Too often, chief executives sugarcoat the truth. That's more dangerous than ever.
As a former chief executive officer of Gillette Co. and Nabisco Inc., James M. Kilts knows a thing or two about dealing with corporate boards. So when Mr. Kilts gave a keynote speech at a corporate-governance conference last April, he decided to share some of what he has learned over the years.
The advice was surprisingly simple. "Tell the truth," Mr. Kilts told the crowd of executives, directors, corporate-governance gurus and others. CEOs, he said, must be open with their board about a range of issues, from the failure of strategic plans to unsavory business practices within the organization.
Such a recommendation may seem obvious, but people who have spent time in corporate boardrooms say honest communication is often lacking between CEOs and their fellow directors.
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