{"id":3225,"date":"2012-10-19T13:52:00","date_gmt":"2012-10-19T13:52:00","guid":{"rendered":"https:\/\/www.certitrek.com\/nlpa\/2012\/10\/19\/supplier-error-reduces-ceos-net-worth-by-over-5-million-in-16-minutes\/"},"modified":"2021-07-08T06:22:11","modified_gmt":"2021-07-08T10:22:11","slug":"supplier-error-reduces-ceos-net-worth","status":"publish","type":"post","link":"https:\/\/www.certitrek.com\/nlpa\/blog\/supplier-error-reduces-ceos-net-worth\/","title":{"rendered":"Supplier Error Reduces CEO&#8217;s Net Worth By Over $5 Million in 16 Minutes"},"content":{"rendered":"<p>Wow.\u00a0 I have to say that this headline refers to one of the most dramatic procurement-related screwups ever.<\/p>\n<p>Don\u2019t miss updates on Procurement &amp; Supply Chain, Subscribe here!<\/p>\n<p>Yesterday, Google\u2019s stock plummeted from $754.64 per share at 12:34PM to $687.30 per share at 12:50PM (source:\u00a0 Yahoo! Finance) before trading of the stock was halted.<\/p>\n<p>What was the reason for such a sudden and substantial drop?<\/p>\n<p>According to a statement issued by Google and\u00a0<strong>reported by ABC News<\/strong>, the company\u2019s printing supplier, RR Donnelley, mistakenly filed Google\u2019s quarterly financial report with the Securities &amp; Exchange Commission early and without final authorization from Google.<\/p>\n<p>Sounds like an innocent mistake right?\u00a0 We\u2019ve all had suppliers deliver a little early, deliver a little late, complete something before told to, etc., right?<\/p>\n<p>Sure, but let\u2019s look at the effect of this.<\/p>\n<p>CEO\u2019s are often compensated with stock.\u00a0 When the company does well, its stock price goes up, and the CEO\u2019s net worth increases.\u00a0 This practice is designed to keep compensation aligned with organizational goals.<\/p>\n<p>Like most CEO\u2019s of publicly-held companies, Google\u2019s CEO, Larry Page, owns a crap-ton of company stock.\u00a0 <strong>According to Forbes<\/strong>, he owns 80,000 shares.<\/p>\n<p>So, let\u2019s do a little math on how this \u201clittle\u201d supplier mistake affected the personal assets of Mr. Page.<\/p>\n<p>The stock declined $67.34 per share in 16 minutes.<\/p>\n<p>Larry Page owns 80,000 shares.<\/p>\n<p>80,000 x $67.34 = $5,387,200<\/p>\n<p>That\u2019s how much net worth Larry Page lost.<\/p>\n<p>In 16 minutes.<\/p>\n<p>Due to a supplier error.<\/p>\n<p>How would you like to be the Google procurement specialist responsible for managing the relationship with RR Donnelley?<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wow.\u00a0 I have to say that this headline refers to [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":4128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3225","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-procurement"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.13 - 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