No doubt, 2019 was a tough year for CEOs around the world, as rules changed for behavior inside and outside the office. But it’s hard to argue any CEO took a bigger fall from grace than Carlos Ghosn. He became a legend after saving Nissan Motors, which was tittering on the brink in 1999. By 2001, Time called him a global influencer by shifting Nissan from $5.6 billion loss to a $2.5 billion gain in a single year.
Books were written about him including:
“Turnaround: How Carlos Ghosn Rescued Nissan”
“The Ghosn Factor: 24 Lessons from The World’s Most Dynamic CEO”
“Shift: Inside Nissan's Historic Revival”
But something went drastically wrong since those heady days. Interestingly, Ghosn discussed his challenges running a giant company as a foreigner in Japan to Stanford Graduate School of Business in a “view from the top” talk.
He went in-depth into the cultural issues and challenges, but essentially said he was up to the task, and there would be no excuses.
On the Run
Yesterday, Ghosn confirmed he has fled to Lebanon to escape what he calls “injustice and political persecution” in Japan. He says he could “now finally communicate freely with the media,” so we can expect to learn a lot more very soon.
Meanwhile, I think Ghosn was the victim of a political power play, and he was a convenient scapegoat to show tough justice in a country criticized for being soft on white collar crime. Moreover, the battle between France and Japan over Nissan and parent company Renault was big business and bigger national pride.
No matter what the true story is, there is no doubt Ghosn’s fall is one for the ages.
I’ll be discussing Ghosn fall on Making Money with Charles Payne on Fox Business at 2PM.
Brush Dirt off Your Shoulders
When you hear stories like Ghosn or some other high-profile stumbles, it should make you appreciate your own life and your own success even more. One thing I hate about election season is politicians not only claiming the nation sucks, but making most people feel worse or inadequate with their own personal achievements.
Be proud of this country and be proud of your success – never belittle it or allow anyone else to dismiss it. Of course, we strive to do better and want the best governmental backdrop to reach our own individual goals. Yes, there are people making more money than us. But that doesn’t mean we aren’t contributing to society. Brush the dirt off your shoulders and walk with pride.
As we embark on a new decade, what is your New Year's Wish for 2020?
Finally, I want to say thank you to all our subscribers. (If you are not a current subscriber to our Hotline, start the decade off on the right start with a subscription to our Service. Click here to start today.) I have been at this for more than 30 years, and each day feels as exciting as the first, when I rented a one-bedroom apartment in Harlem (long before gentrification and high rents). I had no idea how far Wall Street Strategies or Charles Payne would go. But I knew I had passion, and a work ethic that could maybe be matched, but never beaten.
It’s still a learning process, and my team and I work hard to stay in front of the crowd.
I just want to humbly say thank you for having confidence in our work and opinions.
Happy New Years and God Bless
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