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‘Five Worst CEOs of 2006’ Announced by FreeEnterpriser.com

WASHINGTON, Dec. 27 /PRNewswire-USNewswire/ — FreeEnterpriser.com today announced the “Five Worst CEOs of 2006” — a review of the worst CEOs of the year.

“Despite this year’s bull market, 2006 was a banner year for CEOs who are undermining free enterprise, free markets and capitalism,” said Tom Borelli, editor of FreeEnterpriser.com.

“Instead of relying on innovation and unfettered competition as guiding principles for maximizing shareholder value, the “Five Worst CEOs of 2006″: (1) sought government regulation as a means of generating profits; (2) used shareholder assets to advance their personal hobbies and enhance their stature in elite social circles; and (3) deflected criticism by allowing anti-business activist groups to hijack company resources and influence business decisions,” said Steve Milloy, executive director of the Free Enterprise Education Institute.

“By undermining the principles of capitalism, these CEOs did the most to make the business community inviting targets of social activists and headline- seeking politicians,” added Borelli.

Number 1 in the list of “The Five Worst CEOs of 2006”:

1. BP’s Lord John Browne. Browne’s quixotic attempt to transform BP into his image of a socially responsible oil company backfired. Browne’s “Beyond Petroleum” advertising campaign touting BP’s supposed belief in man-made global warming and its commitment to renewable energy diverted management attention and time and corporate resources away from BP’s core oil business with devastating consequences. Under Browne’s leadership the company was responsible for a tragic refinery explosion that killed 15 workers and for the largest-ever oil pipeline leak in Prudhoe Bay, Alaska. While Browne was hailed as “The Oilman with a Conscience” in the Green Issue of Vanity Fair this year, his employees, shareholders and the environment all suffered from his incompetence.
  
For the full report on the “Five Worst CEOs of 2006,” visit http://www.FreeEnterpriser.com.

SOURCE FreeEnterpriser.com

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