Management Turnover as Change Agent

Tuesday, December 9, 2008

Recommended Reading - Rescue Memo to Vikram Pandit, NY Times Dealbook

Paul Pendergast, who writes under the name of Jack Flack, wrote a memo in today’s New York Times Dealbook entitled Rescue Memo to Vikram Pandit.  The memo is a worthwhile read outlining clever ideas on what Pandit needs to do to save his job.  According to the author,

… if you want to avoid hearing Gasparino (CNBC reporter) speculating on behalf of your critics every couple of weeks, you’ll need to make sure you manage perception as well as you manage reality. Unfortunately, you’re not particularly good at that, which is actually a common affliction among strong analytical thinkers like you. 

Flack goes on to outline a number of key areas Pandit needs to focus on:

Be yourself …, 
Stop not-apologizing …,  
Define the model …,  
Push a real purpose …,  
Steward publicly …,  
Forget internal …,  
Manage Bob…   

If you follow Citi or are interested in the plight of financial CEOs, the memo is a must read.

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