Tuesday, August 11, 2015

In The "Caught My Eye" Dept.: $8.2 Billion Written Off; 29,160 Jobs. . . Gone, Since 2010 -- Legacy S-P

This is all as a direct result of the "yard sale" Fred Hassan (and his top six co-horts) made, out of what was legacy Schering-Plough.

Even so, the staggering $8.2 billion above doesn't include the settlement of the various securities class actions that resulted from his mismanagement -- which likely now push the all-in tally close to another $1 billion -- or $9.2 billion, overall. [In addition, there were over 12,000 positions eliminated in the three years before Hassan sold S-P to Merck.] Merck's recently filed SEC Form 10-Q (at pages 5 through 7) discloses what is pretty much the final tally, on the Merck side of the ledger -- of the manifold Hassan & Co.'s miscue costs (per an industry-watching periodical):

. . . .Since 2010, Merck has recorded total pretax accumulated costs of approximately $8.2 billion and eliminated approximately 29,160 positions in connection with the post-Schering-Plough layoffs. . . .

Now you know -- he truly was the "most heartless CEO" in corporate America -- in his day. . . . Onward.

1 comment:

Anonymous said...

Or as they said to us when we were told it was all happening; "don't take it personally, it is just business."