Comebacks: Powerful Lessons from Leaders Who Endured Setbacks and Recaptured Success on Their Terms

259 Pages·2010·1.13 MB·English

by  Andrea Redmond

Comebacks
(Continued from front fl ap)
Praise for C o m e b a c k s
In turbulent economic times, when careers ANDREA REDMOND
C
Comebacks features an all-star cast of ten
are derailed by layoffs and leaders are forced R
“Andrea Redmond and Patricia Crisafulli have brilliantly captured the inside story of ten R business leaders who have endured career
to rewrite their professional plans, Comebacks E
outstanding executives facing severe setbacks and how they recovered to go on to future I setbacks—for some a public fall in the midst of
offers introspection that enlightens as well as S D PATRICIA CRISAFULLI
success. The authors provide deep insights of the impact of losing your way, yet having extreme media scrutiny—then reassessed and
uplifts. Honest and soul-searching, the stories A M
the resilience to bounce back.” moved ahead with new purpose. Based on reveal-
in Comebacks will resonate with anyone who is F
—BILL GEORGE, professor of management practice, Harvard Business School and U O ing interviews, the profi les in the book provide
experiencing a reversal, is disillusioned by career
bestselling author, True North and Seven Lessons for Leading in Crisis N a behind-the-headlines glimpse into the lives of
choices, or is exploring new paths that are better L
aligned with their values and priorities. L D seasoned leaders, showing how they drew upon
“Comebacks addresses a topic no one really wants to discuss: how to deal with failure and I resources, both internal and external, to navigate
setbacks. The real stories and practical advice from those who have taken their tumbles their way forward and to learn leadership and

from a public pedestal will resonate with leaders, but there are important and profound life lessons that allowed them to redefi ne success.
ANDREA REDMOND C o m e b a c k s
lessons for everyone. I wish I had this book earlier in my career!” Together, the ten profi les reveal that all leaders
is a well-regarded consultant who
—RUSSELL FRADIN, chairman and CEO, Hewitt Associates face adversity, but true leaders turn adversity into
works with select clients including
success—and redefi ne success through their lead-
corporate boards, CEOs, and pri- “Chronicling some of the highest profi le executive downfalls of the modern era, Redmond C ership. High-profi le leaders featured include:
vate investors on executive recruit-
and Crisafulli’s Comebacks richly reaffi rms the value of private resilience and personal
ing, management assessment, and
networks for overcoming a career catastrophe. Here are the wrenching accounts of those (cid:129)
succession needs. Prior to that, she o JAMIE DIMON, renowned chairman and
who suffered the great fall—and how they recovered to lead another way.”
spent twenty years with a global CEO of JPMorgan Chase who, at the peak of
—MICHAEL USEEM, professor of management and director of the Center for Lead-
executive recruiting fi rm. As an ex- ership and Change Management, Wharton School, University of Pennsylvania m his career with Citigroup, was fi red as president.
pert in CEO selection, she recruited (cid:129) Former HP chair PATRICIA DUNN who,
CEOs for several Fortune 500 companies. She “Comebacks offers outstanding insights into the personal lives of leaders whose resilience after a corporate espionage scandal hit the
serves on the Board of Directors of Children’s turns public failure into private success. The lessons of resilience from these renowned e company, resigned as chairman and then faced
Memorial Hospital, Northwestern University individuals apply to each of us who takes risks, pushes limits, and creates a future. We all felony charges while battling cancer. Com-
Hospital, and the Robert H. Lurie Cancer Cen- need to ‘come back’ from disappointment and this book offers us hope and a means of b pletely exonerated, she is now active in philan-
ter. In January 2010 Andrea joined the Board of doing so.” thropic work.
Directors of The Allstate Corporation. —DAVE ULRICH, professor, Ross School of Business, University of Michigan and a (cid:129) Former Baxter International CEO
partner, The RBL Group HARRY KRAEMER who, after twenty-two
PATRICIA c Powerful Lessons from Leaders years at the pharmaceutical fi rm, had to step
CRISAFULLI “Comebacks offers a rare, intimate, and honest look into the lives of leaders who have faced down after the company scaled back its earn-
is an accomplished writer, adversity and turned it into an opportunity for personal transformation. Anyone seek- k ings forecasts. He is now a highly regarded
Who Endured Setbacks and
ghost-writer, and author ing to create a ‘second act’ after experiencing tough challenges will fi nd in this book the business professor at Northwestern University
who has written numerous insights and inspiration to go from setback to comeback.” s and an executive partner in a private equity fi rm.
—DIPAK C. JAIN, the Sandy and Morton Goldman Professor of Entrepreneurial Stud-
books, including The House Recaptured Success on Their Terms (cid:129) Former Ford Motor Company CEO
ies and former dean of the Kellogg School of Management, Northwestern University
of Dimon, a leadership pro- JACQUES NASSER who, forced to resign
fi le of JPMorgan Chase CEO Jamie Dimon. A from the automaker after devoting years to the
former business journalist, Crisafulli was a cor- company, has recently assumed the prestigious
respondent and deputy equities editor in the Chi- LEADERSHIP position of chairman of BHP Billiton, the
cago bureau of Reuters America. Her articles have $27.95 U.S. | $33.95 Canada world’s largest natural resources company.
appeared in the New York Times, Chicago Tribune,
Boston Globe, and other national newspapers. Leaders Profiled: DALE DAWSON • JAMIE DIMON (cid:129) Former founder and CEO of JetBlue DAVID
NEELEMAN who, asked to step down after a
www.josseybass.com
PATRICIA DUNN • CHRISTOPHER GALVIN • DURK JAGER series of weather-related delays in 2007 caused
Photo of Andrea Redmond by Brian MacDonald
an uproar among passengers and consumers,
Photo of Patricia Crisafulli by Patrick Ryan
HARRY KRAEMER • JACQUES NASSER • DAVID NEELEMAN
Jacket design by Jeff Puda has moved on to found a new airline in Brazil.
Cover photo courtesy Photolibrary
DAVID POTTRUCK • HERBERT "PUG" WINOKUR (Continued on back fl ap)
E1BNOTES 02/20/2010 4:19:12 Page228
E1FFIRS 02/24/2010 19:30:6 Page1
E1FFIRS 02/24/2010 19:30:6 Page2
Andrea Redmond
Patricia Crisafulli
E1FFIRS 02/24/2010 19:30:6 Page3
E1FFIRS 02/24/2010 19:30:6 Page4
Copyright#2010byAndreaRedmondandPatriciaCrisafulli.Allrightsreserved.
PublishedbyJossey-Bass
AWileyImprint
989MarketStreet,SanFrancisco,CA94103-1741—www.josseybass.com
Nopartofthispublicationmaybereproduced,storedinaretrievalsystem,ortransmittedin
anyformorbyanymeans,electronic,mechanical,photocopying,recording,scanning,or
otherwise,exceptaspermittedunderSection107or108ofthe1976UnitedStates
CopyrightAct,withouteitherthepriorwrittenpermissionofthepublisher,or
authorizationthroughpaymentoftheappropriateper-copyfeetotheCopyrightClearance
Center,Inc.,222RosewoodDrive,Danvers,MA01923,978-750-8400,fax[phone],
orontheWebatwww.copyright.com.Requeststothepublisherforpermissionshouldbe
addressedtothePermissionsDepartment,JohnWiley&Sons,Inc.,111RiverStreet,
Hoboken,NJ07030,201-748-6011,fax[phone],oronlineatwww.wiley.com/go/
permissions.
ReadersshouldbeawarethatInternetWebsitesofferedascitationsand/orsourcesfor
furtherinformationmayhavechangedordisappearedbetweenthetimethiswaswritten
andwhenitisread.
LimitofLiability/DisclaimerofWarranty:Whilethepublisherandauthorhaveusedtheir
besteffortsinpreparingthisbook,theymakenorepresentationsorwarrantieswithrespect
totheaccuracyorcompletenessofthecontentsofthisbookandspecificallydisclaimany
impliedwarrantiesofmerchantabilityorfitnessforaparticularpurpose.Nowarrantymay
becreatedorextendedbysalesrepresentativesorwrittensalesmaterials.Theadviceand
strategiescontainedhereinmaynotbesuitableforyoursituation.Youshouldconsultwitha
professionalwhereappropriate.Neitherthepublishernorauthorshallbeliableforanyloss
ofprofitoranyothercommercialdamages,includingbutnotlimitedtospecial,incidental,
consequential,orotherdamages.
Jossey-Bassbooksandproductsareavailablethroughmostbookstores.TocontactJossey-
BassdirectlycallourCustomerCareDepartmentwithintheU.S.at800-956-7739,outside
theU.S.at317-572-3986,orfax317-572-4002.
Jossey-Bassalsopublishesitsbooksinavarietyofelectronicformats.Somecontentthat
appearsinprintmaynotbeavailableinelectronicbooks.
LibraryofCongressCataloging-in-PublicationData
Redmond,Andrea.
Comebacks:powerfullessonsfromleaderswhoenduredsetbacksandrecaptured
successontheirterms/AndreaRedmond,PatriciaCrisafulli.
p.cm.
Includesbibliographicalreferencesandindex.
ISBN978-0-470-58375-3(cloth)
1. Chiefexecutiveofficers—Casestudies. 2. Leaders—Casestudies. 3. Successin
business—Casestudies. I. Crisafulli,Patricia. II. Title.
HD38.2.R4352010
0
658.4 2—dc22
2010004757
PrintedintheUnitedStatesofAmerica
FIRSTEDITION
HBPrinting 10 9 8 7 6 5 4 3 21
E1FTOC 02/10/2010 13:28:32 Page5
Contents
Introduction: When the Rug Gets Pulled vii
1. David Neeleman: When It’s Time
to Move On 1
2. David Pottruck: A Portrait in Candor 23
3. Patricia Dunn: Trial by Fire 45
4. Christopher Galvin:
The Power of Resilience 67
5. Herbert ‘‘Pug’’ Winokur: After the Storm 89
6. Harry M. Jansen Kraemer, Jr.:
Values-Based Leadership 113
7. Jacques ‘‘Jac’’ Nasser: New Life
After a Long Career 133
8. Durk Jager: Peace of Mind
and Walking Away 155
9. Jamie Dimon: The Ultimate Comeback 175
10. Dale Dawson: Pursuing a Life of Passion 197
Notes 217
Acknowledgments 229
About the Authors 231
Index 233
v
E1FTOC 02/10/2010 13:28:32 Page6
With love and gratitude:
For Bill and Duke
—A. R.
For Joe and Pat
—P. C.
E1FLAST 02/10/2010 13:35:37 Page7
Introduction:
When the Rug Gets Pulled
Atsomepointinlife,theruggetspulledfromunderus.Weget
fired. A long-awaited promotion does not materialize. A
business fails. Our health suffers. A relationship—in business or
in our personal lives—ends. No one is immune. Regardless of job
title or level of achievement, an upset of some type is inevitable.
For most people, a professional setback such as getting fired
isaprivatematter.Dealingwiththeaftermath,fromtheemotional
upheaval of being rejected to the career uncertainty, happens
behind closed doors. For high-profile leaders, however, circum-
stances are much different. In addition to dealing with
the intensely private issues that go along with a career upset,
the events surrounding their setbacks are often played out very
publicly. Suddenly every detail becomes fodder for media com-
mentaryandanalysis.Previoussuccessesandfailuresarechronic-
led in news stories (often with inaccuracies), and unflattering
pictures are splashed everywhere. Private upset becomes public
embarrassment.
ThisfactbecamecleartoAndreasevenyearsago,whenshesat
down with Jim Cantalupo, a long-time McDonald’s Corporation
vii
E1FLAST 02/10/2010 13:35:37 Page8
viii INTRODUCTION
executive and then CEO of the company, to discuss leadership
traitsforabookprojectinwhichshewasinvolved.Inthetwo-hour
conversationthatfollowed,JimandAndreaestablishedaninstant
rapport and their discussion deepened. As Jim reflected on his life
andcareer,hesharedwhatithadbeenlikeforhimafewyearsprior
when he lost out on the CEO role at McDonald’s and left the
company feeling defeated and dejected. He had been within a
millimeterofbecomingCEO,onlytolosethejobhewanted—and
hisfamilyandfriendsheardthenewsontelevisionandreadaboutit
in the newspaper. Later, Jim was asked to return to the company
and was brought in as CEO.
A short time after this conversation, Jim Cantalupo died
suddenly. The story he shared stayed with Andrea for years. She
beganreachingouttoCEOswhowereterminated,offeringaword
of encouragement or to be a sounding board. When Andrea
met Tricia, who at the time was writing The House of Dimon, a
leadership profile of JPMorgan Chase CEO Jamie Dimon and the
ultimate comeback story, they realized that there was a deep story
to tell about what happens when leaders go through setbacks and
their process to recapture success on their terms.
In Comebacks, we share the stories of ten high-profile leaders
who experienced a serious upset in one form or another—such as
being fired or asked to resign, quite possibly due to circumstances
that were at least partially beyond their control. Often the termi-
nation happened suddenly and unexpectedly. Many said they did
not see it coming, describing their termination in words such as
being ‘‘blindsided’’ and ‘‘sucker-punched.’’
Being fired as the leader of a large firm often triggers a media
blitz that most of us will never face. And the obvious should be
stated:ACEOwhoisfireddoesnothavethesamefinancialworries
(ifanyatall)astherestofuswholoseajob.However,weallknow
whatit’sliketofeelembarrassedandvulnerable,andtobecaught
up in self-doubt and second-guessing. Based on these commonali-
ties, there may be much to learn from the experiences of these