And To Think My Parents Said An English Lit Degree Was Worthless
This is the story of how our CEO who I admire and respect became CEO.
He had been the Senior Vice President for a few years. The owner of the company wanted him to take over as CEO as the owner was going to retire, and the company was going to transition into more of a corporate governing structure. Some of this had already been completed; they had a board of directors, etc.
The debate over who would be the CEO came down to two people: [Senior VP] and [VP].
[Senior VP] was hired by this company straight out of college when he was twenty-one; he grew from the bottom up. He had worked in basically every department and led every department, and he understood the company inside and out.
[VP] came into the company as a vice president. He had an MBA and experience in the industry, and he was the second favorite to become CEO.
In an early discussion, the board apparently wanted to vote on who would become the interim CEO before the owner retired. They wanted this to be an eighteen-month run-up as taking over was considered a big deal. [VP] knew [Senior VP] was the primary contender and had him beaten out by a few votes. So, [VP] brought up the fact that the company bylaws stated that the executive officers — CEO, Chief Technology Officer, Chief Information Officer, and Chief Financial Officer — all had to have college degrees, and therefore, [Senior VP] wasn’t qualified.
This caused the meeting to come to an end. I believe at this point [VP] felt he had [Senior VP] beat. So, [Senior VP] went to the owner and had a conversation.
At the next meeting, the CEO stated that he intended on doing one year longer. The board was shocked, but nothing said the CEO had to retire when he said he would.
That’s when [Senior VP] went into action. You see, [Senior VP] had ninety college credits. His brother was also the assistant dean at the local community college. [Senior VP] was an English major when this company hired him thirty-five years prior. The local community college quickly admitted [Senior VP] as a senior in their English Lit major. Due to [Senior VP]’s thirty-five-plus years of business, three required business classes were given to him. [Senior VP] also loved math, so he was able to take an exam to exempt himself from his final math class. This gave [Senior VP] 102 credits — eighteen credits shy.
[Senior VP] enrolled in the twelve credits for the spring semester. He completed those and finished up his last six credits in the eight-week summer semester.
In the third-quarter board meeting, the CEO announced that he was prepared to allow the board to vote on his replacement at the fourth-quarter meeting. The CEO made it clear that he considered the two front runners [Senior VP] and [VP]. [VP] brought up the fact that [Senior VP] needed a degree. [Senior VP] smiled, reached into his briefcase, and pulled out his diploma from the community college clearly showing he had graduated with honors with a major in English Lit.
In the fourth-quarter board meeting, [Senior VP] won by a landslide to become the next CEO.
[VP] left the company not long after that.