Know-How by Ram Charan

Author:Ram Charan
Language: eng
Format: epub, pdf
Publisher: Cornerstone Digital
Published: 2008-12-01T14:00:00+00:00

THE POWER TO SHAPE DESTINIES

While you have to be sure that leaders meet the non-negotiable criteria, you can't focus only on the requirements of the job and lose sight of developing people. You have to actively search for and maybe even create jobs to stretch people and be willing to make creative moves that may seem risky but that can have a big payoff. Richard Carrion, CEO of Banco Popular, does this routinely. When he hired Carlos Vázquez, he put him in charge of risk management, a very unpopular staff job because you're the thorn in everybody's side. Vázquez was very successful in the job, but Carrion thought he could do more. To broaden his skills, Carrion moved Vázquez to a line job, where he would go from leading a handful of people to one with full P&L responsibility leading hundreds of people. Vázquez performed well in the new job, and the experience as a line manager prepared him for a wider range of options. In another case, Carrion switched David Chafey, now the head of the Puerto Rican bank, from the finance side of the business to the retail side. Chafey had come up through the banking side of the business, went to work for an investment bank, and returned as CFO. He was, in Carrion's words, "very much in the CFO mold." Knowing that Chafey had ambition, and believing that he would be a better leader if he had a broader view of the business and also that he would make the transition well, Carrion moved him into a job as head of retail systems. Carrión also saw in Roberto Herencia the same type of leadership ability. He cleared the path for him to flower by putting him in charge of Banco Popular North America, ensuring that he would run it without interference. Carrion explains the general approach: "Whenever we identify someone we want to nurture by putting him or her in a line job, we look for the first opportunity that comes up, and we put that person's name on the list, along with maybe the names of two or three others."

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