Creating Real Wealth: CEOs at the top of CE's fourth MVA ranking inspire employees, please customers, and manage to make money for shareholders even in tough times. (Performance Measurement).It's it's 1. Contraction of it is. 2. Contraction of it has. See Usage Note at its. it's it is or it has it's be ~have a rare business story that makes you reach for the Bible Bible [Gr.,=the books], term used since the 4th cent. to denote the Christian Scriptures and later, by extension, those of various religious traditions. This article discusses the nature of religious scripture generally and the Christian Scriptures specifically, as , but Luke Luke early Christian; the “beloved physician.” [N.T.: Luke] See : Evangelism 1:52, "He has put down the mighty," pretty well sums up this year's ranking of CEOs by the Market Value Added Market Value Added (MVA) is the difference between the current market value of a firm and the capital contributed by investors. If MVA is positive, the firm has added value. If it is negative, the firm has destroyed value. (MVA MVA abbr. motor vehicle accident MVA Motor vehicular/vehicle accident, see there ) system. The method reflects the amount by which shareholder wealth has grown or, when MVA is negative, shrunk shrunk v. A past tense and a past participle of shrink. shrunk Verb a past tense and past participle of shrink shrunk, shrunken shrink . Four times during the past three years, Chief Executive magazine has teamed with New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a Stem Stewart Stewart, river, Canada Stewart, river, 331 mi (533 km) long, rising in the Mackenzie Mts., central Yukon Territory, Canada, and flowing generally W to the Yukon River S of Dawson. & Co. to rank CEOs of the country's largest companies based on the changes in MVA. Why rank CEOs by MVA? "The market value added is the bottom line for any company. All of the other period-by-period financial measures are of interest only to the extent that they tell us something about what the market value added will be in the future or has been in the past," says Michael Jensen Michael Cole Jensen joined the of the Harvard Business School in 1990. Currently, he is the managing director in charge of organizational strategy at Monitor Group, a strategy consulting firm. , professor emeritus e·mer·i·tus adj. Retired but retaining an honorary title corresponding to that held immediately before retirement: a professor emeritus. n. pl. of the Harvard Business School Harvard Business School, officially named the Harvard Business School: George F. Baker Foundation, and also known as HBS, is one of the graduate schools of Harvard University. and head of the organizational strategy practice at the Monitor Group, Cambridge Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. , MA. Of course, the job of wealth creation is only effective when the wealth lasts. During the recent tech stock bubble A bit in bubble memory or a symbol in a bubble chart. , many CEOs seemed to create investor wealth. But that wealth has proved fleeting. Consider Noam Lotan Lotan (lō`tăn), in the Bible, duke of Edom. , the CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of MRV Communications  OverviewMRV NASDAQ: MRVC is a company that designs, manufactures, sells, distributes, integrates and supports communication equipment and services, and optical components. , a maker of fiber-optic See fiber optics. components and other Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the infrastructure equipment. Last year, when the new economy was hot, Lotan ranked No. 23 on the MVA list. He had created $600 of new wealth for each dollar of capital in the company when he took the helm. What a difference a year makes. Since the last ranking, the CEO has lost about $230 for each dollar of beginning capital, and Lotan ranks No. 914 on the MVA list. "Very often, CEOs get sucked into a gold rush that the markets, analysts, and others bring about, and trying to meet those expectations, they end up taking actions that destroy value. There are lots of those companies around," says Jensen Noun 1. Jensen - modernistic Danish writer (1873-1950) Johannes Vilhelm Jensen . A year ago, CMGI CMGI Commonly Maintained Grounds Infrastructures CMGI College Marketing Group Information (Services) was a well-known well-known adj. 1. Widely known; familiar or famous: a well-known performer. 2. Fully known: well-known facts. incubator incubator, apparatus for the maintenance of controlled conditions in which eggs can be hatched artificially. Incubator houses with double walls of mud, a fireroom, and several compartments each holding about 6,000 hens' eggs were developed in ancient times; the of e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. startups, its CEO David S. Wetherell ranked No. 5 on the MVA table, right behind Yahoo's Tim Koogle
Koogle was the brand name for a flavored peanut butter marketed by Kraft Foods. . This year finds Wetherell in a race to the bottom. CMGI shareholders are $6 billion poorer this year than last, partly as a result of expensive acquisitions. A similar problem with acquisitions sent Bernard Ebbers Bernard John "Bernie" Ebbers (born August 27, 1941 in Edmonton, Alberta), is a Canadian-born businessman. He co-founded the telecommunications company WorldCom and is a former chief executive officer of that company. of WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. down the value stairs. He placed first among value-creating CEOs for the past two years. This year, he's he's 1. Contraction of he is: He's going to school today. 2. Contraction of he has: He's already been to the museum. last. A victim of the bear market? There's more to it than that. Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. stocks have taken a tumble, but some telecom CEOs still managed to create value for their shareholders. Most notably, Robert Price Robert Price may refer to:
As the contrast between Ebbers and Price suggests, getting to the top or bottom of the MVA rankings isn't is·n't Contraction of is not. isn't is not isn't be just a matter of stock market luck. Despite the hammering Hammering The rapid and concentrated sale of a stock thought to be overvalued by the market. It performed by investors and speculators who beleive that prices are inflated and that a period of liquidation is imminent. tech stocks have taken lately, some CEOs in technology industries have continued to make money for their shareholders. Dell Computer's Michael Dell Michael Saul Dell (born February 23, 1965, in Houston, Texas) is the founder and CEO of Dell, Inc. Biography Early life and education The son of an orthodontist, Dell was born in to an upper-class Jewish family and attended Herod Elementary School in Houston, , Sun Microsystems' Scott McNealy Scott McNealy (born November 13, 1954 in Columbus, Indiana) was the Chairman of Sun Microsystems, the computer technology company he co-founded in 1982 along with Vinod Khosla, Bill Joy, and Andy Bechtolsheim. , Qualcomm's Irwin Jacobs The name Irwin Jacobs refers to multiple people
1 City (1990 pop. 26,763), Marion co., central Ind., a residential suburb of Indianapolis, on the West Fork of the White River. It has light manufacturing. 2 City (1990 pop. 65,608), seat of Douglas co., NE Kans. J. Ellison El·li·son , Ralph Waldo 1914-1994. American writer whose novel Invisible Man (1952) is a naturalistic depiction of a young Black man's struggle against American society. Noun 1. all once again landed in the top 25 on the MVA list. AOL (A division of Time Warner, Inc., New York, NY, www.aol.com) The world's largest online information service with access to the Internet, e-mail, chat rooms and a variety of databases and services. Time Warner's Steve Case Steve Case (born August 21, 1958) is a businessman best known as the co-founder and former chief executive officer and chairman of America Online (AOL). He reached his highest profile when he played an instrumental role in AOL's merger with Time Warner in 2000. moves from second place last year to first in 2001. CEOs at the pinnacle pinnacle (pĭn`ĭkəl), minor architectural motif of vertical tapering shape, usually crowning a pier, buttress, or gable. Although sometimes it appears in Renaissance design, as in the Certosa di Pavia, it is almost exclusively a medieval of the MVA list "keep a close eye on and are guided in every decision they make by what creates value and what does not," Harvard's Jensen says. "No matter what the market is favoring favoring an animal is said to be favoring a leg when it avoids putting all of its weight on the limb. A part of being lame in a limb. in the short run, they make decisions to create value in the long run." Even the most troubled sectors have CEOs who excel at Verb 1. excel at - be good at; "She shines at math" shine at excel, surpass, stand out - distinguish oneself; "She excelled in math" creating value. Roughly half the CEOs in each industry fell above the ranking's median, and half below, points out Al Ehrbar, partner at Stern Stern German weekly newsmagazine. Founded in 1948, it quickly became known for its outstanding photography and its blend of light and serious material. The magazine's lively treatment of many topics helped it achieve wide popularity in the 20th century. Stewart. "Industry is not destiny Destiny goddess of destiny of mankind. [Gk. Myth.: Kravitz, 78] See : Fate ," he says. Even in some demonstrably de·mon·stra·ble adj. 1. Capable of being demonstrated or proved: demonstrable truths. 2. Obvious or apparent: demonstrable lies. poor-performing industries, such as energy, materials, and capital goods Capital Goods Any goods used by an organization to produce other goods. Notes: Examples of capital goods include office buildings, equipment, and machinery. See also: Capital Expenditure, Disinvestment Capital goods , where most companies are in the bottom half of the rankings, a few CEOs manage to stand out. In materials, for example, more than 80 percent of the companies rank below the median for value creation. But Peter McCausland, CEO of Airgas Airgas, Inc. (NYSE: ARG), headquartered in Radnor Township, Pennsylvania, through its subsidiaries, is the largest U.S. distributor of industrial, medical and specialty gases (delivered in packaged or cylinder form), and hardgoods (welding, safety and related products). , a distributor of medical, industrial, and specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. gases, is a rose among the thorns. McCausland climbed 183 rungs to No. 149. Since moving into the corner office in 1987, McCausland has managed to multiply mul·ti·ply v. 1. To increase the amount, number, or degree of. 2. To breed or propagate. shareholder wealth tenfold tenfold Adjective 1. having ten times as many or as much 2. composed of ten parts Adverb by ten times as many or as much Adj. 1. . He now ranks respectably re·spect·a·ble adj. 1. Meriting respect or esteem; worthy. 2. Of or appropriate to good or proper behavior or conventional conduct. 3. Of moderately good quality: respectable work. within the top 15 percent of all CEOs. The diversified financials The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment sector also has its share of winners and losers. Capital One's Richard Fairbank Richard Fairbank founded Capital One with Nigel Morris in 1988, and is currently the Chairman and CEO. He also serves on the board of directors of MasterCard International, and is the Chairman of MasterCard International's U.S. Region Board of Directors. moves to No. 136 this year from No. 180 last year, while Providian's Shailesh Mehta Mehta is a common Indian surname that is especially common in Gujarat and other parts of western India. The word is derived from the Sanskrit word 'mahita' meaning ‘praised’ or ‘great’ (from mah-‘to praise or magnify’). falls to a dismal dis·mal adj. 1. Causing gloom or depression; dreary: dismal weather; took a dismal view of the economy. 2. No. 833 from No. 166 last year. This is striking given that Mehta, who became CEO of Providian Providian Financial Corporation was one of the leading credit card issuers in the United States. It was headquartered in San Francisco, California, Providian had more than 10 million card holders and was ranked as the ninth largest credit card issuer. in 1988, has been in the CEO chair seven years longer than Fairbank Fairbank is a surname, and may refer to:
tenure, in education, a guarantee of the permanence of a college or university teacher's position, awarded upon successful completion of a probationary period, usually seven years. , those CEOs who have been on the job longer have a better shot at the top of the list, simply because they've they've Contraction of they have. they've have had more time to create value. Moreover, Providian and Capital One have business strategies so similar that Mehta said earlier this year, "If anyone comes close to our skill set it would be Capital One." Yet Capital One s shareholders are richer than they were a year ago, while Providian's are poorer. In late October October: see month. , Mehta promised shareholders he would leave the CEO post as soon as a replacement was found. In the software and services industry, a number of CEOs under pressure from investors left their jobs. But shareholders applaud Siebel For the tech company, see . Siebel, originally Flugzeugbau Halle, was a German aircraft manufacturer in Halle an der Saale. Siebel aircraft included:
Contraction of does not. buy anything isn't interesting. To me the sign of a satisfied customer is one who buys more of the product." At eight-year-old Siebel Systems Siebel is a brand name of Oracle Corporation. Siebel Systems, Inc., founded by Thomas Siebel in 1993, was principally engaged in the design, development, marketing and support of CRM applications. , CEO Siebel also grows market value by creating a culture that seeks to ensure customer success. "I personally spend 60 percent of my time visiting customers, checking on the status of their projects, making sure they're they're Contraction of they are. they're be succeeding, and finding out what I can do to help. That sends a very strong message to our 8,000 employees about what's important here," notes Siebel. Best Buy's Richard Schulze
Richard Schulze was a Waffen-SS officer during World War II who obtained the rank of SS-Obersturmbannführer. , who landed at No. 7 this year, put the retail industry into the top 25 elite, and also bests a number of his industry peers. Schulze Schulze is a common German family name. It may refer to:
v. scratched, scratch·ing, scratch·es v.tr. 1. To make a thin shallow cut or mark on (a surface) with a sharp instrument. 2. To use the nails or claws to dig or scrape at. , chalks up his place on the ranking to several factors, among them: "Surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. myself with quality people [who are] empowered to create expanded value; providing an environment where quality people can thrive and grow; staying close to the customer; and understanding that success is more than just looking at the income statement." Schulze's focus on value-creation basics has allowed the company to accomplish what conventional wisdom about retailing thought impossible, says Stern Stewart consultant Daniel Miller People called Daniel Miller include:
Contraction of should not. shouldn't should not shouldn't should be able to be done at the same time: tremendous sales growth, improved margins, and improved capital turns. It turns over capital faster than the Wal-Marts and Targets of the world." In the automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of components industry, mirror maker Fred (Friendly Rollabout Engineered for Doctors) A mobile medical conferencing unit. See videoconferencing. 1. FRED - Robert Carr. Language used by Framework, Ashton-Tate. 2. Bauer Bauer is a German family name. It translates to peasant or farmer (agricola in Latin). Notable people of this name include:
Contraction of we have. we've have given stock options to all of our salaried people for close to two decades and those who have not been quick to exercise their options have more than doubled their salary," Bauer explains. Even technical and production employees understand that their business decisions affect not only the economic position of the company, but their own personal economic position. A study by the Environmental Research Institute of Michigan's Center for Automotive Research released in September September: see month. 2001 concurs. "Revenue growth, return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). , and cash flows are well understood by Gentex engineering, financial, and manufacturing communities," the study reports. The researchers describe Gentex's culture as "Silicon Valley meets the Motor City." Bauer himself doesn't talk in those terms-he merely says, "I think Wall Street views our company favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. , but we don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. follow the fad of the moment." CEOs who create sustainable wealth for shareholders tend to have that in common. 25 WORST MVAs Rank Rank as of as of 09/01 12/99 Name Company 916 1 Bernard J Ebbers WorldCom 915 5 David S Wetherell CMGI 914 23 Noam Lotan MRV Comm 913 19 L Lowry Mays Clear Channel 912 33 Sanjiv S Sidhu 12 Technologies 911 40 Stratton D Sclavos VeriSign 910 4 Timothy Koogle Yahoo 909 58 D C Peterschmidt Inktomi 908 N/A Arun Sarin InfoSpace 907 N/A Shelby W Bonnie CNET Networks 906 916 Richard M Scrushy HealthSouth 905 146 Eric A Benhamou 3Com 904 23 Pehong Chen Broadvision 903 903 R Brad Martin Saks 902 N/A Steven A Balimer Microsoft 901 912 Dennis B Gillings Quintiles Transnat 900 N/A Jozef Straus JDS Uniphase 899 119 William C France Intl Speedway 898 83 Robert L Bailey PMC-Sierra 897 70 C M Cotsakos E*Trade Group 896 911 H W Huizenga Boca Resorts 895 208 Kieran E Burke Six Flags 894 258 Joseph R Ettore Ames Dept Stores 893 77 S A Garofalo Metromedia Fiber 892 69 Warren V Musser Safeguard Scientif Rank as of 09/01 Industry 916 Telecomm Services 915 Software & Services 914 Tech Hardware & Eq 913 Media 912 Software & Services 911 Software & Services 910 Software & Services 909 Software & Services 908 Software & Services 907 Software & Services 906 Health Care Eq & Serv 905 Tech Hardware & Eq 904 Software & Services 903 Retailing 902 Software & Services 901 Health Care Eq & Serv 900 Tech Hardware & Eq 899 Hotels, Rest & Leisure 898 Tech Hardware & Eq 897 Diversified Financials 896 Hotels, Rest & Leisure 895 Hotels, Rest & Leisure 894 Retailing 893 Telecomm Services 892 Software & Services 25 BEST MVAs Rank Rank as of as of 09/01 12/99 Name Company Industry 1 2 S M Case AOL Time Warner Media 2 9 D A Miller Biomet Health Care Eq & Serv 3 8 B T Golisano Paychex Comm Serv & Sup 4 3 K Alexander Comverse Techn Tech Hardware & Eq 5 6 L J Ellison Oracle Software & Services 6 105 R D Walter Cardinal Health Health Care Eq & Serv 7 13 R M Schulze Best Buy Retailing 8 35 H Solomon Forest Labs Pharmaceut & Biotech 9 7 I Mark Jacobs Qualcomm Techn Hardware & Eq 10 18 R H Swanson Jr Linear Technology Tech Hardware &Eq 11 10 D J Warmenhoven Network Appliance Tech Hardware & Eq 12 22 J F Gilfford Maxim Integrated Tech Hardware & Eq 13 31 J W Brown Stryker Health Care Eq & Serv 14 21 R J Roberts Comcast Media 15 11 M S Dell Dell Computer Tech Hardware & Eq 16 28 F Bauer Gentex Automobiles & Comp 17 25 T M Siebel Siebel Systems Software & Services 18 12 S G McNealy Sun Microsystems Tech Hardware & Eq 19 46 H M Messmer Jr Robert Half Intl Comm Serv & Sup 20 15 J C Morgan Applied Materials Tech Hardware &Eq 21 45 J Shacknai Medicis Pharmaceut & Biotech 22 41 R F Pops Alkermes Pharmaceut & Biotech 23 60 W H Rastetter IDEC Pharmaceut Pharmaceut & Biotech 24 14 J Swartz Symbol Tech Tech Hardware & Eq 25 32 R Price Price Comm Telecomm Serv TERMS EXPLAINED: The change in a company's MVA from the start date of the CEO to September 2001 is the Delta MVA. The change in a company's MVA expressed as a percentage of the capital that a company had on the CEO'S start date is the Delta MVA/Beginning Capital. This calculation standardizes MVA according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the amount of invested capital a CEO had to work with at the beginning of his tenure, and greatly improves comparisons between companies of radically different sizes. In effect, it is a measure of the efficiency with which a CEO has used the capital at his or her command.
AUTOMOBILES AND COMPONENTS
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 16 28 Fred Bauer Jan-81
2 165 260 Jeffrey L Bluestein Jun-97
3 301 381 James H Keyes Jan-88
4 386 521 Joseph J Ross Feb-90
5 567 N/A Mark P Frissora Nov-99
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Gentex Corp 1,391 12 1,379 270.72
2 Harley-Davidson Inc 11,003 2,891 8,112 8.04
3 Johnson Controls Inc 2,299 47 2,252 1.84
4 Federal Signal Corp 369 181 188 0.85
5 Tenneco Automotive Inc -1,657 -1,516 -141 -0.04
BANKS
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 61 162 John A Allison Jul-89
2 70 164 Vernon W Hill, II Jan-82
3 80 152 George A Schaefer Dec-90
4 82 914 Kerry Killinger Apr-90
5 90 250 Kevin J Sheehan Jun-95
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 BB&T Corp 8,073 67 8,005 42.21
2 Commerce Bancorp Inc 1,691 7 1,684 36.47
3 Fifth Third Bancorp 27,120 432 26,688 30.76
4 Washington Mutual Inc 11,441 -106 11,547 29.61
5 Investors Financial Svcs 1,657 117 1,540 25.11
CAPITAL GOODS
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 27 54 Robert A Kierlin Jan-68
2 34 24 Rodger B Dowdell Aug-85
3 101 120 John F Welch Apr-81
4 146 197 George M Sherman Feb-90
5 151 103 Felix Zandman Jan-62
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Fastenal Co 1,798 37 1,762 148.74
2 American Pwr Cnvrsion 1,007 16 991 105.02
3 General Electric Co 321,189 342 320,847 19.54
4 Danaher Corp 4,134 160 3,974 10.14
5 Vishay Intertechnology 372 7 365 9.51
COMMERCIAL SERVICES AND SUPPLIES
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 3 8 B Thomas Golisano Jan-71
2 19 46 Harold M Messmer Jr Jan-87
3 26 108 John G Sperling Jan-73
4 64 111 Thomas A Mcdonnell Oct-84
5 74 154 D Li-San Hwang Mar-88
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Paychex Inc 11,301 65 11,236 2119.93
2 Robert Half Intl Inc 2,972 23 2,950 220.49
3 Apollo Group Inc 4,769 80 4,688 149.02
4 DST Systems Inc 3,375 27 3,348 41.04
5 Tetra Tech Inc 670 59 611 34.47
CONSUMER DURABLES AND APPAREL
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 84 124 Philip H Knight Jan-69
2 144 182 Sidney Kimmel Jan-75
3 287 520 David L Kolb Dec-88
4 381 375 M Farooq Kathwari Sep-88
5 394 457 Paul R Charron May-95
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Nike Inc 9,304 675 8,628 27.49
2 Jones Apparel Group Inc 1,794 638 1,156 10.44
3 Mohawk Industries Inc 609 133 476 2.08
4 Ethan Allen Interiors Inc 629 289 339 0.89
5 Liz Claiborne Inc 1,009 290 719 0.77
DIVERSIFIED FINANCIALS
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 49 115 Alfred P West Jan-68
2 51 37 Charles R Schwab Nov-86
3 85 132 Alfred Lerner Jan-91
4 103 160 Charles B Johnson Jan-71
5 110 177 Raymond A Mason Jan-70
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 SEI Investments Co 3,414 181 3,233 60.66
2 Charles Schwab Corp 9,059 124 8,935 57.97
3 MBNA Corp 19,036 1,074 17,962 26.05
4 Franklin Resources Inc 6,120 765 5,355 18.54
5 Legg Mason Inc 1,994 12 1,982 17.08
ENERGY
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 71 81 Eugene M Isenberg Jan-87
2 113 127 Bernard Duroc-Danner May-90
3 115 99 Carl F Thorne May-87
4 128 133 James C Day Jan-84
5 129 189 Aubrey K McClendon Jan-89
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Nabors Industries 1,846 5 1,841 35.37
2 Weatherford Intl Inc 1,490 93 1,397 16.88
3 Ensco International Inc 761 5 756 16.31
4 Noble Drilling Corp 1,777 -83 1,860 13.98
5 Chesapeake Energy Corp 730 -8 738 13.87
FOOD AND DRUG RETAILING
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 97 207 John P Mackey Sep-80
2 187 289 L Daniel Jorndt Jan-98
3 236 333 Steven A Burd Apr-93
4 326 537 Joseph A Pichler Jun-90
5 332 N/A Charles H Cotros Jan-00
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Whole Foods Market Inc 1,145 81 1,064 21.81
2 Walgreen Co 31,061 12,910 18,151 5.74
3 Safeway Inc 15,226 537 14,689 3.13
4 Kroger Co 8,857 3,614 5,243 1.47
5 Sysco Corp 15,157 11,508 3,649 1.38
FOOD, BEVERAGE AND TOBACCO
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 41 137 Gary T Rogers Feb-77
2 53 102 Melvin J Gordon Jan-62
3 83 122 William Wrigley Mar-61
4 105 231 Joseph W Luter III Apr-75
5 112 169 August A Bustch III Jan-75
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Dreyer's Grand Ice Cream 909 54 855 70.01
2 Tootsie Roll 1,517 -4 1,521 54.87
Industries Inc
3 WM Wrigley Co 7,810 -49 7,859 27.81
4 Smithfield Foods Inc 1,272 -7 1,279 18.12
5 Anheuser-Busch Cos Inc 32,340 465 31,875 17.05
HEALTH CARE EQUIPMENT AND SERVICES
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 2 9 Dane A Miller Nov-77
2 6 105 Robert D Walter Jan-71
3 13 31 John W Brown Feb-77
4 31 112 William W Mcguire Feb-91
5 50 117 William J Schoen Apr-86
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Biomet Inc 6,903 27 6,876 2191.29
2 Cardinal Health Inc 20,452 27 20,424 791.94
3 Stryker Corp 9,400 52 9,349 441.71
4 UnitedHealth Group Inc 18,086 474 17,612 122.16
5 Health Management Assc 3,934 9 3,926 58.16
HOTELS, RESTAURANTS, AND LEISURE
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 79 165 David Overton Feb-92
2 89 915 Dan W Evins Jan-70
3 95 123 Chris T Sullivan Apr-91
4 191 282 Richard M Frank Mar-86
5 221 492 Charles N Mathewson Feb-96
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Cheesecake Factory Inc 1,023 125 898 30.94
2 CBRL Group Inc 337 3 333 25.32
3 Outback Steakhouse Inc 1,106 296 810 22.35
4 CEC Entertainment Inc 716 36 681 5.56
5 Intl Game Technology 3,843 782 3,061 3.62
HOUSEHOLD AND PERSONAL
PRODUCTS
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 117 144 Reuben Mark May-84
2 250 301 Wayne R Sanders Dec-91
3 280 279 G C Sullivan May-92
4 321 N/A Andrea Jung Nov-99
5 399 465 Howard B Bernick Oct-94
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Colgate-Palmolive Co 27,947 85 27,863 15.78
2 Kimberly-Clark Corp 16,800 5,165 11,635 2.80
3 Clorox Co 4,447 1,155 3,292 2.19
4 Avon Products 10,819 7,477 3,342 1.53
5 Alberto-Culver Co 749 305 443 0.73
INSURANCE
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 92 311 Stephen L Way Jan-74
2 106 274 J Partick Gallagher Jr Jan-95
3 123 844 William P Foley II Jan-84
4 134 317 Peter B Lewis Apr-93
5 137 261 Alan I Kirshner Sep-86
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 HCC Ins Hldgs Inc 1,003 15 988 24.79
2 Arthur J Gallagher & Co 2,633 491 2,142 18.04
3 Fidelity National 1,389 58 1,331 14.88
Finl Inc
4 Progressive Corp Ohio 7,449 1,488 5,962 12.78
5 Markel Corp 1,143 82 1,060 12.26
MATERIALS
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 149 332 Peter McCausland Jan-87
2 209 395 James P Mooney Jan-91
3 224 343 Harold C Simmons Jan-69
4 292 367 Richard M Rompala Oct-95
5 309 538 Samuel W Bodman Feb-88
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Airgas Inc 368 21 347 9.68
2 Om Group Inc 886 127 759 4.22
3 Valhi Inc 1,030 -92 1,121 3 42
4 Valspar Corp 1,336 703 633 1.99
5 Cabot Corp 1,794 221 1,573 1.70
MEDIA
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 1 2 Stephen M Case Apr-93
2 14 21 Ralph J Roberts Jan-69
3 66 66 Charles W Ergen Jan-80
4 116 212 Richard Robinson Jan-75
5 121 113 Barry Dilier Aug-95
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 AOL Time Warner Inc 78,546 148 78,398 3445.03
2 Comcast Corp 25,730 59 25,671 367.87
3 EchoStar Commun Corp 11,646 830 10,817 40.16
4 Scholastic Corp 1,074 -26 1,100 15.90
5 USA Networks Inc 3,384 236 3,148 14.92
PHARMACEUTICALS AND BIOTECHNOLOGY
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 8 35 Howard Solomon Jan-77
2 21 45 Jonah Shacknai Jul-88
3 22 41 Richard F Pops Feb-91
4 23 60 W H Rastetter PhD Dec-86
5 28 51 John W Jackson Jan-96
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Forest Laboratories 12,225 75 12,150 642.61
2 Medicis Pharmaceut Cp 1,154 9 1,144 211.43
3 Alkermes Inc 1,366 170 1,197 211.29
4 IDEC Pharmaceuticals 8,716 50 8,665 192.41
5 Celgene Corp 1,525 102 1,423 142.50
REAL ESTATE
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 418 570 Peter S Rummell Jan-97
2 843 876 Paul W Whetsell Aug-86
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 St Joe Co 1,622 874 748 0.57
2 Meristar Hospitality Corp -721 88 -809 -2.24
RETAILING
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 7 13 Richard M Schulze Jan-66
2 39 91 Warren Eisenberg Jan-71
3 42 62 Michael P Krasny Jan-80
4 46 44 W H Lester Jan-79
5 68 74 Thomas G Stemberg Feb-88
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Best Buy Co Inc 9,120 57 9,063 732.41
2 Bed Bath & Beyond Inc 7,019 592 6,427 76.64
3 CDW Computer Centers Inc 2,529 149 2,381 69.44
4 Williams-Sonoma inc 965 21 944 63.25
5 Staples Inc 4.281 108 4,173 38.68
SOFTWARE AND SERVICES
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 5 6 Lawrence J Ellison May-77
2 17 25 Thomas M Siebel Jul-93
3 30 61 Lawrence F Probst May-91
4 32 89 Michael E Henry Oct-94
5 36 205 Neal L Patterson May-87
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Oracle Corp 70,718 241 70,477 1185.37
2 Siebel Systems Inc 12,348 1,023 11,326 243.11
3 Electronic Arts Inc 5,569 47 5,522 123.80
4 Jack Henry & Associates 2,057 87 1,971 111.73
5 Cerner Corp 1,534 27 1,507 86.89
TECHNOLOGY HARDWARE AND EQUIPMENT
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 4 3 Kobi Alexander Apr-87
2 9 7 Irwin Mark Jacobs Jul-85
3 10 18 Robert H Swanson Jr Sep-81
4 11 10 Daniel J Warmenhoven Oct-94
5 12 22 John F Gitford Apr-83
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Comverse Technology Inc 2,982 19 2,963 1242.36
2 Qualcomm Inc 36,509 470 36,039 566.66
3 Linear Technology Corp 11,020 104 10,916 548.64
4 Network Appliance Inc 6,528 642 5,886 542.70
5 Maxim Integrated Products 14,365 47 14,318 462.12
TELECOMMUNICATION SERVICES
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 25 32 Robert Price Jan-79
2 142 159 Leroy T Carlson Jr Jan-86
3 171 172 Joe T Ford May-87
4 226 247 Glen F Post Jan-92
5 260 315 Edward E Whitacre Jan-90
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Price Communications Corp 1,159 4 1,154 168.00
2 Telephone & Data 3,565 32 3,533 10.89
3 Alltel Corp 8,744 325 8,419 7.33
4 CenturyTel Inc 2,710 618 2,092 3.32
5 SBC Communications Inc 48,645 10,478 38,167 2.50
TRANSPORTATION
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 48 84 PeterJ Rose Oct-88
2 67 134 Herbert D Kelleher Sep-81
3 99 187 Jerry C Atkin Aug-75
4 138 228 Jerry C Moyes Jan-84
5 164 294 D R Verdoorn Jan-77
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Expeditors Intl Wash Inc 2,307 55 2,252 61.39
2 Southwest Airlines 9,446 122 9,324 39.87
3 Skywest Inc 696 32 664 19.87
4 Swift Transportation Co 1,109 29 1,080 12.20
Inc
5 C H Robinson Worldwide 2,171 766 1,406 8.06
Inc
UTILITIES
Overall Overall
Rank Rank
Industry as of as of Start
Rank 09/01 12/99 Name Date
1 125 307 C L Watson Mar-95
2 204 238 Kenneth L Lay Jun-84
Delta
Start MVA/
Industry 09/01 Data Delta Beg
Rank Company MVA MVA MVA Cap
1 Dynegy Inc 9,281 61 9,220 14.32
2 Enron Corp 14,975 274 14,701 4.37
CE's 4th MVA ranking was prepared by Jonathan Abraham, Jonathan Bloom,
and Mitchell Moss of Stern Stewart & Co.
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