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November 21, 2007
In Good Hands
I attended the opening of the New York Times Building on Monday night. The old building reeked of tradition, but was a turn of the century fortress. The publisher’s conference room had photos of American presidents and global dignitaries dating to the 1920s. The new building, a glass and steel tower designed by Renzo Piano, in the words of NY Times Company chairman Arthur Sulzberger Jr., demonstrates the company's commitment to transparency and open door to the local community. Then on Tuesday night, I went to an American Jewish Committee dinner honoring Donald Graham, publisher of the Washington Post and CEO of the parent company. I come away from these events reassured that we are in good hands, because both of these family businesses are committed, above all, to excellence and integrity in journalism.
The Times Building opening was a real New York City scene, with important figures from business, politics and journalism mixing freely in the building’s lobby. As the Times journalists looked into the atrium from their perch on the floors above, dignitaries such as Senator Charles Schumer, Governor Eliot Spitzer and Mayor Michael Bloomberg praised the Times as the arbiter of taste and guarantor of democracy. When Governor Spitzer jokingly noted that the State of New York should have negotiated a special deal for positive coverage in one section in return for land use rights, Sulzberger Jr. retorted, “Governor, we could have done some business if we had a comics section.”
The most touching moment for me was Sulzberger Junior’s tribute to his father, Arthur Sulzberger, confined to a wheelchair by advanced Parkinson’s Disease but gamely smiling and showing signs of recognition as friends greeted him. He said of his dad, “We would not be moving into this new building but for you; you have shown courage and determination. We have both carried on the tradition of my grandfather, Adolph Ochs.” All I could think of at that point was Sulzberger Senior’s decision to allow his paper to print the Pentagon Papers in the 70s in defiance of President Nixon, enabling the public to better understand the true situation in Viet Nam.
Yesterday night, Don Graham was toasted by Michael Gould, CEO of Bloomingdale’s. In preparing his remarks, Gould spoke with two Washington Post reporters to get a better sense of his subject. They told him that Graham is totally approachable, without airs, and concerned most about the quality of the product. Gould related a Warren Buffet comment on his two reasons for investing in the Washington Post company in the mid 70s; most important was “that young man Don Graham, who always has good ideas.” Graham’s own remarks reflected a strong sense of mission and quiet self confidence; he was most generous in his praise of his senior colleagues, especially his sister, Lally Weymouth, international correspondent for Newsweek and Jonathan Grayer, who runs the highly profitable Stanley Kaplan unit.
Jon Meacham, editor of Newsweek, ended the evening with an eloquent speech. His final quote, from E.B. White’s New Yorker article in 1941, was often used by President Franklin Roosevelt. “Democracies have that recurrent suspicion that more than half of the people are right half of the time.” By providing us with a critical review of the world, these two newspapers and others like them around the world make possible the exercise of that right.
I have an obvious bias but I believe in family businesses where the owners are also operators. Children of owners should not presume a God-given right to management; this needs to be earned by performance (Graham had a funny line last night about growing up as the average kid of a Fortune 500 company CEO). The family business edge is dulled once owners move away toward a passive investor status, such as the Bancroft family at Dow Jones. To be the CEO of a family company is a privilege, where responsibility to your colleagues, clients/customers, and family is a constant refrain and must be balanced with your responsibility to shareholders.
It is more than a job, it is a way of life. Happy Thanksgiving to all of you.
Posted by Edelman at November 21, 2007 12:02 PM |
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Comments
Gosh....It is hard to image the New York Times in a new space.....Sounds like a fun party.....
Posted by: Andy Levine at December 13, 2007 5:59 PM
Jackson's modern day version of Robin Hood, has only led those who believe in him down a road not less traveled, but worn to uselessness and disrepair. I believe Bill Cosby, who criticizes folks for not taking advantage of the Learning opportunities available them is on the right road. Education, and the desire and passion for it will better serve those in need help. While I had hoped your 1/2hour with Mr. Jackson would reveal some greater insight to how he thinks, it only supported what I had already surmised.
Posted by: Tom, Spotsylvania VA at December 15, 2007 11:54 AM