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Shop nowTalent, Strategy, Risk
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Learn moreA playbook for long-term value creation
Balancing the short term and the long term is a perennial struggle, but new developments put boards squarely at the center of this dilemma and in need of guidance. Much of the $14 trillion of assets that firms like Vanguard, BlackRock, and State Street manage is now held in index funds, creating a huge class of permanent institutional investors. These so-called passive investors (unlike activist investors, passive investors don't have power to exit the fund) own almost 60 percent of the Fortune 500—and they have found their voice. Perhaps best exemplified by BlackRock's Larry Fink, these investors are stating in no uncertain terms that simply managing for short-term shareholder profit is not acceptable.
In this agenda-setting book, three leaders who have been on the front lines of these changes with boards, management teams, and the investment community challenge leaders to rethink TSR (total shareholder return). Since TSR cannot keep the short and long term in balance, McNabb, Charan, and Carey argue that boards should focus on a different kind of TSR—talent, strategy, and risk—because decisions and actions around these factors, more than any others, determine whether or not a company creates long-term value.
Dennis Carey is vice chairman of Korn Ferry. He has recruited and assessed board directors and CEOs for some of the world's best-performing companies, and his CEO placements have returned extraordinary value to shareholders of Ford, Humana, 3M, Tyco, and GSK, among many others. He is the founder of The Prium and the CEO Academy and has coauthored seven books on talent, strategy, CEO succession, and corporate governance, including Boards That Lead and Talent Wins.
Ram Charan is an award-winning educator and consultant to senior business leaders and boards around the globe. He is one of the world's bestselling business book authors with over 2 million copies sold. His book with Honeywell CEO Larry Bossidy, Execution, spent 150 weeks on the New York Times bestseller list.
Bill McNabb is former chairman and CEO of Vanguard, the world's second-largest mutual fund manager, with over $5 trillion in assets.
Born and raised in Queens, NYC, Steve Menasche is a child of Egyptian and German immigrants. He completed BS studies in percussion from Brooklyn College Conservatory of Music as well as his minor in theater. He was also a student at Manhattan School of Music, Third Street Music Settlement, and American Conservatory Theatre. He has toured the world three times, was a member of New York City's American Folk Theatre for two years, narrated over 250 audiobooks, performed countless voice-overs for major brands, appeared in national commercial campaigns, and continues to perform as both an actor and musician/composer. He previously owned and taught hapkido and jujutsu in San Francisco and continues to teach when his old knees allow.