Word: ceos
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Finally, if you happen to be CEO of a company involved in toxic-waste | disposal, you might want to call a brand-new consulting outfit, Environmental Financial Consulting Group in New York, run by this Harvard friend of mine...
While it was minding everyone else's business, Laventhol & Horwath apparently should have been minding its own. Last week Robert Levine, CEO and executive partner of the Philadelphia-based accounting firm, announced that gallons of red ink added up to a black day and that the company was filing for Chapter 11 protection from its hordes of creditors. Ultimately, it was neither creditors nor clients who pulled the plug on the failing firm; it was Laventhol's partners themselves. Confronted by an $85 million bank debt and enormous litigation costs, the partners decided they could not afford to save...
...disciplinarian. Managers can become so absorbed with cutting costs and staying one step ahead of creditors that they often neglect day-to-day operations. Some companies, including Harcourt, appoint executives whose sole duty is to manage debt. Says Peter Jovanovich: "The Superman approach doesn't work. If the CEO tries to do it all, deal with the bankers and run the business, he'll probably do it all badly...
...advance into the upper echelons. Twenty years after women entered the professional ranks in significant numbers, very few have broken through the middle ranks of management to the top jobs. A Korn/Ferry survey last year of all FORTUNE 1,000 companies found that of the top five jobs below CEO at each firm, only 3% are held by women, up from 1% a decade ago. The record is so dismal that earlier this year, Secretary of Labor Elizabeth Dole launched an investigation into bias in the corporate suite...
Some colleges are hiring strategic planners; others are contracting out janitorial services. Stanford recently decided to form a new management % company, complete with a nonacademic CEO, to handle its finances and investments. Harvard, Duke and Princeton already have similar organizations. Last spring Franklin & Marshall College sold its bookstore to a private company, netting the school $900,000 and saving it the burden of carrying unsold inventory. "This is not a onetime adjustment," says Lehigh President Peter Likins. "It's going to be a way of life...