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Christina A. Gold
Debbie HinelyMay 11, 2010BUSM 520
Christina A. Gold
Born 1947 in Netherlands Father
Dutch Olympic gymnast & military officer Mother
Canadian nurse & painter Carleton University in Ottawa, Canada
Bachelor of Arts in Geography in 1965 Many honorary degrees
Married a lawyer, no children Has won numerous awards over her career Retiring from Western Union September 2010
Continue in advisory & consultative capacity
Career History
1969 Brooke Bond Foods, Ltd Accountant adding up redeemed discount coupons
1970 Avon Canada 1989 Avon Canada President 1993 First female President of Avon North
America 1998 established The Beaconsfield Group
Consultancy focused on global direct selling and marketing/distribution strategies
1999 CEO Excel Communications 2002 President Western Union, under First Data 2006 CEO Western Union
Successful spin off as own company Serves on Board of Directors for:
ITT Corp. NY Life
Avon Canada
Joined 1970 Requested to be put in charge of an
English-speaking area of Canada Instead made head of sale of downtown,
French-speaking Montreal Kept being put in poor-performing
areas Continued to show results
Held 20 different positions in 19 years
Avon North America
Brought in Gold in 1993 as President Went through three presidents in six years▪ Led to possible hostile takeover by Chartwell, Inc
Raised sales and profits, saving division Brought division share up from 35% to 40%
Stepped down as President to become Executive VP of global direct selling development Supervisory position
Western Union
Began as telegram company in 1851 Englewood, Colorado
$5.3 Billion revenue 420,000 agents 7,000 employees 200 countries and territories
Worldwide leader in money transfer, bill payment and prepaid services US’s largest mortgage-payment processor 20% market share for global payment services
Transactions 2002 2009 Total Increase
Consumer-to-consumer 68 million 196 million 128 million
Consumer-to-business 145 million 415 million 270 million
TOTAL 213 million 600 million 398 million
Total WU revenue $2.7 billion $5.1 billion $2.4 billion
• Consumer-to-consumer = primarily migrants sending money to family members in home country • Consumer-to-business = payments
• One reason for change: more customer-focused vs transaction-focused
Changes Under Christina Gold
Challenges Christina Gold Faced
Making Western Union a successful business on its own
Agents are independent operators 87 different logos globally Enforce strict compliance standards globally
Regulations to guard against money-laundering Launching global foundation
“Our World, Our Family”▪ $50 M, 5-yr initiative▪ Empower migrant families to education & global economic
opportunities
3 Very Separated, Unrelated Industries • No prior knowledge or experience • One thing in common - people
Cosmetics
Telecommunications
Global financial services
PEOPLE
Conscientious Choices
Took advice of mentor & met challenges Took a voluntary demotion to learn other areas of
management Leads by example Allows others to use & develop their talents Established new organizational structure in failing
companies “Success is not a solo act. Never forget those
important people behind the scenes of your success: family, co-workers, friends & mentors.”- Christina Gold at 2009 Carleton University Convocation
Self-Awareness
Self-Management
Social Awareness
Social Skills
Emotional self-awareness: √
Self-control: √ Empathy: √ Visionary leadership: √
Accurate self-assessment: √
Trustworthiness: √
Organizational awareness: √
Influence: √
Self-confidence: √
Conscientiousness: √
Service orientation: √
Developing others: √
Adaptability: √ Communication: √
Achievement orientation: √
Change catalyst: √
Initiative: √ Conflict management: √
Building bonds: √
Teamwork & collaboration: √
Emotional Intelligence
Level 5 Leadership
Level 1 Highly Capable Individual
Has the talent, knowledge & skill to make Avon & Western Union successful
Level 2 Contributing Team Member
History of advancement with Avon
Level 3 Competent Manager Has skills necessary to organize people to move toward a common goal
Level 4 Effective Leader Visionary; able to get people behind her & help make company successful
Level 5 Executive Led WU into new era of being own company; a shy powerhouse
A proven Good-to-Great Leader!
“Christina is a very understated, quiet but very tough manager. She’s liked by every member of our Board of Directors and management team.” - Sy Sternberg, Chairman, NY Life
7 Types of Action Logic
Action Logic Characteristic example
Opportunist Wins any way possible Brooke Bond Foods
Diplomat Avoids conflict Avon, Canada
Expert Rules by logic & expertise Avon, Canada
Achiever Meets strategic goals Avon, North America
Individualist Operates in unconventional way
Avon, North America
Strategist Generates organizational changes
Avon, North AmericaWestern Union
Alchemist Generates social transformation
Western Union*new global culture”…Passionate business leader who is recognized for her ability
to transform major corporations into powerful players in the global market place.” – Emcee at 2009 Carleton University Convocation
Barriers Christina Gold Faced
Shy, overweight teen Huge fear of public speaking Male headship of Avon Inability to speak French Moving to another country Failing companies
Conclusions
Has great Emotional Intelligence Authentic leader Proven Good-to-Great Leader
Quiet Leads by example▪ Has high expectations▪ Not afraid to jump in to help where needed to reach
goal Alchemist
Able to switch between necessary leadership styles
Is There a Female Style of Leadership?
Possibly Women tend to be more naturally
empathic and nurturing Style used by Christina Gold can be
adopted by anybody
Resources
Carleton University (June 11, 2009). Citing Websites. Convocation Address: Christina Gold. Retrieved May 6, 2010, from http://www2.carleton.ca/newsroom/info-brief/convocation-address-christina-gold
Cheng, T.L. (May 1, 2010). Citing Websites. Up Close and Personal. Retrieved May 7, 2010, from http://biz.thestar.com.my/news/story.asp?file=/2010/5/1/business/6143098&sec=business
Clemens, C. (August 28, 2009). Citing Websites. Gold Banks on Meeting Customer Needs. Retrieved May 7, 2010, from http://denver.bizjournals.com/denver/stories/2009/08/31/focus3.html
Dash, E. (January 27, 2006). Citing Websites. Western Union, Growing Faster Than Its Parent, Is to Be Spun Off. Retrieved May 6, 2010, from http://www.nytimes.com/2006/01/27/business/27data.html?_r=1&pagewanted=print
Encyclopedia JRank (n.d.). Citing Websites. Gold, Christina – Overview, Personal Life, Career Details, Chronology: Christina Gold, Social and Economic Impact. Retrieved May 6, 2010, from http://encyclopedia.jrank.org/articles/pages/6249/Gold-Christina.html
Western Union (February 28, 2008). Citing Websites. Inter-American Economic Council Recognizes Western Union for Leadership in Economic Development. Retrieved May 7, 2010, from http://www.westernunion.com