Dennis Carey Info.

In his book, ‘How to Run a Company: Lessons from Top Leaders of the CEO Academy,’ Dennis Carey discusses the role top executives have in a public company:  “Despite the apparent public hostility to corporate executives, their role in a public company – particularly the role of the chief executive officer – has remained poorly understood.  Indeed, one of the paradoxes of business press coverage of corporations is that while the personalities and wealth of CEOs have been exhaustively documented, there has been scant attention to what a CEO actually does.  True, much has been written on the “leadership qualities” or “management styles” of corporate executives.  But this literate is very different from a description of the day-to-day demands of a CEO: how he develops strategy, how he motivates employees, how he works with board members, how he deals with the investor community.”

In his book, ‘CEO Succession: A Window on How Boards Can Get it Right When Choosing a New Chief Executive Officer,’ together with his co-author Dayton Ogden, Dennis Carey takes his experience from “personal interviews and behind-the-scenes work with CEOs and directors of some of the leading companies in the world to articulate the field-tested strategies and techniques boards need to create a systematic and transparent planning process that promotes a seamless transition of leadership at every level in the organization.  With an up-close look at such companies as Metropolitan Life, Hewlett Packard, Mellon Bank and GTE, CEO Succession shows how to put in place the key elements essential in the succession-planning process: establish and sustain a reliable succession agenda and timetable; implement a self-renewing succession culture that develops leaders at all levels of management; create a healthy relationship between the board and CEO that keeps the CEO on track; and benchmark internal candidates for CEO and other top posts with comparable outside leaders.”

CEOs Lash Out at WorldCom first appeared in CNN Money by Kathleen Hays

“Last fall, when I covered my first “CEO Academy” here in New York, the scandal at Enron had just started to break.
Most of the attendees at this one-day “finishing school” for new CEOs were reluctant to talk about it on camera. Too hot to handle.
Six months later it’s a different story. WorldCom hit corporate America like a punch in the stomach. Just when people were hoping the “bad apples” had been ferreted out, along comes what appears to be the biggest corporate fraud in history. And the people here are sounding a bit furious about what many are calling “WorldCon.”

The opinions of this group mean something. The academy is the brainchild of Dennis Carey and the G-100 Group, formerly known as the M&A Group. The faculty includes Jeff Immelt of GE, Raymond Gilmartin of Merck, and Bill Stravopolous of Dow Chemical.

“Somebody’s got to go to jail,” said M. Bruce Nelson, chairman and CEO of Office Depot, and one of the academy’s 16 students. “But the abuses are just too much and they hurt credibility at the entire community.”

Kevin Sharer, chairman and CEO of biotech heavyweight Amgen and Academy “professor,” seemed aghast at the news.
“Ten years ago I worked at MCI [part of WorldCom], so my first reaction was personal,” Sharer said. “I have friends there whose entire savings have been wiped out. I was also sickened and unhappy as a CEO — it is just unconscionable.”

How did it happen? What broke down? Sharer said, “The drive for earnings certainly had to be a part of it.” And he said he’s confident the new CEO, John Sidgemore, with whom he worked years ago at GE, will “figure it out.”

“I asked corporate governance expert Ira Millstein, one of the instructors at the Academy and senior partner at Weil, Gatshal & Manges, about the directors at these companies, whom many believe should have done more to stop the abuses.

Millstein said boards have to start doing their jobs, monitoring management, and watching compensation to see if it “incentivizes cheating or incentivizes performance.”
This is tough for members of the boards of directors, Millstein said. “You have to be willing, when it is necessary, to go head on with management and to say, ‘No, we are not going to compensate this way,’ or, ‘You’re not performing well, you won’t get the bonus,’ or, ‘You ought to be replaced,’” he said. “These are the tough jobs that boards are going to have to pay a lot more attention to.”

Kathleen Hays co-anchors Money Markets, airing Monday to Friday on CNN, and appears throughout the day reporting on the economy and how it affects financial markets. As part of CNN’s Business News team, she is also a regular contributor to Lou Dobbs Moneyline.
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