Tag Archive: Wilf Corrigan


Tired of screaming talking heads?

Are you just done … with polemics?

Want real news that is more than 24-7-365 bashing of Donald Trump?

How about real-time information, which is 100 percent relevant to at least 54 percent of Americans who constitute the nation’s “investor class”?

Digging deeper one finds that 73 percent of those with bachelor’s degrees and above, and 83 percent of master’s degrees and above, own publicly traded company shares or stock-based mutual funds … many in employer 401K plans or IRAs.

Buy Low, Sell High!

With all of these stats in mind, Almost DailyBrett welcomes you to the best network on television: CNBC.

What ever happened to critics who proclaimed that around-the-clock Wall Street market coverage would never work?

They are the same naysayers who proclaimed that 24/7/365 sports wouldn’t fly when ESPN was launched in 1979.

How did either of these forecasts work out?

Just as ESPN’s proven business model fostered a plethora of imitators (i.e., Fox Sports, CBS Sports, NBC Sports Network), the same is true with CNBC, born in 1989.

Two years later, CNBC’s parent acquired Financial New Network. There was obviously moola to be made from those who care about global markets, particularly their NYSE and NASDAQ investments.

Never-shy-about-about-exploiting-an-opportunity, Rupert Murdoch, debuted CNBC’s major competitor Fox Business in 2007, including raiding CNBC for proven on-air talent (i.e., Maria “The Money Honey” Bartiromo, Neil Cavuto, Liz Claman …).

Fox Business now leads in the Nielsen Ratings for cable business networks, just as Fox News is on top for cable news channels.

Almost DailyBrett believes that competition makes everyone better, and contends that CNBC can take full advantage of the opportunity that comes from adversity.

Can’t Quantify PR?

Working for the Semiconductor Industry Association (SIA) in the mid-1990s, your author as director of communications was interviewed each month on the chip industry’s book-to-bill ratio … or what is the relationship between the booked orders and the already billed orders.

One always wanted the former to be higher than the latter.

As a director of Corporate Public Relations for LSI Logic, Almost DailyBrett booked our CEO Wilf Corrigan on CNBC whenever we had good news to report, provided the markets were open and trading.

One particular time our stock was trading at $86 per share when the interview began. Three-or-more minutes later (an eternity on television), LSI Logic shares had jumped to $89 per share or x-millions more in market capitalization (number of shares x stock price)

And who says, you cannot quantify effective public relations?

The direction of a company’s shares can head to the north, but to the south as well, thus resulting in the term for a stock being a volatile, “Dow Joneser.”

Recently saw a sell-side analyst explaining on CNBC why he downgraded Nike from a buy to a hold with a lower sales target … the stock sold off during the interview. That is the awesome power of an analyst being interviewed on a financial news network.

Almost DailyBrett contends from years as a loyal viewer that CNBC covers real news: What’s happening with global markets, consumer spending, newest gadgets and gizmos, trade wars, Brexit, Federal Reserve rate hikes or cuts/quantitative tightening or quantitative easing ….

Is CNBC perfect? Far from it. Yours truly rolls his eyes whenever yet another report focuses on East Coast dino-tech legends General Electric (GE) or Itty Bitty Machines (IBM). The former is Sears in drag, and the latter is just a few steps further back on the same bridge to nowhere.

Having said that, there is a healthy consistency that comes from Bob Pisani from the floor of the NYSE and Bertha Coombs from the NASDAQ.

Who can avoid smiling when Jim Cramer is throwing bulls and bears on “Mad Money?” David Faber (a.k.a. “The Brain) is always solid with his reporting.

Carl Quintanilla, Morgan Brennan and John Fortt are especially credible with the coverage of technology to start the day. Wilfred Frost and Sara Eisen put a capper on the trading day by hosting “Closing Bell” with Michael Santoli providing analysis of the just competed trading day.

If you want wall-to-wall about what is wrong with the relationship between Donald and Nancy, there are networks, which can provide you with all the gory details on a 24/7/365 basis. Go for it.

And if you can’t wait for another update on the no talent Kardashian family, CNBC is not your cup of tea … and never will be. Thank the good Lord.

https://news.gallup.com/poll/211052/stock-ownership-down-among-older-higher-income.aspx

https://www.marketwatch.com/story/the-amount-of-americans-not-saving-for-retirement-is-even-worse-than-you-thought-2017-02-21

https://www.nytimes.com/2018/02/08/business/economy/stocks-economy.html

https://www.cnbc.com/

https://en.wikipedia.org/wiki/CNBC

https://www.forbes.com/sites/markjoyella/2018/10/02/lou-dobbs-maria-bartiromo-lead-fox-business-to-big-ratings-win/#4e449fd924bf

https://almostdailybrett.wordpress.com/2018/12/20/how-fox-news-keeps-on-winning-the-ratings-war/

 

 

 

 

 

 

 

“I love Yahoo, and I believe in all of you. It’s important to me to see Yahoo into its next chapter.” Yahoo! CEO Marissa Mayer in her July 25 employee letter announcing Verizon’s $4.8 billion cash acquisition of Yahoo!

What next chapter?mayerbook

Want to take an Internet pioneer, first-mover $125 billion company and transform it into an also-ran, acquisition target for four pennies on the dollar?

And to top it off, reward Yahoo! chief executive officer Marissa Mayer with more than $50 million in severance pay?

Wonder why so many are so upset with Wall Street?

What is it with high-accolade, lofty-expectations, lavaliere-strutting narcissistic chief executives, who are ostensibly hired to reverse the fortunes of struggling companies?

Much later, we all discover their real personal agenda was to simply put the corporation on the auction block, and to get paid handsomely for the privilege.

Where can I sign up for this lucrative gig?

The author of Almost DailyBrett will gladly say all the right things for a few years, bloviate at a few “developer” conferences, CES, SXSW and TED Talks and then when no one is looking, sell the company to the highest of low bidders and get rewarded for creating … nothing, absolutely nothing.

Hold That Horizontal Pose!

Alas, one thing your author will never be asked to do is pose for Vogue. Sorry, I don’t own a Michael Kors dress … and never will.mayer

Almost DailyBrett three years ago questioned why relatively new Yahoo! CEO Mayer would accept Vogue’s invitation for a horizontal spread in a fashion magazine? Was she trying to impress buy-side and sell-side institutional investors?

Women have long and justifiably complained about being objectified. What was telegenic Mayer doing with her Vogue reclining pose?

What did her PR team think about her proving once again that sex sells? Did her photo draw even more eyeballs to rival Google’s market-leading search engine?

Before you start thinking that Almost DailyBrett is solely focusing on the lucrative PR disaster record of one Marissa Mayer, please consider that many are still smarting over how Abhi Talwalkar drove LSI Logic into the ditch and received at least a $5.74 million severance payment for burying the company.abhi1

Your author served as the director of Corporate Public Relations for LSI Logic. Even though I left after 10 years to join Edelman Public Relations in December 2005, one could already see what Abhi had in mind … shed as many assets as quickly as possible to make the company more attractive to buyers.

As Almost DailyBrett previously reported, LSI Logic was the innovator of the application specific integrated circuit (ASIC) specialty semiconductor market for nearly 25 years under the leadership of founder Wilfred J. Corrigan.

It took Abhi less than nine years to end its existence, eventually accepting Avago Technologies (H-P’s former semiconductor business) for $6.6 billion offer in late 2013. LSI Logic is no more, but Abhi’s contract provided for the following:

  1. In the case of our Chief Executive Officer, a lump sum payment equal to 2.75 times his or her base salary and average bonus received over the preceding three years. In the case of a participant other than our Chief Executive Officer, a lump sum payment equal to two times the individual’s base salary and average bonus received over the preceding three years. 2. Full acceleration of all unvested equity awards. 3. Reimbursement of COBRA premiums for health insurance for 18 months. 4. In the event that a participant’s “parachute payments” are subject to the excise tax imposed by Section 4999 of the Internal Revenue Code, then LSI will make a supplemental payment to the participant in an amount that equals the excise tax on the parachute payments, plus any additional excise tax and federal, state and local and employment income taxes, on the supplemental payment. However, the total supplemental payment shall not exceed the sum of the participant’s (i) base salary immediately prior to the change in control, and (ii) target bonus for the year in which the change in control occurs.

Glad to see the “supplemental payment” would not exceed Abhi’s $2.09 million annual salary. Enough is enough … Right?

It’s even better that Vogue didn’t ask Abhi to pose horizontally in a Michael Kors dress.

His severance was obscene enough.

http://fortune.com/2016/04/19/verizon-yahoo/

http://www.forbes.com/sites/briansolomon/2016/07/25/yahoo-sells-to-verizon-for-5-billion-marissa-mayer/#7b9c799b71b4

http://www.forbes.com/sites/briansolomon/2016/07/25/here-is-marissa-mayers-final-letter-to-yahoo-employees/#54a12ae875ba

https://almostdailybrett.wordpress.com/2013/08/18/mayer-vogue-nasdaq-yhoo/

https://almostdailybrett.wordpress.com/2014/01/02/farewell-lsi-logic/

http://dealbook.nytimes.com/2013/12/16/avago-to-buy-lsi-for-6-6-billion/?_r=0

 

 

Meet the baby of the family, the unexpected/unplanned baby of the family.

This coming Saturday, Pi Day, the mathematically inept, right-brained baby will “celebrate” the successful navigation of 60 years on the planet, and look forward to hopefully plenty more.kmb2

Much has changed since the decade of Ike, Elvis, Disneyland, Sputnik, U2 (not the band) and “Senator, have you no sense of decency?”

The author of Almost DailyBrett has always been a tad vertically challenged; in time became follicly challenged, and still vows to never-ever be horizontally challenged. Looking forward to Saturday’s cross-training with Nike+, charting the results.

Tempted to mimic a lyric, “Oh, what a long, strange trip it has been,” but I was never into that kind of “trip.” When it comes to sex, drugs and rock n’ roll, always been a big fan of the first, still dig the latter (never was a Dead Head), and never understood the appeal of the “medicine.”

Baby Boomers are supposed to wax nostalgic for the 1960s and the demonstrations in the streets of Chicago and arrests on the quad at Berkeley. What the heck happened to your author? Instead, he pleasantly recollects the 1980s, when he tied the knot for the first time, became a father to Allison, when it was Morning in America.

California even balanced its budget, raised zero taxes and maintained a $1 billion for emergency. Almost sounds quaint when compared to today’s oceans of red ink for our children’s children to pay. Yep, the 1980s worked; they always will; historical revisionism be damned.

Come to think of it, during my life a Wall went up in 1961 (“Ich bin ein Berliner”) and it came down 28 years later (“Mr. Gorbachev, tear down this wall”). O.J. sliced up UCLA’s defense in 1967 and Nicole Brown a generation later.

Nothing has ever been permanent, particularly disco, hem-and-tan lines.

Brady Bunch Neighborhood

Growing up in lily-white Glendale, California in the age of Hogan’s Heroes and the God-awful Brady Bunch, your blog writer will always be grateful for those priests and nuns who taught writing, reading and literature. They also transformed me into the rotten Catholic I am today with their unique combination of arrogance, boorishness and corporal punishment.

Sorry to say Padre, you were wrong: Mary Magdalene was not a whore.

There was the bitter divorce of 1967, but with it came life-long lessons about how to and how NOT to treat the fairer gender. Monogamy with a special one is best; you should try it and stick with it, fellow hombres.ibmselectric

My love of writing began at eight-years old, the very same year in which the school loud speakers told us about the death of a young president. This same infatuation with the pencil, pen, IBM Selectric, work station, PC, and now the mobile device continued as man walked on the moon, a president resigned, our diplomats were held hostage for 444 days, and planes crashed into the World Trade Center and the Pentagon.

Growing up, always thought that Nixon’s first name was “Damn.” Came to appreciate that Tricky Dick and Slick Willie were spot-on names for my least favorite presidents. Thankfully, Nixon abolished the draft. There was no ‘Nam for me, University of Oregon instead.

The Earth Shook

Eventually graduated from the University of Southern California with a Rose Bowl ring and no loans. Yes I was fortunate, but a long career laid before me. Cut my teeth covering the Proposition 13 tax-revolt earthquake in 1978. Toured the Soviet Union in 1981, seeing the Evil Empire and its grip on people up close and personal. Recruited to serve as the press director for the Deukmejian Campaign Committee the following year. We won the governorship of California at 5 am the day-after-the-election. We recorded the biggest landslide in blue state California’s history four years later.

Sacramento has two seasons: Hot and Cold. Served as the Governor George Deukmejian’s press secretary as the earth shook San Francisco (e.g., Loma Prieta Earthquake). Was told “The Bay Bridge is in the Water.”  Whew, it was not true, even though the Cypress Structure mysteriously came down.cypressstructure

Next was trees, owls, chips and Japan, which led to the fifth most famous person from Liverpool, Wilf Corrigan, and LSI Logic. Saw the Internet bubble rise and inevitably it exploded, resulting in seven rounds of layoffs and a company on the brink. We survived and yet it was time for Wilf to retire … The world moved on to social, mobile and cloud.

Faced mortality twice, first with prostate cancer and then with Valley Fever/Meningitis. Fought off the first and battled the second to a draw, and yet it was my first wife, Robin, who lost her battle to cancer. Life is unfair. Life is fickle. Life is finite.

Attained the so-called “Holy Grail” of public relations, vaunted agency experience with a life-changing side-effect; subbing at Santa Clara University. Could I teach at the college level, maybe even at the school that caused time to stop with “Kenny Wheaton is going to score; Kenny Wheaton is going to score”?DSC01171

Accepted a fellowship to the University of Oregon School of Journalism and Communication and earned 15 months later my master’s degree. The attainment of a second career was complete with a full-time instructor position at UO, and now a tenure-track assistant professor gig, teaching public relations/advertising/corporate communications/investor relations at Central Washington University.

And best of all, the author of Almost DailyBrett turned his attention away from his blog long enough to survey the field of contenders on Match.com. The result was a love affair with Jeanne, fireworks on the Fourth of July, and trips in the little green chariot. Next up is our long-overdue romantic honeymoon to Bavaria and Tuscany, Mad King Ludwig’s castles and Under the Tuscan Sun.

I am one lucky dude.

Today, I am inspired by Mick and Keith at 71, Ronnie at 68, and geriatric Charlie at 73 on worldwide tour. To use more than a few metaphors, there is still plenty of gas in the tank and the engine continues to rev every morning. It’s pedal to the metal time.

“Oh what a long, strange trip it has been.” Looking forward to continuing the ride with the top down and my few remaining hairs flowing in the breeze.DSC01421

 

“The sales of Apple kept getting stronger, the cash position larger, and the products more creative than any company I can ever recall – all because of the genius of one man, the founder, Steve Jobs.

“When Steve Jobs died on October 5, 2011, I told people on ‘Mad Money’ that Apple would never be the same…” – CNBC über-commentator and former hedge fund manager Jim Cramer

The Three Gees

When I joined the ranks of Silicon Valley PR directors/managers in 1995, the business media was obsessed with three CEO rock stars we called, “The Three Gees”: Bill Gates (Microsoft), Lou Gerstner (Itty Bitty Machines) and Andy Grove (Intel).

The Three Gees dominated (today’s legacy) media at the time, seemingly making every cover of the leading business magazines, namely BusinessWeek, Forbes and Fortune.

They respectively represented the software, manufacturing and semiconductor sides of the PC, and the growth of their stocks was something to behold.

jobsamelio

When Steve Jobs returned to Apple one year later – 11 years after being forced out by John Sculley and the Board of Directors of the company he created – the media coverage was breathtaking. The Mercury News above-the-fold treatment left one wondering what the editors would do for the “Second Coming.”

And yet Steve Jobs was indeed mortal. There was no OMG product that Jobs bequeathed to his successor, Tim Cook. Today, Apple is losing ground to Samsung. Will Apple ever regain its Steve Jobs-era glory? Most are betting the under.

Fast-forward to the present: Microsoft is offering new generations of Windows in the post-Gates era. IBM sold its PC division – the technology it pioneered – to China’s Lenovo. Intel and other semiconductor companies are now mere commodity suppliers to the new newsmakers, the social media (e.g., LinkedIn), cloud computing (e.g., Salesforce.com) and mobile technology (e.g., Google) firms or as Cramer says: social, cloud and mobile.

Bench Strength?

In the big four American sports, particularly beisboll, football and hockey you cannot win the World Series, Super Bowl and Stanley Cup respectively with just superstars. This is less the case with basketball, but players contributing off the bench are still needed. The point is champions must have talent, including superstars, but they also need deep benches, intelligent systems and solid coaching.

A team winning the Stanley Cup cannot just rely on one superstar center, left-wing, right-wing line, but also scoring from lines two, three and four, solid defensemen and lights-out goalies. There will be nights when the top line is not producing. That means that others must step up and contribute.

penguins

My former boss, Wilf Corrigan, founded custom-chip designer LSI Logic in 1981 and also served as its chairman and chief executive officer until he decided in concert with the company board of directors to step down in 2005. He surrounded himself with extremely talented lieutenants as mentioned in an earlier Almost DailyBrett post. They went on to serve as CEOs including: John Daane (Altera); Brian Halla (National Semiconductor); Moshe Gavrielov (Xilinx); Jen-Hsun Huang (NVIDIA); Ronnie Vashishta (eASIC) and Bruce Entin (Silicon Valley Communication Partners).

The most important point is that Wilf, despite his status as a captain of industry, did not want the LSI Logic story to be exclusively about him. He also wanted to feature his deep bench. Instead of the first-person singular (e.g., I, me, myself), he insisted on personally speaking in the first-person plural (e.g., we, us, ours). He wanted the same for those who spoke on behalf of the company team … that would be me.

The Imperial CEO

carly1

Just last week, The Economist cited Czarina Carly Fiorina, former CEO of Hewlett-Packard, in a story as to why female CEOs are more likely to be shown the door – the glass cliff — as opposed to their male counterparts. The central reason offered was that female CEOs are more likely to be hired from outside to save the day.

The Economist cited the “disproportionate publicity” that Carly received in her rocky tenure, making her a media star and synonymous with her company Hewlett Packard (particularly during the Compaq acquisition debacle) and ultimately contributing to her demise.

mayer

Almost DailyBrett wrote earlier about glamorous Yahoo! rock star Marissa Mayer, and her decision to pose horizontally for Vogue. The question was asked then, and asked again now whether we care as much about Yahoo! as we do about Mayer? Maybe the coming $15 billion – $16 billion IPO of Chinese digital retailer, Alibaba, will bring some attention back to 13.6 percent part-owner, Yahoo!

We should also not lose sight that Mayer came to Yahoo! from Google. Is there another glass cliff in the offing?

“Tesla is Elon Musk”

Last week, a CNBC talking-head analyst declared that electronic car innovator Tesla was in reality an ion-battery maker in drag.

CNBC anchor Bill Griffeth replied that Tesla is Elon Musk. Guess the same would apply to privately held, rocket maker SpaceX. According to a recent profile on CBS’ 60 Minutes, Musk devotes three days of his typical week to SpaceX, two days to publicly traded Tesla (NASDAQ: TSLA) and two days to his relatively new wife and five sons from his previous marriage.

Can Musk petition for weeks to be extended to nine days?

As a shareholder of Tesla and as a public relations counselor/commentator for three decades, Musk comes across as a good guy and relatively modest. He simply calls himself an “engineer.” Whether he likes it or not, he is first and foremost a technology rock star.

So what should Tesla, SpaceX and Musk do?

At a minimum, they all should be thinking about succession planning even though Musk is only 42 years young. The comparisons made by 60 Minutes and others, comparing Musk to Jobs, should be seen as both extremely flattering and downright scary.

Tesla and SpaceX seemingly have extremely talented corporate lieutenants. We need to see them and get to know them. Will they replace Musk in stature? No. Having said that, there will be a future of these companies after Musk, just as there was a future for Apple after Jobs.

muskstraubel1

For example we could learn more about Tesla’s chief technology officer JB Straubel, who rebuilt a discarded electric golf cart at 14-years young. Today, the Stanford grad in energy engineering is now tasked at building an affordable (e.g., $30,000) Tesla electric car with acceptable range.

The same will eventually be true for the leading rocket scientists (they really are rocket scientists) at SpaceX, particularly if Musk decides to take the company public.

The Tesla and SpaceX teams need to remember that running a company is not a sprint, but a marathon. To make it for the long-run and go deep into the playoffs, you need a seasoned team and a strong contributing bench.

http://www.amazon.com/Jim-Cramers-Get-Rich-Carefully/dp/0399168184

http://appleinsider.com/articles/13/03/27/briefly-steve-jobs-1996-return-to-apple-depicted-in-rare-set-of-photos

http://www.economist.com/news/business/21601554-why-female-bosses-fail-more-often-male-ones-glass-precipice

https://almostdailybrett.wordpress.com/2013/08/18/mayer-vogue-nasdaq-yhoo/

http://www.teslamotors.com/executives

 

 

 

 

“Only in America”

The old joke: “When has it been a bad day?”

“When Mike Wallace (in particular) and the 60 Minutes crew is waiting in the lobby.”

Sometimes having 60 Minutes coming for an extended visit can be great news for a company, and maybe for a nation that could use a kick in the collective pants.

pelley60Minutes

The Scott Pelley story this past Sunday focused on a 42-years young immigrant “engineer” from South Africa, Elon R. Musk, who is playing a huge role in reviving American heavy manufacturing in both automobiles (Tesla) and rockets (SpaceX).

Almost DailyBrett wants to hear, tell and relay more of these stories.

Driving repeatedly up the 880 (e.g.. The Nasty Nimitz) past industrial Fremont, one would cast a sad glance at the shuttered NUMMI plant. At various times, GM and Toyota cars and trucks would be made there until they weren’t any longer.

The negative narrative was that Silicon Valley with its unparalleled collection of gear heads would always be a center of innovation, but manufacturing was just too bloody expensive.

Oh, ya?

Tesla’s 1,000 employees at the recharged NUMMI plant can’t build the fully battery-powered (up to 250 miles on one charge with zero climate change emissions) $100,000 Model S cars fast enough to meet the demand. Overall Tesla (NASDAQ: TSLA) employs nearly 6,000 directly and indirectly results in the hiring of thousands of others in supplier roles, and quite well could be the first successful U.S. automobile start-up in 90 years. And the company is working to developing the technology to build $30,000 non-polluting all-electric cars with acceptable travel ranges.

Heck, Bill O’Reilly called Tesla a global “game changer” that will force all rival automakers to respond.

Earns Tesla Motors

But the story does not start-and-stop there; In fact it goes into the stratosphere and beyond.

Musk also pioneered privately held SpaceX with its 3,000 employees, which received a $1.5 billion NASA influx to deliver cargos via rockets to the agency’s orbiting space stations. SpaceX is developing the first rocket that can be landed right back on the launch pad, and may play the leading role in taking humans to Mars for the first time.

Don’t bet against Musk, Tesla and SpaceX.

We seemingly live in a culture in which no good deed goes unpunished, one in which we despise the 1 percent who have much more than the rest of us, and yet we don’t know them.

For example, Musk came to America … “Only in America” … because of its software prowess, particularly the Silicon Valley. After attaining degrees in physics and business from the University of Pennsylvania, he devised the software that provided on-board navigation for drivers, and made $22 million. He developed the online banking system, called PayPal, which he sold to eBay for $1.5 billion (Musk’s share, $180 million). Modestly, he said that was a “good outcome.”

And then he bet the ranch and his earned nest eggs on both Tesla and SpaceX, and was close to bankruptcy and a nervous breakdown. He had hundreds of electric cars that did not work and three failed rocket launches in succession…a fourth would have been game, set and match.

spacex1

With tears in his eyes, he told the story of how Number Four was the charm, and the NASA and further VC investments saved the day. His reaction was very human, very open-kimono. Maybe there are good people who happen to earn a lot of money?

The rest is history. Entrepreneurs by their very nature have to be prepared to fail. Caca happens more times than not. Musk stared failure and permanent debt right in the eyes…and the other guy just blinked.

As mentioned more than once in Almost DailyBrett, my former boss Wilf Corrigan came to America from Liverpool, England with his new Norwegian bride circa 1960. The initial destination was the wrong side of the tracks in blast-furnace hot, Phoenix, Arizona with barely two shekels to rub together.

In time, he rose to the top spot at Fairchild, lost the company in a hostile takeover bid, formed his own company, LSI Logic, which is now being driven into oblivion by his successor. Wilf succeeded, failed and succeeded again.

Failure is an option in Silicon Valley and America, but so is success…including new businesses, jobs and maybe heavy manufacturing (e.g., electric cars and rockets).

musk

Mounting the proverbial soap box, there are a record 47 million on food stamps and another record 8.9 million on disability, most legit…some not. We need to provide a safety net for those who are in real need…

We also need to not hate, but celebrate, the doers, the achievers, the entrepreneurs. The days of jealousy should be behind us, but you know they are not.

For the public relations industry, we should be unabashed and undaunted in telling the stories of those who dare to fail and ultimately succeed, providing us with great products and the best anti-poverty program on the planet: A good paying private sector job with full benefits.

Thank you Elon Musk and all the others who dare to follow in your footsteps. We can hardly wait to hear and tell the stories about you.

http://www.cbsnews.com/news/tesla-and-spacex-elon-musks-industrial-empire/

http://www.foxnews.com/on-air/oreilly/2014/04/01/bill-oreilly-truth-about-obamacare-and-global-warming

http://www.teslamotors.com/

http://en.wikipedia.org/wiki/Tesla_Factory

http://www.spacex.com/

https://almostdailybrett.wordpress.com/2012/01/16/in-search-of-another-suite-h33-kirkland-house/

https://almostdailybrett.wordpress.com/2014/01/02/farewell-lsi-logic/

https://almostdailybrett.wordpress.com/2012/11/18/makers-and-takers/

 

 

 

 

If all goes well with the regulators and the lawyers, LSI Logic will slowly disappear over the horizon, going into the history books later this year, reduced to a Silicon Valley afterthought. abhi

Keep in mind, we are talking about two iterations of the company: First, the LSI Logic (NYSE: LSI) created by Wilf Corrigan 33 years ago; and second the present day LSI Corporation (NASDAQ: LSI), on the precipice of being ushered into oblivion after eight-short years under the management of Wilf’s successor, Abhi Talwalkar.

There was a misguided celebration by some in the financial community in 2005 when Wilf at 67-years young turned over the reins to Abhi. This was the same Wilf Corrigan, who grew LSI Logic from zero revenues in 1981 to $1.8 billion when he finally hung up the cleats. No one was complaining when LSI Logic’s stock reached a post-split price of $90. Then there was the bursting of the Internet Bubble and the stock fell back to $3.

This is the same Wilf Corrigan that founded the custom semiconductor business, known as ASICs or Application Specific Integrated Circuits. Sony reached out to LSI Logic when it needed a critical processor for the first two generations of the PlayStation. This is the same LSI Logic that pioneered the concept of System on a Chip. The company eventually reached $2.7 billion in revenues before the Bubble Burst. Wilf Corrigan, CEO of LSI Logic

When I was joined the company in 1995, I was awed by the sophistication of the company’s innovation, its library of complex intellectual property cores, and its all-star lineup of future technology C-level executives: John Daane (Altera); Brian Halla (National Semiconductor); Moshe Gavrielov (Xilinx); Jen-Hsun Huang (NVIDIA); Ronnie Vashishta (eASIC) and Bruce Entin (Silicon Valley Communication Partners). Bruce was not only the best boss in my career, but is an even better friend.

Enter Abhi in 2005. He took it from there until last December 16 when Avago Technologies announced its $6.6 billion cash acquisition of LSI. If Winston Churchill was still around to assess Abhi’s eight-year stewardship, he would be tempted to state: “Never in recorded history has so many waited so long for so little.”

Looking back at my 10 years as the director of Corporate Public Relations for at LSI Logic (proper spelling), I was honored and humbled to have the opportunity to work closely with Wilf Corrigan until shortly after he stepped down. I am proud of my tenure, but saddened by what could have been and the upcoming silent burial of LSI Logic.

Let’s face it: Many were downright scared of Wilf. He had the reputation for being a tough, no-nonsense businessman, a calling card he earned from his 1970s chairmanship of Fairchild. For some reason, I was not intimidated, but always respectful. I found Wilf to be extremely well read and not just in the business of technology, but politics, history and geography. Particularly on road trips, we talked for literally hours on these subjects.

An irony of Wilf’s career was Gould’s hostile takeover attempt of Fairchild circa 1979. It didn’t take long for Wilf to realize that Fairchild was in play. In the end, Wilf and the Fairchild Board of Directors found a White Knight in Schlumberger. In turn, Schlumberger drove Fairchild into the ground. The Schlumberger acquisition of Fairchild provided Wilf with the opportunity to create his own company, LSI Logic or Large Scale Integration Logic. And now his creation is being put out of its agony by Avago. Did the company have to end this way?

When it was time for Wilf to step down, LSI Logic HR head Jon Gibson unearthed Abhi from Intel. This was the same Intel that created legends by the names of Andy Grove, Gordon Moore, Robert Noyce and Craig Barrett. Would Abhi do the same for LSI Logic? lsi

Abhi guided the rebranding of LSI (dropping “Logic” from the name) and adopting the “flower” logo. Later LSI acquired Agere Systems for $4 billion, the technology equivalent of Mexico absorbing Guatemala. LSI’s present revenues are $2.5 billion. Why Agere? And for what purpose?

Until the announcement of the Avago acquisition, LSI’s stock remained mired for years at $8 or less. Being charitable, one can easily conclude the company underperformed. And now it will be absorbed into Avago, a company that once was HP’s semiconductor business.

An oft-heard complaint about Wall Street revolves around executive compensation, especially those who walk away with millions even when they underachieve. Abhi ($2.09 million annual salary, not including options) will inevitably get a huge package in recognition of his starring role in driving the company into the abyss. Undoubtedly, he will live a very comfortable life. LSIlogo

And LSI Logic…it will always be LSI Logic to me…deserved a better fate, a much better fate.

http://dealbook.nytimes.com/2013/12/16/avago-to-buy-lsi-for-6-6-billion/?_r=0

http://allthingsd.com/20131216/in-chip-deal-singapores-avago-to-acquire-lsi-for-6-6-billion/

http://www.zacks.com/stock/news/118176/is-the-lsi-acquisition-in-jeopardy

http://www.usatoday.com/story/tech/2013/12/16/avago-lsi-acquisition/4038113/

http://finance.yahoo.com/q/pr?s=LSI+Profile

ledzep

“Yes, there are two paths you can go by, but in the long run; There’s still time to change the road you’re on.” – Robert Plant, Jimmy Page

Even though I was serving as the chief spokesperson for the Governor of California, George Deukmejian, I was still nervous and a little excited about meeting Richard M. Ferry, one of the co-founders of the largest headhunting firm in the world, Korn/Ferry International.

As we met in 1989 in his Century City office, he asked me how long I had worked for the Duke up to that point. I replied: Eight years.

He inquired whether I was proud of my tenure with the governor.

His question struck me as curious. I replied in the affirmative.

He noted that while I saw my eight years as a source of pride, a future employer could very well see that period of time as “stagnation.”

“Stagnation”?

Guess the golden days of starting in the mail room and ending up in the corner suite 40 years later are gone, long gone.

And I was counting on receiving my gold watch, and fading into the sunset.

Later in my career, I established the Corporate Public Relations Department for LSI Logic Corporation.

Our founder, chairman and chief executive officer Wilf Corrigan was a serial wanderer. His management by walking around style included a daily stop to my Silicon Valley cube to talk about the news and what was happening with his company and his semiconductor industry.

Each day I prepared for his arrival, keeping notes about developments that warranted CEO attention. Originally, I thought that yours truly was not cut out for a corporate environment. I was wrong. I loved my days with LSI Logic, and especially working with Wilf…even though I did not report to him…I still worked for him.

After my 10 years on the job, Wilf (in concert with the Board of Directors) made the decision to retire from the job at 67-years young. A new Intel(ligent) CEO came in the door. He brought a slew of Intel(ligent) folks with him. I knew the writing was on the wall.

Shortly thereafter, I negotiated a get-out-of-town package and was out the door. The company stock was $8 and change when Wilf stepped down as chief executive. The Intel(ligent) team promised so much upon their storied arrival eight years ago. Today the stock opened at a robust $7.22 in the midst of a long-term bull market.

After accepting an executive position with Edelman Public Relations, I would periodically hear from my former colleagues still toiling at LSI Logic. They asked me for my humble opinion about what they should do. Being a man of few words (just kidding), I gave them a two-word reply: “Get out.”

And each time I received the response that the Intel(ligent) ones respected an LSIer for his or her 12 years with the company, 14 years with the company, 15 years with the company…Each of these LSIers was eventually laid off.

I couldn’t help but ponder the words of Richard Ferry about “stagnation.” You have to sense when a job or a situation has dramatically changed and has reached the point of no return. You can’t pretend that it hasn’t, when the circumstances have clearly shifted.

What’s that about not being able to go home again?

It is human nature to not embrace change. We know our routines. We are happy when we are in our comfort zones. Alles ist in Ordnung until the shift occurs.

When George Deukmejian decided to not run for a third term (even though he could legally take that step at the time), my life changed and thus my meeting with Richard Ferry.

When Wilf Corrigan stepped down at LSI Logic, I knew instinctively a chapter in my life was closing and I made a change.

When my wife, Robin, of 22 years died of cancer, my life changed whether I liked it or not.

And when I faced cancer and Valley Fever myself, I saw my own mortality pass before my own eyes twice. I knew that change is unavoidable and it must be managed.

And when change is in the offing, you can lament about it, feel sorry for yourself, or you can accept the shift and do something about it.

At the risk of publicly patting myself on the back, I choose to manage as opposed to having other Intel(ligent) people manage me. As Robert and Jimmy said in Stairway to Heaven there still is time to change the road you’re on.

For me, I sense another change. The Office of the Governor was a nice run. LSI Logic was a blast. Edelman was a great learning experience, The University of Oregon provided me with a new diploma, a foreign language certificate, a research award and substantial upper division public relations teaching experience.

So what will I do next? What chapters of my life will follow? Or will I be writing chapters of my own book?

I can hardly wait to find out.

http://www.azlyrics.com/lyrics/ledzeppelin/stairwaytoheaven.html

http://en.wikipedia.org/wiki/Korn/Ferry

Believe it or not chief executive officers are human, even CEOs that have attained rock-star status.

From Lee Iacocca of Chrysler, Jack Welch of GE and Steve Jobs of Apple, these names became dangerously synonymous with their company brands. Investors, media, analysts, customers, suppliers, partners and employees couldn’t get enough of them.

But what happens when these rock stars demonstrate their inevitable mortality? What happens when nature runs its course and the meeting with the grim reaper gets closer-and-closer…or actually occurs?

Is it proper to plan for the CEOs demise when she or he is successfully running the ship? It would be foolish not to.

Consider the Stuttgart, Germany sales call made by Texas Instruments chief executive officer Jerry R. Junkins on the morning of May 29, 1996. Junkins suffered a major heart attack and immediately died. There were no prior indications of heart issues with Junkins…and 58 is way too young to pass away.

junkins

The sudden passing of Junkins – maybe not a rock star, but certainly beloved by all who knew him at Texas Instruments – required a middle-of-the-night, all-hands-on-deck fire drill. The TI Board of Directors held an immediate conference call, designated Vice Chairman William “Pat” Weber as the interim CEO and started the process of searching for a new chief executive. The Investor Relations Department contacted the NYSE and asked for trading on the company stock (NYSE:TXN) to be halted until the Street had proper time to digest the news. They also made the necessary 8K filings (material event) with the SEC. And of course, the PR Department prepared the necessary news release and conducted media briefings announcing to the world Junkins’ passing, the selection of Pat Weber as the interim CEO and the upcoming search process.

Eventually Texas Instruments started trading again. Weber and the TI team picked up as best as it could for Junkins. And the board eventually selected a permanent CEO Tom Engibous. The key was that TI had a deep bench and a plan for succession…and that plan has been a classic example of successful crisis communications.

Many have wondered if the same would apply to Apple with its rock star CEO Steve Jobs when as the Economist headline stated, “The minister of magic steps down?” The answer so far is favorable to Apple…at least judging by the performance of the company stock (NASDAQ: AAPL)

The stock closed last Wednesday at $376.18 just before the company announced at the close of market that Jobs was going to permanently step down because of health concerns. AAPL opened at $365.08 on Thursday and closed at $373.72. The equity finished the week at $383.58 or $355.6 billion in market cap, actually higher than before the announcement of Jobs’ stepping down as CEO. Why was that?

One reason may be attributed to the fact that Jobs’ health concerns are not new to the Street and his eventual demise may have already been baked into the stock. He has taken medical leave three times, once for pancreatic cancer surgery and another time for a liver transplant. In his stead, Apple’s chief operating officer Tim Cook has assumed the leadership role three times and the Apple board is impressed as The Economist describes with his “remarkable talent and sound judgment in everything he does.” Jobs remains as chairman.

jobskeynote

So obviously Texas Instruments performed well in a fire-drill, aided by advance planning. Likewise, Apple (so far) has not been negatively impacted by the still-shocking-news that Jobs has relinquished the day-to-day responsibilities of running Apple.

Taking these two examples of well-executed CEO succession and others that come immediately to mind, what are some public relations/branding strategies to plan for an effective transition, thus preserving the company reputation and continuing to enhance brand equity?

Repeatedly Contemplate Succession. Even though “succession” is a very touchy subject in most companies, particularly for long-time CEOs nearing retirement and who detest the R-word, you still need to think about this inevitable day. The board of directors will make the call, but you need to cognizant of the strengths and weaknesses of all of the company’s executives. There is a good chance that one of these will serve as the chief executive at least in an interim capacity.

Put Your Bench Players Into The Game. Think of your CEO as the team head coach and the key executives as the assistant coaches. CEO time is valuable. Does the CEO have to be made available for every media interview or every financial conference? It makes perfect sense to show off your upcoming Wunderkindern. This technique also gives you an opportunity to assess who are your best performers before media, analysts, employees etc. in telling the company story. There may also be cases in which the CEO is not available or the EVP or VP may have deeper insights into a particular facet of the company’s business.

Have Your Facts Straight in Advance. Always have a complete bio and background materials at your ready disposal just in case the CEO suddenly passes away or steps down. Maintain a similar repository of information about the other key executives, particularly if one of them is selected as the interim chief executive. Be familiar with the workings of your board of directors and HR Department and understand how they make decisions.  Be ready to learn as much as possible as fast as possible, if the Board of Directors goes outside the family to select a new chief executive.

Never Say Never.  At LSI Logic, we maintained a policy of never engaging in a public discussion of the internal working of the company’s Board of Directors. We made one exception. When it came time in 2005 for Chairman/CEO Wilf Corrigan to step down at 67, we wanted everyone to know that he had been working with the board on his succession for two years. Our strategy was to head off at the pass, any speculation that his retirement as CEO was anything but an orderly process involving both Wilf and the board.

Second-Person Plural, Not First-Person Singular. The best chief executives never use the first-person singular in their internal or external communications (Me, Myself, I). Instead, they employ the second-person-singular (We, Us, Our) to emphasize the team that makes the company’s success possible. The same applies to company chief lieutenants as well. If there is more of a team culture, rather than a cult of personality, it makes it just that much easier to eventually continue business as usual when the time comes for a CEO to move on or the Grim Reaper comes-a-calling.

http://finance.yahoo.com/q/hp?s=AAPL

http://www.nytimes.com/1996/05/30/us/jerry-r-junkins-58-dies-headed-texas-instruments.html

http://www.ti.com/corp/docs/company/history/timeline/key/1990/docs/1996junkinsdies.htm

http://www.ti.com/corp/docs/company/history/junkins.shtml

http://en.wikipedia.org/wiki/Lee_Iacocca

http://www.businessweek.com/1998/23/b3581001.htm

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