Leadership sometimes crucial to survival

By: Jeff Neuville | Hickory Daily Record
Published: September 11, 2011

It’s hard to write a business column on the 10 th anniversary of 9/11.

I had planned an article that compared and contrasted different leadership styles, starting with Rudy Giuliani as he consoled and inspired New Yorkers and all Americans in the aftermath of the 9/11 attacks. Then I would talk about the micro-managing style of Steve Jobs who revolutionized the music industry and created game-changing products such as the iPhone and iPad. Finally, I’d compare their style to what I call the Joe Gibbs Model of Leadership, a humble leader who built three Super Bowl champions with few superstars, focusing on teamwork and getting the right people into the right positions to give his team the best chance for success.

But then last week I read about Jimmy Dunne.

Jimmy Dunne is the senior manager and principal partner of Sandler O’Neill, a full-service investment bank in New York City. Prior to Sept. 11, 2001, Dunne was one of the firm’s three managing partners, responsible for day-to-day operations of the firm. The company had 171 employees, with its headquarters located on the 104th floor of World Trade Center 2. On the morning of 9/11 Dunne was participating in a golf tournament outside of the city when the attacks occurred.

That morning, 83 Sandler O’Neill employees were in their World Trade Center office. Sixty-six perished, including the other two managing partners, Herman Sandler, the company’s senior managing principal, and Chris Quackenbush, head of investment banking. In addition to the human loss, the company lost the majority of its records, contacts, and knowledge. How does a company — or a leader — respond to that?

For Jimmy Dunne it became the driving force for rebuilding Sandler O’Neill. If the terrorists’ goals were to kill Americans and destroy our capitalist system, he would go back to work. The next day. Volunteers and new recruits joined the company to help complete complex deals that had been in process, and the company survived.

Dunne and Sandler O’Neill made a point of taking care of victims’ families, paying full salaries plus maximum bonuses to dependents through the rest of 2001 plus health insurance for five years. The firm contributed to building a foundation committed to providing 100 percent of the tuition costs for all of the children of the deceased. Dunne, now the sole managing partner, was the face of the company, driving the business while attending funerals for lost colleagues.

Today Sandler O’Neill has over 325 employees with offices in Boston, San Francisco, Chicago, Atlanta, and Memphis, in addition to New York. The company offers more services than it did 10 years ago, is more financially stable and more profitable. But the company still draws strength from the memories of the employees lost 10 years ago as it moves forward.

Leadership exists in many flavors, and it must be matched to the right situation. But on this day let’s simply appreciate the heroes of 10 years ago, including those who had the determination to hold things together and rebuild when it seemed like our world was spinning out of control.

(Writer’s note—the article that caught my attention was written by David Whitford and can be found in the Sept. 5 edition of Fortune Magazine.)

After 18 months, this is my last column. I need time to re-fill the creative well. Many thanks to the HDR for the opportunity, and many thanks to the readers who provided article ideas and offered their feedback. It’s been a pleasure.

You can reach Jeff Neuville at jeff.neuville@b-assistnc.com .