The self-blame game

14 May 2009 By Edward Hadas

The heads of Allied Irish and Candover are the latest to say sorry unreservedly and immensely. No one can look into the hearts of disgraced bosses, but some regrets do seem tainted by psychobabble and spin. What is needed is better behaviour, to keep away future humble pies.

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An investor threw an egg at the chief executive of Allied Irish Banks, Eugene Sheehy, at a shareholders' meeting on May 13, the Financial Times reported. Sheehy said the banks mistake was to lend too much to residential developers. A mistake at the front and centre of my mind every day, he said. Chairman Dermot Gleeson made an unreserved apology to shareholders whose investments fell 90% in the past year.

Gerry Grimstone, chairman of Candover, admitted to investors that the private equity group's structure was "unsatisfactory" on May 13, the FT reported. Speaking at the groups AGM, Grimstone said he was "horrified at the consequences of decisions we took...with the benefit of hindsight, we were wrong and the board was wrong". Managing Director Marek Gumienny said he was immensely sorry.

Should business leaders apologize? Why, when and how an apology matters by Linda Stamato, in the Ivy Business Journal, July/August 2008

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