A Blog by Jonathan Low

 

Oct 19, 2018

Why GE's Leadership Problem Is Actually Institutional and Cultural

Jack Welch, CEO of GE from1981 to 2001, was fond of saying that he 'owned' the company's top 500 executives. He spent what to many was a surprising amount of time educating, cultivating and testing them by assignment and challenge to make sure they were the world's best management team.  

So how does a company that devoted itself to creating elite managers become a cautionary tale of managerial crisis?

By institutionalizing cultural,sociological and psychological behaviors that may have worked in one set of circumstances for one leader but have failed to adapt to the new challenges of a different economic era. JL


Michael Useem and Tim Hubbard discuss in Knowledge@Wharton:

The tenure of GE CEOs has typically been measured in decades rather than months. “Company culture at GE has been focused on developing leaders over the past 25 years, so having an outsider come in does mark how much change the board wants."Once decisions were made, the pace of change wasn’t keeping up with (the board's expectations. “If you spend 30 years in an organization, you are steeped in its way of doing business. It worked for you, so you miss a lot because you take them for granted.”
Just about a year ago, in August 2017, General Electric brought in John Flannery to help revive the company. In November, the new CEO said the company was streamlining its business. By July, GE was reporting progress on cutting costs, and at least one division, aviation, was continuing to soar.
Flannery, a 30-year veteran of GE, said he foresaw a “multiyear transformational journey” for the venerable company.
But if so, Flannery won’t be along on the ride. After a slim 14 months in the top job, Flannery was ousted last week and replaced by H. Lawrence Culp, Jr., the former longtime chief executive of Danaher who joined GE’s board in April.
The tenure of GE CEOs has typically been measured in decades rather than months, and Culp’s appointment marks the first time the company has brought in an outsider to be its leader. These factors make GE’s most recent turn of events a “total shocker,” said Wharton management professor Michael Useem during a recent segment on the Knowledge@Wharton radio show on SiriusXM.“It’s quite a bit of a change,” added Useem, who is also director of Wharton’s Center for Leadership and Change Management. “Company culture at GE has really been focused on developing leaders over the past 20 to 25 years, and so having an outsider come in really does mark how much change I think the board wants in terms of efficiency and speed on various strategic initiatives.”
GE has been reinventing itself and shedding businesses, but according to reports, change has not come quickly enough for the board.
“I don’t think a lot of the time they disagreed necessarily with the decisions [Flannery made], but once the decisions were made, the pace of change wasn’t keeping up with their expectations,” said Tim Hubbard, management professor at the University of Notre Dame’s Mendoza College of Business, also on the Knowledge@Wharton radio show.
And once again, GE — with its laggard stock price, balance sheet and cash-flow concerns and unclear place in a fast-changing business environment — is grasping for direction.
“Having an outsider come in really does mark how much change … the board wants.”–Michael Useem
“What could anyone have done in a year?” asks Wharton emeritus management professor Marshall W. Meyer. Under prior leadership, GE overpaid for oil-field services company Baker Hughes and Alstom’s power business, overpaid for buybacks of GE shares, and exited financial services but kept long-term care liabilities, Meyer pointed out. GE’s stock price is currently trading at half of where it was a year ago, and the company has lost $175 billion in market value over the past 20 months. In June, GE was dropped from the Dow Jones Industrial Average after more than a century.
The story of GE, Meyer said, has become “a slow-motion train wreck.”
‘You’ve Got to Make Things Happen’ — or Else
According to Useem, recent events at GE echo a similar episode at Ford when that company brought up Mark Fields from the ranks as CEO, and less than three years later replaced him for the same stated reason: not being able to change the company quickly enough.
“Regardless of the people, if you’re in the corner office these days, with the rate of change in just about everything — think about digital disruption — you have to be a person who is agile, you’ve got to move, you’ve got to make things happen,” said Useem. “Boards have become unhappy with people who don’t do that,” similar to the stock market.
That GE went to an outsider for leadership, Useem said, suggests that the board “in its wisdom decided that it needed completely fresh eyes on the business to understand what they ought to keep, what they ought to dispose of.”
Wall Street approves of the fresh-eyes approach, at least so far. GE’s wan stock price gained about 7% immediately after the announcement of Culp’s appointment as CEO and chairman. (Share prices gained 3% after the June 2017 announcement of Flannery to the post.) “That is actually an amazing percentage,” said Useem. “Let’s round off GE’s market value at $100 billion and take 7% — we’re talking about $7 billion on the fact that a new CEO is coming in.”
But many of the troubles at Boston-based GE were already established fact when Flannery took over: the $13.5 billion agreement to take over the power business of French company Alstom and the decision to jettison consumer finance company Synchrony Financial, among them.
GE’s woes are a “combination of bad luck and bad decisions,” said Meyer. “Bad luck is being in a bunch of bad industries at a time they didn’t fare so well. Health care took a bit of a pause, transportation/locomotive took a dive, oil at the time when they bought Baker Hughes turned out to be a bad investment. On power generation, again, they buy Alstom and that is not such a good investment because the market changes. And you’ve got this monster firm that was an icon in the U.S. for years. Suddenly it’s in trouble, and given the size of the ship, it’s very hard to turn it [around].”
Was elevating an insider to CEO a bad idea? Did Flannery have personal relationships or sentimental attachments to parts of the company that made it difficult for him to render the tough decisions necessary to turn the company around?
“You’d have to be a real insider to know that,” said Meyer. Still, “if you spend 30 years in an organization, you are deeply steeped in it and its way of doing business. It worked for you, so as a consequence not only might you be loath to see the things you can see, but you also miss a lot of things because you take them for granted.”
According to Useem, research on succession shows that “when companies are doing fine, go within. When companies, though, are in trouble, they need redirection … [and] looking to the outside is a good way to go.”
While it’s not entirely clear why Flannery was ousted so soon, one likely possibility is that the board was surprised by the quality problems with turbines, liabilities from the long-term health insurance business, and the misses on the sales forecasts, said George S. Day, Wharton emeritus marketing professor and founder of the Mack Institute for Innovation Management.
“Boards don’t want to hear that the leaders missed the early warning signs,” said Day. “Not that a board expects prescience. But they do rely on the leadership team to see sooner and act faster when there are early warning signs. That is only one possibility [for why they ousted Flannery], but I do think the board felt blindsided.”
“You’ve got this monster firm that was an icon in the U.S. for years. Suddenly it’s in trouble, and given the size of the ship, it’s very hard to turn it [around].”–Marshall W. Meyer
Now, the pressure on Culp will be to boost the operational effectiveness of the businesses GE decides to keep, said Hubbard. “I don’t think they want to keep having the same product issues they’ve been having lately — for example, in power — and at the same time, I expect them to accelerate the spinoffs and various divestitures. I think those two things will be very interesting to watch over the next few quarters.”
As that happens, Useem said the role of the board is going to be critical. “They intervened here; they forced out a CEO, and that doesn’t happen very often. It’s a strong board. They’ve got several CEOs on it who can provide guidance and advice from their own personal experience, and they are hopefully going to be of counsel, to actually help Larry Culp speed time cycles up — to decide what ought to be spun off, to reposition, to re-argue what they stand for.”
Notably, with Culp’s appointment, GE also named Thomas W. Horton as lead director. The former American Airlines chairman and chief executive oversaw the airline’s restructuring and eventual merger with US Airways.
Changes on the board, in fact, have been one under-noticed aspect of the ongoing change at GE, said Wharton management professor John R. Kimberly. “The board that acted so quickly on Flannery is a pale shadow of the board that was in place when Jeff Immelt left,” Kimberly noted. “It turns out there are five holdovers from the old board and six new members. Eleven of the members there in 2016 are gone, so that’s a pretty wholesale and unusually large turnover at the governance level. What that does in terms of the dynamics of these kinds of things is really open up opportunities to think differently at the top of the company and to take actions which might be difficult to take for board members that are longer tenured.”
For the many who work at GE, this latest set of developments is likely “gut-wrenching,” Kimberly said. “There’s got to be the potential for a pretty significant exodus of people, and some of that will probably be good because it may be that the longer-tenured folks are part of the problem, and Culp will be needing a next generation of managers with a different mindset and maybe different skill set.”
The Only Way Is Up
Culp arrives at GE with some advantages. Perhaps the write-downs are all behind the company now, and all the bad news is known and being dealt with.
“Boards don’t want to hear that the leaders missed the early warning signs.”–George S. Day
“They are likely to cut the dividend [again] to strengthen the balance sheet,” said Day. “That prospect has already taken the equity price down, so I think that’ll happen. And they’ll certainly get behind Culp.”
Culp is widely admired for his track record at industrial conglomerate Danaher, based in Washington, D.C., where over 14 years he boosted revenue and market share five-fold. “I think the markets will give him a lot more latitude, and the board is going to give him all sorts of latitude because he is one of them. Given what they did to Flannery, they can’t turn around and be as impatient with him,” said Day.
Still, he said: “He’s got a tough situation because he’s someone that builds businesses who now has a complex set of long-cycle businesses that will be hard to turn around. The aircraft engine business will keep doing well, and that’s going to help them enormously, and they have to turn around the power systems operations, and that’s going to take a long time. They are going to have to be patient, while Culp has to make sure he doesn’t surprise everyone the way Flannery did.”
In announcing Culp’s appointment on October 1, GE cited the way he transformed Danaher from “an industrial manufacturer into a leading science and technology company.” Under his watch, GE said, Danaher “executed a disciplined capital allocation approach, including a series of strategic acquisitions and dispositions, a focus on investing for high-impact organic growth and margin expansion, and delivering strong free cash flow to drive long-term shareholder value.”
Useem said Culp’s success at Danaher — which, despite its more modest profile, resembles GE in some of its diversity of businesses — came through use of a particular management method. “Larry Culp was a great fan of the Toyota system in which there is continuous improvement, exacting focus on what you’re delivering, no fooling around at the top and in the ranks and insisting that everything be produced on time with quality. [Danaher] way out-performed the market over the years he was CEO, partly because of who he is, but maybe most importantly of all because of the system he brought there. I think we’re going to see a doubling down on quality, meaning process oversight, so everything you make goes out the door and it works, which is not a trivial problem. And also no quarter, no year shall be cheered as a success in and of itself: We’re going to look at the problems we still face. That is the whole Toyota continuous improvement emphasis.”
Meyer said if it were up to him, he might offer the board some contrarian advice.
“There is knowledge, there are capabilities buried in that company that I’m sure they don’t even know about,” he said. “I’d spend a lot of effort really trying to find out what you know and exploit that. Go do a really deep dive and figure out what you have that the competition doesn’t. You will be surprised what you will find.”
“There’s got to be the potential for a pretty significant exodus of people, and some of that will probably be good because it may be that the longer-tenured folks are part of the problem….”–John R. Kimberly
Can a new GE remain a conglomerate? Should it?
GE will likely remain somewhat of a diversified firm, said Useem. “They want to keep aviation, power and energy. Those are not identical, although they have some commonalities. What Larry Culp … is going to be asked to do is to find synergy. What you find in the aviation research and development can somehow be kicked over to power. Or at least you’ve got great people coming up in aviation who might be moved over to power. If Larry Culp can do that, he can justify the fact that it’s still a modestly diversified company,” which was the case at Danaher.
GE may not end up with the footprint it has had. But that doesn’t mean it has lost its place as one of the great American stories — or cautionary tales.
Said Useem: “We are all fascinated, almost riveted, by what’s happening there — certainly investors [are]. Anybody with a pension fund that is investing in any kind of index fund is in GE stock. We’re all fascinated by whether Mr. Culp can pull it off.”

210 comments:

«Oldest   ‹Older   1 – 200 of 210   Newer›   Newest»
myslot said...

แจกง่ายๆแจกที่สล็อต xo เกมสล็อตออนไลน์ slotxo เครดิตฟรี

https://www.slot4u.com/slotxo

lnwslot789 said...

ดูหนังฟรี หนังออนไลน์ที่คมชัดเต็มระบบ ทั้ง 4K HD สนุกง่ายๆ กับ The Sweeney Paris (Antigang) หน่วยตำรวจระห่ำ (2015)

slot said...

this game is good สมัครpg
this game is good joker123
this game is good pg slot ทดลองเล่น
this game is good pg auto
this game is good joker gaming
this game is good pgslot

Ningsp said...

Get free bonus 100%
New online slots game Online slot betting
This game is very good Pgslot
Get free bonus. Apply Pgslot auto
this game is amazing UFABET
This game is very good UFABET auto
This game is very good GCLUB

jokerauto said...

เกมใหม่!! ทุน400 แตกมาหลายพันมาก!! ||Jokergaming
�� LINE : @U-GAMING (มี@ข้างหน้า)
�� https://lin.ee/duc9myF
<a href="https://www.youtube.com/watch?v=0QX0quzVsxE&t=4s"Jokergaming/</a

ป๋าถอก said...

I think it is very helpful. And thought that it could be applied as well pgslot
I think it is very helpful. And thought that it could be applied as well joker gameing
I think it is very helpful. And thought that it could be applied as well pgslot
I think it is very helpful. And thought that it could be applied as well sexygame
I think it is very helpful. And thought that it could be applied as well amp poker

Unknown said...

this game is amazing Pgslot
This game is very good Pg auto

Unknown said...

Slot Game Click Here! SLOT

Unknown said...

Get free bonus 100%
New online slots game Online slot betting
this game is amazing PG SLOT AUTO แจกเครดิต ดูเพิ่มเติม

รวยทางลัดได้ง่ายๆ said...

เกมส์สล็อตออนไลน์ที่ดีที่สุด goldenslot สามารถเข้าไปร่วมสนุกกันได้ที่ ทางเข้า goldenslot

Unknown said...




Get free bonus. Apply Pgslot. slot betting Get free bonus 100%
This game is very pgslot game ดูเพิ่มเติม

superslot said...

et free bonus. Apply Pgslot. slot betting Get free bon superslot

oncasinosite said...

You most certainly know how to keep a reader entertained. Between your wit and your videos, I was almost moved to start my own blog (well, almost…HaHa!) Fantastic job. I really loved what you had to say, and more than that, how you presented it. Too cool!

카지노사이트
먹튀검증
스포츠토토
토토사이트

totosafeguide said...

Wow! This could be one particular of the most useful blogs We’ve ever arrive across on this subject. Actually Wonderful. I’m also an expert in this topic so I can understand your effort.

사설토토
온라인카지노
파워볼사이트

powerballsite said...

You actually make it seem so easy with your presentation but I find this matter to be actually something which I think I would never understand.

토토
바카라사이트
파워볼

bloc said...

เกมออนไลน์ ยอดฮิต ตู้สล็อต
เกมออนไลน์ มาเก๊าคาสิโน
วิธีเล่นได้เงินจริง โทนี่ บลูม

bloc said...

เกมส์ออนไลน์ ยอดฮิต superslot168

bloc said...

เว็บเกมส์ออนไลน์ superslot เครดิตฟรี

bloc said...

เกมยิงสุดมันส์ superslot ฟรี50

bloc said...

สล็อตออนไลน์ superslot777

Instagram viewer said...

It’s going to be the end of my day, but before the finish, I am reading this wonderful piece of writing to improve my knowledge. I suggest you refer to our blogInstagram viewer you can follow anyone and see their post and videos. for more information, you can visit our blog.

slot said...

I have a good website to recommend slotonline

slot said...

I recommend a site that is suitable for you slot

powerball365.info said...

Remarkable! Its really amazing post, I have got much clear idea regarding from
this piece of writing. 파워볼 하는법

racesite.pro said...

Great article post.Really looking forward to read more. 경마

reelgame.site said...

Such a great blog.Thanks for sharing.........
슬롯머신

오피 대딸방 said...

That’s good articles also these teachers amazing, thanks for that quality articles. 휴게텔

사설토토사이트추천 said...

Wow what a nice game.. This is fantasic of all, CLICK NOW: 카지노사이트

superslot said...

ticles also these teachers amazing, thanks for that quality arti สล็อต

먹튀신고 said...

Hello, I'm happy to see some great articles on your site. Would you like to come to my site later? My site also has posts, comments and communities similar to yours. Please visit and take a look 메이저토토사이트

super-game said...

This is a great website.
My web site :สมัครsuperslot

superslot said...

I like looking through an article that will make people think.
Also, thank you for allowing me to comment!
My website : superslot

Slot said...

This is a great article thanks for sharing this informative information. I will visit your blog regularly for some latest post. I will visit your blog regularly for Some latest post.
My website : 918Kiss

Slot said...

Thanks for the nice blog. It was very useful for me. I’m happy I found this blog. Thank you for sharing with us,I too always learn something new from your post.
My website : Roulette

super-game said...

Thank you for some other magnificent article. Where else may anybody get that type of info in such an ideal means of writing?😉
My website : จีคลับ

PGSLOT said...

This is a great article thanks for sharing this informative information. I will visit your blog regularly for some latest post. I will visit your blog regularly for Some latest post.
My website : ดาวน์โหลด PGSLOT

Bookishreadingclub said...


wonderful issues altogether, you just gained a logo new reader. What may you recommend in regards to your submit that you simply made a few days ago? Any positive?
My web site : พีจีสล็อต

Casino-789betting said...

789betting i will follow you Your website is useful. Thanks for sharing at
my website https://www.789bet.live/

Unknown said...

We are the provider of all slotsonline games. A variety of games to choose from Can be played both on the website and in mobile. It is the source of the most and best online slots games.เครดิตฟรีแค่สมัคร

Casino-789betting said...

789bet Your blog is very good, thanks for providing information. very useful I will put good information on your web. don't forget to come to me https://www.7-8-9-bet.com/

GOGOLIVE said...

Looking at this article, I miss the time when I didn't wear a mask. 온라인바둑이 Hopefully this corona will end soon. My blog is a blog that mainly posts pictures of daily life before Corona and landscapes at that time. If you want to remember that time again, please visit us.

토토사이트 said...

What a post I've been looking for! I'm very happy to finally read this post. 토토사이트 Thank you very much. Can I refer to your post on my website? Your post touched me a lot and helped me a lot. If you have any questions, please visit my site and read what kind of posts I am posting. I am sure it will be interesting.

john234 said...

ambbet สมัครเล่นเกม ambbet

john234 said...

slotpg สมัครเล่นเกม slotpg

안전놀이터 said...

I don't know how many hours I've been searching for a simple article like this. Thanks to your writing, I am very happy to complete the process now. 안전놀이터

oncasinositenet said...

It’s truly a nice and helpful piece of information. I’m happy that you simply shared this helpful information with us. 카지노사이트

totopickpro said...

Thank you for your excellent informаtion. Τhey’re so beneficial. 사설토토

casinosite777.info said...

Thank you for sharing this useful article. Keep it up! Regards!온라인카지노

baccaratsite.top said...

Great blog article. Really looking forward to read more.온라인카지노

sportstoto.zone said...

This was an extremely nice post. Taking 스포츠토토a few minutes and actual effort to generate a top notch article.

baccaratsite.biz said...

Its an amazing website, I really 온라인카지노enjoy reading your articles.

opbestcom8 said...

If you are going for finest contents like me, simply visit this website every day as it presents quality contents, thanks

my weblog:풀싸롱

바카라사이트추천 said...

Your ideas inspired me very much. 바카라사이트추천 It's amazing. I want to learn your writing skills. In fact, I also have a website. If you are okay, please visit once and leave your opinion. Thank you.

안전놀이터추천 said...

Hello, I read the post well. 안전놀이터추천 It's a really interesting topic and it has helped me a lot. In fact, I also run a website with similar content to your posting. Please visit once

sportstoto365 said...

I will have to follow you, the information you bring is very real, reflecting correctly and objectively, it is very useful for society to grow together. 스포츠토토

bacarasitecom said...

Thanks for sharing this valuable information with all of us. and if you are searching for the best Seo service dubai then click our website. 바카라사이트

powerballsitecom said...

This is also a very good post which I really enjoy reading 파워볼

casinositelink said...

Magnificent article. Interesting to read. I truly love to read such a nice article since it is educational and valuable for me. 카지노사이트

keonhacai said...

I've been looking for photos and articles on this topic over the past few days due to a school assignment, keonhacai and I'm really happy to find a post with the material I was looking for! I bookmark and will come often! Thanks :D

casinositelink said...

I think this is an informative post and it is very beneficial and knowledgeable. Therefore, I would like to thank you for the endeavors that you have made in writing this article. All the content is absolutely well-researched. Thanks Also visit my website: 카지노사이트링크

oncasinositenet said...

You make so many great points here that I read your article a couple of times. Your views are in accordance with my own for the most part. This is great content for your readers. Also visit my website: 온라인카지노사이트넷

bacarasite said...

Yes i am totally agreed with this article and i just want say that this article is very nice and very informative article.I will make sure to be reading your blog more. You made a good point Thanks Also visit my website: 바카라사이트닷컴

메이저사이트추천 said...

Traditional bookstores have always existed on high streets, but in the digital age, the internet is proving to become a serious competitor to traditional brick and mortar stores. This article examines both sides of the coin and provides an appropriate insight into the phenomenon of shopping of books online. 메이저사이트추천

oncadaycom said...

I believe this is one of the most vital information for
me. And i am happy reading your article. But want to commentary on some common issues, The site style is wonderful, the articles is in reality excellent : D.
Good activity, cheers
우리카지노

wep

allstarzgamecomm said...

Amazing article..!! Thank you so much for this informative post. I found some interesting points and lots
of information from your blog. Thanks 온라인슬롯
(mm)

unknow said...

You are fantastic. You're actually like an angel that created this outstanding things and also composed it to your viewers. Your blog site is best, consisting of web content design. This ability resembles a professional. Can you inform me your abilities, also? I'm so interested. 바카라사이트

stitch said...

It is very good to be admired. pg demo

stitch said...

This message is really good.pg168 slot

stitch said...

This is wonderful For the article I read, thank you very much. viking unleashed

stitch said...

This post is very valuable. pgslot

stitch said...

Your topic is very admirable. slot jili

먹튀검증 said...

Of course, your article is good enough, 먹튀검증 but I thought it would be much better to see professional photos and videos together. There are articles and photos on these topics on my homepage, so please visit and share your opinions.

Anonymous said...

This site is very good super สล็อต

Anonymous said...

This site is very good ทางเข้าjili

Unknown said...

joker game

Your post got my attention and shows me different perception for how we should boost our site.

Unknown said...

pg168
Your blog is very interesting. Thanks for the good news We invite you to visit our blog.

Unknown said...

สล็อต789
The site looks very admirable and convincing. Thanks for the good news and content.

Unknown said...

พลังยูสใหม่แตกง่าย ฝากถอนรวดเร็วทันใจไม่โกง เล่นได้จ่ายจริง
📲สนใจสมัครคลิก https://beo285.com/
✨ Add Line : @BEO285 ✨มี@ด้วยนะคะ)"
🔥คนไทยแปลก!!!
เจอเว็บโกงโอนกันอย่างไว
เจอ เว็บดี จริงใจ ไม่เล่น!!!💯
✅เรายินดีเป็นสื่อกลาง ให้คุณได้เล่นเกมอย่างปลอดภัย✅
❤️คุณชนะเราจ่าย100% ไม่มีติดเทิร์น❤️

Anonymous said...

This site is very good สล็อต pp

먹튀신고 said...

Excellent read, I just passed this onto a friend who was doing a little research on that. And he actually bought me lunch as I found it for him smile Therefore let me rephrase that: Thank you for lunch. 먹튀신고

all4slots said...

สำหรับใครที่กำลังหา สล็อตฟรี เครดิต ต้องที่นี่ที่เดียว สล็อตเว็บใหญ่ All4slots เว็บนี้การับตีว่าบวกอย่างเดียว เล่นง่าย ได้เงินจริง 100%

all4slots said...

All4slot เว็บสล็อตที่กำลังมาแรงที่สุดในตอนนี้ ระบบดี ฝาก - ถอน โอนไว จนเหล่าเซียนขนานนามว่า เว็บสล็อตแตก เยอะ แตกง่าย เล่นยังไงก็บวก เหมาะสำหรับคนทุนน้อย

all4slots said...

แจกฟรี สูตรสล็อต pg ฟรี ใช้ได้ จริง 2021 ใหม่ล่าสุด รับประกันว่าใช้ตามเล่นยังไงก็บวก เล่นยังไงก็ได้กำไร เหมาะสำหรับคนที่กำลังตามทุน คนทุนน้อย

all4slots said...

เว็บสล็อตที่ระบบดีที่สุด ฝาก - ถอน โอนไว มีแจกเครดิตฟรี เพียงกดไปที่ https://www.all4slots.com/ รับเครดิตฟรีตลอด 24 ชม เล่นง่าย ได้เงินจริง

all4slots said...

ติดตามข่าวรอบโลกได้ผ่าน https://bvicompany.co/

메이저놀이터추천 said...

We are looking for a lot of data on this item. In the meantime, this is the perfect article I was looking for . Please post a lot about items related to 메이저놀이터추천 !!! I am waiting for your article. And when you are having difficulty writing articles, I think you can get a lot of help by visiting my .

truong said...

When did you start writing articles related to ? To write a post by reinterpreting the 메이저안전놀이터 I used to know is amazing. I want to talk more closely about , can you give me a message?

keonhacai said...

Hello, I'm happy to see some great articles on your site. Would you like to come to my site later? My site also has posts, comments and communities similar to yours. Please visit and take a look keonhacai


먹튀사이트 said...

Many thanks for the article, I have a lot of spray lining knowledge but always learn something new. Keep up the good work and thank you again. 먹튀사이트

Unknown said...

Hello there! Quick question that’s completely off topic.
Do you know how to make your site mobile friendly? My website looks weird when viewing from my iphone.
I’m trying to find a template or plugin that might
be able to resolve this issue. If you have any recommendations, please share.
Thank you!

website:경마

먹튀검증업체 said...

Your explanation is organized very easy to understand!!! I understood at once. Could you please post about 먹튀검증업체?? Please!!


Anonymous said...

คลิกเลย
G2GBET เปิดประสบการณ์ใหม่! ของการเล่นเกมออนไลน์ เล่นง่ายได้เงินจริง ผู้ให้บริการเกมออนไลน์ได้เงินจริงที่ดีที่สุด มีโปรโมชั่นแจกเครดิตฟรี รวบรวมเกมส์ออนไลน์ได้เงินจริงมากมาย ความน่าเชื่อถือสูง ฝาก-ถอนออโต้ 24 ชม. โอกาสสำคัญในการเปลี่ยนชีวิตคุณไปตลอดกาลมาถึงแล้ว

Anonymous said...

คลิกเลย
TEXAS789 เปิดประสบการณ์ใหม่! ของการเล่นเกมออนไลน์ ผู้ให้บริการเกมออนไลน์ได้เงินจริงที่ดีที่สุด เล่นง่ายได้แจ็คพอททุกที่ รวบรวมเกมส์ออนไลน์ได้เงินจริงมากมาย แตกง่ายได้เงินจริง ความน่าเชื่อถือสูงฝาก-ถอนออโต้ 24 ชม. โอกาสสำคัญในการเปลี่ยนชีวิตคุณไปตลอดกาลมาถึงแล้ว

먹튀검증 said...

It's really great. Thank you for providing a quality article. There is something you might be interested in. Do you know 먹튀검증? If you have more questions, please come to my site and check it out!


«Oldest ‹Older   1 – 200 of 210   Newer› Newest»

Post a Comment