CEOs Carry Twice the Burden of Reputation Recovery; CEO Apologies Are the First Step In Reputation Recovery According to New Burson-Marsteller CEO Reputation Study.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The burden of responsibility for restoring a company's damaged reputation rests squarely on CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. shoulders, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. global communications consultancy Burson-Marsteller's recent CEO reputation study. When top executives were asked who was responsible for repairing company reputation, executives attributed 68 percent of the responsibility to the CEO and 32 percent to the board of directors. The study was conducted in August by WirthlinWorldwide among Fortune 1000 executives. "Because CEOs are so strongly linked to corporate reputations, business influencers expect CEOs to take full responsibility for restoring reputation when tarnished," remarked Patrick Ford Sir Patrick Johnstone Ford, 1st Baronet (5 March 1880 – 28 September 1945)[1] was a Scottish Unionist Party politician. Ford was elected as Member of Parliament (MP) for Edinburgh North on his first attempt, at a by-election in 1920. , chair of Burson-Marsteller's Corporate/Financial Practice. "Despite greater board oversight today, CEOs are still held more accountable." The survey also asked top executives which strategies are most effective in the reputation recovery process. An apology from the CEO is considered the first step to recovery. "A CEO apology shows that the company is sincere and takes responsibility," says Dr. Leslie Gaines-Ross, Burson-Marsteller's chief knowledge & research officer and reputation expert. "Apologies build trust among internal and external stakeholders, demonstrate a company's willingness to communicate In second language acquisition, willingness to communicate (WTC) refers to the idea that language students (language learners) who are willing to communicate in the second language (L2) actually look for chances to communicate; and furthermore, these learners actually do honestly and openly, and acknowledge that a problem exists. CEOs must initiate the first step in the turnaround." Following are additional findings on reputation recovery: --Although restoring a company's reputation is a monumental task, it is not impossible. In Burson-Marsteller's research, 90 percent of executives believe that a company can restore the luster to a tarnished reputation (vs. 97 percent in 2003). --On average, recovery takes four years (4.01 vs. 3.81 in 2003). Executives now recognize that reputation recovery takes slightly longer than they thought one year ago. --Despite ongoing headlines about corporate malfeasance The commission of an act that is unequivocally illegal or completely wrongful. Malfeasance is a comprehensive term used in both civil and Criminal Law to describe any act that is wrongful. , crises do fade with time. Executives believe that it takes nearly three years (2.65 years) for a crisis to fade in most stakeholders' minds. --Corporate crises are part of most top executives' business experience. The majority of executives (67 percent) report having worked for a company or organization that has undergone a crisis that has appeared in the media. About The Study The 2004 study is Burson-Marsteller's adjunct to Building CEO Capital(TM) conducted in 2003. The study comprised 150 Fortune 1000 executives. For more information, please visit www.ceogo.com, Burson-Marsteller's Web site dedicated to CEO research and information. For crisis-related information, please visit Burson-Marsteller's www.crisisresource.com. About Burson-Marsteller Burson-Marsteller (www.bm.com), established in 1953, is a leading global public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most and communications consultancy. It provides clients with strategic thinking and program execution across a full range of public relations, public affairs Those public information, command information, and community relations activities directed toward both the external and internal publics with interest in the Department of Defense. Also called PA. See also command information; community relations; public information. , advertising, and Web-related services. The firm's seamless worldwide network consists of 46 wholly-owned offices and 47 affiliate offices, together operating in 55 countries across six continents Six Continents is a large retail PLC in UK which split into Six Continents Retail known as Mitchells and Butlers plc. The hotels and soft drinks business of Six Continents PLC is now known as InterContinental Hotels Group PLC. . Burson-Marsteller is a part of Young & Rubicam Brands, a subsidiary of WPP Group WPP Group plc (LSE: WPP) (NASDAQ: WPPGY), based in London, United Kingdom, is one of the world's largest communications services groups (and one of the big six advertising holding companies, the others being Omnicom, Interpublic, Publicis, Dentsu and Havas) employing plc (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : WPPGY), one of the world's leading communications services networks. About WirthlinWorldwide As one of the world's leading full-service opinion research and strategic consulting firms, WirthlinWorldwide (www.wirthlin.com) has particular expertise in developing marketing and communications strategies as well as tactical solutions. Since 1964, the firm has provided strategic research and consulting to a broad range of public and private sector clients, including three-fourths of the Fortune 100 companies. WirthlinWorldwide has offices in the U.S., Europe and Asia. |
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