Financial Woes Rock Quebecor’s World —Michelson

Whatever the outcome, the company’s travails do seem to illustrate several truths:

Wall Street, customers and industry suppliers expect continuity from a senior management standpoint. The naming of current CFO Jacques Mallette to replace Wes Lucas reportedly marks the sixth person—including Pierre Karl Peladeau (son of the late founder) himself—to fill the CEO post at Quebecor World since Charles Cavell retired in 2003. A revolving door leading to the executive office shouts out the fact that a distressed company is unable to get back on track, and naming a new CEO, in most cases, does little to improve its predicament.