The superhero of finance, Michael Sabia, is an emotional guy. He manages by his feeling and he needs to be surrounded by people he trusts.I know about it because I once wanted to work with him as his chief of staff in Montreal. A head hunter had approached me and he wanted to recommend my candidature for the posting. I had left Quebecor since a couple months where I had achieved during almost 7 years the same job with Pierre Péladeau as a deputy who manages the office of the president.
My application was not considered by the President of Bell for a simple reason: Pierre Péladeau was the father of Pierre-Karl Péladeau and he led at the time a very serious fight against the monopoly of Bell Canada telephone. The head hunter has pointed out to Sabia that I had worked with father and not the son, there was nothing to do. Sabia did not want to meet me because I had connection with Quebecor. I have been a little disappointed but hey it was his right to choose who he wanted as deputy.
It will be interesting to see how Sabia will react against all of those who critize his nomination at the Caisse de dépôt...
In this story about the Caisse de dépot, Michael Sabia was chosen directly without going through a committee selection. Some excellent candidates who had sent their CV had not even received a letter of acknowledgement and we talk here about candidates of high level!
Hiring a CEO is not like hiring a chief of staff. The CEO does not only have to be liked by his immediate boss (Jean Charest) but he must also satisfy all the other bosses concerned by the management of the Caisse de dépot.
What should we do now about this situation? It is obvious that Jean Charest will not go back on his choice and he will not dismiss his superhero. Michael Sabia is ultimately controlling the game as only he could decide if he wants to take the risk of coming to work in a restaurant ( financial institution) where some owners and customers already criticize the quality of its foods.
In a restaurant, one of the methods for selecting a chief is to meet all the candidates and have them to prepare each a dish. A committee at the blind tasting is then choosing the best plate. Michael Sabia was not chosen by this method. Someone who loved him single opened the door for him to enter. But does the customers will enjoy his cuisine? A meal slightly overcooked (financial losses) or a missed sauce and everyone would hasten to say that other cooks would not have let burn the pot ...
If Sabia is a fighter he will stay but if he is a prudent man he will leave. No one can work miracles in finance and if the clients already denigrates on your cooking, better go make some soup where you will feel more appreciated. Stay tuned!
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