This is the Insurgent Radio Kiosk for Wednesday, October 23rd
Corporate mega-mergers keep being announced with great hoopla, but – as we’ve learned from promises made by merging airlines, banks, drugmakers, etc. – most are likely to deliver less than nothing. Take 2015’s ballyhooed combine of two food giants, Kraft and Heinz. Today, the merged colossus has become a shamble, far less than either had been separately. What happened? Greed.
3G, a Brazilian investment outfit, was the primary driver of the merger, and it promptly installed its financial hotshots as top execs. Unfortunately, they imposed a rigid bit of managerial humbuggery that amounted to the practice of corporate thuggery – cut employees, divert revenues to the new owners, buy up other corporations… and repeat the plunder.
Suddenly, instead of focusing on improving products, Kraft Heinz was riveted on the minutia of cost-cutting, firing thousands of employees and even removing the company’s snacks that had been offered to employees at meetings.
Also, 3G’s money manipulators had no clue about sweeping changes that were remaking the packaged food industry, especially the rise of smaller, more innovative companies that were delivering the healthier, less-processed, better-tasting products consumers wanted. So, Kraft Heinz’s “iconic” brands soon became perceived as simply old, losing consumer appeal, market share, and profits. Adding insult to injury, 3G has started bailing out of the wreckage it created, selling 25 million of its Kraft-Heinz shares at a loss.
In June, 3G installed a new CEO, promising to right the ship, but he seems to be offering more of the same old corporate BS. “To truly change the direction of a business like ours,” he recently babbled, “we need to understand the future.”
Hey chief, first look to your past, and try to learn that you don’t build by mindlessly destroying.
Hightower’s commentaries are brought to you by The Hightower Lowdown, the monthly newsletter with Hightower’s take on what Wall Street and Washington are up to. For information, visit hightowerlowdown.org.
It’s today’s Action Calendar!
Enjoy an afternoon of Halloween family fun with a hay wagon ride around the Capitol Square today from 3 to 6 p.m. Board the hay wagon in front of the Home Savings Bank, 2 South Carroll Street. It’s just $3.00 per person. Children 2 and under ride for free. For information, phone 266-4711.
Learn about employment opportunities as part of the 2020 Census tomorrow, Thursday, October 24th, from 11 a.m. to 1 p.m. at the Lakeview Library, 2845 North Sherman Avenue. A Census representative will answer questions. Supervisory positions begin at $15.50 per hour. Non-supervisory roles begin at $12.00 per hour. Phone 246-4547 for information.
Evening Meals on Wheels needs volunteers to deliver hot, nutritious low-cost meals to older and differently abled people. Locations are flexible and the time commitment is about one hour per shift. For details call 276-7598.
If you have found an injured, ill or orphaned wild animal you believe is in need of assistance, contact Dane County Humane Society’s Wildlife Center at (608) 287-3235 before intervening. Knowledgeable staff and volunteers will talk you through the next steps and help determine if assistance is truly needed. Learn more at giveshelter.org.
The Insurgent Radio Kiosk is a four minute pre-recorded segment featuring a commentary and calendar of daily events. Events must be low cost or non-profit and of interest to people in the WORT listening area. Please submit announcements at least ten days before the event at wortfm.org/kioskannouncements.
The Kiosk is available online at wortfm.org/kiosk.
This has been the Insurgent Radio Kiosk heard weekdays at 5:00, 6:30 and 9:00 AM and at 2:00 PM. With Engineer Alida, I’m Greg Geboski.