Two fledgling businesses were piloted:
- One developed new markets for older assets
- The second was a new service for existing customers – one that would place Leaseco in a new relationship to the industry, lessening its dependence on the commodity side of the business
Leadership capability was significantly developed:
- Leadership skills became much more visible, enabling executives to identify the “up and comers” as well as the weaker links
- Leadership became a shared phenomenon, rather than being viewed as simply the job of the president
Cultural disciplines were embedded in the fabric of the company:
- Challenging assumptions in order to create new possibilities for action
- Making bold commitments and creating ways to fulfill them
- Managing seemingly insurmountable problems
- Nurturing entrepreneurial ideas
- Embracing necessary discipline
- Active mutual support and coaching
Net income for the year was double that of the previous year. Even though two large customers declared bankruptcy during the course of the year, canceling their leases and costing Leaseco approximately as much in net income as it made the entire year prior, Leaseco only missed its aggressive financial targets by 9%.