-——JC Penney President Mike Francis Came, Saw, Collected $10 Million, And Quit Nine Months Later-——
Where my dad used to work, there was a revolving door of CEOs and golden parachutes. The average tenure was about three years. The company never promoted from within. It used to piss him off royally.
Why should those CEOs have any loyalty or desire to stay with the company? It’s not like they built it from the ground up with their own blood, sweat and tears!
But since your dad probably didn’t have an MBA from an Ivy League school the top guys within the company wouldn’t even consider the possibility of promoting from within.