Phyllis Shabad, Executive Brand Coach

Breaking Through to the Board: Corporate Board Issues & Challenges

Phyllis Shabad — Wed, 15 May 2013 19:50:13 -0400

Related to board recruitment and service are issues of expertise, experience and, ultimately, performance. Although these factors apply to all types of boards, governance news over the last several months highlights problems and players in large, public companies. Serving on the board of a corporate giant can be the capstone of a full executive career, but it can also be a minefield for directors less skilled at weaving trust, accountability and transparency concerns with the obligations of oversight and stewardship.

You don’t have to look any further than the financial services sector over the last five years—in particular what is roiling in the boardroom of JPMorgan Chase currently. It starts with the story of the “London Whale” trader in 2012 and may not end with the annual meeting later this month. In fact, the current situation has so many facets to it that it goes beyond the central question of risk management.

According to an article that appeared in the Monday, May 6, 2013 issue of The New York Times “A Call for New Blood on the JPMorgan Board” three directors who serve on the bank’s risk policy committee may be voted out soon by shareholders. In a statement rebutting the findings of the outside proxy advisory firm I.S.S., the bank said that … “the members of the board’s risk committee have a diversity and breadth of experiences that have served the company well.” This is more than a case, however, of “standing by your men” (and woman) apparently. This same article notes that in Institutional Shareholder Services’ 33-page report … “the bank’s biggest rivals have managed to find directors with stronger qualifications.” *Note: for transparency, I worked at JPMorgan Chase for two lines of business in management development.

Here are highlights that summarize some of these boardroom challenges:

Board composition with breadth and/or depth of experience, i.e., inside or outside of the industry

Diversity, including gender and other considerations

Split of the chairman and chief executive positions

Shareholder activism

Outside influencers such as proxy advisory firms

Effective and timely communications between the board and management.

To manage and reduce risk, however, a skill I think directors should have is the ability to ask questions—layered, high-quality questions that are both technical and conceptual. And, of course, the probative instincts of an investigative reporter.

Breaking Through to the Board: What Makes You an Attractive Candidate?

Phyllis Shabad — Wed, 15 May 2013 19:28:03 -0400

I’m an exercise devotee and I can state without reservation that it’s been a lifelong habit. Part of my habit’s venue is indoors—first at gyms, then at health clubs. I don’t view my workout as a chore or an activity that gets in the way of business; it complements my business. While I spin, cross-train, dance or run the track, I’m also observing, connecting, talking and forming relationships. Rarely do I listen to an entire playlist, and, as my earbuds come out and I begin or continue a conversation, I understand and appreciate the value of the networking opportunity. I’ve formed deep friendships, conducted and referred business and often leveraged the network for my clients. But one workout session a few years ago forced me to rethink how potential board directors are viewed by some entities and how to respond to challenging candidacy issues.

Eyes fixed, I scrutinized the back of a T-shirt that a man was wearing as he biked in the row ahead. It bore the name, logo and tagline of an established global recruitment firm for senior executives. The organization had recently been cited in a BusinessWeek.com column as a top-tier destination for those seeking transitional C-Suite roles and board seats. When the man finished biking, he turned and I smiled and waved him over. “Have you ever used “Firm X’s” services, or been placed by them onto a corporate board seat?” I asked. He responded “Actually, no. I’m the founder and CEO.” Immediately, I reached for my “reporter’s notebook” and, in under the elevator minute, described my business and a client I had represented who was seeking a board seat. “Do you think you can help him, or know of any opportunities that may fit his profile?” The “Firm X” CEO immediately referred me to two partners who handled board recruitment. I called both the minute I got back to my office, prepared to promote my client. Here’s what happened in one conversation.

Acutely aware of the business model of most executive recruitment firms, I’m never dissuaded from taking my best shot, and I pitched this client’s immediate and future value to the partner for the opportunity described earlier at my health club. I didn’t even finish my short pitch when I was interrupted. “Does your client have experience in manufacturing?” I answered “no” and will not quote the rest of his query, because it rankled. Beyond his stated criteria that I can only describe as fitting a shrinking demographic in this country, he added, “And of course, our client is seeking someone who can sit up straight and not drool on himself.” I promise you: no hyperbole in this story.

I laughed briefly and then finished my pitch. No go. I ended the call by telling him that regardless of their client’s wishes I was sending along my client’s résumé anyway. Whether or not it was a function of the client’s specifications, or the recruiter’s embedded relationship with that client, or silo vision for both I don’t know. Although my client—a former COO and CFO in a well-known, middle-market services firm in another industry—could have been considered for his operational and financial expertise and deep experience with M&As, I knew that I couldn’t move the unmovable in this case. My assessment of what may well have been an excellent fit did not match the obligations of the recruitment firm to their client. This is anecdotal and should not deter any prospective board candidate from using a recruiter to broadcast availability. As one aspect of what should be a more comprehensive strategy, it is often used as the primary step in the overall plan—but it should never be the sole measure. Not only is it not practical, it may well extend the timeline for a successful conclusion.

The good news is that there are an abundance of ideas, strategies and tactics for promoting a good candidacy across the spectrum of decision-makers, recruiters, tangential anointers and overlapping networks. If you are not a “business celebrity” who is regularly invited to join a board (or a highly desirable golf game) then you will have to work more proactively.

In subsequent blog posts, I’ll share some ideas about the nature of a good candidacy and focus on particular expertise, leadership characteristics, functional capabilities, diverse experiences, markets and industries. These are only some points for consideration.

There is an endless list of issues that impact board decisions, including legal and regulatory requirements, the structure of a business; i.e., public, private or non-profit; independent vs. inside directorships; and shareholder and management challenges.

What about my story? Aside from these elements, what do you think about a recruitment firm executing a search based on gender, race and age—beyond industry experience—even if in that specific case there are no legal barriers? And what do you think is the rationale for the client company’s criteria?

Executive Careers: Pay, Position & Progress

Phyllis Shabad — Fri, 01 Oct 2010 14:01:16 -0400

Is the concept of fair pay lacking in common sense--not to be equated with equal pay? According to Christina Hoff Sommers' op-ed piece in The New York Times on September 22nd, perhaps so. But her contention ignores other recent research that addresses negligible progress in the percentage of management positions held by women, as well as other underlying issues affecting the pay gaps that still exist. Worried about faulty assumptions in the Paycheck Fairness Act, Ms. Sommers also creates assumptions about what would happen if the bill were passed: " ... would set women against men, empower trial lawyers and activists, perpetuate falsehoods about the status of women in the workplace and create havoc in a precarious job market ... "

Perhaps a little cleaning spray on her crystal ball would bring her a different, clearer perspective?

In a September 27th article in The New York Times by Catherine Rampell "Women made little progress in climbing into management positions in this country even in the boom years before the financial crisis ... "

Data and analysis of findings in the GAO report requested by Rep. Carolyn B. Maloney (D) New York, presents an uneven picture at best of what women have achieved in terms of stature and, let's face it, power.

Some interesting statistics:

In 2007, 40% of managers in the US labor force were women.

In 2000, 39% of management positions were held by women.

Industry verticals where women were better represented in management positions are construction, public administration, and transportation and utilities.

Wage gaps are cited, although I'm not quite sure of the "choice vs. opportunity" argument. Becoming a parent for women affects not only position but equal pay as well in comparison to men who become parents.

Could this possibly be a contributing factor in why women make such solid entrepreneurs if they follow that path past their corporate careers?

CEOs in Career Transition: Turnaround Solutions for Job Search

Phyllis Shabad — Sat, 25 Sep 2010 13:40:19 -0400

Most CEOs and senior executives bring substantial performance profiles with them as they transition to the next stage of their careers. The challenges are no less complex, however, than the ones faced by executives and managers who have yet to enter the C-suite and boardroom.

With this blog series, I hope to spotlight common mistakes, faulty assumptions and poorly conceived job-search plans that impede results for CEOs and senior-level executives. Greater awareness of these issues should remove some or all of the roadblocks and clear the path for more seamless transitions.

My coaching style with clients is very structured but typically executed in a non-linear process since there are crossover challenges and solutions that require on-going attention. So while there will be no distinct chronology to the posts in this blog series I will feature recognizable problems faced by executives in career transition and motivational ideas to start turning things around to improve performance.

CEO CHALLENGE # 1: LOSS OF CONFIDENCE

Let's agree that for many executives there can be a sudden change or loss of status in the hierarchy due to:

company merger

company acquisition

complete or partial change of board directors

external financial and market conditions.

If these situations ring familiar to you, you are not alone.

In the past, tenure in the C-suite and boardroom was longer. Uncertainty replaces a stronger sense of security. A gadfly shareholder or board director forces a change in the strategic plan that shifts your attention from the original mission and affects progress.

You might choose to stay and adapt. You could leave amicably. Or, you might be forced out because there is no longer any confidence in you. In all of these cases, I've tracked a pattern in my clients that has touched every CEO and senior executive client who I have worked with--a crucial loss of confidence that makes it impossible to move forward swiftly with career plans.

You think: once I was perceived as a business leader, and now I'm viewed as irrelevant.

Career Turnaround Thought:

Acknowledge your lack of self-confidence. Ignore the conventional wisdom to "not take it personally." It happened to you, so of course it's personal. Take a very limited, short-enough time to minimize stress and let the air out of your tires before you're ready for the rubber to hit the road again. Family vacation? Burning it off at the health club? Gardening? Fine. Whatever your interests and passions are, do follow them.

But don't erase your profile completely by assuming that your 24x7 work ethic is an excuse to hide out for too long. If you were unhappy with your former work-life balance then it could be a pretty good indicator that you are indeed ready to move on to the next stage of your executive career. If there are SEC or any other compliance issues that affect your financial package or immediate future employment, understandably you will be in a waiting pattern. That's no excuse, however, to stop talking to people, conducting research, freshening your skill set and knowledge base and believing that you are irrelevant to any future opportunities.

Presumably, you didn't get to be a CEO because you have no business expertise or don't know how to run a company. Not only must you embrace the change but you also need to invest in it, both intellectually and financially.

Stay active in a business community in both formal and informal projects.

You are still relevant and have an important story to tell. Believe in what you did to be an accomplished leader and expert.

Engage.

Compensation Statistics: How do Women and Men Fare?

Phyllis Shabad — Sat, 25 Sep 2010 12:01:06 -0400

As an entrepreneur and woman business owner, there are a whole range of issues affecting my business model that require thorough and thoughtful analysis of the market, understanding of demographic needs and tireless attention to differentiation in a saturated market. What I don't think of necessarily as an issue impacting my day-to-day operations or even long-range planning is my gender.

Over the course of my career in corporate and entrepreneurial environments, it looked and felt as if my sisters and I had made strides. I wasn't alone by any means at a professional or managerial level when I worked for two banks. But this is anecdotal, of course, and statistics support gains that women have made in the labor market over the last 40 years or so that offer a degree of satisfaction. Statistics also point to the disparities and gaps, especially as to how little the needle has moved in the last few years alone.

So how do women in the U.S. fare when it comes to earnings? Is our compensation fair?

According to the Census Bureau report on consumer income out last week, we still lag behind our male counterparts. On page 15 of the report, you'll find these statistics:

"In 2009 the female-to-male earnings ratio was 0.77 ... not statistically different from the 2008 ratio" and

"The median earnings of men increased by 2.0%" compared to a "1.9% increase for women."

That means in comparable terms that we women earn 77 cents to a dollar earned by men. The ratio is based on full-time women employees. But how do women owners compare to men in the small business market? I continue to resarch this point and will post on it in the near future. Certainly we've been identified in the media as having done well in the Great Recession as compared to men in terms of securing work. Several books in the works will acknowledge our ability to collaborate and create businesses, spur innovation and achieve results out of our expertise and knowledge. Run to the attic, ladies, and find your old report cards to remind yourselves of how brilliantly we performed in high school and college.

Current pending legislation aside, when will there be a cultural norm and expectation that the gap in pay must close permanently? Isn't this one of the most fundamental issues today in equality?

Phyllis Shabad — Sun, 19 Sep 2010 13:30:29 -0400

A leadership blog on Forbes.com took notice of the recent New York Times article on corporate board seats, as did an attorney friend of mine. The Forbes.com Leadership Blog Editor likened the situation to a "teflon" quality about the short memory and stickiness factor of director appointments and tenure even though strategic contributions often fall decidedly short. My metaphor would be the classic re-arranging of the deck chairs on the Titanic. If the battle is between industry experts who bring real value to the table versus high-profile, glamour-shot nominations and appointments that don't advance the company mission, then who wins? Certainly not the shareholders.

DEMAND FOR CORPORATE BOARD DIRECTORS: Who is Seated at the Table?

Phyllis Shabad — Thu, 16 Sep 2010 12:42:32 -0400

What types of senior executives are seated at the table in corporate boardrooms across the U.S.? Judging from an article in "Business Day" in yesterday's New York Times, there are few surprises. But, analysis provides a roadmap for a call to action for any would-be, potential executive talent seeking board positions.

One way to secure a board director seat is to already be a board director. If that doesn't frustrate the many appropriate candidates in the executive talent pool who present diverse profiles, backgrounds and experiences, I don't know what will. But there are several pathways to landing as a board director that don't run through a golf course.

While there is significant cronyism in a self-perpetuating, rarefied network of certain executive types, there is also sufficient anger among shareholders that should and could be the impetus finally to explore choices among less toxic decision makers--ones who could be instrumental in helping to steer a turnaround and advise struggling senior executive management teams.

What is the answer?

Present yourself as a strategist, not just a tactician.

Much more to come on this subject ...

Executive Career Coaching

Phyllis Shabad — Thu, 08 Jul 2010 17:26:11 -0400

What will branding and executive coaching do for your career?

Top senior executives with compelling personal brands become knowledge leaders who:

Command better compensation
Negotiate from strength
Lead their companies to achieve enviable growth
Navigate politics with ease
Exceed performance expectations
Safeguard their careers against economic volatility
Break through the overcrowded marketplace

The pipeline of benefits grows longer than the short list above.

Here's how we help you develop and leverage your personal brand for C-suite opportunities:

Specialized executive coaching and "Board readiness" assessment materials for securing Board Director assignments.
Coaching to identify, develop and communicate your durable personal brand.
Innovative blueprint and coaching for executive job-search campaigns.
Next-generation set of written materials for your career-marketing portfolio.

Since Phyllis works exclusively with corporate leaders of major-market public and private companies, chiefs of middle-market companies that are often privately held, founders and principals of start-ups and growth-phase companies in the smaller sector, Board Directors, consultants and senior executive managers transitioning to entrepreneurship, there are different programs that fit diverse needs. If you are an emerging leader and wish to accelerate your career growth, there is an "Executive Incubator" program.

All executive career and branding services are delivered in either one-on-one or group platforms. The process is always collaborative, analytical, energizing and highly structured.

Combines savvy career coaching with razor-sharp marketing! ... Phyllis' 360-degree approach to career development and personal branding were crucial to helping me transition from the military to my dream corporate career...More than that, she developed our relationship over a period of years, helping me transition to my first corporate officer position, at my best market value.
- Mike Zacchea, Financial Services (former Lt. Colonel, US Marines)

(Read more about Mike in this New York Times article.)

CEO & Boardroom Executive Coaching

Phyllis serves you as your personal, one-on-one Executive Coach and Chief Branding Officer.

The coaching outline includes 4 months of specific focus on:

Personal branding for senior executive management and Board Director opportunities
Two unique assessments
Executive job-search campaign blueprint
Strategy development for managing career growth
Laser implementations and negotiations
Opportunity evaluations and market intelligence

More coaching details are available by contacting Phyllis. Top retainer program provides access to closed-door high-level networking, special events and other business forums of particular interest.

Two levels of service are available. Both service levels require the 4-month commitment.

Senior Executive Concierge Retainer
Three 55-minute sessions per month for 4 months, booked in advance with some flexibility built in for very senior executives and business leaders who conduct business on a global basis and may be unavailable to meet their scheduled appointments. Priority is given to Concierge Clients to reschedule for each month to meet the commitment. Additional introductory full hour is provided at the beginning of the program for guidance.

4-month fee: $1,350 per month / 12 sessions
8-month and 12-month are available at discounted fee structures, advantageous to the mostly long-term relationships we keep with our clients.
Would you like to lock in long-term career advisory now?

Included in your investment:

All assessments
All materials
Potential high-level networking introductions and opportunities
"Act III" trends and business innovation ideas

Book your engagement now

Test Drive the CEO & Boardroom Executive Coaching
If you would like to benefit from this unique coaching but are tentative about the process, you can schedule 1 month of coaching at the regular hourly rate + materials and assessment fee.
1 month of coaching, assessments & branding activities: $1,395

If you decide to enter the full program, your rate and fees will be reduced as per above.

Book your engagement now

The Executive Incubator

For those clients who are interested in putting their careers on an accelerated fast track but are not yet very senior executives, the Executive Incubator will support you by providing access to knowledge, training and networking in a group format.

The Executive Incubator provides 4 cost-effective programs to move forward:

Job-Search Campaign Coaching: 10 hours of group coaching
Fee: $499

10 sessions in regular or rocket format that cover everything you will need to know and how to apply that knowledge, from campaign structure to deal conclusion. Coaching details are available by contacting Phyllis, or Join a Program Now

Executive Résumé & Portfolio Development: 10 hours of group coaching
Fee: $599, including all materials

10 sessions in regular or rocket format to help you to develop and write your own executive résumé and career portfolio, as described in Branded Résumé & Portfolio services. Coaching details are available by contacting Phyllis, or Join a Program Now

Single Sessions of One-on-One Executive Coaching
Fee: $475 for one 55-minute session

Book a One-one-One Executive Coaching Session Now

Laser Branding for Small Business
Fee: $299, including all materials

6 sessions in rocket fashion over approximately 1 month for:

Executives who are making the transition to a post-corporate career and considering their "Act II"
Consultants
Coaches
Private Practice service professionals
Solopreneurs

Topics in this program include brand identity; finding and targeting your niche; marketing to a single constituency; appropriate communications materials; streamlined, low-cost sales systems for start-ups. Join this Program Now

Executive Job Search Valentine: Reframe Your Action Plan Part II

Phyllis Shabad — Thu, 12 Feb 2009 11:03:47 -0500

Conducting an executive job search these days is more than exhausting--it's often a multifaceted challenge to your analytical, managerial, conceptual and operational skills that require constant attention. All of it finds its way into the emotional, because this is about you, how you see yourself in your career and how you think others perceive you because you haven't made rapid headway in accomplishing your goals.

Populist anger is targeting CEOs, and the familiar business heads of financial services and manufacturing organizations who have become metaphors for personal greed belong in the hot seat on Capitol Hill before their questioners. I'm not much for grandstanding and I want to see a logical process instituted to get to the bottom of the tangled web of problems impacting our economy. But, not all CEOs, Board Directors and other senior executive managers have behaved badly. In fact, we don't read or hear about the many CEOs who lead their companies ethically and manage people, products and services with due diligence. There are excellent models in the small and medium enterprise markets that are not on the media radar because the stories don't make for great news. Every day I think of clients in the C-suite who I have worked with over the years and I know their accomplishments well. They have a great deal to offer companies that urgently need a turnaround, financial or operational expert to restore the bottom line. Their tenure in the C-suite is shorter all the time because all stakeholders want results and are growing more impatient with the ROI timeframe.

These CEOS are exploring the hypercompetitive market and are in talks daily with executive recruiters, career coaches, resume writers and private equity firms to develop a fallback action plan. While creation of a solid support system is critical, the only action plan that will work is one that is well-organized and well-managed in real time, and active execution of the plan is key.

Action Plan Tips for Executive Job Search:

Find the money. Learn to track deals that are still being made, and identify who or what is providing the funding. Conduct your research and move from the general to the specific. Start with sites like ipocentral.com, a feature of Hoover's and use the free options before selecting companies that are of interest to you or
where you see potential opportunity and good fit.

Design a research funnel of market intelligence. Conduct your research with the idea that the most useful information is the most niched. Make sense of the vast amount of information you can collect from online resources that are plentiful and often with no fees involved, but make sure that you pursue specific information and continually refine the search. Make it narrow and niched as it relates to industry sector, geographic target and mission information. I tried ventureloop.com and captured highly actionable information about venture-backed companies that are in growth mode. Refining my search, I located job opportunities, funding data, hard street addresses, mission information and contact information with email. In my evaluation, that's a rich motherlode of information that I can place in my job search action plan.

Learn to slay one dragon at a time. Feeling like a hero after becoming a research expert? That's wonderful, but unlike the quests of medieval literature, it won't help if you think you are required to slay many dragons concurrently. One at a time, please. And do develop a relationship with the dragon before winning.

Executive Job Search Valentine: Reframe Your Action Plan

Phyllis Shabad — Mon, 09 Feb 2009 19:49:00 -0500

Are you jobless in Gotham? Or, for that matter, anywhere right now around the world?

New York has been hit hard because of the losses in financial services, but so have other cities, states and countries since the bubble burst. This is more like an economic tsunami that has affected other sectors such as manufacturing and construction, not to mention the media, retail, pharmaceuticals and a long list of other industries. Well, you can tell yourself, friends and loved ones that “it isn’t my fault,” and “I’m going to start my job search and work at it 24x7” with the very best of intentions to stay afloat, and I’m sure you’re not alone in those thoughts. You think, “I’ll work hard at landing a new management position—as I have worked conscientiously my entire career—and eventually something will give” because hard work yields a reward. Except that this time, the dynamics of the job-search game have changed dramatically and everyone must adjust to new realities.

Old networks may have already dried up or will soon be dead ends, the constant barrage of bad news and dire warnings affect the decision-making process, and everyone thinks that economic and labor experts are making projections by looking into their crystal balls. So, is there anything you can do to change your mindset, turn around the job-search strategy and create a new path?

1. Ask. Talk to anyone who fits into your demographic, psychographic or geographic circle and ask for help. Then, ask everyone else. It makes sense that if you don’t ask for it, you won’t get it, and in today’s environment you have nothing to lose.

2. Follow the money. I know, you’re thinking: what money! But there is money that will flow and is flowing right now into certain sectors, companies and individuals who are in start-up or growth phase. Even though there are fewer IPOs now, the deals are still being structured. New companies are sometimes funded adequately by angel investors. Your job is to seek this information, analyze it and carve out a strategy around data.

3. Creation vs. continuation. If the jobs and opportunities have disappeared for the foreseeable future and you’ve exhausted your leads, don’t think of your hard work as wasted effort. What you’ve done is plant seeds that may yield results at some point. Since you can’t afford to wait and do nothing, when you’ve saturated the market and executed an aggressive search, start your Plan B. (You have a Plan B, right?) Instead of continuing to seek positions, begin creating opportunities.

I’ll have much more to say on this, with links, ideas and specific information on all of the above later this week in my Valentines series of targeted career advice to start melting the frozen fear that has a lot of people stuck in their executive searches.