CEC's New Executive

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Aug28

CEC's New Executive

Bill Belew

August 28, 2006

Know More: A Man Walks Out of an Office, Ask the Experts, Executive 2.0, Executive

A bright young executive had just been hired as the new CEO of Career Education Corp. The CEO who was stepping down met with him privately and handed him three numbered envelopes.

"Open these if you run up against a problem you don't think you can handle," he said.

Well, things went along pretty smoothly, but six months later, enrollment took a nosedive and he was really catching a lot of heat from the board. At wit's end, he remembered the envelopes. He went to his drawer and tookout the first envelope. The message read, "Blame your predecessor."

The new CEO called a press conference and tactfully laid the blame at the feet of the previous CEO. Satisfied with his comments, the board, the press, and Wall Street responded positively, enrollment picked up, stockprices rose and the problem was soon behind him.

About a year later, the company was again experiencing a slight dip in enrollment, combined with serious problems getting jobs for graduates. Having learned from his previous experience, the CEO wasted no time inopening the second envelope. The message read, "Reorganize." This he did, and again the company quickly rebounded. After several consecutive profitable quarters, the company once again fell on difficult times. The CEO went to his office, closed the door and opened the third envelope. The simple message said, "Prepare three envelopes..."

related entries

Management Quotes - Part 3 Sep 26, 2006
Management Quotes - Part 2 Sep 25, 2006
Management Quotes - Part 1 Sep 24, 2006
Four Executives from Canada, America, Germany and Japan Sep 18, 2006
3 MBAs from UCLA, Stanford and USC Sep 16, 2006

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