| This study expands on the research conducted by Fisher, Tack and Wheeler, an empirical study identifying the differences between transformational and transactional presidents; and the Fisher and Koch research, an empirical study identifying differences between entrepreneurial and representative presidents. This study identifies the personal characteristics of presidents of private, not-for-profit colleges and universities who have completed a financial turnaround of their institution. Using the survey tool and a similar methodology to the Fisher and Koch study, this research showed that the personal characteristics of turnaround presidents are more like the personal characteristics of the entrepreneurial presidents in the Fisher and Koch study than the personal characteristics of the representative presidents. Fifteen presidents who were nominated by expert opinion are included in the study and their institution's published financial reports were verified to ensure a turnaround had occurred. The characteristics can be broken down into three categories: personal, leadership styles, and demographics. The leadership styles of the turnaround presidents show a personality that takes risks, demands respect and, simply put, is the person in charge. They are hard-nosed, believe that respect from those they lead is crucial, are self-confident, are assertive, believe in merit pay, enjoy stirring things up, are feared by some, and believe the president is the final authority under the board on all matters affecting the institution. The personal characteristics of the turnaround presidents show they are more likely to consider alternative methods of delivering education, often like people who are different, are viewed as a strongly academic person, generate many innovative ideas, use the Internet often, violate the status quo and maintain an air of mystique. Turnaround presidents hold a terminal degree, have varied educational backgrounds, have spent less time outside higher education, and are more likely to come from non-academic positions within the institution. Younger presidents may be more experienced as a president than their older counterparts. |
