Buffett Sends Benjamin Moore CEO on Permanent Vacation


Warren Buffett

In a tough economic climate, being a smart executive comes down to both dollars and (common) sense. That is, if you want to be careful about the messages you're sending with your actions.

Unfortunately for Denis Abrams, CEO of Benjamin Moore, a company owned by Warren Buffett’s Berkshire Hathaway, he had to learn that the hard way.

In a story first reported by The New York Post, the executive of the Montvale, N.J.-based paint company was fired by the Buffett after taking his corporate staff on a trip to Bermuda on the company dime.

The trip was intended to celebrate the company’s first quarterly sales increase in five years. But a lavish getaway that included a dinner cruise aboard a yacht believed to be owned by singer Jimmy Buffett wasn’t the best idea for the leader of a unit that has endured layoffs and salary freezes since 2007.

Good quarter or not, the trip didn’t sit well with the frugal billionaire Buffett.

The report reveals that top Berkshire executives let Abrams know of his fate last Tuesday, a decision that has sparked positive reaction following years of worker complaints and strategic mishaps. And now Benjamin Moore has to assure consumers, as well as its employees, that the leadership is working in the best interests of the company, and not vacationing and risking the success of the brand.

And while anyone losing a job is no cause for celebration, Buffett’s message to his senior leaders—and perhaps to his fellow billionaires—is that in tough times, the fruits of success should be shared by all instead of flaunted by the few.

Follow Jamar Hudson: @jamarhudson




Comments Off

Deals of the Week

Get $150 Off PR News' PR Measurement Conference

 prnews-measurement-conf-175x135-static

Join us on November 20, 2014, for PR News’ essential PR Measurement Conference, taking place at the Hyatt Regency Chicago. Commit now to grounding all of your PR efforts in metrics that connect to organizational goals and prove value that communications makes in thriving b2c and b2b companies, nonprofits and professional associations.

Use code “150off” at checkout.

Get $50 off PR News' Media Relations Guidebook


book-mediarelations-180x150

This 8-chapter resource contains practical implications for some of the most innovative developments in media relations, including the technologies, methodologies and mannerisms that determine the ecosystem in which PR pros practice this essential part of their craft.

Use code “50off” at checkout.

Save $100 on a PR News Subscription



Let PR News become your weekly, go-to resource for the latest PR trends, case studies and tip sheets. Topics covered include visual storytelling, social media, measurement, crisis management and media relations.

Use code “SUBDEAL” at checkout.

Comments are closed.