Time was when a good CEO or senior manager was focussed on making his company great. Great technology, great products, a leading reputation in the industry. OK, profits were nice too, growth was good and solvency was essential – but financials were not the primary concern.
Now there’s the prospect of selling out your company to a PE company and collecting a fat wodge for yourself.
Michel Mayer, CEO of Freescale, is said to have walked away with North of $20 million when he sold out Freescale, disastrously, to Blackstone.
Now we’ve got Infineon flirting with the idea of selling its wireless business. It’s one of the world’s greatest wireless businesses, with the accolade of having its baseband in the iPhone, and it had sales of $1 billion last year.
But the Infineon brass scents money. Pride of ownership comes a long way after wonga.
Any guilt about selling out your people comes a long way after personal enrichment.
It’s human nature.
But it’s sad.