Lessons In Leadership (PowerPoint)

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in Leadership

                Keith F. Hartstein
   President & Chief Executive Officer,
             John Hancock Funds, LLC
    A Crisis of Confidence

    What Were They Thinking???

     “There is a delicious irony in seeing private
      luxury jets flying into Washington, D.C., and
      people coming off of them with tin cups in their
      hands, saying they‟re going to be trimming
      down and streamlining their businesses”
                      − Rep. Gary Ackerman

    Can You Trust
    the Ex-chairman of the NASDAQ?
       Ponzi scheme that went
        undetected since 1988
       Almost $65 BILLION
        in client losses
                                                     How did he go
                                              undetected for so long   ?
       Largest investor fraud every
        committed by an individual
       SEC investigated him five times from 2002 to 2008
           Inspector General‟s report states that despite receiving
            six substantive complaints that raised significant
            red flags like those expressed by securities expert
            Harry Markopolos as far back as 1999, who said it
            took him five minutes to figure out he was a fraud,
            a thorough and competent investigation or
            examination was never performed

    Faith in Elected Officials
    Has Also Been Tested

                                Gov. Sanford
     John Edwards

               Elliot Spitzer
                                … to name a few, have
                                 all admitted to having
                                 extra marital affairs

    Scandal in the “C” Suite . . .

       Jerry Gemeinhardt, Former President & CEO
        of Superior Electric Company, plead guilty to
        fraud for using corporate funds for personal use
           Spent more than $2M to operate his luxury yacht,
            pay for its crew and landscape his home

           Directed the CFO to not pay the company‟s
            payroll tax liability as well as provide false financial
            documents to increase the company‟s credit line

     Serving the Public Good?

        Matthew and George Kellner who ran the
         Family Entertainment Group, a commercial
         fundraising company located in California,
         were found guilty of the largest ever charity fraud
            They fraudulently raised over $3.5M from
             Bay Area donors that they used to pay
             employees and for personal expenditures

        George Borden who raised money for
         Veteran’s Charitable Foundation and the
         Retired Boston Police Officers Association was
         found guilty of using donations for personal use

     Good Leadership?
                                         How do we
                                         regain trust
                                         in our leaders?
      The events of last year…

                …increased skepticism,


                …and ill will

                …towards the
                 management of
                 big companies

      Lesson      1
                           Good leadership involves
 “Being responsible
  sometimes means           responsibility to the welfare
  pissing people off”       of the group
                           Trying to get everyone to like
                            you is a sign of mediocrity
                           By avoiding the tough decisions,
                            you‟ll simply ensure that those
                            you anger are the most creative
                            and productive people in the

      Lesson       2
 “The day your associates stop      If this were a litmus test,
  bringing you their problems        the majority of CEOs
  is the day you have stopped        would fail
  leading them”                     There are too many
                                     barriers to upward
 “They have either lost              communication
  confidence that you can help      This fosters a culture that
  them or they have concluded
                                     defines asking for help as
  that you don‟t care”
                                     weakness or failure
                                    Real leaders make
 “Either case is a failure
  of leadership”                     themselves accessible
                                     and available

      Lesson     3
                                  Small companies
 “Don‟t be buffaloed               don‟t have the time
  by experts”
                                   for analytically
                                   detached experts
 “Experts often possess more
                                  As companies get bigger
  data than judgment”
                                   they often forget who
                                   “brought them to
                                   the dance”
                                  Real leaders are vigilant,
                                   and often combative, in
                                   the face of these trends

      Lesson     4
                                Learn from the pros, observe
 “Don‟t be afraid to
                                 them, seek them out as
  challenge the pros, even
  in their own backyard”
                                 mentors and partners
                                Remember … even the pros
                                 may have leveled out in
                                 terms of learning and skills
                                Leadership does not
                                 emerge from blind
                                 obedience to anyone
                                Good leadership
                                 encourages participation

      Lesson      5
                               Good leaders delegate and
 “Never neglect details”
                                empower others liberally,
                                but they pay attention to
 “When everyone‟s mind          details, every day
  is dulled or distracted
  the leader must be           Bad leaders think they‟re
  doubly vigilant”              “above” operational details
                               Many of the best CEO leaders
                                asset that the job of leader is
                                not be the chief organizer but
                                the chief disorganizer

     Lesson     6
                           Good leaders don‟t wait for an
 “You don‟t know what
  you can get away          official blessing to try things out
  with until you try”      Less effective middle managers
                            believe “If I haven‟t been told
                            „yes‟, then I can‟t do it”
                           More effective leaders endorse
                            the sentiment “If I haven‟t
                            explicitly been told „no‟, I can”

     Lesson      7
 “Keep looking below              “If it ain‟t broke, don‟t
  surface appearances”             fix it” is the slogan of
                                   the complacent — it‟s
                                   an excuse for inaction
 “Don‟t shrink from doing so
  just because you might not      It assumes (or hopes)
  like what you find”              that today‟s realities will
                                   continue tomorrow in a
                                   predictable fashion
                                  People do not pro-
                                   actively take steps to
                                   solve problems in this
                                   type of culture

      Lesson      8
 “Organization doesn‟t really      How many leaders
  accomplish anything”
                                    “walk the talk”?

 “Plans don‟t accomplish           Many managers immerse
  anything, either.                 their calendar time in deal
  Theories of management            making, restructuring & the
  don‟t much matter”                latest management trends
                                   Focus should be on creating
 “Endeavors succeed or fail         an environment where the
  because of the people             best, the brightest, and the
  involved”                         most creative are attracted,
                                    retained, and unleashed
 “Only by attracting the best
  people will you accomplish
  great deeds”

      Lesson      9
                                     Recruitment often ignores
 “When recruiting, look for           these traits in favor of
  intelligence and judgment,          length of resume,
  and most critically, a              degrees and prior titles
  capacity to anticipate,
  to see around corners”             It‟s a lot harder to train
                                      individuals to have
                                      integrity, judgment,
 “Also look for loyalty,              energy, balance and the
  integrity, a high energy            drive to get things done
  drive, a balanced ego, and
  the drive to get things done”      Good leader stack the
                                      deck in their favor with
                                      the right recruitment

      Lesson     10
 “Organization charts      If people really followed
  and fancy titles          organization charts
  shouldn‟t matter”         companies would collapse
                           Titles mean little in terms of
                            real power, which is the capacity
                            to influence and inspire
                           People will commit to individuals
                            who posses pizzazz, drive,
                            expertise, and genuine care for
                            their teammates and products
                            even if they don‟t posses

      Lesson      11
                                   One reason even large
 “Never let your ego get so
  close to your position that       organizations wither is
  when your position goes,          because managers won‟t
  your ego goes with it”            challenge old, comfortable
                                    ways of doing things
                                   Effective leaders create a
                                    climate where an employee‟s
                                    worth is determined by their
                                    willingness to learn new skills
                                    and grab new responsibilities
                                   Jobs are perpetually
                                    being reinvented

      Lesson      12
 “Fit no stereotypes”         Blindly following a
                               particular fad generates
                               rigidity in thought
 “Don‟t chase the latest       and action
  management fads”
                              Leaders honor their core
                               values, but are flexible in
 “The situation dictates       how they execute them
  which approach best
  accomplishes the            Management techniques
  team‟s mission”              are not magic mantras but
                               simply tools to be reached
                               for at the right times

      Lesson       13
 “Perpetual optimism          Leaders who whine and blame
  is a force multiplier”       engender those same behaviors
                               among their colleagues
                              Leaders should embody a
                               „gung-ho‟ attitude that says
                               “we can change things here,
                               we can achieve awesome goals,
                               we can be the best”

     Lesson      14
 “Great leaders are         Effective leaders understand
  almost always great        the KISS principle…
  simplifiers, who can       Keep It Sweet and Simple
  cut through               They articulate vivid, over-arching
  argument, debate           goals and values, which they use to
  and doubt, to offer        drive daily behaviors and choices
  a solution everybody       among competing alternatives
  can understand”
                            The result of this behavior is clarity
                             of purpose, credibility of leadership,
                             and integrity in organization

      Lesson      15
 Part I:
                                 Excessive delays in the
                                  name of information
 “Use the formula P=40            gathering breeds
  to 70, in which P stands        “analysis paralysis”
  for the probability of
  success and the numbers        Procrastination in the
  indicate the percentage         name of reducing risk
  of information acquired”        actually increases risk

 Part II:
 “Once the information
  is in the 40 to 70 range,
  go with your gut”

      Lesson     16
 “Have fun in your command.         Seek people who have
  Don‟t always run at a              balance in their lives.
  breakneck pace”                    Those who have some
                                     non-job priorities which
                                     they approach with the
 “Take leave when you‟ve             same passion that they
  earned it: Spend time              do their work
  with your families”
                                    Watch out for grim
                                     workaholics or the
 “Corollary: Surround yourself       pretentious “professional”
  with people who take their
  work seriously, but not
  themselves, those who
  work hard and play hard”

     Lesson     17
                          The essence of leadership is the
 “Command is lonely”
                           willingness to make the tough,
                           unambiguous choice that will
                           have an impact on the fate
                           of the organization
                          Too many non-leaders flinch
                           from responsibility
                          Even as you create an informal,
                           open, collaborative corporate
                           culture, prepare to be lonely

     Lessons in Leadership
              “Leadership is the art of
               accomplishing more than the
               science of management says
               is possible”


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