There are many things that make a successful business leader besides academic achievements.
A good CEO understands the needs of his shareholders, customers, and employees. Unfortunately, Blum doesn’t have any of these qualities, and it’s costing Xcor business.
Michael Blum has only been in the CEO position for a few months, and everything is breaking loose.
To begin with, all investors are dropping from the firm. And a few who are still sticking around, have significantly reduced their contributions.
According to the finance department, Xcor can hardly pay for its basic utility or pay the employees in good time. Employees have big salary cuts as well, and most of them have already been fired. Xcor is currently relying on contractors to keep things afloat.
Blum says that the phase Xcor is having is normal, and eventually, new investors will show interest. Unfortunately, that doesn’t help solve the fact that the firm may be filing for bankruptcy soon.
It’s such a shame that Xcor had gone to the dogs in Michael Blum’s tenure that hasn’t lasted for six months. The only practical solution is to replace him with someone who understands the dynamics of a business.
Companies will often assume that the big names in the business world are automatically great managers and CEOs, but it’s clearly different.
Blum is an excellent example that all that glitters isn’t gold.
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