Did PR let John Thain's credibility drop?
FierceFinance thinks the PR and IR folks at Merrill Lynch let its CEO, John Thain, make statements to the media he ultimately couldn't back...
FierceFinance thinks the PR and IR folks at Merrill Lynch let its CEO, John Thain, make statements to the media he ultimately couldn't back up, damaging his credibility. The theory is based on this MarketWatch story, which says that some of Thain's comments over past months have contradicted the recent announcement that Merrill will sell $8.5 billion in stocks and take big write-downs.
One of the takeaways from this year's NIRI conference was that communication within organizations (and with IROs) needs to be stepped up in order to get the full and accurate picture out to the media, investors, and other audiences. I'd also direct readers to our financial roundtable (sub req'd), which featured both IR and PR pros talking about all sorts of communications, including the comms coming from the CEO. Tough times and heightened scrutiny calls for tight messages.
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