The Wall Street Journal is all abuzz about Barbara Desoer who has recently been asked by Ken Lewis, Bank of America’s CEO, to take over its troubled mortgage business. Not only is the mortgage lending business generally in trouble due to the state of the US economy but Bank of America’s mortgage business has the added burden of trying to swallow the problems of the recently acquired Countrywide Financial. Carol Hymowitz’s Front Line blog asks readers to comment on their experiences regarding taking on high risk roles that have afforded them an opportunity to advance.
One woman’s story (see the comment by risk taker) reminded me about the glass cliff research I wrote about a couple of weeks ago in conjunction with a post about Erin Callan. While she writes that she did the right thing for herself and that it was worth it, she also describes her boss as “difficult”, noting, “when things went right he tended to take the credit”. She also is very clear that there was a high personal cost. (more…)
TAGS: corner office, new to the job, playing to win, Risk-taking, The Wall Street Journal, women and careers, Women at Work, women leaders, women role models
Erin Callan, the highest ranking and most visible woman on Wall Street, lost her job as chief financial officer at Lehman Brothers last week. Suddenly. The New York Times reported, “On Monday, Ms. Callan ended her call with analysts by saying, “I’m going to be happy to be back here talking to you again next week,’ she said. On Thursday morning, however, Ms. Callan gathered belongings from her office and drove to her house in East Hampton on Long Island…”
Whether she was removed as reported by the Times or she voluntarily stepped down as the Wall Street Journal states, it is clear that she didn’t last long in the role. Callan, a former tax lawyer and investment banker took the CFO job in December, 2007. In an article for the Wall Street Journal last month, Suzanne Craig quoted Joseph Gregory, her mentor (who also lost his job as Lehman’s #2) as saying the company made a “leap” when it gave her the CFO job but that it wanted someone who could “really explain Lehman’s story.”
Have you heard of the glass cliff research? It’s about the phenomenon that women are more likely to be appointed to leadership roles that carry a great deal of risk of failure. It seems pretty clear that Lehman had some problems in December when Callan took the CFO role; the Lehman story she had to tell wasn’t very pretty.
So what can we learn from this story?
- Don’t be too quick to say “yes” when an opportunity comes long. Take some time to assess the situation carefully.
- Don’t be seduced by the title or the trappings of the job. Ask plenty of questions including: “Why me?” and ”Why now?”
- Think about the potential challenges you will face if you do take the job and figure out what you wlll need to mitigate the risk you face. Then negotiate for that support and those resources.
It may be that Erin Callan knew exactly how steep the glass cliff was but the fall must still hurt.
TAGS: corner office, managing your career, Negotiation, new to the job, playing to win, The New York Times, The Wall Street Journal, women and careers, Women at Work, women leaders
At least not if you’re working for Donald Trump. Piers Morgan’s victory over Trace Adkins as the winner of the Celebrity Apprentice contest shouldn’t be confused with true leadership. I know leadership and Piers, you’re no leader. Yes, he made a lot of money… but plenty of people do the same and they’re not leaders. They’re lone rangers. Others don’t want to work with them. They demean and dispirit the very people who depend on them and who they depend on for success. Their style works in the short-term but they fail to get long-term trust, cooperation, and commitment. If you’re thinking you might be too nice for the corner office I don’t recommend that you follow Piers’ lead — the advice Carol and Kathleen gave you in this week’s posts is far sounder – and you can still look yourself in the mirror.
TAGS: Celebrity Apprentice, corner office, Donald Trump, Leadership, NBC, Piers Morgan, Trace Adkins
