Fail bosses and millions all around
Way to go Rupe.
Meanwhile back at the coal face us grunts get back to survival.
War-weary News Corp chief Rupert Murdoch made one concession at the company’s high drama AGM on Friday, stating the MySpace acquisition was a “huge mistake.” The sorry tale of the social network’s digital demise at the hands of NewsCorp began with the purchase of MySpace for $US580 million in 2005. “We paid $US600 million. We …
The board decided to purchase, negotiated the price, hired the people and probably interfered like mad in all the wrong ways, so preventing those people doing a good job.
That's what corporate boards of directors do.
Murdock can hand-wave all he likes - he & his management are responsible for the MySpace fiasco. I bet they are quick enough to take the credit (or at least the bonus) for anything good that happens in NewsCorp, they should also take the abuse for the screw-ups.
Where the penalty for buying a hugely over valued asset and running it into the ground is...
Another very well paid job.
I've often wondered if US executives have "agents" like professional sports people have sports agents to talk their remuneration package up and put a positive spin on their not-entirely-successful plans?
Head he gets a big bonus, tails he gets a severance package.
Meanwhile the stock holders (AKA the *owners of the company) get a chunk knocked off their dividend payments.