Gross, known internationally as the “Bond King,” made headlines in late 2014 when he quit the house he founded over 40 years ago for a far less lucrative position managing a new fund at Janus Capital. Allegedly, he tired of the constant clashes with other members of the Pimco management team.
One might expect that Gross would be devastated, his ego battered and bruised. But instead, the creator of a $200 billion fund told Barrons that he was thrilled to give up his management responsibilities.
“I was always an investment guy, and the other stuff – hiring, paying people, planning, and so on – became a problem for me,” he said. “I am uniquely exuberant about clearing all that stuff off my dish. I’ll still be intense, but the intensity and decibel level drop a bit in a smaller place. Also, common sense suggests that it will be easier to implement ideas in a $100 million portfolio than in a fund with more than $200 billion.”
Leaders come in all shapes and sizes
This is, without a doubt, one of my favorite quotes this year. It illustrates that Bill Gross knows himself, and also recognizes that leadership and contribution don’t require a CEO title. Not everyone is cut out for – or enjoys – the tremendous challenges and pace associated with running a large organization. Not everyone wants to lose the day-to-day participation in the projects they love in favor of becoming a generalist removed to the boardroom.
Some, depending on their personalities and work styles, will be far happier and more effective operating on a smaller scale, or even as individual contributors with no direct reports.
We’ve been taught since birth that we should always be climbing – trying to get from A to B to C – when in fact that’s a very personal choice. Career paths in the 21st century are highly individualized, and what is right for your neighbor or your mentor might not be right for you.
For more, have a look at the full post at Intuit's Fast Track blog.