Carl Reichardt is one of those epic CEOs business authors love to write about.
In the late '80s, he famously led Wells Fargo through an historic cost-cutting exercise that delivered returns of 33.5% to shareholders, despite a massive real estate crash that put many of his competitors out of business.
Carl was ruthless. He froze executive pay raises, closed the private dining room and sold the corporate jet. His penny-pinching ways ultimately earned him the title of, "The Banker Who Would Be Scrooge".
"There's too much waste in banking. Getting rid of it takes tenacity, not brilliance," he proclaimed. It was a mantra that would go down in business history.
Which got us thinking…
What's the real difference between tenacity and brilliance? Can a business succeed with one and not the other?