Out-Executing the Competition E-Book

Irving H. Rothman

• Herausgeber: John Wiley & Sons
• Kategorie: Fachliteratur
• Sprache: Englisch

Seitenzahl: 312

Veröffentlichungsjahr: 2012

Beschreibung

An inside look at what makes a successful financial services company Irv Rothman may not have considered a career in the financial services early on, but he ended up in leadership positions at AT&T, Compaq and, for over a decade, Hewlett-Packard. His consistent record of success and insider perspective make him the perfect guide to the art of building and growing a financial services company, and in Out-Executing the Competition he shares his remarkable story and years of experience, giving readers a glimpse into his numerous accomplishments and providing takeaways they can apply to their own companies, whatever the industry. An engaging and lively account of Rothman's career focusing on his work at financial services companies during some of the most economically challenging periods of the past thirty years, the book explores the methods and tactics he used to help his companies not only weather financial uncertainty, but to thrive. * Tells the story of financial services company expert Irv Rothman, in his own words * Includes invaluable insights into how to build a financial services company that can survive and thrive in even the toughest economic climate * Helps readers working at financial services companies and in other industries to construct solid businesses that can outperform their competition Part biography, part how-to guide, Out-Executing the Competition is the ultimate inside look at building a financial services company that's sure to succeed.

Leseprobe

Table of Contents

Cover

Title page

Copyright page

Epigraph

Preface

Chapter 1 Craziest Idea I’ve Ever Heard—Let’s Do It!

Chapter 2 Proud Son of Bayonne

Chapter 3 School Days, School Days . . . 

Chapter 4 Baghdad by the Bay

Chapter 5 The AT&T Rollercoaster

Chapter 6 It’s Got to Be about the Customer

Chapter 7 A Seat at the Head of the Table

Chapter 8 One Company, Worldwide

Chapter 9 Global Recessions: A Survivor’s Manual

Chapter 10 We’re Gonna Go for What’s Behind Door Number Three

Chapter 11 Around the World in 180 Days

Chapter 12 Getting Your Fingernails Dirty

Chapter 13 Transforming Your Business

Chapter 14 Communicating the Message

Chapter 15 Charisma Bypass? Leadership and the High-Performing Team

Chapter 16 To There, From Here

About the Author

Index

Copyright © 2012 by Irv Rothman. All rights reserved.

Published by John Wiley & Sons, Inc., Hoboken, New Jersey.

Published simultaneously in Canada.

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Library of Congress Cataloging-in-Publication Data

Rothman, Irv.

 Out-executing the competition : building and growing a financial services company in any economy / Irv Rothman. – 1

p. cm.

 Includes index.

ISBN 978-1-118-31261-2 (cloth); ISBN 978-1-118-40903-9 (ebk);

ISBN 978-1-118-40904-6 (ebk); ISBN 978-1-118-40905-3 (ebk)

 1. Rothman, Irv. 2. Investment advisors–United States–Biography. 3. Stockbrokers–United States–Biography. 4. Finance–United States. 5. Investments–United States. I. Title.

 HG4928.5.R685A3 2012

 332.1092–dc23

 [B]

2012014507

Gutsball   Noun: The ability to overcome apprehension or anxiety and rise to the occasion. 2. To feel free to take action while acknowledging potential consequences, but not fearing them.

Preface

It’s a question I hear all the time: How did you get here from there?

In my case, “here” is the chief executive’s office of Hewlett-Packard Financial Services, where for the past ten years I’ve been in charge of HP’s captive finance business. If it were a standalone entity, our company would rank among the Fortune 1,000. It’s a multibillion-dollar global operation that employs about 1,500 people worldwide, some of them working from our Berkeley Heights, New Jersey, headquarters. We have offices in more than 50 countries.

And “there”? Somewhat humble beginnings in the blue-collar neighborhoods of Bayonne, New Jersey, just west of New York City across the Hudson River. I was educated at Bayonne High School and Rutgers University before enlisting in the Army Reserves. I cut my teeth with a Wall Street brokerage house and then moved on to the equipment leasing industry, which has commanded my time, attention, and professional commitment for almost four decades.

It is, of course, a gross understatement to say that the business world is a far different place today from what it was in 1970, at the beginning of my career. Still, the basic principles of effective leadership remain consistent and unchanging. You have to be aware of what’s needed if you’re going to be able to cope and succeed. You’ve got to be open and adaptable, exhibit a continual curiosity, and be a willing learner. You’ve got to be flexible and alert to a society that is indeed changing—more diverse, less tied to tradition, but indisputably more connected in every conceivable way.

There are constants as well, and they are at least equally important. You must build a foundational set of principles—clearly defined operating philosophies that are your anchors as you address the rapidly changing circumstances of your world. Others must know what to expect from you—how you react under pressure and what you stand for. You need those around you to have trust and confidence that you’ll do the right thing, the first time and every time.

Sounds simple, right? It isn’t. People are always trying to figure out the elements of success—what works, what doesn’t, how you get through those personal and career battles that everyone has to fight. Executives have been known to succumb to ego and hubris. They can lose sight of their core values and forget what it was that made their leadership style successful. They can forfeit all or part of those essential characteristics that produced a unique and exciting vision.

Stories of how best to avoid pitfalls and keep your eye on the ball are never wasted reading. That’s why, although it is not intended to be an autobiography, this book features personal and professional vignettes from my life that have made me who I am today. I’d venture to say that, for any well-rounded, achievement-driven executive, the personal is at least as important as the professional. Discipline, focus, and dedication derive as much from our personal pursuits as from our activities in the corner office.

Here’s an example: During the past year, I added boxing to my workout routine. Twice a week now, I haul my butt out of bed at 5 A.M. and head to the gym. My trainer is there to greet me. I work on the speed bag and the heavy bag. I jump rope and do a few rounds in the ring, usually followed by a whole series of weird boxing fitness exercises. It is exhausting, exhilarating, expansive work—and somehow purifying. On days I’m not boxing, I’m lifting weights, also at an ungodly early hour and under the supervision of my long-time “tormentor,” Ivona.

It was my wife, Fraenzi, who introduced me to the boxing world, exposing me to things I had never considered before, things I realize now that I can’t live without (more on that later). That’s another characteristic of the successful executive: a willingness to adapt and absorb, even as you head toward the latter part of your career.

These chapters are about a kind of evolution—my own and that of the world of corporate America. They are about dealing with the challenges of social and corporate change by consistently adhering to a set of ideals. The stories in this book are intended to offer useful information for those with all sorts of life and work aspirations. You might even chuckle at a story or two. Who knows?

By the time my grandchildren (Leo, Max, Ben, Julia, and Alex) are old enough to read and (I hope) appreciate this, maybe technology will have made it possible for them simply to absorb these ideas in a Vulcan mind meld sort of way (hats off to Trekkies everywhere). It’s hard to imagine that there won’t be some more sophisticated, faster way than reading to get information.

Over the course of my life, I’ve been blessed with family, friends, and colleagues who’ve helped me reach my personal and professional goals. Those in my personal life who’ve made that part of the journey so especially rewarding are Fraenzi, the “Brash Basher from Basel”—who has taught me from a multicultural perspective how to enjoy and appreciate life—and my children, Allison and Harlan.

In my career, I’ve been especially fortunate to work with a core group of consummate professionals for more than 25 years—Gerri Gold, Dan McCarthy, Tom Adams, Rich Olson—and I’m grateful to all of them for their dedication, counsel, and service as role models during our years together at AT&T Capital, Compaq Financial Services, and now HPFS. They’ve made me a better leader and person. We’ve also had quite a few laughs along the way. My assistant, Kathleen Smerko, has been invaluable on a daily basis and in preparation of this book. Lastly, I would like to acknowledge the contributions of Scott Ladd, without whom this effort could not have been completed.

Since I dictated the opening thoughts of this project into a small tape recorder, I’ve wondered frequently: What do I have to offer current and future generations of business professionals? How can recollections from my career, my own particular brand of leadership and strategic philosophy, enrich their professional growth and understanding? What can I tell them that will assist them as they build and manage successful businesses?

I’m not Jack Welch or Bill Gates. I’m certainly not world-famous or even particularly well known outside the finance and leasing industry. I’ve learned my share of important lessons, though, so think of this as one guy’s reflections about how life choices and decisions—some of them unambiguous, others considerably less straightforward—took him eventually from Point A to Point Z.

I hope that these career lessons illustrate how a truly innovative, proactive business strategy, philosophy, and managerial approach are crafted, and how they lead to the achievement of objectives that, at the start, might seem distant and unattainable.

Irv RothmanJuly 2012

Chapter 1

Craziest Idea I’ve Ever Heard—Let’s Do It!

As a boy growing up in New Jersey, I never envisioned a career in finance leadership. No, I wanted to be a sports journalist. In fact, I wanted to be the next Mel Allen, the baseball broadcasting legend. Allen was a guy from Birmingham, Alabama, who, arguably, was the preeminent baseball announcer in the country. He was the voice on the other side of the radio wires as I listened to my beloved New York Yankees during the 1950s and 1960s.

I watched them play on television as well, of course, but in those days, well before cable sportscasts, we could see only the Yankees’ home games on Channel 11, WPIX, in New York. I’ll never forget Allen’s famous catchphrase—“Hello out there, ever’body!”—that began his broadcasts. Today, I often use this effusive greeting to open teleconference meetings.

I thought there was no better, more exciting way to make a living. My mother had other ideas: “That’s no job for a nice Jewish boy.” (Clearly, she had no clue about Mel Allen’s religious background; he was another nice Jewish boy.) At the time, although it was certainly disappointing to hear those words, somehow I knew she was right. I wouldn’t be the next Mel Allen.

Nevertheless, my career path has delivered me to the role I believe I was born to fulfill. I still love the Yankees, but that dream of being the voice and face of the Bronx Bombers is now a distant memory, however fond. My days as CFO of AT&T Capital Corp., then later as CEO of Compaq Financial Services—were in retrospect, natural progressions in a life I believe has been defined by a passionate, driven desire to succeed and leave my mark on the American corporate landscape.