This preview shows page 1. Sign up to view the full content.
Unformatted text preview: -band era, wearing a brown checked jacket, a white shirt, a brown tie, and jaunty two-tone
shoes. He was tall and strong, and seemed in remarkably good shape. The walls of his office were covered with plaques and mementos, with
photographs of Carl beside presidents, famous ballplayers, former employees, grandchildren, priests, cardinals, Mikhail Gorbachev, the Pope.
Carl proudly removed a framed object from the wall and handed it to me. It was the original receipt for $326, confirming the purchase of his
first hot dog cart.
Eight weeks after being locked out of his office in 1993, Carl engineered a takeover of the company. Through a complex series of
transactions, a partnership headed by financier William P. Foley II assumed some of Carl’s debts, received much of his stock in return, and
took control of CKE. Foley became the new chairman of the board. Carl was named chairman emeritus and got his old office back. Almost all
of the executives and directors who had opposed him subsequently left the company. The Green Burrito plan was adopted and proved a
success. The new management at CKE seemed...
View Full Document
This note was uploaded on 02/25/2014 for the course MGMT 120 taught by Professor Litt during the Spring '08 term at UCLA.
- Spring '08