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? 

1. Don’t be too quick to say “yes” when an opportunity comes long.  Take some time to assess the situation carefully.
2. Don’t be seduced by the title or the trappings of the job. Ask plenty of questions including: “Why me?” and ”Why now?”
3. 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

Last week I had the great pleasure of meeting Liz Cornish, a consultant to major corporations around the globe and author of a wonderful book that I highly recommend:  Hit the Ground Running - A Woman’s Guide to Success for the First 100 Days on the Job.  It’s a practical and immediately applicable book that’s well worth the read and the $13.60 purchase price from Amazon.  If you’re transitioning into a new position you’ll find it useful even if you’re not assuming a formal leadership role. 

Here are just four of the great tips Liz offers:

1.  Recognize the opportunity to negotiate.

2.  Don’t let naysayers distract you from your focus.

3.  Tame your inner critic.  If you take a hit don’t take it personally.  Dust yourself off and get back into the game.

4.  Maintain your sense of humor.

And here are a few more coaching tips from me for how to transition smoothly and effectively:

5.  Whether you’re making a move to another department, to another role within the same department, or going to an entirely different company, develop a transition plan.

6.  Keep in mind that what worked for you in the past won’t necessarily continue to work for you in your new assignment/role.

7.  Take advantage of the “honeymoon” period (just about 100 days) to learn as much as you can about the company, its products, your boss’s agenda, clients, customers, and people with whom you work.  In most instances, no one expects you to be the expert during this period so don’t even try. 

8.  Don’t underestimate the critical importance of building 360 degree relationships right off the bat.  You’re going to need them. 

TAGS: job transitions, Liz Cornish, new leader, new to the job