Jim Murren, chairman and CEO of MGM Resorts International, explains the strategic steps that helped the company survive and restructure over the past decade. These include creating one company with a single culture, integrating a sense of social responsibility into the business model, and making MGM an entertainment and tourist destination, not just a casino operator.
Leaders need to be prepared to act and defend the values of their company, writes Alaina Love, who shares a story of when she had to present allegations of sexual harassment to a division president. The company had set public values of respect and accountability, which Love leveraged to persuade the president to act rather than dismiss or hide the allegations.
MetLife has requested that the US Court of Appeals for the District of Columbia Circuit delay its ruling on the government's appeal on the insurer's designation as a systemically important financial institution. President Donald Trump has ordered a review of the Financial Stability Oversight Council's designation process, and that could have bearing on the government's position on the case, MetLife says.
The Federal Reserve and the Federal Deposit Insurance Corp. have approved Wells Fargo's plan for resolution in a bankruptcy without a taxpayer bailout. Under the Dodd-Frank Act, the bank's ability to create international units or acquire nonbank subsidiaries is contingent on successful development of a living will.
Entrepreneurs have a great sense of ownership and commitment, but being unwilling to let go means they'll stew over failure and miss opportunities for success, says Leila Janah, founder and CEO of Samasource and LXMI. Entrepreneurs succeed by "realizing that the successes are the product of other people coming in and infusing their own life into ideas," she says.
Having courage is what separates great CEOs from the pack, Bill George argues, sharing examples of bold and brave decisions by Ford's Alan Mullaly and PepsiCo's Indra Nooyi, as well as a time he failed to take the proper risk. "There are literally thousands of competent managers who can run organizations efficiently using pre-determined operating plans, but few with the courage to transform entire enterprises," George writes.
Disagreement is natural, and it's up to executives to manage their emotions, ask questions and even disagree while maintaining mutual respect, John Mattone writes. "It's the difference between saying, 'You don't know what you're doing,' and 'I like what you did here, but it's important that we consider these points too.' "
Andy Jassy, CEO of Amazon Web Services, says the key to Amazon's success is its willingness to say "yes," even if that means cannibalizing an existing business or focusing on the long-term over the immediate future. Amazon has "people at every level of the organization spending their free cycles thinking of new ideas," Jassy says.
The formula for a genius is complicated and still unknown, but it appears to involve a combination of exemplary abilities in intellect, creativity, a cultured environment and powers of perception, writes Claudia Kalb. Also important is sheer hard work and persistence, as most attempts are not successful or rewarded, even with legends such as Thomas Edison.
Though Americans' personal financial well-being remains high, rising interest rates may be beginning to wear on them, according to first-quarter results of the Personal Financial Satisfaction Index (PFSi), which show a 1.6-point decline from the previous quarter.
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