Leadership at BlackRock Chosen Based on Merit and Not Pedigree
Founded in 1988, BlackRock is an investment management company that started out as part of Blackstone Group. Within ten years of going public in 1999, BlackRock became the world’s largest asset manager.
Larry Fink, the company’s founder and CEO, prides himself on choosing his company’s leaders based on “merit and not pedigree,” according to a recent article published by the Financial Times. Most hedge funds and private equity companies are staffed solely by Harvard MBAs and Ivy Leaguers, whereas Larry Fink has sought to create a company culture that emphasizes diverse opinions, and performance and merit over prestigious degrees. From the FT.com article, according to an analyst at Gabelli & Co, “The company has a very strong culture, which he (Larry Fink) has built, and the people coming up through the ranks share those traits.”
Mr. Fink has been grooming leadership at his organization to take over the reigns. Although not expected to leave BlackRock anytime soon, Larry Fink has a keen eye for the longevity of his company, and is clearly working hard to promote those who will perpetuate the company’s culture he’s worked so hard to build. Read the entire FT.com article on Larry Fink’s Company Culture here: http://www.ft.com/intl/cms/s/0/f27eabfc-be65-11e3-b44a-00144feabdc0.html?siteedition=intl#axzz2z3cr0r97
This kind of company culture is exemplary for other leaders who get trapped in the ‘elite only’ mindset when selecting talent for their organizations. This deliberate strategy executed on by Fink has surely proven to yield quite an impressive return on investment for BlackRock.
Posted by Corey Curwick Dutton
