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Essay / Research Paper Abstract
This 3 page paper considers whether or not it is advisable for CEO’s to tell the truth regarding their firms’ shortcomings. Examples that support and refute the idea are considered before the conclusion. The bibliography cites 2 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEceoshort.rtf
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Unformatted sample text from the term paper:
may be argued that this can be a saving grace, in an environment where there is a high level of distrust and where there has been a history of dishonesty
and there is a high level of distrust as a result of scandals such as WorldCom and Enron, where shareholders and other stakeholders have been purposefully misled.
There are many firms that have had to re-evaluate their financial statements and reissue them with revised figures. It may even be argued
that many of the current problems with the credit crunch have been due to mistakes made at senior levels, such as lending decision. With a high level of distrust it
may be assumed that Schuman, or other CEOs, that need to admit to mistakes or shortcoming within their organization may be seen as honest and the level of trust in
them will be retained. However, there is also a danger; the admission may also be seen as a sign of weakness, that the problem is going to continue, or that
there is an incompetence in the firm, likewise it may be interpreted that the firm is facing up to their responsibilities. The impact that the admission has on the firm
will depend heavily on the market interruption and the way that other stakeholders, in extreme cases telling the truth may destroy a firm.
In 1992 Gerald Ratner, of the former jewellery chain Ratner, made a large PR mistake, when asked, in a public forum, how he could offer his goods at such
discounted rates he stated that it was because they were crap. This was reported in the popular press and was interpreted by the target market as an insult that
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