Krawcheck makes Forbes list ahead of ouster
The list makers at Forbes magazine are likely ruing the timing of last week's high-level shakeup at Bank of America that included the ouster of Charleston-raised Sallie Krawcheck.
In its Sept. 12 print edition, the business publication pegged Krawcheck as No. 67 on its annual ranking of the 100 most powerful women, right between Ann Curry of NBC's "Today" show and Margaret Chan of the World Health Organization.
Of course, the list went to press when the 46-year-old Porter -Gaud School graduate still held the title of president of global wealth and investment management for the nation's largest bank. In that role, she oversaw a moneymaking powerhouse that included the storied Merrill Lynch brokerage franchise that Bank of America acquired amid the 2008 financial meltdown.
She lost that job Tuesday.
In a lucrative 20-year career in finance, Krawcheck has experienced her share of highs and lows since joining Wall Street's upper echelon in the past decade or so.
Her profile got a major lift in 2002 when she was running the small financial research firm Sanford C. Bernstein. Fortune magazine that year put her on its cover for a story titled "In Search of the Last Honest Analyst."
Months later, she hit the big time when was recruited to straighten out and run Citigroup Inc.'s Smith Barney brokerage business, which then led her being named chief financial officer for all of Citi, After being demoted, she left the company in 2008 after reportedly clashing with chief executive Vikram Pandit.
She joined Charlotte-based Bank of America about two years ago, succeeding Brian Moynihan, who is now CEO. Last year, Forbes assigned her the No. 44 spot on its annual female power list, saying her Wall Street was starting to rise again.
But it was not to be. Moynihan eliminated her high-profile job and another key position in last week's reshuffling, despite the fact that Krawcheck's division had boosted its profit by 54 percent in the second quarter, to $506 million.
Industry executives told The Wall Street Journal that she appeared to have trouble bridging "a cultural gap" between the big bank's push to sell financial products through all channels, including its brokerage force, and the longheld tradition within Merrill Lynch to let advisers make investment decisions independently.
In the running
Kenneth Canty moved to Charleston several years ago to destroy the old Cooper River bridges, and now he's in the running for a "business person of the year" award.
Canty, an engineer, worked on the demolition project for Massachusetts-based Jay Cashman Inc./Testa Corp., when the Grace and Pearman spans were being removed. He decided to stay in Charleston and launch his own business, Freeland Construction Co.
His company is one of the small businesses operating out of Charleston's recently opened Flagship2 business incubator on East Bay Street. And Canty is one of 10 Regional Minority Small Business Persons of the Year selected by the U.S. Small Business Administration and the U.S. Department of Commerce's Minority Business Development Agency.
Now, he's in the running for the big title, National Minority Small Business Person of the Year. The winner will be announced at the 29th annual Minority Enterprise Development Week conference Sept. 27-30 in Washington, D.C.
The hybrid craze that's swept the nation is not only for land-based modes of transportation. It's used for boats as well, and a local boat repairer believes it is outfitting an old boat with perhaps the largest hybrid marine engine in the U.S.
Rich Selover of Pierside Boatworks on the former Navy base in North Charleston said the company has been working on replacing the 135-horsepower gas-fired engine in a 35-foot wooden 1940 Elco for about three months. The new 75-horsepower engine will run off batteries and diesel fuel.
It's owned by a Charlotte resident, who wants the repairs finished by Oct. 1 so it can be featured in an antique boat show in Georgetown, Selover said.
He said other boats have been retrofitted with up to 60-horsepower hybrid models, but this is the first time he has seen a 75-horsepower unit. If someone knows of a larger hybrid engine, contact Pierside Boatworks.
They're not geeks, they're chief information officers. And an elite bunch of these tech-minded execs are in the Lowcountry this week for a big annual meet and greet.
The 2011 Global CIO Executive Summit kicked off yesterday and wraps up tomorrow at the tony Sanctuary at Kiawah Island Golf Resort. According to UST Global, one of the event sponsors, the leadership and networking conference "will be the most influential gathering of global IT leaders this year. Its aim is simple yet ambitious: to bring visionary leaders together in order to explore and define a new decade of IT and business innovation."
No celebrity CEOs are on the Kiawah agenda, but plenty of their top IT people are, including CIOs and chief technology officers from such big-name employers as: Chevron Corp., Lockheed Martin, Toyota Motor Sales USA, Research In Motion Ltd., Kimberly-Clark Corp., Medtronic Inc., ITT Corp, and American Express.