Ted Kelly Say’s “Abandon Ship!”
Edmund “Ted” Kelly, chief executive officer of Liberty Mutual Group since 1998, is retiring on June 28.
Rumors abound that the company is broke. All the recent cost cutting has resulted in decreased sales and decreased service resulting in a $24 million dollar loss last year. The lean six sigma approach to saving the ship made it sink even faster.
Liberty Mutual is a house of cards and the worst is yet to come.
The pension’s are being done away with and the pension fund is underfunded. The 401K match has been decreased and the massive layoffs and turnover that was supposed to result in payroll savings made the situation even worse.
Liberty will also be one of the first companies that attempts to do away with health insurance for their own employees when Health Care Reform starts in 2014. One of the other reasons why the company is getting significantly younger. Younger employees won’t care about insurance and will go out and buy it themselves.
Even the lawyers, who for years sent this site cease and desist letters, are no longer working for the company. They’ve been quiet for some time now.
I will miss Ted Kelly. He is the George Bush of the insurance industry. Clueless. Listening to all around him and never doing what is right. Good luck and please retire from the board soon too. You will not be missed.
xoxoxo Mr. Liberty