WHAT makes a great chief executive officer (CEO)?
In my many years as a business journalist, I have met numerous CEOs of major companies here and abroad, and those in the public sector, who could be considered outstanding.
These CEOs have ranged from the smartest to the what’s-the-point variety; from the most articulate and smooth-talkers, to the quiet workers; from the laugh-out-loud types to the most humorless; from the kindest and most pleasant, to the most arrogant braggarts. Not all of them were successful in terms of company profitability, and it was noticeable that being a workaholic didn’t make them outstanding in their fields either.
Last year Harvard Business Review (May-June 2017 issue) published a piece where researchers were able to summarize the qualities of an excellent CEO. Not all of the successful leaders have all these traits, but researchers found they had at least more than one of the characteristics:
- DECIDING WITH SPEED AND CONVICTION. A successful leader knows he’s racing against time to get things done. So he doesn’t wait for 100 percent of the information he needs to make a decision; about 60-70 percent of the data is enough for him to commit to a decision. It is better than hemming and hawing, or not doing anything at all. More importantly, “good CEOs realize that a wrong decision may be better than no decision at all.”
- ENGAGING FOR IMPACT. CEOs who are able to take the goals of his board of directors, and translate these into a concrete executable plan by getting all stakeholders on board make for a successful leader. While not everyone will agree to certain strategies, these CEOs are able to manage the conflicts in the team and resolve the differences in opinion without making negators left out.
“When tackling contentious issues, leaders who are good at engagement give everyone a voice but not a vote. They listen and solicit views but do not default to consensus-driven decision-making.”
- ADAPTING PROACTIVELY. Great CEOs think in the long-term. And as such, they’re able to gather and read data or information seemingly unrelated to their business, that will prepare them for any future actions or market behaviors. This helps them quickly adapt to changes in their industry. “Adaptable CEOs also recognize that setbacks are an integral part of changing course and treat their mistakes as opportunities to learn and grow.”
- DELIVERING RELIABLY. A steady, consistent delivery of results is often what is essential for any successful CEO. While it’s true there are miracle workers who can surprise their company boards and employees with a successful project, will the same results hold true if the CEO is given another project? “CEOs who ranked high on reliability employed several other tactics, as well.
“Three-quarters of them were rated strong on organization and planning skills. They established business management systems that included a cadence of meetings, dashboards of metrics, clear accountability, and multiple channels for monitoring performance and making rapid course corrections. Most important, they surrounded themselves with strong teams.”
Certainly, there is no one-size-fits-all characteristic of a great leader, or a successful CEO. It sometimes depends on the company or industry he belongs to, or the people he constantly engages in. But I find that it’s usually a combination of certain traits, behaviors and attitude not just toward work but life in general.
The Asia CEO Awards 2018 recently recognized former Bangko Sentral ng Pilipinas Governor Amando M. Tetangco Jr. as Lifetime Contributor in the Public Sector, while Teresita Sy Coson, was recognized as Lifetime Contributor for Private Sector.
Consistently rated as among the best central bank governors in the world, Tetangco, in the two terms he held as BSP chief, had managed to steer the economy to unprecedented growth and lower inflation rates.
But Richard Mills, chairman of the Asia CEO Awards, spoke of his own personal brush with Tetangco. “When I was new to Philippines years ago, I attended small gathering of young people studying for their CFA [Chartered Financial Analyst] exams—CFA is a respected financial designation that has become a global standard.
“The then-Governor Tetangco spent a lot of time striking up sincere conversations with everyone, encouraging them to study hard since it would help advance the country’s financial sector…. I can say with great certainly that he is the only central banker in the world who would take out his entire evening on a work night to tell young people to finish their studies because it was important for the nation.”
Sy Coson, meanwhile, has steered BDO to become the country’s largest banking group in a crowded market. As vice chairman of SM Investments Corp., she has played a key role guiding other businesses to become dominant in diverse industries: retail, shopping center management, real-estate development, tourism, and on and on. As the nation’s biggest business group, SMIC’s contributions to capability building, wealth creation and employment (and tax payments) for Filipinos are awe-inspiring.
“Tessie is a tremendous example to others that women perform at the highest levels. Her sincere efforts at promoting the Philippines for investment are similarly exemplary,” said Mills. Sy’s own father, Henry Sy Sr., similarly received recognition at the Asia CEO Awards in 2014.
Both CEOs, as well as other awardees in their respective sectors, received their awards on October 16, in the presence of their family and peers. The board of judges included: former Finance Secretary Cesar Purisima, Director General of the Philippine Economic Zone Authority Charito Plaza, former President of the American Chamber of Commerce Don Felbaum, economist Dr. Bernardo Villegas, former Ambassador to the US Jose Cuisia, Arch. Jun Palafox, former Convergys Managing Director for Asia Pacific, Europe, Middle East and Africa Marife Zamora; former CEO of the Information Technology and Business Process Association of the Philippines Oscar Sanez; and Mills.
The other awardees included Chevron Holdings (Wellness Company of the Year); Christian Lim, Microsoft Philippines (Young Leader of the Year); Dohle Seafront Crewing (Heart for OFWs Company of the Year); Bounty Agro Ventures (Most Innovative Company of the Year); Philippine Urban Living Solution-MyTown (SME Company of the Year); Toshiba Information Equipment (Technology Company of the Year); HSBC Global Service Centre (Green Company of the Year); Unilever Philippines (CSR Company of the Year); Teletech (Service Excellence Company of the Year); Dioceldo Sy, Ever Belina (Entrepreneur of the Year); Craig Reines, Sitel (Expatriate Executive of the Year); Jeffrey Go, Johnson & Johnson (Global Filipino Executive of the Year; Integrated Micro Electronics (Top Employer of the Year); and Megaworld (Executive Leadership Team of the Year).
Congratulations to all the winners.