subject: 5 Lessons Every Leader Should Take Away From the Citigroup Debacle [print this page] With Citgroup shares below 13 yr lows, is their leadership strong enough to pull them out of the mess caused by bad consumer debt, and over leveraged investments? Investors are getting increasingly nervous at the inexperience of well respected CEO Virkram Pandit, and Citigroups boards lack of leadership skills are becoming blatantly obvious in these troubled times.. A recent article in The Economic Times exposes Pandits Lack of experience stating that most analysts doubt that solely, his banking experience would be enough to lead Citi back to health. ``You need somebody who has done workouts; somebody's who's dealt with a troubled institution. Ultimately, you might have to break it up anyway,'' said Christopher Whalen, managing director of Institutional Risk Analytics. Perhaps youve never been called upon to lead in a situation as fraught with potential peril as Citigroup is now facing, but business leaders face major crises all the time: a scandal involving senior management, fall-out from an economic downturn, product malfunction and recall, or the loss of a key employee. Leadership under extreme conditions, like those Citigroup is encountering with Virkram Pandit, requires key principles that will guide you, your team, and your mission to success. Lesson #1: Prepare for the unknown: A leader needs to anticipate potential problems as part of preparation. Lesson #2: Conquer communication barriers: Get to know the members of your team well and understand what their particular communication strengths and weaknesses are, particularly in times of crisis. Lesson #3: Be alert for non-verbal communication: A good leader will pick up on cues to potential problems and misunderstandings before they occur. Lesson #4: Ask for help: A leader must demonstrate an immediate understanding of the problem. You cant be wishy-washy, even if, at the moment, you dont have a clue whats going wrong. You need to show that youre in control, demonstrating self-assurance. Your people will follow confidence. Lesson #5: Earn real experience: Business leaders obviously need maturity and experience at making difficult real-time decisions. You must have complete confidence in your ability to make critical judgments and to take action in tough situations, and the only way to acquire that is to be exposed and gain experience. How do you turn critical circumstances around? Do you thrive or shrink in the face of disaster? source:http://www.myarticlearchive.com/articles/5/085.htm, http://economictimes.indiatimes.com/News/News-By-Company/Corporate-Trends/Is-Vikram-Pandit-led-Citi-looking-at-new-leadership/articleshow/3711563.cms
5 Lessons Every Leader Should Take Away From the Citigroup Debacle
