When Wayne Pace, CFO of Time Warner, was implicated in helping a New York City prostitute fund a brothel in Manhattan, gossip columnists had a field day. Time Warner’s board, however, faced a nightmare: what to do with an executive whose personal behavior is embarrassing? So far, Pace’s job performance seems impeccable. But “tone at the top” is a 24-hour obligation if companies want employees to take codes of conduct seriously, ethicists say. “Leadership has a huge influence on employees’ belief that standards really matter in an organization,” says Patricia Harned, president of the Ethics Resource Center. A look at how to handle ethical, but not financial, scandals is inside.
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