2300 Blog 6

"Looking for Mr. or Mrs. Right."

http://www.newsweek.com/id/218061

Bank of America is trying to replace their CEO Ken Lewis. Lewis announced that he would be stepping away from his position early this month after conflict with regulators and Congress. This article is so interesting because it directly relates every candidate for CEO to the public relations that person would create for the company. It seems the company is more about saving face than qualifications. This isn’t a bad thing; it might be the very thing the company needs to keep it from crumbling. David A. Graham, author of the Newsweek article writes, “The ideal candidate needs to be a good public face for the firm's image, which has been damaged, but also a good risk manager who can understand a huge bank.” So the main focus of the new CEO will be to be a “good public face for the firm’s image.”

One possible contender is Sallie Krawcheck. Graham writes, “Her pro-consumer stance could end up giving her an edge at a bank that could sorely use some good publicity.” It is easy to determine when face became more important than skill for CEOs. AS the economy traveled South and the scandals of multiple high-paid, bonus hording bank leaders were unveiled people lost trust in banks. Insurance has also had to create a new face. I have heard the slogan, “Nationwide is on your side,” more times in the past few months than my entire previous 21 years. “We are reliable,” or, “We are one of you,” is the important selling point now.

I believe the importance of public relations for businesses and organizations is never as obvious as it is now. As companies realize they need to be offensive instead of defensive in order to survive they call on pr. Consumers are not going to invest in companies unless they know it is safe and worth it. Today’s thriving companies all have a strong pr group or agency behind them.

-Melanie Fenn