General Cable: The Place Where Careers in Finance & Accounting Go to Die
Pros
1. Free parking 2. Free coffee 3. Free gym
Cons
Lack of Leadership: Everyone outside of General Cable is familiar with the results; restated 10-K’s, poor internal controls that resulted in a massive fraud in Brazil and bribing of officials that resulted in violations of the foreign corrupt practices act. How did all of this happen over the last few years? Easy, poor leadership at the VP and Executive VP levels. The poor leadership is particularly bad in the Global Controller and CFO roles. Their incompetence has resulted in these problems for which General Cable has never been able to rebound from. So how do they demonstrate their incompetence? Let me count the ways; (1) lack of technical skills – If you enjoy that deer-in-the-headlights look from your boss when you pose a technical question to them, then General Cable’s finance departments are the place for you. (2) lack of engagement with their direct reports and other departments. (3) fear of decision making: I’ve never seen a collective group of adults pee down their legs as frequently as the VPs and Executive VPs do when they are faced with making a decision.
