Hi Everyone,
As a follow up to our November 10th meeting, we would like to thank Kurt Brungardt, of MSD Capital for hosting our East Coast CIO Forum event and for providing us with the best board room view of Manhattan! Special thanks to Stu Stakoff, SVP, COO Prime Services at Barclays, (formally Lehman’s), for taking time off to join us at the meeting. This was a unique event, with candid discussions on all fronts. This was a meeting driven by all those who attended, and gave each person the opportunity to discuss what was most critical to them during the current market crisis.
While discussing our respective priorities, we listened closely to our peers, many who are in the midst of mergers and acquisitions, others who are still in startup mode. We discussed the current challenges of positioning business for growth, while survival continues to be the key factor. Most importantly, we had heart to heart discussions in addressing the human aspects of the financial crisis. Making those hard decisions that affect people’s lives. Making those decisions that are right for the business. Maintaining the sense of balance between responsibilities to our company and to the people we have brought in. We shared tips on survival and on doing what’s right. We spoke from the heart, and understood each other, better than ever before.
Some thoughts from the meeting included the following:
- Our situation is different than a normal “crisis management” event. We are in the midst of a fundamental change in our industry with an undetermined length. While, now is not the time to start coming up with elaborate new architectures we’ve got to figure out how to ensure that we don’t miss the upturn when it comes.
- Communication with your staff – regardless of whether you know anything or not – is key to having loyal, effective teams in both good times and bad.
- Just “getting together” should never be underestimated.
- Referring to your staff as “junior” and/or “senior” does not foster a culture of meritocracy.
- It’s just business – don’t take it personally. Focus on what you can control, and let go of those things you can’t.
- Everything is up for review – there is no religion – are we working on the right things to make the business successful (or allow it to survive)?
- Focus on service and stability is critical.
- Proactive cost management is a way to show management that you ‘get it’. Use the money you save to support your other business critical initiatives.
- Be the role model, take responsibility and put a smile on your face. (e.g. the mirror philosophy)
- Demand change on the status quo, be that change agent.
- This is the most important time ever to forge forward as leaders and lead by example!
- “Be” the leaders that you are! Get up and LEAD!
- Forget about worry and depression, anyone can get hit by a bus.
- Keep a sense of humor.
- Keep the glass “half full” at all times!
- Learn to give and not just to take.
- Learn to listen.
- Turn complaints into ideas.
- Turn ideas into action.
- Say ‘yes’ when you can, say ‘no” when you have to.
- Decide what’s right….and do it.
- Believe in yourself!
- Always have a plan B.
- Keep an up to date resume and passport!
Special thanks to each and every one of you for joining us at the meeting, and for being there for each other. The honesty, frankness, and down to earth practicality of our discussions was comforting and refreshing. This was an extraordinary evening, with a very extraordinary crowd.
See you at our next meeting in 2009!
-malka
Malka Treuhaft
Executive Director East Coast CIO Forum &
President
Truision Inc.
646.942.2625 (office)
917.589.1069 (mobile)
718.375.1529 (fax)
www.truision.com
