If only more CEOs had this guy's integrity...
Michael McCain (Maple Leaf Foods) has set a standard that all CEOs should be sitting up and paying attention to IMHO. Earlier this year hundreds of food products across Canada had to be recalled due to a life threatening bacteria outbreak in the factory that manufactured the foods. The factory was shut down while experts cleaned and disinfected the entire factory and all the machines. The bacteria was proven to be the cause of 20 deaths.
While all of this was happening, McCain purchased TV advertising time to run a spot apologizing for the outbreak, offering condolences to anyone affected by the outbreak, and accepting full responsibility for the outbreak.
Now that the factory is up and running again, a new spot is being run to let the public know what measures were taken to rid the factory of the bacteria and what measures are being taken to ensure it doesn't happen again.
Today, a class action law suit was settled to compensate the families of the victims. MLF could have dragged this out for years, I'm sure. But they didn't. They owned up and paid out.
I have nothing but respect for the sensitivity with which McCain has handled this ordeal. While the ads may have been a way to smooth over public image, it also left me with the impression that he was putting public interest first and profit and shareholders second. He never once tried to pass the buck, lay blame elsewhere, or make excuses. He faced the problem head on and took full responsibility. Imagine a CEO taking full responsibility for anything. :yikes:
Class actions against Maple Leaf in Listeria outbreak settled for $27 million
By The Canadian Press
Class-action lawsuits brought against Maple Leaf Foods for the listeriosis outbreak linked to 20 deaths nationwide have been settled.
The lawyers behind the suit say the settlement will see Maple Leaf pay out up to $27 million. The settlement still needs to be approved by the courts, and hearings will be held before a judge early in the new year.
In August, Maple Leaf Foods (TSX:MFI) began a recall of tainted meat products.
The products were linked to a listeriosis outbreak that claimed 20 lives.
Maple Leaf CEO Michael McCain had apologized for the outbreak and said his company would take full responsibility.