The Difference Between a CEO and a Leader

The acronym “CEO” has become synonymous with “rich greedy white man with gargantuan sense of entitlement.” Working Joes see executives on the news, stealing hard-earned money from people who make a fraction of their bloated salaries – and as the middle class also watch benefits decline and pensions go extinct, they can hardly be blamed for finally lamenting that little is gained by remaining loyal to an employer.

Enter Chief Executive and Chairman Edward Crawford, who decided to cope with recession in a new way: instead of cutting jobs of average workers, he cut his own pay. Crawford was due for a $600,000 check when a regulatory filing made by the company in mid-February showed he willingly declined this 2008 bonus for the good of the company.

His son, Matthew, president and chief operating officer of Park-Ohio, and said they initially cut 10 percent of the work force last fall. Their vehicle parts facility fared the worst because of the struggling automotive industry, losing 45 people and giving furlough to 90 more – but those workers have now been recalled and Crawford stepped in to avoid more cuts. He believes it’s too devastating to employees in small towns when they lose their jobs, so his own budgeted shared went back into the business instead of into his pockets.

Astonishingly, Edward Crawford stated he didn’t wish to draw attention to his actions, which is likely to make it all the more an attention-getting move. While his Forbes profile shows a total compensation package of nearly $3 million for 2007, that is still modest for a CEO of his company’s size, and at a time of economic downturn, he proves a responsible leader shares the burdens as he once shared the rewards.

This surprises few people close to him. Crawford has long avoided hiring a secretary because he is highly organized, keeps his own appointment calendar and personally returns phone calls. Still happily married to his high-school sweetheart, the 69-year old CEO and Chairman spends spare time not in elite ski towns or frivolous hotspots – but rather enjoys playing basketball on a local elders team and riding his Harley-Davidson with “The Falcons,” a group of motorcycle-enthusiast friends.

He started his first business, Cleveland Steel Container, in 1963 and saw the company rise to $12 million in sales by 1969, when he was named Ohio Small Businessman of the Year. His other professional awards include the Weatherhead Entrepreneurial Award, SBN Master Innovator and – what he calls his proudest – the Rainbow Babies & Children’s Hospital Advocacy Award.

Crawford plans to retire in 2022 at the age of 82.

Written and guest posted by Heather Archuletta of Pillow Astronaut.

http://blog.cleveland.com/business/2009/02/parkohio_holdings_ceo_cuts_600.html
http://people.forbes.com/profile/edward-f-crawford/61924
http://www.allbusiness.com/company-activities-management/company-structures/5506184-1.html