 |  Periodic editorials concerning everything from the very worst industry—from an annual report standpoint, that is—to what's wrong with the Fourth Estate. Reporters who can't hit an accuracy with a cannon. |
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| Periodic editorials concerning everything from the very worst industry—from an annual report standpoint, that is—to what's wrong with the Fourth Estate. Reporters who can't hit an accuracy with a cannon. |
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They don't get no better'n this; new Wizard with Words
Perhaps justifiably so, GE's Jack Welch and Berkshire Hathaway's Warren (Down-Home-Folks) Buffett year after year receive plaudits for the finesse with which they address stockholders in their respective company's annual report. Whether it's the boss himself, or a hired hand who functions as scribe, those two walk on water in the eyes of investors, as well as the news media. Well, boys, make way for a new King of the Hill, the newest Wizard with Words. I say IBM's Louis V. Gerstner, Jr., has put an end, once and for all, to the competition—has, in short, dethroned the dynamic duo. Whose letter to shareholders is superior, certainly among the current crop? Gerstner's, folks, this year as never before. He puts all the others to shame. Extraordinary is an adjective that comes to mind; there's none finer—to my way of thinking, obviously. A wordsmith myself (I'd like to think), I took the IBM report (www.ibm.com) home to savor. What drew my most fervid attention was Gerstner's letter. I relished his every turn of phrase, the way he (or his staffers; it matters not which) framed his thoughts, his concepts. In simple English: The modern, clear, precise manner in which he expressed himself. If and when he decides to hang it up as IBM's highly successful CEO, Louis V. Gerstner, Jr., has a huge career ahead of him as a writer, I predict. On this assignment, the befogging index on his text was a low 6.76. Words per sentence averaged an even 16, precise lid professional writers strive not to exceed. Alcoa's Paul H. O'Neill for years was my favorite CEO as evidenced by his shareholder letter in the aluminum company's annual report. I expressed great admiration for his declaration that safety of Alcoa workers was his prime concern—I admired that stance until he tried, as the new U.S. Secretary of the Treasury, to make safety his priority among office workers, whose major exposure is the likes of paper cuts and a sprained back from some after-hours hanky-panky on a government-issue desk. Fortunately, the vacuum was filled just in time by IBM's leader. Samples of his phraseology that impressed: "...A few years ago, IBM set out to build a software business focused on middle-ware. It wasn't glamorous. We just quietly invested billions of dollars to create a set of open products that work with every industry-leading platform. And what's happening? Explosive growth." And, earlier: "So, new technology is essential. But let me tell you, when I was a customer, I never turned to IBM because of a piece of technology; I took that for granted. Instead, I turned to IBM because they helped me apply all their amazing technology to my business. I valued IBM's applied intelligence, its ability to understand my problems and help fix them." I hail LVG, Jr., not only for his quality of thought, but his choice of words, his composition of sentences. Again, it's immaterial if he actually put pen to paper; that's why the professional wordsmiths are on staff, and why a brainy boss surrounds himself with those for whom communicating is a calling. Thus enabling the likes of IBM's CEO to articulate the company's game plan, to outline Big Blue's successes of the year past—but with emphasis, primary focus, on the future. There's another huge difference between Welch and Buffett and this chap in Armonk, New York: Their letters are showcased poorly in lackluster annual reports, GE's using the very same cover since time immemorial. IBM's letter is enveloped with a lively, moving, graphically exciting embrace that celebrates the individual IBMer. Not only humanizes the company, but gives readers immense hope for the future. Hope not only for the company itself, but for our economy and our country. Godspeed, I say. P.S. If the reader of the foregoing truly is a wordsmith, you'll never forgive yourself if you don't take time to savor the IBM cover, awash with type. If Academy Awards were given us scribes, the 2000 IBM cover alone would win hands-down. Sample cover phraseology: "Stinging defeats & gritty comebacks, unexpected alliances, daring forays & game-changing discoveries..." |
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