LDS for-profit arm restructuring

[_Trevor]

Deseret Management Corp. » Parent of KSL, Deseret Books to increase role in face of downturn.
By Paul Beebe
The Salt Lake Tribune
Updated: 03/12/2009 10:15:32 AM MDT

Deseret Management Corp., the for-profit arm of the LDS Church, has launched a sweeping shake-up of its organization to cope with worsening economic conditions that are biting into its earnings.
The reorganization was sought by the First Presidency of The Church of Jesus Christ of Latter-day Saints. Church leaders want 43-year-old Deseret Management run as an operating company instead of a holding company, CEO Mark Willes said Tuesday.

See: http://www.sltrib.com/LDS/ci_11892656
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[_rcrocket]

This is probably simply related to Mark Willis' management style; he was just appointed CEO. Formerly the publisher of the LA Times and restructured it in the face of declining print revenues.

[_Trevor]

This is probably simply related to Mark Willis' management style; he was just appointed CEO. Formerly the publisher of the LA Times and restructured it in the face of declining print revenues.

Most everyone is being hit by the declining economy. I hadn't heard how it was affecting the LDS Church before this article was published.

[_TAK]

This is probably simply related to Mark Willis' management style; he was just appointed CEO. Formerly the publisher of the LA Times and restructured it in the face of declining print revenues.

Article .. “ Willes, a nephew of former LDS President Gordon Hinckley, took over the job March. 2… "

Mormon church practicing nepotism? SHOCKED!

[_rcrocket]

Yes. It was also shocking that Jesus' brother James was the first bishop of Jerusalem.

[_harmony]

A few comments:

1. That's going to be an enormous job; he's essentially been asked to fix whatever issues there are in 7 companies. How like the church to put that kind of burden on 1) Mormon Royalty, and 2) a man who looks like he could have retired already. I wonder if anyone else was given a shot at the job, or if this is essentially a calling? I'm not saying he's not capable or qualified. I just wonder if someone younger was given a shot, or if this was another manifestation of the Brethren's distrust of people younger than 65? Will we get to know what he is paid?

2. $1.2 billion in 2007. Hmmm. Is that gross proceeds or net? And if it's net, where the heck is it????

3. Is it possible to see an annual report from any of these separate entities?

4. What is it he's going to fix (besides an antiquated and totally unwieldy communication system)? Are they losing money? Will they restructure their management? Lay off workers? Ask for tithing money to bail them out?

[_TAK]

This is probably simply related to Mark Willis' management style; he was just appointed CEO. Formerly the publisher of the LA Times and restructured it in the face of declining print revenues.

I believe he left the Times 10 years ago.. and I don't think he has worked since. Deck Chairs come to mind..

[_harmony]

This is probably simply related to Mark Willis' management style; he was just appointed CEO. Formerly the publisher of the LA Times and restructured it in the face of declining print revenues.

I believe he left the Times 10 years ago.. and I don't think he has worked since. Deck Chairs come to mind..

So he would perhaps be in his mid to late 70's?

[_rcrocket]

So he would perhaps be in his mid to late 70's?

He is 67. Plenty capable of running billion-dollar enterprise. And, having dealt with him in the past, he doesn't really put up with ecclesiastics who think they know how to run a business merely because they happen to hold a church position.

[_harmony]

So he would perhaps be in his mid to late 70's?

He is 67. Plenty capable of running billion-dollar enterprise. And, having dealt with him in the past, he doesn't really put up with ecclesiastics who think they know how to run a business merely because they happen to hold a church position.

So my original premise is correct: the Brethren sought out a retired man, older than 65, with close connections to Mormon Royalty, to run these 7 enterprises.

Why? What do they hope to accomplish? And what happened to that $1.2 billion?