Corporations walk their talk and kick leaders to the curb
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Now that Values are openly displayed on web sites, touted in advertisements, and posted on walls throughout corporate America, discrepancies between Values and behavior are noticed. Lately, it seems corporations are taking notice of their values and are trying to behave consistently.
Whether they like it or not, the web sites, advertisements, and posters are prompting many companies to be All-In.
Consider three current examples:
1. JPMorgan Chase admitted late last week that it experienced a $2 billion loss caused by, in its own words, sloppiness and bad judgment.
JPMorgan Chase went public before news leaked nationwide, started the CEO apology tour quickly, and accepted resignations or fired people involved. Their behavior is interesting because their Values Statement reads: Our values are reflected in the way that we conduct our business and in the first-class results that we consistently achieve for our clients.
2. Best Buy's CEO, Brian Dunn, resigned in April for undisclosed personal reasons (All-In blog post). The reasons were disclosed yesterday: he had an extremely close relationship with a female coworker, and it affected the workplace. In light of that disclosure, Best Buy's Chairman resigned yesterday because he knew about the relationship. On its web site, one of Best Buy's values is to "Show respect, humility and integrity." At least in the midst of disrespect and lack of integrity, the company is showing some of both this week.
3. Yahoo's CEO, Scott Thompson, was lambasted the ten days, including here, for lying on his resume for years. When the lie became public ten days ago, the former CEO downplayed the lie and only acknowledged the distraction it had become for the employees. However, others took the lie more seriously. The executive who led the hiring process of Thompson, who began work at Yahoo in January, was let go, along with others. Yahoo's values include: We are committed to winning with
integrity.The CEO was not committed to the same thing, and he is out.
Whether they like it or not, the web sites, advertisements, and posters are prompting many companies to be All-In.
Consider three current examples:
One PR model often followed in similar embarrassing, costly circumstances is to deny, downplay, then barely acknowledge and reluctantly fire a few people (a la Goldman Sachs). In response to its exorbitant losses,
JPMorgan Chase went public before news leaked nationwide, started the CEO apology tour quickly, and accepted resignations or fired people involved. Their behavior is interesting because their Values Statement reads: Our values are reflected in the way that we conduct our business and in the first-class results that we consistently achieve for our clients.
2. Best Buy's CEO, Brian Dunn, resigned in April for undisclosed personal reasons (All-In blog post). The reasons were disclosed yesterday: he had an extremely close relationship with a female coworker, and it affected the workplace. In light of that disclosure, Best Buy's Chairman resigned yesterday because he knew about the relationship. On its web site, one of Best Buy's values is to "Show respect, humility and integrity." At least in the midst of disrespect and lack of integrity, the company is showing some of both this week.
3. Yahoo's CEO, Scott Thompson, was lambasted the ten days, including here, for lying on his resume for years. When the lie became public ten days ago, the former CEO downplayed the lie and only acknowledged the distraction it had become for the employees. However, others took the lie more seriously. The executive who led the hiring process of Thompson, who began work at Yahoo in January, was let go, along with others. Yahoo's values include: We are committed to winning with
integrity.The CEO was not committed to the same thing, and he is out.
Clearly, living by their internal values has been difficult, embarrassing, and humbling for JPMorgan Chase, Best Buy, and Yahoo. Even when they are not perfect, all of their stakeholders can see they are trying to behave the way their values determine. Now when the executives of those companies ask for first-class conduct, respect, and integrity,
they are role models for their corporate culture because they are
walking the talk, and web sited, advertisements, and posters