There are other top executives who have made it to the top that are not perceived as monsters. However, they are in different industries. The more traditional the industry, the more you are likely to have to conform to get to the top. Financial services and investment is one of the most traditional. Ken Chennault at American Express might be the exception - but Amex does not fit the financial service mold as a company. (For instance, in financial services almost everyone is a VP, or at least a manager--even if you do not supervise anyone) Entertainment is likely one of the least traditional industries. There are ways around the rules of climbing to the top, but in a traditional industry, moving away from the mold will usually cost you. You will see more people in high positions allowed to be themselves in cost centers, like human resources or public relations. Leaders of IT departments in these industries are also sometimes allowed a little more individuality in these types of companies. Those heading up profit centers, usually are more likely to ultimately run these firms .
One of the reasons O'Neal got so much notoriety is that he was at the top of a top financial services firm. The area of finance and investment is often perceived as the route to the most power. He targeted the finance department in a Fortune 100 investment firm early on probably for that reason. He knew what he had to do to get to the top of the of the very top. It was no accident that he ended up the way he did. It was by design and in my opinion a necessity to achieve his goals. Daryle wrote: > > For one thing, Merrill Lynch is a bank. No offense to anyone still in the > profession, but banking isn¹t exactly known as a warm and fuzzy industry. > > In my career, which has been pretty much all in entertainment, I have > been Black in senior management, and with my own company, I have dealt > with > (and often deal with) with Black CEOs and Presidents. There is this > phenomenon of ³falling up² that really ticks off people who really do > a lot > of the work. Executives come in, completely mess up a company or > situation, > and are then promoted. It¹s not fair, but it is all about relationships. I > think you start off in your career wanting to be Œall power to the > people¹, > with fresh ideas and a Œpositive attitude¹, but then you get played by so > many people of all races you start to focus on your own goals and > getting the job done. It¹s very hard to be seen as pleasant and > accessible. > People take advantage of it often. I do not have a reputation, for > example, > of being approachable. I have a reputation of being the Black ³Ari Gold², > which has always been great for people I¹ve worked for, because I¹ve > delivered results, but not so great if you work ³under² me or are > between me > and what I need to get done. I have been the subject of many a water > cooler > venting session, but at the end of the day...if you tailor your career for > the folks at the cooler, who are gonna talk about you no matter what, are > you going to get anything done? I¹m certain that it depends on what you > want out of your career. > > On 11/1/07 3:51 PM, "ravenadal" <[EMAIL PROTECTED] > <mailto:ravenadal%40yahoo.com>> wrote: > > > > > > > > > > > I listen to this conversation with interest. One of the rude > > realities of "moving on up" is that black man or woman who reaches > > the top will act a lot like the white man or woman who preceeded them. > > Further, it often takes a certain cunning and ruthlessness to reach > > the top echelons of any organization - be it Merrill Lynch or the Boy > > Scouts. > > > > Decades ago, when I began my epic novel, The World Ebon, > > http://www.theworldebon.com <http://www.theworldebon.com> > > (which is essentially the story of a boy born an orphan and a slave > > who founds what will become the richest family on his planet) > > I researched scores of millionaires and billionaires to find out how > > they became millionaires and billionaires. I learned two things: > > one, the easiest way to become a billionaire is to steal from and/or > > defraud a sovereign government (Aristotle Onassis, J. Paul Getty, > > most of those currently profiting from the Iraq War) and, two, the > > easiest way to become a millionaire is to start off as a billionaire > > (the Hunt Family). > > > > ~(no)rave! > > > > I live in Milwaukee but I receive and read the Chicago Tribune > > daily. There is a powerful black family there called the Strogers. > > The Strogers rule the County Board. And just like the white > > politicos who preceeded them, the Strogers believe in nepotism. The > > son preceeded the father as Chairman of the County Board. Sons, > > daughters, cousins, nieces and nephews serve at every level of Cook > > County government. The county hospital is called Stroger Hospital. > > And, yet, the condition of the average black person in Cook County > > has not improved one whit. > > > > --- In scifinoir2@yahoogroups.com > <mailto:scifinoir2%40yahoogroups.com> > <mailto:scifinoir2%40yahoogroups.com> , > > "Tracey de Morsella (formerly > > Tracey L. Minor)" <[EMAIL PROTECTED]> wrote: > >> > > >> > I saw that happened in my department. First they god rid of the > > CTO and > >> > replaced them with his lackey, who had a similar personality from > > what I > >> > could tell.. Those under him seem to follow. Different opinions > > were > >> > not welcome. Then they moved down the line, slashing the > > department > >> > left and right. Most of the survivors that I know, seem to be > >> > grandfathered in - protected by who they know. Before the change, > > I > >> > really liked it there. Particularly IT. We did not have for > > follow a > >> > lot of the company rules and they through alot of money at the > > department. > >> > > >> > I think I was more upset because of what he and Parsons > > represented. > >> > Two of the most powerful men in corporate America where Black. > > They > >> > made headlines everyday. In a world that tried to label us as > > stupid, > >> > it felt good to see that. I have not paid attention to those > > headlines, > >> > so I don't know if Parsons is the monster that O'Neal was, but I > > would > >> > not be surprised. I my opinion, most of those who make it to the > > very > >> > top of the most powerful companies, pretty much have to assimilate > > to > >> > get to the top. > >> > > >> > > >> > [EMAIL PROTECTED] wrote: > >>> > > > >>> > > i've read stuff saying he got rid of people who weren't his > > parrots, > >>> > > that he doesn't like subordinates who'll challenge him. It's one > >>> > > reason, some say, why he got in this trouble, such as approaching > >>> > > Wachovia without the board's knowledge, which was a big no-no. so > > in > >>> > > other words, some say he's an egotistical, insecure, power > > hungry, > >>> > > selfish SOB who's not above selling even his friends down the > > river in > >>> > > order to make it. > >>> > > Huh, guess some of us really *have* been assimilated! > >>> > > > >>> > > -------------- Original message -------------- > >>> > > From: "tdemorsella" <[EMAIL PROTECTED] > >>> > > <mailto:tdlists%40multiculturaladvantage.com>> > >>> > > I managed the Intranet for the Global IT department and > > coordinated > >>> > > the managers of Intranets for 30 other divisions. Regarding the > >>> > > timing, it looks like they are both crashing and burning. My > > response > >>> > > is purely emotional because they have defied the lables people > > have > >>> > > put on us. Ironically, there is a lot I have read O'Neal, that is > >>> > > disturbing--- also right after 911 they had a massive layoff of > > 1/3 > >>> > > of the employees - I think something like 33,000 people. Before > > that > >>> > > time, there were rarely layoffs so most of the people i knew there > >>> > > were long time employees. Everybody did a lot get things back up > > and > >>> > > running after the 911 and to put things back in place so we could > > get > >>> > > back in the towers in NY. There were assurances about jobs-- no > > body > >>> > > believed them. But it seems like as soon as he could he did the > > lay > >>> > > off so that it would not look like he got rid of them at > > Christmas. > >>> > > In his defense, any body who took a package made out. Those who > > tried > >>> > > to take a package later did not do so well. > >>> > > > >>> > > --- In scifinoir2@yahoogroups.com > <mailto:scifinoir2%40yahoogroups.com> > <mailto:scifinoir2%40yahoogroups.com> > >>> > > <mailto:scifinoir2%40yahoogroups.com>, KeithBJohnson@ wrote: > >>>> > > > > >>>> > > > i agree, timing's odd, though other stuff I read bout O'Neal > > makes > >>> > > me wonder. what did you do when you were there? > >>>> > > > > >>>> > > > -------------- Original message -------------- > >>>> > > > From: "Tracey de Morsella (formerly Tracey L. Minor)" > <tdlists@> > >>>> > > > > >>>>> > > > > I'm not necessarily an advocate. There could be no other > > logical move > >>>>> > > > > then to get rid of him, but it kind of stings a lot that him > > and > >>> > > Parsons > >>>>> > > > > are being made to resign at the same time. > >>>>> > > > > > >>>>> > > > > I was there in 2000-2001. After years of self-employment, i > >>> > > enjoyed it. > >>>>> > > > > > >>>>> > > > > KeithBJohnson@ wrote: > >>>>>> > > > > > > >>>>>> > > > > > not to disagree or criticize, but, though he turned it > > around then, > >>>>>> > > > > > why the multi-billion dollar loss now? > >>>>>> > > > > > when did you work at Merrill Lynch? > >>>>>> > > > > > > >>>>>> > > > > > -------------- Original message -------------- > >>>>>> > > > > > From: "Tracey de Morsella (formerly Tracey L. Minor)" > >>>>>>>>> > > > > > > > > > >>>>>> > > > > > > >>>>>>> > > > > > > I worked there when he became President. With some > of the > >>> > > headquarters > >>>>>>> > > > > > > in the Towers next to the 911 bombed towers the > company > > was > >>>>>> > > > > > hemorrhaging > >>>>>>> > > > > > > money and the man turned it around. Its funny how > short > > their > >>> > > memories > >>>>>>> > > > > > > are, but not surprising. > >>>>>>> > > > > > > > >>>>>>> > > > > > > Tracey > >>>>>>> > > > > > > > >>>>>>> > > > > > > KeithBJohnson@ wrote: > >>>>>>>> > > > > > > > > >>>>>>>> > > > > > > > I'm ashamed to admit I didn't know the Merrill > Lynch > > chief > >>> > > was a > >>>>>>>> > > > > > > > brother?! I'd been hearing about this all > morning, and > > just > >>> > > now saw > >>>>>>>> > > > > > > > his picture! And I have to be honest: when I first > > heard the > >>> > > reports, > >>>>>>>> > > > > > > > i shook my head, thinking "what else is new?" > Another > >>> > > company getting > >>>>>>>> > > > > > > > caught up in too many years of questionable > accounting > > and > >>> > > over-eager > >>>>>>>> > > > > > > > business practices. And when I heard this on > the radio - > > - "The > >>>>>> > > > > > Merrill > >>>>>>>> > > > > > > > spokesman said O'Neal would not receive a severance > > package, > >>> > > but that > >>>>>>>> > > > > > > > he would have access to all the stock he received > > during his > >>>>>> > > > > > tenure at > >>>>>>>> > > > > > > > the company. Merrill declined to disclose how many > > shares > >>> > > O'Neal > >>>>>>>> > > > > > > > accrued. Including salary and annual bonuses, > O'Neal > > took > >>> > > home $46 > >>>>>>>> > > > > > > > million in compensation in 2006." -- I thought, "a > > Forty-six > >>> > > mill?! > >>>>>>>> > > > > > > > Another fat-cat executive making too much damn > money, > > getting a > >>>>>>>> > > > > > > > platinum parachute even when he's having to > leave for > > poor > >>>>>>>> > > > > > > > performance". Typical. > >>>>>>>> > > > > > > > And then I read he's a brother and before I > know it I > > said > >>> > > to myself > >>>>>>>> > > > > > > > "That's what I'm talking about! You gon' ahead > bruh and > > get > >>> > > your > >>>>>>>> > > > > > > > money! If THEY can do it why can't we?! Huh, they > > probably > >>> > > trying to > >>>>>>>> > > > > > > > make you a scapegoat anyway. You didn't get > your forty > >>> > > acres, but you > >>>>>>>> > > > > > > > got forty million dollars. My man!" > >>>>>>>> > > > > > > > Sigh... guess I have a ways to go for full > > enlightenment! > >>>>>>>> > > > > > > > > >>>>>>> > > > > > > > >>>>>> > > > > > > >>>>> > > > > > >>> > > > > > http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.htm > <http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.htm> > > ?postversi > >>> > > > > > <http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.ht > <http://money.cnn.com/2007/10/30/news/companies/merrill_oneal/index.ht> > > m?postversi> > >>> > > > >>>>>> > > > > > > >>>>>> > > > > > i> > >>>>>> > > > > > > >>>>>>> > > > > > > on=2007103012 > >>>>>>>> > > > > > > > > >>>>>>>> > > > > > > > ion=2007103012> > >>>>>>>> > > > > > > > O'Neal out as Merrill Lynch chief > >>>>>>>> > > > > > > > Stanley O'Neal relinquishes post amid $8 billion > > subprime > >>> > > losses; > >>>>>>>> > > > > > > > Alberto Cribiore named as interim non-executive > > chairman. > >>>>>>>> > > > > > > > By David Ellis, CNNMoney.com staff writer > >>>>>>>> > > > > > > > October 30 2007: 12:56 PM EDT > >>>>>>>> > > > > > > > > >>>>>>>> > > > > > > > NEW YORK (CNNMoney.com) -- After a 21-year > career at > > Merrill > >>> > > Lynch & > >>>>>>>> > > > > > > > Co., Stanley O'Neal stepped down Tuesday as > chairman and > >>> > > CEO, less > >>>>>>>> > > > > > > > than one week after the firm stunned Wall Street by > >>> > > revealing an $8 > >>>>>>>> > > > > > > > billion loss on risky investments in subprime > mortgages. > >>>>>>>> > > > > > > > Merrill (Charts, Fortune 500) shares fell 4 > percent in > > late > >>> > > morning > >>>>>>>> > > > > > > > trade Tuesday on the New York Stock Exchange. > >>>>>>>> > > > > > > > > >>>>>>>> > > > > > > > The nation's largest brokerage said O'Neal, 56, > would > > retire > >>>>>>>> > > > > > > > immediately and that board member Alberto > Cribiore would > >>> > > take over > >>>>>> > > > > > for > >>>>>>>> > > > > > > > him as interim non-executive chairman. > >>>>>>>> > > > > > > > Merrill said both O'Neal and the board agreed > that a > > change in > >>>>>>>> > > > > > > > leadership would help the company move forward > as it > >>> > > attempts to > >>>>>>>> > > > > > > > overcome the $8 billion in losses it suffered > last week. > >>>>>>>> > > > > > > > "We would like to thank Stan for the > contribution he has > >>> > > made leading > >>>>>>>> > > > > > > > a major transformation of Merrill Lynch into a > global > > and > >>> > > diversified > >>>>>>>> > > > > > > > company with enormous potential ahead of it," > Cribiore > > said > >>> > > in a > >>>>>>>> > > > > > > > prepared statement. > >>>>>>>> > > > > > > > Merrill also said that Cribiore, 59, would lead > a search > >>> > > committee to > >>>>>>>> > > > > > > > identify and evaluate chief executive > candidates from > > inside > >>> > > and > >>>>>>>> > > > > > > > outside the company. > >>>>>>>> > > > > > > > A Merrill Lynch spokesman gave no indication > how long > > the > >>> > > candidate > >>>>>>>> > > > > > > > search process would take. > >>>>>>>> > > > > > > > Shake-ups on the Street > >>>>>>>> > > > > > > > In the wake of Tuesday's announcement, the > board is in a > >>> > > difficult > >>>>>>>> > > > > > > > position. "You never want to be a ship without a > > captain - > >>> > > that's > >>>>>>>> > > > > > > > essentially what they have at the moment," said > Eileen > > Fahey, a > >>>>>>>> > > > > > > > managing director at Fitch Ratings. > >>>>>>>> > > > > > > > At the same time, Fahey said, it makes sense > for the > > board > >>> > > to proceed > >>>>>>>> > > > > > > > with caution. "It's better for the board to > find the > > correct > >>> > > person > >>>>>>>> > > > > > > > and I believe they are looking for someone to > change how > >>> > > Merrill > >>>>>>>> > > > > > > > operates." > >>>>>>>> > > > > > > > Among those mentioned as potential candidates are > > Laurence > >>> > > Fink, > >>>>>>>> > > > > > > > chairman and CEO of investment firm BlackRock > (Charts), > > in > >>> > > which > >>>>>>>> > > > > > > > Merrill owns a 45 percent stake; John Thain, > CEO of NYSE > >>> > > Euronext > >>>>>>>> > > > > > > > (Charts); Bob McCann, the head of Merrill's > brokerage > >>> > > division; and > >>>>>>>> > > > > > > > Gregory Fleming, Merrill's co-president and > co-chief > > operating > >>>>>> > > > > > officer. > >>>>>>>> > > > > > > > In the meantime, Cribiore, who has served on > the board > > since > >>> > > 2003, > >>>>>>>> > > > > > > > will man the helm at Merrill. Cribiore is a > managing > > partner > >>> > > of the > >>>>>>>> > > > > > > > private equity firm Brera Capital. Previously > he served > > as a > >>>>>> > > > > > president > >>>>>>>> > > > > > > > of private equity firm Clayton Dubilier & Rice. > >>>>>>>> > > > > > > > The company also deflected reports that other > top execs > > such as > >>>>>> > > > > > Ahmass > >>>>>>>> > > > > > > > Fakahany may follow O'Neal out the door. > Merrill said > > that > >>> > > Fleming > >>>>>> > > > > > and > >>>>>>>> > > > > > > > Fakahany will remain as co-presidents and chief > > operating > >>> > > officers. > >>>>>>>> > > > > > > > O'Neal's woes > >>>>>>>> > > > > > > > Last week, Merrill stunned investors and > analysts when > > it > >>> > > said it > >>>>>> > > > > > took > >>>>>>>> > > > > > > > an $8 billion hit in the third quarter from bets on > > subprime > >>>>>> > > > > > mortgages. > >>>>>>>> > > > > > > > That announcement came only three weeks after the > > company had > >>>>>>>> > > > > > > > estimated that the hit would be about $4.5 > billion. The > >>>>>>>> > > > > > > > larger-than-expected writedown prompted a $2.3 > billion > > loss > >>> > > in the > >>>>>>>> > > > > > > > quarter and a downgrade of the firm's credit > rating. > >>>>>>>> > > > > > > > O'Neal reportedly had also been in trouble with his > > board for > >>>>>>>> > > > > > > > approaching the CEO of Wachovia (Charts, > Fortune 500), > > the > >>> > > nation's > >>>>>>>> > > > > > > > No. 4 bank, about a possible merger of the two > financial > >>> > > services > >>>>>>>> > > > > > > > giants without getting the approval of > Merrill's board, > >>> > > according > >>>>>> > > > > > to a > >>>>>>>> > > > > > > > report last week in the New York Times. > >>>>>>>> > > > > > > > Will Merrill remain independent? > >>>>>>>> > > > > > > > Those talks raised questions on Wall Street about > > whether > >>> > > Merrill > >>>>>> > > > > > will > >>>>>>>> > > > > > > > be able to remain independent. > >>>>>>>> > > > > > > > O'Neal was widely expected to announce his > resignation > > as > >>> > > early as > >>>>>>>> > > > > > > > Monday, although Merrill remained silent about his > > status > >>> > > within the > >>>>>>>> > > > > > > > firm. Some experts believed that Merrill's > attempt to > > locate a > >>>>>>>> > > > > > > > successor for O'Neal or work out his severance > package > >>> > > delayed the > >>>>>>>> > > > > > > > announcement of his resignation. > >>>>>>>> > > > > > > > The Merrill spokesman said O'Neal would not > receive a > > severance > >>>>>>>> > > > > > > > package, but that he would have access to all > the stock > > he > >>> > > received > >>>>>>>> > > > > > > > during his tenure at the company. Merrill > declined to > >>> > > disclose how > >>>>>>>> > > > > > > > many shares O'Neal accrued. > >>>>>>>> > > > > > > > Including salary and annual bonuses, O'Neal > took home > > $46 > >>> > > million in > >>>>>>>> > > > > > > > compensation in 2006. > >>>>>>>> > > > > > > > In the firm's announcement Tuesday, O'Neal > thanked his > >>> > > colleagues for > >>>>>>>> > > > > > > > improving the company's competitiveness and > expanding > > its > >>> > > global > >>>>>> > > > > > reach. > >>>>>>>> > > > > > > > "The company has provided me with opportunities > that I > > never > >>> > > could > >>>>>>>> > > > > > > > have imagined growing up, culminating with my > > leadership of the > >>>>>>>> > > > > > > > company over the past five years," O'Neal said. > >>>>>>>> > > > > > > > According to a profile from Harvard Business > School, > > where > >>> > > he got his > >>>>>>>> > > > > > > > MBA in 1978, O'Neal was born into poverty in > Wedowee, > > Ala. > >>> > > He worked > >>>>>>>> > > > > > > > as a young boy picking cotton on a family farm, > while > > his > >>> > > mother > >>>>>>>> > > > > > > > worked as a cleaning lady. > >>>>>>>> > > > > > > > When O'Neal was 12, his family moved to Atlanta > and his > > father > >>>>>> > > > > > went to > >>>>>>>> > > > > > > > work at a General Motors (Charts, Fortune 500) > plant. > > O'Neal > >>> > > also > >>>>>>>> > > > > > > > worked at the plant as a teenager, and GM > tapped him to > > attend > >>>>>> > > > > > General > >>>>>>>> > > > > > > > Motors Institute and paid for him to get his > MBA. He > > worked > >>> > > for eight > >>>>>>>> > > > > > > > years in the automaker's New York finance > office and in > >>> > > Madrid before > >>>>>>>> > > > > > > > moving to Merrill in 1986. > >>>>>>>> > > > > > > > He rose through the ranks at Merrill, becoming > > president and > >>> > > chief > >>>>>>>> > > > > > > > operating officer in July 2001; he was tapped > as CEO in > >>> > > December 2002 > >>>>>>>> > > > > > > > and added the title of chairman in April 2003. > The posts > >>> > > made him one > >>>>>>>> > > > > > > > of the most powerful African-American > executives on Wall > >>> > > Street, > >>>>>> > > > > > along > >>>>>>>> > > > > > > > with Kenneth Chenault, who holds those two > titles at > >>> > > American Express > >>>>>>>> > > > > > > > (Charts, Fortune 500). > >>>>>>>> > > > > > > > After taking over as chief executive, O'Neal > quickly > > earned a > >>>>>>>> > > > > > > > reputation as an aggressive cost cutter. By > slashing > > jobs and > >>>>>> > > > > > shutting > >>>>>>>> > > > > > > > down operations around the globe, he helped revive > > Merrill's > >>> > > stock, > >>>>>>>> > > > > > > > which reached an all-time high in January. Merrill > > shares have > >>>>>> > > > > > lost 33 > >>>>>>>> > > > > > > > percent of their value since this summer's market > > meltdown. > >>>>>>>> > > > > > > > > >>>>>>>> > > > > > > > [Non-text portions of this message have been > removed] > >>>>>>>> > > > > > > > > >>>>>>>> > > > > > > > > >>>>>>> > > > > > > > >>>>>>> > > > > > > > >>>>>>> > > > > > > > >>>>>>> > > > > > > Yahoo! Groups Links > >>>>>>> > > > > > > > >>>>>>> > > > > > > > >>>>>>> > > > > > > > >>>>>> > > > > > > >>>>>> > > > > > [Non-text portions of this message have been removed] > >>>>>> > > > > > > >>>>>> > > > > > > >>>>> > > > > > >>>>> > > > > > >>>>> > > > > > >>>>> > > > > Yahoo! Groups Links > >>>>> > > > > > >>>>> > > > > > >>>>> > > > > > >>>> > > > > >>>> > > > [Non-text portions of this message have been removed] > >>>> > > > > >>> > > > >>> > > [Non-text portions of this message have been removed] > >>> > > > >>> > > > >> > > > > > > > > > [Non-text portions of this message have been removed] > > Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/scifinoir2/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/scifinoir2/join (Yahoo! ID required) <*> To change settings via email: mailto:[EMAIL PROTECTED] mailto:[EMAIL PROTECTED] <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
