Legendary Deal-Maker Urges: Ditch Underperforming CEO’s Quick!
Henry Kravis is a Wall Street LEGEND! The firm he founded with his cousin George Roberts in 1976, KKR, now manages over $130 billion in assets. Kravis is worth an estimated $5 billion, yet, so it seems, even the smartest and most successful amongst us make mistakes. He has admitted to making this same mistake again and again. Here’s what Kravis had to say:
“We might have been too slow in changing out some CEOs of companies we had, keep thinking that he or she will get a lot better. I can pretty well tell you that what you see up front is pretty much what you’ll see in the end. You can help around the edges, but people don’t change that much.”
“Waiting is a lost opportunity, and we used to wait. And we didn’t do it just once — we did it a number of times because we kept thinking, ‘OK it’s not the right time. We don’t have the right person.”
“I think today we move much faster than we ever did.”