Charles Gibson: ABC
Why this quit is big: Charles Gibson leaves ABC after 34 years, having to persuade ABC's news president that it was his time to step down. In reluctance and also admiration, ABC accepted Gibson's resignation and paved the way for Diane Sawyer to fill his spot. Gibson is revered for delivering some of the most powerful news stories and moderating some of the most influential political elections, and also for his leadership during rougher times at ABC. Gibson held down the fort at the network following Bob Woodruff's severe injuries sustained in Iraq and the death of his predecessor Peter Jennings.
Why it's not as big as our Top 10: Gibson only served three years as World News anchor making his resignation at the age of 66 seem somewhat premature. ABC's well-oiled succession planning machine helped curtail the effect of losing Gibson. Sawyer, promoted from Good Morning America anchor, fills Gibson's shoes for the second time; she previously took over his post when he transitioned from GMA to World News in 2006. Although Gibson is a big loss to the network and news casting alike, the transition was arguably seamless; Sawyer is a familiar and trusted face of news that has been widely embraced as a replacement.
2. Linda Cook: Shell Gas & amp
Why this quit is big: Considered to be one of the most powerful women in the oil industry, Linda Cook was a frontrunner to become the next CEO of Shell but Peter Voser, then chief financial officer, beat her to the top spot. Cook stuck around for a few months after the decision, as she joined the company straight out of college and has been a loyal leader for the past 29 years. In May she decided to step down as executive director of Shell Gas & Power (American division of Netherlands-based Royal Dutch Shell) forgoing a hefty loyalty bonus of $1.26 million. For Shell, Cook's departure served to foreshadow the many changes to come as a result of Voser's management shake-up, causing more volatility for Shell and more available talent for competition.
Why it's not as big as our Top 10: The decision to bypass Cook as the next CEO was undoubtedly disappointing for her and served as the catalyst for her departure. Can we really blame her for wanting to pursue other interests? Ultimately, Shell has a deep bench and Cook's departure has not directly supported competitors, green start-ups, or other industry players. In addition to the gas operations sector, Cook also headed up efforts behind solar and wind energy sectors. As it seems Shell is no longer aggressively expanding these efforts and focusing more on biofuels, perhaps Cook was less valuable to them anyway. In any case, political, regulatory, and environmental concerns have put the energy industry in a major upheaval so we will keep watching major defections that can have a potentially game-changing impact.
3. John Calipari: University of Memphis
Why this quit is big: Under John Calipari's direction, the University of Memphis men's basketball team experienced unprecedented success. In his nine years as head coach Calipari lead the Tigers to six NCAA championship rounds and to secure the #1 seed in both 2006 and 2008. However, shortly after being awarded 2009 Coach of the Year by Sports Illustrated, he made the shocking decision to leave Memphis to become head coach of nearby rival University of Kentucky. His departure instantly weakened U. of Memphis while strengthening its competition in one swift shot – an offense that was undoubtedly felt on and off the court.
Why it's not as big as our Top 10: Despite Calipari's successful run as head coach at both Memphis and the University of Massachusetts, these two teams have one unfortunate fact in common. In 2008 and 1996, respectively, the teams had a final four appearance expunged from the record. While the blame was not solely put on Calipari, he is the only head coach to incur this situation with more than one team, a distinction that cannot help raise questions about his management (or lack thereof). Due to the recent controversial ruling, it is tough to reward Calipari with a Top 10 Biggest Quits spot and he therefore finds himself on this list.
4. Ken Lewis: Bank of America
Why this quit is big: In 2001 when Ken Lewis took over as CEO of Bank of America he was a man with a plan - acquire and conquer. Over the past decade BofA has risen to become the largest financial services firm in the world marked by major acquisitions such as FleetBoston Financial, LaSalle Bank, MBNA and, most recently, Merrill Lynch. A proven leader through tough times, he achieved much of their growth in the face of the 2001-2002 downturn. As if the embattled super-bank doesn't have enough to deal with, its CEO of the past 8 years and 40-year veteran of the company bailed, leaving a gaping hole in leadership.
Why it's not as big as our Top 10: Lewis was named 2008's banker of the year. Less than a year later, he announced his resignation. What changed? Since the grim realization that the Merrill merger may not have been the most opportune acquisition, things did not go according to plan for Lewis. He asserted that quitting was because he was done with banking in the Big Apple and wants to retreat back to the calmer, quieter South from which he hails. However, given the extremely tumultuous state of the financial sector and Lewis' affinity for risky acquisitions, maybe Lewis unable (or unwilling) to play according to the new rules. While Lewis is credited with the company's advancement to the giant it is today, many believe these actions contributed to its current state of uncertainty. On one hand Lewis bailed at a time when leadership was vital, but on the other, maybe they are better off without him?
5. Jake DeSantis: AIG
Why this quit is big: It's not everyday that the public can read the resignation letter of a top financial executive in the midst of the biggest economic crisis since the Great Depression. Most people set up a meeting with their supervisor to give two weeks notice but if you're Jake DeSantis, former executive vice president of the most profitable group at AIG, you publish it in the New York Times. DeSantis worked at the insurance giant for 11 years and, in his view, stuck with it as long as possible before emailing CEO Ed Liddy that he was leaving. He not only aimed to make a statement by his very public quit, he also announced that his entire bonus would be donated to organizations dedicated to helping people recover from the economic downturn.
Why it's not as big as our Top 10: DeSantis says the financial products group was not responsible for the major losses incurred at AIG, but many have a different opinion. Ultimately, was AIG worse off for losing DeSantis? It may have made it harder to recover, as a profitable group losing its leader signals more instability from employees and clients. However, some would say he, and others, needed to go. While thousands of financial professionals unwillingly lost their jobs, numerous AIG executives paradoxically threatened to quit as a result of reduced compensation. A lot of backlash emerged from DeSantis' public resignation, but not necessarily more than to AIG in general. Ed Liddy himself only lasted a year at the top. In the end, it was too much of a mess for any one person to be the cause or savior of it.
6. Anne Mulcahy: Xerox
Why this quit is big: Anne Mulcahy began her 8 year tenure as the CEO of Xerox at a time when filing for Chapter 11 was imminent. She was a 25 year veteran of the company but knew little of the financial crisis she had inherited. Despite the odds, and against many advisors' and investors' opinions, Mulcahy boldly revamped its failing business model and restored the corporation's viability and culture to reestablish the brand. Essentially, she is credited with saving the company.
Why it's not as big as our Top 10: While Mulcahy's impact and presence was transformative and extremely notable, her carefully planned departure created minimal disruption to the document management Goliath. Her successor, Ursula Burns, has been primed and prepared to step into Mulcahy's shoes; in fact, her "quit" was more of a "I have done everything I could to restore Xerox and now leave this well-oiled machine in your hands" kind of departure. This smooth transition didn’t even create a paper jam in the forthcoming global mega-merger with business process outsourcing giant ACS.
7. Will Wright: Electronic Arts (EA)
Why this quit is big: The Sims. Need we say more? The Sims game has sold more than 100 million copies and generated over 1 billion dollars in revenue. Will Wright created it. He also designed many others over the past twelve years as the chief designer of Electronic Arts’ Maxis game studio. The departure of such talent will surely impact EA – he is considered to be one of the most influential people in the electronic game industry and is leaving the company at a time when they are struggling to produce the next Sims-like success.
Why it’s not as big as our Top 10: EA will be at a loss without Wright at the helm of its design studio but will continue to create Sims games using Wright’s billion dollar blueprint. Though Wright chose to leave because he wants to branch out of the PC world and create games for a variety of portals and industries, he is not completely severing ties with EA. Therefore, both EA and the general public will continue to reap Wright’s benefits well into the future.
