Monday, November 5, 2007
As both Merrill Lynch and Citigroup are looking for new leaders, the question is why there appears to be such a shortage of talent at the top? Isn't it the responsibility of the board to do some succession planning in advance of the crisis? A frequently expressed view is that the push to maximize profits at the big banks, and the speedy exit of anyone who fails to perform, weeds out some executives who might be deserving of a second chance. Another is the combination of skills necessary to do the job -- the charm and sophistication necessary for the public face of a major international firm, combined with the ruthlessness and nerdiness of the finance pro. Meanwhile, Charles Prince will walk away with $105.2 million in cash and stock, in addition to the $53.1 million he collected in pay in the last four years. WSJ, Perform-or-Die Culture Leaves Thin Talent Pool For Top Wall Street Jobs.