What's the worst chief executive job this side of AIG?
It would have to be the guy in charge of Freddie Mac. As you may recall, they took tons of federal aid and were roundly blamed for facilitating the housing crisis, not to mention losing $26 billion last year.
So how does Charles Haldeman Jr. do it? How has he raised staff confidence in senior management from 42% in early 2009 to 70% at the end of the year?
Haldeman has a novel approach – aside from the cost-cutting, streamlining, and credit profile improving, he is transparent, present, and he listens.
Over the past couple of years, I've had the opportunity to watch a number of radio's CEOs navigate the tough economic waters. Some of them do market tours and meet the staffs for strategic meetings and brainstorms. Some just show up to rally the troops. Some of them paint the picture that depicts what winning is all about in 2010 and beyond, and how their people can make a difference and grow.
Others avoid markets, stations, and employees. Or do little to provide transparent, coherent, honest leadership. Or don't feel that education or staff development figures into their missions.
The Telecommunications Act of '96 has created lots of consequences – both intended and otherwise.
It's too bad that in some cases it has created little "Pottervilles" in markets where one company has been able to dominate radio – ratings, revenue, and just about everything else. If there's any good news here, it's that most employees have a pretty good idea of who's running the show. The last couple of years have removed most of the veneer.
On the eve of one of the Presidential elections a few years back, I was handicapping the race with a GM we worked with. As he told me, "We will get the leadership we deserve."
This is the time. As Haldeman has done with Freddie Mac – turning around an operation that had failure written all over it – great leadership has the ability to inspire and motivate. The last couple years have been brutal for radio, but presence, transparency, and listening skills are all part of the executive package that can keep the industry vital as it turns a major corner.
As the economy recovers, we're going to learn a great deal about who is building brands, human and professional equity, and a strong future. And who's just cashing out.
Jacobs Media has consistently walked the walk in the digital space, providing insights and guidance through its well-read national Techsurveys.
In 2008, jacapps was launched - a mobile apps company that has designed and built more than 1,300 apps for both the Apple and Android platforms. In 2013, the DASH Conference was created - a mashup of radio and automotive, designed to foster better understanding of the "connected car" and its impact.
Along with providing the creative and intellectual direction for the company, Fred consults many of Jacobs Media's commercial and public radio clients, in addition to media brands looking to thrive in the rapidly changing tech environment.
Fred was inducted into the Radio Hall of Fame in 2018.
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Fred, cogent, as ever. Thank you. Radio’s biggest challenge continues to be an acute problem of leadership. The fish stinks at the head first. My sense is until and unless those at at top are able to see, to grok, reality as it is rather than as it was or as they wish it to be little progress is likely. Too often we are witness to an ongoing, massive failure of imagination. A mindset preoccupied with incremental pragmatism, a genetic blindness driving efforts to get better at a game no longer being played. Optimization – endless tweaking – of numerators is the order of the day when we should be devoting precious resources to changing the denominator. Leadership must come to embrace the counter-intuitive notion of failing faster in order to succeed sooner. Tony Hsieh was kind enough to send me his new book – Delivering Happiness – this week. A great read which I highly recommend to you, your clients and readers here. Tony opens with this quote from The Matrix: “There’s a difference between knowing the path and walking the path” Therein the crucible.
Great comments as always, Dave. Thanks for your contribution and for elevating the conversation. I will grab the book, as I’m sure will other readers. And let’s start working on those denominators.