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