Ad “tech” is the only way?
They are actually going after the correct things.
Crazy. Kenny is ex-Amazon. Michael Brown is ex-Amazon too.
Petersen has fired many of the executives Clark recruited from Amazon, including Henry, as well as Teresa Carlson, who was the company’s president; Tim Collins, who served as executive vice president of global operations; and Kelly Cheeseman, a vice president and chief of staff.
Leaving the mother ship so can’t perform or behave like working in a T-cap company while in a mid-cap company?
This behavior happens all the time. You can’t bring the same playbook to the next company and expect it to work.
In any case the CFO could’ve kept the former CEO and their spending binge in check and that didn’t happen here.
If this is the case, why are companies often recruit top managers from other companies instead of promoting within?
Could be lots of reasons
-Business challenges that need some outside expertise
-Unskilled internal teams
-Try an outside leader to bash heads and create alignment (or clean house)
That sounds super dysfunctional.
“Ferro allegedly told Clark that Flexport would be willing to give him a block of 2 million shares — worth millions of dollars — if he signed a separation agreement that included non-disclosure and non-disparagement clauses.
Clark declined, the person said. Shortly after Flexport reached out with the offer, Clark took the stage at the same supply chain conference in Phoenix that Petersen spoke at earlier in the day.”
I have no idea Clark’s net worth, but it wouldn’t surprise me if it was hundreds of millions. The guy was making $50M+/yr as COO. A few or even several million dollars doesn’t move the needle for him.
“His move may have something to do with a Washington state supreme court decision in March of this year to uphold a 7% tax on capital gains that took effect in January 2022 despite a legal challenge.”
He sells $1B/yr to fund blue origin. 7% is a LOT of money. He could just split time or visit Miami more. Nope, he’s changing his primary residency.
Funny. He moves to a state that won’t tax his AMZN share selling, then he sells ~$1.24B of it. He clearly didn’t want to pay the 7%. I wonder how much sales tax revenue WA lost from him moving.
Washington has no state income tax but has a 7% capital gain tax, weird.
Yup, it’s very recent. It’s meant to target people who have RSUs long enough to be long-term gains. Pay less federal income tax but pay state income tax.
This is why I love our California state here. Highest state tax, highest sales tax, highest property tax… No discrimination on asset class.
To top it off, they use the money so well to support so many druggies. This is what gets me off the bed every day and spend 67 minutes each way in traffic to work. That, and free cafe late in my office.