Ben Clymer, Hodinkee, and The Chairman Who Wasn't There
Analysing a founder's attempt to distance himself from his own decisions
“The first rule of leadership: everything is your fault.”
A Bug’s Life
First, watch this video. It’s only 44 seconds long.
Now, let’s talk about Ben Clymer’s latest attempt at reputation laundering, shall we? Fresh off destroying millions in value and burning through investor cash like a drunken sailor in Monaco, our hero emerges to tell us none of it was actually his fault.
Listen for yourself:
For many watch enthusiasts, Ben Clymer’s latest podcast appearance was eagerly anticipated. After all, who wouldn’t want to hear from the founder of Hodinkee during one of the most turbulent periods in the company’s history? What we got instead was a masterclass in narrative manipulation which raises more questions than it answers.
To be clear - this isn’t about ‘hating’ on Ben Clymer or Hodinkee. The ‘dink has undoubtedly done tremendous work in democratising watch enthusiasm and - as Ben takes credit for in the podcast - bringing attention to independent watchmaking. The issue at hand is this: when someone presents a version of events that contradicts both public record and common sense, it deserves some scrutiny.
The most striking aspect of the interview was Clymer’s selective memory regarding his role during Hodinkee’s troubled period. Despite being Chairman, he portrays himself as a distant observer:
“I was no longer in an operational role... you’re there, but you’re not really there.”
This convenient abdication of responsibility is problematic when you consider major decisions like the Crown & Caliber acquisition - which he blames entirely on COVID preventing proper due diligence.
“COVID prevented our CEO Toby from entering the country... purchasing a company without diligence, without diligencing them properly, and then having a leader who was not physically capable of being there...”
As if Zoom calls and virtual data rooms didn’t exist in 2020! To put this in perspective - while Hodinkee apparently couldn’t figure out how to make this work, Microsoft was completing a $7.5 billion acquisition of ZeniMax... entirely remotely. The idea that all these problems stemmed from the executives’ inability to be anywhere in person is about as believable as Goldberger selling NOS1 watches.
Speaking of his Chairman role, Clymer casually describes it as “a good gig… good work if you can get it.” This flippant characterisation of serious corporate governance responsibilities would make any board member wince. While we don’t have access to Hodinkee’s articles of association or his specific mandate, here’s what we do know: A Chairman’s legal obligations typically include oversight of management, protection of shareholder interests, and ultimate responsibility for major strategic decisions. It’s not, as Ben suggests, meant to be a ceremonial position where you can simply check out when things get difficult or laugh everything off after the fact, as someone else’s doing. Can you recall what Truman said in the video above?
Could the previous Hodinkee shareholders potentially pursue claims of negligence here? I don’t know. That’s a complex legal question that would depend on various factors, but the casual dismissal of fiduciary duties doesn’t exactly scream “robust corporate governance.”
Anyway, let’s move on.