Massive Resignations 5.0

Previously, we have documented these uncommon high-profile corporate shakeups which were highlighted by the Pontifical Resignation early this year. Massive CEO resignations are still continuing.

Most peculiar is this array of resignations from mining, transport, telecommunications, and even the pharmaceuticals, suggesting that these critical components of the real economy are experiencing the crunch in hard terms.

But we have yet to witness the royal resignation of the bogus Queen of England.

To all The Awakened around the world: Keep pushing. We’re almost there!


bertoni resigningVATICAN CITY — We are living historic times, whereby we will see the final destruction of the Vatican just as the prophesies foretold. Already, we are seeing the Catholic Church being left desolate right before it goes up in flames forever, and unprecedented events are taking place.

The Cardinal holding the second most important position within the Vatican next to the Pope, has just handed in his  resignation letter. That’s right, we are speaking of Cardinal Tarcisio Bertone, the Secretary of the Vatican State.

First ex-Pope Benedict XVI Joseph Ratzinger left his post…and now this past weekend, as reported by, a resignation letter was presented by the Secretary of State Cardinal Bertone to Pope Francis as a result of pressure received by the eight Cardinals that form the Commission formed by Bergoglio.



SYDNEY–Barclays Australia chief executive officer Cynthia Whelan has resigned from the bank, a person familiar with the matter said.

The resignation wasn’t linked to recent job cuts at the U.K.-based investment bank. It was her own decision, the person said.

Jeffrey Deck, the current vice chairman of Barclays Asia, will act as interim CEO until a successor is named.



Alfredo Saenz resigned as CEO of Banco Santander, a move that marked an end of his controversial tenure at the bank. WSJ’s David Enrich assesses Mr. Saenz’s record, which included a conviction for making false criminal accusations in 2009.

MADRID— Alfredo Sáenz, who helped turn Banco Santander SA SAN.MC -0.77%from a provincial lender into a global banking power, quit his job as its chief executive Monday after a legal and political controversy over his criminal conviction for pressure he put on four debtors nearly two decades ago.

Santander, the largest bank in the euro zone by market value, announced his resignation following a wave of criticism of the Spanish government after it relaxed standards of conduct for bankers in a move that allowed Mr. Sáenz to keep his job.

Mr. Sáenz stepped down following discussions with officials at the Bank of Spain, the country’s central bank, according to people familiar with the talks. Two people said the central bank had indicated to Mr. Sáenz it was likely to conclude he didn’t belong in a senior role at the bank.



The Co-operative Bank’s head of banking Barry Tootell resigned after rating agency Moody’s suggested that the British government may have to bail out the lender.

Moody’s downgraded the lender’s debt ratings after flagging up a hole in the bank’s capital.

Rod Bulmer takes over from Tootell and will serve as the acting CEO of the Banking Group and a director of The Co-operative Bank until a permanent replacement is found, the bank said.

The Moody’s downgrade comes just weeks after the bank dropped its bid to acquire over 600 branches from Lloyd’s Banking Group.

Moody’s Investors Service had downgraded the bank’s deposit and senior debt ratings to Ba3, from A3, following its lowering of the bank’s baseline credit assessment (BCA) to b1 from baa1. The equivalent standalone bank financial strength rating (BFSR) is now E+ from C- previously, Moody’s said in a statement



JOHANNESBURG – First Rand Limited on Wednesday announced that Michael Jordaan would step down as FNB CEO at the end of the year after 10 years in the job.

He will be replaced by Jacques Celliers who is currently the CEO of FNB’s business banking and head of its India expansion.

The bank said Jordaan first indicated in 2010 that he would step down at the end of 2013.



The head of Austrian bank Raiffeisen has resigned over a series of personal property deals.

Herbert Stepic denied wrongdoing in using front companies in the Caribbean and Asia to buy flats in Singapore in 2006 and 2008, but said he was stepping down to spare his bank from negative publicity .

The deals – which were exposed by the Offshore Leaks investigative journalism project – are now under investigation by Austria’s central bank, its Financial Market Authority watchdog and Raiffeisen, to see if any law or internal guidelines were violated.

Stepic, who has very much been the public face of the bank, told a news conference that the Singapore property deals were above board because he had made the investment with money taxed in Austria and had also paid tax on revenue from a sale.

He insisted he did not need to notify his bank or regulators about three apartments in Singapore he bought via ‘project companies’ set up with the help of Swiss bank UBS in the British Virgin Islands and Hong Kong.

As he announced his resignation, the 66-year-old said he was proud of what he had accomplished in four decades at Raiffeisen, creating tens of thousands of jobs in the former Communist East and making 800 million euros in profit over the past five years as the financial crisis raged.



Atul_Kumar_IFCI_aug13Atul Kumar Rai, CEO and managing director of state-owned financial institution IFCI ,  has resigned from the company following differences with the government. Rai, whose term was till June 2017, has tendered his resignation, sources said.

He joined IFCI in July 2007 after his predecessor RM Malla was elevated as chairman and managing director of SIDBI.

Before joining IFCI, Rai, an IES officer, worked for over 20 years in various positions in the government of India (GoI). He was re-appointed by the board in June, 2012 for a period of five years.

However, sources said the government was not happy with his performance. Rai could not be reached for his comments on the development.




ubsidiary of auto lender Ally Financial Inc works its way out of bankruptcy.

Marano, who joined ResCap in 2008, will remain as a member of the board.

Marano spent more than 25 years at now-defunct investment bank Bear Stearns & Co, where he was the global head of mortgage and asset-backed securities. Marano was managing director at Cerberus Capital Management before moving to ResCap.

ResCap filed for bankruptcy in May 2012 to protect its parent from mortgage liabilities that threatened to swamp the company. Ally is 74 percent-owned by the U.S. government after a series of bailouts.

Marano resignation comes at a time when creditors are awaiting a report from a court-appointed examiner, Arthur Gonzalez, about ResCap’s relationship with Ally.

Warren Buffett’s Berkshire Hathaway Inc , a ResCap creditor, asked the judge overseeing the ResCap bankruptcy for an investigation of what it called “potentially improper” pre-bankruptcy transactions between ResCap and Ally.



Country Bird Holdings (JSE:CBH) has announced the resignation of Jeff Wright as a director and CEO of the Company, effective June 30 2013.

CBH states that Wright leaves “having met the strategic objectives set when he joined the Group Five (JSE:GRF) years ago, including market penetration, operational efficiencies and growth into Africa.”

Wright is leaving to pursue private business interests.

Marthinus Stander has been appointed as the new CEO, effective July 1 2013. Stander is an Engineer B.Eng (US), MSc (UCT) and has furthered his studies in business management at the University of Stellenbosch Business School.

He has held senior executive positions at Pioneer Foods and Rainbow Chicken (JSE:RBW), operated a KFC franchise for four years and until recently consulted to the Shoprite Group, focusing on their Quick Service Restaurant (QSR) brand.



Posted on » Friday, May 31, 2013

MANAMA: Naseej’s board of directors yesterday announced that Christopher Sims has resigned as the company’s chief executive effective May 28.

Mr Sims has quit to pursue his career elsewhere, the company said in a statement yesterday.

“I have proudly grown Naseej over the last three years, from inception through to a dynamic and successful real estate company,” Mr Sims said.

“I leave the company with a solid foundation and a bright future,” he added.

The company’s project and investment committee chairman and board member Mohammed Khalil Alsayed has taken charge as interim chief executive and managing director with immediate effect.

Mr Alsayed, a seasoned professional with extensive experience in the public and private sectors in project investments and development of large real estate and capital projects, is actively involved in the operations of the company.

“Chris’ departure does not change the primary objective or Naseej’s positive prospects for the future,” Mr Alsayed said.

“Naseej will continue its strategic focus on growing revenues and on the imminent conclusion of the public private partnership transaction with the Housing Ministry, together with the realisation of other developments in Bahrain and elsewhere,” he added.




By Kanga Kong

SEOUL–The head of South Korea’s state-owned Woori Finance Holdings Co. (053000.SE) resigned Sunday, describing as “regretful” the failure to privatize the banking giant three times in as many years, as the government plans to try a fourth time to sell its 57% stake in the bank, which is worth around $4.8 billion.

The Financial Services Commission is now expected to push for a swift privatization after saying earlier this month that it hoped to reveal a new privatization plan by the end of the first half of the year, analysts said.

Lee Pal-seung, the chairman and chief executive of Woori Finance, said in a statement Sunday that he would step down once his replacement was appointed, a process the company said is likely to take around two months. “There were three attempts until last year to privatize Woori Finance, but all failed, which I find regretful,” he said.



Jon Erik Engeset, president and CEO of SafeRoad, has resigned. Saferoad is a Nordic Capital portfolio company. Engeset will leave SafeRoad with effect from July 1st 2013.


SafeRoad has over the last years made several add-on acquisitions abroad, which have led to a subsequent build-up of head office functions in Oslo. Following this, Jon Erik Engeset, the President and CEO of SafeRoad, has had to commute between Ørsta and Oslo on a weekly basis. For private reasons, he has now decided to seek new opportunities closer to his home.



italian defence ceo resigns15 February 2013 

European growth continues to slowImage: Rome © S99

Italy: Media reports from Italy say the chairman and chief executive of Italy’s largest defense firm has resigned following corruption allegations.

The head of Finmeccanica, Giuseppe Orsi, said he was leaving his post in a letter to a magistrate at an Italian court. Earlier this week the businessman was arrested as part of a police investigation into the selling of helicopters from the firm to the Indian government.

It is alleged that the company’s AgustaWestland subsidiary used bribes to win the order for ten helicopters. The contract is thought to be worth $750m (~€483m). Orsi denies any wrongdoing.

New Delhi has now begun cancelling the defence contract and is investigating how the deal occured. The company is being run by another board director.




The chief executive of Millennium Pharmaceuticals in Cambridge resigned suddenly Thursday after its Japanese parent company, Takeda Pharmaceutical Co., moved to fold Millennium’s big Cambridge-based cancer research unit into corporate research and development.

Deborah Dunsire, 50, who has been president and chief executive of Millennium since 2005 and helped engineer its $8.8 billion sale to Takeda in 2008, is one of the best known women in the biomedical industry. She will be replaced as Millennium’s president by Anna Protopapas, 48, a longtime colleague who has worked at Millennium for 16 years, most recently as executive vice president and head of global business development, according to Takeda.

The move was disclosed in a statement issued from Takeda headquarters in Osaka, Japan. Separately, the Japanese drug giant reported operating income had been weaker than hoped for and that it was moving forward with an efficiency plan that includes integrating Millennium’s research center, which had overseen worldwide cancer drug development.



Online health information company WebMD Health Corp. significantly narrowed its first-quarter loss said its chief executive, Cavan M. Redmond, has resigned, after only one year at the helm.

New York-based WebMD (Nasdaq: WBMD) said David J. Schlanger, the company’s senior vice president of strategic and corporate development, will become interim CEO while the company searches for a permanent replacement.

In addition, Chief Financial Officer Anthony Vuolo will be replaced by Peter Anevski, currently a senior vice-president of finance. Vuolo will continue with the company as senior vice president focusing on strategic projects.



Joseph Swedish, CEO of Livonia-based Trinity Health since 2004, announced he will leave the 47-hospital Roman Catholic health system next month to become CEO of investor-owned Wellpoint Inc., the nation’s largest health insurer with 35 million policyholders in 14 states.

Larry Warren, a Trinity board member and former CEO of University of Michigan Hospital, has been named interim CEO.

“Trinity Health is a progressive and dynamic ministry, and it has been my honor to help pursue its mission for eight years,” said Swedish in a statement.

During Swedish’s tenure, Trinity Health’s revenue has increased to $8.9 billion in 2012 from $5.7 billion in 2005. Swedish became CEO in December 2004.






Alcatel-Lucent CEO Ben Verwaayen has resigned after the telecoms hardware manufacturer posted substantial losses for the fourth quarter of 2012.

Ben Verwaayen took over at the firm in 2008 when he stood down as CEO of BT, hoping to bring Alcatel-Lucent back into profitability.

Alcatel-Lucent posted quarterly losses of just over €1.37bn, which included restructuring charges of €247m, an impairment charge of €894m and €514m in deferred tax.

Revenues did increase quarter on quarter to reach almost €4.1bn, but this was still down by 1.3% year-on-year.



Video game giant Electronic Arts has announced that CEO John Riccitiello is to resign from the company. In a letter to chairman of the board Larry Probst, Riccitiello conceded that forthcoming quarterly results are likely to fall short of expectations and that he is “100 percent accountable”. The industry veteran will step down on 30 March with Probst appointed as executive chairman until a permanent replacement is found.

After taking over as CEO in February 2007, Riccitiello has overseen a turbulent period in the history of EA. Stock value plunged amid the global financial meltdown of 2008, and has never recovered to the 2005 peak when shares were worth $70 each. Like most publishers in this sector EA has suffered due to a decline in retail software sales but has fought to improve its digital business, investing in social gaming companies such as Playfish and Popcap and extending its reach into Facebook and smartphone titles.




Fusion-io President and CEO David Flynn has resigned and will be replaced by Shane Robison, the former CTO of Hewlett-Packard.

Flynn resigned effective immediately “to pursue entrepreneurial investing activities,” according to a news release on Wednesday from Fusion-io. The company’s co-founder and chief marketing officer, Rick White, has also resigned, Fusion-io said.

Robison has been named chairman, CEO and president, effective immediately. Robison has been on Fusion-io’s board of directors since 2011. From 2002 until 2011, he was executive vice president and chief strategy and technology officer at HP, and before that he held a similar position at Compaq Computer, which HP acquired in 2002. Fusion-io cited his industry relationships, international experience and understanding of the company’s business in naming him to the top posts.



February 01, 2013

The chief executive of Swedish telecommunications company TeliaSonera has resigned following an independent review of business dealings with a partner in Uzbekistan.

In a statement on February 1, TeliaSonera CEO Lars Nyberg said the review found his company had failed to carry out proper background checks and conduct due diligence on its Uzbek partner, Takilant.

That company is believed to have links with Gulnara Karimova, the daughter of Uzbekistan’s president.

The review, carried out by law firm Mannheimer Swartling, rejected persistent allegations that TeliaSonera paid bribes in Uzbekistan.



Saudi Telecom Co’s chief executive Khaled Al-Ghoneim has resigned after less than a year in the job, the latest senior management executive to quit as the former monopoly tries to arrest a sustained profit slump.

Al-Ghoneim was appointed in June 2012 following the resignation of his predecessor Saud Al-Daweesh two months earlier, while the heads of the state-controlled firm’s domestic and international operations have also quit over the past 12 months.

STC has spent billions of dollars on foreign acquisitions in the past decade, according to Reuters calculations, buying into many markets including Turkey, Indonesia, Kuwait and Bahrain. Yet it remains reliant on home, with the kingdom providing 68 percent of revenue in 2012.

The company’s shares have fallen 5.8 percent this year, underperforming the main Saudi index, which is up 3.7 percent.

STC said it had accepted Al-Ghoneim’s resignation, according to a statement on Saudi Arabia’s stock exchange website, but did not name a replacement or say when Ghoneim would leave his position.

The Gulf’s second-largest telecom operator by market value made a net profit of 7.28 billion riyals ($1.94 billion) in 2012, down 43 percent from a 2006 peak as tougher competition from home and write-offs from foreign units weighed on the bottom line.

Al-Ghoneim joined STC from Riyadh-based Al Elm Information Security Company, a firm far lesser in size and scope than the state telco. – Reuters


stc jameel resigns

Jameel Abdullah Al-Molhem, CEO of STC KSA Operations, tendered his resignation to the telecom operator yesterday.

Saudi Telecom Co. (STC) is a Saudi-based telecommunications company that offers landline, mobile and Internet services.

Confirming the resignation, an official from the STC told Arab News that the reasons for his resignation were not known.

Al-Molhem’s resignation follows a string of resignations that occurred last year.

Last April Saud Al-Daweesh, CEO of Saudi Telecom Company (STC) submitted his resignation and STC’s board of directors accepted it effective Oct. 1.

Last August, the company announced a number of changes within its management structure involving executive positions. The STC Group announced that it had accepted the resignation of Ghasan Hasbani from his role as Group CEO-international operations due to the end of the contractual period.

In September, Dr. Ziad Al-Otaibi group CEO for technical operations also resigned. Otaibi’s resignation was preceded by Dr. Saad Bin Dhafer Al-Qahtani Group CEO for strategic affairs .



Sanjay Kapoor, CEO (India and South Asia) of Bharti Airtel, India’s largest telecom service provider both in revenue and subscriber base terms, has resigned from the company in the backdrop of a decline in profits for 12 quarters in a row.

Gopal Vittal, who joined the company last year in April from Hindustan Unilever will take over as the head of Indian operations with effect from March 1. Vittal is currently group director (special projects). He was earlier director (marketing).

Kapoor, who has had a difficult time steering the company in a cut-throat market, will stay on the boards Bharti Global and Indus Towers, a telecom infrastructure company in which Bharti has a substantial stake.



Dick Costolo, 49, will be replaced by Dublin-based accountant Laurence O’Brien, according to a report by Sky News.

Costolo’s resignation follows the dissolution of UK-based Tweetdeck Ltd, the company that ran the programme used as an alternative way of accessing microblogging website and app Twitter.

Tweetdeck Ltd was struck off by Companies House on May 7 for repeatedly failing to file its 2011 accounts, though its assets were absorbed into sister company Twitter UK and the service remains functional on desktop computers.

Tweetdeck Ltd and Twitter UK were both fined last December for failing to file accounts with Companies House, though Twitter UK, a subsidiary of Irish-based Twitter International, later did so, and the company remains active.



‘Tis the season for high-profile resignations. From Pope Benedict XVI to Groupon CEO Andrew Mason, the Internet has been abuzz with news of one resignation–or sacking–after another.

Peter Stern, CEO of the URL shortening company, appears to be the most recent addition to a growing list of commanders-in-chief who have stepped down lately. announced in a cryptic blog post Monday that Stern would be leaving the company to “pursue other interests.” This statement has created speculation as to what interests Stern may be pursuing–and what his motivation for leaving the company might be.



3Dfx announced on Thursday that its CEO and President, L. Gregory Ballard, is resigning effective October 31. Ballard had a three year tenure at 3Dfx.

As reasons for his departure, he cited a new CEO with a fresh perspective and a focus on the technology hurdles that 3Dfx needs to overcome will be better suited to the coming challenges for 3Dfx.

Read more at ZDNet.


The chief executive officer of the National Broadband Network (NBN) construction partner Silcar, Peter Lamell, has resigned, marking two major executive losses for the construction partners of the AU$37.4 billion project since NBN Co announced that it would not meet its June target for premises passed by fibre.

A Silcar spokesperson this morning confirmed a report in The Australian Financial Review that Lamell would leave, but gave no reason for his departure.



The transformation of Dish Network Corp. continued Monday with a surprise announcement that Charlie Ergen will step down as president and CEO.

Ergen, Dish’s founder and spiritual leader, will remain on as chairman. His successor, Joseph Clayton, will start his new role on June 20, 2011.

Clayton, a 38-year telecom and consumer electronics industry vet, most recently served as chairman of Sirius Satellite Radio (now Sirius XM) and before that, was president of Global Crossing‘s North America division, and president and CEO of Frontier Communications Corp.. On the CE front, he once served as EVP of marketing and sales for the Americas and Asia for Thomson (nowTechnicolor SA).

Clayton said in a statement that his “working relationship with Charlie spans nearly 20 years, and I look forward to building on Dish Network’s legacy of innovation and value in TV entertainment.”

Why this matters

The big move up top comes at a critical point in Dish’s history as it reinvents itself into much more than a satellite TV service company. Dish did not offer a reason for the shift, but it should allow Ergen to focus on the long-term strategic direction of the company while leaving the day-to-day tending and feeding to Clayton.

It’s also the first time Ergen has relinquished the CEO role. Carl Vogel, a long-time cable vet who is still a Dish vice chairman, stepped down as Dish president in 2008.



Dr Khaled Bin Abdulaziz Al Ghuniem, group CEO at STC Group, has resigned, according to a statement posted on the Saudi Arabian stock exchange website. The statement indicated that the resignation was due to personal reasons.

Ghuneim was appointed group CEO in June 2012, replacing former group CEO, Saud Al Darwish, who announced his resignation from the post in April 2012. Al Ghuniem was previously CEO at Al-Elm Information Security Company.

The resignation marks the latest in a string on management changes at STC Group in the past eight months.



Chairman of the board of CVM Television, Wayne Chen yesterday announced that Al Edwards has resigned as chief executive officer with immediate effect, following a brief stint.

The board, in accepting Edwards’ resignation, wished him well in his future endeavours.

“Edwards, who joined CVM Television on May 15, is a highly respected media practitioner, who has had an illustrious career in business journalism with both The Gleaner and Jamaica Observer,” CVM said in a release yesterday.

CVM Television is the official broadcaster of the London 2012 Olympic Games and the 2014 FIFA World Cup and is a member of the CVM Television Group that includes HOT 102 FM and CVM Productions.



This morning Intel Corporation announced that CEO Paul Otellini would step down in May 2013, exactly 8 years since assuming that position in 2005.  While Intel Corporation (NASDAQ:INTC)’s manufacturing capability is currently second to none, Samsung is catching up. Increasingly, new designs favor less expensive process technology, not high performance transistors used in PC CPUs.



Chunghwa Telecom’s CEO has resigned with immediate effect for unspecified personal reasons, the company has announced.

In a brief statement, the company confirmed that Dr. Shyue-Ching Lu, who was both Chairman and CEO is being replaced in the role by the company President, Dr. Yen-Sung Lee.

Dr. Yen-Sung Lee previously served as the President of Chunghwa Telecom since his appointment in 2012 and has worked at Chunghwa Telecom for 39 years. Prior to becoming President, he served as the Senior Executive Vice President in charge of the marketing and IT departments.



Mawindi took over from expatriate Aimable Mpore last July. According to an internal mail shown to NewsDay, Mawindi resigned with immediate effect last week.

Telecel Zimbabwe, now the country’s second largest mobile phone company by subscriber base, also announced the appointment of a new general manager in what could signal a major corporate shake-up.

The telecommunications firm is 60% owned by Telecel International, while the Empowerment Corporation — a local consortium of individuals and groups — owns 40%.

“The Telecel Zimbabwe board of directors hereby advises the Telecel employees that Mr Francis Mawindi has decided to pursue other opportunities outside the group and is stepping down from his position as chief executive officer of Telecel Zimbabwe with immediate effect,” said group chairman James Makamba in an internal announcement dated March 27 seen by NewsDay.




The Board of Directors of Kuehne + Nagel International AG accepted the request of Reinhard Lange, CEO of the Kuehne + Nagel Group since 2009, to release him from his duties because of health reasons effective May 7, 2013 (Annual General Meeting). Until the termination of his contract on December 31, 2013, Reinhard Lange will continue to support the Group in a consultancy role.



The ceo and executive director of Samudera Shipping Lines, David Batubara, has resigned from the company.

Batubara is quitting as chief of the Singapore-listed arm of Samudera Group after three years at the helm. Samudera said he was leaving for “personal reasons”.

Asmari Herry Prayitno, executive director and coo of Samudera will take over as interim ceo pending the search for a replacement.



StandardAero president and CEO Rob Mionis has resigned. The independent engine and airframe MRO services provider named Firoz Tarapore as interim president and CEO as it searches for a permanent successor.

Tarapore has served as a director and member of the executive committee of StandardAero since 2007. He will continue to serve on the board.

The board of directors also named current director David Smoot as vice chairman. Smoot is CEO of Dubai International Capital.



The embattled chief executive officer of the Capital Area Transit System since late 2009 resigned Monday afternoon.

Brian Marshall provided little explanation for his decision in a one-page letter of resignation to the CATS board, but his departure comes amid recent harsh, public criticism of the bus agency’s performance.

“It is my opinion, that the current environment is not conducive to building a sustainable system,” Marshall wrote. “Therefore, effective immediately, I resign as the CEO of the Capital Area Transit System.”

Marshall, in a phone interview, said he did not want to comment further.

Marshall spent most of the letter defending his record as the bus system’s leader, stressing that CATS is on schedule to deliver the services residents were promised in an April 2012 tax election, including more routes, buses and shorter wait times by 2014.




The incoming CEO of Lockheed Martin announced his resignation Friday after admitting to an improper relationship with a subordinate.

Kubasik, 51, was the defense contractor’s chief operating officer and was slated to take over current-CEO Bob Steven’s position in January.

However an internal investigation revealed he was having an improper relationship with a female employee – the circumstances of which was not disclosed.

Read more:

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Only days after signing a deal to expand ABB’s activities in PV, CEO Joe Hogan has resigned from his post. Hogan cited “private reasons” for his departure.

Electrical engineering conglomerate ABB has been making major moves into the renewable energy sector in recent years, driven by CEO Joe Hogan. Its most recent move was the acquisition of inverter manufacturer Power-One. However Hogan is now set to leave the Swiss-based company, although a date for his departure has not been set.

“Joe is a great and successful CEO and has done a remarkable job of leading the company through the deepest economic crisis in living memory. ABB today is in a much better position than it was when he joined five years ago,” said Chairman Hubertus von Grünberg, in a statement announcing the move. “I know this has been a tough and difficult decision for Joe and the Board sincerely regrets that Joe will be leaving the company.”

Read more:


After two years at the helm, R.B. Sloan has tendered his resignation as CEO of Pedernales Electric Cooperative, the cooperative’s board said Monday.

Sloan’s resignation will be effective March 15, and chief financial officer Frank Skube will serve as interim CEO until a new leader is chosen, according to a written statement from Kathy Scanlon, PEC board president.

Sloan was named CEO of Pedernales — the nation’s largest member-owned electric utility with more than 200,000 members — in February of 2011. His appointment came in the wake of a a years-long scandal at Pedernales that involved excessive salaries, questionable spending and undemocratic procedures.



Struggling project developer and PV distributor, Phoenix Solar is to close or divest a number of loss making operations in a bid to return to profitability after several years of heavy losses.




The boss of mining giant Rio Tinto Tom Albanese has resigned over a $14bn write-down, after admitting ‘accountability’ for the loss of assets following bad deals.

Rio Tinto revealed the losses in connection with its two most significant acquisitions in recent years. Immediately the company`s chief executive Tom Albanese left after more than 30 years working for the company.

Rio Tinto bought Canadian aluminum company Alcon in 2007, right before the start of the global economic recession. Some have called the $38 billion deal “disastrous”. In 2011 the company reported a 59% drop in profits followed by a $8.9 billion write-down on the value of the aluminum assets. As the results went public chief executive Albanese said he would not take his annual bonus.



AFTER months of speculation, BHP Billion announced on Wednesday that Marius Kloppers is stepping down as CEO and director of the world’s largest diversified resources miner.

Mr Kloppers had won kudos for leading BHP through the global financial crisis in much better shape than its peers, but disappointed investors with his expensive bid for shale-gas assets in the US, which led to $2.8bn in write-downs and cost him his bonus last year.

He is the third head of a major mining conglomerate to step down in recent months, following the resignations of Rio Tinto’s Tom Albanese and Anglo American’s Cynthia Carroll.

The announcement came as BHP Billiton released its financial results for the half-year to the end of December, saying underlying earnings before interest and tax fell 38.3% to $9.8bn, while attributable profit, excluding exceptional items of $5.7bn, was down 43.4%. It took $3bn in write-downs on its aluminium and nickel assets, in line with market forecasts.



Pan African Resources CEO Jan Nelson has quit his post at the company, according to announcement posted to the JSE on Wednesday, sending the stock’s share price down close to 6% by the end of trade.

On the LSE, where the company has its primary listing, the sell-down in Pan African’s shares was even more pronounced as the stock traded 8.5% lower late afternoon.

In its announcement, Pan African said Nelson’s resignation, both as chief executive and member of the board, will take effect on Friday (1 March).

The statement makes no mention of the reason for Nelson stepping down, but it is thought he is leaving due to personal reasons.

Nelson wasn’t immediately for comment.




ALAMEDA — Amy Trask resigned from the Raiders on Saturday, ending her tenure as the only female CEO in the NFL and as one of the highest-ranking women in American professional sports.

A fierce advocate for late owner Al Davis, Trask found her role reshaped under Mark Davis, who took over for his father upon his death in October 2011.

Since the arrival of general manager Reggie McKenzie in January 2012, Trask’s primary duties were to generate revenue through marketing and ticket sales and help the organization in its quest for a new stadium.

The Raiders are in the final year of their lease at Coliseum. Trask has publicly pushed for a new stadium on the current site, with

File: Oakland Raiders CEO Amy Trask talks during a press conference at the Oakland Coliseum. (Nick Lammers/staff 11/2/05)

no deal on the horizon.

In an email to reporters, Trask said, “Earlier today, I informed Mark Davis of my decision to leave the Raiders. Having honored a commitment that I made to effectuate a smooth transition and transfer of control, I no longer wish to remain with the organization.

“For over a quarter of a century, it was my honor and my privilege to work for the Raiders. I will forever appreciate the opportunity afforded me by Al Davis.”

Trask joined the Raiders in 1987 in the legal department with the club in Los Angeles and was named CEO in 1997.

The Raiders, who have restructured both the football and business side of the organization since the death of Al Davis, acknowledged Trask’s departure with a statement

on the club website:

‘Mark Davis, Carol Davis and the rest of the Raider family would like to thank Amy Trask for her valued contributions to the Raiders over the past 25 years. The Raiders wish her the very best in her future endeavors.”

Neither Trask nor Mark Davis could be reached for comment.



PORT Adelaide Magpies chief executive Brian Leys has resigned.

The Magpies premiership player has left the SANFL club after noting the challenges at Alberton were forcing him to make too many sacrifices at home where he has three young children.

Leys was appointed to the Magpies’ administrative role in March last year.

“I’ve been discussing my position with club chief executive Keith Thomas for the last couple of months and I’ve come to the resolution that I want to spend more time with my young family,” Leys said.



The train wreck that was Ron Johnson’s tenure at J.C. Penney (JCP) is over.

Johnson has stepped down from the top spot nearly 18 months after charging in with big plans to overhaul the retailer and its long-established business model.

His predecessor, Myron Ullman, is returning to lead the company. Investors initially applauded the move, sending shares up more than 12% in after-hours trading Monday. Later in the evening, shares fell back to an 8% loss.

Johnson’s resignation brings to an end one of the more extraordinary business upheavals in recent memory. He made a name for himself leading the retail efforts ofApple (AAPL) and also held a top management position at Target (TGT). He was envisioned as a savior of sorts, and promised to return Penney to profit and make it a fashionable and exciting place to shop.

Johnson tried nixing sale events in favor of everyday low prices, and almost immediately found resistance from shoppers accustomed to Penney’s couponing and discounting culture. He boldly revised the company’s advertising, eschewing value propositions in favor of sparsely elegant and stylish displays that confused customers because they didn’t show prices.

Investors watched in horror as Penney’s stock price plummeted more than 50%.



Tuesday Morning Corp. of Dallas said Monday that CEO Brady Churches has resigned after six months on the job.

The 830-store chain that sells closeout home and gift merchandise named Michael Rouleau, 74, a Tuesday Morning board member and former CEO of Irving-based Michaels Stores Inc., to be interim CEO until a permanent replacement is found.

Churches, 54, will stay on as consultant.

Tuesday Morning’s stock fell $1.20 a share, or 13 percent, to close at $7.78. Still, share value has more than doubled in the past year since Dallas-based activist investors Becker Drapkin Management LP gained control of the board and ousted 12-year CEO Kathleen Mason



Pandora chief executive Joe Kennedy announced he would step down from his position during the company’s fourth-quarter earnings call. Shares rose nearly 20 percent on the news.

Kennedy said he will remain at Pandora’s helm — and as its chairman and president — until his successor is named, ending his 10-year run as the online radio company’s top executive.

“I love this business, which I helped create,” Kennedy said in an earnings call with analysts. “But as I approach the end of my tenth year, my head is telling me its time to find a recharging station.”

Under Kennedy’s leadership, the company has grown to take an 8 percent share of the total U.S. radio market, but has failed to regain the $20 per share price that it saw when it began trading publicly in June 2011.

The company did beat analyst expectations, but reported a net loss of 9 cents per share on $427.1 million in revenue. Mobile revenue growth grew 111 percent over the same period last year, outpacing a 70 percent listener hour growth through mobile devices.



Hulu CEO Jason Kilar announced in a blog on Friday that he’ll be stepping down in the first quarter. While the news was not unexpected, the timing was certainly a surprise.

Rumors started circulating in August that Kilar was on his way out. But the announcement came just days before the Consumer Electronics Show, where Hulu was expected to showcase its Hulu Plus app and its range of original content, and feature the fact that the subscription product is available on nearly every new device at the show.



ATLANTIC CITY — Kevin DeSanctis, the man who guided Atlantic City’s Revel casino-hotel through its tortuous development, only to see it struggle amid the cutthroat East Coast gambling market, is stepping down as head of the $2.4 billion resort.



James Piscopo has resigned from his post as CEO of the Labour Party with immediate effect. He is expected to take a senior position at Transport Malta.

The PL thanked Mr Piscopo for his ‘excellent service’ to the party, describing him as instrumental for the party’s electoral victory and for making the party the effective and efficient organisation which it is today.



VII Photo’s director Stephen Mayes has resigned effective 30 May. Nick Papadopoulos, the agency’s international director, will serve as interim CEO until a successor is named, the agency has announced today.

“It’s very tough to leave this great, talented team, but I feel the need to pursue new creative projects that will combine my experience and passion in many different parts of the photographic world,” says Mayes in a press statement. “It’s been a privilege to work with the world’s greatest photojournalists for the past five years, and what I’ve learned from them has been invaluable and is instilled in me for a lifetime.”

Ron Haviv, one of VII’s founding members, comments: “Under Stephen’s leadership, VII has increased its global footprint and has significantly grown its network of award-winning photographers, whose work appears regularly in the world’s top news media, including Time, National Geographic, The New York Times Magazine, Stern, The Sunday Times Magazine, GEO, The New Yorker and in exhibitions worldwide.”

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We will keep on expanding this article as we go along. In the meantime, keep the fire of the Last Revolution burning.

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We are very grateful to the following for the love and support they’ve given us for the month of May 2013:

Merna M, $20
James F, $10
Millard C, $15
Meera M, $49.95
Pamela F, $100
Wiley S, $100
John A, $10
Charles B, $10


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