Foreword by

Douglas R. Conant

INSIDE CEO SUCCESSION

THE ESSENTIAL GUIDE TO LEADERSHIP TRANSITIONTom Saporito & Paul WinumChairman & CEO, RHR International LLP Senior Partner, RHR International LLP

Contents

xiii xv 1 5 7 21 39 55 71 73 89 105 119 131 145 157 169 187 197

Acknowledgments Foreword: Douglas R. Conant, former CEO of Campbell Soup Company Introduction Part I: Chapter 1: Chapter 2: Chapter 3: Chapter 4: Part II: Chapter 5: Chapter 6: Chapter 7: Chapter 8: Chapter 9: Chapter 10: Chapter 11: Chapter 12: Chapter 13: Chapter 14: Why CEO Succession Is More Critical than Ever From Checkers to 3-D Chess Success or FailureThe Cause and Cost Whose Job Is It, Anyway? RHRs Essential Point of View The 10 Key Dimensions of Effective Succession Establish Board Ownership, Involvement, and Oversight Set Succession Time Frames Prepare for Emergencies Align on Strategy and Profile Build the Talent Pipeline Source External Talent and Manage Search Firms Select the CEO Proactively Manage the Transition Measure Performance and Improve Process Manage the Dynamics in CEO Succession

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Epilogue: Perspectives on the Future Appendix: Ten Questions a Director Should Ask About RHR International References Index

205 213 219 221 229

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Introduction

The business environment has undergone significant transformation over the past several decadesprogressing from the relative simplicity of commerce in the mid-twentieth century, to the market expansions and consolidations of the 1980s and 1990s, to the global interconnectedness of our current era. These volatile and chaotic times are demanding more from boards and company leaders than at any other time in history and, to ensure the continuity of business, the selection and transitioning of a companys CEO has been elevated to the most important undertaking an organization can engage in. With the complexities involved in selecting and transitioning the chief executive increasing with each passing decade, the mindset of the past and the methods used then are, in many ways, inadequate for ensuring success in todays business climate. We have all seen the results of this insufficiency played out too often in the business press with news of companies struggling to survive failed leadership. Public scrutiny of business and management has certainly accentuated the issue and shareholders have become acutely aware of the need for greater discipline in CEO succession planning. Change in a companys management is now one of the most important areas for investors to follow. Shareholders are also beginning to realizeespecially given the high-profile departures and dismissals of CEOsa greater need for corporate governance and that CEO succession planning depends, in large part, on an established process originating at the board level. Many boards today are quite conscious of the growing demand and their obligation. They are a) more keenly aware of the need for CEO succession planning than their predecessors, and b) more prepared, with succession plans and processes firmly in place. However, even with all this awareness and preparedness, directors are still beleaguered, to varying degrees, by the relational dynamics and personal emotions that attend every step of the succession planning

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2

Inside CEO Succession

processfrom candidate development, to final selection, to the transfer of power, to the integration of the new CEO. In our years of experience, we have concluded that addressing and managing the psychological forces and organizational dynamics are what truly defines best practice and success in CEO succession planning. Yet, there is very little support and insight offered to companies on how to best undertake succession planning and navigate the emotions that attend every step of the process. Inside CEO Succession offers that very guidance. We take you inside the essential steps required to establish a best practice in succession planning, inside the relational dynamics among board members and between the board and the CEO, and inside the personal emotions that sway and influence even the most experienced executivesan often-overlooked aspect of the success or failure of the succession process. Another critical distinction of our practice, illustrated throughout this book, is our belief that CEO succession is more than a boards responsibility. Although the board is accountable for the process, we strongly believe that there must be a partnership between board and CEOa partnership built on personal authenticity and trust. Best practice can only be achieved when board and CEO reach an understanding of involvementa division of labor orchestrated by the board and adhered to by both parties. Inside CEO Succession is the culmination of approximately 70 years of providing expert counsel to boards and management on how to best manage the succession planning process and ensure the substance and effectiveness of its leadership. We have gained as much as we have given. Fundamental to our experience is the invaluable education we have received from our clients over the yearsfrom board members, to CEOs, to future leadersinsightful lessons shared within these chapters. Over the past five years, our firm RHR International has undertaken an extensive program of primary research, annually surveying hundreds of board members of top companies across a variety of industries on their views on succession planning. We have conducted in-depth interviews with board chairs and lead directors to understand their approach to succession planning and what factors contribute to both good and poor outcomesalso shared in the pages that follow.

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Introduction

3

Additionally, and as a finger on the pulse of contemporary business, we present examples of high-profile companies, pulled directly out of todays business press, illustrating both success and failure in the succession and transitioning of leadership. Inside CEO Succession is a unique mixture of business experience and educational training: a blend of process and perception. While our 10 Key Dimensions of Succession Planning provide an essential guide for establishing a best practice in succession planning, our experiences as doctoral-level psychologists grounds us in assessing and addressing the social-psychological factors of ego, role-relationships, power, and emotion associated with relinquishing leadership, preparing successors, and ceding power and authority to others. If properly attended to and thoughtfully executed, CEO succession can offer a company far more than the transitioning of its top leader. CEO succession can enable companies to envision new opportunities for growth, to realign and strengthen processes and systems throughout the enterprise, and propel companies to greater results in the service of their missions. Thomas J. Saporito Paul Winum

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Index

AT&T, 8, 11, 157 authority, 41, 53 ceding, 3, 172, 202 Autodesk Inc., 120 automotive industry, 22, 97, 115 Avon Products, 17778

Aacademy companies, 11 military model, 11 Acer, 125 acquisitions, 11, 3132, 33, 35, 41, 127, 132, 133, 189 Acton, Lord, 75 Acuity Brands, Inc., 47 Advanced Micro Devices (AMD), 12425 advertising, 12021 agenda, 5, 16, 19, 28, 53, 62, 7677, 80, 86, 88, 90, 99, 127, 18081, 188, 193, 194, 199, 217 Akers, John, 2829 ambition, 75, 76, 133, 175 American Express, 12, 14, 28 analysts, 14, 27, 55, 58, 73, 85, 97, 106, 120, 121, 124, 134, 147, 172, 173, 177 Anderson, Brad, 169 annual review, 85 AOL, 13334 Apotheker, Leo, 31, 32, 108, 121, 161 Apple, 1718, 8587, 114 Applebees, 99 Arrow Electronics, 101, 119, 167 Ashenhurst, Harry, 149 assets, 5, 33, 41

Bbaby boomers, 205 Balloun, James, 4748 Banga, Ajay, 27, 49, 17475 Bank of America Corporation, 17, 157 Barrons, 2627 Bartz, Carol, 120 Behavioral Requirements, 159, 160, 162, 163 Bell, Charles, 3031, 106 Berkshire Hathaway, 86 Best Buy Co., 169 Big Blue, 154 blogging, 910, 16 board, accountability, 2, 26, 53, 71, 73, 87, 213 chairs, 2, 74, 76, 81, 82, 92, 95, 100, 10203, 166, 194, 200 committee structure, 190, 196 competing agendas, 62, 127, 194

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board (continued) consensus, 49, 119, 120, 12122, 123, 124, 125, 12627, 129, 131, 133, 167, 194 discussion guide, 4041, 162 emergency succession, 45, 46, 61, 10611, 11213, 115, 11617, 193, 194, 200, 214 failure, 11, 28, 29, 36, 40, 44, 53, 58, 84, 92, 194 governance memory, 6667 knowing-doing gap, 42 meetings, 61, 157 relational dynamics, 12, 68, 71, 195, 197, 198, 202, 203, 217 survey questions, 40 Boeing Commercial Airplanes, 3436, 97, 116, 133, 147 ethics scandals, 35, 133 Bower, Joseph, 153 Buffett, Warren, 24, 86 Burke, James, 30 business, climate, 1, 10, 15, 16, 1920 continuity, 5, 30, 32, 39, 40, 41, 42, 44, 45, 46, 66, 6869, 88, 173, 182, 183, 193, 194, 200, 206, 208 landscape, 12, 20, 26, 77, 96, 103 model, 97 press, 1, 3, 51, 123, brand, 86, 109, 132, 178 Brandywine Realty Trust, 19 Brazil, 210

CCampbell Soup Company, 46, 98, 109 candidate, assessments, 65, 15960 interviews, 42, 43, 65, 159, 160, 162, 166 previous employer, 166 references, 16567, 168, 192 Cantalupo, Jim, 30, 31, 106 capital, 5, 27, 145 Case, Steve, 13334 Central Laborers Pension Fund, 1718, 85 CEO, failure, 24, 32, 33, 39, 66, 93, 115, 132, 149, 189 global, 211 incoming, 9, 6566, 87, 93, 94, 102, 109, 161, 169, 171, 17273, 174, 176, 177, 178, 180, 181, 183, 184, 185, 187, 191, 19293, 194, 20203, 208, 209, 216 integration, 12, 24, 27, 3940, 45, 66, 79, 9394, 102, 134, 153, 167, 170, 178, 179, 18182, 208, 209, 216 outgoing, 61, 66, 75, 76, 81, 93, 103, 167, 170, 17273, 174, 176, 177, 179, 184, 187, 190, 194, 202 selecting, 1, 19, 41, 55, 5657, 71, 75, 81, 88, 123, 149, 150, 158, 175, 193, 194, 201, 215

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231

selection committee, 193 tenure, 9, 1112, 15, 22, 27, 28, 2930, 31, 32, 34, 35, 46, 64, 66, 73, 80, 89, 93, 95, 96, 100, 103, 109, 110, 123, 124, 125, 127, 132, 148, 153, 170, 18889, 190, 196, 199, 208, 213 transitioning, 1, 3, 5, 16, 19, 20, 26, 30, 36, 37, 41, 43, 57, 58, 60, 66, 67, 69, 71, 76, 77, 80, 88, 93, 103, 167, 169, 17071, 172, 175, 183, 184, 185, 202, 203, 208, 216 twenty-first century, 205, 20607 character-building, 136, 139, 141, 142, 143 Chief Executive, 36, 4041, 159 chief executives, 1, 7, 13, 23, 27, 31, 47, 48, 49, 50, 51, 6869, 137, 138, 160 long-serving, 9 Chief Financial Officer (CFO), 91, 99, 114, 164, 166, 190 succession candidate, 7778, 91, 92 China, 28, 210 Chrysler, 12 Citibank, 12 Citicorp, 174 Citigroup, 27, 174 Citrin, James, 179 clients, 2, 40, 53, 55, 149 CNNMoney, 3132 Colgate-Palmolive, 101, 167

collateral debt obligations, 123 collective vision, 62 command-and-control leadership, 23, 132 commerce, 1, 8, 14, 19 modern, 9 committee, 49, 59, 76, 78, 99, 109, 157, 190 chartered, 67, 76, 77, 78, 87, 102, 161, 178, 193, 196, 216 communication plan, 112, 113, 117, 167, 177 communications, 86, 88, 110, 11213, 117, 171, 176 Companys Corporate Governance Guidelines, 85 competition, 8, 9, 11, 90, 124, 125, 183 Japanese, 1213 Conant, Douglas, 46, 98 Condit, Phil, 3435, 133 confidence, decline in, 1315 consumer activists, 84 consumer groups, 9, 14, 16, 53, 73, 86, 189 continuity, 1, 5, 8, 14, 15, 16, 18, 20, 29, 30, 32, 36, 39, 40, 41, 42, 44, 45, 46, 6566, 68, 69, 73, 77, 78, 88, 100, 102, 103, 126, 142, 170, 171, 173, 182, 183, 192, 193, 194, 200, 206, 208 corporate, governance, 1, 14, 17, 21, 22, 58, 73, 85

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corporate (continued) growth, 13132, 161 vision, 121 corporation, 9, 14, 15, 16, 17, 18, 19, 30, 39, 73, 7576, 77, 87, 88, 89, 91, 105, 138, 139, 149, 157, 194 multinational, 16 cost cuts, 3132 Countrywide Financial, 33, 189 credit derivative swaps, 123 CtW Investment Group, 105 customers, 8, 16, 44, 62, 93, 106, 107, 112, 113, 115, 117, 121, 141, 145, 172, 173, 180, 185, 200

111, 112, 115, 116, 117, 119, 121, 122, 123, 124, 126, 127, 129, 130, 131, 139, 157, 159, 162, 165, 166, 17071, 172, 176, 179, 181, 183, 189, 194, 199, 200, 201, 202, 208, 213, 216, 217 disclosure proposal, 8586 distribution, 9, 28, 154 distributors, 89 division of labor, 2, 71, 80, 213 Drucker, Peter F., 187 Duval, Daniel W., 119

EeBay ,121 educational training, 3, 30, 141 ego, 3, 5, 7, 19, 23, 53, 57, 68, 76, 197 Einstein, Albert, 146 emergency plane, 109, 117, 214 emerging markets, 28, 124, 15455, 176, 177, 210 emotional dynamics, 49 employee, morale, 111, 115, 126, 200 motivation, 106 productivity, 106, 200 employers, 10 Enron, 22, 208 enterprise, 20, 29, 30, 41, 5657, 80, 82, 121, 138, 207 evaluation process, 63, 83, 188 executive search consultants, 151 executives, top company, 175 Exelon Corporation, 19

DDAlessio, Walt, 19 Davis, Dr. Richard, 135 The Intangibles of Leadership, 135 Dell, 125 Delta Airlines, 78 developing, 28, 35, 71, 81, 83, 94, 103, 108, 127, 129, 130, 132, 145, 152, 155, 156, 171, 177, 185, 193, 195, 199, 205, 206, 208 Digital, 12 directors, 1, 2, 7, 89, 13, 16, 19, 23, 25, 26, 27, 28, 29, 31, 33, 36, 4043, 4546, 49, 52, 55, 56, 5859, 6061, 63, 66, 67, 68, 74, 75, 76, 7980, 81, 83, 84, 85, 86, 87, 88, 90, 9192, 93, 96, 100, 103, 105, 106, 107,

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external talent, 64, 92, 94, 115, 128, 129, 13637, 14647, 148, 149, 150, 151, 15253, 154, 155, 156, 198, 200, 215 benchmarking, 158, 192

FFacebook, 120 failure, 2, 3, 5, 11, 14, 15, 16, 18, 22, 2324, 26, 3136, 37, 3940, 4243, 53, 63, 64, 66, 6869, 71, 84, 93, 106, 115, 120, 132, 134, 13940, 169, 170, 172, 175, 179, 189 Fasolo, Peter, 84, 128 favoritism, 49 Fiorina, Carly, 3132, 108 Ford, Henry, 197 Ford Motor Company, 21, 35, 97, 115 Ford, William Clay Jr., 21 foreign markets, 12 Fortune 500, 8, 10, 22, 23, 41, 43, 73, 77, 206, 208, 209 Fortune 100, 14, 16, 21 Fortune 1000, 14 franchisee meetings, 99

global business environment, 90 Global Foundries, 125 global stage, 11 globalization, 15, 145 Goldman Sachs, 51, 133 Google, 120 Governance and Nominating/ Compensation Committee, 76 government regulation, greater, 22 limited, 9 regulators, 53, 86 Great Depression, 8, 10 economic boom, 8, 22 Grocery Manufacturers Association (GMA), 5051 growth, 8, 9, 12, 20, 22, 27, 30, 3132, 36, 53, 57, 62, 69, 82, 9091, 96, 99, 103, 120, 124, 125, 13132, 140, 157, 161, 184, 201, 203, 210, 211

HHackett, James P., 7, 13, 48 Hanson, John Nils, 39, 50, 95, 138, 139 Harnischfeger Corporation, 138, 139 Harvard, 133, 153 Hassan, Fred, 178 health-related issues, 23, 11315 high-profile departures and dismissals, 1, 17 Hill, Lloyd, 99 Hockaday, Irvine Jr., 97

GGalli, Joseph Jr., 3334 Gates, Bill, 86 General Electric (GE), 11, 109, 110, 145, 146, 153 General Motors (GM), 12, 14, 28 Gerstner, Louis, 29, 142, 147, 148

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Index

HP, 11, 3132, 111, 121, 125 Compaq merger, 31 HR, 4748, 78, 135, 143, 148, 175, 190, 192, 201 Hurd, Michael, 31, 32, 108

Jones, Reginald, 153 Joy Global, Inc., 39 Jung, Andrea, 17778

KKetchum, Mark, 34 key customers, 93, 112, 117, 172, 180 King, Jr., Dr. Martin Luther, 131 Kmart, 12 Kodak, 12, 14, 28 Kohlberg Kravis Roberts & Company (KKR), 84, 128

IIBM, 11, 12, 14, 2829, 109, 142, 14748, 154 identity, 9, 166, 172 Independence Blue Cross, 19 India, 28, 210 Inside Outsiders, 153, 154 integration process, 27, 18182 Intel, 124 internal talent, 24, 34, 4243, 49, 5051, 61, 64, 80, 115, 150, 152, 200, 210 Internet, 16, 120, 12526, 13334 Interview Protocol, 16164, 166, 168 investors, 1, 17, 2122, 27, 33, 58, 7374, 84, 86, 106, 107, 10809, 112, 113, 120, 121, 124, 170, 172, 173, 177, 180, 185, 189, 190, 200 iPad, 125

Llabor, 9, 34, 209 division of, 2, 71, 80, 213 Lafley, A.G., 154 Lanci, Gianfranco, 12526 Larsen, Ralph, 2930 Lawless, Robert, 2728 Leader Profile, 9091, 193 leadership development, 56, 67, 7778, 87, 111, 115, 116, 127, 132, 134, 136, 137, 139, 14042, 143, 148, 151, 152, 153, 175, 18889, 192, 194, 200, 210, 211, 215, 216 leadership talents, long-term, 90, 127, 130 legacy, 5, 7, 19, 28, 53, 81, 82, 97, 100, 173, 184, 194, 201 Lenovo, 125 Lewis, Ken, 17, 3233, 84, 10506, 189 litigation, 9 Lockheed Martin, 35

JJacksonville, Illinois, 17, 85 Jager, Durk, 154 James, Donald, 8081 Jobs, Steve, 17, 85, 86, 114 Johnson & Johnson, 2930, 43, 51, 78, 84, 109, 128, 141, 146 Tylenol crisis, 30

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Mmanagement, middle, 52, 209 senior, 5152, 85, 99, 112, 129, 131, 136, 139, 143, 147, 151, 152, 15455, 175, 176, 177, 179, 182, 190, 196, 198, 202, 206, 209, 217 market, dynamics, 11 expansions, 13, 31 international, 90 performance, 32, 60, 108, 120 position, 20, 37, 57, 61, 62, 106, 115, 129, 170, 200 sector, 13 share, 9, 13, 58, 153 value, 14, 26, 33, 36, 3940, 62, 111, 120, 177 MasterCard Inc., 2627 Maxwell, John C., 55 McColl, Hugh, 3233 McCormick & Company Inc., 27, 109 McDonalds Corporation, 3031, 105 Plan to Win, 10809 McDonnell Douglas, 35 McDonough, John, 3334 McNerney, Jim, 35 media, 9, 16, 17, 22, 86, 11213, 117, 13334, 147, 172, 173, 178 Medtronic, 30 Mercedes, 1213 mergers, 1112, 14, 132 Merrill Lynch, 33, 133, 189 Meyer, Dirk, 12425

Microsoft, 86 Mitchell, David, 178 Molpus, Manly, 5051 Moments of Truth, 13637, 138, 143 mortgage back securities, 123 Moynihan, Brian, 106, 189 Mulally, Alan, 21, 3536, 9798, 115, 116, 147, 148 Mullin, Leo, 5152, 78

NNeff, Thomas, 179 networks, 22, 206 Newell Rubbermaid, 3334, 52, 89 merger, 34 news, 1, 16, 10708, 114 cable news channels, 22 Nippon Steel, 11 Northwestern University, 10 Noski, Charles, 15758

Oobjective data, 5, 19 obstacles, 7, 174 ONeal, Earnest Stanley, 133 Oppenheimer, Peter, 114 organic growth, 3132

PPalm, 121 Palmisano, Sam, 29, 142, 154 partnership, 2, 56, 60, 67, 71, 74, 79, 80, 81, 82, 88, 90, 10203, 111, 113, 11516, 117, 124, 126, 130, 131, 140, 15758, 179, 180, 188, 195, 198, 199, 213, 214, 216

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Patrick, Stephen, 101, 167 Patterson, William, 105 Pennsylvania Real Estate Investment Trust, 19 personal agendas, 5, 19, 53, 217 personality conflicts, 74, 76, 122 Pfizer, 30 Poland, 28 Polk, Michael, 34 power, 12, 3, 5, 7, 17, 19, 43, 53, 57, 68, 7576, 87, 100, 107, 128, 137, 17273, 177, 178, 182, 184, 197, 202, 20607 ceding, 3, 178 Preston, James, 178 procedures, 5, 19, 67, 112, 153, 15455, 191, 192, 195, 216 Procter, William, 154 Procter & Gamble, 11, 30, 146 product innovation, 28, 12021 profit-and-loss centers, 30, 141 Prospect City, Inc., 151 psychological forces, 2, 5, 7, 20, 25, 53, 5758, 74, 124, 173, 194 psychological stress points, 19 PwC Consulting, 142

retirement, 9, 1314, 35, 4647, 84, 8990, 95, 99, 103, 110, 174, 199, 206 RHR International, 2, 8, 4041, 5569 relinquishing leadership, 3 role-relationships, 3 Rometty, Virginia Ginny, 29, 142 Ruiz, Hector, 124 Russia, 210

SS&P 500, 30, 33 sales meetings, 99 Santayana, George, 187 Sarbanes-Oxley Act (2002), 2122, 40, 208 SAP, 31, 121, 161 search firm, 64, 14850 Sears, 12 Securities and Exchange Commission (SEC), 17, 22, 60 Selander, Robert, 2627, 17475 share repurchasing programs, 41 shareholder assets, 41 shareholders, 1, 13, 14, 17, 18, 22, 53, 55, 57, 58, 60, 73, 8485, 87, 99, 10506, 112, 113, 11415, 141, 147, 162, 176, 177, 189, 202, 208 Shrontz, Frank, 3435 Silicon Valley, 120 Skinner, James Jim, 30, 31, 105, 106, 108 Sony, 11, 146

RRead, Rory, 125 regulators, 17, 53, 73, 85, 86, 189 reports, direct, 79, 83, 88, 164, 166, 168, 201 non-direct, 83

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South Korea, 210 spokesperson, 112 stakeholders, 8, 15, 16, 40, 43, 45, 46, 49, 61, 68, 74, 76, 85, 93, 94, 113, 135, 143, 161, 166, 171, 176, 177, 178, 180, 184, 185, 190, 198, 209 external, 75, 76, 167, 176, 183 internal, 16, 75, 147, 150, 176, 183 Steelcase Inc., 7, 13, 48 Stein, Robert, 151 stock, buybacks, 3132 options, 13 price, 14, 16, 27, 3132, 34, 44, 64, 107, 109, 120, 161, 175 splits, 41 value, 20, 32, 58, 100, 103, 115, 121, 177 strategic direction, 13, 24, 25, 27, 34, 36, 59, 62, 64, 69, 75, 77, 8687, 88, 90, 9596, 103, 108, 111, 117, 121, 123, 124, 125, 127, 130, 131, 145, 15758, 161, 170, 177, 180, 181, 183, 184, 214 succession time frame, 95, 102, 198 successor, compensation, 25, 40, 41, 4243, 64, 86, 99, 100, 116, 17576, 208 internal, 14, 16, 25, 77, 78, 95 outside, 24, 28, 31 potential, 10, 42, 63, 78, 83, 86, 91, 98, 111, 15960, 201, 202

surveillance, 16 suppliers, 89, 16, 145, 154, 173, 180, 185

Ttalent, pipeline, 63, 6768, 129, 131, 13435, 140, 143, 148, 151, 15455, 198, 203, 217 pool, 63, 154, 210 Tandy, 12 Tarnished Asset Relief Program (TARP), 33, 189 Texas Instruments (TI), 125 The Credo, 141 The Global Standards of Leadership, 141 The Silent Generation, 10 The Winning Formula, 79, 16061, 191 Time Warner, 13334 Toyota, 11 traditional market segments, 8 transitioning, knowledge, 208 leadership, 57, 172, 202 period, 169, 172, 185 transparency, 15, 17, 18, 47, 49, 50, 64, 151, 179 TravelMate, 125 Tybout, Dr. Alice, 10 Tyco, 22

Uunderstanding of involvement, 2, 71, 80, 213 Unilever, 34 union workers, 147

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United States, 10, 1213, 17, 33, 106, 205, 211 unplanned departure, 22, 24, 25, 36, 46, 61, 63, 8990, 95, 107, 194, 195, 199 Useem, Michael, 12

VViault, Raymond, 52, 89 Vulcan Materials Company, 80

Westinghouse, 14, 28 Whartons Center for Leadership and Change Management, 12 Wilson, Alan, 2728, 109 women, 20910 WorldCom, 22 world GDP, 210 World War II, 8, 10

WWall Street, 14, 133 analysts, 14, 27 Wall Street Journal, 178 Wal-Mart, 12 Welch, Jack, 110, 145, 153 Weldon, William, 141

XXerox, 12

YYahoo! Inc., 120 3M, 35, 146 10 Key Dimensions, 3, 5969, 71, 119, 213

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