High Performance Cultures for Family-Controlled Companies
Transcript of High Performance Cultures for Family-Controlled Companies
High Performance Cultures for Family-Controlled
Companies
PART ONE
NACD Board Leadership Conference 2011
Presenters
Allen BettisPresident, The Legacy Associates,
LLC
William J. PesceCEO (Ret.) and Director, John Wiley & Sons, Inc.
Peter Booth WileyChairman, John Wiley & Sons, Inc.
Why the Wiley Story Matters Outstanding company results over last 20 years
Achieved powerful, performance-focused collaboration Board – Management – Owning Family
Demonstrate how family-controlled, professionally led companies can develop superior and sustainable advantages
What ‘High Performance Culture’ Means
Guided by vision and mission – ‘walk the talk’
Responsibility, accountability and alignment
The Wiley Partnership
Recruit, retain and develop talent
Industry Transformers
Andy Washnik/Wiley Archives
What is Wiley? Family company since 1807, public since 1962 Forbes Best Company, Best Place to Work Global publishing – academic, research and
professional markets 5500 colleagues, $1.7B sales (FY2011) Published works of 450 Nobel laureates,1500
professional journals, partnerships with 750 academic, research and professional societies
Performance Results Last Ten Years
It wasn’t always this way…
1980’s•Largest business (textbooks) losing
ground•Management team redefined strategy•Experimentation with new technologies:
the Bleeding Edge•Managerial and governance weaknesses•Family confused about its role in both
Getting Focused
Why we are in business…vision and mission
The Wiley Vision
John Wiley & Sons, Inc., aspires to be a valued and respected provider of products and services that contribute to advances in knowledge and understanding around the world, a role essential to progress in a healthy and prosperous society.
While fulfilling this role, we strive to build lasting, collaborative relationships with all our stakeholders. We are dedicated to sustaining Wiley’s performance-driven culture, which requires our unwavering commitment to the highest standard of ethical behavior and integrity in everything we do.
Wiley’s Mission
Wiley’s mission is to be a global information and education company providing content and services to professionals, researchers, educators, students, lifelong learners, and consumers worldwide. Wiley is dedicated to serving our customers’ needs while generating attractive intellectual and financial rewards for all our stakeholders — authors, customers, clients, colleagues, and shareholders.
Chairman and CEO
Board Family
Management
Performance Culture
Making the Culture Contagious
What Works in Boardroom Role of independent directors
Candid, open culture vs. the imperial chair
Strengthen board’s strategic engagement
Engaging the board on a higher level – e.g., evaluating our biggest acquisition
Board evaluation, including individual performance evaluations
Board Climate No “gotcha” questions from directors
Tone matters – so management not on defensive
Expect constructively critical comment
Every member is in life-long learning
Actively model to make this climate contagious in management and family forums
Cultivating Alignment
Building open relationships between family owners, independent directors and senior managers
Relationships with colleagues
DISCUSSION