Lame Leader of the Week: Vikram Pandit

This week’s winner of the Lame Leader Award has to be Vikram Pandit, CEO of Citigroup. Pandit’s inability or refusal to read the writing on the wall – to forestall outrage at his outsized compensation – resulted in his public humiliation at the hands of his shareholders, who rejected a pay plan that would have awarded him $15 million.

Of course it’s not the first time Pandit’s reputation has taken a hit – only a month ago Citigroup failed the Fed’s stress test, measuring its potential strength in the event of major adversity. Moreover Citigroup has delivered the worst stock performance among all large banks for the last decade, while having the chutzpah to rank among the highest in executive pay. This makes it all the more surprising that Pandit so misread his situation – or maybe not.  Leaders generally have adjusted poorly to this brave new world, in which watching your back is a survival skill.

Dodd-Frank requires public companies to give shareholders a say on pay. This at a moment when anger against inequity is undiminished and shareholder activism is showing new signs of life.  How foolish, then, how arrogant of Pandit to imagine himself immune to the temper of the times!

The King’s Fall

What was he thinking? What made him do something so wildly at odds with everything he was supposed to stand for?

It was only because King Juan Carlos ofSpainfell and broke his hip on the way to the bathroom in an exclusive safari camp inAfricathat we found out where he was and what he was doing. As a result, the reputation of this once widely admired man has taken a permanent hit.  

Juan Carlos has been credited with presiding overSpain’s transition from authoritarianism (under Francisco Franco) to democracy some thirty years ago. In exchange for his contribution,Spain’s royal family has remained relatively immune to prying by the press and criticism from the public. Those halcyon days are now over. With a single misstep, Juan Carlos made him and his kin vulnerable to the slings and arrows of Spaniards high and low. 

Times are tough inSpain.  The economy is near double-dip recession and the level of unemployment is frighteningly high: almost half of those between 16 and 24 are jobless.  So for the King to choose this moment to vacation inAfrica, rifle in hand to kill elephants, water buffaloes, and other large animals, suggests a cluelessness that is appalling. (To gild the lily, he is honorary head ofSpain’s World Wildlife Fund!)

The King did finally apologize. “I am very sorry,” said Juan Carlos. “I made a mistake and it won’t happen again.” But whatever his remorse, it cannot compensate for a choice that can most charitably be described as boneheaded. Or for a lifestyle which, it is becoming glaringly clear, has not been exactly replete with reason and rectitude.

Geir Haarde is Convicted

As it turned out, he was cleared of the three most serious charges and spared significant punishment. But he was found guilty on one count – failing to keep his cabinet fully informed during the 2008 financial crisis – and he was obliged to endure criminal proceedings against him. This makes Iceland’s former Prime Minister, Geir Haarde, the only head of state whose head rolled because of misdoing during the recent economic meltdown.

            Because Iceland’s fiscal balloon had grown all out of proportion to its small size, when it burst it was traumatic. The country’s three major banks collapsed in a period of a week. Nevertheless it’s worth pointing out that only this one small state followed its outrage against the authorities by actually doing something about it. 

            The U.S. has been, to put it politely, slow to prosecute or even pursue those who might be held accountable for what everyone agrees was, is, the most serious financial crisis since the Great Depression. Icelanders, in contrast, channeled their anger, chasing down not only public officials, but corporate ones as well. The country’s collective outrage was ultimately directed into the legal system, which has now been marshaled against an array of protagonists, including among others the top executives of all of Iceland’s leading banks. Before this drama comes to an end, it’s possible that fully 90 people might be implicated to the point of being indicted.    

            I cannot say whether the charges being leveled in Iceland are justified, or whether those being indicted will ultimately be found guilty. What I can say is that at least one western country is trying its level and legal best to hold those who were in charge during the financial fiasco responsible.

Leadership: Essential Selections on Power, Authority, and Influence

Leadership: Essential Selections on Power, Authority, and Influence consists of the leadership classics as the word “classic” has come to be used. Every selection is about leadership, or is, of itself, an act of leadership. Every selection has literary value, not always, necessarily, aesthetic

Authors in value, but always, necessarily, value in language as leadership. Every selection is seminal: it changed forever what we thought and, or what we did. And every selection is universal – to be appreciated anywhere by any one, so long as they have an interest in leadership.

Each selection is preceded by an introduction, and each is succeeded by commentary and analysis, provided by the editor, Barbara Kellerman.mer, Elizabeth I, Truth and Lincoln, Lenin, Gandhi, Churchill, Mandela, and Havel.

To read this book is to become – leadership literate. Buy this book.

Followership: How Followers Are Creating Change and Changing Leaders

There is no leader without at least one follower – that’s obvious. But this groundbreaking volume is the first to provide a sweeping view of followers both in their own right – and in relation to their leaders. It deliberately departs from the leader-centric approach that has for too long dominated our thinking about leadership and management.

Followership enables us to see how people with relatively fewer sources of power, authority, and influence matter. They matter when they do something – and they matter even when they do little or nothing. In these rapidly changing times, and as Kellerman makes crystal clear, to fixate on leaders at the expense of followers is to do so at our peril. The latter are every bit as important as the former – which makes this book required reading for superiors and subordinates alike. Buy this book.

Women & Leadership: The State of Play and Strategies for Change

Despite recent progress, women seeking leadership positions face persistent and pervasive barriers. These include gender bias in leadership opportunities, gender inequalities in family responsibilities, inflexibilities in workplace structures, and inadequacies in social polices.

Women and Leadership brings together in one comprehensive volume preeminent scholars from a range of disciplines to address the challenges involving women and leadership. These experts explore when and how women exercise power and what stands in their way. This groundbreaking volume offers readers an informed analysis of the state of women and leadership.

“This book provides the most comprehensive account to date of women’s persistent underrepresentation in leadership roles, why it matters, and what can be done to change it.” —From the Foreword by Justice Sandra Day O’Connor (Ret.)

Buy this book.

Bad Leadership: What It Is, How It Happens, Why It Matters

Bad Leadership argues that it’s time to embrace a more honest, holistic view of leadership that acknowledges the dark side of human nature and its impact on leaders and followers alike. In a provocative departure from conventional thinking, Barbara Kellerman contends that bad leadership is not an aberration, but a ubiquitous and insidious part of everyday life that must be carefully examined and better understood.

Caring and counterintuitive, Bad Leadership underscores that leadership is a shared responsibility no one can ignore. By forcing us to examine, and thereby to understand, leadership’s dark side, Kellerman illuminates the ways that all of us can become better leaders and followers. Buy this book.

Reinventing Leadership

In a striking departure from past practices, Barbara Kellerman explores the fact that although we persist in viewing political and business leadership separately, the similarities between them far outweigh the differences. Kellerman claims that thinking of government and corporate leaders as a breed apart contributes to the dysfunctional gap between them, and she argues that in order to tackle those political, economic, and social problems that are the most intractable, political and business leaders will have no choice but to work together.

Leadership and Negotiation in the Middle East

A pioneering contribution to the study of negotiation theory, this volume takes as its central organizing principle the thesis that national leaders are generally the key actors in international politics and conflict management. Therefore, the editors argue, efforts to contain, manage, and reduce international conflicts through negotiation will be significantly enhanced through the availability of detailed information about the leading players. The papers collected here are deigned to evaluate this hypothesis through a detailed analysis of the major national leaders during the events of June-September 1982 in Lebanon, which began with the Israeli invasion of Lebanon and culminated in the establishment of an international peace-keeping force in West Beirut.