In the well-ordered world of OC 50,the Business Journal’s annual listing of the most influential people here,this year’s group represents a shake-up.
Two surprising executive exits, a major acquisition, a company move and other shifts brought big changes to our yearbook of movers and shakers, which appears in the May 1 edition of the paper.
Granted, most of this year’s entries are unchanged and include many names you’d expect to see. But for a group that usually sees little change from year to year, the loss of a handful of faces from last year is striking.
None more so than Wayne Inouye and Richard Cohen. The two change-minded chief executives stunned many with abrupt resignations earlier this year.
Inouye, who debuted on the OC 50 in 2004, restored Irvine computer maker Gateway Inc. to profitability last year by pushing sales through stores and by cutting costs.
Two years ago, Inouye pulled off the sale of eMachines Inc. to Gateway and ended up calling the shots at the combined company, which he promptly moved from San Diego to Irvine.
In February, Inouye said he was quitting “to pursue other interests.” Gateway directors saw Inouye riding less profitable retail sales alone, as sales to businesses and directly to consumers suffered.
Many,including here at the Business Journal,were baffled by Inouye’s apparent ouster. The Deal.com, a savvy investment banking news site, called Inouye’s departure the latest blunder for Gateway, itself “one, long pratfall” and the “Inspector Clouseau of computer companies.”
Rick Snyder, Gateway’s chairman and onetime operations chief under founder Ted Waitt, has taken over as interim chief executive.
Cohen, who debuted on the OC 50 last year as head of Irvine-based St. John Knits International Inc., capped a dizzying year and a half of change with his April exit.
Since late 2004, Cohen brought dramatic shifts at the women’s clothier, best known for outfitting celebrities and socialites.
As the remaining members of the founding Gray family stepped back, Cohen brought in a group of handpicked executives and went full charge after younger buyers with new styles and the hiring of Angelina Jolie as the company’s model.
Cohen and St. John said he left the company for “family reasons” and has moved back to the New York area. Cohen’s strategy,and fallout from St. John’s old guard customers,seemed to have played a big part in his departure.
Philip Miller, a St. John director and former chief executive at Saks Inc.’s Saks Fifth Avenue, has taken over as the company seeks a permanent replacement.
PacifiCare, Fluor
For more on OC 50 as well as a story on Cohen’s departure from St. John, see the May 1 edition of the Business Journal.
