There are plenty of capable candidates who can follow other leaders’ business strategies for a much smaller paycheck. Followers should come cheaper than true leaders.
I think I could effectively carbon copy our competitor’s’ business strategies for a mere $500,000 per year salary: Bring our efficiency ratio in line with our competitors regardless of impact on quality and service, cut employees, sell off LOBs, offshore everything to India because everyone is doing it, keep your employees and shareholders in the dark, be a Jamie Dimon wannabe, cut HR down to an endless maze of phone trees, destroy employee morale because who cares - it’s a temporary assignment for me. $500,000 per year Max.
Now, a true leader who is a game- changer in the industry? That is what is worth $25 to $30 million or more per year. Give us a visionary leader who is capable of switching things up and forming new business plans and strategies that places Wells Fargo ABOVE the competition. Give us a leader who leads with integrity, and who’s personality and attitude sparks change. Give us a leader who understands that the world is changing and isn’t simply looking to catch up to the status quo. Give us a leader who has a vision and communicates that vision frequently and enthusiastically. Give us a leader who motivates, inspires and galvanizes their teams.
A true leader is worth their weight in gold. Charlie Scharf should have been a $500,000 per year hire. Our sleepy BOD didn’t have the courage to look outside the box.