What is easier when the leaders themselves

It is in the storm that it identifies the best captains. But if most of the boards of large companies have developed specific methods to reward the performance of their leaders, it does not similarly to sanction any underperformance. Recent waltzes of some major figures of the CAC 40, the Bank or the services, respond to disparate logical.

If the departure of Serge Tchuruk and Patricia Russo of Alcatel-Lucent appears justified both the French group was a victim for years of strategic errors, the sanction may be late. The Council which is resolved has probably seen more straw which obstructed the vision of the leaders at the beam that blinded it himself when he approved of their decisions and paid them highly.

The eviction of Gérard Le Fur of the branch of Sanofi-Aventis, twenty months after his appointment, less justified boursièrement speaking of the tandem of Alcatel-Lucent, also led to wonder about the insight of the directors. They had indeed promoted it while some drug problems and the inadequacy of the pipeline of new molecules were already patents. By setting for several years a monthly pay of 150,000 euros for that he was working not for competition and continues to provide advice to the company, directors stressed the ambiguity of their position. Either the Fur is an excellent leader that the competition will pull and needed to keep it. Either it has failed and there is no need to continue to pay.

The two most recent sanctions, José Luis Duran in Carrefour and Philippe Germond in Atos Origin, are the same offset as the Council, with however a difference of size. Both were rather in the rebound phase in a difficult period, but of new reference shareholders arrived and no doubt wanted mark the break by changing the men.

The magnitude of the financial crisis, is also asking if the changes are in tune with. Of course, three banks have paid their tribute: Société Générale, Dexia and Caisse d'Epargne. For the first tree Kerviel has long hidden forest of the "subprime". Daniel Bouton had offered his resignation after the discovery of a hole of unprecedented magnitude, but administrators refused the for do not yield to the pressure of events, before away position to command a few months later. Dexia, on the other hand, the blindness of leaders and administrators blindness resulted in a sanction hot. The squirrel is a being apart, it took the guise of a large loss of trading for the responsible tandem of the chaos caused by the lack of rigor that surrounded the creation and monitoring of Natixis or investment in Nexity. An episode which could also justify calling into question the maintenance of the Dupont-Ferrero tandem at the head of Natixis, whose breakup resembles that of Dexia.

Another bank figure with the Franco-Belgian and the General in the trio of head of the largest value of the CAC 40 destructors in recent years: Credit Agricole SA. Not only the Green Bank is worth less than half of its course in the stock market, but also the value of the $ 5.9 billion made by shareholders to restore own funds, a few months ago, melted by 30. However only the pattern of the Calyon subsidiary was thanked. The hat can seem a bit large for him, the duo Carron-Pauget, head of the Bank for investment and international development, who however kept his place at the top.

The industry also has its defects. The rout of Renault, contradicting the optimism long reiterated its leaders, has no effect on the fate of Carlos Ghosn. Not more than that of Veolia to that of Henri Proglio. More than a drop of the course, which is General, it is mainly the inability to discern the extent of the recession that was emerging which can them be charged. As Lakshmi Mittal believed that steel demand rise to the sky or François - Henri Pinault refused to prune its public distribution prior to the fall. But the important seems to be then to maintain the confidence of the major shareholders. What is easier when the leaders themselves.