When we`re in a peak, we make a ton of money, and as soon as we make a ton of money, we`re desperately looking for a way to spend it. And we diversify into areas that, frankly, we don`t know how to run very well.
One of the things I`ve had the advantage of, growing up and being close to the top management of this company and other companies for most of my life, is seeing how CEOs start to believe in their own infallibility. And that really scares me.
Nobody`s irreplaceable, including me. I think for too long we`ve had a cult of personality in this company and in this industry, and frankly, I`d like to see that diminish.
I walked in and inherited a management group that I didn`t know very well. They didn`t know me, and we had a very short window to put together a credible recovery plan.
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When we`re in a peak, we make a ton of money, and as soon as we make a ton of money, we`re desperately looking for a way to spend it. And we diversify into areas that, frankly, we don`t know how to run very well.
