Vindication comes sooner and more easily for deposed chiefsin the financial services sector, the FinancialTimes reports this morning.
Citing the career revivals of Jamie Dimon, Sandy Weill, PetePeterson, and John Mack, executives on Wall Street have a better chance ofrebounding from career setbacks than their counterparts in other industries,writes Justin Baer. Though they may find resistance from boards of publicly traded companies,they retain their fame, contacts, and the knowledge it took to run a complex financialservices company so barriers to starting new ventures such as a hedge fund,advisory firm, or private-equity company aren’t so high.
“The financial sector istransaction driven,” Andrew Ward, an assistant professor of business at theUniversity of Georgia and co-author of FiringBack: How Great Leaders Rebound After Career Disasters, tells the FT. “Somedeals work out well, some don’t work out well. Failure is accepted.”