People who work in a specific industry often don't see, or respond to, the changes taking place around them, according to Richard Fairbank, chairman, president and CEO of Capital One Financial. That's because the industry's conventional wisdom is so embedded in their brains that they don't notice how stale it has become. "There's an old Will Rogers saying that sums it up," said Fairbank, who gave a talk on leadership this fall at Wharton. "It ain't what he don't know that scares me. It's what he knows that just ain't so."
Narrow-minded attitudes within the financial services industry created the opportunity for Fairbank and his then-partner, Nigel Morris, to create Capital One. Fairbank stumbled upon the idea for the company while a management consultant in the late 1980s.
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