Think you’ve got the worst boss in the world? While he or she may be at the bottom of your list for boss of the year, there’s no doubt about it—there are some CEO’s who will stand out as probably the worst of the worst for 2012. From the old standard of inappropriate behavior with younger staff members to the unforgettable show of massive ego and immaturity of Facebook’s Zuckerberg, there were quite a few listed in a recent publication from the Dartmouth School of Business.
Here’s a look back at who did what and why they’ve been voted the worst CEO’s of 2012:
- Best Buy’s Brian Dunn got caught in a decidedly inappropriate relationship with a younger subordinate, but the thing that really put the nail in his CEO coffin was his addiction in sharing buybacks costing the company over $6 million with little to show for it at a time of declining stock prices, loss of market share and plummeting same-store sales.
- Andrea Jung, CEO of Avon Cosmetics, not only failed to fix company operational problems but turned down an offer from competitor Coty that definitely should not have been declined. Under Jung’s leadership the cosmetic giant not only fell over $14 billion in market value but has had to pay out millions in legal expenses for allegations of Foreign Corrupt Practices Acts violations.
- Mobile gaming giant Zynga’s Mark Pincus, even with his illustrious education from Wharton and Harvard MBA made rookie mistakes by relying too heavily on Facebook for big chunks of revenue. Did he show his true feelings for his brainchild after a 75% stock decline and loss of top executive talent by moving to unload 16 million shares after the end of IPO lockup period?
- Aubrey McClendon, Chesapeake Energy CEO evidently forgot about the rules of separation between business and personal banking accounts. He borrowed over $1 billion in a three year period in undisclosed loans against his share in thousands of company owned wells along with a $200 million gas and oil hedge fund on the side. Can we say “conflict of interest”? Add in personal use of company resources such as employees and jets along with corporate sponsorship deal in Oklahoma City Thunder basketball team he owned certainly didn’t help get him a nomination for boss of the year.
- Add to the list the aforementioned Facebook CEO and Andrew Mason of Groupon. Both get massive demerits for immaturity in management skills for running a public company and shares that moved only in one direction. Just goes to show- youth isn’t always a good thing.