chief executive cannot calculate gross profit margin.
The humiliating admission, from
Greifeld, came under oath during a case in the New Jersey Superior Court
where he filed a lawsuit against a company that organised a reunion for his
family in a castle in Ireland, The Times reported.
The MBA graduate claimed he was overcharged and refused to pay the final
The organising company, Tours of Enchantment, claimed it charged a fee that
was based on a gross profit margin of 38%. Greifeld said he understood the
contract to be based on cost plus a mark-up of 38%.
When asked whether he understood the difference between a 38% mark-up and a
38% gross profit margin, Greifeld said ‘No’.
Greifeld is involved in a hostile bid to takeover the
Richard Mackiewicz, lawyer to the defendant: ‘Mr Greifeld,
do you understand the difference between a 38% mark-up and a 38% gross profit
Bob Greifeld, Nasdaq CEO: ‘No.’
RM: ‘You do not?’
BG: [shakes head]
RM: ‘Would I be correct that you do not know how to compute
gross profit margin?’
BG: ‘How to compute gross profit margin?’
BG: ‘Under US GAAP?’
RM: ‘Just do you know how to compute…’
BG: ‘No. [long pause] I have accountants who do that for
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars