In 2008, Howard Schultz, the president and chairman of Starbucks, made the unprecedented decision to return as the CEO eight years after he stepped down from daily oversight of the company and became chairman. Concerned that Starbucks had lost its way, Schultz was determined to help it return to its core values and restore not only its financial health, but also its soul. In Onward, he shares the remarkable story of his return and the company's ongoing transformation under his leadership, revealing how, during one of the most tumultuous economic times in history, Starbucks again achieved profitability and sustainability without sacrificing humanity. Offering readers a snapshot of a moment in history that left no company unscathed, the book zooms in to show, in riveting detail, how one company struggled and recreated itself in the midst of it all. The fast paced narrative is driven by day-to-day tension as conflicts arise and lets readers into Schultz's psyche as he comes to terms with his limitations and evolving leadership style. Onward is a compelling, candid narrative documenting the maturing of a brand as well as a businessman.Onward represents Schultz's central leadership philosophy: It's not just about winning, but the right way to win. Ultimately, he gives readers what he strives to deliver every day- a sense of hope that, no matter how tough times get, the future can be just as or more successful than the past, whatever one defines success to be. "Through the lens of his personal leadership journey, with all of its dizzying ups and agonizing downs, Howard Schultz has written, with aching honesty and passion, the single most important book on leadership and change for our time and for every generation of leaders. This book is not just recommended reading, it's required." Warren Bennis, Distinguished Professor of Business, University of Southern California, and author of the recently published Still Surprised: A Memoir of a Life in Leadership "[This] sequel to the founding of Starbucks is grittier, more gripping, and dramatic, and [Schultz's] voice is winning and authentic. This is a must-read for anyone interested in leadership, management, or the quest to connect a brand with the consumer." Publishers WeeklyContents
Introduction. Part OneSurfacing. 4 Nothing is Confidential. 5 Magic. 6 Loyalty. 7 Believe. Part Two: Confidence. 8 A Reservoir of Trust. 9 A New Way to See. 10 Playing to Win. 11 Elevating the Core. 12 Get in the Mud. 13 A Reason to Exist. 14 Benevolence. 15 Beyond the Status Quo. 16 Bold Moves. Part Three: Pain. 17 Whirlwind. 18 A Lethal Combination. 19 Reverence. 20 No Silver Bullets. 21 I Know this to be True. Part Four: Hope. 22 Truth in Crisis. 23 A Galvanizing Moment. 24 Nimble. 25 Plan B. 26 Stay the Course. Part Five: Courage. 27 Innovate. 28 Conviction. 29 Connecting Dots. 30 Balance. 31 Conscience. 32 Winning. 33 Ni Hao. Tribute. Acknowledgments. Photo credits. Index.natural environmental systems 13. Syntrophic interactions in biodegradative consortia 14. Strategies to reveal genomic function in natural soil systems 15. Monitoring microbial community dynamics to evaluate bioremediation 16. Selective stimulation of aromatic compound degradation by the indigenous marine bacterium Cycloclasticus for bioremediation of oil spills in the marine environment 17. Biofilm as a multicellular bacterial system Indexand Response 140 Ownership and Responsibility 141 No innocent shareholder 141 To Sell or Not to Sell: The Prisoner's Dilemma 143 Who the Institutional Investors Are 144 Bank trusts 145 Mutual funds 146 Insurance companies 149 Universities and foundations 149 Executive pay from the consumer side - a leading indicator of risk 150 Pension plans 154 The Biggest Pool of Money in the World 154 Pension plans as investors 164 Pension plans as owners 166 Public Pension Funds 169 Divestment initiatives 188 Economically targeted investments 189 AFSCME 195 Federal Employees' Retirement System 197 TIAA-CREF 199 Private Pension Funds 201 The Sleeping Giant Awakens: Shareholder Proxy Proposals on Governance Issues 206 Focus on the Board 212 Hedge Funds 220 Synthesis: Hermes 221 Investing in Activism 222 New Models and New Paradigms 223 The "Ideal Owner" 228 Pension Funds as "Ideal Owners" 233 Is the "Ideal Owner" Enough? 234 Summary and Discussion Questions 236 Notes 238 3. Directors: Monitoring 251 A Brief History of Anglo-American Boards 255 Who Are They? 256 Size 256 Term 256 Inside/outside mix 257 Qualifications 261 Who Leads the Board? Splitting the Chairman and CEO and the Rise of the Lead Director 261 Agenda 263 Minutes 263 Diversity 264 Meetings 264 Communicating with Shareholders 264 Special Obligations of Audit Committees 265 Ownership/Compensation 266 Post-Sarbanes-Oxley Changes 266 Board Duties: The Legal Framework 267 The Board's Agenda 281 The Evolution of Board Responsibilities: The Takeover Era 283 The Fiduciary Standard and the Delaware Factor 284 How did boards respond? 287 Greenmail 287 "Poison pills" 288 Other anti-takeover devices 290 The Director's Role in Crisis 291 Limits and Obstacles to Board Oversight of Managers 295 Information Flow 295 Practical Limits: Time and Money 301 The Years of Corporate Scandals - Boards Begin to Ask for More 302 Director Information Checklist 303 Who Runs the Board? 304 Catch 22: The Ex-CEO as Director 306 Director Resignation 308 CEO Succession 308 Director Nomination 309 Limits and Obstacles to Effective Board Oversight by Shareholders 318 Carrots: Director Compensation and Incentives 319 Sticks, Part 1: Can Investors Ensure or Improve Board Independence by Replacing Directors who Perform Badly or Suing Directors who Fail to Act as Fiduciaries? 324 Can Directors be Held Accountable through the Election Process? 324 Staggered boards 327 Confidential voting 328 Sticks, Part 2: Suing for Failure to Protect the Interests of Shareholders - Are the Duties of Care and Loyalty Enforceable? 331 Future Directions 331 Majority voting and proxy access 331 Improving director compensation 333 Increasing the authority of independent directors 333 "A market for independent directors" 335 "Designated director" 336 Board evaluation 336 Executive session meetings 336 Succession planning and strategic planning 337 Making directors genuinely "independent" 337 Involvement by the federal government 338 Involvement by shareholders 339 Summary and Discussion Questions 339 Notes 340 4. Management: Performance 347 Introduction 348 What Do We Want from the CEO? 354 The Biggest Challenge 359 Risk Management 363 Executive Compensation 363 The pay Czar 370 Post-meltdown pay 370 The Council of Institutional Investors 371 Stock Options 374 Restricted Stock 379 Yes, We Have Good Examples 380 Shareholder Concerns: Several Ways to Pay Day 380 The "guaranteed bonus" - the ultimate oxymoron 380 Deliberate obfuscation 381 The Christmas tree 382 Compensation plans that are all upside and no downside 382 Loans 382 Accelerated vesting of options 383 Manipulation of earnings to support bonuses 383 Manipulation of peer groups 384 Huge disparity between CEO and other top executives 384 Imputed years of service 384 Excessive departure packages 384 Backdating, bullet-dodging, and spring-loading options 385 Phony cuts 386 Golden hellos 386 Transaction bonuses 386 Gross-ups and other perquisites 387 Retirement benefits 387 Obstacles to restitution when CEOs are overpaid 387 Future Directions for Executive Compensation 388 CEO Employment Contracts 389 Cause 390 Change of control 391 Half now, half later 391 CEO Succession Planning 391 Sarbanes-Oxley 392 Creation of the Public Company Accounting Oversight Board 392 Section 404 393 Other changes 394 Dodd-Frank 394 Employees: Compensation and Ownership 395 Employee Stock Ownership Plans 399 Mondragon and Symmetry: Integration of Employees, Owners, and Directors 403 Conclusion 409 Summary and Discussion Questions 410 Notes 411 5. International Corporate Governance 415 The Institutional Investor as Proxy for the Public Interest 429 Norway in the driver's seat 431 The International Corporate Governance Network 433 ICGN: Statement of Principles on Institutional Shareholder Responsibilities 433 The Global Corporate Governance Forum 435 Sweden 435 Canada 437 Singapore 438 Russia 441 Germany 442 China 443 Japan 444 Governance Metrics International (GMI) 445 World Bank and G7 Response 458 Azerbaijan 459 Slovakia 460 Jordan 460 Thailand 461 Poland 461 The Global Carbon Project (GCP) 464 A Common Framework for Sustainability Reporting 465 Towards a Common Language 468 Vision 470 Summary And Discussion Questions 471 Notes 473 6. Afterword: Final Thoughts and Future Directions 475 Beyond the Nation State 477 Government as Shareholder: The Institutional Investor as Proxy for the Public Interest 484 Notes 486 Index 489realization.- 12.11.2Internally balanced realization.- 12.11.3Example.- 12.12References.- 12.13Problems.- 13 Stability.- 13.1 Introduction.- 13.1.1 Phase portrait.- 13.2 Linear systems.- 13.2.1 Routh-Hurwitz criterion.- 13.3 Lyapunov's direct method.- 13.3.1 Introductory example.- 13.3.2 Stability theorem.- 13.3.3 Asymptotic stability theorem.- 13.3.4 Lasalle's theorem.- 13.3.5 Geometric interpretation.- 13.3.6 Instability theorem.- 13.4 Lyapunov functions for linear systems.- 13.5 Lyapunov's indirect method ..- 13.6 An application to controller design.- 13.7 Energy absorbing controls.- 13.8 References.- 13.9 Problems.- 14 Applications.- 14.1 Digital implementation.- 14.1.1 Sampling, aliasing and prefiltering.- 14.1.2 Zero-order hold, computational delay.- 14.1.3 Quantization.- 14.1.4 Discretization of a continuous controller.- 14.2 Active damping of a truss structure.- 14.2.1 Actuator placement.- 14.2.2 Implementation, experimental results.- 14.3 Active damping generic interface.- 14.3.1 Active damping.- 14.3.2 Experiment.- 14.3.3 Pointing and position control.- 14.4 Active damping of a plate.- 14.4.1 Control design.- 14.5 Active damping of a stiff beam.- 14.5.1 System design.- 14.6 The HAC/LAC strategy.- 14.6.1 Wide-band position control.- 14.6.2 Compensator design.- 14.6.3 Results.- 14.7 Vibroacoustics: Volume displacement sensors.- 14.7.1 QWSIS sensor.- 14.7.2 Discrete array sensor.- 14.7.3 Spatial aliasing.- 14.7.4 Distributed sensor.- 14.8 References.- 14.9 Problems.- 5 Tendon Control of Cable Structures.- 15.1 Introduction.- 15.2 Tendon control of strings and cables.- 15.3 Active damping strategy.- 15.4 Basic Experiment.- 15.5 Linear theory of decentralized active damping.- 15.6 Guyed truss experiment.- 15.7 Micro Precision Interferometer testbed.- 15.8 Free floating truss experiment.- 15.9 Application to cable-stayed bridges.- 15.10Laboratory experiment.- 15.11Control of parametric resonance.- 15.12Large scale experiment.- 15.13 References.- 16 Active Control of Large Telescopes.- 16.1 Introduction.- 16.2 Adaptive optics.- 16.3 Active optics.- 16.3.1 Monolithic primary mirror.- 16.3.2 Segmented primary mirror.- 16.4 SVD controller.- 16.4.1 Loop shaping of the SVD controller.- 16.5 Dynamics of a segmented mirror.- 16.6 Control-structure interaction.- 16.6.1 Multiplicative uncertainty.- 16.6.2 Additive uncertainty.- 16.6.3 Discussion.- 16.7 References.- 17 Semi-active control.- 17.1 Introduction.- 17.2 Magneto-rheological fluids.- 17.3 MR devices.- 17.4 Semi-active suspension.- 17.4.1 Semi-active devices.- 17.5 Narrow-band disturbance.- 17.5.1 Quarter-car semi-active suspension.- 17.6 References.- 17.7 Problems.- Bibliography.- Index.