I'm on vacation this week -- or I'm supposed to be! The blog world never sleeps, I guess, nor does learning while away. So I'll share with you a few things I'm learning here in Allentown, Pa.
Aside from plowing snow, I've been plowing through the invite list for next year's Fortune Most Powerful Women Summit. This, as you may know, is the annual powwow that accompanies the release of what has become Fortune's second most valuable franchise: the annual Most Powerful Women in Business list. (No. 1, fyi, is the venerable Fortune 500.). As I scanned the Summit invitation list (and checked it twice!), I was struck by the number of women who have made big career moves -- and risky ones at that.
Kathy Murphy, the CEO of U.S. Wealth Management at ING (ING) and No. 41 on this year's MPWomen list, just joined Fidelity Investments. She's the new president of personal investments at Ned Johnson's ever-so-secretive empire. It may be a smart move for Murphy, as Fidelity has lost lots of top talent and has plenty of problems to fix.
Two other veterans of the MPWomen list took high-risk leaps as well. Paula Reynolds, the CEO of Safeco who sold her company to Liberty Mutual for $6.2 billion earlier this year, is now vice chairman and chief restructuring officer at AIG (AIG). There aren't many restructuring jobs bigger than this. And Cece Sutton, who headed retail and small business banking at Wachovia until Wells Fargo's (WFC) recent buyout, moved to Morgan Stanley (MS). No. 33 on the 2008 MPWomen list, Sutton is aiming to build Morgan's retail operation as the investment bank morphs into a commercial bank. The world according to TARP.
And one move I discovered as I scanned the Summit invite list yesterday: Lorraine Bolsinger is the new president and CEO of GE Aviation Systems. Bolsinger led General Electric's (GE) Ecoimagination initiative these past three years. So now, are green avionics on the way?
The Fortune 500, meanwhile, has a new female CEO: Laura Sen, president and COO of BJ's Wholesale Clubs (BJ), will become CEO on Feb. 1. BJ's stock, btw, has outperformed not only the S&P but Target and Wal-Mart (WMT) too over the past five years. That's a feat!
One more big appointment announced just yesterday: Karen Mills is President-elect Obama's choice to head the Small Business Administration. Co-founder of Solera Capital (with Molly Ashby, Solera's CEO), Mills is a regular at our MPWomen Summit. In fact, we've had both her and her mom there. That's Ellen Gordon, the president of Tootsie Roll.
Mills comes from good business stock. Her mom's father bought up enough Tootsie Roll shares in the 1930s to gain control. After he ran it, Ellen and her husband, Melvin, took charge. Melvin, Karen's dad, is now 89 and chairman. With $498 million in revenues last year, Tootsie Roll has a $1.4 billion stock-market value. That's just $400 million less than General Motors. Selling candy must be healthier than selling cars. Sweet!
Here on Postcards, you'll find a trove of video segments from last week's Fortune's Most Powerful Women Summit. Click here to watch a riveting take on the fall of Lehman Brothers by Barbara Byrne, a vice chairman who spent 28 years at the now-bankrupt firm. Today, since Barclays bought Lehman's North American core, Byrne is a vice chairman at Barclays Capital (BCS).
We also just posted the first of several highlights MOREPatricia Sellers - Oct 8, 2008 12:41 PM ET
Featuring Warren Buffett and beyond, there's a wealth, so to speak, of video from last week's Fortune Most Powerful Women Summit. Especially now, with the markets in turmoil, these video segments are worth checking out. There's Buffett on the $700 billion bailout. Buffett on why he expects to make a hefty profit on his recent $3 billion investment in General Electric (GE), and Buffett on gender equality (wise and amusing MOREPatricia Sellers - Oct 6, 2008 2:11 PM ET
Women exercise power horizontally. I've said this often -- in speeches about leadership and at the Fortune Most Powerful Women Summit, an annual event that I chair. This horizontal slant spurs women leaders to reach beyond the jobs they're hired to do.
Want proof? In May, 40 top female executives in the U.S. -- all participants in the Fortune Summit -- spent two and half weeks mentoring rising stars from 24 MOREPatricia Sellers - Jun 12, 2008 2:16 PM ET
|Ousted Yahoo exec gets $58 million golden parachute|
|GM's recalled Cobalt was a failure from the start|
|Canadians arrest a Heartbleed hacker|
|Obama would cut deficits by another $1 trillion|
|US Airways won't fire worker who sent lewd tweet|