Friday, June 15, 2012

Buffett Fires CEO After Bermuda Cruise

Billionaire Warren Buffett has fired the CEO of Benjamin Moore after he treated himself and his corporate coterie to a trip to Bermuda on the company tab, the NY Post reports.  The 129-year-old paint company had just recorded its first quarterly sales increase since 2007, and the Post reports that CEO Denis Abrams arranged the island getaway to celebrate the achievement.

“But the Bermuda trip — and an island dinner cruise while there aboard a yacht that some in the party believed was owned by singer Jimmy Buffett — proved to be one of the last acts Abrams would take on as CEO,” the Post said.

“The trip riled Benjamin Moore’s rank-and-file, who have weathered layoffs, slashed commissions and frozen salaries over the five years of tough sledding.

“Whether or not because of worker complaints, a half-dozen Berkshire officials descended on Benjamin Moore’s North Jersey headquarters last Tuesday to give Abrams his walking papers — and escort the CEO from the building, sources said…

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