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Poor hiring practices have a way of coming back to haunt you--especially when you're trying to fill a top financial post, such as chief financial officer. That's what CEO David Feldman found out after his company, Ampro Computers, in Sunnyvale, Calif., had to terminate a few unsuccessful hires, including a CFO--and got socked with wrongful-termination suits that cost $400,000 in settlements and legal fees in 1991 alone.
Over no years 30% of Feldman's time was spent on legal matters related to bad hiring decisions, he estimates. "When youte got a growing company, the cost of hiring the wrong person can be absolutely catastrophic," he says.
Part of the problem for CEOs who lack a financial background is confusion...