The following is the first entry under this new category of Random Thoughts. These are meant to be short and sweet and hopefully trigger some reaction in your own brain.
I just learned that E. Stanley O’Neal, Chairman and CEO of Merrill Lynch is leaving that firm following the need to write down $8.4 billion related to the real estate subprime mess. Now, $8.4 billion is a lot of money and someone does need to take responsibility for allowing a debacle of that scale to develop. When the loss is that great, it's appropriate that the top guy turns into the fall guy.
So let's reflect on this but with the perspective turned toward our own Biopharma industry. The nearest example I can think of is the ouster of Peter Dolan as CEO of BMS back in September 2006. Mind you, Mr. Dolan was not exactly volunteering to take responsibilty for his management of the company. Perhaps we would all be better served if some other members of top management recognized their own weaknesses and/or bad leadership and volunteered for the exit rather than being shown the door.