“I’m a firm believer that when you have this job you have the privilege and responsibility of influence – influence to every constituent, to your associates, to your community, influence to your consumer. And that influence can be translated into passion in the work. It gets you through all the tough parts of the job – the extraordinary ability to change women’s lives through the work,” said Andrea Jung, Chairman and CEO of Avon Products Inc. during her luncheon keynote dialogue with Ilene Lang, President of Catalyst at the recent Catalyst Awards Conference on March 30th.
When asked of how she felt about the purported dwindling number of young women going for MBAs because the perceived lack of social utility in business, Jung responded, “It’s killing me that the CEO role is being perceived as it is at this moment. [The job has] got huge responsibility and privilege but these are critically important jobs for the continued growth of America and the world. So I’m proud to be a CEO. I’m proud–I think we can make a difference. It’s not just my company but all of our companies can make a difference in the community and in this country which needs it.”
And if anyone can do it, Andrea Jung at the helm of Avon can. CEO of AVON since 1999 and Chairman since 2001, Jung holds the title as the longest-tenured CEO of the 15 women currently serving as CEOs in the Fortune 500, an interesting point in light of the fact that it is never a position she went into business with the intention to reach. “I never…set out to be CEO. I think you have to want to be in a role where you can make a difference. For me I realized…that I wanted to be a leader and make a difference in the future of the company and that really was the important thing for me.”
It was that perspective that allowed her to stay on at Avon when she was first passed over for the CEO role in 1997. With all the media hype around it–a New York Times article called extra attention to it as yet another example of a woman being passed over for promotion to C-suite–Jung began to get offers from many outside companies to become CEO. She was torn as to whether to stay with Avon and possibly never become a CEO or to leave to take advantage of the various advancement opportunities.
“Ann Moore, CEO of Time and my mentor for many years…said something that changed my life. She said, ‘Follow your compass, not your clock. Make this decision from your heart, not your head.’…And I made a decision… I felt that it was a tough moment for the company and that the company needed me…It really was a moment [where I thought] I can add value in the role as [number 2]. And I decided in that moment even if it meant [never] being CEO that I would do that because I love the company. It was the best decision I ever made.”She ended up getting promoted to CEO 18 months later but she says she wouldn’t have regretted the decision even if that hadn’t happened. “You really learn that….you have to have a passion for the company – a deep love affair for the work you do or it doesn’t matter what will happen.”
For the first five years of her tenure as CEO, Avon saw, in Jung’s words, “5 years of major double digit earnings.” And then, in 2005, “they hit the wall” and Jung was faced with a potential crisis of confidence. “We had missed earnings guidance twice – the pressure was on. Ram Charan came into my office late one Friday night…and said, ‘Look, they love you. Everyone wants you to win but if you can’t fire yourself [on Friday]…and come back in on Monday morning as if [you were just] put in the job to do a turnaround and do all the objective things that somebody with fresh eyes can…If you can’t do that, this is going to be a tough haul.”
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Financial Women’s Association: Emerging Leaders Networking Evening
NewsPlease join us for happy hour in Union Square to meet, mingle, and learn about the benefits of joining the FWA. Emerging financial professionals from the tri-state area’s premier companies will convene to get information on the outstanding networking opportunities, international trips, mentoring, career connections, professional development, philanthropy, leadership training, cultural events and health/lifestyle coaching that you can participate in as a member of the FWA. Complimentary cocktails and hors d’oeuvres will be served. Reserve early — this is an event you won’t want to miss!! Register here
Association of Women in Finance’s Women on Boards
NewsResearch shows that Boards with women members significantly out perform all-male boards in areas of key governance. Despite this knowledge, not all companies have put this into action. On April 14th, the Association of Women in Finance will host an interactive panel discussion with women who have sat on boards of a wide range of companies and who have enjoyed many successes in the board room and in their careers.
Hear about their experiences and what it takes to succeed in the boardroom. Our panelists are business leaders who have the experience serving on for-profit and not-for-profit boards:
Patrice Pratt – Vancity
Janice Comeau – Legal Services Society
Betty Harrison – BC Ferries
Tracey McVicar – BC Hydro
Wanda Costuros – BC Hydro
As we must confirm attendance with the hotel, please RSVP to 604-662-4401 before noon on Thursday, April 9, 2009. Please indicate whether you are a member and whether you will be bringing a guest. Cancellations received after 12:00 noon on Thursday, April 9, 2009 will be invoiced.
Women in Leadership Event with FERC Commissioner Suedeen Kelly
NewsPlease join us April 14 for our second Women in Leadership event featuring FERC Commissioner Suedeen Kelly.
Ms. Kelly has been a commissioner at FERC since December, 2003 and is experienced in both the public and private sectors. She had been involved in shaping wholesale electricity, hydro and natural gas policy for a good part of her career and was instrumental in the creation of FERC’s recently formed Energy Innovation Sector, an office within FERC charged to implement, promote and manage the Commission’s activities with regard to demand response, energy efficiency, distributed generation, renewable energy issues, greenhouse gas emissions policies, and advanced technologies relevant to grid and wholesale markets.
This event is open to active WCEE members only.
Work-Life Balance in the Financial Services Industry
Work-LifeAlyssa Moeder, an advisor with Merrill Lynch’s Private Wealth Management division, is busier than usual these days. In addition to the challenges wrought by the global financial crisis, she lost her business partner of 14 years, Ed Spector to cancer earlier this year.
“Losing Ed was devastating both personally and professionally, He was a close friend and an integral part of our business. During normal market conditions it would have been difficult to run the business without him but the current market environment has made it even more challenging. But I consider myself fortunate to be surrounded by so many incredible people both at work and at home. I have a top notch team of professionals that work with me and everybody at the firm has offered to step up and help. And my husband and children understand that, for the unforeseeable future, I am going to need to work more hours.”
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Dining Out: Japan Takes its Appetite for M&A Overseas
NewsRecently, the mention of Japanese M&A activity conjured up images of Steel Partners, Ripplewood and Cerberus feeding on undervalued Japanese assets, often to the consternation of the target firm’s directors. Thanks to the credit crisis, the tables have turned swiftly and dramatically. A strong yen and limited access to capital now deter would-be U.S. and European buyers from targeting Japanese firms, and depressed foreign share values have cleared the way for cash-rich Japanese firms to make major strategic and opportunistic acquisitions. While domestic and out-in M&A figures involving Japan are down, in-out M&As have hit record volumes, notably in the healthcare and financial sectors. Our experts examine the current trend and future outlook for Japanese M&A, and contrast present activity with previous ill-fated real estate and technology buying sprees in the 1980s and ’90s.
Panelists:
Michael Braun, Partner, Morrison & Foerster LLP
Richard S. Kelly Jr., Senior Managing Director, The Bridgeford Group, Inc.
Nobuhiko Masuto, Managing Director, GCA Savvian Advisors, LLCModerator:
Herbert Lash, Global Markets Correspondent, Reuters Register here
The UK’s best companies revealed
NewsThe Sunday Times has once again produced a list of the best companies to work for in the UK, and this year the competition was fiercer than ever. Over 200,000 employees were interviewed in a bid to find the best big and small companies from all sectors.
Topping the Best 100 Companies list was Beaverbrooks, a jewellery firm with sales of £82m where 84% of the staff are women.
Over 85% say they love to work for the company and 90% said it was run on strong principles. “I see Beaverbrooks as my future,” says one of their female employees in a short video released to support their win. “I don’t see myself going anywhere else now – they’re stuck with me!” It’s clear that the Beaverbrooks staff have clear leadership and direction, with 84% agreeing that the senior management team live the values of the organisation. “I’m now in what I would class as my dream job,” says another woman at the company.
The top legal company, and third on the overall list was Pannone LLP, a Manchester-based full service law firm with roots that can be traced back to 1852. The company has fewer than 800 staff members, and 67% of those are women, including over a third of their senior managers. The staff turnover at Pannone is a low 13%. As with many legal firms, there is sometimes the requirement to work long hours, but over 70% of staff feel they get enough time away from the office and the company’s approach to employee well-being was the best overall.
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Afternoon Seminar/Cocktail Reception: Regulatory Changes in the Current Environment
NewsImportant Changes Impacting the Regulatory Environment
-transparency
-third party independent administration· General SEC agenda
-New SEC chairman/Obama administration impact· Initiatives currently underway
-Hedge fund manager registration
-Hedge Fund Transparency Act
-Tax proposals
Panelists:
Benjamin Haskin, Partner, Willkie Farr & Gallagher LLP
William Mulligan Jr., Chairman & CEO, HedgeOp Compliance
James Lanshe, Chairman & CEO, MadisonGrey
Gregg Levin, Senior Counsel, Motley Rice LLC
Register here
Voice of Experience: Andrea Jung, Chairman and CEO, Avon Products Inc.
Voices of ExperienceWhen asked of how she felt about the purported dwindling number of young women going for MBAs because the perceived lack of social utility in business, Jung responded, “It’s killing me that the CEO role is being perceived as it is at this moment. [The job has] got huge responsibility and privilege but these are critically important jobs for the continued growth of America and the world. So I’m proud to be a CEO. I’m proud–I think we can make a difference. It’s not just my company but all of our companies can make a difference in the community and in this country which needs it.”
And if anyone can do it, Andrea Jung at the helm of Avon can. CEO of AVON since 1999 and Chairman since 2001, Jung holds the title as the longest-tenured CEO of the 15 women currently serving as CEOs in the Fortune 500, an interesting point in light of the fact that it is never a position she went into business with the intention to reach. “I never…set out to be CEO. I think you have to want to be in a role where you can make a difference. For me I realized…that I wanted to be a leader and make a difference in the future of the company and that really was the important thing for me.”
It was that perspective that allowed her to stay on at Avon when she was first passed over for the CEO role in 1997. With all the media hype around it–a New York Times article called extra attention to it as yet another example of a woman being passed over for promotion to C-suite–Jung began to get offers from many outside companies to become CEO. She was torn as to whether to stay with Avon and possibly never become a CEO or to leave to take advantage of the various advancement opportunities.
“Ann Moore, CEO of Time and my mentor for many years…said something that changed my life. She said, ‘Follow your compass, not your clock. Make this decision from your heart, not your head.’…And I made a decision… I felt that it was a tough moment for the company and that the company needed me…It really was a moment [where I thought] I can add value in the role as [number 2]. And I decided in that moment even if it meant [never] being CEO that I would do that because I love the company. It was the best decision I ever made.”She ended up getting promoted to CEO 18 months later but she says she wouldn’t have regretted the decision even if that hadn’t happened. “You really learn that….you have to have a passion for the company – a deep love affair for the work you do or it doesn’t matter what will happen.”
For the first five years of her tenure as CEO, Avon saw, in Jung’s words, “5 years of major double digit earnings.” And then, in 2005, “they hit the wall” and Jung was faced with a potential crisis of confidence. “We had missed earnings guidance twice – the pressure was on. Ram Charan came into my office late one Friday night…and said, ‘Look, they love you. Everyone wants you to win but if you can’t fire yourself [on Friday]…and come back in on Monday morning as if [you were just] put in the job to do a turnaround and do all the objective things that somebody with fresh eyes can…If you can’t do that, this is going to be a tough haul.”
Read more
The Women’s Leadership Forum: Innovation Strategies for a Changing World
NewsThe future is built one innovation at a time, one leader at a time. The Women’s Leadership Forum at HBS Executive Education is designed to enable this future by bringing together an elite group of successful businesswomen to nurture innovation and enhance leadership skills. In this program, you will acquire new strategies for creating environments that foster and sustain innovation. Returning to your organization, you will be prepared to inspire your colleagues, act with confidence, and lead with lasting impact.
What You Can Expect:
Joining an exceptional group of women, you will explore the latest management theories on the ties between innovation and leadership. You will learn how to develop new solutions to the challenges surrounding innovation, while crafting a winning leadership style that works for you.
Your Course of Study:
Through an intensive program that combines lectures, case studies, and group discussion, you will analyze management and leadership challenges and explore topics such as negotiation, the strategic impact of innovation, and moral leadership. Exercises will prompt you to evaluate and enhance your leadership approach while building new skills.
Who Is Right for the Program:
This leadership development program assembles a diverse group of successful women business leaders from around the world, including corporate officers, business owners and entrepreneurs, and nonprofit executives.
Apply online or download an application here
In Case You Missed It: News Round-up
NewsIn case you were too busy to have kept up with all the news, contributor Martin Mitchell has gathered some important market events from last week to help you start this week well informed:
Mergers and Acquisitions
The expected deal for Barclays to sell its ETF business, iShares to private equity firm CVC Capital Partners was completed. The $4.2bn deal is the UK’s biggest private equity deal for almost 2 years. Barclays is providing a $3.1bn loan to CVC to facilitate the deal. The agreement is also subject to a ‘go shop’ provision that would allow another bidder to make a higher offer for iShares in the next 45 days if Barclays pays CVC a $175m break fee.
Rio Tinto, the Anglo-Australian miner has a back-up plan for its deal with Chinese mining group Chinalco. The deal that involves Rio raising $19,5bn by issuing $12.3bn of convertible bonds, plus a $7.2bn asset sale to Chinalco is facing threats from Australian regulators and some shareholders. The back-up is a rights issue of about $10bn, with plans already drawn up with underwriters JPMorgan Cazenove and Credit Suisse.
Innocent, the smoothie drinks group is selling a minority stake to Coca Cola for £30m. The money will be used to fund European expansion.
Microsoft and Yahoo have restarted talks about forging an internet partnership that will provide a credible challenge to the increasing influence of Google. Talks are at ‘a very early stage.’
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