Now, however, he [the senior financial executive] satisfies the status needs of his subordinates in a different manner. He sends out a printed form which reads: “I have asked [Messrs Smith, Jones, and Robinson] to meet with me [Wednesday at 3] in [the fourth floor conference room] to discuss budget. Please come if you think that you need the information or want to take part in the discussion. But you will in any event receive right away a full summary of the discussion and of any decisions reached, together with a request for your comments.” Where formerly a dozen people came and stayed all afternoon, three men and a secretary to take the notes now get the matter over with within an hour or so. And no one feels left out.’

Many executives know all about these unproductive and unnecessary time demands; yet they are afraid to prune them. They are afraid to cut out something important by mistake. But this mistake, if made, can be speedily corrected. If one prunes too harshly, one usually finds out fast enough.

Pressler felt many pressures, both from within the company and externally, to make changes fast, to be decisive, and to set bold visions. But he recognized that these were seductive traps. He did not allow himself to be portrayed as a savior, he most certainly did not attempt to be a know-it-all, and he made sure to keep open to the torrent of data and information that flows into any leader when they start a new role. He remains steadfast to his agenda of listening and learning, working with his management team, spending time on the sales floor and in the stockrooms at various company stores, and describing the discoveries, thoughts, and ideas to the management team and the company’s employees at large.

At 3M Jim McNerney inherited a team that had overseen the slump in the business that had led to the company’s hiring the first outside CEO in its history. Many people assumed that McNerney would bring in a group of people from GE, where he had most recently been CEO of the aircraft engines unit. He surprised them all by deciding to play the game with the hand he was dealt. In interview after interview, he reiterated the same message: “I’m trying to reset the performance standards here,” he said. “I think the story of 3M is rejuvenation of a talented group of people rather than replacement of a mediocre group of people. This is taking a good company and making it better.

Lucent’s Schacht offers sound advice for the new CEO in a crisis:

“If I were a new CEO coming into a new company at a tough time. I’d have a deal with the board. I would tell them, ‘I’m going to keep you informed every step of the way. But you’re not my most important problem right now. You’re asked me to come in and you’ve given me a good briefing and I thank you; now please give me a little room. I’ll be back with a status report in two or three weeks, and if something else comes up, we’ll be on the phone together. But right now my most important constituent is the internal folks and our customers.

Now, however, he [the senior financial executive] satisfies the status needs of his subordinates in a different manner. He sends out a printed form which reads: “I have asked [Messrs Smith, Jones, and Robinson] to meet with me [Wednesday at 3] in [the fourth floor conference room] to discuss budget. Please come if you think that you need the information or want to take part in the discussion. But you will in any event receive right away a full summary of the discussion and of any decisions reached, together with a request for your comments.” Where formerly a dozen people came and stayed all afternoon, three men and a secretary to take the notes now get the matter over with within an hour or so. And no one feels left out.’

Many executives know all about these unproductive and unnecessary time demands; yet they are afraid to prune them. They are afraid to cut out something important by mistake. But this mistake, if made, can be speedily corrected. If one prunes too harshly, one usually finds out fast enough.