Good morning.
It’s summer, and while news is still coming fast and furious, I’m setting aside time to read some overlooked books. My short list comes courtesy of the 41 Fortune 500 CEOs who answered the question in Fortune’s spring survey: “What’s the best book you’ve read in the past year?”
What’s interesting about their suggestions is how diverse they are, ranging from Les Misérables to The Greatest Beer Run Ever. Only four books were mentioned by more than one CEO, with top honor going to Chris Miller’s Chip War about the global battle for semiconductor supremacy, which got four nods. I agree with their endorsement, having read the book when it came out last year. If computer chips are the new oil, then Chip War is the modern equivalent of Daniel Yergin’s classic The Prize. It is a must-read for anyone trying to understand the geopolitical economics of our era.
Three books got two mentions. One was the Bible, which hasn’t showed up in past surveys, but that may be a sign of the times. Divine guidance is needed. The other two are CEO Excellence, written by a trio of McKinsey partners, and Power Failure, about former GE CEO Jack Welch, written by William Cohan.
I read CEO Excellence over the July Fourth weekend, and found it exceeded my expectations for a book written by committee. What makes it most valuable is that, unlike the business classics and most case studies taught in business school, CEO Excellence relies on the wisdom of the best of contemporary CEOs, like Microsoft’s Satya Nadella, JPMorgan’s Jamie Dimon, Enel’s Francesco Starace, and Duke Energy’s Lynn Good. It focuses on challenges that are, if not unique to our time, certainly heightened in our time. And it offers six key mindsets CEOs need to develop, including the challenge of creating alignment on your team (“Treat the soft stuff as hard stuff”) and the importance of stakeholder management (“Start with the question: Why is our company worthy of operating in society?”). The book is chock full of actionable advice.
I particularly liked the succinct summary of the CEO’s job provided by Jacques Aschenbroich, CEO of Paris-based Valeo, who said: “The CEO role is the intersection of all contradictions.” The authors elaborate:
“Interview after interview brought forth the kinds of contradictions Aschenbroich was referring to. Delivering short-term results versus while investing in long-term performance. Taking time to gather facts and do analyses, versus moving fast to capture opportunities. Respecting the past and creating continuity versus disrupting the future. Maximizing value for shareholders versus delivering impact for other stakeholders. Having confidence to make tough calls versus having humility to ask for and receive feedback.”
Well put. That is the challenge for today’s CEO. Perhaps it always has been. But I am looking forward to going back in history by reading Power Failure. Welch was considered the best leader of his time. But even though it’s been less than a quarter century since he left office, I have yet to find a modern CEO who thinks his management style would work today.
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Alan Murray
@alansmurray
alan.murray@fortune.com
