The Companies Headhunters Avoid

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There is one company headhunters say deserves its own chapter: AT&T (T). They describe the telecom as a culture that seemed to reward executives more for political skills than results. While some budding talents, such as cable visionary John Malone, got out early and succeeded, the litany of AT&T executives who crashed after leaving the nest is like a virtual Management Hall of Shame: Carly Fiorina at Hewlett-Packard (HPQ), Rich McGinn at Lucent, and Joseph Nacchio at Qwest (Q) (now serving time for insider trading). A company spokesman says it has a "strong, loyal, and committed management employee body."

Poaching talent is hardly an exact science. Recruiters say the days of plucking an all-purpose manager from a celebrated multinational may also be waning. As competition grows keener, industry knowledge becomes more important. Even GE has lost some luster, especially in light of Robert Nardelli's mixed record at Home Depot and Chrysler. It's hard to say how much of an executive's success is a result of a company muscle and how much reflects individual achievement. Often, the true test is what happens when they leave.

Foust is chief of BusinessWeek's Atlanta bureau.

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