US Consulting Firm Cornerstone Cites "Obama-nomics" as Primary Reason for Filing Bankruptcy on Eve of 25th Anniversary
Cornerstone President and CEO Stephen Xavier blames Obama's policies for 80% of company's lost revenue
CHAPEL HILL, N.C., Nov. 2, 2012 /PRNewswire/ -- The Cornerstone Executive Development Group, Inc. (http://www.cedg.com) is filing for bankruptcy on the eve of the company's 25th anniversary. The company's founder, President and CEO, Stephen Xavier, said in a statement today, "During the Clinton and Bush presidencies I grew this company from $50,000 in revenues to over $2 million and prospered. In President Obama's short time in the White House I've lost in excess of 80% of my revenue base forcing me to make a most difficult decision: closing shop entirely."
Xavier, a former Assistant Manager, Media left Textron, Inc. to pursue his dream of starting this business. "When I left Textron in 1987 and launched Cornerstone it was a rough economic time in the US. But, like most entrepreneurs, I toughed it out, gained traction and built a small but successful business offering my services to some of the biggest names in US business."
Cornerstone, a boutique consulting firm based in Los Angeles and Chapel Hill, NC, offered Executive Coaching and Leadership Development Skills to a wide range of Fortune 500 companies including Amgen, ABC Television Network, BMW, Disney, Edison International, Northrop Grumman, Motorola and Goldman, Sachs & Company, to name just a few.
Xavier, who bears the title America's Top Coach® (http://americastopcoach.com) continued, "Between Mr. Obama's anti-business regulations and regulatory Czars my Wall Street and Power Utility consulting business has all but dried up. My clients cut consulting budgets by tens of millions each. In September alone his anti-coal regulations shuddered two Chicago area power plants displacing several hundred workers and negatively affecting numerous small businesses and vendors, my firm included."
When asked what his future plans were in light of these regulations and poor economic times Xavier said, "I'm truly not sure what's next. I know what I built and I'm sure I can build it again but not until there's a dramatic change in Washington, DC starting with 1600 Pennsylvania Avenue."
For more information contact
Stephen Xavier, President & CEO
Cornerstone Executive Development Group, Inc.
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SOURCE Cornerstone Executive Development Group, Inc.