|
Executive Times |
|||||||||||||||||||||||||||||
|
Volume 3,
Issue 7 |
July 2001 |
||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||
|
ã 2001 Hopkins and Company, LLC Note re: links---certain
hyperlinks assume that you are registered as a subscriber to the site. If you
are not a subscriber to certain sites, the links will fail. If you register,
the links should work. Also, certain hyperlinks expire and may not be
available when you try to go to the site. Help!All executives rely on
others to help ensure success. Selecting and evaluating advisors can become
challenging, especially when a single advisor performs multiple roles. For
some executives, it can be easy to draw on past experience to apply in
today’s more complicated situations. Choosing accounting firms and operational
consultants can be done in the context of past selections. Some advisors
remain affiliated with organizations over many years, so maintaining
continuity becomes an easy decision. For other executives, it can be hard to
get help in areas that were not addressed by mentors or prior management. Few
members of the last generation of managers chose executive coaches, addressed
mental illness at work, or understood the need for personal public relations
help. Listening to and learning from critics can be a skill that many
executives fail to develop. As you read about what different individuals and
companies are doing to get the help they need, think about your own situation
and whether you’re getting help in the right areas to ensure the success of
your organization. Boot Camp Experts in learning often
point out that we’re most receptive to acquiring knowledge when we’re in a
new situation. After we’ve been in a job for a while, it can become harder to
take a fresh look and obtain knowledge that’s not consistent with our
experience. We read in Business Week (6/11/01) (http://www.businessweek.com/magazine/content/01_24/b3736101.htm)
that newly appointed CEOs can attend a one-day boot camp this Summer for
$10,000 and hear from critics and seasoned CEOs about what it will take to
achieve success. The CEO Academy was created by the M&A Group,
a roundtable created two years ago that now has sixty members. Members found
that newly appointed CEOs needed assistance in coming up to speed quickly
because boards of directors and shareholders are impatient to see performance
results. Attendees will hear about shareholder relations from corporate
governance agitator Nell Minow and about working well with the board
from superlawyer Ira Millstein. If successful, those speakers are
likely to tell the CEOs many things that the CEOs would prefer not to hear.
Some will look forward to hearing what lessons fired Xerox CEO Richard
Thoman learned from that experience. How do
you obtain knowledge from your harshest critics? What do you do based on what
you learn? Are there individuals whose experience may help you avoid certain
mistakes? How are you able to draw on that experience? Are there peers you can
meet with who understand enough about your situation to help you in areas
where you need assistance? Silent Impairment An article inThe Wall
Street Journal (6/13/01) (http://interactive.wsj.com/archive/retrieve.cgi?id=SB992387742151602535.djm) reminded us that one in five Americans suffer
from depression, anxiety and other psychiatric conditions, so it’s reasonable
to assume that even if many individuals never climb the corporate ladder
because of those conditions, some executives will suffer from mental illness.
Most will suffer silently out of fear. The article describes aspects of the
life of Paul Gottlieb, currently Vice Chairman of Martiniere Groupe,
formerly president of publisher Harry N. Abrams, Inc. Gottlieb would
handle himself successfully in meetings and social settings, but often at the
end of the day, he found himself exhausted and wanted to commit suicide. He
suffered silently in his 40s, attributing the feelings to a midlife crisis.
Finally, after being appointed president and finding the suffering too great,
he went for medical help, and through the right drug therapy, he returned to
work where he spent another dozen productive years before retiring at age 66.
Gottlieb said, “It’s useful to know that you can survive.” How well are
you managing the stress in your life? Do you know signs of depression, and
are you experiencing any indications that you may be suffering from something
more serious than the normal ups and downs of executive life? Are you willing
to receive medical help? Personal Focus Coaches help up to 40% of
the Fortune 500 companies, according to a Hay Group study we ran
across on the Associated Press wire via cnn.com (http://www.cnn.com/2001/CAREER/trends/05/28/exec.coach.ap/index.html).
In some companies, coaches provide one-on-one help on individual work and
life issues for executives at certain organizational levels. At some
organizations, coaching is part of the leadership development process, and is
used to help exploit strengths and address a manager’s “flat sides”.
According to the article, coaching programs “helped one executive recognize
that he was intellectually gifted -- and needed to have more patience with
his staffers who weren't. Others learn that they are forceful leaders, but
don't leave room for employees to develop their own leadership skills.” One
executive commented that he felt more confident and aware as a result of
working with a coach. How could a coach help
you? With whom do you bounce ideas, and find ways to exploit your strengths
and avoid your weaknesses? Who helps keep you energized as a leader? Who else
has an interest in your personal success? Whom do you trust to help you
achieve success? Spin Control We thought we had seen all
the different forms of corporate welfare, but we admit to laughing out loud
when we read in The New York Times (6/17/01) (http://www.nytimes.com/2001/06/17/business/17PRIV.html)
about a severance perk that fired Lucent executive Deborah Hopkins
(no relation) received. Lucent agreed to pay “for a public relations
executive for six months to help Ms. Hopkins with her image after her
ouster.” We’ll never know how much the perk would have cost because the p.r.
exec resigned from the account. How badly do you need
help if your flack quits? Who controls the spin on your image? Spooky partnerAdventure
capital
We read in The
Washinton Post (6/3/01) (http://www.washingtonpost.com/wp-dyn/articles/A12582-2001Jun2.html)
that the Central Intelligence Agency has placed millions of dollars in
venture capital in an entity called In-Q-tel that’s made investments
rapidly in 16 companies. The non-secret In-Q-tel allows the buttoned-up CIA
to take advantage of rapid technological developments that might be useful to
the agency, while not being burdened by bureaucracy. CIA leadership
recognized that the agency couldn’t compete for IT talent and innovation, so
they decided to create a venture fund that would ease a connection between
the agency and new technology. Companies receiving In-Q-tel funds can test
their technologies inside the CIA which has one of the largest data
repositories in the world. We wonder if there are signs around the CIA’s
George Bush Center for Intelligence in Langley, Virginia that say “In-Q-tel
Inside.” Missing capital The record-breaking $19.2
billion quarterly loss at Nortel Networks was referred to by New
York Times columnist Gretchen Morgensen as “a milestone in the history of
mismanagement of shareholder assets (6/17/01) (http://www.nytimes.com/2001/06/17/business/17WATC.html).”
Since July 2000, almost one-quarter trillion dollars in shareholder wealth
has disappeared at Nortel. Having paid exorbitant prices (which The Times
estimates at 118 times the value of tangible assets) for new acquisitions,
the write down of those assets hit in the second quarter. During 2000, Nortel
paid $19.7 billion for companies with tangible net assets of $167 million. How well do you recognize the limitations of your organization and its culture, and have you found ways to offset those limitations? How prepared are you to manage in a variety of different market environments? When you consider costs and benefits, what approach do you take? How do you compute value? All together nowVirtual meetings
Collaboration via the worldwide web continues to expand. We read with
interest (The Wall Street Journal, 5/28/01) that IBM invited 320,000 people
to a virtual meeting in late May. During a three-day online brainstorming
session, 52,600 people logged on to participate in what the company called
“WorldJam.” The company is likely to follow up with more events like this
one. Other companies are reducing the cost of sales calls by conducting
virtual meetings. To check ease of use, you may want to visit one of the web
conference sites such as www.webex.com
where online meeting rooms are available at a cost of forty five cents per
minute, or unlimited use at $100 per month per user. How constrained are your messages by time and space? How well do you exploit a variety of media in ensuring that communication remains robust within your organization? Can you reduce costs and maintain effectiveness by conducting virtual meetings with employees, clients, customers and other stakeholders? Follow UpHere are selected updates
on stories covered in prior issues of Executive Times: Ø We’ve expressed our dislike for Ken Blanchard’s
books on the pages of Executive Times,
most recently in our scathing review of High Five in the May 2001
issue of Executive Times. We
chuckled a bit when we read in The Wall Street Journal (6/22/01) (http://interactive.wsj.com/archive/retrieve.cgi?id=SB993165490163261262.djm) that Blanchard may well have ripped off the
One-Minute-Manager theme from a university colleague. Stay tuned to see if
this is a case of plagiarism times ten million copies. Ø Unless you are totally fed up with the stories
about Ford and Firestone, including the coverage in the June 2001
issue of Executive Times, you
may want to be sure to read the Business Week cover story, “Ford: Why
It’s Worse Than You Think,” in the June 25, 2001 issue (http://www.businessweek.com/magazine/content/01_26/b3738001.htm). Ø Many issues of Executive
Times have called attention to Jack Welch and his
success at General Electric. For an alternative view, wherein Welch is
considered overrated, read Rob Walker’s article titled “Why Jack Welch Isn’t
God” in The New Republic (6/11/01) (http://www.tnr.com/061801/walker061801.html).
Ø One of the best examples of “blame your
predecessor” (see the August 2000
issue of Executive Times) that
we’ve run across in a while came from Gillette CEO James Kilts.
The New York Times (6/7/01) (http://www.nytimes.com/2001/06/07/business/07RAZO.html)
reported that the company failed to pay attention to certain projects and
pursued misguided strategies. We’ll see how well the company performs under
Kilts’ leadership. LegaciesWork Ethic Hundreds of press reports covered Cal
Ripkin’s announcement that he’d retire at the end of the current baseball
season. Some stories call attention to his many achievements, especially his
record for the number of consecutive games played. Other stories point out
that he’s spent his entire major league career with his hometown team, the
Baltimore Orioles. Many stores call attention to his future plans, including
his interest in a leadership role with a major league baseball franchise. The
rare reporter called attention to Ripkin’s distance from teammates, and
personality quirks. The legacy that we see from Ripkin comes from his work
ethic. Throughout his career, he could be counted on to be “in the game”
whenever he was needed, in a variety of roles. Executives and managers want
dependable talent like that on their teams, and the example that Ripkin set
is one that can be emulated by workers in all professions: show up and do the
best you can. Reading(Note: readers of the web
version of Executive
Times can click on the book covers or titles to order copies
directly from amazon.com. When you order through these links, Hopkins &
Company receives a small payment from amazon.com. Subscribers to the print
version of Executive
Times can receive the web version at no additional cost. Send
e-mail to hopkinsandcompany@att.net
with a request to be placed on the web version distribution list. Also, not
all books we read make it to the pages of Executive Times. For expanded reviews of Executive Times selections and other books,
visit our book review site at http://www.hopkinsandcompany.com/books/list.htm.)
Brief Reviews
16 additional book reviews were added during June
2001 at http://www.hopkinsandcompany.com/books/list.htm. |
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||
|
ã 2001 Hopkins
and Company, LLC. Executive
Times is published monthly by Hopkins and Company, LLC at the
company’s office at 723 North Kenilworth Avenue, Oak Park, Illinois 60302.
Subscription rate for first class mail delivery of the print version is
$60.00 per year (12 issues). Web version subscriptions are $30.00 per year.
Single issues: $10.00 print; $5.00 web. To subscribe, sign up at www.hopkinsandcompany.com/subscribe.html,
send an e-mail to hopkinsandcompany@att.net,
call (708) 466-4650, or fax to (708) 386-8687. For permission to photocopy or
e-mail Executive Times, call (708) 466-4650 or e-mail to hopkinsandcompany@att.net. We will send
sample copies if requested. The company’s website at http://www.hopkinsandcompany.com/archives.html
contains the archives of back issues beginning in the month after the issue
date. To subscribe to Executive Times,
sign up at www.hopkinsandcompany.com/subscribe.html
and we’ll bill you later. Consider
giving clients or friends Executive Times
as a gift. Gift subscriptions to the web version include an e-mail
notification of the gift. Print
version gift subscriptions can also include “Compliments of (giver)” with
your corporate logo on each copy. About Hopkins
& Company
To engage the services of Hopkins & Company,
call Steve Hopkins at 708-466-4650 or visit www.hopkinsandcompany.com. |
|||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||
