By Web Communications
Written By David Farr (MBA’81)
Almost 37 years ago to the day, I graduated with my MBA from Vanderbilt University’s Owen Graduate School of Management. This month, I had the honor of returning to my alma mater to give the commencement address for the graduating class of 2018. As I looked out into the same audience where I sat so many years ago, the feelings of that day came rushing back.
I was excited. I was grateful. I was scared, and a bit uncertain. I was headed to St. Louis to begin what I hoped would be a successful career at Emerson, where a whole new world of challenges, successes and failures awaited me.
Since then, I’ve traveled hundreds of thousands of miles around the world, lived in Europe and China, made many decisions — some right, and some wrong. I became CEO of a century-old company and have developed enormously as a leader for Emerson, the community and my family.
I’ve grown a lot since 1981, and here are a few lessons I’ve learned along the way:
It is important to be secure in yourself and be willing to lead.
Strong leaders are marked by confidence in themselves and those around them. Believing you can and will succeed marks the attitude of a winner and a strong leader.
If you fail, learn from your mistakes and try again. You will face many hurdles in your life, both personally and professionally. If you run into one and trip, it does not mean you cannot ultimately jump it — it just means you have to go about it in a different way. You have to believe you can — and, eventually, you will.
Never forget that leading does not mean you are alone, even though it may feel that way at times. True leaders recognize their strengths and their weaknesses, and use their strengths to build others up while asking for help to cover their blind spots. No one person can be everything, and there is value in asking for help from others.
My wife, Lelia, for example, has been my closest friend and confidant for over 40 years. She has been there for me at every step to offer advice, wisdom and support through the tough decisions. Lelia is my foundational Rock of Gibraltar that all successful leaders need.
Spend more of your time listening than talking — and think before you speak.
Take the time to listen to others’ ideas, thoughts and approaches — it is a worthy investment. You are a part of your team — and there are more of them than there are of you for a reason.
As a leader, you are responsible for your words, your team’s results and your organization’s successes or failures. Never take that for granted, and never abuse your position of leadership. Be tactful, kind and considerate with your words, advice and actions at every step.
Soliciting advice from your team members and considering different perspectives helps you make more intelligent decisions. Take the time to reflect and decide on the right path forward, and then lean into it.
Take action when it is needed, and give others a reason to believe in and follow you.
It is your job to bring passion and engagement to your work every minute of every day. The best leaders are always out in front, visible and present, especially in times of challenge.
You will need to be ready to make tough decisions at any time. You will need to be flexible. Issues and opportunities will come at you in all shapes and sizes.
Always keep in mind that doing the right thing does not mean doing the easiest thing. Sometimes your decisions will be hard and gut wrenching, but you must take the right action as a leader.
Trust your moral compass unwaveringly. Be uncompromising in your ethical expectations of yourself and others.
You know what is right and what is not, and it is your responsibility as a leader to tirelessly promote honesty, truth and integrity. There must be zero tolerance for distrust, deception or fraud. As I “preach” around Emerson: There is no such thing as “situational” honesty, there is just honesty.
As a leader, you will encounter many situations that test your mettle and your ethics. Always do what is right, even if it’s tough. Once your integrity and trust are lost, they are gone forever.
Constructive change should be embraced across any organization.
The past four years at Emerson have been filled with gut-wrenching change and thoughtful strategic risk-taking. A few years ago, my team and I were looking at the direction of the company and realized that there was a way for us to better position ourselves for long-term growth.
We seized the opportunity to organize Emerson in a way that is more understandable for our customers — to create “One Emerson.” In the process, we created two strong global platforms that offered specific solutions, products and services for their markets.
We then decided to sell 40 percent of the company to focus on the two global platforms. In 18 months, we went from a $25 billion company to a $15 billion company. We impacted the lives of more than 50,000 employees as we divested these businesses.
It was a risk.
Though it wasn’t easy, we believed it was the right thing to do for our company. Now, in 2018, we have rebuilt our momentum. We’ve made smart acquisitions and added key offerings to our two core platforms that help us grow and lead the global market. The hard decisions paid off.
I would encourage each of you to live in pursuit of the best solution, rather than accepting the way things have always been done.
Always continue to learn and to drive change.
Continuous learning is critical to continued success. Leadership is not marked by a single achievement or promotion. You have to work at it constantly each and every day.
Learn from your bosses, mentors and role models. One of the most impactful leaders to me at Emerson was Chuck Knight, who was CEO of Emerson for 27 years.
He taught me and countless others to lead by using the best information available and to personally make the tough decisions. He expected us to flex our leadership muscles every day — to think critically and develop our skills to move forward. Chuck embodied intensity, passion and love of the game called business — the best game I know.
When I became Emerson’s CEO in 2000, a Wall Street Journal reporter asked me what I wanted to accomplish during my tenure. I said “I want to leave Emerson and the world in a better place than when they were given to me as CEO, and then I will pass them on to the next leader as Mr. Knight did for me.”
More than 18 years later, I’m still working toward that goal every single day.
This year’s graduating class is entering the workforce at a unique time in our history. We need steadfast leaders committed to making a difference and pursuing the truth, even when it is hard to do. So, class of 2018, get out there and listen. Learn about the people around you. Have confidence in yourself and instill confidence in your leadership. Take action and, when it is appropriate, take smart risks to challenge the status quo in pursuit of something greater. Always, no matter what, stand up for what is right — even it is not easy.
And don’t forget to have a little fun along the way.
Congratulations, graduates!
