June 2004
JOHN MACK FORGOT one of the basic lessons of business: if you don’t have a power base, a title means nothing. The former president of Morgan Stanley was brought in to run CSFB in July 2001 after Lukas Mühlemann, then Credit Suisse Group CEO, fired Allen Wheat just days after reassuring him that his job was safe. By the end of 2002 Mühlemann himself was out as well, and Mack joined Oswald Grübel as co-CEO of the group while retaining his title of CEO at CSFB.
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