Chairman Of The Board Quotes

I don’t know what you’re referencing, madam,” the chairman says, his voice raised over mine. “I’m talking about menstruation, sir!” I shout in return. It’s like I set the hall on fire, manifested a venomous snake from thin air, also set that snake on fire, and then threw it at the board. The men all erupt into protestations and a fair number of horrified gasps. I swear one of them actually swoons at the mention of womanly bleeding.

Watson, Sr., was running IBM, he decided they would never have more than four layers from the chairman of the board to the lowest level in the company. That may have been one of the greatest single reasons why IBM was successful.

I don’t need to do more smart things. I just need to do fewer dumb things. I need to avoid making emotional decisions and swinging at bad pitches. I need to think!

In the American oligarchy, the President is a temporary chairman of the board who is there to take responsibility for actions decided in private sessions. He is there to sell policy more than to make it.

The chairman of the state board of medical examiners was a retired physician who thought that President Teddy Roosevelt was the only other man in the world besides himself who had not been made from a banana.

I was infinitely more useful to my clients when I wrote copy than when I was Chairman of the Board.

Lousy players, poor leverage. Said another way, business success is highly dependent on who you hire and who you don’t fire.

The reason companies lose relevance, go broke, or fade into the sunset is because they continue to grow, but fail to evolve.

The chair's leadership also extends to individual board members. They should mentor and coach new members, help them integrate into the board's culture, and provide guidance on their roles and responsibilities.

This is why many liberals have fallen into the trap of seeing integration in merely aesthetic terms, where a token number of Negroes adds color to a white-dominated power structure. They say, “Our union is integrated from top to bottom, we even have one Negro on the executive board”; or “Our neighborhood is making great progress in integrated housing, we now have two Negro families”; or “Our university has no problem with integration, we have one Negro faculty member and even one Negro chairman of a department.

(There are no secrets . . . just stuff you haven’t learned yet.)

Outside of the recording studio, every aspect of my life was decided by a committee in those days, with Tommy acting as chairman of the board. (Oddly enough, I was never invited to the meetings.)

Pressed to identify useful financial innovations created during the past quarter-century, Paul A. Volcker, former Federal Reserve Chairman and recent chairman of President Obama’s Economic Recovery Board, could single out only one: “The ATM.

Adams, then in the early stages of Alzheimer’s disease, could only appear in the premiere program. He died in 1960; Levant in 1972; Golenpaul in 1974; Kieran in 1981. Fadiman became chairman of the Book-of-the-Month Club board of judges and went on with his literary

I was coughing and sneezing, my eyes were sore, my knees were shaky, I was as hungry as a bitch wolf, and I had exactly eight cents to my name. I didn't care. my history was longer by eleven thousand brand-new words, and at that moment I bet there wasn't a chairman of the board in all New York as happy as I.

In a failed attempt to ease my concerns over that, a few emails came to me explaining how some other members of the board were even less competent than McLeroy. For example, Vice Chairman David Bradley famously said, “This critical thinking stuff is gobbledygook. Students need to be able to jump to their own conclusions.” Yes,

The Chairman of the Board, Gentle—men! In like manner, but in a still more stentorian voice, he ushered the chairman through the public office, where some humble clients were transacting business, into an awful chamber, labelled Board-room; the door of which sanctuary immediately closed, and screened the great capitalist from vulgar eyes.

The bulk of my problems are a result of indigestion and greed, not starvation.

For years, the family funded legal challenges to various campaign-finance laws. Ground zero in this fight was the James Madison Center for Free Speech, of which Betsy DeVos became a founding board member in 1997. The nonprofit organization’s sole goal was to end all legal restrictions on money in politics. Its honorary chairman was Senator Mitch McConnell, a savvy and prodigious fund-raiser. Conservatives

Calling all mothers! Some advice for you. If you have a little girl, don't be the kind of mother who says: "All I want is for her to be happy." No, no, no. Want her to be top of her class. Want her to become Chairman of the Board. Want her to marry a millionaire. Want something negotiable, so she has room to rebel. If all you want is for her to be happy, all she can do to separate from you is be miserable.

Oh really?’ said Mayes raising a mocking eyebrow which put Rob in mind of a poor man’s Roger Moore. ‘And what on earth makes you think that you of all people would be allowed anywhere near our board meeting? Rob’s smile widened as he realised that he was about to have one of those golden bombshell moments of the type he’d been on the receiving end of all too frequently over the last few days. ‘Because Mr. Mayes, I’m your new chairman.

He had long recognized that his task was not to be a field marshal, but rather to orchestrate a fractious multinational coalition, to be “chairman of the board”—the phrase was his—of the largest martial enterprise on earth. The master politician Franklin Roosevelt had chosen him as supreme commander from among thirteen hundred U.S. Army generals because he was not only a “natural leader,” in the president’s judgment, but also a military man with exceptional political instincts.

Wow!" He uttered, not understanding why he said it. Lost for words, he decided to smile back at her, rather than appear dumb-stricken. "Liked it?" she wanted to know. What else could he say other than, "Fantastic!You are delicious!"? He knew that these were not the words the Chairman of the Board should say to a junior secretary, but the words just tumbled out of his mouth. "I love you! I love you so much!" he found himself saying. Again , he could not understand why he said that.[MMT]

Unlike my predecessor, I intended to use email. To avoid being deluged, I needed a pseudonym. Andy Jester, an IT specialist for the Board, suggested Edward Quince. He had noticed the word “Quince” on a software box and thought “Edward” had a nice ring. It seemed fine to me, so Edward Quince it was. The Board phone book listed him as a member of the security team. The pseudonym remained confidential while I was chairman. Whenever we released my emails—at congressional request or under the Freedom of Information Act, for example—we blacked out the name.

I do not know how long more I shall live. I am already an old man. But now that I have you, I want to enjoy every minute of my remaining life. I want to eat your Ambrosia & drink your Nectar till the last day of my life. I hope to live ten years longer to enjoy every minute of you to which I am entitled. If you treat me well & continue to make me happy, who knows, when I die, I might even leave the company to you. Imagine, you, my darling, as Chairman of the Board! Then you can sit at the Board Meeting: with your cup on the table & ask all the Directors to lick it1 Haw! Haw! Haw!"[MMT]

I insist on a lot of time being spent thinking, almost every day, to just sit and think. That is very uncommon in American business. I read and think. So I do more reading and thinking, and make less impulse decisions than most people in business. I do it because I like this kind of life.” —Warren Buffett

Rule #1: Do the right thing. Have a plan, work the plan. Measure your results. Be accountable—see it; own it; solve it; do it. Rule #2. Do the best you can. Turn problems into opportunities. Add value by becoming part of the solution. Act with a sense of urgency . . . Do it now! Ask the question: “What else can I do?” Ask for coaching: “What can I do better?” Reject average and “good enough.” Learn, correct, improve, and grow. Rule #3: Show others that you care. Show respect. Say: “Please. Thank you. You’re welcome. I’m sorry.” Show and express appreciation. Have each other’s back (“I got you!”). Engage as a team.

People don’t make too much money around here, but what comes with that is a different definition of what it means to be well-off. You’re chairman of the board if you need twelve dollars a week and you make twelve dollars a week. If you’ve also got someone within ten minutes’ walk who can make you laugh and someone else within a five-minute walk who can help you mourn, you’re a millionaire. If on top of all that you’ve got a buddy or three who’ll feed you delicious things and paint you pictures and dance with you, and another friend who’ll watch your kids so you can go out dancing . . . that’s the billionaire lifestyle.

Let us consider some of the most important Anarchist acts within the last two decades. Strange as it may seem, one of the most significant deeds of political violence occurred here in America, in connection with the Homestead strike of 1892. During that memorable time the Carnegie Steel Company organized a conspiracy to crush the Amalgamated Association of Iron and Steel Workers. Henry Clay Frick, then Chairman of the Company, was intrusted with that democratic task. He lost no time in carrying out the policy of breaking the Union, the policy which he had so successfully practiced during his reign of terror in the coke regions. Secretly, and while peace negotiations were being purposely prolonged, Frick supervised the military preparations, the fortification of the Homestead Steel Works, the erection of a high board fence, capped with barbed wire and provided with loopholes for sharpshooters. And then, in the dead of night, he attempted to smuggle his army of hired Pinkerton thugs into Homestead, which act precipitated the terrible carnage of the steel workers. Not content with the death of eleven victims, killed in the Pinkerton skirmish, Henry Clay Frick, good Christian and free American, straightway began the hounding down of the helpless wives and orphans, by ordering them out of the wretched Company houses.

REINHOLD JOBS. Wisconsin-born Coast Guard seaman who, with his wife, Clara, adopted Steve in 1955. REED JOBS. Oldest child of Steve Jobs and Laurene Powell. RON JOHNSON. Hired by Jobs in 2000 to develop Apple’s stores. JEFFREY KATZENBERG. Head of Disney Studios, clashed with Eisner and resigned in 1994 to cofound DreamWorks SKG. ALAN KAY. Creative and colorful computer pioneer who envisioned early personal computers, helped arrange Jobs’s Xerox PARC visit and his purchase of Pixar. DANIEL KOTTKE. Jobs’s closest friend at Reed, fellow pilgrim to India, early Apple employee. JOHN LASSETER. Cofounder and creative force at Pixar. DAN’L LEWIN. Marketing exec with Jobs at Apple and then NeXT. MIKE MARKKULA. First big Apple investor and chairman, a father figure to Jobs. REGIS MCKENNA. Publicity whiz who guided Jobs early on and remained a trusted advisor. MIKE MURRAY. Early Macintosh marketing director. PAUL OTELLINI. CEO of Intel who helped switch the Macintosh to Intel chips but did not get the iPhone business. LAURENE POWELL. Savvy and good-humored Penn graduate, went to Goldman Sachs and then Stanford Business School, married Steve Jobs in 1991. GEORGE RILEY. Jobs’s Memphis-born friend and lawyer. ARTHUR ROCK. Legendary tech investor, early Apple board member, Jobs’s father figure. JONATHAN “RUBY” RUBINSTEIN. Worked with Jobs at NeXT, became chief hardware engineer at Apple in 1997. MIKE SCOTT. Brought in by Markkula to be Apple’s president in 1977 to try to manage Jobs.

THE DEVELOPMENT OF THE ARYAN INVASION THEORY Before the 1857 uprising it was recognized that British rule in India could not be sustained without a large number of supporters and collaborators from within the Indian population. Recognizing this, it was influential men like Thomas Babbington Macaulay, who, as Chairman of the Education Board, sought to set up an educational system modeled after the British system, which, in the case of India, would serve to undermine the Hindu tradition. While not a missionary himself, Macaulay came from a deeply religious family steeped in the Protestant Christian faith. His father was a Presbyterian minister and his mother a Quaker. He believed that the conversion of Hindus to Christianity held the answer to the problems of administering India. His idea was to create a class of English educated elite that would repudiate its tradition and become British collaborators. In 1836, while serving as chairman of the Education Board in India, he enthusiastically wrote his father about his idea and how it was proceeding: “Our English schools are flourishing wonderfully. The effect of this education on the Hindus is prodigious... It is my belief that if our plans of education are followed up, there will not be a single idolator among the respectable classes in Bengal thirty years hence. And this will be effected without any efforts to proselytise, without the smallest interference with religious liberty, by natural operation of knowledge and reflection. I heartily rejoice in the project.

As Garrison had tried to show, belatedly, the Gray Board hearings were patently unfair and outrageously extrajudicial. The primary responsibility for the proceedings lay with Lewis Strauss. But as chairman of the board, Gordon Gray could have ensured that the hearing was conducted properly and fairly. He did not do his job. Instead of taking control of the hearing to maintain fairness, which would have required him to rein in Robb’s illicit tactics, he allowed Robb to control the proceedings. Prior to the hearing, Gray permitted Robb to meet exclusively with the board to review the FBI files, a direct violation of the AEC’s 1950 “Security Clearance Procedures.” He accepted Robb’s recommendation that Garrison be denied a similar meeting; he acquiesced to Robb’s refusal to reveal his witness list to Garrison; he did not share Lawrence’s damaging written testimony with the defense; he did nothing to expedite a security clearance for Garrison. The Gray Board was, in sum, a veritable kangaroo court in which the head judge accepted the prosecutor’s lead. As AEC commissioner Henry D. Smyth would insist, any objective legal review of how the hearing was conducted surely would result in its nullification.

Let's see, we've got the Empress of Manticore, the President of the Republic of Haven, the Protector of Grayson, the chairman of the Beowulf Board of Directors, Queen Berry, and the Andermani emperor's first cousin. Not to mention your own humble self as Steadholder Harrington and the commander of the Grand Fleet, followed by a scattering of mere planetary grand dukes, dukes, earls, members of the Havenite cabinet, three other members of the Beowulf Board of Directors, the chairman of the Alliance joint chiefs of staff, the First Space Lord, the Havenite chief of naval operations, the Beowulfan chief of naval operations, High Admiral Yanakov, Admiral Yu, two or three dozen ambassadors, and God alone only knows who else.

All A players have six common denominators. They have a scoreboard that tells them if they are winning or losing and what needs to be done to change their performance. They will not play if they can’t see the scoreboard. They have a high internal, emotional need to succeed. They do not need to be externally motivated or begged to do their job. They want to succeed because it is who they are . . . winners. People often ask me how I motivate my employees. My response is, “I hire them.” Motivation is for amateurs. Pros never need motivating. (Inspiration is another story.) Instead of trying to design a pep talk to motivate your people, why not create a challenge for them? A players love being tested and challenged. They love to be measured and held accountable for their results. Like the straight-A classmate in your high school geometry class, an A player can hardly wait for report card day. C players dread report card day because they are reminded of how average or deficient they are. To an A player, a report card with a B or a C is devastating and a call for renewed commitment and remedial actions. They have the technical chops to do the job. This is not their first rodeo. They have been there, done that, and they are technically very good at what they do. They are humble enough to ask for coaching. The three most important questions an employee can ask are: What else can I do? Where can I get better? What do I need to do or learn so that I continue to grow? If you have someone on your team asking all three of these questions, you have an A player in the making. If you agree these three questions would fundamentally change the game for your team, why not enroll them in asking these questions? They see opportunities. C players see only problems. Every situation is asking a very simple question: Do you want me to be a problem or an opportunity? Your choice. You know the job has outgrown the person when all you hear are problems. The cost of a bad employee is never the salary. My rules for hiring and retaining A players are: Interview rigorously. (Who by Geoff Smart is a spectacular resource on this subject.) Compensate generously. Onboard effectively. Measure consistently. Coach continuously.

Daniel Burnham arrived in Chicago to find the city’s architects and members of the exposition board outraged that he had gone outside the city—to New York, of all godforsaken places—to court architects for the fair; that he had snubbed the likes of Adler, Sullivan, and Jenney. Sullivan saw it as a sign that Burnham did not truly believe Chicago had the talent to carry the fair by itself. “Burnham had believed that he might best serve his country by placing all of the work exclusively with Eastern architects,” Sullivan wrote; “solely, he averred, on account of their surpassing culture.” The chairman of the Grounds and Buildings Committee was Edward T. Jefferey. “With exquisite delicacy and tact,” Sullivan said, “Jefferey, at a meeting of the Committee, persuaded Daniel, come to Judgment, to add the Western men to the list of his nominations.

Many people take this as evidence of duplicity or cynicism. But they don’t know what it’s like to be expected to make comments, almost every working day, on things of which they have little or no reliable knowledge or about which they just don’t care. They don’t appreciate the sheer number of things on which a politician is expected to have a position. Issues on which the governor had no strong opinions, events over which he had no control, situations on which it served no useful purpose for him to comment—all required some kind of remark from our office. On a typical day Aaron might be asked to comment on the indictment of a local school board chairman, the ongoing drought in the Upstate, a dispute between a power company and the state’s environmental regulatory agency, and a study concluding that some supposedly crucial state agency had been underfunded for a decade. Then there were the things the governor actually cared about: a senate committee’s passage of a bill on land use, a decision by the state supreme court on legislation applying to only one county, a public university’s decision to raise tuition by 12 percent. Commenting on that many things is unnatural, and sometimes it was impossible to sound sincere. There was no way around it, though. Journalists would ask our office about anything having remotely to do with the governor’s sphere of authority, and you could give only so many minimalist responses before you began to sound disengaged or ignorant or dishonest. And the necessity of having to manufacture so many views on so many subjects, day after day, fosters a sense that you don’t have to believe your own words. You get comfortable with insincerity. It affected all of us, not just the boss. Sometimes I felt no more attachment to the words I was writing than a dog has to its vomit.

There’s a tap on my shoulder. I turn around and get lost in a sea of blue. A Jersey-accented voice says, “It’s about time, kid,” and Frank Sinatra rattles the ice in his glass of Jack Daniel’s. Looking at the swirling deep-brown liquid, he whispers, “Ain’t it beautiful?” This is my introduction to the Chairman of the Board. We spend the next half hour talking Jersey, Hoboken, swimming in the Hudson River and the Shore. We then sit down for dinner at a table with Robert De Niro, Angie Dickinson and Frank and his wife, Barbara. This is all occurring at the Hollywood “Guinea Party” Patti and I have been invited to, courtesy of Tita Cahn. Patti had met Tita a few weeks previous at the nail parlor. She’s the wife of Sammy Cahn, famous for such songs as “All The Way,” “Teach Me Tonight” and “Only the Lonely.” She called one afternoon and told us she was hosting a private event. She said it would be very quiet and couldn’t tell us who would be there, but assured us we’d be very comfortable. So off into the LA night we went. During the evening, we befriend the Sinatras and are quietly invited into the circle of the last of the old Hollywood stars. Over the next several years we attend a few very private events where Frank and the remaining clan hold forth. The only other musician in the room is often Quincy Jones, and besides Patti and I there is rarely a rocker in sight. The Sinatras are gracious hosts and our acquaintance culminates in our being invited to Frank’s eightieth birthday party dinner. It’s a sedate event at the Sinatras’ Los Angeles home. Sometime after dinner, we find ourselves around the living room piano with Steve and Eydie Gorme and Bob Dylan. Steve is playing the piano and up close he and Eydie can really sing the great standards. Patti has been thoroughly schooled in jazz by Jerry Coker, one of the great jazz educators at the Frost School of Music at the University of Miami. She was there at the same time as Bruce Hornsby, Jaco Pastorius and Pat Metheny, and she learned her stuff. At Frank’s, as the music drifts on, she slips gently in on “My One and Only Love.” Patti is a secret weapon. She can sing torch like a cross between Peggy Lee and Julie London (I’m not kidding). Eydie Gorme hears Patti, stops the music and says, “Frank, come over here. We’ve got a singer!” Frank moves to the piano and I then get to watch my wife beautifully serenade Frank Sinatra and Bob Dylan, to be met by a torrent of applause when she’s finished. The next day we play Frank’s eightieth birthday celebration for ABC TV and I get to escort him to the stage along with Tony Bennett. It’s a beautiful evening and a fitting celebration for the greatest pop singer of all time. Two years later Frank passed away and we were generously invited to his funeral. A

He learned that we should keep our eyes on the goal and not on the ground. He learned so much about the Burger King’s operations that later when he was running the Investment Bank and was looking for high-profile American billionaires to sit on his Board of Directors, he met Joe Antonius, Chairman of the 32-billion-dollar conglomerate. The first thing they had in common was that Antonius ran that corporation where Mir once cleaned bathrooms. He went up to him, introduced himself, “Hi Joe! I am Mir Mohammad Ali Khan, founder and Chairman of KMS Investment Bank and my first job in America was washing bathrooms at one of your restaurants.” Joe burst out laughing and all top notch people – Bill Gates, Warren Buffet, and Peter Lynch – could not believe what the young man was saying. Joe took him aside and said, “Tell me honestly what did you like about cleaning bathrooms.” “Ammonia,” replied Mir. “Why?” Mir said, “I hated my job and it hurt my ego. I hated it so much that I cried throughout the first week and every time somebody saw me crying, I would tell them that it was because of ammonia. Ammonia helped me shelter my ego.” Later Antonius joined the Board of Mir’s bank for NO COMPENSATION and also brought 6 top people from Forbes, Yoblon, Mario, Andretti, and others. In the first meeting of the Board Antonius said, “I joined this board because if this immigrant kid can come from a family background that he has, compromise with his ego, wash bathrooms and smile and tell us in a corporate meeting of leaders that he is proud of it, then it means that he will go far in life. At 29 he owns a bank, imagine what he will do at 49.

Zemurray was not a man to be ignored or insulted. He had come to that particular meeting with a weapon of mass destruction: a bagful of proxies from other United Fruit shareholders that gave him majority control of the company and the authority to act as he saw fit. He left the room, fetched the bag, came back in, and flung it on the table, saying: “You’re fired. Can you understand that, Mr. Chairman?” He turned to the board and said: “You’ve been fucking up this business long enough. I’m going to straighten it out.

Keynes had been appointed to the board of the National Mutual, one of the oldest institutions in the city, in 1919.107 He had served as chairman of the insurer, and helped manage its investment portfolio from 1921. That portfolio lost £641,000 ($61 million), an enormous sum of money in 1937. While Keynes was recuperating from a heart attack, F. N. Curzon, the acting chairman of the insurer called him to account for the loss.108 Curzon and the board criticized Keynes’s investment policy of remaining invested in his “pet” stocks during the decline.109 In a response to Curzon in March 1938, Keynes wrote:110 1. I do not believe that selling at very low prices is a remedy for having failed to sell at high ones. . . . As soon as prices had fallen below a reasonable estimate of intrinsic value and long-period probabilities, there was nothing more to be done. It was too late to remedy any defects in previous policy, and the right course was to stand pretty well where one was. 2. I feel no shame at being found owning a share when the bottom of the market comes. I do not think it is the business, far less the duty, for an institutional or any other serious investor to be constantly considering whether he should cut and run on a falling market, or to feel himself open to blame if shares depreciate on his hands. . . . An investor is aiming, or should be aiming, primarily at long-period results, and should be solely judged by these. . . . The idea that we should all be selling out to the other fellow and should all be finding ourselves with nothing but cash at the bottom of the market is not merely fantastic, but destructive of the whole system. 3. I do not feel that we have in fact done particularly badly. . . . If we deal in equities; it is inevitable that there should be large fluctuations.

Was Pius X, a canonized saint, entirely wrong about Modernism? Was the First Vatican Council wrong to denounce the trend? If a Roman pontiff and an ecumenical council could be wrong a century ago, how can Catholics be confident that another pope and another ecumenical council are right today? Yet that is precisely the message that Cardinal Oscar Maradiaga delivered to an audience in Dallas in 2013. The Honduran cardinal, the chairman of the pope’s top advisory board, said that the Second Vatican Council had been convened to “end the hostilities between the Church and Modernism, which was condemned in the First Vatican Council.” Lest anyone miss the message, he added, “Modernism was, most of the time, a reaction against injustices and abuses that disparaged the dignity and the rights of the person.

As the chairman of our deacon board, Al Wylie was also a respected figure in the church. We already knew we would use him for any death in our family except my mother’s. She said that she didn’t want him and his son looking at her naked body when she passed away. She joked that she would rather go to someone she didn’t know, someone who wouldn’t try to cop a feel.

the James Madison Center for Free Speech, of which Betsy DeVos became a founding board member in 1997. The nonprofit organization’s sole goal was to end all legal restrictions on money in politics. Its honorary chairman was Senator Mitch McConnell, a savvy and prodigious fund-raiser.

My philosophy on board composition and culture is the antithesis of what I saw on the Santa Fe board. As the chairman of public companies, I’ve always selected board members based on the assumption that they were cheap consultants to the business, not potted plants. I’ve never hesitated to use them—or to have management teams use them—to further the objectives of the company.

Informal Procedure in Small Boards + Board members may raise a hand instead of standing when seeking to obtain the floor, and may remain seated while making motions or speaking. + Motions need not be seconded. + A board member may speak any number of times (not just twice) on a debatable question, except that the regular rules apply to appeals (see pp. 90–91). + Informal discussion of a subject is permitted while no motion is pending. + Votes can be taken initially by a show of hands. + If a proposal is perfectly clear to everyone, it may be voted on even though no formal motion has been made. + In putting questions to a vote, the chairman need not stand. + If the chairman is a member of the board, he or she can, without giving up the chair, participate in debate, make motions, and vote on all questions. E. VALIDITY OF BOARD ACTION

I held regular meetings with Tim Geithner and Federal Reserve Board chairman Ben Bernanke, knowing that in a crisis we would have to work together smoothly.

I went to an annual meeting of Cleveland’s Worst Mill, and I flew all the way to Cleveland. I got there about five minutes late, and the meeting had been adjourned. And here I was, this kid from Omaha, twenty-two years old, with my own money in the stock. The chairman said, “Sorry, too late.” But then their sales agent, who was on the board of directors, actually took pity on me, and so he got me off on the side and talked to me and answered some questions.102

Cooperages typically specialized in one or the other because they each had different customer bases and wood requirements. They were often located in major towns to be close to their customers. Slack cooperage demand was more fragmented than tight cooperage, and therefore had a more diverse customer base. While most of the industry was tight cooperage, Greif focused on slack, with the company having the most slack capacity of any player. The cooperage industry had grown increasingly concentrated over time, with the top four companies’ share of total production increasing from 26% in 1935 to 47% in 1947.66 John Raible acquired control of the company from the Greif brothers in 1913. Raible was a wealthy investor, not terribly interested in the cooperage business. But his leadership was valuable, helping the company grow revenue from $1 million when he took over to $10 million when he took Greif public in 1926. But Raible’s reign came to an end in 1947, undone by a fellow board member. John Dempsey, an accountant in his early 30s, had joined the firm as a director and company secretary in 1946. After Raible tried to buy shares held by Dempsey’s wife and mother-in-law at a price the young accountant thought too cheap, Dempsey accumulated enough voting shares to take control of the company. Dempsey, claiming to be motivated by Raible calling Greif ‘my wood company,’ purchased over 50% of the voting shares and made himself chairman.67

P&R acquired Union Underwear for $15 million. The deal was a big swing for P&R, with the purchase price equal to 35% of its beginning-of-the-year assets. But beneath the big headline number, there were several factors that reduced risk. The deal was done at a salivating valuation: Union was earning $3 million in pre-tax profits—one-fifth of the purchase price—that would be partially sheltered by P&R’s tax loss. Moreover, P&R structured the compensation of Union’s management in an attractive manner: The company provided Goldfarb with a five-year management contract as well as a bonus of 10% of the subsidiary’s operating profits (subject to both a minimum and a cap), ensuring he stayed on and incentivizing him to grow the business.160 Finally, the deal’s consideration was also interesting, which Buffett later reminisced about in the 2001 Berkshire Hathaway chairman’s letter: The [Union Underwear] company possessed $5 million in cash—$2.5 million of which P&R used for the purchase—and was earning about $3 million pre-tax, earnings that could be sheltered by the tax position of P&R. And, oh yes: Fully $9 million of the remaining $12.5 million due was satisfied by non-interest-bearing notes, payable from 50% of any earnings Union had in excess of $1 million. (Those were the days; I get goosebumps just thinking about such deals.)161 Although the P&R board had approved the Union acquisition, Ben Graham was angered by its conservatism and pushed to add more directors. The other members obliged, ceding five additional seats to Graham allies. Jack Goldfarb and Louis Green of Stryker & Brown—the same Louis Green from the Marshall-Wells chapter—were among those added.

I know a chairman of the board of a billion-dollar corporation, one of the 2 per cent, who never gets his shoes shined and shaves three times a week.

Zuma’s genius, and the source of my admiration of the man, stems from the fact that he has not just grabbed at the idea of changing editors and media managers. Zuma’s genius is that he understands power, and that power means having control of the money. Think about it. At the SABC he has chosen the chairman of the board and the foot soldiers, such as the man who lied about his qualifications and yet has now become chief operating officer of the corporation. At Independent Newspapers, which will be the biggest beneficiary of the decision to support only pliant press with government advertising, he has Survé in his pocket. At the New Age and the television channel ANN7, his son lives with the proprietors. At eNCA his biggest allies control the business. Zuma outsmarted all of us in the press who fingered him for his many failings. He is in charge of our salaries, of the purse strings. Our bosses are jumping to his every bidding. So are the journalists. He has won.

You don’t need to worry about defining the roles in a way that you will live with for the rest of your life—just consider the week and write down the areas you see yourself spending time in during the next seven days. Here are two examples of the way people might see their various roles. 1. Individual 1. Personal Development 2. Spouse/Parent 2. Spouse 3. Manager New Products 3. Parent 4. Manager Research 4. Real Estate Salesperson 5. Manager Staff Dev. 5. Community Service 6. Manager Administration 6. Symphony Board Member 7. Chairman United Way SELECTING GOALS. The next step is to think of one or two important results you feel you should accomplish in each role during the next seven days. These would be recorded as goals.

His biggest hit so far is making the first investment in Pinterest, the popular social network used to share photos, organized as collections of pictures on a pin board. Launched in March 2010, it has become one of the most visited sites, with 23 million users in 2012 and a valuation of over $1.5 billion. Pinterest was founded in Palo Alto, Silicon Valley, by three youngsters under 30. “I helped them start and guided them as a mentor to become what they are,” says Cohen. “With this single investment I’m done. As soon as I get my liquidity event I will party like there’s no tomorrow.” All the angels dream of “the big hit,” says Cohen, who has written a book on the subject.[24] They are the ones providing 90% of startup capital, by writing checks out of their own pocket. But they don't do it just thinking of financial returns. “I think we do it because it’s fun. There’s no question that everyone thinks he or she is smarter than everyone else,” the Chairman of the New York Angels says half-jokingly. “In reality no one makes money, although some are luckier and hit the jackpot. Then there is the fashion factor. Everyone today wants to be an angel because it is cool. In other words, we are the prima donnas; we have a big ego. But there is also the idea of doing good, to have the satisfaction of helping start new emerging companies.” The pleasure of giving back: an important part of Jewish culture, and of American culture in general.

The first thing I did the next morning was to go across to RCR and ask him why Surjeet had come to call on him. He merely said, ‘Montek will be deputy chairman.’ But his smile, exuding both mischief and triumph, gave the game away. One wily Sardar had secured the support of another wily Sardar to get a third one on board.

At Google, a newly hired software engineer gets access to almost all of our code on the first day. Our intranet includes product roadmaps, launch plans, and employee snippets (weekly status reports) alongside employee and team quarterly goals (called OKRs, for “Objectives and Key Results”… I’ll talk more about them in chapter 7), so that everyone can see what everyone else is working on. A few weeks into every quarter, our executive chairman, Eric Schmidt, walks the company through the same presentation that the board of directors saw just days before. We share everything, and trust Googlers to keep the information confidential.

Labor and employment firm Fisher & Phillips LLP opened a Seattle office by poaching partner Davis Bae from labor and employment competitor Jackson Lewis PC. Mr. Bea, an immigration specialist, will lead the office, which also includes new partners Nick Beermann and Catharine Morisset and one other lawyer. Fisher & Phillips has 31 offices around the country. Sara Randazzo LAW Cadwalader Hires New Partner as It Looks to Represent Activist Investors By Liz Hoffman and David Benoit | 698 words One of America’s oldest corporate law firms is diving into the business of representing activist investors, betting that these agitators are going mainstream—and offer a lucrative business opportunity for advisers. Cadwalader, Wickersham & Taft LLP has hired a new partner, Richard Brand, whose biggest clients include William Ackman’s Pershing Square Capital Management LP, among other activist investors. Mr. Brand, 35 years old, advised Pershing Square on its campaign at Allergan Inc. last year and a board coup at Canadian Pacific Railway Ltd. in 2012. He has also defended companies against activists and has worked on mergers-and-acquisitions deals. His hiring, from Kirkland & Ellis LLP, is a notable step by a major law firm to commit to representing activists, and to do so while still aiming to retain corporate clients. Founded in 1792, Cadwalader for decades has catered to big companies and banks, but going forward will also seek out work from hedge funds including Pershing Square and Sachem Head Capital Management LP, a Pershing Square spinout and another client of Mr. Brand’s. To date, few major law firms or Wall Street banks have tried to represent both corporations and activist investors, who generally take positions in companies and push for changes to drive up share prices. Most big law firms instead cater exclusively to companies, worried that lining up with activists will offend or scare off executives or create conflicts that could jeopardize future assignments. Some are dabbling in both camps. Paul, Weiss, Rifkind, Wharton & Garrison LLP, for example, represented Trian Fund Management LP in its recent proxy fight at DuPont Co. and also is steering Time Warner Cable Inc.’s pending sale to Charter Communications Inc. Willkie Farr & Gallagher LLP and Gibson, Dunn & Crutcher LLP have done work for activist firm Third Point LLC. But most firms are more monogamous. Those on one end, most vocally Wachtell, Lipton, Rosen & Katz, defend management, while a small band including Schulte Roth & Zabel LLP and Olshan Frome Wolosky LLP primarily represent activists. In embracing activist work, Cadwalader thinks it can serve both groups better, said Christopher Cox, chairman of the firm’s corporate group. “Traditional M&A and activism are becoming increasingly intertwined,” Mr. Cox said in an interview. “To be able to bring that perspective to the boardroom is a huge advantage. And when a threat does emerge, who’s better to defend a company than someone who’s seen it from the other side?” Mr. Cox said Cadwalader has been thinking about branching out into activism since late last year. The firm is also working with an activist fund launched earlier this year by Cadwalader’s former head of M&A, Jim Woolery, that hopes to take a friendlier stance toward companies. Mr. Cox also said he believes activism can be lucrative, pooh-poohing another reason some big law firms eschew such assignments—namely, that they don’t pay as well as, say, a large merger deal. “There is real money in activism today,” said Robert Jackson, a former lawyer at Wachtell and the U.S. Treasury Department who now teaches at Columbia University and who also notes that advising activists can generate regulatory work. “Law firms are businesses, and taking the stance that you’ll never, ever, ever represent an activist is a financial luxury that only a few firms have.” To be sure, the handful of law firms that work for both sides say they do so

Elly Kleinman Siyum Hashas Elly Kleinman (born 1952) is an American business executive and philanthropist best known as the founder and CEO of The Americare Companies.[1] He is the Co-Chairman of OHEL Board of Directors, Chairman of Camp Kylie Board of Trustees and Former Trustee of the Maimonides Medical Center. In 2012 he was the Chairman of 12th Elly Kleinman Siyum HaShas

When Operation Flood was sanctioned I knew that it was a massive and extremely complex operation and we would need all the help we could possibly get from all quarters. It was in this connection that, one day, I called on J.R.D. Tata, Chairman of one of India’s largest industrial houses, one known for its commitment to quality and for its patriotism. I met him and explained to him the entire concept behind Operation Flood. I told him that such an enormous task would be extremely difficult to pull off alone and I requested him to spare six managers from the house of Tatas for one year, to help us improve the nation’s dairy industry. I could pay them only public-sector salaries, but within that, I assured him, I would pay them the best that I could. At the end of that year, his managers would return to his company, far richer for their thorough understanding of cooperatives and of agriculture. I was confident that it would be an extremely valuable experience for his managers. J.R.D Tata listened to me very patiently and then told me that since this was not a decision he alone could take I would have to present it to the board. I agreed to do so and met the board and once again explained the intricacies of the entire project to the members. They, too, listened very politely, smiled and nodded. But that is as far as they were prepared to go. To this day, I do not know whose decision it was, but we were loaned not even a single manager from the Tata Group. After all, would it have so adversely impacted the Tatas if they had deputed six managers to the NDDB and that, too, for a brief period of one year? The incident left me with a bitter taste and justified my belief that, in the ultimate analysis, the corporate world and the cooperative world are distinctly different. I

For a board chairman and CEO whose company had just lost a two hundred thousand dollar tiger, Walt Thurman didn’t seem half as pissed as Lim expected. He shook his head. “The dogs followed it most of the day, but I don’t think that tiger wants to be caught.

Hamilton was more persuasive than he realized, and a delegation of business leaders soon approached him to subscribe to a “money-bank” that would thwart Livingston’s land bank. “I was a little embarrassed how to act,” Hamilton confessed sheepishly to Church, “but upon the whole I concluded it best to fall in with them.” 51 Instead of launching a separate bank, Hamilton decided to represent Church and Wadsworth on the board of the new bank. Ironically, he held in his own name only a single share of the bank that was long to be associated with his memory. On February 23, 1784, The New-York Packet announced a landmark gathering: “It appearing to be the disposition of the gentlemen in this city to establish a bank on liberal principles . . . they are therefore hereby invited to meet tomorrow evening at six o’clock at the Merchant’s Coffee House, where a plan will be submitted to their consideration.” 52 At the meeting, General Alexander McDougall was voted the new bank’s chairman and Hamilton a director. Snatching an interval of leisure during the next three weeks, Hamilton drafted, singlehandedly, a constitution for the new institution—the sort of herculean feat that seems almost commonplace in his life. As architect of New York’s first financial firm, he could sketch freely on a blank slate. The resulting document was taken up as the pattern for many subsequent bank charters and helped to define the rudiments of American banking. In the superheated arena of state politics, the bank generated fierce controversy among those upstate rural interests who wanted a land bank and believed that a money bank would benefit urban merchants to their detriment. Within the city, however, the cause of the Bank of New York made improbable bedfellows, reconciling radicals and Loyalists who were sparring over the treatment of confiscated wartime properties.

WHEN: Sometime in the 1930s WHERE: The office of the Gosplan, the central planning authority of the USSR WHAT: Interview for the post of the chief statistician The first candidate is asked by the interview board, ‘What is two plus two, comrade?’ He answers: ‘Five.’ The chairman of the interview board smiles indulgently and says: ‘Comrade, we very much appreciate your revolutionary enthusiasm, but this job needs someone who can count.’ The candidate is politely shown the door. The second candidate’s answer is ‘Three.’ The youngest member of the interview board springs up and shouts: ‘Arrest that man! We cannot tolerate this kind of counter-revolutionary propaganda, under-reporting our achievements!’ The second candidate is summarily dragged out of the room by the guards. When asked the same question, the third candidate answers: ‘Of course it is four.’ The professorial-looking member of the board gives him a stern lecture on the limitations of bourgeois science, fixated on formal logic. The candidate hangs his head in shame and walks out of the room. The fourth candidate is hired. What was his answer? ‘How many do you want it to be?

Handling Resignations   In the course of an organization’s work, boards and officers may be confronted with the resignation of a fellow officer, board member, or committee chairman. There are two reasons people resign from office. The first reason is that something arises in the personal life of the officer that demands his or her time and attention. The officer feels at this time that he or she can’t fulfill the duties of the office and do justice to the organization, so the officer submits a resignation. The second reason is that there is a rift or severe disagreement within the organization. An officer may become angry, disheartened, or vengeful, so he or she submits a resignation. The first thing that the organization should do after it receives a resignation is to figure out why the person is resigning. If the organization really needs this person’s active input, it should find a way to keep him or her. If the person is resigning because of lack of time, then perhaps the organization can appoint an assistant to help with the work. If the person is resigning because he or she can’t attend the meetings, the organization should consider changing the meeting date and time. If the person submits his or her resignation because of organizational problems, the organization needs to look at how its members communicate with each other. Perhaps the members need to be more willing to allow disagreements and hear what others are saying. If an organization strictly obeys the principle of majority rule while protecting the rights of the minority, it can resolve problems in an intelligent, kind, and civil way. A resignation should be a formal letter that includes the date, the name of the person to whom it is addressed, the reason for the resignation, and the person’s signature. The person resigning can mail his or her letter to the secretary or hand it to the secretary in person. Under no circumstance should the secretary or president accept an oral resignation. If a resignation is given to the officer this way, he or she should talk with the person and find out the reasons for the resignation. Perhaps just talking to the person can solve the problem. However, an officer who insists on resigning should put it in writing and submit it to the secretary. This gives the accepting body something to read and consider. Every resignation should be put to a vote. When it is accepted, the office is vacant and should be immediately filled according to the rules for filling vacancies stated in the bylaws. If an officer submits a resignation and then decides to withdraw it, he or she can do this until a vote is taken. It is unjust for a secretary or governing body not to allow a withdrawal of the resignation before a vote is taken. The only way a resignation can’t be withdrawn is if some rule of the organization or a state statute prohibits it. When submitting the resignation, the member resigning should give it to the secretary only and not mail it to everyone in the organization. (An e-mail resignation is not acceptable because it is not signed.) Sending the resignation to every member only confuses matters and promotes gossip and conjecture in the organization. If the member later decides to withdraw his or her resignation, there is much more explaining to do. The other members may see this person as unstable and not worthy of the position.

This was Chase’s second sweetheart deal in less than a year. Six months before, in March 2008, Chase had “rescued” the imploding investment banking giant Bear Stearns, buying the venerable firm with the aid of $29 billion in guarantees extended by the New York branch of the Federal Reserve—whose chairman of the board of directors at the time was, get this, JPMorgan Chase CEO Jamie Dimon.

I attended a board meeting the next year when the chairman announced that the year would be devoted to no growth.

The Federal Reserve has always advertised itself as being above politics, impervious to outside influence. This is, of course, nonsense. The chairman is appointed to a four-year term by the president of the United States and must be confirmed by the Senate. Members of the Board of Governors are appointed to staggered fourteen-year terms by the president and are also approved by the Senate. It is common for governors to be appointed to an unfilled term if someone resigns before the end of their tenure. But the governors cannot be removed for their policy views—not by the chairman, or the president, or Congress. They have complete and total immunity.

age COG—except for one minor problem. There was no clear communication system that would ensure the nation’s leaders didn’t end up living through a nuclear attack, only to be stuck 3,500 feet below in the world’s best-engineered tomb, cut off from the world above as supplies dwindled. That flaw made it unlikely a president would ever utilize the DUCC. Joint Chiefs chairman Maxwell Taylor wrote, “Escape and survivable communications from a DUCC would be problematical in case of a direct attack on Washington with large-yield nuclear weapons.” In the end, the DUCC never made it far off the drawing board. While the initial appropriation to begin digging was included in the FY1965 military budget, the House Armed Services Committee didn’t approve the full funding. Even as the Pentagon began to study specific sites, the project died a slow death—a casualty of its own shortcomings, of shifting national priorities, and a military budget increasingly focused on ground troops, Huey helicopters, and the other costs of the Vietnam War. In

I remember attending a Friars roast for Muhammad Ali when Don Rickles grabbed me and walked me up to Sinatra. “Hey, Frank,” he said to the Chairman of the Board, “tonight I’m sitting with this guy. You know why? Because he fills up baseball stadiums! You play bars.” Frank laughed and waved him off, with me standing there silently. Soon

Besides Theranos’s supposed scientific accomplishments, what helped win James and Grossman over was its board of directors. In addition to Shultz and Mattis, it now included former secretary of state Henry Kissinger, former secretary of defense William Perry, former Senate Armed Services Committee chairman Sam Nunn, and former navy admiral Gary Roughead. These were men with sterling, larger-than-life reputations who gave Theranos a stamp of legitimacy. The common denominator between all of them was that, like Shultz, they were fellows at the Hoover Institution. After befriending Shultz, Elizabeth had methodically cultivated each one of them and offered them board seats in exchange for grants of stock.

As part of an orchestrated PR follow-up, a Las Vegas Sun editorial of April 3, 1964, assured us that “Anybody who has been around Nevada very long knows that [casinos welcome] players with a system.” “Edward O. Thorp…obviously doesn’t know the facts of gambling life. There has never been a system invented that overcomes…the advantage the house enjoys in every game of chance.” And for the clincher: “ ‘Dr. Thorp may be qualified at mathematics, but he is sophomoric on gambling,’ is the way Edward A. Olsen, Gaming Control Board chairman, put it.” In a nonconfrontational vein, Gene Evans of Harrah’s Club explained that “…the club believes the player may have a better chance when the deck is shuffled every time, because all the Aces and face cards could come up on each deal.

The success, growth and integrity of the company (and thus your investment) is tied inextricably to the personality, abilities and ambitions of the chairman and/or chief executive. If he owns a flashy BMW with personalised number plates, drips with gold jewellery and has ambitions to own the local football club - bad news. But a conservative car, gentleman's shoes, love for cricket, faded regimental tie and membership of the local school board spell good news. I exclude from all this the 30-year old, multi-millionaire, whiz-kid creators of IT companies on price/earnings ratio of 50-plus. These live on a different planet from me, anyway, so normal judgements and personality tests do not apply.

They ultimately agreed to the SEC’s new terms: Musk could keep his role as CEO but he was to give up his title of chairman for three years rather than two, as originally proposed. Musk personally would have to pay a $20 million fine, $10 million more than in the first deal. Tesla would have to pay a $20 million fine and agree to placing two new directors on its board. The company would also have to put in place a plan to monitor Musk’s public comments. He wouldn’t be allowed to tweet material information without prior approval. No more “funding secured” messages without a lawyer looking at it first.

Among Morgan’s many “loads” at the time was a scheme to create a huge international shipping syndicate that could stabilize trade and yield huge returns from the lucrative transatlantic routes. By June of 1902 he had purchased Britain’s prestigious White Star Line for $32 million and combined it with other shipping acquisitions to form a trust called the International Mercantile Marine. In 1904 Morgan installed White Star Line’s largest shareholder, forty-one-year-old J. Bruce Ismay, son of the line’s late founder, as president of the IMM. The second-largest shareholder was Lord William J. Pirrie, the chairman of Harland and Wolff, the Belfast shipbuilders responsible for the construction of White Star’s ships. Pirrie had been the chief negotiator with Morgan’s men and was placed on the board of the new trust. The British government had acceded to Morgan’s flexing of American financial muscle in the acquisition of White Star but had also provided loans and subsidies to the rival Cunard Line for the building of the world’s largest, fastest liners, Lusitania and Mauretania—with the proviso that they be available for wartime service. By the summer of 1907, the Lusitania had made its record-breaking maiden voyage, and Pirrie and Ismay soon hatched White Star’s response. They would use Morgan’s money to build three of the world’s biggest and most luxurious liners. Within a year Harland and Wolff had drawn up plans for two giant ships, and by mid-December the keel plate for the first liner, the Olympic, had been laid. On March 31, 1909, the same was done for a sister ship, to be called Titanic. A third, named Britannic, was to be built later.

ALEC created a set of “task forces” that addressed issues of concern to the corporate members. The task forces were directed by a team composed of corporate representatives and state legislators. This partnership appears to be unique in American history, giving companies an unprecedented chance to craft public policy. Brand-name companies like Procter & Gamble and Coors Brewing joined ALEC. But Koch Industries was one of the most active participants. Koch almost always sent a representative to ALEC’s task force meetings, recalled Bonnie Sue Cooper, who was chairman of ALEC in 1997. A Koch lobbyist named Mike Morgan was on ALEC’s board of directors with Cooper. In the late 1990s, when ALEC was struggling financially, Koch’s political network loaned the group $500,000 to keep it afloat.

I was deeply rooted in the music business at this point. Everyone wanted to get close to me. The biggest people in the music business had become my partners, like Freddy Heinz, the former President of Polydor, and Kuhn Suenfeld, the Chairman of the Board of PolyGram. Red was right. I had money, but with him, I would have power. The Indian let me know how powerful we could be in music, and we were connected to the business. So just when I felt I could get away from the Indian with my news that I was quitting stocks, the Indian let me know we are still attached to each other.

On June 30, 1913, Bruce Ismay retired as Chairman of the White Star Line and began an ever-widening withdrawal from public life. He remained on a number of boards, but they were mostly honorific, and he spent much of his time at a secluded estate in a remote corner of Northern Ireland. Many writers have called him a “recluse.” His affectionate and devoted biographer, Wilton J. Oldham, takes exception to the term, but it is really a matter of semantics.

What he had was unqualified support from heavy hitters including former Treasury secretaries Larry Summers and Bob Rubin, as well as the chairman of the New York Fed’s board—Pete Peterson, a former commerce secretary under

The Ultimate Blueprint

If you can commit to and live with the following principles, then you are the type of person who will be successful and help our company thrive. If you feel this level of engagement is not right for you or that you’re not willing or able to participate with us at this level, we are not a good fit for you. Our expectation is that you will take the steps necessary to do what you say you are going to do and be accountable for your actions. In other words, live “Above the Line.” We understand that not every person is ready for this level of performance, and we appreciate the honesty of those who decide this is not the right place for them. On the other hand, you would make an ideal candidate to join our company if you are willing to commit to the following Above the Line principles: Accountability: See It, Own It, Solve It, Do It Become part of the solution Respect for others and their feelings Act now! Ask the question: “What else can I do?” Ask the questions: “What coaching do you have for me?” and “What can I do better?” Personal ownership and pride Reject average Show others that you care

at the behest of L&T’s chairman, M.N. Desai. It was not just altruism that propelled Dhirubhai to acquire a stake in L&T. The project execution capabilities of the engineering major were valuable to RIL. As the single largest shareholder, Dhirubhai replaced Desai as L&T’s chairman and Mukesh and Anil secured board seats.

chairman of her board was Donald L. Lucas, the venture capitalist who had groomed billionaire software entrepreneur Larry Ellison and helped him take Oracle Corporation public in the mid-1980s.

The players on your team are responsible for the vast majority of your leverage and ultimate success. Lousy players, poor leverage. Said another way, business success is highly dependent on who you hire and who you don’t fire.

The board had largely followed the chairman’s lead. One newcomer to the board under Welch was surprised by the CEO’s command of the boardroom and the sparse debate among the group. Confused by how the meeting transpired, the new director asked a more senior colleague afterward, “What is the role of a GE board member?” “Applause,” the older director answered.

The chairman must take the lead responsibility for the board development processes.

Buffett noted that every corporate employee has to answer to someone else, except for the president. Too often the CEO also serves as chairman of the board.

I knew that Bill Campbell would be the critical person I’d need to persuade one way or another. Bill was the only one of our board members who had been a public company CEO. He knew the pros and cons better than anyone else. More important, everybody always seemed to defer to Bill in these kinds of sticky situations, because Bill had a special quality about him. At the time, Bill was in his sixties, with gray hair and a gruff voice, yet he had the energy of a twenty-year-old. He began his career as a college football coach and did not enter the business world until he was forty. Despite the late start, Bill eventually became the chairman and CEO of Intuit. Following that, he became a legend in high tech, mentoring great CEOs such as Steve Jobs of Apple, Jeff Bezos of Amazon, and Eric Schmidt of Google. Bill is extremely smart, super-charismatic, and elite operationally, but the key to his success goes beyond those attributes. In any situation—whether it’s the board of Apple, where he’s served for over a decade; the Columbia University Board of Trustees, where he is chairman; or the girls’ football team that he coaches—Bill is inevitably everybody’s favorite person. People offer many complex reasons for why Bill rates so highly. In my experience it’s pretty simple. No matter who you are, you need two kinds of friends in your life. The first kind is one you can call when something good happens, and you need someone who will be excited for you. Not a fake excitement veiling envy, but a real excitement. You need someone who will actually be more excited for you than he would be if it had happened to him. The second kind of friend is somebody you can call when things go horribly wrong—when your life is on the line and you only have one phone call. Who is it going to be? Bill Campbell is both of those friends.

At school I was a nuisance, for my father was now Chairman of our Continuation School Board, and I affected airs of near-equality with the teacher that must have galled her; I wanted to argue about everything, expand everything, and generally turn every class into a Socratic powwwow instead of getting on with the curriculum. Probably I made her nervous, as a pupil full of green, fermenting information is so well able to do. I have dealt with many innumerable variations of my younger self in classrooms since then, and have mentally apologized for my tiresomeness.

I like to think that companies have two modes of operations: peacetime and wartime. Peacetime is when things are going well. This is when we are growing as a company and can continue business as usual. During these times, the CEO is often also the board chairman. However, wartime is when the company is in crisis, when it is shrinking or at risk of disappearing entirely, like what’s happening to us now. “During wartime, it’s about finding ways to avoid extinction. And during wartime, the board will often split the roles of CEO and chairman.” Bob pauses, squinting into the bright lights, looking across the entirely silent audience. “I want everyone to know that I have complete confidence in Steve and his leadership. And if all goes well, we’ll figure out how to get him the chairmanship again so I can go back into retirement where I belong.

In April 2000, three years after Steve Jobs returned to Apple, he invited Art Levinson to join his new board of directors. After Jobs passed away in 2011, Levinson replaced him as chairman of Apple.

While Immelt said that he encouraged debate, meetings often lacked rigorous questioning. One executive recalled being in a board meeting in which Keith Sherin was presenting the quarterly financial results to the group. The Power business had missed badly, but little specific detail was provided on what went wrong. This executive braced for the reaction from the directors, but it never came—none of them asked what went wrong. When Flannery committed to renewing and shrinking the board of directors, it included half a dozen current or former CEOs, the former head of mutual fund giant Vanguard Group, the dean of New York University’s business school, as well as a former chair of the Securities and Exchange Commission. The seventeen independent directors got a mix of cash, stock, and other perks worth more than $300,000 a year. The terms had been even more generous when GE still made appliances; the company allowed directors to take home up to $30,000 worth of GE products in any three-year period. The company matched the directors’ gifts to charity, and upon leaving the board, a director could send $1 million in GE money to a charity. Some directors admitted to having been sold by Immelt’s sweeping optimism, even if they knew he wasn’t the best deal-maker. But they knew he had a hard job, was playing with a tough hand, and had survived multiple major crises. Plus, they liked him. Immelt said that he did his best to keep directors informed, noting that he required them to make trips to GE divisions on their own, but he also knew that the complexity of the business limited their input. As they’d done under Welch, the board usually tended to approve his recommendations and follow his lead. Some felt that Immelt manipulated the board, and it was whispered that members were chosen and educated to see the company through his visionary eyes. There was concern that the board didn’t entirely understand how GE worked, and that Immelt was just fine with that. Like many CEOs who are also their company’s chairman, he made sure that his board was aligned with him.

In the weeks and months after Immelt left GE in 2017, a parade of negative stories and embarrassing disclosures revealed major problems that sent the company’s stock into a long decline. Conversations about what happened inevitably shifted to blame, and Immelt was the obvious target. He had spent sixteen years at the top and, regardless of what Welch had left for him, he’d had plenty of time to fix it. But there was plenty of blame to go around. Perhaps most of it should be placed on the board of directors, the independent group that oversees the CEO. Board members claimed to have been unaware of problems and to have gotten bad guidance from external advisers, and they said they didn’t understand how the company went from good to bad seemingly overnight. Some directors had no experience in GE’s business lines, others had trouble staying awake during meetings, and many stumbled away from GE’s collapse wondering, How could we have known? It had been their job to know, however, and their job to ask the hard questions that weren’t fully answered, or were never asked at all. It was their job to oversee management, and it was their job to protect investors from fatal hubris. Still, the path ultimately leads back to Immelt. As chairman, he was also responsible for steering the board. There is no doubt that GE’s size and complexity, which grew exponentially under Immelt, made it difficult or even impossible to manage. The CEO of a company is responsible for its daily functions and for managing its operations, however vast. The chairman guides the board, which is responsible for overseeing management and the CEO. When the board chair and CEO are the same person, the top executive is essentially his own boss. It can only get worse with time if a chairman remakes the board to his own liking. Simply put, it is terrible governance to give so much power to a single person and so little voice to shareholders. That is one reason this governance structure has been slowly fading from corporate America since the Enron era.

In 1987, President Ronald Reagan appointed Greenspan chairman of the Board of Governors of the Federal Reserve System—a portentous name for the central bank of the United States, usually called, without affection, “the Fed.” By law, the mission of the Fed was, and still is, to maintain the stability of prices while promoting sustainable growth and full employment. The claims behind these goals possessed what I can only describe as a magical quality. They presupposed powers of prophecy and control wholly detached from economic reality. The chairman of the Fed, like the genie in the Arabian Nights, was expected to tame the whirlwind.

terms of the specifics, you’re going to be saying things like: “We’re the number-one this … we’re the fastest-growing that … we’re the foremost experts in this … The chairman of the board, a man named so‑and-so, is one of the most astute minds in the entire XYZ industry … He’s accomplished X … he’s accomplished Y … and he’s built this company around one thing above all: [whatever that is].

My baby sister, Janet, kept us all occupied with her antics. She could climb out of any enclosure and I actually found her on top of a bookcase one day. I gave her the nickname “Sweet Pea” after the character in the Popeye cartoon strip who possessed similar talents. She was a bundle of nervous energy and liked to tear out her pretty blonde hair in bunches, smiling all the while. I think she enjoyed all the attention from all of her supervisors. Thanksgiving was soon upon us, the time when Grandma would take out all her recipes and spices from a large Oriental tin she kept for the holiday seasons. I especially loved her Swedish Spritz Cookies pressed from a cookie press. Grandma took out the cookie sheets and said, “Carol Ann, you be in charge of the nonpareils. Linda, you can sprinkle the red and green sugar on the cookies after I press them out.” “Where did you get this recipe, Grandma?” “In Sweden, actually. I’ll tell you all about it as we bake. After only a three-year stay in Washington, during which Mr. Bliss was assigned to two different positions: first to the Washington, D.C. Conference on the Limitation of Armaments and then as Chairman of the Diplomatic Service Board of Engineers, President Warren Harding finally made Mr. Bliss, a lifelong Republican, the Ambassador to Sweden.

People don’t make too much money around here, but what comes with that is a different definition of what it means to be well-off. You’re chairman of the board if you need twelve dollars a week and you make twelve dollars a week. If you’ve also got someone within ten minutes’ walk who can make you laugh and someone else within a five-minute walk who can help you mourn, you’re a millionaire. If on top of all that you’ve got a buddy or three who’ll feed you delicious things and paint you pictures and dance with you, and another friend who’ll watch your kids so you can go out dancing… that’s the billionaire lifestyle.

Public disclosure supports an organization’s values and strengthens the organization itself. An organization should consider making personnel decisions more public. When people are dismissed or specifically not promoted because of bad behavior, it should be more public. There is a value to having public signals when behavior is not acceptable. Conversely, culture carriers, those that represent the values, even if they may not be the firm’s biggest revenue producers, must be promoted as a signal of what’s important.11 Generating dissonance or perplexing situations that provoke innovative inquiry can create competitive advantages and improve performance. Having some sort of interdependence should help create an environment that supports discussion and debate. Complementing this debate is balance between groups. Getting the input of leaders from different areas or regions, who have worked together and have good working relationships, is also important in encouraging dissonance. At the board level, in many situations, an independent lead director or independent chairman can add to dissonance. A sense of higher purpose, beyond making money in a materialistic society, can help people make sense of their roles. A firm needs to give employees a clear understanding of its values, its social purpose, and its sense of responsibility. However, leaders need to be conscious of not using the good works of their employees or of the firm to rationalize behavior that is inconsistent with its principles. An organization’s culture is transmitted from one generation to the next as new group members become acculturated or socialized. It is crucial to recruit people who have the same values and socialize them into the firm’s culture. Even if this restricts growth in the short run, it is important not to undervalue recruiting, interviewing, training, mentoring, and socializing. This is also very important in international

Mr. Ralph J. Cordiner, chairman of the board of the General Electric Company, said this to a leadership conference: “We need from every man who aspires to leadership—for himself and his company—a determination to undertake a personal program of self-development. Nobody is going to order a man to develop. . . . Whether a man lags behind or moves ahead in his specialty is a matter of his own personal application. This is something which takes time, work, and sacrifice. Nobody can do it for you.

journalist Sabine Pamperrien noted that German support for China tended to emanate from two distinct camps—‘left-wing politicians and publicists’, often fuelled by anti-Americanism; and powerful businesspeople who don’t want to see their ‘flourishing trade’ with China impeded by concerns over human rights.196 These two need not necessarily contradict each other. For some, sympathy for nominally left-wing regimes and profit motives go hand in hand. Few embody this mix better than former chancellor Gerhard Schröder. Schröder is mainly known in Germany for having sold out to Russia after leaving office in 2005, and for becoming chairman of the board of the state-owned oil giant Rosneft in 2017.197 But he is also firmly in Beijing’s orbit, so much so that in 2009 Der Spiegel published a photo of him literally hugging a panda.

Then, as she turned to walk away, Fred dropped the guillotine. “So we’re making Ev CEO,” he said, his fork clenched in his hand. “You’re going to get a passive chairman role and a silent board seat. We have some paperwork for you and a recommendation for a lawyer.” Jack felt like he had just been hit in the face with a baseball bat. “Say that again,” he stuttered to Fred, thinking he had heard incorrectly. Fred repeated himself almost verbatim: We’re making Ev CEO. You’re getting a passive chairman role. You will have a silent board seat. Here’s the paperwork. Call a lawyer.

There was, though, a sharp divide between classical and pop in the upper echelons; although the pop releases were subsidising the classical recordings, the staff who created them were treated like other ranks by the top brass. The chairman, Sir Joseph Lockwood, must take a lot of credit for bringing down this antiquated hierarchy. To put things in context, two years before he joined EMI, the board had decided there was ‘no future’ in the long-playing record.

At various times he was on the boards of no less than five investment and insurance companies, the chief one being the National Mutual Life Assurance Company, whose chairman he was from 1921 to 1937. From 1923 to 1931, he was chief proprietor and chairman of the board of the weekly journal, the Nation and Atheneum, working closely with its editor, Hubert Henderson. His editorship of the Economic Journal (1911–37) was also conducted from London. London was crucial to Keynes as a base of influence.