Judgment Day At Bausch & LombMark Maremont
Near the end of an acrimonious, seven-hour meeting on Dec. 6 between investors and Bausch & Lomb Inc., a representative from one of the company's largest shareholders stood up to address B&L Chairman Daniel E. Gill. Over the past few years, he said, the optical company had lost $1 billion worth of market capitalization. Its earnings were below 1991 levels. It had ceded market share in key sectors. It was the subject of a Securities & Exchange Commission investigation into questionable accounting practices uncovered by BUSINESS WEEK. Yet Gill continued to cling to power. "What else has to happen," he asked Gill, "for you to resign?" After a stunned silence, the chairman stammered that he would remain until he lost the confidence of B&L's board.
To continue reading this article you must be a Bloomberg Professional Service Subscriber.
If you believe that you may have received this message in error please let us know.
- NFL’s $205 Million Man Is Hated by Everyone But Those Who Matter
- Americans Are Retiring Later, Dying Sooner and Sicker In-Between
- Singapore Will Stop Increasing Car Numbers From February 2018
- Noble Group Warns of Loss Topping $1 Billion
- U.S. Stocks Drop at Start of Big Week for Earnings: Markets Wrap