You're Not the Only One Reeling, CEOs Also Are Thrown Off Their Game - But Those Who Can Let the Past Go ...

"We went from super low interest rates, learning to work from home, and a Donald Trump world to the highest inflation in 40 years, people relearning to work in the presence of others, and Joe Biden’s very different style." - Randall  Peterson of London Business School, being quoted in Yahoo Finance, August 19, 2023

Those post-COVID developments have triggered high turnover at the top. CEOs stay in the job for a shorter period of time. Among the corporations where they have stepped down have been PayPal and Kraft Heinz. Meanwhile, of course, a number of those CEOs who remain in-place are obviously struggling. They range from Goldman Sachs' David Solomon to Disney's Bob Iger. 

Those struggles mirror the turbulence workers are also navigating. The majority of those I coach tell me that they have never experienced what is going on in their workplaces. Management seems uncertain. Even though there is supposedly a culture of transparency employees sense many hidden agendas. And what those entail are, they fear, the kind which could result in their termination. When they consider looking for another job they wonder if that will really represent more stability or nothing but chasing after what no longer exists.

Peterson didn't mention the possible impacts of generative AI. In earnings calls CEOs are expected to size up where their corporations are with that technology. For many that has directly affected the stock price. If they bungle the implementation of generative AI or fall behind their competitors in applications they could find themselves forced out. 

So, what is the takeaway? Essentially for both the top layers and the rank and file it's that business is happening in the now. For the now it might be a serious error to reach back into the past for guidance. 

When Iger bounced back at Disney he had to change. The question is if he can change his MO (as well as his persona) fast enough.

In contrast, when Apollo's Mark Rowan took over from Leon Black he quickly put in play a shift of the business from primarily private equity to private credit. That had been a proactive move before private equity hit the wall. Watchers questioned his acquiring the rest of annuity company Athene. But that has spit out the funds for lending. 

At Paul Weiss law firm after chair Brad Karp began his new term in May 2023 he orchestrated a rebranding of himself and the business. That has included repositioning himself as a warrior who conducts seminal raids of talent. As a result, he reset the firm as able to compete through bold strategies like the raids versus raw size. Paul Weiss was the David which left Goliath Kirkland & Ellis blinking. 

Then there is Meta's Mark Zuckerberg. After the corporation he founded had lost his way he leveraged that to jump-start it to journey in fresh directions.  

It was iconic management expert Peter Drucker who observed in his book "Managing in Turbulent Times":

"The great danger in times of turbulence is not the turbulence itself, but to act with yesterday's logic."

 Data or the gut for your careers and communications? Both of course. Complimentary consultation with intuitive coach, content-creator, and Tarot reader Jane Genova (text 202-468-8579, janegenova374@gmail.com).

 


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