Josef Ackermann or failure in management: missed the jump


Work well, plant 500 trees! We make the working world more humane and ecological, e.g. through our well documented Engagement for Climate Protection. As Book Publisher Best of HR – Berufebilder.de® with a unique Book Concept and eCourses we offer over 20 years of experience in Corporate Publishing - with Clients like Samsung, Otto, Governmental Institutions. From the Top 20-Blogger Simone Janson, referenced in ARD, ZEIT, WELT, Wikipedia .
Text comes from: Gescheiterte Titanen: Welche neuen Manager unsere Welt braucht (2015) by Carsten Knop, published by FAZ Verlag, Reprints by friendly permission of the publisher.
Copyright:  Images created as part of a free cooperation with Shutterstock. and 360b.

The company's struggles, suffering and achievements are often reflected in the person and behavior of the CEO. Rarely is he a hero, more often a bogey - as in the case of Josef Ackermann. Josef Ackermann-

Here writes for you:

 

Carsten Knop carsten-knopCarsten Knop is an economics editor at the Frankfurter Allgmeinen Zeitung.

  Profile

From the author:

Read


Read


Read


The example of Josef Ackermann

Josef Ackermann is described as vain by companions. This vanity perhaps also partly explains why his departure from the Deutsche Bank was so bumpy. Because Ackermann simply could not imagine a life without a boss's being.

When Josef Ackermann came to Deutsche Bank, he was internally praised as the best banker on this planet. Almost 20 years later, his resignation as Chairman of the Board of Directors of Zurich Insurance symbolized the end of a career.

Can't stop in time

Like many other confident and highly successful managers for many years, Ackermann did not understand how to stop in time. He had every opportunity to say goodbye with constant standing ovations.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

He had recognized many undesirable developments earlier than others and had shown “late remorse”, as his former head of communication Stefan Baron describes in his book about Ackermann. His departure was not an honor for the Swiss.

The merit of the communications chief

Josef Ackermann, the man who became synonymous with the German big banker during his tenure, has always been responsible for a variety of headlines and public debates. Sometimes he came away well, much more badly.

For many years, his reputation was not so bad among the general public, which was also Baron's credit. "Joe", as he is abbreviated, is the man with the unspeakable "Victory" sign in the Mannesmann process.

A question of timing

He is also the one who did not want to leave Deutsche Bank in a human-unfathomable power struggle, the manager of the financial crisis, who in the end was not as well-liked by the Chancellor as at the beginning.

And he was the supervisory board of Siemens, which fought there violently with his old friend, the Siemens supervisory board chairman Gerhard Cromme. There were always good reasons for Ackermann's behavior. Sometimes he was just unlucky. But in the end everything was a matter of timing.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

Chronicle of a resignation

The World Banker married to a Finn, who has always felt that he is on an equal footing with all the powerful in the world, can be credited with numerous roles - for he has worked on many stages.

With his resignation from the Board of Directors of Zurich Insurance, the curtain fell. But Ackermann's most important stage was the Deutsche Bank, and there his farewell dragged on for agonizingly long years. At first, Ackermann had already suggested his resignation at the 2009 Annual General Meeting to the former Supervisory Board Chairman Clemens Börsig.

When friendships break

However, since Ackermann, referring to the German Stock Corporation Act, did not see it as his task to build up a successor, there was no clear favorite on the fast track. As a result, Börsig examined its own change from the Supervisory Board to the Management Board, which satisfied only a few.

The fact that Ackermann finally extended his contract for three years at the request of the Supervisory Board did not prevent the quarrel between Börsig and him. And this strained relationship should damage the reputation of the bank (and ultimately also that of Ackermann) in the years to come.

From the good reputation of the bank

Shortly after the hiccup around the contract extension Ackermanns it came to the so-called spy scandal, in which it was about the exploration of a critical shareholder. The suspicion that Börsig had set these investigations in motion, was not confirmed by the investigations of the prosecutor and the Federal Financial Supervisory Authority Bafin. Nevertheless, deep scratches on the image of the Deutsche Bank and also some internal dispute remained.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

The reputation of the institute has suffered from further scandals and affairs afterwards. While most of the associated legal risks are attributable to investment banking formerly managed by Anshu Jain. But as CEO, Ackermann also has a responsibility.

Especially since he said at the 2006 Annual General Meeting - in the spirit of Otto Scharmer: "No business deal in the world is worth putting the good reputation of Deutsche Bank at risk." In the truth of everyday banking, however, the world, as is now known, looked very different.

Without me? Inconceivably!

The relationship between Josef Ackermann and his two successors Anshu Jain and Jürgen Fitschen is still tense today. Ackermann wanted to replace Axel Weber as his successor instead of their already rather the former Federal Bank president.

But Weber preferred the chairmanship of the Swiss UBS. When the decision was taken for the double top of Jain and Fitschen then the Deutsche Bank was still inconceivable without him even for Ackermann.

In the end, only resignation remained

He would have assumed the chairmanship of the supervisory board, which is, however, frowned upon for reasons of good corporate governance, because the predecessor not only controls his successors but also his legacy.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

A quarter of the shareholders would have had to agree to a direct change from the Executive Board to the Supervisory Board. This vote, however, became increasingly unlikely, so Ackermann refrained from doing so.

Bad timing

The decision was announced by the bank on 14. November 2011 with. On the same day, the public prosecutor's investigations and searches in connection with a statement of Ackermanns were known in the process, which led the then late former media entrepreneur Leo Kirch against the Deutsche Bank. Worse, the timing for the announcement of Ackermann's farewell could not have been any worse.

That's the way it should go. In the weeks leading up to Ackermann's later departure from Zurich Insurance, he was also on the supervisory board of the German model company Siemens.

Once the call is ruined ...

There, the replacement of former CEO Peter Löscher was highly controversial. The dissonances in the old board around Löscher also led to conflicts and intrigues on the supervisory board.

Ackermann lavierte around: As a deputy chairman of the Supervisory Board Gerhard Crommes, he himself had allegedly ambitions to replace the weakened boss. Of course everything was denied - both the goal as such and everything else. In any case, Ackermann had also ruined his reputation with Siemens.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

Micromanagement is boring

Towards the end of his time at Deutsche Bank, Ackermann openly admitted that "micromanagement" hadn't appealed to him lately. Instead, he was constantly traveling around the world; his interlocutors were not only customers of the bank, but above all politicians.

Ackermann made no secret of his joy about this international celebrity. One thing is clear: Ackermann was not the first alpha in the economy to miss the right time to stop. He had already announced in 2007 that he wanted to quit in a few years, specifically without moving to the bank's supervisory board. At the time, he said that he wanted to pass on experience: "At the university or perhaps in the social sphere."

From Sprinter to Sprinter

In his youth the Swiss possessed scientific inclinations; Interest in these topics was still present in mature years. He remained faithful to this plan for a long time. In January 2009 Ackermann said at a late hour shortly before the end of the former World Economic Forum in Davos, his retirement planning is fixed.

He has a lot of plans; the first farewell gifts were already arriving. He reported on a present from the German sprinter Armin Hary that had moved him. You have to know that Ackermann himself was an enthusiastic athlete when he was young and that he certainly followed the career of Hary, who was eleven years older. In any case, Hary had left him a book about himself with a meaningful dedication: “From sprinter to sprinter”.

The perfect time for the finish?

Back then, Ackermann and his audience knew that Hary had run too far too early in his athletic life. But they did not know that Ackermann would miss the perfect time to finish in the months that followed.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

He also let pass the opportunity to say goodbye to the impression that Deutsche Bank was brilliantly guided by the financial crisis. His injury time is not good for Ackermann - neither in Germany nor in Switzerland.

There Ackermann had to take his hat as Chairman of the Board of the Zurich Insurance Group, after the former chief financial officer Pierre Wauthier had committed suicide. In a farewell letter Wauthier Ackermann had accused, he had put him under pressure.

Self interest and arrgoganz

However, later research has shown that no "undue pressure" was placed on Wauthier. Ackermann had always denied the allegation anyway. Now when he reads negative texts about himself, he sometimes thinks of Armin Hary, the once fastest man in the world and Olympic champion in Rome:

Even then, Hary experienced what athletes today meet under the heading of general suspicion. He was met with doubt, mistrust and rejection. Self-interest and arrogance were accused of Hary. However, Hary is the last German and last European to hold the 100 Meter World Record.

To be a boss is to communicate

If a person is not at the end of his career, but rather enters the role of the CEO, he usually has no time to slowly grow into his new job. A good communications chief can do many things, but the CEO, the strategy and the communication of a company must fit together in every way - also permanently.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

For example, the book “The CEO Navigator” tries to answer the question of how a CEO and his environment can best adapt to this challenge. The author Jan Hiesserich, employee of the strategic communications consultancy Hering Schuppener, which is quite successful in Germany, tries to give clear instructions as possible, which, as is so often the case with advice books, initially sound like common sense - but in practice are anything but trivial.

After all, how many CEOs realize in the final analysis that they also have to define themselves in the function of a communicator and have to reconcile this role with the strategy of their company?

Failure preprogrammed

The alternatives are early failure or greater business success, and associated better overall return on capital and equity. However, the latter succeeds only if the strategy suits the CEO and if the strategy can also communicate conclusively to all stakeholders.

If, for example, the chief executive officer likes to play the role of a world banker or a tech-savvy engineer, but in fact a restructuring is required, the situation for both the Company as well as the boss awkward.

Requirements for modern CEOs

More than ever before, a CEO must certainly, more than ever, keep an eye on the socio-political consequences of acting on behalf of the company he manages, regardless of whether he has been hired as a savior, innovator, or preserver.

Tip: Text as PDF (please read the instructions!) Download or for a little more Book on the topic with discount or eCourse book. Actions or news via Newsletter!

In addition, the capital market also has enormous demands on the CEO and his communications. The public perception of the person has a direct influence on the valuation of the company: Investment decisions are heavily influenced by the image investors have of the respective CEO. His profile in the media is crucial. He has to succeed in relieving opposition through targeted communication, opening up room for maneuver, and taking the stakeholders' interests seriously in their interests.


More knowledge - PDF download, eCourse on demand or personal advice


Offline download: Download this text as PDF -  Read usage rights, Because we do not automatically submit the title of this text for privacy reasons: When buying in "interests" the title register if support is needed. After buying text exclusively Download at this URL (please save). Or for a little more directly an entire book or eCourse with this text buy, read on.

3,99 Book now


Read customer feedback and buy a book on this topic at a discount: Do you like this text and want to read more information about it? Buy the right book including this text, buy it here in two languages, as a member even with a 20 percent discount. Would you like to take a look at the book first? You can do this by previewing the book look at and then purchase on the book page.

German edition: ISBN 9783965960442

8,99  Buy directly

English version: ISBN 9783965960459 (Translation notice)

7,99  Buy directly


Your eCourse on Demand: Choose your personal eCourse on this or another desired topic, As a PDF download. Up to 30 lessons with each 4 learning task + final lesson. Please enter the title under "interests". Alternatively, we are happy to put together your course for you or offer you a personal regular eMailCourse including supervision and certificate - all further information!

19,99 Book now


Consultant packages: You want to increase your reach or address applicants as an employer? For these and other topics we offer special Consultant packages (overview) - For example, a personal phone call (price is per hour).

179,99 Book now



You want to comment here? Please the Debate Rules comply, contributions must be unlocked. Your eMailAddress remains secret. More information on the use of your data and how you can counter this can be found in our Privacy Policy.

  1. To follow debate on this post
  2. All debates follow
  1. Competencepartner

    Josef Ackermann or failure in management - 2/2: boss games to the bitter end: Josef ... - Exciting contributionwPD5Wjx1iN #Profile #Development

  2. firm-job

    Josef Ackermann or failure in management - 2/2: boss games to the bitter end: Josef Ackermann will ... - Exciting contributioncjzi1hoklS

  3. Thomas Eggert

    Josef Ackermann or failure in management - 2 / 2: Chef's game to the bitter ... via PROFESSIONAL PICTURES - Exciting contributiondJRJ3KuLAd

Post a Comment

Your email address will not be published. Required fields are marked with * .

Ja, I would like to be informed about the latest promotions and offers via Newsletter be informed.

I hereby accept the Debate Rules and the Privacy policy with the possibility to contradict the use of my data at any time.