The New York Post interviewed a bunch of company insiders from Sears about current chairman and hedge fund tycoon Eddie Lampert, and they lambasted him for not caring about the company’s “crucial needs.”Sears hasn’t been doing too well lately. Earlier this year it announced a big asset sale after a $2.4 billion loss in Q4.
Here’s a rundown of the things they said about him. It’s pretty harsh criticism.
From the Post:
- Lampert would dial into conference calls from his mansion in Connecticut and talk to his top executives about tiny details, instead of the biggest needs of the company, says a former top exec.
- He has a fixation on “the new, shiny toys” — like the improvement of its website and a customer loyalty program — instead of fixing up its actual stores, says another exec.
- He only cares about things that “excite” him. “It’s not as though he doesn’t want you to fix big problems. But it feels almost like a risk to not engage him and the things that interest him,” says one former manager.
- He fragmented Sears’ structure, divided it into many silos and promoted the classic Adam Smith idea that “if everybody has perfect information and acts within their own self-interest, you’ll get a better overall result,” says one former exec.
- He’s a big reason for all the turnover in Sears’ C-suite, and “grills executives relentlessly” over email and at meetings.
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