Ring of the nibelung says and a lot of words but quite convincingly that pride goes before a fall and it serves as a gripping metaphor for some of todays mighty Business Executives when bosses take a tumble this weeks topic here on mate im Christopher Kober good to have you with us from the comfy cushions of executive chairs to the cold confines of a holding cell it is a bitter root one that some very prominent figures had to take over the years interestingly enough a fairly large number of them after having stellar careers in the automotive sector an industry where being the alpha male the heavyweight still seems to be an essential leadership requirement but where theres hubris disgrace can be just around the corner. I wonder what its like to have a career thats only headed up like those demi gods and suits who reigns. Premed the executive suites of the worlds biggest companies. There and i wonder how it is for them when they fall. Take the example of carlos gone until recently his fortunes were constantly on the rise he held leading positions at Mitsubishi Motors and nissan as well as being chairman and c. E. O. Of renault and was in charge of the three company alliance. The demi gods of the Business World often make decisions on their own they have the last word and i guess if they get away with that for years they begin to believe in their absolute right to do so unquestioned as well as their right to hang on to the trappings of power the yachts the chauffeur driven company cars the private jets. But a number of top managers have fallen in recent years among them. Former audi chief executive or brazilian billionaire mike about tista to name just two examples. Some executives were in more in an hour than a factory worker does in a month. But when they fall they fall far. Carlos ghosn chairman of nissan and mitsubishi has been arrested on charges of misusing Company Assets and under reporting his n com. Now hes in detention in japan. Rupert shuttler one c. E. O. Was celebrated like a media star at car shows. Then prosecutors accused him of collusion in the scandal over a manipulated diesel emissions. He spent several months in pretrial detention. And brazilian german serial entrepreneur ike about tista everything he touched seemed to turn to gold with a personal wealth of thirty billion dollars he was named seventh richest man in the world in two thousand and twelve he made his fortune and oil and iron mining and then in twenty seventeen he was sentenced to thirty years in jail for bribery. The twilight of the demi gods of the Business World but they fall they fall far and even if they manage to escape prison they almost never make it back to the top. When powerful highly paid executives hit the wall we get to watch practically in real time in the digital era but overconfidence is nothing new throughout the ages selfimportant figures in power have wreaked massive damage to themselves and others here is why the equation hubris plus power often equals the station. Icarus sought to reach the sun on wings made of feathers and wax but became overconfident and got a little too close as the wax on his wings melted the feathers dropped out and he tumbled to the ground according to greek mythology it was the gods punishing him for his hubris or arrogance so does pride always come before a fall arrogance can be found everywhere pride says no one can stop me i reign over people and nature im god. And it ignores the fact that arrogance can be dangerous those who feel selfimportant and overconfident tend to lose touch with reality a study by u. S. Space agency nasa concluded that several advanced civilizations like the ancient egyptians collapsed because they overestimated themselves the Great Pyramid of giza is one hundred forty seven meters tall when it was completed more than forty five hundred years ago it was the tallest manmade structure in the world its sole purpose to serve the cult surrounding the pharaohs who were honored like gods thousands of workers were involved in its construction not just slaves but also many farmers the harvest suffered and famine swept across the land Economic Life came to a near standstill contributing to the empires collapse. Hubris can also take the form of seventy thousand tons of steel in one thousand twelve the titanic was the largest ship in service at the time its builders and operators were convinced the ocean liner was unsinkable by any force of nature but on its Maiden Voyage the titanic collided with an iceberg the unthinkable the impossible had happened the titanic sank. The owners had seen no need to fit the ship with more than a token number of lifeboats some fifteen hundred lives were lost. Whether its the hubris of the rich and powerful or blind overconfidence arrogance often leads to failure and that sense pride does come before a fall. The antidote to overconfidence is simple its humility. It forces rulers managers and it gets back to reality. In the long term thats a better outcome for everyone. And what better person to talk about that than an executive who was living the life throwing lavish parties surrounded by the International Jets it only to end up thrown out excommunicated locked up all reporter Chris Stanford saliers met a manager who was jailed but still insists he didnt do anything wrong. We come to a prison in frankfurt that for almost nine years was home to a disgraced media manager he was handed one of the longest sentences in german legal history for white collar crime. The prison with its barbed wire and security gates is an imposing place. Inmates typically live in cells measuring just ten square meters. Today the corporate consultant alexandre has returned to visit. He used to live a life of luxury huge parties costing up to a quarter of a Million Euros in his private villa in cape town and in germany what he called Customer Acquisition or business was deemed strictly pleasure by the company he worked for. His then employer and International Media and Marketing Agency had him charged with embezzlement. Was subsequently arrested put on trial and found guilty. He had never felt lonely or. Visited twice a month with among some of three people some as good as no visitors. And i mean did you make the most of it. Hundred percent. Only with my family and my best friends. And that. Was one of the most important managers at the Agency Responsible for planning and booking Advertising Campaigns for Global Airlines and other clients. His job also involved defining target groups for consumer item producers developing Communications Content and promotional films he delivered sales of three billion euros a year. Also negotiated discounts on advertising broadcast time and concealed the proceeds in a network of companies his employer was left. In the dark. The court later found him guilty on sixty eight counts of investment he was acquitted of charges in a civil court because he had made personal use of those profits. Maintained his innocence and refused to cut a deal with prosecutors to begin and as a party. Of us. Would probably have come off far better if you had cooperated yet why didnt you. Because im convinced that im right and that my version is correct. If someone can provide objective arguments to the contrary and then i take it back immediately but as the prosecutor has been able to do that im sticking by my stance. As a business step by complete. Right after his release from prison but sicko wasted no time joining forces with selected partners to set up a communications and advertising consultancy will fix i do not need a hint. The new agency has offices in germany south africa and singapore the former manager is back in business. The Crucial Point is grasping reality if youre branded it first one gets manner of people who might not see my first customer since ive been out who said he didnt care policy as long as i made money for him. That film springs to mind man. Himself briefly considered giving up being incarcerated in the prison and frankfurt was a huge shock. And even thought about taking his life. You have no rights i knew can take any falls with you to review men will be hosting judged from the moment your premises are rated. So once youre arrested and youre put in a regular cell you first measure how long the electric cable is and whether its long enough for me and then other people i know can confirm your will to survive kicks in and helps you through those loads. Of the six hundred inmates in the prison he was one of a tiny number jailed for white collar crime. Alexander route sicko was released three years ago and is more determined than ever to realize bishes plans. Because people in power often dont have anyone to rein them in or tell them when theyre going too far the fall from grace can come as a huge surprise for them anyway and when its time to talk to the boss the knifes can come out among the people who were once subordinates the man featured in our next report helps fired executives and other managers to get back on their feet after the fall and he knows what hes talking about he too was once given the boot. Close fair should give sucked executives a bridge back to gainful employment. He works with people who are used to being the boss and dictating events. When they get the boot the psychological toll can be considerable as is. Defined as the its not uncommon for the firing to be pretty rather brutal and not very respectful you have to remember that if this is not exactly a meeting that most executives are of keen to have. Fairford has lots of contacts in germanys corporate landscape that helps him to find jobs for his clients. My level vacancies are rarely advertised and cold calling potential employers is considered very bad style. Fairford starts by asking clients if they may share some of the blame for their dismissal on camera because of the time in mention the the father of miss some people do use this experience to reassert and to reflect on what role they may have played in their departure the other kind of manager doesnt want to engage in that kind of self reflection. They end up behaving the exact same way in the new company as they did in the old one of the four been busy. Top executives often hear nothing but praise and adulation until they suddenly find themselves toppled from within their own ranks. But even deposed executives still manage to find new positions. For lack of experience always plays a big role and that can include having mastered situations that werent always positive ones we feel a lot of companies today face major changes so they want to see managers in their ranks who can deal with that challenge. He speaks from personal experience he was once on the board of directors of a major bank. His dismissal came as a shock but it was also an opportunity. In my meeting nothing. For the First Time Ever i gave serious thought to what i wanted to do with my life. If i hadnt been forced to make that change up i would never have had the opportunity to grapple with that question so in hindsight i benefited from what happened but to be honest i didnt feel that way at the time. I mean if you could state that. The kingpins in the corridors of power are often shielded from the trials and tribulations of their workforce while ruling over their fate. Pride and praise come before before. A fall from grace suffer some is impossible to bear. It doesnt because such cases are extremely unusual but there have been instances where executives have been so troubled by the accusations leveled against them that theyve wanted to commit suicide. Many of his clients say they were the last to be told of their own dismissal. It can be lonely at the top. By all appearances they were bush shipped until suddenly even their allies turned on them. Leaving. Them it was one thing i often notice not just with our clients is that many never get any feedback about their work either because thats not part of the Company Culture or because theyre unwilling or unable to deal with feedback and theyre not willing to believe they could ever make a mistake. Close fairford has advised hundreds of clients helping most to find new high level jobs. At that point he says its best to make it go. Clean break and to focus on getting to know the new team. Now of your faith in what we like to call Leadership Qualities has been thought of as shaken i understand but dont forget there are plenty of executives out there who never get too big for their boots remarkably its often entrepreneurs or owners rather than hired guns who are most aware that doing business also involves embracing responsibility to shareholders customers and the people who work for you when greece plunged into its debt crisis for example its drac to countless greeks into poverty and caused the economy to shrink by a quarter Many Companies in the country folded others survive though not least because their owners simply refused to give up. In twenty fourteen things were at a virtual standstill there was very little work or hope. Now in twenty nineteen the production hall is looking pretty full. I meet with the owner constantine. Its been five years since i last saw him he tells me that during those years the Family Business only recorded losses. Today theres a sense of optimism at the plant not like in twenty fourteen when things were desperate contracts from the state are supposed to be fulfilled immediately but the government cant pires all they pay six to eight months late but we still have to pay our bills on time and the banks wont give us any money. Is there the ally still wouldnt know how to advise someone in my position back then even shutting down the factory would not have been a solution there would have been unpleasant consequences for us and our employees. We ended up using our private money to ensure the company survived. After many had overcome two major crises in the past including the military coup in one nine hundred sixty seven. So we believed we could make it this time to get the. The company is specialized in Precast Concrete with the state now once again investing in Public Infrastructure things are looking up around half of the companys rivals have gone bust so theres less competition and its now making a profit again. I wanted to know how he copes emotionally over the past years without knowing when things would finally improve. He but we knew the crises couldnt last forever and we kept seeing indicators that encouraged us once you reach the lowest point things have to improve again so that kept us feeling positive its what we greeks have an unshakeable optimism for me. This is another company thats whether the. Prices. The clothes produced here in destin mainly for export Foreign Trade is the fashion companys only hope especially trade with germany and its sizable market more than half of their garments are now sold abroad. Only your your small nader says thats been a lifesaver both back in two thousand and twelve when i first spoke to him and today its allowed his company to survive despite the steep drop in sales on the domestic market in twenty twelve he wasnt expecting any quick recovery of the Greek Economy and he was proven right. I think the crisis will last a decade altogether before greece can begin a new chapter the entire system will need to change the entire structure of the state and that will take time. But. There have been big improvements the level of bureaucracy isnt what it was of course more still needs to be done. But its much easier for companies now than it was a decade ago. His son leo need us has now taken over the business like his father he still has to cope with a lot of uncertainty its not clear for example whether corporate taxes might be increased nevertheless the family remains optimistic. Theyve chosen to specialize in womens fashion in larger sizes but garments are made right here in athens allowing the company to be flexible in responding to changes in customers tastes. Its really pretty scary to carry responsibility for all the people that we employ and to be responsible for ensuring that the business keeps going well. We need to keep promoting our exports and thats when you realise what a big responsibility it is. All of the people we have talked to over the last years have been able to weather affects. Crisis so well some decided to immigrate. To australia or vietnam others have been unemployed for years. They have all had to demonstrate unusual stamina. That has proved to be the only way businesses in greece can survive. Now when it comes to all the misdeeds weve been telling you about the hubris and the often resulting catastrophes one issue really sticks out in each of our stories this week it was men that set the house on fire but the president s and influence of women and boardrooms is growing admittedly slowly now are female executives susceptible to the same pitfalls my colleague Christina Hoover set out to discover how they deal with power. The tendency of men to take risks to shape the economy and Society Better with the world be different if more women health positions of power. The thing that mcquay women lead differently or better than men. When i can tell there are so many cliches when it comes to women and men men have a reputation for sharp elbows as theyre more aggressive decisive and daring thats why didnt this. Let me go to see whereas women are more realistic in organized communicative and willing to compromise. I just have male bosses crave a company card and bonuses by the female bosses are more interested in workforce training and maintaining customer and Employee Loyalty going to be ads is that true. If were going to take it has an insiders perspective shes a management coach. And women have a different style of leadership i think there are certain tendencies that you can attribute more to either women or men men tend to have a more competitive approach whereas women tend to be more inclusive in take on t. V. Well do women need these symbols of power. As a vendean the classic i think classic example