Category Archives: Reputation Risk

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Facebook Posts + Tweets = Possible Lawsuit

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You may remember back in May when a Chicago resident tweeted about her property management company being OK with moldy apartments. That resident, Amanda Bonnen, was subsequently sued by Horizon Group Management for publishing a false and defamatory tweet on Twitter May 12.

The tweet read: “Who said sleeping in a moldy apartment was bad for you? Horizon realty think it’s okay.” Those two sentences sparked the suit in which Horizon sought $50,000 in damages, mostly reputation-related. The case was eventually dismissed this past January, with the judge claiming the tweet was “too vague to meet the legal standards of libel.”

Though it was dismissed, this one lawsuit opened the door to Twitter-related legal action. Soon to follow? Most likely lawsuits related to Facebook posts. Not only can tweeting or posting about another company get you in trouble, doing the same about the company for which you work can also pose a risk. As an article on MainJustice.com states:

“Our board members are talking about things like Facebook and Twitter, so we are definitely paying attention to social media,” said Haydee Olinger, the chief compliance officer for McDonald’s Corporation. Grace Renbarger, the chief ethics and compliance officer for Dell Computer, said she is constantly worried that something her employees say on Facebook or Twitter could hurt the company. “You don’t want people out there saying things that could be attributed to the company for liability purposes,” Renbarger said.

Because of the risk social media poses, the role of the chief compliance officer has grown to encompass the occasional or, in some cases, often, monitoring of employee’s Facebook and Twitter accounts. Tweeters and posters beware: big brother is watching!

wall of eyes

Toyota’s Troubles

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As Toyota prepares to announced yet another recall — this time, the Prius — some are beginning to question the car manufacturer’s business model.

The “Toyota Way” is the company’s long-standing philosophy that, among other things, places an extreme emphasis on maximizing efficiency by minimizing waste. Some have even said it acts almost like a religion amongst Toyota’s 316,000 employees. There is even a Toyota-approved way of turning corners when walking around the company’s numerous hallways (you must do say at a 90 degree angle). Think that’s bad? Toyota also demands that their employees never walk around the office with their hands in their pockets. A recent NPR news article quoted Tadao Wakatsuki, who worked at the auto giant for 45 years:

“If you walk around with your hands in your pockets, you’ll be told to take them out. If you drive to work, you file a report describing the route you take and the risks. If you drive to your hometown, you report exactly where you’re going to stop for a break. I would say there’s no freedom at Toyota.

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It’s totalitarian.”

Totalitarian to say the least. But was Toyota’s strictly-enforced mission to cut waste and drive efficiency taken too far, ultimately sacrificing quality and safety? In the wake of the recall of more than eight million cars, some think it was. The world’s number one car maker has taken a hit — not only in terms of revenue, but also in terms of reputation. Historically, car recalls have tainted the manufacturer’s image for years, sometimes forever, steering once-loyal car buyers towards other manufacturers. MSNBC lists the top 10 biggest vehicle recalls in history. The following are the top five:

Ford – Number of vehicles recalled: 7.9 million
Year of recall: 1996 The company warned that the ignition switch on the recalled vehicles could overheat and smoke or catch fire. Ford recalled most of its models built between 1988 and ’93, including the Aerostar, Bronco, Crown Victoria, Escort, F-150 pickup, Mustang, Tempo and Thunderbird.
General Motors – Number of vehicles recalled: 6.7 million
Year of recall: 1971
The engine mounts on these vehicles were found to potentially break, letting the engine move around, which could cause the mechanical linkage to jam the throttle. This affected a variety of Chevrolet models from 1965-’69, including the Chevrolet Bel Air, C-10 pickup, Camaro, Caprice, Chevy II, Impala and Nova. At the time GM used unique engines for each of its brands, so only the Chevrolets had the engine that used the affected mounts.
General Motors – Number of vehicles recalled: 5.8 million
Year of recall: 1981 A key bolt attaching the front suspension to the car could break, which would cause the suspension to collapse suddenly. This has obvious potential for negative outcomes, especially if the vehicle was being driven at the time it failed. The company recalled its mid-size cars built between 1978 and ’81 to replace the defective bolts. It included the Buick Century and Regal, Chevrolet Malibu and Monte Carlo, Oldsmobile Cutlass, and Pontiac Grand Prix and LeMans.
Toyota – Number of vehicles recalled: 5.4 million
Year of recall: 2009 Toyota estimated it recalled about 5.4 million vehicles in the U.S. over problems with vehicle floor mats, which they found could entrap the pedal causing unintended acceleration. The recall was initiated in 2009 and expanded in 2010.

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In 2010, Toyota recalled 2.3 million vehicles over problems with the gas pedal after the company found that an accelerator mechanism may not spring back up with enough pressure. About 2.1 million vehicles overlap in these two recalls, leading to a total recall so far of about 5.6 million vehicles for unintended acceleration. The final tallies won’t be known for a long while. The vehicles involved include Lexus-brand vehicles and the Toyota Camry, Tacoma and Tundra.

Ford – Number of vehicles recalled: 4.5 million
Year of recall: 2005 The automaker said the cruise-control mechanism on these vehicles could overheat and smoke or catch fire. The company recalled most of its full-size trucks, including the 1994-’96 Bronco, ’97-’02 Expedition, ’94-’02 F-150 and F-250, ’98-’02 Navigator and the short-lived 2002 Lincoln Blackwood pickup truck.

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  1. Ford –– Number of vehicles recalled: 7.9 million. Year of recall: 1996. The company warned that the ignition switch on the recalled vehicles could overheat and smoke or catch fire. Ford recalled most of its models built between 1988 and ’93, including the Aerostar, Bronco, Crown Victoria, Escort, F-150 pickup, Mustang, Tempo and Thunderbird.
  2. General Motors — Number of vehicles recalled: 6.7 million. Year of recall: 1971. The engine mounts on these vehicles were found to potentially break, letting the engine move around, which could cause the mechanical linkage to jam the throttle. This affected a variety of Chevrolet models from 1965-’69, including the Chevrolet Bel Air, C-10 pickup, Camaro, Caprice, Chevy II, Impala and Nova. At the time GM used unique engines for each of its brands, so only the Chevrolets had the engine that used the affected mounts.
  3. General Motors — Number of vehicles recalled: 5.8 million. Year of recall: 1981. A key bolt attaching the front suspension to the car could break, which would cause the suspension to collapse suddenly. This has obvious potential for negative outcomes, especially if the vehicle was being driven at the time it failed. The company recalled its mid-size cars built between 1978 and ’81 to replace the defective bolts. It included the Buick Century and Regal, Chevrolet Malibu and Monte Carlo, Oldsmobile Cutlass, and Pontiac Grand Prix and LeMans.
  4. Toyota — Number of vehicles recalled: 5.4 million. Year of recall: 2009. Toyota estimated it recalled about 5.4 million vehicles in the U.S. over problems with vehicle floor mats, which they found could entrap the pedal causing unintended acceleration. The recall was initiated in 2009 and expanded in 2010. In 2010, Toyota recalled 2.3 million vehicles over problems with the gas pedal after the company found that an accelerator mechanism may not spring back up with enough pressure. About 2.1 million vehicles overlap in these two recalls, leading to a total recall so far of about 5.6 million vehicles for unintended acceleration. The final tallies won’t be known for a long while. The vehicles involved include Lexus-brand vehicles and the Toyota Camry, Tacoma and Tundra.
  5. Ford — Number of vehicles recalled: 4.5 million. Year of recall: 2005. The automaker said the cruise-control mechanism on these vehicles could overheat and smoke or catch fire. The company recalled most of its full-size trucks, including the 1994-’96 Bronco, ’97-’02 Expedition, ’94-’02 F-150 and F-250, ’98-’02 Navigator and the short-lived 2002 Lincoln Blackwood pickup truck.

The Toyota recall may continue to climb in the ranks as the company continues to issue new recalls. As was the case with the other automakers on this list, it will take a lot of time to repair, not only their bottom line, but their image as well. For Toyota, time may or may not heal the financial and reputational wounds the company has suffered.

All I Want For Christmas Is a Reputation Boost

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This may make me come of as me being overly cynical (which I often am) — and I certainly don’t want to discount the generosity and clear public good that is being done here — but the holiday season has long been a time when companies try to earn goodwill for themselves by doing good will for others. What I mean is that, given the spirit of season and the fact that everyone is in such a positive mindset, many companies see this time of year as the perfect opportunity to get people to view their brand as less of a monolithic, heartless, cash-grab concealed in a logo.

‘Tis the season to convince people you are not Ebenezer Scrooge — at least not all the time.
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Citigroup, one of many financial firms that most consumers would give nothing but coal this December 25, has captured the Christmas spirit better than any other company that I’ve seen by halting all home foreclosures and evictions for the next 30 days. While many companies use the holidays to give away relatively cheap goods or even make worthwhile monetary donations to good causes, the act of easing the pain of families who have suffered the most from the global recession is perhaps the best thing any company could do — even if it is admittedly only a temporary respite for evictions that both homeowners and the bank hopes can be avoided.

The suspension means Citi will halt foreclosure sales and stop evicting homeowners from properties it has already seized. The company projects it will help 2,000 homeowners with scheduled foreclosure sales and another 2,000 that were due to receive foreclosure notices.

Das also said the company is working on “some long-term fundamental alternatives” to foreclosure, but declined to be specific.

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“We know that moratoriums are not permanent solutions,” he said.

Google, on the other hand, is gifting convenience and service to the masses in a way only it can by offering free wi-fi at 54 airports across the U.S. (and on all Virgin America planes) from now through January 15. The stated goal here is allowing people to better stay in touch with loved ones while they travel, but the real purpose seems to be the one operating goal that drives all of Google’s ability to generate revenue: Making people think it’s awesome. Well, mission accomplished, Googleplex.

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(And in genuinely charitable news, the “Search/Email/News Aggregation/Video/Web Browser/Advertising/Map Provider/Whatever Google Wave Is Giant” is also encouraging fliers who take advantage of the access to donate to any of the nonprofits on this list and pledging to match all donations.)

KPMG is one of many companies forgoing Christmas parties this year and instead finding other ways to corporately celebrate the holidays.

At consulting firm KPMG, thousands of employees spent time last week putting together gift packs of a book and a teddy bear, dressed in a KPMG T-shirt, to be sent to needy children.

Bruce Pfau, KPMG’s vice chair for human resources, said the usual holiday parties didn’t seem right this year.

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“With more and more people seeing the negative effects of the economy, we really thought that it would be more in the spirit of the holidays and a more satisfying experience for our people if we did something that was more focused on community service,” he said.

And then you go out and tell MSNBC and the Washington Post and the Kansas City Star and Fox New York all about what a satisfying experience your community service efforts were, right?

Still, these companies are obviously doing some real good in the world and that is indeed commendable. But, ultimately, let’s not forget that the actual reason many of them are doing it often has less to do with the spirit of giving and more to do with the spirit of positive press generation.

A letter to Father Christmas

Thank Tiger for the New Reputational Risk Insurance

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If it wasn’t for Tiger Woods’ scandalous infidelities, we may have never gotten the announcement we did this morning: the launch of reputation risk insurance.

Launched by DeWitt Stern, the 110-year-old risk management and insurance brokerage firm, the coverage will work to protect brands, corporate entities and advertisers against losses spawned by reputational risk crises.  The company’s managing director had this to say in the Insurance Business Review:

“The Tiger Woods scandal shows how quickly reputations can become tarnished in today’s fast-paced media environment,” said LeConte Moore, managing director of DeWitt Stern’s New York City office. “All the planning in the world cannot protect a brand manager against the unforeseen. Reputation Risk Insurance will provide those forward-looking brand managers and advertisers with a smart and attractive way to protect their investments.”

And protection of investments they will need. If Woods sticks to his break from professional golf, it is reported that TV audiences could shrink by up to 50% — which could stick Nike with a $30 million loss in sales. So far, only Accenture, a Dublin-based consulting company, has ended its business relationship with Woods.

The following sponsors (courtesy of Bloomberg) remain supportive:

  • AT&T
  • Electronic Arts
  • Pepsi
  • Procter & Gamble
  • Golf Digest
  • Nike
  • The Tiger Woods Dubai
  • TLC Vision
  • Upper Deck
  • TAG Heuer
  • NetJets

However, Bloomberg reports that AT&T is “evaluating its advertising relationship with Woods, according to a Dec. 12 e-mailed statement,” Gillette (a Procter & Gamble company) will stop running print and broadcast ads with Tiger, and Pepsi is “talking to his people regularly at this point.”

On the other hand, Nike, Golf Digest and Upper Deck will all rhetorically plan to continue their Tiger-related operations as if nothing happened.

Says Upper Deck:

“Upper Deck will maintain its exclusive agreement with Tiger in both our sports cards and memorabilia categories, and we look forward to his eventual return to the PGA Tour,” Richard McWilliam, chief executive officer, said in a statement Dec. 15. “Tiger and his family have our full support.”

Reputational risk coverage may be too little too late for these companies, as not just Nike, but every Tiger Woods sponsor stands to lose some amount of money from his foolish actions. And as his number of reported mistresses grows every day and talks of divorce swirl, it remains to be seen if Accenture will be the only company to cut their losses . . . and their reputation risk.

Tiger Woods Reputation Risk

The company and Woods announced in October 2008 that the National would be held at the Congressional Country Club in Bethesda, Maryland, from 2012 to 2014, with an additional three- year option for 2015 to 2017. Woods won the tournament in July, collecting $1.08 million.
2. Electronic Arts Inc. The video-game publisher, the world’s second-largest, said Dec. 11 that it has no plans to change strategy related to Woods products. “We respect that this is a very difficult, and private, situation for Tiger and his family,” David Tinson, a company spokesman, said in an e-mail. “At this time, the strategy for our Tiger Woods PGA Tour business remains unchanged.”
In early 2010, Electronic Arts, based in Redwood City, California, will introduce a new online version of the game in which users can play through a Web browser instead of a console. Chief Executive Officer John Riccitiello said earlier this month that it will be an important part of the company’s strategy to expand online sales.
Tiger Woods video games from Electronic Arts have generated $675 million in U.S. sales, according to industry researcher NPD Group Inc.
3. PepsiCo Inc. The world’s second-largest soft-drink maker is in regular communication with Woods’s agents, Massimo d’Amore, chief executive officer of the Americas beverages business, said at a Dec. 14 Beverage Digest Conference in New York.
“We feel very badly about his personal life and we wish him all the best,” d’Amore said. “We are talking to his people regularly at this point.” He declined to specify the nature of the talks.
PepsiCo announced in October 2007 its first endorsement agreement with Woods; the financial terms weren’t disclosed at the time. Before the golfer’s Nov. 27 car crash triggered reports of infidelity, Beverage Digest reported that PepsiCo was discontinuing the Tiger Focus line of Gatorade sports drinks.
4. Procter & Gamble Co. Woods, tennis champion Roger Federer and soccer’s Thierry Henry were signed as ambassadors for the company’s Gillette brand in February 2007. The company said on Dec. 12 that it will stop running Gillette print and broadcast ads featuring Woods. It plans to phase out Web site and retail promotions in coming months, said Mike Norton, a spokesman.
The brand ambassadors were chosen “not only for their sporting accomplishments, but also for their behavior away from the game. They are as much champions in their personal lives as they are in their sports,” Gillette said in the 2007 statement.
5. Golf Digest. Woods became a so-called playing editor at Golf Digest in June 1997, contributing tips and instruction monthly. The work benefits the Tiger Woods Foundation. The publication declined to comment on details of the contract.
“Golf Digest has had a long-standing relationship with Tiger Woods to provide instruction articles for the magazine, and we do not have any plans to change that,” Meg D’Incecco, executive director of public relations, said in an e-mailed statement Dec. 15.
6. Nike Inc. The world’s largest athletic-shoe maker signed Woods to an endorsement contract in December 2006; the financial terms weren’t released. It now pays him about $25 million to $30 million a year to wear its products, with the iconic swoosh logo, Christopher Svezia, an analyst at Susquehanna Financial Group LLP in New York, said in a telephone interview. The company also sells Woods-branded clothing, belts and shoes.
Nike’s golf business generated $648.3 million in sales in the company’s last year ended May 31, according to a regulatory filing. That represents about 3.4 percent of the company’s $19.2 billion in worldwide sales.
The golf division isn’t changing its advertising plans, Beth Gast, a spokeswoman for the Beaverton, Oregon-based company, said in a Dec. 9 e-mail.
7. The Tiger Woods Dubai. Woods designed a golf course for the unit of Dubai Properties Group. “Tiger Woods’s name brings enormous value to the project, and we are proud to share with him some of the key developments that have taken place since he reviewed the project during his last visit,” Abdulla Al Gurg, project director, said in an August 2008 statement, which introduced Woods’s plan for the course.
In a Dec. 15 statement, Tiger Woods Dubai confirmed that “it remains committed to the completion of its centerpiece Al Ruwaya Golf Course, and that progress continues on the first golf course designed by Tiger Woods Design.” The company added that it “does not comment on the personal lives of our valued partners.”
8. TLC Vision Corp. The Mississauga, Ontario-based operator of eye-surgery centers performed corrective eye surgery on Woods in October 1999. It named him as its spokesman in February 2000. The terms of the multiyear contract weren’t disclosed.
“Tiger Woods is important to TLC Vision,” James Hyland, a spokesman for TLC Vision, wrote on Dec. 9 in an e-mailed statement. “Our relationship with him continues without change. This is a private matter and we have no further comment.”
9. The Upper Deck Co. On May 24, 2001, the provider of trading cards and other sports memorabilia signed Woods to a “multiyear, multimillion dollar deal,” the company said in a statement at the time.
A week later, the Upper Deck, based in Carlsbad, California, and Shop At Home Inc. — now Naples, Florida-based electronic retailer Summit America Television Inc. — announced an exclusive licensing agreement with the golfer. The deal made the Upper Deck “the first major worldwide collectibles company to produce Tiger Woods trading cards and autographed memorabilia,” according to the statement.
“Upper Deck will maintain its exclusive agreement with Tiger in both our sports cards and memorabilia categories, and we look forward to his eventual return to the PGA Tour,” Richard McWilliam, chief executive officer, said in a statement Dec. 15. “Tiger and his family have our full support.”
10. TAG Heuer. The Swiss watch maker, part of LVMH Moet Hennessy Louis Vuitton SA, is re-examining its ties with Woods, who has been one of its brand ambassadors. “Over the coming weeks, we will assess our options with Tiger Woods,” TAG Heuer said in a Dec. 15 e-mailed statement.
TAG Heuer signed an endorsement agreement with Woods in 2002, effective the next year, according to a statement at the time. The company has featured Woods in advertising. It also tapped him to help design products including what it says is “the world’s first-ever professional golf watch.”
11. NetJets Inc. The luxury aviation company, which Warren Buffett’s Berkshire Hathaway Inc. acquired in 1998, has listed Woods as a fractional aircraft owner since at least 2001. In the December 2009 edition of NetJets Fast Facts on its Web site, the Columbus, Ohio-based company names Woods among other prominent clients including Federer, Aetna Inc. and General Electric Co. Woods is also part of its “Only NetJets” advertising campaign.
NetJets didn’t respond to requests for comment.1. AT&T Inc. The largest U.S. phone company is evaluating its advertising relationship with Woods, according to a Dec. 12 e- mailed statement. AT&T, based in Dallas, served as the presenting sponsor of the golfer’s annual Tiger Jam benefit concerts in Las Vegas and sponsors the PGA Tour’s AT&T National, hosted by Woods. It began a multiyear agreement in February to place the AT&T logo on Woods’s golf bag.
The company and Woods announced in October 2008 that the National would be held at the Congressional Country Club in Bethesda, Maryland, from 2012 to 2014, with an additional three- year option for 2015 to 2017. Woods won the tournament in July, collecting $1.08 million.
2. Electronic Arts Inc. The video-game publisher, the world’s second-largest, said Dec. 11 that it has no plans to change strategy related to Woods products. “We respect that this is a very difficult, and private, situation for Tiger and his family,” David Tinson, a company spokesman, said in an e-mail. “At this time, the strategy for our Tiger Woods PGA Tour business remains unchanged.”
In early 2010, Electronic Arts, based in Redwood City, California, will introduce a new online version of the game in which users can play through a Web browser instead of a console. Chief Executive Officer John Riccitiello said earlier this month that it will be an important part of the company’s strategy to expand online sales.
Tiger Woods video games from Electronic Arts have generated $675 million in U.S. sales, according to industry researcher NPD Group Inc.
3. PepsiCo Inc. The world’s second-largest soft-drink maker is in regular communication with Woods’s agents, Massimo d’Amore, chief executive officer of the Americas beverages business, said at a Dec. 14 Beverage Digest Conference in New York.
“We feel very badly about his personal life and we wish him all the best,” d’Amore said. “We are talking to his people regularly at this point.” He declined to specify the nature of the talks.
PepsiCo announced in October 2007 its first endorsement agreement with Woods; the financial terms weren’t disclosed at the time. Before the golfer’s Nov. 27 car crash triggered reports of infidelity, Beverage Digest reported that PepsiCo was discontinuing the Tiger Focus line of Gatorade sports drinks.
4. Procter & Gamble Co. Woods, tennis champion Roger Federer and soccer’s Thierry Henry were signed as ambassadors for the company’s Gillette brand in February 2007. The company said on Dec. 12 that it will stop running Gillette print and broadcast ads featuring Woods. It plans to phase out Web site and retail promotions in coming months, said Mike Norton, a spokesman.
The brand ambassadors were chosen “not only for their sporting accomplishments, but also for their behavior away from the game. They are as much champions in their personal lives as they are in their sports,” Gillette said in the 2007 statement.
5. Golf Digest. Woods became a so-called playing editor at Golf Digest in June 1997, contributing tips and instruction monthly. The work benefits the Tiger Woods Foundation. The publication declined to comment on details of the contract.
“Golf Digest has had a long-standing relationship with Tiger Woods to provide instruction articles for the magazine, and we do not have any plans to change that,” Meg D’Incecco, executive director of public relations, said in an e-mailed statement Dec. 15.
6. Nike Inc. The world’s largest athletic-shoe maker signed Woods to an endorsement contract in December 2006; the financial terms weren’t released. It now pays him about $25 million to $30 million a year to wear its products, with the iconic swoosh logo, Christopher Svezia, an analyst at Susquehanna Financial Group LLP in New York, said in a telephone interview. The company also sells Woods-branded clothing, belts and shoes.
Nike’s golf business generated $648.3 million in sales in the company’s last year ended May 31, according to a regulatory filing. That represents about 3.4 percent of the company’s $19.2 billion in worldwide sales.
The golf division isn’t changing its advertising plans, Beth Gast, a spokeswoman for the Beaverton, Oregon-based company, said in a Dec. 9 e-mail.
7. The Tiger Woods Dubai. Woods designed a golf course for the unit of Dubai Properties Group. “Tiger Woods’s name brings enormous value to the project, and we are proud to share with him some of the key developments that have taken place since he reviewed the project during his last visit,” Abdulla Al Gurg, project director, said in an August 2008 statement, which introduced Woods’s plan for the course.
In a Dec. 15 statement, Tiger Woods Dubai confirmed that “it remains committed to the completion of its centerpiece Al Ruwaya Golf Course, and that progress continues on the first golf course designed by Tiger Woods Design.” The company added that it “does not comment on the personal lives of our valued partners.”
8. TLC Vision Corp. The Mississauga, Ontario-based operator of eye-surgery centers performed corrective eye surgery on Woods in October 1999. It named him as its spokesman in February 2000. The terms of the multiyear contract weren’t disclosed.
“Tiger Woods is important to TLC Vision,” James Hyland, a spokesman for TLC Vision, wrote on Dec. 9 in an e-mailed statement. “Our relationship with him continues without change. This is a private matter and we have no further comment.”
9. The Upper Deck Co. On May 24, 2001, the provider of trading cards and other sports memorabilia signed Woods to a “multiyear, multimillion dollar deal,” the company said in a statement at the time.
A week later, the Upper Deck, based in Carlsbad, California, and Shop At Home Inc. — now Naples, Florida-based electronic retailer Summit America Television Inc. — announced an exclusive licensing agreement with the golfer. The deal made the Upper Deck “the first major worldwide collectibles company to produce Tiger Woods trading cards and autographed memorabilia,” according to the statement.
“Upper Deck will maintain its exclusive agreement with Tiger in both our sports cards and memorabilia categories, and we look forward to his eventual return to the PGA Tour,” Richard McWilliam, chief executive officer, said in a statement Dec. 15. “Tiger and his family have our full support.”
10. TAG Heuer. The Swiss watch maker, part of LVMH Moet Hennessy Louis Vuitton SA, is re-examining its ties with Woods, who has been one of its brand ambassadors. “Over the coming weeks, we will assess our options with Tiger Woods,” TAG Heuer said in a Dec. 15 e-mailed statement.
TAG Heuer signed an endorsement agreement with Woods in 2002, effective the next year, according to a statement at the time. The company has featured Woods in advertising. It also tapped him to help design products including what it says is “the world’s first-ever professional golf watch.”
11. NetJets Inc. The luxury aviation company, which Warren Buffett’s Berkshire Hathaway Inc. acquired in 1998, has listed Woods as a fractional aircraft owner since at least 2001. In the December 2009 edition of NetJets Fast Facts on its Web site, the Columbus, Ohio-based company names Woods among other prominent clients including Federer, Aetna Inc. and General Electric Co. Woods is also part of its “Only NetJets” advertising campaign.
NetJets didn’t respond to requests for comment.