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CRITICAL EVALUATION OF THE STRATEGIC POSITION OF THE CEO
IN A MODERN ORGANISATION (ZENITH BANK AS A CASE STUDY)
BY
OKUDO ANAYO IGWEBUIKE
PG/MBA/2006/DL/1118
A PROJECT SUBMITTED TO THE DEPARTMENT OF MANAGEMENT,
FACULTY OF BUSINESS ADMINISTRATION, UNIVERSITY OF NIGERIA
NNSUKA.IN PARTIAL FULFILMENT OF THE AWARD OF MASTERS IN
BUSINESS ADMINISTRATION (MBA).
APRIL 2008
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CHAPTER ONE
INTRODUCTION
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1.1 BACKGROUND OF THE STUDY
For any business to survive and compete effectively in this contemporary
age (i.e., the last two decades of the 20th century to the current century), it
must be sensitive to the changing environment; adapt rapidly to changes;
and plan pro-actively. The major trends in this contemporary age are in the
areas of (1) globalisation, and (2) forceful effects of the pervading ICT
(Information and Communications Technology). Both have empowered the
customer and other stakeholders that have to relate with businesses and
organisations.
Banks are particularly vulnerable to the vicissitudes of modern business
because of the nature of their operations - provision of services backed-up
and delivered by modern ICT tools to a globalised client-base and other
stakeholders who desire only the best. Therefore, banks must forge and
imbibe strong visions and sound core values - built on a strong leadership
and goodwill in order to be successful in the dynamic and changing business
environment that they operate in. A bank must develop and utilise its
internal capabilities and take advantage of emerging technology in order to
position it pro-actively for the challenges ahead and master its operating
business environment. These must be properly harnessed and directed by a
purposeful and focused leadership who can plan proactively and dynamically.
Leadership is an important aspect of human management whose potent
strength lies in its ability to positively influence process [i.e., follower-ship]
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towards organisational goals and objectives. Leadership must develop Core
Values, which must bind the bank [i.e., the organisation] together as a
winning team in order for the bank to achieve its set goals and objectives. In
strong, forward-looking organisations, leadership provides enduring visions,
which articulate the bank‟s [i.e., organisation‟s] future state - that is, a
statement of strategic intent describing the bank‟s aspiration for the future.
A proper vision encapsulated by inspiring leadership must encompass the
organisation‟s:
(1) Customer orientation,
(2) Employee Focus,
(3) its‟ organisational competencies, and
(4) Standards of Excellence.
Organisations rise and fall with its leadership. The CEO [Chief Executive
Officer] of an organisation is the most pivotal leader in the modern
organisation. The Chief Executive Officer (CEO) is the most important role in
the management of an organisation. He is the highest-ranking corporate
officer or executive officer.
In closely held corporations, it is general business culture that the office of
the CEO is also the chairman of the board. Specifically, one person shares
the chairman and CEO titles while another person takes the presidency or
may become chief operating officer (COO). Regardless, in virtually all cases
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where the CEO and president are not the same person, the CEO is of the
higher rank and ultimate authority.
As we had asserted earlier, organisations rise and fall with their leadership –
mostly in the form of the CEO. Contemporary business is replete with the
critical impact and roles played by the leadership in providing goodwill to
their organizations such as:
Raymond Smith, the CEO of Bell Atlantic,
Jan Carlzon the CEO of SAS Airlines,
Eckhardt Pfeiffer the CEO of Compaq Computers,
Bill Gates, the CEO of Microsoft Corporation, etc.,
All these organisations have endured effectively over the years, and they
continue to dominate and lead in their respective business industries mainly
because of the critical roles of their CEOs.
1.2 STATEMENT OF THE PROBLEM
To what extent does a strong and inspirational leadership confer goodwill,
leadership and dynamism on their organisation; and how critical a role does
an inspirational leadership play in organisational progress and dynamism in
their industry of business operations – specifically, the Chief Executive
Officer - with specific reference to Zenith Bank Plc?
1.3 OBJECTIVES OF THE STUDY:
The following are the objectives of this study:
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(1) To identify the key issues that constitute key success factors and traits
that constitute effective and inspirational leadership as they relate to
the ability of a forward looking bank like Zenith bank plc to compete
effectively and pro-actively in the Nigerian banking industry.
(2) To evaluate the leveraging impact of goodwill brought on by its CEO;
on Zenith Bank‟s quest to be at the forefront of banking services and
excellence in Nigeria.
(3) To analyse the impacts and strategic import of Zenith Bank‟s CEO on
the bank‟s performance in the Nigerian banking industry.
1.4 RESEARCH QUESTIONS
The research questions that will be dealt with in this study are as follows:
1. What traits and qualities are critical in a CEO for him/her to be of
strategic import to his organisation and provide strong core values and
leadership for organisational growth, effectives and dynamism?
2. How critical is goodwill brought on by leadership to Zenith Bank‟s
quest to be at the forefront of banking services and excellence in
Nigeria?
3. What roles does the CEO play in Zenith Bank‟s quest for dominance
and dynamism in the Nigerian banking industry?
1.5 RESEARCH HYPOTHESIS
H1: CEOs play strategic and crucial roles in an organisation‟s quest for
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excellence, dynamism and success and so positively impact on their
organisations.
Ho: CEOs do not play strategic and crucial roles in an organisation‟s quest
for excellence, dynamism and success and so positively impact on their
organisations.
H2: Certain identifiable traits in leadership and management constitute key
success factors for effective and inspirational leadership
Ho: There are no identifiable traits in leadership and management that
constitute key success factors for effective and inspirational leadership
H3: Top management and CEOs bring leveraging impacts on organisations
and thus make for organisational success .
Ho: Top management and CEOs bring no leveraging impacts on
organisations and thus make for organisational success .
1.6 SIGNIFICANCE OF THE STUDY:
This research study would be of immeasurable significance to Zenith Bank
Plc and other forward looking banks in Nigeria as it would show the impact
of enduring corporate values, powerful visions and leveraged goodwill in
their quest for dynamism and excellence.
1.7 SCOPE OF THE STUDY:
This study would be restricted to a crucial comprehension of the concepts of
qualities of effective and dynamic leadership, corporate visions, and
leadership goodwill and their impact on an organisation‟s quest for growth,
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and excellence - with specific emphasis on Zenith Bank Plc. I would examine
Zenith Bank‟s leadership, the role of its founding and continuing CEO, his
leadership qualities, corporate values, its vision and goodwill as they relate
to growth and development in the bank‟s practices and provision of
professional services to the satisfaction of their various stakeholders.
1.8 LIMITATIONS OF THE STUDY
The difficulty in getting basic statistics from both public and private
institutions in Nigeria will constitute major limitation to this study.
1. The specific problems will include partial commitment from some
respondents which may lead to not completing the face-to-face interviews
while administering the questionnaires.
2. In addition, some records which may be required from Zenith bank staff
may not be available or may require too much time and effort to obtain.
3. There could also be lack of willingness to cooperate from some
respondents, especially junior staff.
4. Some respondents may equally request some form of honorarium for
their time that will be taken in the course of the interview.
5. Financial Constraints: Though the researcher is employed, sufficient fund
is not readily available to timely meet financial requirements of the study.
6. Anticipated delays in respondents‟ responses.
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7. Time constraints: The research study is time based, and thus the
researcher might not have adequate time to thoroughly gather data and
still meet up with the submission dates, etc.
1.9 HISTORICAL BACKGROUND
Zenith Bank was incorporated as a private limited liability company in May
1990, and was granted a banking licence in June, 1990. It commenced
banking operations in July 1990.
Zenith Bank is wholly owned by Nigerians; and is engaged in the provision of
universal banking services to corporate, commercial and individual
customers. Zenith Bank provides the following banking services and
products to its clientele:
Savings and current accounts,
Treasury and financial services,
Investment banking,
Equipment leasing,
Trade financing
Funds management,
Import and export finance,
The smart card product (electronic purse),
Telelink (telephone banking),
Zenith view facility (Internet banking),
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Western Union Money transfer, etc.
Zenith bank has a strong and consistent record; solid capital and liquid
positions; a strong asset quality (which magnifies its strength in Nigeria);
and highly automated bank operations.
Zenith Bank‟s operations are propelled by a highly empowered professional
human capital; with a conservative banking mien, which has enabled it to
record significant success since its inception. Zenith bank has strong sales
culture, which enables it to cross sell its products and services.
Zenith Bank has always been in the forefront of banking services and
excellence in Nigeria, and its has consistently maintained a steadily rising
profit over the years.
Zenith bank has notable strengths, among which are:
Strong asset quality and low level of credit losses
Continuously improving profitability and strong revenue generation
Strategic re-positioning and diversified funding mix
Well capitalized, strong liquidity position and re-financing ability
Highly automated and technologically advanced systems throughout its
branch network
Strong market share
Competent and well tested key management
Excellent customer base, and
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A Strong brand
Currently, Zenith Bank Plc boasts of being the biggest bank in Nigeria and
the second most profitable. Zenith Bank‟s vision is “to become the leading
Nigerian, technology-driven, global financial institution, providing
distinctively unique range of financial services.”
1.10 DEFINITION OF TERMS:
The following terms would be critical to our understanding of the aim of this
research study:
Vision: A vision is the articulation of an organisation‟s future state. It is a
statement of strategic intent that describes the organisation‟s aspiration for
the future.
Strategy: The direction and scope of an organisation over the long term,
which achieves advantage for the organisation through its configuration
resources within a changing environment to meet the needs of the markets
and to fulfil stakeholders‟ expectation.
Business Policy: The methods, procedures, rules and practices associated
with implementing and executing strategies in an organization. Business
policy is top management‟s pronouncements on what course of action the
organization must follow - i.e., a statement of management intent
Mission: An organisation‟s mission is the “raison d’etre” (the reason for
existence) of the organisation. It is the fundamental purpose that sets the
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organisation apart from others, in order to identify the scope of its
operations in product and market terms.
Brand: A brand is a name, term, symbol, design, etc., which identifies an
organisation‟s products and services in order to differentiate such from
others.
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REFERENCES
Bunes, B (1996) Managing Change: A Strategic Approach to Organisational
Dynamics. 2nd Edition, New York, Pitman Publishing
Carlzon, J: (1987) Moments of Truth. New York, Harper and Row
Hickman, C and Silva M. A. (1984): Creating Excellence. New York,: New
American Library
Kanter, R. M: (2003). Frontiers of Management. Boston, Harvard Business
School Publishing Corporation.
Kouzes, J and Posner, B (1988): The Leadership Challenge. San Francisco,
Jossey-Bass
Maxwell, J. C. (1993): Developing the Leader Within You. New Jersey, Injoy
Inc.
Park, C. W, Jaworski J. B, and MacInnis D. J (October 1986, pp. 135 - 145)
“Strategic Brand Concept Image Management,” Journal of Marketing,
Pfeffer, J: (1992). Managing with Power: Politics and Influence in
Organisations. Boston, Harvard Business School Press.
Tichy. N and Devanna, M (1986): The Transformational Leader. New York:,
John Wiley.
Ulrich, D. & Dale, L. (1990) Organisational Capability: Competing From the
Inside Out New York, John Wiley & Sons
Zenith Bank Annual Report (2005).
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Zenith Economic Quarterly (July 2006): Lagos.
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CHAPTER TWO
2.0 REVIEW OF THE RELATED LITERATURE
2.1 INTRODUCTION
Banking in Nigeria started in the 1890s as a means of supporting the trade
finance needs of the British merchants (during the Colonial Period). In 1952,
Nigeria had three foreign banks, namely; (1) the Bank of British West Africa,
(2) Barclays Bank, and (3) the British and French Bank; and two indigenous
banks (4) the National Bank of Nigeria and the (5) African Continental Bank
(ACB).
In 1973, the Nigerian government acquired a 40% equity ownership of the
three largest foreign banks. In 1976, government increased this to 60%. At
the end of 1988, the banking system consisted of forty-two (42) commercial
banks, and twenty-four (24) merchant banks, a substantial increase since
1986. Merchant banks were allowed to open cheque-ing accounts for
corporations only and could not accept deposits below N50,000. Commercial
and merchant banks together had 1,500 branches in 1988, up from 1,000 in
1984. In 1988 commercial banks had assets totalling N52.2 billion, while the
merchant banks had assets of only N12.6 billion.
As a result of the incessant bank failures among Nigerian banks, the CBN
under its head, Professor Soludo initiated a number of reforms to checkmate
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these failures. A major reform was the directive to all banks wishing to
operate in the Nigerian shores to expand their Capital Base to a minimum of
N25 billion either individually or as a result of a merger with other.
At the end of “the consolidation exercise” only twenty five (25) out of eighty-
nine banks survived the directive with many banks merging to become one
(e.g., Skye bank is a merger of six former banks). However, some of the 25
banks that survived the CBN order stood alone - without needing to merger
with any other bank in order to meet with the new expanded capital base.
2.2 ZENITH BANK PLC - PASSION FOR EXCELLENCE
Zenith Bank plc was one such bank, which stood alone and met the CBN N25
billion capital base. From its inception in July 1990 under the able
leadership of its founding Chief Executive Officer, Jim Ovia, Zenith
Bank has pursued a culture of excellence with a strong focus on
customer satisfaction and delivering of value to its shareholders.
Consequently, the bank has witnessed consistent growth in all areas of
banking services. Its asset quality continues to be very good; its balance
sheet continues to grow on a yearly basis; and over-all, Zenith Bank plc has
maintained excellent professional (i.e., banking) ratings from internationally
acclaimed rating agencies (such as Agusto & Co, Fitch Ratings; Pharez
Rating, Phillips Consulting, etc.). It was therefore not surprising that by
December 2005, when the CBN re-capitalisation order came into force,
Zenith Bank plc was one of the few banks that easily scaled the N25 billion
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minimum capital base.
For Zenith bank, the desire is to “lead the Nigerian banking industry in terms
of profitability, excellence of service, and technological innovation.” (Zenith
2005, Zenith 2006). Speed, efficiency and flexibility are the bank‟s abiding
watchwords.
2.3 CORE VALUES AND STRATEGIC OBJECTIVES
Core values are the shared values that articulate the higher purpose of
enterprise in order to unite staff (or employees) in a common cause and to
offer them codes of conduct to guide their everyday decisions. (Kanter 2004;
1992). Core values are meant to inspire pride in one‟s organisation and raise
aspirations. Core values are the guiding principles behind the formulation of
organisational strategic objectives. Core values answer the questions “what
strategic objectives would place us in a competitive position in our
industry/business of operations?”
Every bank aspires to create strong core values, which would guide their
staff in the way they perceive their individual roles in the bank. For Zenith
Bank Plc, the following are its corporate values:
Customer satisfaction
sustainable stakeholder value creation
professionalism, and
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good corporate governance (Zenith 2005).
Professor Kanter emphasised that core values must be supported by policies
and actions that make them real, and they must permeate the daily life of
the organisation. Staff will become committed to a company that has
strong corporate values. To lead the core values and personalise it,
is the CEO (Kanter 2004).
2.4 VISIONING AND ORGANISATIONAL ORIENTATION
A vision is the articulation of an organisation‟s future state. It is a statement
of strategic intent that describes the organisation‟s aspiration for the future.
It is the organisation‟s dream stretching the imagination and motivating its
people to re-think what is possible. Visions are normally top management
inspired because it is their responsibility to provide the follower-ship with
organisational orientation (Kilmann and Covin 1988).
A vision helps an organisation to visualise its future. Vision helps an
organisation to craft and process their strategies. The purpose of a vision is
to help the organisation meet its goals and to stimulate change. The process
of crafting a vision is often a difficult one. (Tichy and Devanna 1986). For a
vision to be real, it must be consistent with its mission, goal, objective,
philosophy and strategy. (Kanter 1992; Belgard et al 1988).
2.5 FEATURES OF A VISION
Visions are a guide to behaviour. With a well articulated and communicated
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vision, staff behaviour become altered and changed because they have
bought into the corporate vision communicated by Top management to the
generality of the staff. (Tichy and Devanna 1988).
Good visions are:
clear, common and easily understandable
memorable
exciting and inspiring
challenging
excellence - centred
stable, but flexible
tangible and can be implemented. (Kouzes and Posner 1988).
2.6 VISIONS - COMPONENTS AND ELEMENTS
Visions have four basic components (Hickman and Silva 1984). These are:
1. Customer orientation: It must specify the key success factors in
satisfying the customer (in terms of service, quality and delivery)
2. Employee Focus: It must incorporate the values and principles that its
employees stand for.
3. Organisational competencies: it must incorporate the skills and
capabilities that distinguishes the organisation‟s performance
4. Standards of Excellence: it must incorporate standards that will appeal
to the pride and desire of all associated with the organisation.
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2.61 The Zenith Bank Vision
We restate the Zenith Bank vision in order to process it with regards to the
features and components of a good vision.
“to become the leading Nigerian, technology-driven,
global financial institution, providing distinctively
unique range of financial services.”
The Zenith Bank vision is clear, memorable, and inspiring, challenging (its
management and staff to seek global standards), excellence - centred, and
incorporating standards of excellence appealing to the pride and desire of its
staff (working for the leading Nigerian financial institution}, etc.
2.7 KNOWLEDGE AND SKILLS REQUIRED BY CEO
Pfeffer [1992] identified three managerial skills
(1) technical, skills
(2) human skills and
(3) conceptual skills.
Consequently, Pfeffer [1992] identified three levels of management
[a] top management
[b] middle management, and
[c] 1st level management.
While, all managers require these three levels of management, such needs
must necessarily vary with the level of management [Tichy and Devanna,
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1986]. Thus, the 1st level manager requires more of the technical skills [i.e.,
knowing the job]. The 1st level manager must have the technical know-how
to be able to inspire the confidence in his men and earn their respect [Ulrich
and Dale, 1990]]. However, he needs less of the other skills of the human
skills or conceptual skills. As a matter of fact, he needs less of the
conceptual skills.
2.71 Conceptual skills and the CEO:
However, Pfeffer [1992] argued that the top-level manager needs more of
the conceptual skills than the technical skills. Thus, the Managing Director of
a bank does not need to be so technically sound in the banking profession
according to this theory [Pfeffer, 1992].
These have to do with the mental ability of a person to integrate and
coordinate the various activities and interests of the organisation. Thus, both
the middle and top-level managers would need more of the human skills
than the 1st level manager.
The chief executive officer is the overall, primary management and
leadership role in the organization. Therefore, it is critical that CEOs have
strong knowledge and skills in a wide variety of areas [Kouzes and Podner,
1988; Bennigson and Swartz, 1987]. However, there are certain basic areas
of knowledge and skills which provide the foundation from which CEOs can
add knowledge and skills customized to the particular nature of their
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organization, its industry (service, manufacturing, wholesale, etc.) and the
current environment:
political,
social,
economic and
technological.
Qualified CEOs of corporations should have leadership skills and be able to
act decisively regarding, human, financial, environmental and technical
challenges that face a corporation. They should have strong inter-
personal skills and be familiar with Human Resources,
Accountancy/Finance, Marketing and improving through a structured
approach that is inline with the owners orientation to risk. They must then
report to the Board of Directors in the annual meeting [Bunes, 1996].
Typically, a CEO has cadre of subordinate executives, each of which has
specific functional responsibilities. These direct reporting relationships most
often include: Chief Financial Officer, Chief Operating Officer, Chief
Marketing Officer, and Chief Information Officer.
2.8 SUPERVISORY ROLES OF THE CEO
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According to Kilmann and Covin [1988], CEOs fundamentally are supervisors
over the various strategic functions of the organisation at the macro-level.
Thus, a CEO must effectively oversee and supervise the following functins of
their organisations or banks:
2,8.1 Planning: This includes identifying goals, objectives, methods,
resources needed to carry out methods, responsibilities and dates for
completion of tasks. Examples of planning are strategic planning, business
planning, project planning, staffing planning, advertising and promotions
planning, etc [Kilmann and Covin 1988].
2.8.2 Organizing Resources: This aims at achieving the goals in an
optimum fashion. Examples are organizing new departments, human
resources, office and file systems, re-organizing businesses, etc [Hickman
and Silva 1984].
2.8.3 Leading: Leading includes setting of direction for the organization,
groups and individuals and also influence people to follow that direction.
Examples are establishing strategic direction (vision, values, mission and
goals) and championing methods of organizational performance
management to pursue that direction [Bennigson and Swartz, 1987].
2.8.4 Controlling and Coordinating: The organization's systems,
processes and structures to reach effectively and efficiently reach goals and
objectives. This includes ongoing collection of feedback, and monitoring and
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adjustment of systems, processes and structures accordingly. Examples
include use of financial controls, policies and procedures, performance
management processes, measures to avoid risks etc Kanter, 2003].
2.9 STRATEGY, CORE VALUES AND ORGANISATIONAL VISION
Strategy is the direction and scope of an organisation over the long term,
which achieves advantage for the organisation through its configuration
resources within a changing environment to meet the needs of the markets
and to fulfil stakeholders‟ expectation (Kanter 2004).
This definition fits in perfectly well with the Zenith Bank core values
aspirations and its corporate vision. Strategy is the craft of an organisation‟s
corporate plan that would be tactically implemented over a considerable
period of time - in order to position the organisation to meet and pre-empt
business and environmental changes that would positively or negatively
affect the organisation‟s fortune.
For Zenith bank, this means deployment of one hundred and seventy seven
(177) branches at strategic locations across the length and breath of Nigeria.
This strategic option is different from that of UBA, First Bank or Union Bank
which believes in very large spread all over Nigeria in order to reach
everywhere (currently, Union bank has over 300 branches).
However, since Zenith bank seeks ICT-driven global banking vision, then its
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strategic option must optimise delivery of on-line, real-time efficient banking
services to a select clientele - and thereby conserve their resources. It is
now a fact that the so-called big banks have now realised the weakness in
having many branches all over the place. Most of these branches are loss
centres. First bank is therefore cutting down on its branch network as well as
reducing its very large workforce.
Zenith bank‟s management have always had a dynamic strategic
management process in place, which allows the bank to be pro-active by
reading future trends and thus planning for such; rather than re-acting to
such changes. Thus, it was the first bank to deploy ATM machines and has
taken an unassailable lead in electronic banking in Nigeria - with over twenty
(20) electronic banking products in market. Among such electronic banking
products are:
Zenith ATM
Zenith corporate pay
Etranzact card
Zenith swiftpay
Z-save card
Vpay card, etc
2.10 GOODWILL, LEADERSHIP AND CHANGE MANAGEMENT
For a bank that wants to effectively compete in the borderless (and
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boundary-less) contemporary banking era, change management is a critical
success factors. Such a bank‟s leaders must be poised to orientate their
people towards anticipating on-going changes, and take advantage of them
for the benefits of the bank. (Kanter 2004).
Zenith Bank‟s energetic and founding CEO, Jim Ovia, emphatically stated
Zenith Bank‟s change management philosophy thus:
“we have entrenched global benchmarks of excellence in creating new
businesses, adopting control systems and developing new competencies to
meet the challenges of the changing landscape in our banking industry”
(Zenith Bank 2005).
For change management to be effective, the top leadership must be a
dynamic strategist with a visionary mindset instigating the bank (or
organisation) towards progress in a changing business environment. He (the
organisational strategist and instigator) must build goodwill for the
organisation. He must understand that strategic issues that would
continuously propel his organisation forward involve the following:
Strategic issues and decisions require top management involvement:
Strategic issues and problems traverse various areas of the organisation‟s
operations, and usually it is top management that has the broad perspective
to understand the broad implications of such issues and their impact on the
organisation (Kanter 2004).
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Strategic issue require large commitment of the organisation resources: it
involves substantial allocation of physical, financial and human resources,
which must be re-directed from internal sources or secured externally
(Kilmann and Covin 1988; Hickman and Silva 1984).
Strategic issues and decision are normally about trying to achieve some
definite advantage for the organisation: a good strategy should give the
organisation an edge over competition, and create for it a sustainable
strategy success position (Prahalad and Kamel 1999; Tichy and Devanna
1986)
Strategic issues and decision have multi-functional and multi-business
consequences: they have implication for the functional areas, unit and
activities of the organisation e.g. changes and consequences in customer
mix. Competitive position, organisational structure etc. these areas will be
affected by allocations or reallocations of responsibilities and resources that
result from these decision.
Strategic issues and decision involve a consideration and match of an
organisation with its environment: (strategic fit). Since an organisation
affects and is largely affected by conditions that are largely beyond their
control, it must necessarily consider these factor to be able to position itself
and properly in the interplay of these factors.
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Change management implies that the leader, i.e., CEO, must be seen as the
force of change motivating and inspiring his people towards organisational
vision and strategic objectives. The organisation should be able to leverage
on his goodwill in the business world and so benefit from it. Jack Welch, CEO
of General Electric Corporation for over twenty years brought in so much
goodwill for GEC. Jack Welch personified GEC and became the spirit behind
the growth and survival of GEC. (Kanter 2004).
The CEO must focus more on leadership skills, e.g., establishing vision and
goals, communicating the vision and goals, and guiding others to accomplish
them [Kouzes and Posner, 1988]. According to them, a leader is someone
who sets direction in an effort and influences people to follow that direction.
They set direction by developing a clear vision and mission, and conducting
planning that determines the goals needed to achieve the vision and
mission. They motivate by using a variety of methods, including facilitation,
coaching, mentoring, directing, delegating, etc. Kouzes and Posner [1988]
assert that leadership must be more facilitative, participative and
empowering in how visions and goals are established and carried out.
However, leaders carry out their roles in a wide variety of styles, namely:
1. autocratic,
2. democratic,
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3. participatory,
4. laissez-faire (hands off), etc [Tichy and Devanna, 1986; Maxwell,
1993; Barley and Kunda, 1992].
What is most critical is that leaders identify the leadership that is most
relevant and applicable to their organisation and adopt it. For instance, an
army general in a war zone cannot afford to adopt the democratic leadership
style. The style most applicable is the autocratic [i.e., telling-style]. But a
CEO of a technically-oriented company like a software organisation [e.g.,
Microsoft Incorporation, etc.] would discover that the democratic style is
perhaps best-suited.
Inspirational leaders always deliver goodwill to their organisations. Raymond
Smith, the CEO of Bell Atlantic, Jan Carlzon of SAS Airlines, Eckhardt Pfeiffer
of Compaq Computers, Bill Gates of Microsoft Corporation, etc., are all
excellent examples where an inspirational and visionary leader has brought
immense goodwill to their organisation (Kanter 2004; Bennigson and Swartz
1987; Schaeffer and Thomson 1992; Kanter et al 1992; Carlzon 1981,
1987; Pfeffer 1992; Cringley 1993; Potts 1994).
All these organisations have endured effectively over the years, and they
continue to dominate and lead in their respective business industries -
showing an acute understanding of their operating environments; pro-
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actively anticipating change and taking advantage of them; and deploying
relevant technology manned by professionals to give their organisations the
cutting edge in their domain of operations.
2.11 SUMMARY OF THE REVIEW LITERATURE
In this chapter, we have argued that leadership was a crucial pivot of
organisational development and growth;
vision formulation
mission identification and drive
strategic direction and organisational strategic plans
change management and business focus
business goals and objectives.
Thus, leadership, especially the CEO must be strong, dynamic, informed,
knowledgeable and visionary. Leadership must inspire the follower-ship
towards organisational goals and long term objectives. Leadership must
inspire commitment and attract loyal customers to the organisation. In
short, leadership is central to organisational success and growth.
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REFERENCES
Barley S. R. and Kunda G: (Sept. 1992). Pp. 382-392. “Design and
Devotion: Surges of Rational and Normative Ideologies of Control in
Managerial Discourse” Administrative Science Quarterly
Bennigson L. A. and Swartz, H (May/June 1987) Pp. 10 - 19. “The CEO‟s
Change Agenda” Planning Review.
Carlzon, J: (1987). Moments of Truth. New York, Harper and Row.
Cringley, R. X. (1993) How the Boys of Silicon Valley Make their Millions New
York, Harper Collins.
Hickman, C and Silva M. A. (1984): Creating Excellence. New York, New
American Library
Kanter, R. M: (2003) Frontiers of Management. Harvard, Harvard Business
School Publishing Corporation.
Kilmann, R. and Covin, T (1988): Corporate Transformation. San Francisco,
Jossey-Bass
Kouzes, J and Posner, B (1988): The Leadership Challenge. San Francisco,
Jossey-Bass
Schaeffer R. and Thomson H (January - February 1992). Pp. 75 - 86.
“Successful Change Programs Begin with Results” Harvard Business
Review
Tichy. N and Devanna, M (1986): The Transformational Leader. New York,
32
John Wiley.
33
CHAPTER THREE
RESEARCH METHODOLOGY
3.1 INTRODUCTION
This research study is concerned with the identification of the strategic role
of the CEO in modern organisation in order to provide their organisation with
competitive edge and leadership through their leadership traits and goodwill
– with specific reference to Zenith Bank Plc. For the purpose of collecting the
necessary data for this research, primary and secondary data collection
methods will be used. Primary data would be collected with the aid of
structured questionnaire administered on Zenith Bank‟s customers.
The secondary data would be collected from Annual Reports, publications
and other documents emanating from Zenith Bank Plc. The primary data
would be collected with the aid of structured questionnaire. They would be
requested to indicate their level of agreement or disagreement with specific
issues and questions raised in the questionnaire.
Secondary data would also be collected from publications outside Zenith
Bank such as banks rating organisations, etc.
The data collected will be analysed and a report would be published based
on the findings of the analysis. The population of the study would include a
34
broad range of respondents in order to ensure an objective opinion.
3.2 POPULATION
The study sampling population would be constituted by bank customers who
patronise Zenith bank and are:
Users of the bank‟s services and products
Have academic and professional qualifications
Articulate and intelligent
Males and females
Between the ages of 20 and 60
Distribution of Respondents
Location Frequency % of Frequency
Victoria Island 11 22%
Ikeja 9 18%
Apapa 7 14%
Ilupeju 8 16%
Gbagada 7 14%
Lagos Island 8 16%
Total 50 100%
3.5 SAMPLING DESIGN AND PROCEDURE
It is impossible to carry out a study of all Zenith bank‟s customers.
Therefore, it has become necessary for us choose a fair representation of the
bank‟s clientele. The number sampled (i.e., 50) compared to the total
35
aggregate might be small, but it includes a wide variety of customers as
listed above.
3.6 DATA COLLECTION INSTRUMENT
The data collection instrument would be the structured Questionnaire. The
questionnaire would be designed to cover a wide range of issues on:
corporate visions
role and place of dynamic leadership in organisations
leadership goodwill and impact on organisational zeal for excellence
Zenith Bank‟s leadership,
the role of Zenith bank‟s founding and continuing CEO,
effective leadership traits and qualities,
corporate values, etc.
and relate such to Zenith bank‟s practices and provision of professional
services to the satisfaction of their various stakeholders.
We would apply these issues thoroughly and comprehensive in order to
ensure that the respondents fully understand them and thus would be in the
position to effectively respond to the questions and issues raised in the
questionnaire. With this, the quality of the result of the study procedures for
processing and analysing our data collected would be guaranteed.
3.7 RELIABILITY AND VALIDITY TEST
36
The research instrument would be pre-tested on ten bank customers
randomly selected within the Victoria Island axis of the Lagos metropolis
since Zenith bank is headquartered in the Island. Also, during this pre-test,
personal interviews would be conducted with ten [10] other respondents
who will not be part of the pre-test study. This is to improve the quality of
the questionnaire.
We would utilise qualitative and quantitative measures of performance. The
qualitative measures would cover the respondents‟ perceptions of leadership
traits and impacts on organisational mission and vision, corporate strategy,
core values, impact of goodwill in the service [specifically the banking]
industry. The quantitative measures would be provided by respondents to
enable us elicit the level or percentages of respondents associated with the
above relevant variables.
3.9 DATA ANALYSIS TECHNIQUE
We would use the statistical methods of simple percentage analysis to
analyse the data results generated from the survey. We would utilise the
simple percentage to analyse the frequencies of responses collected with the
questionnaires during the field survey; and the responses to key questions
and statement in the questionnaire from the respondents.
37
Thus, we would generate necessary tables to analyse the responses with the
frequency of options in the questions being determined and the percentages
calculated based on the total number of responses.
Descriptive statistics [Mean, Standard Error, Standard Deviation, Variance
and Percentage] and Inferential Statistics of ANOVA were used for
processing the data collected. Data analysis was done at 0.05 Alpha level.
38
REFERENCES
Asika, N [2004]: Research Methodology - A Process Approach, Lagos
Mukugamu & Brothers Enterprises.
Nwobi, F. N. and Nduka, E. (1998), Statistical Notes and Tables For
Research, Enugu, Alphabet Nigeria Publishers
Osuagwu, L [2006]. Business Research Methodology: Principles & Practice.
3rd Edition, Lagos Grey Resources Ltd., Lagos
39
CHAPTER FOUR
DATA PRESENTATION, ANALYSIS AND INTERPRETATION
INTRODUCTION
Fifty [50] Zenith Bank customers spread across the following six strategic
branch locations in the Lagos metropolis were selected as respondents to
assist with the completion of the study questionnaire:
Victoria Island - 11 customers
Ikeja - 9 customers
Apapa - 7 customers
Ilupeju - 8 customers
Gbagada, - 7 customers and
Lagos Island - 8 customers
In table 4.1, we present analysis of their responses to the study
questionnaire.
Table 4.1: Age of Respondents
40
Source: Field Survey, 2008.
From table 4.1 above, of the total 50 respondents, 22% were between 20-
25 years of age, 48% were between 26-35 years, 18% were between 36-45
years of age, while 10% respondents were between 46-55years of age; and
2% respondents were between 55-60 years. Thus, by and large, Zenith
bank‟s customers were mainly below 36 years of age [i.e., 70%]
Table 4.2: Sex of Respondents
Sex Frequency Percent
Male 23 46%
Female 27 54%
Total 50 100%
Source: Field Survey, 2008.
Response from table 4.2 above shows that 46% were male respondents
while 54% were female. Thus, by and large, Zenith bank is able attract both
sexes equally and this also reflects the mode of the current Nigerian
AGE FREQUENCY PERCENT
20-
25years
11 22%
26-
35years
24 48%
36-
45years
9 18%
46-
55years
5 10%
55-60
years
1 2%
TOTAL 50 100%
41
economic realities where both sexes have to go out and work in order to
earn a living for themselves and their families.
Table 4.3: Educational Qualification of respondents.
Educational
Qualification
Frequency Percent
Sec. Sch. Leaving Cert. 0 0%
O.N.D 6 12%
H.ND/B.Sc 33 66%
MSc/M.A 10 20%
Ph.D/Professionals 1 2%
Total 50 100.0
Source: Field Survey, 2008.
Table 4.3 above shows that 12% respondents had Ordinary National
Diploma, 66% had Higher National Diploma/First Degree, 20% had M.Sc/M.A
while 2% had PhD/Professional Qualifications. Thus, Zenith bank‟s customers
were well educated and thuds well-informed to effectively respond to the
issues in the study questionnaire. In order to ascertain the professions of the
respondent, question 4 was asked and the response is shown in table 4.4
Table 4.4: Respondents‟ Professions
Profession Frequency Percent
Business people 13 26%
Professionals 11 22%
Academicians 6 12%
Students 4 8%
Conglomerates/multinational 16 32%
42
staff
Total 49 100%
Source: Field Survey, 2008.
Table 4.4 shows that 32% of Zenith bank‟s customers were staff of
conglomerates/multinationals like Chevron Oil, etc. thus, Zenith bank is able
attract the upper and middle classes of the Nigerian population to itself as
customers.
Table 4.5: Social Status of Respondents
Social Class Frequency Percent
Upper class 3 6%
Upper
middle
14 28%
Middle class 30 60%
Upper Lower 3 6%
Lower Class 0 0%
Total 50 100%
Source: Field Survey, 2008.
43
Table 4.5 above shows that 6% of respondents were of the Upper class
social status, 28% and 60% of respondents were in the Upper Middle and
Middle class respectively, only 6% of respondents were in the upper lower
class. This seems to support the professional backgrounds of Zenith bank‟s
customers.
Table 4.6: Types of Residence of Respondents
Residence Type Frequency Percent
Duplex 2 4%
3 or 4 Bedroom flat 23 46%
2 bedroom flat 20 40%
Sharing accommodation 5 10%
One room apartment 0 0%
Total 50 100%
Source: Field Survey, 2008.
Table 4.6 shows that 4% of respondents lived in duplexes, 46% lived in 3 or
4 bedroom flats, 40% lived in 2 bedroom flats, while 10% shared
accommodation with friends. This further confirms the fact that Zenith
bank‟s customers were mainly middle and upper classes as most
respondents lived in decent accommodation.
Table 4.7: Customer Annual Income/Business Turnover
Turnover/Income Frequency Percent
N10m + 4 8%
N5 – N10m 9 18%
44
N3 – N5m 13 26%
N1 – N3m 17 34%
Less than N0.5m 7 14%
Total 50 100%
Source: Field Survey, 2008.
Table 4.7 above shows that the bulk of Zenith Bank‟s customers earned over
or did a business turnover of N3million annually– thus conforming the fact
that Zenith bank‟s staff were mostly comfortable and in the middle and
upper class bands.
Table 4.8: Years of Patronage
Category Frequenc
y
Percent
Under 1 year 6 12%
1 - 2 years 9 18%
3 – 5 years 11 22%
5 – 10 years 17 34%
45
10 years and above 7 14%
Total 50 100%
Source: Field Survey, 2008.
Table 4.8 above shows that the bulk of Zenith bank‟s customers have been
patronising the bank for 10 years and below. This therefore indicates that
Zenith bank‟s marketing team must do a lot to seek customer retention.
Table 4.9: Based on current practices, to what extent do you see still see
yourself as a Zenith bank customer in another ten [10] years from now?
Response Variable Frequency Percent
Very high extent 8 16%
High extent 18 36%
Medium extent 16 32%
Low extent 5 10%
No extent 3 6%
Total 50 100%
Source: Field Survey, 2008.
Table 4.9 above indicates that 36% of Zenith bank‟s customers had a high
regard for the bank‟s current practices, and thus would continue to patronise
the bank for a long time [at least 10 years]; while 6% of respondents had
low opinions about the bank‟s current practices
Table 4.10: To what extent do you believe that Zenith Bank Plc is a highly
dynamic and forward-looking bank in Nigeria because of its strong
leadership at the top?
46
Response Variable Frequency Percent
Very high extent 7 14%
High extent 16 32%
Medium extent 19 38%
Low extent 6 12%
No extent 2 4%
Total 50 100%
Source: Field Survey, 2008.
Table 4.10 above reveals that 56% of Zenith bank‟s customers had a high
regard or very regards [14 + 32%] for Zenith bank‟s top leadership and
linked it to the bank‟s high performance in the banking industry current
practices, and thus would continue to patronise the bank for a long time [at
least 10 years]; while 6% of respondents had low opinions about the bank‟s
current practices
47
Table 4.11: To what extent do you believe that Zenith Bank‟s top
management plays emphasis on customer-oriented strategy?
Response Variable Frequency Percent
Very high extent 8 16%
High extent 18 36%
Medium extent 14 28%
Low extent 6 12%
No extent 4 8%
Total 50 100%
Source: Field Survey, 2008.
Table 4.11 above indicates that 52% of Zenith bank‟s customers to a high or
very extent [16% + 36%] see the bank‟s leadership as being customer-
oriented – a valuable trait in a forward-looking leadership of a success-
oriented organisation; while 8% believed other wise.
Table 4.12: To what extent has Zenith Bank‟s dynamic leadership affected
your commitment to Zenith bank?
Response Variable Frequency Percent
Very high extent 8 16%
High extent 17 34%
Medium extent 16 32%
Low extent 6 12%
No extent 3 6%
Total 50 100%
48
Source: Field Survey, 2008.
Table 4.12 above shows that 50% of Zenith bank‟s customers to a high or
very extent are committed to the bank because of the bank‟s dynamic
leadership; while 3% are not committed.
Table 4.13: To what have Zenith Bank‟s corporate values and business
philosophy contributed to its dynamism in the banking industry?
Response Variable Frequency Percent
Very high extent 10 20%
High extent 19 38%
Medium extent 13 26%
Low extent 5 10%
No extent 3 6%
Total 50 100%
Source: Field Survey, 2008.
Table 4.13 above reveals that 58% of Zenith bank‟s customers to a high or
very extent connect the bank‟s corporate values and business philosophy to
its dynamism in the banking industry; while 6% did not.
49
Table 4.14: To what extent do you think that Zenith Bank‟s competent and
well-tested management affected its ability to compete successfully in the
Nigerian banking industry?
Response Variable Frequency Percent
Very high extent 7 14%
High extent 19 38%
Medium extent 13 26%
Low extent 6 12%
No extent 5 10%
Total 50 100%
Source: Field Survey, 2008.
Table 4.14 above indicates that 52% of Zenith bank‟s customers believed
that to a high or very high extent the bank‟s leadership has positively
affected the bank‟s ability to compete in the banking industry; while only
10% believed otherwise.
Table 4.15: To what extent do you believe that Zenith Bank‟s top
management engender their staff to work like a team and have a common
focus when dealing with customers?
Response Variable Frequency Percent
Very high extent 9 18%
High extent 19 38%
Medium extent 15 30%
Low extent 4 8%
50
No extent 3 6%
Total 50 100%
Source: Field Survey, 2008.
Table 4.15 above indicates that 56% of Zenith bank‟s customers believed
that to a high or very extent the bank‟s leadership promote team spirit –
another valuable trait in a forward-looking leadership of a success-
oriented organisation; while 6% believed otherwise.
Table 4.16: To what extent do you believe that Zenith Bank‟s passion for
excellence affected its consistent high turnover?
Response Variable Frequency Percent
Very high extent 8 16%
High extent 18 36%
Medium extent 14 28%
Low extent 6 12%
No extent 4 8%
Total 50 100%
Source: Field Survey, 2008.
Table 4.16 above reveals that 48% of Zenith bank‟s customers believed that
to a high or very extent Zenith bank has a passion for excellence – a
valuable trait engendered by top management of forward-looking
organisations; while 8% believed otherwise.
51
Table 4.17: When you had complaints/anomalies with Zenith Bank‟s
services/products, how long did it take the bank to rectify them?
Response Variable Frequency Percent
Immediately [within 24
hours]
11 22%
High extent 19 38%
Medium extent 13 26%
Low extent 5 10%
No extent 2 4%
Total 50 100%
Source: Field Survey, 2008.
Table 4.17 above indicates that Zenith bank places a\ high premium on
customer complaints and their solutions – a fact attested to by 60%
respondents. This is another critical trait in a forward-looking
leadership of a success-oriented organisation.
Table 4.18: To what extent do you think that Zenith Bank‟s management go
out of their way to employ competent and well-tested middle-management
staff to drive their services?
Response Variable Frequency Percent
Very high extent 9 18
High extent 18 36
Medium extent 13 26
52
Low extent 6 12%
No extent 4 8%
Total 50 100%
Source: Field Survey, 2008.
Table 4.18 above reveals that 54% of Zenith bank‟s customers believed that
to a high or very high extent, the bank‟s leadership deliberately seek,
employ and deploy highly competent staff to drive the bank‟s business - – a
most valuable trait in a forward-looking leadership of a success-
oriented organisation; while 10% believed otherwise.
4.2 TEST OF HYPOTHESES
H1: CEOs play strategic and crucial roles in an organisation‟s quest for
excellence, dynamism and success and so positively impact on their
organisations.
Ho: CEOs do not play strategic and crucial roles in an organisation‟s quest
for excellence, dynamism and success and so positively impact on their
organisations.
H2: Certain identifiable traits in leadership and management constitute key
success factors for effective and inspirational leadership
Ho: There are no identifiable traits in leadership and management that
constitute key success factors for effective and inspirational leadership
H3: Top management and CEOs bring leveraging impacts on organisations
and thus make for organisational success .
Ho: Top management and CEOs bring no leveraging impacts on
53
organisations and thus make for organisational success.
The hypotheses are formulated under „null‟ and „alternative‟ hypothesis, so
that „alternative‟ will be accepted if the „null‟ is rejected. The hypothesis
will be tested using 2-tailed tests at 5% (0.05) significance level or 95%
confidence. Thus:
Accept the hypothesis if x score falls within the range – 1.96 to
1.96 (i.e., either x < 1.96 or <-1.96).
Reject the hypothesis if x score falls outside the range – 1.96 to 1.96 (i.e. x < 1.96 or <-1.96).
The critical value Z for 2-tailed tests at 5% level of significance is +/- 1.96,
therefore the set of Z score inside the range –1.96 to 1.96 constitutes the
region of acceptance.
Hypothesis 1:
H1: CEOs play strategic and crucial roles in an organisation‟s quest for
excellence, dynamism and success and so positively impact on their
organisations.
Ho: CEOs do not play strategic and crucial roles in an organisation‟s quest
for excellence, dynamism and success and so positively impact on their
organisations.
Question 5 Pts. 4 points 3 points 2 points 1 point Mean
10 7 16 19 6 2 3.7586
12 8 18 14 6 4 4.0690
13 8 17 16 6 3 4.1852
54
18 9 18 13 6 4 3.9310
3.4150
STANDARD DEVIATION 0.0191
The hypothesis will be tested for validity using the above table:
Mean = 3.4150
Standard Deviation = 0.0191
Population Error Mean = X + 1.96 (n)
= 3.4150 + 1.96 (0.0191)
= 3.4150 + 0.0375
= 3.4150 + 0.0375 or 3.4150 - 0.0375
= 3.4525 or 3.3775
Z = x-u
n
= 3.4150 – 3.4525 = -1.96
0.0191
or
= 3.4150 – 3.3775 = +1.96
0.0191
Interpretation
The values fall within the acceptance region of –1.96 to +1.96.
55
Therefore, hypothesis (H1) is validated, i.e., “CEOs play strategic and crucial
roles in an organisation‟s quest for excellence, dynamism and success and so
positively impact on their organisations” and the null hypothesis [Ho], which
denies the relationship, is invalidated. This therefore implies that CEOs play
strategic and crucial roles in an organisation‟s quest for excellence,
dynamism and success and so positively impact on their organisations.
Hypothesis 2:
H2: Certain identifiable traits in leadership and management constitute key
success factors for effective and inspirational leadership
Ho: There are no identifiable traits in leadership and management that
constitute key success factors for effective and inspirational leadership
Question 5 Pts. 4 points 3 points 2 points 1 point Mean
11 8 18 14 6 4 3.4000
14 7 19 13 6 5 3.3400
15 9 19 15 4 3 3.5400
16 9 19 15 4 3 3.5400
18 9 18 13 6 4 3.4400
3.4520
STANDARD DEVIATION
0.0879
Hypothesis 2 will also be tested for validity using the above table.
Mean = 3.4520
Standard Deviation = 0.0879
56
Using similar calculations and workings, the following results would be
derived for hypothesis 2:
= 3.4520 – 3.6242 = -1.96
0.0879
or
= 3.4520 – 3.2798 = +1.96
0.0879
Interpretation
The values also fall within the acceptance region of –1.96 to +1.96.
Therefore, hypothesis (H2) is also validated, i.e., “Certain identifiable traits
in leadership and management constitute key success factors for effective
and inspirational leadership”
Hypothesis 3:
H3: Top management and CEOs bring leveraging impacts on organisations
and thus make for organisational success.
Ho: Top management and CEOs bring no leveraging impacts on
organisations and thus make for organisational success.
Question 5 Pts. 4 points 3 points 2 points 1 point Mean
9 8 18 16 5 3 3.4600
10 7 16 19 6 2 3.4000
12 8 17 16 6 3 3.4200
13 10 19 13 5 3 3.5600
57
14 7 19 13 6 5 3.3400
3.4300
STANDARD DEVIATION
0.0931
hypothesis 2 will also be tested for validity using the above table.
Mean = 3.4300
Standard Deviation = 0.0931
Using similar calculations and workings, the following results would be
derived for hypothesis 3:
= 3.4300 – 3.6125 = -1.96
0.0931
or
= 3.4300 – 3.2475 = +1.96
0.0931
Interpretation
The values also fall within the acceptance region of –1.96 to +1.96.
Therefore, hypothesis (H2) is also validated, i.e., “Top management and
CEOs bring leveraging impacts on organisations and thus make for
organisational success”
58
CHAPTER FIVE
5.0 DISCUSSIONS OF THE FINDINGS, SUMMARY, CONCLUSION,
RECOMMENDATIONS AND SUGGESTIONS FOR FURTHER
RESEARCH
5.1 SUMMARY
The study sets out to evaluate the critical role of CEO in organisational
growth and development – using Zenith Bank as case study. Organisations
must be properly harnessed and directed by a purposeful and focused
leadership who can plan proactively and dynamically.
Leadership is an important aspect of human management whose potent
strength lies in its ability to positively influence process [i.e., follower-ship]
towards organizational goals and objectives. Leadership must develop Core
Values, which must bind the bank [i.e., the organization] together as a
winning team in order for the bank to achieve its set goals and objectives. In
strong, forward-looking organizations, leadership provides enduring visions,
which articulate the bank‟s [i.e., organization‟s] future state - that is, a
statement of strategic intent describing the bank‟s aspiration for the future.
59
Thus, organizations rise and fall with their leadership – mostly in the form of
the CEO. Contemporary business is replete with the critical impact and roles
played by the leadership in providing goodwill to their organizations.
With reference to Zenith Bank plc from its inception in July 1990 under the
able leadership of its founding Chief Executive Officer, Jim Ovia, Zenith Bank
has pursued a culture of excellence with a strong focus on customer
satisfaction and delivering of value to its shareholders. Consequently, the
bank has witnessed consistent growth in all areas of banking services.
Among critical supervisory roles of CEOs discussed were:
Planning:
Organizing Resources:
Leading:
Controlling
Coordinating:, etc
5.2 CONCLUSION
This research study collected necessary data both primary and secondary
data with primary data collected with the aid of structured questionnaire
administered on Zenith Bank‟s customers.
After an evaluation of the questionnaire the following hypotheses were
tested for validity
60
H1: CEOs play strategic and crucial roles in an organization‟s quest for
excellence, dynamism and success and so positively impact on their
organizations.
H2: Certain identifiable traits in leadership and management constitute key
success factors for effective and inspirational leadership
H3: Top management and CEOs bring leveraging impacts on organizations
and thus make for organizational success
Their validation confirmed the study objective that CEOs were critical to
organizational growth.
5.3 RECOMMENDATIONS
Organizations to formulate strong visions with customer satisfaction as
their focus as characterized by successful organizations
Leadership to go for re-orientation training programs whose focus is
on effective customer service driven by the leadership
Core values organizations to centralize on engendering of common
focus among all staff with a commitment for staff welfare and
development in order to ensure staff loyalty to organizational vision
and mission
Corporate vision and mission to be owned by all in order for top
management to ensure staff commitment
61
5.4 SUGGESTIONS FOR FURTHER STUDIES
No research project ever exhausts its aims and central objectives. This is
because newer data and fact emerge daily, and lead to a significant review
of some basic issues and concepts, etc., taken for granted now. Therefore,
we are recommending that further research [i.e., studies] be carried out on
the following:
A study dedicated to discovering the role [if any] of “bottoms-up”
visioning process on organisational development and success. This study
would be especially significant because it would take the opposite
direction of our current research project – where we emphasised the role
of leadership-inspired vision on organisational development and success.
In the case of this suggested study, the focus would be on a followership-
inspired vision on organisational development and success.
A study dedicated to the role middle management staff play in
organisational strategic focus and direction. This is based on the fact that
middle management staff are mostly professional and qualified human
capital.
A study dedicated to the impact of ICT [i.e., internet and communication
technology], managed and run by a well-motivated highly qualified work-
force on organisational growth and development.
62
63
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Hickman, C and Silva M. A. (1984): Creating Excellence. New York, New
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Kanter, R. M. & Stein, B. (1992) The Challenge of Organisational Change.
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65
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APPENDIX
University of Nigeria, Nsukka
[Department of Management]
QUESTIONNAIRE
“Critical Evaluation of the Strategic of the CEO in a Modern Organisation –
Case Study of Zenith Bank Plc”
This questionnaire is designed for a study to evaluate the impacts of
corporate values, vision and leadership goodwill on dynamism in the banking
industry in Nigeria. It is to help understand the effects of these parameters
on a bank‟s ability to deliver service excellence to you its esteemed
customer.
We would collate the answers you provide us in this survey along with those
of other customers, and then analyse and interpret them for a better
understanding of the study.
Kindly, indicate your answer to the following questions by ticking “” in the
appropriate space[s] provided after each question in order to indicate your
answers to the survey.
Thank you
66
Okudo, Anayo, L.
67
1. Age
a) 20 years – 25 years [ ]
b) 26 years – 35 years [ ]
c) 36 years – 45 years [ ]
d) 46 years – 55 years [ ]
e) 55 years and above [ ]
2. Sex
a) Male [ ]
b) Female [ ]
3. Educational Background [Highest]
a. Secondary School Leaving Certificate [ ]
b. OND [ ]
c. HND or B.Sc. [ ]
d. M.Sc/M.A., etc. [ ]
e. Ph.D/Professional Qualifications. Please State ……………………
4. Professional Description. I am a …………………………………….
a. Businessman/woman [ ]
b. Professional [e.g., Engineer, Doctor, etc] [ ]
c. Academician {i.e., Lecturer, researcher, etc] [ ]
d. Student [ ]
e. Others, Please State ………………………… [ ]
5. Social Status:
a. Upper class [ ]
b. Upper Middle Class [ ]
c. Middle Class [ ]
d. Upper Lowe Class [ ]
e. Lower Class [ ]
6. Type of Residence …………...
a. Duplex [ ]
b. Three/four bedroom flat [ ]
c. One/two bedroom apartment [ ]
d. Share accommodation with friend[s] [ ]
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e. One room apartment/Boys-quarter [ ]
7. Annual Business Turnover/Income
a. N10m and above [ ]
b. N5 – N10m [ ]
c. N3 – N5m [ ]
d. N1 – N3m [ ]
E. Below N500,000 [ ]
8. How long have you been a customer of Zenith Bank?
a. Under 1 year [ ]
b. 1 - 2 years [ ]
c. 3 – 5 years [ ]
d. 5 – 10 years [ ]
e. 10 years and above [ ]
9. Based on current practices, to what extent do you still see yourself as a
Zenith bank customer in another ten [10] years from now?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
e. No extent at all [ ]
10. To what extent do you believe that Zenith Bank Plc is a highly dynamic
and forward-looking bank in Nigeria because of its strong leadership at the
top?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
e. No extent at all [ ]
11. To what extent do you believe that Zenith Bank‟s top management plays
emphasis on customer-oriented strategy?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
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d. Low extent [ ]
e. No extent at all [ ]
12. To what extent has Zenith Bank‟s dynamic leadership affected your
commitment to Zenith Bank?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
e. No extent at all [ ]
13. To what extent have Zenith Bank‟s corporate values and business
philosophy contributed to its dynamism in the banking industry?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
e. No extent at all [ ]
14. To what extent do you think that Zenith Bank‟s competent and well-
tested top management affected its ability to compete successfully in the
Nigerian bank industry?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
e. No extent at all [ ]
15. To what extent do you believe that Zenith Bank‟s top management
engender their staff to work like a team and have a common focus when
dealing with customers?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
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e. No extent at all [ ]
16. To what extent do you believe that Zenith bank‟s passion for excellence
affected its consistent high turnover?
a. Very high extent [ ]
b. High extent [ ]
c. Medium extent [ ]
d. Low extent [ ]
e. No extent at all [ ]
17: When you had complaints/anomalies with Zenith Bank‟s
services/products, how long did it take the bank to rectify them?
a. Immediately [within 24 hours]
b. Within 2 days
c. Within 1 week
d. 1 – 2 weeks
e. 2 weeks and above
18: To what extent do you think that Zenith Bank‟s management go out of
their way to employ competent and well-tested middle-management staff to
drive their services?
a. Very high
extent
b. High extent
c. Medium extent
d. Low extent
e. No extent