Africa, Electricity, Energy, Fired, Nigeria, PHCN
In Energy on April 3, 2009 at 12:05 pm
Nigerian President Umaru Yar’Adua fired three executives from the Power Holdings Company of Nigeria (PHCN) according to Power Minister Lanre Babalola.
The PHCN governs the use of electricity in Nigeria. However they have not been producing enough to please the President.
The company produces about 3,000 megawatts of power for a population of 140 million citizens. In contrast its produces 38,000 megawatts for 45 million people in South Africa.
This appears to be a lack of communication, fired executives, Bello Suleiman, vice chairman of PHCN and directors Isiaka Abdul Rasak and Simon Atakulu, obviously, didn’t get the President’s memo, stating that he no longer wants the people of Nigeria to be in the dark.
Autos, Cars, Christian Streiff, Fired, Fired CEO, France, Peugeot Citroen
In Automotive on March 31, 2009 at 1:10 pm
Peugeot Citroen drove out CEO Christian Streiff and replaced him with Philippe Varin over the weekend.
The French automaker took a steep ride down hill, posting a $460 million (343M euros) net loss and is not expected to shift back uphill until 2010.
Streiff didn’t take the firing without spinning his rims, saying
“his policies had allowed the group to be “well equipped to face the crisis.” He cited a cost-cutting plan, significant inventory reductions and the launch of several new models.”
“The economic and financial community hailed these results. Thus I cannot understand the board’s decision,” he said.”
The board didn’t agree with his model and contends he was driving the company backwards down a one-way street.
China, Morgan Stanley, Real Estate
In Real Estate on February 13, 2009 at 2:03 pm
Morgan Stanley’s Garth Peterson, a managing director based in Shanghai, was fired for doing business the old fashion way—bribing government officials.
Peterson who is fluent in Chinese had become a big mover and shaker in the real estate investment market in China.
Morgan Stanley alerted the Securities & Exchange Commission of his less than forthright dealings and a probe is under way to see what shenanigans Mr. Peterson may have committed in violation of the United States Foreign Corrupt Practices Act.
Although the market has slumped recently, Morgan Stanley has done quite well in China, taking some of the countries’ largest real estate firms public over the last several years.
As for Mr. Peterson, if found guilty, picking out a safe place to serve out his time – it’s location-location.
