Dennis Carey Info.

ISHOF Proud to be Voted the Best Sports Museum

admin — Mon, 30 Aug 2010 09:18:55 +0000

“The Official Best Of” program was started in 2004 by Executive Producer Brett Allen. He saw a need for better resources about travel and created The Official Best Of. Each state production shows the best attractions in various categories in their area.

As part of The Official Best of Florida for 2010, The International Swimming Hall of Fame, where Dennis Carey is on the Board of Directors, was voted the best sports museum in Florida.

Part III: Dennis Carey and SOX

admin — Sat, 14 Aug 2010 09:33:40 +0000

SOX is compulsory only for publicly traded companies that file a Form 10-K with the SEC (Securities and Exchange Commission), but many private companies as well as non-profits feel a need to voluntary comply with the SOX standards due to market pressures. Those private companies that choose not to adopt SOX governance and internal control structures face the possibility of finding it more difficult to raise capital, could face higher insurance rates, might be subjected to greater civil liability and could even face a loss of status and reputation among customers, investors and donors.

Part II: Sarbanes-Oxley Creates New Corporate Climate

admin — Sat, 07 Aug 2010 09:26:23 +0000

The thrust of the law was to ensure that publicly reported financial information could be relied upon by investors making decisions, while at the same time improving the confidence those investors have/had in the U.S. capital markets. SOX prescribes responsibilities for corporate boards, executives, securities analysts, auditors and lawyers with enforcement of these duties through penalties which the act stipulates.

Continued…

Sarbanes-Oxley and the Corporate World:Part I

admin — Fri, 30 Jul 2010 10:10:04 +0000

In several articles written by Dennis Carey, the Sarbanes-Oxley Act of 2002 is mentioned. This legislation was initiated by U.S. lawmakers in response to the loss of confidence American investors were expressing at the time, in a fearful reminder of the Great Depression of the 1930’s. President George W. Bush signed the legislation almost exactly 8 years ago, on July 30, 2002, and within a short while was referred to as SOX.

To Be Continued…

Part III:New Trends in CEO Succession

admin — Fri, 23 Jul 2010 09:17:07 +0000

Dennis Carey also points out that the contemporary trend for CEOs to stay in their position fewer years then the duration they were there in the past has added even more relevance to this corporate issue. Over the past several years the average length of a CEOs tenure decreased from about 8 years on average to even less than five years. Therefore, having a succession plan is an urgent issue that touches corporate life across the board.

Part II: Dennis Carey Says Succession Planning Crucial

admin — Fri, 16 Jul 2010 09:11:40 +0000

Today boards discuss succession planning more than any other topic aside from making sure the current chief executive is the right one for the job. One probable reason that this subject is taken more seriously than it has been in the past is due to the provisions demanded by the groundbreaking Sarbanes-Oxley Act; the need to have “executive session” meetings, meaning that the board must meet without the executives present; the better to discuss their eventual replacement.

Dennis Carey, an expert on helping companies through the succession process, urges that boards make drawing up a succession plan part of the criteria for a boss’s pay. “Twice a year the board should ask the question, ‘Joe, if you were hit by a truck, who do you recommend should take over your role?’ The CEO should then write the name in a sealed envelope,” Dennis Carey continues, “in the eventuality of a truck-hitting incident.”

Continued…

Dennis Carey and Executive Succession:Part I

admin — Fri, 09 Jul 2010 09:31:54 +0000

In the past ten years the issue of executive succession has become ever more important. All too often large, successful companies find themselves in crisis mode when, for whatever reason, the CEO must depart from his position. If a company has no well-thought-out plan about how to react to the departure of its leader, the company can be left in a precariously vulnerable position, creating uncertainty which can affect the company’s value and its ability to function efficiently.

To Be Continued…

Dennis Carey on Running a Company

admin — Wed, 30 Jun 2010 08:19:40 +0000

In his book, ‘How to Run a Company: Lessons from Top Leaders of the CEO Academy,’ Dennis Carey discusses the role top executives have in a public company: “Despite the apparent public hostility to corporate executives, their role in a public company – particularly the role of the chief executive officer – has remained poorly understood. Indeed, one of the paradoxes of business press coverage of corporations is that while the personalities and wealth of CEOs have been exhaustively documented, there has been scant attention to what a CEO actually does. True, much has been written on the “leadership qualities” or “management styles” of corporate executives. But this literate is very different from a description of the day-to-day demands of a CEO: how he develops strategy, how he motivates employees, how he works with board members, how he deals with the investor community.”

Dennis Carey on Choosing a CEO

admin — Wed, 23 Jun 2010 07:13:27 +0000

In his book, ‘CEO Succession: A Window on How Boards Can Get it Right When Choosing a New Chief Executive Officer,’ together with his co-author Dayton Ogden, Dennis Carey takes his experience from “personal interviews and behind-the-scenes work with CEOs and directors of some of the leading companies in the world to articulate the field-tested strategies and techniques boards need to create a systematic and transparent planning process that promotes a seamless transition of leadership at every level in the organization. With an up-close look at such companies as Metropolitan Life, Hewlett Packard, Mellon Bank and GTE, CEO Succession shows how to put in place the key elements essential in the succession-planning process: establish and sustain a reliable succession agenda and timetable; implement a self-renewing succession culture that develops leaders at all levels of management; create a healthy relationship between the board and CEO that keeps the CEO on track; and benchmark internal candidates for CEO and other top posts with comparable outside leaders.”

CEOs lash out at WorldCom

admin — Fri, 11 Jun 2010 03:23:51 +0000

CEOs Lash Out at WorldCom first appeared in CNN Money by Kathleen Hays

“Last fall, when I covered my first “CEO Academy” here in New York, the scandal at Enron had just started to break.
Most of the attendees at this one-day “finishing school” for new CEOs were reluctant to talk about it on camera. Too hot to handle.
Six months later it’s a different story. WorldCom hit corporate America like a punch in the stomach. Just when people were hoping the “bad apples” had been ferreted out, along comes what appears to be the biggest corporate fraud in history. And the people here are sounding a bit furious about what many are calling “WorldCon.”

The opinions of this group mean something. The academy is the brainchild of Dennis Carey and the G-100 Group, formerly known as the M&A Group. The faculty includes Jeff Immelt of GE, Raymond Gilmartin of Merck, and Bill Stravopolous of Dow Chemical.

“Somebody’s got to go to jail,” said M. Bruce Nelson, chairman and CEO of Office Depot, and one of the academy’s 16 students. “But the abuses are just too much and they hurt credibility at the entire community.”

Kevin Sharer, chairman and CEO of biotech heavyweight Amgen and Academy “professor,” seemed aghast at the news.
“Ten years ago I worked at MCI [part of WorldCom], so my first reaction was personal,” Sharer said. “I have friends there whose entire savings have been wiped out. I was also sickened and unhappy as a CEO — it is just unconscionable.”

How did it happen? What broke down? Sharer said, “The drive for earnings certainly had to be a part of it.” And he said he’s confident the new CEO, John Sidgemore, with whom he worked years ago at GE, will “figure it out.”

“I asked corporate governance expert Ira Millstein, one of the instructors at the Academy and senior partner at Weil, Gatshal & Manges, about the directors at these companies, whom many believe should have done more to stop the abuses.

Millstein said boards have to start doing their jobs, monitoring management, and watching compensation to see if it “incentivizes cheating or incentivizes performance.”
This is tough for members of the boards of directors, Millstein said. “You have to be willing, when it is necessary, to go head on with management and to say, ‘No, we are not going to compensate this way,’ or, ‘You’re not performing well, you won’t get the bonus,’ or, ‘You ought to be replaced,’” he said. “These are the tough jobs that boards are going to have to pay a lot more attention to.”

Kathleen Hays co-anchors Money Markets, airing Monday to Friday on CNN, and appears throughout the day reporting on the economy and how it affects financial markets. As part of CNN’s Business News team, she is also a regular contributor to Lou Dobbs Moneyline.
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