John Major would no doubt agree with Liam Strong’s understatement
that ’there’s a limit to how much fun one person should be allowed to
have’. Like Major, Strong also did the decent thing and stepped down as
CEO of retail group Sears last week. Presented in the press as almost
solely responsible for the demise and break up of Sears, Strong
regularly attracted adjectives like ’beleaguered’ and ’gaffe-prone’.
Although there was grudging recognition of the ’poisoned chalice’ he had
been handed when he became CEO five years ago, most media reports
gloated over the downward spiral of the group’s fortunes, pointing an
accusing finger at Strong’s lack of retail experience.
News of his pounds 500,000 pay off provoked predictable howls from the
City pages. Brunswick will have its hands full with the task of
recasting the remains of the group in a positive mould and convincing
shareholders, the press and the City that there can be a new dawn for a
Evaluation and analysis by CARMA International.
Additional cuttings supplied by The Broadcast Monitoring Company.
’What The Papers Say’ can also be found at: http//www.carma.com/carma.