Citi recruited, developed, and named Jane Fraser as CEO to give them an advantage in customer experience.
Ultimately, all banks are in the client service business. Their product, money, is the ultimate commodity in that its value is literally written on its face. While that can design new services, and enroll interesting partners, they ultimately win or lose based on the quality of their clients’ experiences. Citibank recruited, developed and has now named Jane Fraser as its next CEO to give them an advantage in that area.” trying to get Fraser to join Citibank, finally succeeding in 2004.
She’ll take over as CEO with the talent, knowledge and skills required to steer the bank out of the pandemic and through the uncertain future we all have to deal with.There are all sorts of good lessons here. You have to be impressed with the way Jane Fraser has managed her career. You have to be impressed with the way she balanced her family and work. You have to be impressed with Michael Klein spotting her talent and sticking with it to convince her to join Citi.
The CEO’s job is to protect those designers from all the corporate weenies trying to restrict their freedom. The CEO will do battle on behalf of the designers with a never-ending parade of lawyers, accountants and engineers constantly trying to limit the damage those designers do. Because, of course, innovation requires damaging the status quo.If your organization is production-focused, like coal mining companies, you win by being more efficient than your competition.
The challenge here is that the matrix, by definition, includes people outside the company. The CEO has no control. They have to push interdependence. They have to drive shared responsibility.If your organization is service-focused, like Citibank, you win on the dimension of customer experience. The CEO has to be the Chief Experience Officer, guiding decentralized service providers.
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