Is no one here interested in knowing that the UK NHS has effectively scrapped it's IT modernization? And a comment from the Public Accounts Committee: "The PAC said it was so disappointed with CSC’s work that it was possible the supplier was no longer fit for any government work."
And, a week ago, the Air Force halted work on the Expeditionary Combat Support System: "The Air Force plans to halt a multimillion-dollar computer modernization project being handled by contractor Computer Sciences Corp. because of poor performance by the company"
Unfortunately the CSC Board of Directors has been derelict in it's duties. Remember years ago when Lockheed was proposing to buy CSC for about $60 a share (when was the last time you saw that price?). Laphen convinced the board that he could deliver double digit growth and the buyout was rejected. Has he delivered? One year out of eight.
And you people wonder why nobody want's to buy this company.
A shining example of competence and integrity, alright! The stock price crashed and flat-lined, morale went in the toilet, and customer service was an absolute joke! But, Van got richer and richer so It's All Good, right?
The sad part of Van's reign is that he did nothing for the stockholders, contrary to the PR spin the board tried to fool us with. At the end of his 13 years as CEO the adjusted stock price was sightly more than doubled. Think about it, you could have made more money in a bank at 6%. Of couse you could have made a ton more if you just put it in a S&P 500 index.
Found a old, but funny quote that brings back memories of what a pack of self serving grifters that makes up CSC's mgmt and board.
“I am honored to be selected as CSC’s next CEO, and I will strive to serve the best interests of CSC’s clients, employees and shareholders in the same way Van has succeeded in doing over his 32 years,” said Laphen. “I would like to add that we owe a great deal of thanks to Van. He led our company through a period of tremendous growth and has laid the foundation for the next level of CSC’s success.”
The amount of compensation Van was awarded as he gutted this company was breath taking...
Companies are inherently structured so that executives are not accountable for their incompetency and greed. Since a "company" is a legal entity, only the company is held accountable for any litigation. Laws need to be changed so that executives should be held personally accountable. The "godlike" attitude by executives needs to stop.
csc has been disingenuous, incompetent company for years. Having worked there and hearing the lies from management I know. The real disappointment is that upper mgmt will probably never be held accountable - they are still good enough lairs I see.
More good news for them: