Direction, Execution And Timing

“Vikram S. Pandit summoned 60 executives to Armonk, N.Y., last Tuesday to present his plan to buck up Citigroup, the beleaguered bank he runs…

“Mr. Pandit tried to lift spirits and brainstorm for ideas about how to reshape his company's culture. He pushed 60 top managers to build on his seven rules, which he unveiled in the last few weeks. Those rules include items like ‘client connectivity,’ ‘transparency’ and ‘product excellence.’

“But some Citigroup insiders roll their eyes at what they see as dull platitudes. Instead of embarking on a bold new course, as some investors had hoped, Mr. Pandit seems to be turning to the playbook of his predecessor, Charles O. Prince III, who was forced out last year...

“Mr. Pandit's executives say they are confident the strategy will pay off, but they have no illusions about how long it may take.

“‘This isn't like a sprint. This really is a marathon,’ said Gary L. Crittenden, Citigroup's finance chief. It could be two to three years before the bank's returns improve significantly, he said.

“Wall Street is growing impatient. ‘Some of the objectives set forth have been in motion for many years,’ said William Tanona, who follows Citigroup for Goldman Sachs. ‘With each passing quarter, there will be increased urgency for people to see results.’”

(“Appointments With Red Ink.” Eric Dash. The New York Times: July 15, 2008. pg. 1)

FIRST SURVIVAL, then growth, then thriving, then adaptation.

Mess up that sequence and you have chaos. Get it right and results will come into line, and spirits will soar.