The excerpt details the power struggle between Jamie Dimon, Sandy Weill, and John Reed at Citigroup. Dimon's warning about the dysfunctional co-CEO structure led to his ousting, highlighting how boards can fail by prioritizing incumbent leadership's desires over the company's stability.
Dimon describes the experience of being abruptly fired from a high-profile role. Instead of succumbing to the setback, he structured his time off to pursue personal interests, reflect on his mistakes, and ultimately re-engage with the business world by joining a new board.
After his exit from Citigroup, Dimon joined the board of YUM! Brands. He describes this as a crucial learning experience, allowing him to observe different leadership styles, governance models, and problem-solving approaches outside the financial industry.
A specific practice Dimon learned from his time on the YUM! board was the "since we last met" update. This involved the CEO giving a candid, comprehensive overview of all significant developments—good, bad, and ugly—which he adopted and has used ever since.
Keep pulling the thread on Jamie Dimon.