I really feel these old fogies on the Governing Body are too messed up in their delusion to run a company successfully or any real skill. Yes sometimes lunatic fringe manage to get into some pretty high places.
Does the Governing Body have what it takes to make good decisions, I don't think so, they have been in this delusion too long and have too much invested in it to make sane judgements. Here's some info on what makes a good CEO, when you read them see if you can find anything like this currant Governing Body.
http://onlinebusiness.about.com/od/dailyoperations/a/5-ceo-traits.htm
Over the past fifteen years I have had the opportunity to work closely with CEOs of companies, both large ($1b+) and small (start-ups). While each CEO brings a unique set of characteristics to the table, there are some commonalities between those that are able to steer their companies to success (whether through organic growth, acquisition, or an IPO) and those that fall short of their potential.
Below is a list of five essential attributes successful leaders possess:
- Ability to focus on the vision and to communicate that vision to stakeholders.
- Awareness of operational details, however, not involved with them.
- On top of industry trends -- an avid reader.
- Hires strong management teams and supports their decisions.
- Meets with customers and can articulate customer needs, challenges and business goals.
1. Having a Vision
Being at the top of the pyramid, a great CEO must be able to clearly communicate the vision of the company in order to inspire staff, investors and customers. As the company flag-bearer, all eyes turn to the CEO for direction and example.
2. Macro Management
While it is key for the CEO to understand the every-day activities of the organization and how all the parts fit together to move the company forward, the best CEOs do not get dragged into the seductive lure of micro managing granular details. Instead they maintain a highly trained management team that is fully capable of handling these tasks.
This enables the CEO to remain focused on the primary duties of increasing revenues, and meeting the goals identified in the vision.
3. Leveraging Industry Trends
Staying on top of industry trends through reading, attending conferences and joining trade associations is essential for CEOs to ensure that the direction and vision for the company is on course. The ability to see into the future is invaluable for steering clear of potential threats and capitalizing on future opportunities.
This is especially important in the constantly evolving technology industry where the CEO needs to determine which changes will have long-term impact and which are merely fads with little real value.
4. Develop a Foundation of Strength
No company or CEO is successful without a strong management team. Each member must be a leader that knows and is accountable for his or her job responsibilities (and does not try to do the work of other team members).
Quality managers in turn, know how to mentor and acknowledge the accomplishments of their own staffs in order to keep them motivated, involved and on track to meet the business goals of the company.
5. Customer’s are at the Core
Successful CEOs look beyond their raw technology and focus on finding ways to help customers solve their problems. They describe their products in terms of how they address the needs and challenges of their customer’s instead of listing product capabilities.
Great CEOs use their own customers’ words and verbiage. Through weekly meetings with customers, CEOs have an endless supply of anecdotal situations to share with stakeholders that help create a better product and a more thorough understanding of the customer requirements for a successful business relationship.
http://www.cbsnews.com/8301-505125_162-28245535/what-a-good-ceo-does-three-things/
One of the most endearing and important qualities that uniquely defines us as humans is the way we pass on what we've learned to subsequent generations. Fortunately, that doesn't just happen in families. It happens in business, too.
And while one person's experience may be the next person's nonsense, there is the occasional rare gem to be cherished and passed on. Fred Wilson, a VC who's been around a while, has decided to share some advice he received almost 25 years ago from another VC. Who knew VCs could be so ancestral?
Anyway, the advice is the answer to the question "What exactly does a CEO do?"
As a sign of the tough economic times and other recent events, the jaded and sarcastic among us might respond with a satirical point of view:
What a CEO does (the satirical POV)
- Has an inappropriate relationship with a marketing contractor, gets caught, gets fired, walks away with $35 million and a sweet job at his friend's company. (Mark Hurd, former CEO, HP)
- Presides over a spectacular environmental disaster, promises to clean it up, whines about the toll it's taking on him, tells congress he wasn't involved. (Tony Hayward, former CEO, BP)
- Fuel the subprime mortgage bubble, hedge against it, get bailed out, pay out record bonuses, document all of it in emails. (Loyd Blankenfein, CEO, Goldman Sachs)
I can go on and on with this trip down memory lane, but we've probably heard enough CEO bashing to last us a good long while.
Anyway, according to Wilson, here's What a CEO does(the VC POV)
- Sets the overall vision and strategy of the company and communicates it to all stakeholders.
- Recruits, hires, and retains the very best talent for the company.
- Makes sure there is always enough cash in the bank.
According to the elder VC, CEO's should delegate everything else to the management team. Wilson, on the other hand, who uses these metrics to evaluate CEOs, says that, while good CEOs often do more, he doesn't believe you can be a great CEO unless you do these three things well.
Now, I've worked for and with a lot of CEOs over the past 20 years or so. Some of them weren't terribly good at their jobs. A few were. And while I think Wilson hit the nail on the head, I think it needs to be qualified and expanded on a bit:
What a CEO Does(My POV)
- Sets the overall vision and strategy of the company and communicates it to all stakeholders. Doesn't pull it out of his you-know-what, as many do, but derives a unique value proposition from an ongoing strategic process.
- Makes sure there is always enough cash in the bank. Sets, oversees, and drives the operating and financial model for the company, including profit, expense, and growth targets.
- Recruits, hires, and retains the very best talent for the company. Ensures the management team is motivated, aligned, and held accountable to achieve the company's strategic and operating goals.
If a CEO doesn't do those three things well, he's not a good CEO, IMO. I'll reserve "great" for CEOs that actually accomplish great things. So, is this what your CEO does? Any VCs, CEOs, executives, or directors like to weigh in?