Bill George former chief executive of Medtronic, professor of management practice at Harvard Business School and author of True North, recently made the following comments on PBS' Nightly Business Report:

For the past decade we've had a big problem in the corporate world, but no one will name it. The problem is that many leaders believe they are more responsible to Wall Street than they are to Main Street. But it's Main Street where the customers live and where the money is made.

The only way to create long-term value for shareholders is to create superior value for your customers. That comes from motivating your employees to create great products and superior customer service. But companies whose primary focus is on Wall Street, and meeting its short-term goals, are never going to create long-term value. You simply can't do it overnight. If you don't stay focused on your True North, you'll get buffeted by the winds of change, and wind up capitulating to playing the short-term game.

Unfortunately, many corporate leaders don't have the patience or the vision to do that. They bow to Wall Street, keep shifting strategies, and wind up destroying their value.
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