Talent, Strategy, Risk - by Bill McNabb & Ram Charan & Dennis Carey (Hardcover)
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<p/><br></br><p><b> About the Book </b></p></br></br> "A playbook for long-term value creation. Balancing the short term and the long term is a perennial struggle, but new developments put boards squarely at the center of this dilemma and in need of guidance. Much of the $14 trillion of assets that firms like Vanguard, BlackRock, and State Street manage is now held in index funds, creating a huge class of permanent institutional investors. These so-called passive investors (unlike activist investors, passive investors don't have power to exit the fund) own almost 60 percent of the Fortune 500-and they have found their voice. Perhaps best exemplified by BlackRock's Larry Fink, these investors are stating in no uncertain terms that simply managing for short-term shareholder profit is not acceptable. In this agenda-setting book, three leaders who have been on the front lines of these changes with boards, management teams, and the investment community challenge leaders to rethink TSR (total shareholder return). Since TSR cannot keep the short and long term in balance, McNabb, Charan, and Carey argue that boards should focus on a different kind of TSR-talent, strategy and risk-because decisions and actions around these factors, more than any others, determine whether or not a company creates long-term value. Offering boards a playbook for managing talent, strategy, and risk, the authors explain how to: analyze the business through the eyes of a shareholder activist, help management take a longer view and communicate it to investors, track execution of long-term plans and goals,keep major risks, such as cyberattacks and sexual harassment, front and center, refresh board composition and create diversity to meet the new challenges. Given the new realities of corporate ownership, boards need to lead for the long term. This authoritative book shows them how"<p/><br></br><p><b> Book Synopsis </b></p></br></br><p><b>Long-term value creation—the board's new agenda.</b></p><p>A big shift in public ownership has created a new set of challenges for boards. Index funds managed by firms like Vanguard, BlackRock, and State Street represent an emerging class of permanent institutional investors who are focused on creating and preserving long-term corporate value. These investors are stating in no uncertain terms that simply managing for short-term shareholder profit is not acceptable.</p><p>Bill McNabb, Ram Charan, and Dennis Carey have been on the front lines of these changes with the investment community, corporate boards, and top-level management teams. Since TSR (total shareholder return) cannot keep the short and long term in balance, the authors argue, boards should focus on a different kind of TSR—talent, strategy, and risk—because decisions and actions around these factors, more than any others, determine whether or not a company creates long-term value. This book redefines the board's agenda and explains how to: <ul><li>Build and incentivize the right leadership team<li>Help leaders take a longer view and communicate it to investors<li>Refresh board composition and create diversity to meet the new challenges<li>Keep major risks, such as cyberattacks and sexual harassment allegations, front and center<li>Analyze the business through the eyes of a shareholder activist</ul></p><p>With the new realities of corporate ownership, boards need to lead for the long term. This authoritative book shows them how.<p/><br></br><p><b> Review Quotes </b></p></br></br><br><p>Advance Praise for <b><i>Talent, Strategy, Risk</i></b>: </p><p><i>Talent, Strategy, Risk</i> is a must-read for directors, management, and all students of modern twenty-first-century business. — <b>Muhtar Kent, former Chairman and CEO, The Coca-Cola Company; Board Director, 3M</b></p><p>Read this book before your investors do! The authors provide fresh new ideas that will forever change the relationship between those who invest in the company, oversee the company, and manage the company. — <b>Maggie Wilderotter, former Chairman and CEO, Frontier Communications; Board Director, Sana Biotechnology, Lyft, DocuSign, Hewlett Packard Enterprise, and Costco Wholesale</b></p><p>This is the first book I know of that powerfully establishes the links between talent, strategy, and risk and explains how these three foundations of value creation are being evaluated by investors. A timeless and timely book indeed. — <b>Dinesh Paliwal, Partner, KKR; former President and CEO, Harman International; and Board Director, Bristol Myers Squibb, Nestle, and RTX Corporation</b></p><p>This book covers new ground with fresh ideas about how CEOs need to rethink the impact of a rapidly changing investor landscape. I especially enjoyed reading Warren Buffet's formula for M&A risk mitigation, as told by Warren himself! These three authors hit it out of the park. — <b>Ed Breen, Executive Chairman and CEO, DuPont; Board Director, Comcast</b></p><p>A groundbreaking guide to reshaping board members' concept of their role as companies move into more complex environments requiring greater and more tactical oversight. — <b>Denise Ramos, former President and CEO, ITT Inc.; Board Director, Phillips 66, Bank of America, and Raytheon Technologies</b></p><p>There is no better explanation of, and validation for, shareholder and stakeholder governance than this stunning book. — <b>Marty Lipton, Founding Partner, Wachtell, Lipton, Rosen & Katz</b></p><p>While many companies approach talent, strategy, and risk independently, the authors successfully argue the need for boards to address them holistically in order to create positive outcomes for each and to advance long-term shareholder value. — <b>Ken Chenault, Chairman and Managing Director, General Catalyst; former Chairman and CEO, American Express; and Board Director, Airbnb and Berkshire Hathaway</b></p><br><p/><br></br><p><b> About the Author </b></p></br></br><p><b>Bill McNabb</b> is former Chairman and CEO of Vanguard, the world's second-largest mutual fund manager, with over $5 trillion in assets.</p><p><b>Ram Charan</b> is a world-renowned business adviser, author, teacher, and speaker who has spent the past forty years working with the CEOs, boards, and executives of the world's top companies. He is the author or coauthor of more than thirty books that together have sold over four million copies, including <i>Boards That Lead</i> and <i>Talent Wins</i> (both coauthored with Dennis Carey).</p><p><b>Dennis Carey</b> is Vice Chairman of Korn Ferry. He has recruited and assessed board directors and CEOs for some of the world's best-performing companies. He has coauthored seven books on talent, strategy, CEO succession, and corporate governance, including <i>Boards That Lead</i> and <i>Talent Wins</i>.</p>
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