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