For management to have credibility (the C-suite, as you call it), they must take a measure of accountability for the actions they have previously taken. These are the actions that define their "watch" in leadership roles, strategy development and spending beaucoups bucks of shareholder equity to support their vision. They are ultimately accountable for the results of their actions.
Walgreens stands virtually alone among major S&P 500 companies by having a senior management team that NEVER reports on the concrete results of their actions which include acquiring DSCM, Duane Reade, clinics, home infusion (multiple deals), retail Rx acquisitions (multiple deals)... ad nauseum. DEALS, DEALS, DEALS. NO RESULTS, NO RESULTS, NO RESULTS!
There is a huge gap in credibility with all these adventures which involved $ BILLIONS in shareholder equity and which NEVER have been properly explained, validated or accounted for, IMHO. They just seem to disappear into the accounting abyss with no shareholder activist or insty investor rising up to question where all the money was spent and what did it accomplish.
Carl Icahn... "Where are you?" Shareholders could use a voice to express doubt over the efficacy of so many huge, strategic deals that have NEVER been specifically accounted for and for which little S/P appreciation has benefitted shareholders for a lengthy period of time. Meanwhile, the rewards to management have been huge, and recently converted from shares to cash in a classic case of misalignment with shareholder interests.
I'm just sayin'...
GLTA,
Yank
Recent WBA News
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