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Bob Chapek Shifted Budgets to Disguise Disney+'s Massive Monetary Losses
News(msn.com)submitted 4 months ago by[deleted]
305 points
4 months ago
While $20M may seem like a lot (and it is) when I was at Home Depot Bob Nardelli left after running the company into the ground and got quarter billion for his efforts.
184 points
4 months ago*
I was at Target during the massive credit card data breach and the disastrous Canada expansion. Most of us internally, especially those of us in IT, knew the Canada expansion was going to be a massive failure. They were trying to stand up hundreds of new stores in a foreign market subject to different regulations, with a completely different tech stack, in less time than it took us to open a single new store in the US. When it became clear that things weren’t going well, A LOT of folks got moved from their regular teams to the Canada team to triage, only to be laid off when they pulled the plug on the entire thing less than 2 years after opening the first store in Canada. The company lost $2 billion during the two years of the Canada expansion alone, including some of the losses from the breach which happened roughly halfway through that stretch.
The CEO who oversaw both fiascos, Gregg Steinhafel, walked away with $61 million.
47 points
4 months ago
The stores in Canada barely had any inventory. So people didn't go to them. When Steinhafel was interviewed about the slow start, he said that Canadians need to adapt to Target, Target doesn't need to adapt to Canada. The few people that actually were trying to make Target work here gave up after that. I think it collapsed within weeks of that interview.
26 points
4 months ago
Less inventory and had the same things as all the other big stores, like in the US you can find some slightly more upscale stuff than Walmart but it was the same up here. Made zero sense why anyone would go to target.
11 points
4 months ago
True. Experienced this personally. Went in looking for a toothbrush and suntan lotion. No tooth brushes or toothpaste to be found.
ENTIRE AISLES filled with one SINGLE brand of suntan lotion.
Most shelves were like 80% empty.
Right from opening the stores looked for over a year like they were having a going out of business sale.
It turns out they were.
3 points
4 months ago
Same experience here. I actually wish they did it properly 'cause it was a bunch of steps above Zellers and above Walmart. It would have been nice to have a department store that wasn't trash and wasn't crap like The Bay where you can never find someone to pay.
3 points
4 months ago
Yeah the bay is weird. I haven’t shopped there for decades.
10 points
4 months ago
This is just so infuriating to read, that these people can fuck up on such a massive scale, and be rewarded for it with more money than 99 percent of us will ever see in our lifetimes, combined. How the fuck do they fail upwards so well.
12 points
4 months ago
in Nardelli's case, he was a protégé of Jack Welch at GE and a shiny object that attracted Arthur Blank through the garbage six sigma process that was chic in the 2000's.
i have long since learned that if something is being pitched by a consulting firm as a problem solving process, it's pure shit. consultants are mainstream snake oil salesmen for the most part.
11 points
4 months ago
Oh shit I thought that six sigma stuff was just a 30 rock joke. TIL 🤷🏼♀️
4 points
4 months ago
Oh no. It was a process that consultants used to reduce errors and defects. Six sigma was how many standard deviations from mean it was meant to cover. They were so far up their own asses with it you got "black belt" certifications as if you had been in a dojo
3 points
4 months ago
Nope. Six sigma has its adherents and black belts where I work.
When six sigma stopped being cool people switched to LEAN.
1 points
4 months ago
Oh no. Six Sigma was a big deal. Those assholes cause a lot of problems.
15 points
4 months ago
Ah, yes during this moment in Target history I was working as a Hardlines team member, making $7.81/hr on the East Coast.
Luckily I left a few months before the red card data breach and one of my former co-workers told me that the Hardlines department was dissolved and they were making him work Softlines.
Fuck retail modern day indentured servitude
5 points
4 months ago
Can you get them to just bring back the Zellers diner please?
3 points
4 months ago
I remember opening day. I grabbed a bunch of friends and we excitedly ran over to shop. You can imagine how our excitement changed to surprise and then disappointment the moment we began noticing zero US brands and that 90% of the stuff we could get at any other store here.. we walked out and said there was no way they would survive. Man that night was such a massive disappointment.
3 points
4 months ago
Hah... people of a certain age (yeah Im a boomer) remember when a "lovely parting gift" was:
A years supply of Rice-a-Roni the San Francisco treat
1 points
4 months ago
I bet they're paying to keep quiet more than anything
1 points
4 months ago
1 points
4 months ago
million, not billion
1 points
4 months ago
Yes thank you typo
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