inside ceo succession

THE ESSENTIAL GUIDE TO LEADERSHIP TRANSITION

SUCCESSIONINSIDE CEO

Foreword by Douglas R. Conant

Tom Saporito & Paul WinumChairman & CEO, RHR International LLP Senior Partner, RHR International LLP

Acknowledgments xiiiForeword: Douglas R. Conant, former CEO

of Campbell Soup Company xv

Introduction 1

Part I: Why CEO Succession Is More Critical than Ever 5

Chapter 1: From Checkers to 3-D Chess 7Chapter 2: Success or Failure—Th e Cause and Cost 21Chapter 3: Whose Job Is It, Anyway? 39Chapter 4: RHR’s Essential Point of View 55

Part II: Th e 10 Key Dimensions of Eff ective Succession 71

Chapter 5: Establish Board Ownership, Involvement, and Oversight 73

Chapter 6: Set Succession Time Frames 89Chapter 7: Prepare for Emergencies 105Chapter 8: Align on Strategy and Profi le 119Chapter 9: Build the Talent Pipeline 131Chapter 10: Source External Talent and

Manage Search Firms 145Chapter 11: Select the CEO 157Chapter 12: Proactively Manage the Transition 169Chapter 13: Measure Performance and Improve Process 187Chapter 14: Manage the Dynamics in CEO Succession 197

•C o n t e n t s

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xii C o n t e n t s

Epilogue: Perspectives on the Future 205Appendix: Ten Questions a Director Should Ask 213About RHR International 219References 221Index 229

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•I n t r o d u c t i o n

Th e business environment has undergone signifi cant transformation over the past several decades—progressing from the relative simplicity of commerce in the mid-twentieth century, to the market expansions and consolidations of the 1980s and 1990s, to the global intercon-nectedness of our current era.

Th ese volatile and chaotic times are demanding more from boards and company leaders than at any other time in history and, to ensure the continuity of business, the selection and transitioning of a com-pany’s CEO has been elevated to the most important undertaking an organization can engage in.

With the complexities involved in selecting and transitioning the chief executive increasing with each passing decade, the mindset of the past and the methods used then are, in many ways, inadequate for ensuring success in today’s business climate. We have all seen the results of this insuffi ciency played out too often in the business press with news of companies struggling to survive failed leadership.

Public scrutiny of business and management has certainly accen-tuated the issue and shareholders have become acutely aware of the need for greater discipline in CEO succession planning. Change in a company’s management is now one of the most important areas for investors to follow. Shareholders are also beginning to realize—especially given the high-profi le departures and dismissals of CEOs—a greater need for corporate governance and that CEO succession planning depends, in large part, on an established pro-cess originating at the board level.

Many boards today are quite conscious of the growing demand and their obligation. Th ey are a) more keenly aware of the need for CEO succession planning than their predecessors, and b) more pre-pared, with succession plans and processes fi rmly in place. However, even with all this awareness and preparedness, directors are still beleaguered, to varying degrees, by the relational dynamics and per-sonal emotions that attend every step of the succession planning

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2 I n s i d e C E O S u c c e s s i o n

process—from candidate development, to fi nal selection, to the transfer of power, to the integration of the new CEO.

In our years of experience, we have concluded that addressing and managing the psychological forces and organizational dynamics are what truly defi nes best practice and success in CEO succession planning. Yet, there is very little support and insight off ered to com-panies on how to best undertake succession planning and navigate the emotions that attend every step of the process.

Inside CEO Succession off ers that very guidance. We take you inside the essential steps required to establish a best practice in succession planning, inside the relational dynamics among board members and between the board and the CEO, and inside the per-sonal emotions that sway and infl uence even the most experienced executives—an often-overlooked aspect of the success or failure of the succession process.

Another critical distinction of our practice, illustrated throughout this book, is our belief that CEO succession is more than a board’s responsibility. Although the board is accountable for the process, we strongly believe that there must be a partnership between board and CEO—a partnership built on personal authenticity and trust. Best practice can only be achieved when board and CEO reach an understanding of involvement—a division of labor orchestrated by the board and adhered to by both parties.

Inside CEO Succession is the culmination of approximately 70 years of providing expert counsel to boards and management on how to best manage the succession planning process and ensure the substance and eff ectiveness of its leadership. We have gained as much as we have given. Fundamental to our experience is the invaluable education we have received from our clients over the years—from board mem-bers, to CEOs, to future leaders—insightful lessons shared within these chapters.

Over the past fi ve years, our fi rm RHR International has under-taken an extensive program of primary research, annually surveying hundreds of board members of top companies across a variety of industries on their views on succession planning. We have conducted in-depth interviews with board chairs and lead directors to understand their approach to succession planning and what factors contribute to both good and poor outcomes—also shared in the pages that follow.


I n t r o d u c t i o n 3

Additionally, and as a fi nger on the pulse of contemporary busi-ness, we present examples of high-profi le companies, pulled directly out of today’s business press, illustrating both success and failure in the succession and transitioning of leadership.

Inside CEO Succession is a unique mixture of business experience and educational training: a blend of process and perception. While our 10 Key Dimensions of Succession Planning provide an essential guide for establishing a best practice in succession planning, our experiences as doctoral-level psychologists grounds us in assessing and addressing the social-psychological factors of ego, role-relationships, power, and emotion associated with relinquishing leadership, prepar-ing successors, and ceding power and authority to others.

If properly attended to and thoughtfully executed, CEO succession can off er a company far more than the transitioning of its top leader. CEO succession can enable companies to envision new opportunities for growth, to realign and strengthen processes and systems throughout the enterprise, and propel companies to greater results in the service of their missions.

Thomas J. SaporitoPaul Winum


•I n d e x

A“academy” companies, 11

military model, 11Acer, 125acquisitions, 11, 31–32, 33, 35,

41, 127, 132, 133, 189Acton, Lord, 75Acuity Brands, Inc., 47Advanced Micro Devices (AMD),

124–25advertising, 120–21agenda, 5, 16, 19, 28, 53, 62,

76–77, 80, 86, 88, 90, 99, 127, 180–81, 188, 193, 194, 199, 217

Akers, John, 28–29ambition, 75, 76, 133, 175American Express, 12, 14, 28analysts, 14, 27, 55, 58, 73, 85,

97, 106, 120, 121, 124, 134, 147, 172, 173, 177

Anderson, Brad, 169annual review, 85AOL, 133–34Apotheker, Leo, 31, 32, 108,

121, 161Apple, 17–18, 85–87, 114Applebee’s, 99Arrow Electronics, 101, 119, 167Ashenhurst, Harry, 149assets, 5, 33, 41

AT&T, 8, 11, 157authority, 41, 53

ceding, 3, 172, 202Autodesk Inc., 120automotive industry, 22, 97, 115Avon Products, 177–78

Bbaby boomers, 205Balloun, James, 47–48Banga, Ajay, 27, 49, 174–75Bank of America Corporation,

17, 157Barron’s, 26–27Bartz, Carol, 120Behavioral Requirements, 159,

160, 162, 163Bell, Charles, 30–31, 106Berkshire Hathaway, 86Best Buy Co., 169Big Blue, 154blogging, 9–10, 16board,

accountability, 2, 26, 53, 71, 73, 87, 213

chairs, 2, 74, 76, 81, 82, 92, 95, 100, 102–03, 166, 194, 200

committee structure, 190, 196competing agendas, 62, 127,

194

BINDEX.indd 229BINDEX.indd 229 27/07/12 1:42 PM27/07/12 1:42 PM

230 I n d e x

board (continued)consensus, 49, 119, 120,

121–22, 123, 124, 125, 126–27, 129, 131, 133, 167, 194

discussion guide, 40–41, 162emergency succession, 45, 46,

61, 106–11, 112–13, 115, 116–17, 193, 194, 200, 214

failure, 11, 28, 29, 36, 40, 44, 53, 58, 84, 92, 194

governance memory, 66–67knowing-doing gap, 42meetings, 61, 157relational dynamics, 1–2, 68,

71, 195, 197, 198, 202, 203, 217

survey questions, 40Boeing Commercial Airplanes,

34–36, 97, 116, 133, 147ethics scandals, 35, 133

Bower, Joseph, 153Buff ett, Warren, 24, 86Burke, James, 30business,

climate, 1, 10, 15, 16, 19–20continuity, 5, 30, 32, 39, 40, 41,

42, 44, 45, 46, 66, 68–69, 88, 173, 182, 183, 193, 194, 200, 206, 208

landscape, 12, 20, 26, 77, 96, 103

model, 97press, 1, 3, 51, 123,

brand, 86, 109, 132, 178Brandywine Realty Trust, 19Brazil, 210

CCampbell Soup Company, 46,

98, 109candidate,

assessments, 65, 159–60interviews, 42, 43, 65, 159, 160,

162, 166previous employer, 166references, 165–67, 168, 192

Cantalupo, Jim, 30, 31, 106capital, 5, 27, 145Case, Steve, 133–34Central Laborers Pension Fund,

17–18, 85CEO,

failure, 24, 32, 33, 39, 66, 93, 115, 132, 149, 189

global, 211incoming, 9, 65–66, 87, 93,

94, 102, 109, 161, 169, 171, 172–73, 174, 176, 177, 178, 180, 181, 183, 184, 185, 187, 191, 192–93, 194, 202–03, 208, 209, 216

integration, 1–2, 24, 27, 39–40, 45, 66, 79, 93–94, 102, 134, 153, 167, 170, 178, 179, 181–82, 208, 209, 216

outgoing, 61, 66, 75, 76, 81, 93, 103, 167, 170, 172–73, 174, 176, 177, 179, 184, 187, 190, 194, 202

selecting, 1, 19, 41, 55, 56–57, 71, 75, 81, 88, 123, 149, 150, 158, 175, 193, 194, 201, 215


I n d e x 2 3 1

selection committee, 193tenure, 9, 11–12, 15, 22, 27,

28, 29–30, 31, 32, 34, 35, 46, 64, 66, 73, 80, 89, 93, 95, 96, 100, 103, 109, 110, 123, 124, 125, 127, 132, 148, 153, 170, 188–89, 190, 196, 199, 208, 213

transitioning, 1, 3, 5, 16, 19, 20, 26, 30, 36, 37, 41, 43, 57, 58, 60, 66, 67, 69, 71, 76, 77, 80, 88, 93, 103, 167, 169, 170–71, 172, 175, 183, 184, 185, 202, 203, 208, 216

twenty-fi rst century, 205, 206–07

character-building, 136, 139, 141, 142, 143

Chief Executive, 36, 40–41, 159chief executives, 1, 7, 13, 23, 27,

31, 47, 48, 49, 50, 51, 68–69, 137, 138, 160

long-serving, 9Chief Financial Offi cer (CFO), 91,

99, 114, 164, 166, 190succession candidate, 77–78,

91, 92China, 28, 210Chrysler, 12Citibank, 12Citicorp, 174Citigroup, 27, 174Citrin, James, 179clients, 2, 40, 53, 55, 149CNNMoney, 31–32Colgate-Palmolive, 101, 167

collateral debt obligations, 123collective vision, 62command-and-control leadership,

23, 132commerce, 1, 8, 14, 19

modern, 9committee, 49, 59, 76, 78, 99,

109, 157, 190chartered, 67, 76, 77, 78,

87, 102, 161, 178, 193, 196, 216

communication plan, 112, 113, 117, 167, 177

communications, 86, 88, 110, 112–13, 117, 171, 176

Company’s Corporate Governance Guidelines, 85

competition, 8, 9, 11, 90, 124, 125, 183

Japanese, 12–13Conant, Douglas, 46, 98Condit, Phil, 34–35, 133confi dence,

decline in, 13–15consumer activists, 84consumer groups, 9, 14, 16, 53,

73, 86, 189continuity, 1, 5, 8, 14, 15, 16, 18,

20, 29, 30, 32, 36, 39, 40, 41, 42, 44, 45, 46, 65–66, 68, 69, 73, 77, 78, 88, 100, 102, 103, 126, 142, 170, 171, 173, 182, 183, 192, 193, 194, 200, 206, 208

corporate,governance, 1, 14, 17, 21, 22,

58, 73, 85


232 I n d e x

corporate (continued)growth, 131–32, 161vision, 121

corporation, 9, 14, 15, 16, 17, 18, 19, 30, 39, 73, 75–76, 77, 87, 88, 89, 91, 105, 138, 139, 149, 157, 194

multinational, 16cost cuts, 31–32Countrywide Financial, 33, 189credit derivative swaps, 123CtW Investment Group, 105customers, 8, 16, 44, 62, 93, 106,

107, 112, 113, 115, 117, 121, 141, 145, 172, 173, 180, 185, 200

DD’Alessio, Walt, 19Davis, Dr. Richard, 135

“Th e Intangibles of Leadership,” 135

Dell, 125Delta Airlines, 78developing, 28, 35, 71, 81, 83,

94, 103, 108, 127, 129, 130, 132, 145, 152, 155, 156, 171, 177, 185, 193, 195, 199, 205, 206, 208

Digital, 12directors, 1, 2, 7, 8–9, 13, 16, 19,

23, 25, 26, 27, 28, 29, 31, 33, 36, 40–43, 45–46, 49, 52, 55, 56, 58–59, 60–61, 63, 66, 67, 68, 74, 75, 76, 79–80, 81, 83, 84, 85, 86, 87, 88, 90, 91–92, 93, 96, 100, 103, 105, 106, 107,

111, 112, 115, 116, 117, 119, 121, 122, 123, 124, 126, 127, 129, 130, 131, 139, 157, 159, 162, 165, 166, 170–71, 172, 176, 179, 181, 183, 189, 194, 199, 200, 201, 202, 208, 213, 216, 217

disclosure proposal, 85–86distribution, 9, 28, 154distributors, 8–9division of labor, 2, 71, 80, 213Drucker, Peter F., 187Duval, Daniel W., 119

EeBay ,121educational training, 3, 30, 141ego, 3, 5, 7, 19, 23, 53, 57, 68,

76, 197Einstein, Albert, 146emergency plane, 109, 117, 214emerging markets, 28, 124,

154–55, 176, 177, 210emotional dynamics, 49employee,

morale, 111, 115, 126, 200motivation, 106productivity, 106, 200

employers, 10Enron, 22, 208enterprise, 20, 29, 30, 41, 56–57,

80, 82, 121, 138, 207evaluation process, 63, 83, 188executive search consultants, 151executives,

top company, 175Exelon Corporation, 19


I n d e x 2 3 3

external talent, 64, 92, 94, 115, 128, 129, 136–37, 146–47, 148, 149, 150, 151, 152–53, 154, 155, 156, 198, 200, 215

benchmarking, 158, 192

FFacebook, 120failure, 2, 3, 5, 11, 14, 15, 16,

18, 22, 23–24, 26, 31–36, 37, 39–40, 42–43, 53, 63, 64, 66, 68–69, 71, 84, 93, 106, 115, 120, 132, 134, 139–40, 169, 170, 172, 175, 179, 189

Fasolo, Peter, 84, 128favoritism, 49Fiorina, Carly, 31–32, 108Ford, Henry, 197Ford Motor Company, 21, 35,

97, 115Ford, William Clay Jr., 21foreign markets, 12Fortune 500, 8, 10, 22, 23, 41, 43,

73, 77, 206, 208, 209Fortune 100, 14, 16, 21Fortune 1000, 14franchisee meetings, 99

GGalli, Joseph Jr., 33–34Gates, Bill, 86General Electric (GE), 11, 109,

110, 145, 146, 153General Motors (GM), 12,

14, 28Gerstner, Louis, 29, 142, 147, 148

global business environment, 90Global Foundries, 125global stage, 11globalization, 15, 145Goldman Sachs, 51, 133Google, 120Governance and Nominating/

Compensation Committee, 76

government regulation,greater, 22limited, 9regulators, 53, 86

Great Depression, 8, 10economic boom, 8, 22

Grocery Manufacturer’s Association (GMA), 50–51

growth, 8, 9, 12, 20, 22, 27, 30, 31–32, 36, 53, 57, 62, 69, 82, 90–91, 96, 99, 103, 120, 124, 125, 131–32, 140, 157, 161, 184, 201, 203, 210, 211

HHackett, James P., 7, 13, 48Hanson, John Nils, 39, 50, 95,

138, 139Harnischfeger Corporation,

138, 139Harvard, 133, 153Hassan, Fred, 178health-related issues, 23,

113–15high-profi le departures and

dismissals, 1, 17Hill, Lloyd, 99Hockaday, Irvine Jr., 97


234 I n d e x

HP, 11, 31–32, 111, 121, 125Compaq merger, 31

HR, 47–48, 78, 135, 143, 148, 175, 190, 192, 201

Hurd, Michael, 31, 32, 108

IIBM, 11, 12, 14, 28–29, 109, 142,

147–48, 154identity, 9, 166, 172Independence Blue Cross, 19India, 28, 210“Inside Outsiders,” 153, 154integration process, 27, 181–82Intel, 124internal talent, 24, 34, 42–43, 49,

50–51, 61, 64, 80, 115, 150, 152, 200, 210

Internet, 16, 120, 125–26, 133–34

Interview Protocol, 161–64, 166, 168

investors, 1, 17, 21–22, 27, 33, 58, 73–74, 84, 86, 106, 107, 108–09, 112, 113, 120, 121, 124, 170, 172, 173, 177, 180, 185, 189, 190, 200

iPad, 125

JJacksonville, Illinois, 17, 85Jager, Durk, 154James, Donald, 80–81Jobs, Steve, 17, 85, 86, 114Johnson & Johnson, 29–30, 43,

51, 78, 84, 109, 128, 141, 146Tylenol crisis, 30

Jones, Reginald, 153Joy Global, Inc., 39Jung, Andrea, 177–78

KKetchum, Mark, 34key customers, 93, 112, 117,

172, 180King, Jr., Dr. Martin Luther, 131Kmart, 12Kodak, 12, 14, 28Kohlberg Kravis Roberts &

Company (KKR), 84, 128

Llabor, 9, 34, 209

division of, 2, 71, 80, 213Lafl ey, A.G., 154Lanci, Gianfranco, 125–26Larsen, Ralph, 29–30Lawless, Robert, 27–28Leader Profi le, 90–91, 193leadership development, 56, 67,

77–78, 87, 111, 115, 116, 127, 132, 134, 136, 137, 139, 140–42, 143, 148, 151, 152, 153, 175, 188–89, 192, 194, 200, 210, 211, 215, 216

leadership talents,long-term, 90, 127, 130

legacy, 5, 7, 19, 28, 53, 81, 82, 97, 100, 173, 184, 194, 201

Lenovo, 125Lewis, Ken, 17, 32–33, 84,

105–06, 189litigation, 9Lockheed Martin, 35


I n d e x 2 3 5

Mmanagement,

middle, 52, 209senior, 51–52, 85, 99, 112, 129,

131, 136, 139, 143, 147, 151, 152, 154–55, 175, 176, 177, 179, 182, 190, 196, 198, 202, 206, 209, 217

market,dynamics, 11expansions, 13, 31international, 90performance, 32, 60, 108, 120position, 20, 37, 57, 61, 62,

106, 115, 129, 170, 200sector, 13share, 9, 13, 58, 153value, 14, 26, 33, 36, 39–40,

62, 111, 120, 177MasterCard Inc., 26–27Maxwell, John C., 55McColl, Hugh, 32–33McCormick & Company Inc.,

27, 109McDonald’s Corporation, 30–31,

105“Plan to Win,” 108–09

McDonnell Douglas, 35McDonough, John, 33–34McNerney, Jim, 35media, 9, 16, 17, 22, 86, 112–13,

117, 133–34, 147, 172, 173, 178

Medtronic, 30Mercedes, 12–13mergers, 11–12, 14, 132Merrill Lynch, 33, 133, 189Meyer, Dirk, 124–25

Microsoft, 86Mitchell, David, 178Molpus, Manly, 50–51Moments of Truth, 136–37,

138, 143mortgage back securities, 123Moynihan, Brian, 106, 189Mulally, Alan, 21, 35–36, 97–98,

115, 116, 147, 148Mullin, Leo, 51–52, 78

NNeff , Th omas, 179networks, 22, 206Newell Rubbermaid, 33–34, 52, 89

merger, 34news, 1, 16, 107–08, 114

cable news channels, 22Nippon Steel, 11Northwestern University, 10Noski, Charles, 157–58

Oobjective data, 5, 19obstacles, 7, 174O’Neal, Earnest Stanley, 133Oppenheimer, Peter, 114organic growth, 31–32

PPalm, 121Palmisano, Sam, 29, 142, 154partnership, 2, 56, 60, 67, 71,

74, 79, 80, 81, 82, 88, 90, 102–03, 111, 113, 115–16, 117, 124, 126, 130, 131, 140, 157–58, 179, 180, 188, 195, 198, 199, 213, 214, 216


236 I n d e x

Patrick, Stephen, 101, 167Patterson, William, 105Pennsylvania Real Estate

Investment Trust, 19personal agendas, 5, 19, 53, 217personality confl icts, 74, 76, 122Pfi zer, 30Poland, 28Polk, Michael, 34power, 1–2, 3, 5, 7, 17, 19, 43,

53, 57, 68, 75–76, 87, 100, 107, 128, 137, 172–73, 177, 178, 182, 184, 197, 202, 206–07

ceding, 3, 178Preston, James, 178procedures, 5, 19, 67, 112,

153, 154–55, 191, 192, 195, 216

Procter, William, 154Procter & Gamble, 11, 30, 146product innovation, 28, 120–21profi t-and-loss centers, 30, 141Prospect City, Inc., 151psychological forces, 2, 5, 7, 20,

25, 53, 57–58, 74, 124, 173, 194

psychological stress points, 19PwC Consulting, 142

RRead, Rory, 125regulators, 17, 53, 73, 85, 86,

189reports,

direct, 79, 83, 88, 164, 166, 168, 201

non-direct, 83

retirement, 9, 13–14, 35, 46–47, 84, 89–90, 95, 99, 103, 110, 174, 199, 206

RHR International, 2, 8, 40–41, 55–69

relinquishing leadership, 3role-relationships, 3Rometty, Virginia “Ginny,” 29,

142Ruiz, Hector, 124Russia, 210

SS&P 500, 30, 33sales meetings, 99Santayana, George, 187Sarbanes-Oxley Act (2002),

21–22, 40, 208SAP, 31, 121, 161search fi rm, 64, 148–50Sears, 12Securities and Exchange

Commission (SEC), 17, 22, 60

Selander, Robert, 26–27, 174–75share repurchasing programs, 41shareholder assets, 41shareholders, 1, 13, 14, 17, 18,

22, 53, 55, 57, 58, 60, 73, 84–85, 87, 99, 105–06, 112, 113, 114–15, 141, 147, 162, 176, 177, 189, 202, 208

Shrontz, Frank, 34–35Silicon Valley, 120Skinner, James “Jim”, 30, 31, 105,

106, 108Sony, 11, 146


I n d e x 2 3 7

South Korea, 210spokesperson, 112stakeholders, 8, 15, 16, 40, 43, 45,

46, 49, 61, 68, 74, 76, 85, 93, 94, 113, 135, 143, 161, 166, 171, 176, 177, 178, 180, 184, 185, 190, 198, 209

external, 75, 76, 167, 176, 183internal, 16, 75, 147, 150, 176,

183Steelcase Inc., 7, 13, 48Stein, Robert, 151stock,

buybacks, 31–32options, 13price, 14, 16, 27, 31–32, 34,

44, 64, 107, 109, 120, 161, 175

splits, 41value, 20, 32, 58, 100, 103,

115, 121, 177strategic direction, 13, 24, 25,

27, 34, 36, 59, 62, 64, 69, 75, 77, 86–87, 88, 90, 95–96, 103, 108, 111, 117, 121, 123, 124, 125, 127, 130, 131, 145, 157–58, 161, 170, 177, 180, 181, 183, 184, 214

succession time frame, 95, 102, 198successor,

compensation, 25, 40, 41, 42–43, 64, 86, 99, 100, 116, 175–76, 208

internal, 14, 16, 25, 77, 78, 95outside, 24, 28, 31potential, 10, 42, 63, 78, 83, 86,

91, 98, 111, 159–60, 201, 202

surveillance, 16suppliers, 8–9, 16, 145, 154, 173,

180, 185

Ttalent,

pipeline, 63, 67–68, 129, 131, 134–35, 140, 143, 148, 151, 154–55, 198, 203, 217

pool, 63, 154, 210Tandy, 12Tarnished Asset Relief Program

(TARP), 33, 189Texas Instruments (TI), 125Th e Credo, 141Th e Global Standards of

Leadership, 141Th e Silent Generation, 10Th e Winning Formula, 79,

160–61, 191Time Warner, 133–34Toyota, 11traditional market segments, 8transitioning,

knowledge, 208leadership, 57, 172, 202period, 169, 172, 185

transparency, 15, 17, 18, 47, 49, 50, 64, 151, 179

TravelMate, 125Tybout, Dr. Alice, 10Tyco, 22

Uunderstanding of involvement, 2,

71, 80, 213Unilever, 34union workers, 147


238 I n d e x

United States, 10, 12–13, 17, 33, 106, 205, 211

unplanned departure, 22, 24, 25, 36, 46, 61, 63, 89–90, 95, 107, 194, 195, 199

Useem, Michael, 12

VViault, Raymond, 52, 89Vulcan Materials Company, 80

WWall Street, 14, 133

analysts, 14, 27Wall Street Journal, 178Wal-Mart, 12Welch, Jack, 110, 145, 153Weldon, William, 141

Westinghouse, 14, 28Wharton’s Center for

Leadership and Change Management, 12

Wilson, Alan, 27–28, 109women, 209–10WorldCom, 22world GDP, 210World War II, 8, 10

XXerox, 12

YYahoo! Inc., 1203M, 35, 14610 Key Dimensions, 3, 59–69, 71,

119, 213


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