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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

http://en.wikipedia.org/wiki/Chief_operating_officer

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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


Kilmann, R. and Covin, T (1988): Corporate Transformation. San Francisco,

Jossey-Bass


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%


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


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%


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%


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%


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%


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%


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%


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



High extent 16 32%


Low extent 6 12%

No extent 2 4%

Total 50 100%


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?



High extent 18 36%


Low extent 6 12%

No extent 4 8%

Total 50 100%


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?



High extent 17 34%


Low extent 6 12%

No extent 3 6%

Total 50 100%

48


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?



High extent 19 38%


Low extent 5 10%

No extent 3 6%

Total 50 100%


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?



High extent 19 38%


Low extent 6 12%

No extent 5 10%

Total 50 100%


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?



High extent 19 38%


Low extent 4 8%

50

No extent 3 6%

Total 50 100%


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?



High extent 18 36%


Low extent 6 12%

No extent 4 8%

Total 50 100%


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?


Immediately [within 24

hours]

11 22%

High extent 19 38%


Low extent 5 10%

No extent 2 4%

Total 50 100%


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?


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%


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



organisations.



organisations.






and thus make for organisational success .


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:



organisations.



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:






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


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:


and thus make for organisational success.


organisations and thus make for organisational success.


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


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


organizations.



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.

63

BIBLIOGRAPHY

Asika, N [2004]: Research Methodology - A Process Approach, Lagos

Mukugamu & Brothers Enterprises.

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.

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.

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. & Stein, B. (1992) The Challenge of Organisational Change.

New York, Macmillan

Kanter, R. M: (2003) Frontiers of Management. Harvard, Harvard Business


Kilmann, R. and Covin, T (1988): Corporate Transformation. San Francisco,

Jossey-Bass

64


Jossey-Bass

Maxwell, J. C. (1993): Developing the Leader Within You. New Jersey, Injoy

Inc.

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

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.

Schaeffer R. and Thomson H (January - February 1992). Pp. 75 - 86.

“Successful Change Programs Begin with Results” Harvard Business

Review

Spreng R. A, McKenzie S. B, and Olshavsky, R.M: (July 1996, pp 15-32).“A

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65


Zenith Economic Quarterly (July 2006): Lagos.

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] [ ]

68

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?


b. High extent [ ]


d. Low extent [ ]


11. To what extent do you believe that Zenith Bank‟s top management plays

emphasis on customer-oriented strategy?


b. High extent [ ]


69

d. Low extent [ ]


12. To what extent has Zenith Bank‟s dynamic leadership affected your

commitment to Zenith Bank?


b. High extent [ ]


d. Low extent [ ]


13. To what extent have Zenith Bank‟s corporate values and business

philosophy contributed to its dynamism in the banking industry?


b. High extent [ ]


d. Low extent [ ]


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?


b. High extent [ ]


d. Low extent [ ]


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?


b. High extent [ ]


d. Low extent [ ]

70


16. To what extent do you believe that Zenith bank‟s passion for excellence

affected its consistent high turnover?


b. High extent [ ]


d. Low extent [ ]


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

critical evaluation of the strategic position of the … · jan carlzon the ceo of sas airlines,...

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