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
A friend sent me an article, Why Are So Many Women Depressed, by Dennis Prager. She wanted to know what I thought of it. My first thought was why would anyone with half a brain put his name to this absurd nonsense. The net-net of the piece is that feminism unrealistically raised the expectations of women and failed to deliver. Hence, feminism is at the core of a high incidence of depression among women. Prager then has the audacity to claim, “ For most women — of course, not all — careers are not nearly as fulfilling as are a good marriage and family.” Dennis… from where did you pull these numbers? Or, to paraphrase Jerry Maquire, “Show me the study.” Psychologist Anna Freud had it right when she said, “It’s the good, capable, conscientious woman who is more likely to be depressed than her counterparts.” Maybe if we lived in a society where women weren’t forced to choose between a career and family they wouldn’t be so depressed. Maybe if the full range of a woman’s capabilities were acknowledged and utilized without her having to dumb down so as not to offend male bosses, colleagues, brothers, or husbands women wouldn’t be so depressed. And maybe — just maybe — if people like Dennis Prager spent less time focusing on what’s wrong with women and more time focused on what’s right with them despite the choices they make, women wouldn’t be so depressed. Now you know what I think about the article. What do YOU think?
TAGS: Dennis Prager, Feminism, women and careers, Women and Depression, women and families
