Mad Money Recap
Cramer's 'Mad Money' Recap: Backed Up Against a Wall of Shame
09/28/07 - 08:09 PM EDT
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"It is time to pay a visit to my Wall of Shame for CEOs that are so bad their very presence could bring down a company's stock," Jim Cramer told viewers on his "Mad Money" TV show Friday. "If they just vanished, leaving no one at the helm, their stock could go higher." He placed Alcatel Lucent's ALU Chief Executive Patricia Russo at the top of his list. After issuing its third profit miss of the year, the company recently had a meeting at which Alcatel's directors asked Russo to come up with an emergency plan to salvage its financial performance, Cramer said. The Financial Times has reported the deadline for Russo to come up with this restructuring plan is one month, he said. But if Russo leaves, Cramer believes Alcatel would be better off. The second slot on the CEO Wall of Shame list, he said, goes to Marsh & McLennan's MMC Michael Cherkasky.
The management at MMC is "in complete and utter disarray," Cramer said, and the turnaround CEO Cherkasky keeps promising keeps taking longer than expected. There are two ways MMC could go higher, he continued. Either Cherkasky could leave or he could announce the breakup of the three different divisions that make up MMC.
In discounting an analyst downgrade, Cramer says people will be donning their Under Armour gear when the weather cools.
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