff
Barclays? newly-appointed Chief Operating Officer Jerry del Missier, Chief Executive Bob Diamond and Chairman Marcus Agius have all left the bank, leaving a vacuum at the head of one of the world?s largest financial institutions.
All three executives left in the wake of the rate-fixing scandal engulfing the bank. Last week Barclays agreed to pay $453 to British and U.S. regulators for submitting inaccurate submissions on a key market interest rate.
The Yale School of Management?s corporate governance expert Jeffrey Sonnenfeld weighed in on the departures on CNBC Tuesday, offering his thoughts on where the company might be headed without its top leaders.
It?s unusual to see a whole cohort of leaders depart a major institution, Sonnenfeld said, adding that it?s not unusual for a company?s board to rush to judgment on these sorts of matters when faced with strong public anger. Still, the executive departures were somewhat premature, he said.
?This might be the right answer to have come to this conclusion, but it seems a little premature,? said Sonnenfeld. ?It smacks of a political and a public relations issue to throw a body under the bus.?
?Where is the evidence against them; where?s the due process??
?I am not saying that Diamond is necessarily clear, we just don?t know he?s done anything wrong,? he added.
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