This article was originally published on Lizanest.com
Leading a company requires a special skill set; unfortunately, not all CEOs have what it takes. While some excel, others plummet their businesses into failure with astonishing rapidity. Redditors unite to recount tales of CEOs leading companies to ruin through incredible financial missteps and bewildering decision-making. These stories of corporate collapse are both shocking and hard to believe.
#1: The Failings of a Construction Company
A thriving construction firm earning $100-$200 million annually imploded when the inexperienced son of the deceased owner took over. Within months, valuable employees departed, and equipment was repossessed, signaling a remarkable downfall.
Failing to uphold financial commitments caused the company to see an exodus of talent due to unpaid wages. Within six months, a once-flourishing business was stripped of its contracts and sold off cheaply, a testament to rapid mismanagement and decline.