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Date: Mon, 19 Jan 2009 15:53:32 -0500
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From: "James M. Atkinson" <jm..._at_tscm.com>
Subject: When a Rock Star CEO Leaves the Stage
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http://www.washingtonpost.com/wp-dyn/content/article/2009/01/17/AR2009011700356.html?hpid=sec-business
When a Rock Star CEO Leaves the Stage
Sunday, January 18, 2009; F02
Companies run by charismatic, high-profile chief executives are
exciting to follow, but are they a good investment? Can too much of
the company's value depend on one person?
An example to look at is Apple and its founder and rock star chief
executive, Steve Jobs.
Jobs, a pancreatic-cancer survivor, has lost a great deal of weight
and has appeared less frequently over the past year, stoking rumors
of poor health.
Last week, Jobs said his health problems turned out to be "more
complex" than previously revealed. He's taking a five-month leave of
absence from Apple, turning over day-to-day operations to Chief
Operating Officer Tim Cook.
Shares of Apple took a hit. Maybe no American chief executive is
perceived as being more crucial to his company's future than Jobs is
to Apple's.
Jobs co-founded Apple in 1976 but was ousted in a power struggle in
1985. Apple's results were mixed without him, and the company
wandered strategically. In late 1997, Jobs returned. Apple's share
price immediately began climbing as Jobs focused his company.
It soared when he introduced the revolutionary iPod and iTunes in
2001 and kept rising with the rollout of the innovative iPhone,
hitting nearly $200 per share in December 2007, from about $3 in
1997, adjusted for splits and dividends. It has dropped by more than
half since that peak, closing yesterday at $82.33 per share, clearly
hurt by the recession. Its losses over the past half-year have been
comparable in percentage to those at Dell and Microsoft, but analysts
speculate that the stock would be trading higher were Jobs healthy and visible.
If you're an Apple shareholder, you're wondering how deep Apple's bench is.
If you're not, you may be looking around at other "cult of
personality" companies with a wary eye.
Consider Rupert Murdoch's News Corp. -- a vast media and
entertainment empire that includes movies, newspapers and satellite
networks. All of which the 77-year-old Murdoch will turn over to his
36-year-old son James at some point.
World's Richest Man Warren E. Buffett is inextricably linked to his
Berkshire Hathaway investment firm. The 78-year-old Buffett has said
he has identified potential successors.
An example of a cult stock that has managed the exit of its leader
while keeping a relative handle on investor value is Microsoft.
Shares of the company's stock held fairly steady in the upper $20s
throughout the beginning and middle of last year as founder and icon
Bill Gates stepped aside to make way for the company's new chief
executive, Steve Ballmer.
-- Frank Ahrens
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