Richard Holbrook

Last night I had the honor and privilege of witnessing a tribute to a great man. A man who lives by a few simple rules that have guided him as a leader in his work, his community and his family.  And wow, his accomplishments are impressive.  I was an honored guest at the retirement party of Eastern Bank CEO, Richard Holbrook.  Although I had never met him, I left a fan.  And inspired.

Many people spoke about his accomplishments and they all described a leader I would want to emulate.  So I took some notes to help me remember the impact he's had and some of the important lessons I learned (and to help me write this note).

Each tribute told a consistent story - of a principled man who leveraged his position and resources to make the world better.  For his company, in his community, and in his family. An exemplary leader.

Richard took the helm as CEO as the financial markets imploded in 2008. While many other institutions crumbled, Eastern Bank thrived.  By staying true to their mission of building their community they had a solid balance sheet that was designed to maximize impact rather than profits. The statistics of his tenure are impressive with substantial growth in assets, branches, employment and profits.

These results were a team effort. Eastern has a tradition that each new employee meets with the CEO during their first 90 days. Richard uses this time to teach team members the core values to reinforce a common language and culture. During the video tribute, we heard from employees across the company who appreciated the company’s sincere commitment to their welfare and the issues they cared about. By teaching his employees the values, Richard empowered them to find ways within their jobs to create shared value for their customers, the company, and the community.

Another point of distinction was the company’s tithing policy where 10% of profits are contributed to philanthropy each year. It was crystal clear that this is a point of pride for the entire company - that the company believed their success was bound to the success of the community. And they put their money where it counts.  Since implementing this policy, the company has contributed $100 million to charities in the community. And to honor Richard’s leadership of the company and its commitment to the community, Wendell Knox, the Board Chair, announced a special gift of $500k to several of Richard’s most cherished causes.

Despite Richard’s commitments at work and in the community, he was deeply committed to his family. His twin sister shared many stories about Richard taking care of her and their siblings. She shared that she always seemed to lose her lunch money so Richard held it for her - getting early practice for his banking career stewarding other people’s money. His son Scott recently applied to business school and needed to write an essay about leadership. He found himself building his definition based on the most amazing leader he knew - his father - and shared story after story about his work, community and family impact. Kevin followed with a beautiful and hilarious essay that painted a picture of a man that everyone should emulate - and ended with “I want to be like him” … bringing tears to everyone’s eyes.

When Richard took the podium to begin his remarks I felt like I knew him - and wanted to learn from him.  Thankfully, he obliged by sharing the five values that he has used to guide his life:

Integrity - make decisions that make you proud - and ask yourself if you’d want your mother to know what you are doing (he mentioned the adage of the front page of the Boston Globe - but I think Mom is a more critical judge)

Urgency - get it done, and sooner is almost always better than later.  That is, unless you’re angry and thinking about sending an email or text … in that case wait.  Otherwise, make your bed when you get of it - why would you wait to do it later?

Accountability - live a consequential life that is guided by distributed justice - taking into account dignity, security and well-being of others.

Creativity - there are many challenges around us - listen to the perspectives of others and look for wisdom in unexpected places. We urgently need to improve the world and can’t afford to lose any good ideas.

Team Work - this was a recurring theme but his story for this one rang true. He was hired out of college to organize the preparation for a huge game at the Yale Bowl. His three employees were all over 70, each had 45+ years of experience in their jobs, and he knew that he knew nothing. He listened to them and allowed their talent and expertise to guide the work.

I normally don’t get excited when I attend events like this but last night was an exception. I feel blessed to have been in the presence of a good man, a mensch. And I’m grateful for the tips - a few simple rules to live by. I can do this.

But it might take some time.