Tag: CEO

Mr. McMahon Netflix Documentary (Review)

Disclosure: Not something that I readily admit to, but I have been a follower of professional wrestling for over 60 years. I grew up watching Bruno Sammartino, Bobo Brazil, The Kangaroos, Buddy Rogers, and many other wrestlers. Even at an early age, I never fell into the trap that what I was watching was totally real. I admired the athleticism and strength of the wrestlers, but I knew that the results were predetermined. I was always interested in how matches and wrestlers were booked. I had a sense of what the business was all about.

I don’t think there is anyone who has had a bigger influence on the pro wrestling entertainment business than Vince McMahon. He certainly is a very controversial figure. So I was very curious to view the documentary about him, especially given the recent allegations of sexual abuse and deviant behavior against him.

Here are my observations and quick review about the documentary…

  • There were no major blockbusters or surprises for this viewer. Bill Simmons, who produced the documentary, acknowledged that for the regular wrestling fan, that they may not find anything new in terms of information or disclosure. I was a little surprised at how the decision to have the Undertaker beaten by Brock Lesnar at Wrestlemania was basically communicated at the last moment.
  • I would not have wanted to be Shane or Stephanie McMahon. I certainly was not impressed to hear things about Vince as a father. The recent allegations against Vince may or may not be charges that are a surprise to them. I found it very creepy that Vince proposed an angle where Stephanie was pregnant and he was the one responsible.
  • I’m not sure why Linda McMahon is still married to him. My guess is that she knew the type of man he was and realized that he was not going to change. Vince has alluded that he has a huge sexual appetite and this has lead to speculation and rumors of his infidelity.
  • Vince was obviously an excellent businessman and a ruthless one at that. He was able to take a wrestling organization that was based in the northeast U.S. and make it a global organization. He was largely able to accomplish this by being a bully. He bullied his wrestlers, other wrestling promoters, the press and his employees.
  • Donald Trump and Vince McMahon share many traits. Both are thin skinned to criticism, unabashed skirt chasers and know how to appeal and motivate the baser instincts and prejudices of their audience and followers. It certainly understandable why Trump and McMahon were natural business partners in various wrestling promotions.
  • What one learns and watching the documentary is how McMahon manipulates his wrestlers and employees. Even those who he has treated very poorly have often commented on how they have a grudging respect for him. McMahon was always about “doing what was right for business” and if people were uncomfortable in doing what he demanded, he got rid of them. Wendy Richter and Bret Hart’s stories are instructive of this attitude.
  • The non-wrestling fan may enjoy this documentary. McMahon is a fascinating character both on the mat and off it. He is a very successful entrepreneur. As a human being, he has his flaws and this documentary details many of them.
  • The documentary did not go into any significant detail into the allegations against McMahon by a former female employee, who felt that she was his slave and asked to perform various deviant sexual act with McMahon and others. Maybe that will be examined in a part two of the McMahon documentary.

Power Failure: The Rise and Fall of an American Icon (Book Review)

Summary: Written by William D. Cohan, this book chronicles the birth and demise of General Electric. The author focuses specifically on the CEO administrations of Jack Welch and his successor, Jeff Immelt. GE was the premier American business model in the 20th century. With operations worldwide and a diverse line of operations and businesses, GE was a business powerhouse and the CEO title there was competitively sought.

This book read like a novel. Greed, hubris, deception, scandal, paybacks and crime were found at the highest ranks of the company. Did Jack Welch “cook the books” to satisfy his promise of reaching quarterly earning projections? It appears he did utilize assets from GE Capital when there were operation shortfalls. Welch laid off tens if not hundreds of thousands of employees. He closed business lines that had operated successfully for decades. Business operations, employees and products were chess pieces for GE CEOs.

Welch more than Immelt had the respect of GE employees and certainly senior management of the corporation. Welch personally managed the careers of many of the men who moved up in the organization. Welch also listened to objections to his thinking, something that Immelt refused to do.

Both Welch and Immelt made poor business decisions. There were businesses and companies that each man should not have merged with or purchased. Immelt generally did not solicit comments or potential objections from his senior officers before a major business decision. This was a major cause in his downfall and GE’s fortunes.

Welch was a complex figure. His loyalty to men who worked for him did not extend to women he married. He appeared to find solace with his third wife, Susie.

Cohan spent time within the book describing the personalities and lifestyles of not only Welch and Immelt but other men of ambition and power in the GE organization. How GE did or did not develop a succession plan for their next CEO is a topic worthy of study by MBA classes.

Rating: ★★★★★

One of the best business books that I have read.