Toshiba Corp. has been subjected to almost daily press stories and analyses in the Japanese media on their continued struggles in the wake of a huge accounting scandal at the formerly blue-chip powerhouse company. The scandal was likely large in terms of financial losses, but even larger in terms of decimating the reputation of the company and its management. To turn the situation around, the company must start to build a new reputation for reliability. It isn’t going to be easy…
Management
Nortek Management Scrambles in Wake of Troubling Q2 Results
Company Loses Almost 6% of Total Market Value in Just a Few Hours
Nortek, Inc. released the results for its fiscal second quarter after the market’s close on Monday and took the unusual step of issuing optimistic performance guidance for the remainder of the year. The company does not typically release future performance guidance as a matter of policy, but did so in an apparent attempt to calm investor reaction to their troubling report. It didn’t work – investors reacted strongly on Tuesday by driving Nortek’s stock to a close of $75.23 per share, down sharply from the previous close of $79.88. In just a matter of hours, the total market value of Nortek collapsed almost 6%.
Why did investors react so strongly?… [Read more…] about Nortek Management Scrambles in Wake of Troubling Q2 Results
Investigators: Toshiba Over-Inflated Profits; Top Execs Knew
BREAKING NEWS
Company Schedules Press Conference Tuesday; President Expected to Resign
The Japan Times is reporting today that investigators looking into potential accounting malfeasance at Toshiba Corp. for the five-year period ending March 31, 2015 have released summary findings that confirms that the company management was directly involved in misreporting profits. The news exploded in Japan, as one of its most venerated companies has lost all credibility.
The company has scheduled a press conference for Tuesday in which it is widely anticipated that Toshiba’s President Hisao Tanaka will resign.
But the damage to the company, doesn’t end with Tanaka…see more… [Read more…] about Investigators: Toshiba Over-Inflated Profits; Top Execs Knew
5 Complaints Employees Have About Their Leaders
New research from Interact/Harris offers a cautionary tale on the risks to companies from a breakdown in communications between bosses and their employees, according to an analysis by the Harvard Business Review. Success is often contingent on efficient execution from well-directed teams. But when communication breaks down, all bets are off.
See more on the importance of keeping your team on the same page… [Read more…] about 5 Complaints Employees Have About Their Leaders
Toshiba’s Troubles Hit Tipping Point
BREAKING NEWS
Reports Say CEO is Out; Board of Directors Faces Massive Overhaul
When Japan Prime Minister Shinzo Abe announced an initiative to tighten up corporate oversight he couldn’t possibly have known that his administration’s first catch might be his biggest – Toshiba Corp. Toshiba, one of the largest and most respected companies in Japan, is being investigated for what many sources are calling one of Japan’s worst accounting scandals.
See what is coming for this titan of Japanese industry… [Read more…] about Toshiba’s Troubles Hit Tipping Point
Origin Acoustics, Facing Its 1st Birthday, is Big For Its Age
“It’s been tremendous,” declared Origin CEO Jeremy Burkhardt with his typical over-the-top enthusiasm, when asked how his nearly one-year old company is doing since its launch at the 2014 CEDIA Expo. “I’ve been on the road for 3-weeks a month for the last 12-months.” And apparently, from what Burkhardt tells us, loving every single minute of it.
See more on Origin on the eve of its first birthday… [Read more…] about Origin Acoustics, Facing Its 1st Birthday, is Big For Its Age
Dave Donald Leaves Origin; Takes Position at Kaleidescape
BREAKING NEWS
Well-known industry executive Dave Donald has left Origin Acoustics where he was Vice President of Marketing to take a position at media center manufacturer Kaleidescape. Donald left Origin approximately two weeks ago and oddly, neither company has offered any type of official announcement. We first heard about this situation from multiple sources and confirmed it with both Origin and Mr. Donald.
See more on this somewhat surprising announcement… [Read more…] about Dave Donald Leaves Origin; Takes Position at Kaleidescape
On Controls Names Director of Control
On Controls, the cloud-based home automation solutions for integrators, announced today that it has named Jeffrey Skalny to Director of Control. In this role, Skalny will report to the company’s CEO directly and will be based out of On Controls Detroit, MI headquarters location.
Who is Skalny and what exactly will he be doing for On Controls? Read on… [Read more…] about On Controls Names Director of Control
Proxy Adviser Tells Japanese Investors to Vote Out CEOs at Sony & Sharp
We live in interesting times! In a news report out of Japan that is, shall we say, unusual – proxy investment advisory firm ISS is recommending that Japanese shareholders vote against the reelection of the top executives at both Sony Corp. and Sharp Corp. at upcoming annual shareholders meeting for the firms. Coming from the land of consensus and support for local brands, this news is quite surprising.
See more on ISS’s recommendation & the reason they suggest these execs must go… [Read more…] about Proxy Adviser Tells Japanese Investors to Vote Out CEOs at Sony & Sharp
Backing Beats – Apple Launches Retaliatory Attack on Monster
BREAKING NEWS
Monster’s Noel Lee Talks to Us About Latest Lawsuit Developments
As many regular readers know, Strata-gee has been closely following the litigation between Monster, LLC and Beats Electronics, LLC. Although the matter is really just getting started, it appears to be getting really ugly, really quickly. Now we have learned that Apple, Inc. has taken several actions that, according to Monster CEO Noel Lee (who is known as the Head Monster), are pure retaliation over this lawsuit – even though Monster did not sue Apple.
