Page 3 - INSIDE ACCESS FEBRUARY-21-3RD EDITION

FOOD FOR THOUGHT
Lessons from
History's Worst CEOs
Apple
John Sculley
John Sculley was hired away from PepsiCo for his business experience and marketing skills – but ended up forcing out Steve Jobs, who had not only recruited him, but was undoubtedly the real driving force behind the company.
Sculley is said to have seen Jobs, a superb marketer himself, as a rival.
Sculley lacked real technical knowledge and made a number of shaky product decisions, including launching the Apple Newton and moving into the camera and CD player businesses.
In the end, of course, Jobs was brought back; by then, Sculley had been fired after a decade of problems.
Lesson:
Don’t let your emotions lead you into making poor decisions.
Enron
Ken Lay
There’s an element of Greek tragedy about the rise and fall of Ken Lay. Under his leadership, energy giant Enron grew into a $100-billion business – before losing 99.7% of its value in 2001.
Lay scores double points as a disastrous CEO, displaying incompetence as well as dishonesty. Uninterested in the day-to-day running of the company, he gave free rein to a couple of distinctly dodgy subordinates. As the company faltered, he signed off on a massive accounting fraud designed to inflate the firm’s financial health.
Lay died of a heart attack in July 2006, shortly before being sentenced, but it had been expected that he’d get up to 30 years in prison for his part in the deceit.
Lesson:
Enron’s corporate culture was focused on increasing revenue at all costs. Make sure you aren’t incentivising a lack of ethics.
John Sculley
PAGE 3 INSIDE ACCESS | FEBRUARY 2021 3RD EDITION
Ken Lay
Contributed by
Oye Jolaoso