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Business Driven Technology 6th Edition by Paige Baltzan
Edition 6ISBN: 9780073376905Business Driven Technology 6th Edition by Paige Baltzan
Edition 6ISBN: 9780073376905 Exercise 34
What's Wrong with This Bathroom
If you were the CEO of a global financial company that was experiencing a financial crisis, would you invest $1 million to renovate your office Probably not and you are possibly wondering if this is a fabricated story from The Onion. Guess what, this is a true story! John Thain, the former CEO of Merrill Lynch, decided to spend $1.2 million refurbishing his office-well after Merrill Lynch posted huge financial losses. Thain personally signed-off all of the following:
Area Rug: $87,784
Mahogany Pedestal Table: $25,713
19th Century Credenza: $68,179
Pendant Light Furniture: $19,751
4 Pairs of Curtains: $28,091
Pair of Guest Chairs: $87,784
George IV Chair: $18,468
6 Wall Sconces: $2,741
Parchment Waste Can: $1,405 (yes, for a trash can!!)
Roman Shade Fabric: $10,967
Roman Shades: $7,315
Coffee Table: $5,852
Commode on Legs: $35,115
Project Focus
It takes years of education and work experience for people to build the skills necessary to take on the role of CEO. Obviously, a company like Merrill Lynch would only hire a highly qualified person for the job. What do you think happened to John Thain Why would he spend an obscene amount of money redecorating his office when his company was having financial trouble What happens to a company whose executives are not aligned with company goals How can you ensure that your company's executives are not making monumental mistakes, such as million dollar bathroom renovations
If you were the CEO of a global financial company that was experiencing a financial crisis, would you invest $1 million to renovate your office Probably not and you are possibly wondering if this is a fabricated story from The Onion. Guess what, this is a true story! John Thain, the former CEO of Merrill Lynch, decided to spend $1.2 million refurbishing his office-well after Merrill Lynch posted huge financial losses. Thain personally signed-off all of the following:
Area Rug: $87,784
Mahogany Pedestal Table: $25,713
19th Century Credenza: $68,179
Pendant Light Furniture: $19,751
4 Pairs of Curtains: $28,091
Pair of Guest Chairs: $87,784
George IV Chair: $18,468
6 Wall Sconces: $2,741
Parchment Waste Can: $1,405 (yes, for a trash can!!)
Roman Shade Fabric: $10,967
Roman Shades: $7,315
Coffee Table: $5,852
Commode on Legs: $35,115
Project Focus
It takes years of education and work experience for people to build the skills necessary to take on the role of CEO. Obviously, a company like Merrill Lynch would only hire a highly qualified person for the job. What do you think happened to John Thain Why would he spend an obscene amount of money redecorating his office when his company was having financial trouble What happens to a company whose executives are not aligned with company goals How can you ensure that your company's executives are not making monumental mistakes, such as million dollar bathroom renovations
Explanation
Verified
Verified
Mr J had high level of financial crisis....
Business Driven Technology 6th Edition by Paige Baltzan
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