First Friday Book Synopsis

Cheryl offers: October’s HBR article “Why Succession Shouldn’t Be a Horse Race” describes how Xerox’s former CEO Anne Mulcahy successfully identified, developed and eventually passed the CEO baton to Ursula Burns, the first African American woman to lead a Fortune 500 company while also marking the first ever woman-to-woman succession. What was most interesting was how Anne deliberately worked to avoid Jack Welch’s famous departure when two of the three top candidates left with him once they learned Jeff Immelt had gotten the job. She said “I don’t believe in having people face off against each other for the CEO job in a classic horse race.” Kudos to her on two fronts: first for recognizing that losing valuable talent in this day and age is not good business and secondly for seeing collaboration is better for the business than competition when putting the best person in the job. GE lost 3 very talented employees when Jack left. Anne managed to retain her 3 top contenders after Ursula was named CEO, although one has since retired.  This article reinforced a message I read in Women and Leadership by Barbara Kellerman and Deborah Rhode.  In chapter 9 written by Marie C. Wilson, she notes “We need to fuel each other’s ambition, to give women the encouragement they need, and the courage embedded in that word. With our help, they can and will step forward and say, “I’m here. I can do this, and I want to lead.” This was written in 2007, just about the time Anne and Ursula were starting to write business history.  Those who support the laws of natural attraction would say, “Of course!”