In recent interviews for Crisis CEO assignments for failing DotCom’s, I was asked by today’s VC’s/Equity Sponsor’s, Investment Bankers and Technology/Dot Com CEO’s my background. As I outlined the credibility of my working life, I was pleased that I had come from “ Royal Stock “ and pondered whether this group of people might say the same 20-30 years from now.
After 30 years, I still carry the “ Pedigree and Lineage “ from the IBM Company of the 1960’s and ITEL Corporation of the 1970’s “. These companies were the technology and financial services leaders of their time.
As I spoke, my presentation was forged out of my teachings, experience, performance, friendship and camaraderie from IBM and ITEL. The virtues of attitude, desire, consistency, pride, responsibility and accountability, performance, leadership, motivation, management and most of all Ethics and Integrity filled my presentation. I told this group that I was trained and battle tested at IBM and battle proven through performance and growth at ITEL.
As the 27th employee of this mystical, San Francisco based company, I was part of an all IBM trained group of Type A performance over achievers. From1971 to 1978 ITEL was the “ Camelot “ of the corporate world. Headquartered in San Francisco and with the city’s charm and exuberance at its core, ITEL attracted and hired mid to late 20 something’s who were out to conquer the world of capitalism. These “ Knights of the Roundtable “ of the corporate arena, became the leaders in the high growth financial services world. ITEL, through the creative financing capability of its people, dominated the computer, peripheral and third party leasing market, and was the leader in train, plane, railroad rolling stock and container leasing financing.
The Persian rugs, the upscale furniture and views of San Francisco, the Perrier in the refrigerator, the beautiful woman at the home office, the parties, the 100% club trips all over the world and most of all, the infamous 10th anniversary cruise are legendary.
ITEL eventually succumbed to over aggressive financial goals and IBM computer market conditions, but for 11 years the company, and most of all its people, met or exceeded all performance objectives. We were young, fun loving gunslingers and boy did we have a ride. Peter Redfield and Gary Friedman were the Captains of Industry and Dick Lussier, Doug Norby, Gerry Alderson, Bill Texido, Joe Foster, Dave Pappert, John Clark, Bob Gulko, Jim Gafke, Ken Hunt, Dan Elliston, Bill Castellano, Dick Kirschner and I were among the best and the brightest. My legion of warriors included Jerry Minsky, Fred Nisenholtz, Alan Yardis, Mike Newman, Bobby Rando, Mike Nebel, Dan Bayha, Dick St. Francis and Barry Lipsius among others.
As for myself, I was the Green Beret of corporate challenges. I worked for 9 managers over a 9-year period and earned the job responsibility of 8 of them. I was battle tested with some of the toughest assignments and met or exceeded all of them. Little did I know that these experiences would forge my future vocation as a Crisis CEO.
As I fondly remember my pedigree, I hope that the people of the DotCom era of today can experience and grow like we did.
A toast – To the Warriors of ITEL –
“ TO THE MEMORY OF ONCE WHAT WAS –
TO THE KNOWLEDGE THIS MEMORY WILL LIVE IN OUR HEARTS AND MINDS FOREVER “
Steven R. Gerbsman was a Division President of four ITEL operating divisions and a marketing representative for IBM. He is a founding Principal of Gerbsman Partenrs/Internet Recovery Group; a Crisis/Turnaround Management firm focusing on maximizing stakeholder and shareholder value for highly leveraged, under-performing, under-capitalized and under-valued companies and their Intellectual Property.
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