In 2002, the Securities and Exchange Commission -- the Federal agency that regulates financial reporting by publicly held companies and mutual fund companies -- got a wakeup call from Congress for failing to review the financials of Enron and WorldCom. New on the job, SEC Chairman William Donaldson immediately launched a plan to improve all aspects of the commission's operations, especially information technology. Donaldson hired Corey Booth, a former securities and IT consultant with McKinsey & Company, as CIO, a post that had been vacant for about 18 months.
Since taking the job, Booth has tackled a number of initiatives to improve efficiency and effectiveness, including reporting requirements for companies: he evangelizes using a markup language called eXtensible Business Reporting Language (XBRL) a variant of XML that enables tagging of each item of financial data in the filing, eliminating the need to re-key figures into a spreadsheet or analysis tools. He's also worked to secure an increased and stable budget for IT, expanded the SEC's networked storage infrastructure, provided examiners with project better tools for tracking all investigations through the chain of command, put analytical tools in place to better assess potential risks in the marketplace, and overhauled the information security program.
Join us for an informative interview with Corey Booth, CIO of the Securities and Exchange Commission, an increasingly integral government agency that, by its very nature, relies heavily on IT to successfully accomplish its mission.
Bio
In January 2004, Corey Booth became chief information officer for the Securities and Exchange Commission (SEC), the Federal agency that regulates financial reporting by 12,000 publicly held companies and mutual fund companies. His mission has been to help the SEC put better processes and technologies in place to prevent corporate fraud debacles, such as Enron and Worldcom, from happening again.
Prior to joining the SEC, Booth was a consultant with McKinsey & Company, a global strategic consulting firm, where he was a leader in the banking and securities, and information technology practices. He has an MBA from Stanford University and a bachelor's degree in economics and English literature from Washington University in St. Louis.
Elizabeth Ferrarini, producer Dana Farver, Executive Producer, Communities Editor-in-Chief Tom Parish, Audio Engineer, Show Host Scott Ebner, Music, Web Developer
Peter Drucker, often cited as the father of the practice of management, wasn't known for his theoretical research, but for his insight about human beings and organizations. He often reminded CEOs of two things: employees need to feel like contributors, and customers need to feel like the boss. This is the kind of management wisdom that's helped Arunas A. Chesonis to grow his company, PAETEC, to become a $1.5 billion provider of telecommunications services to medium and large businesses, healthcare organizations, and universities.
Making employees feel like key contributors underscores the successful corporate culture Chesonis has created. In fact, he takes each employee's contentment to heart. And, under Chesonis' leadership, PAETEC has become known for its highly personal relationship with each of its 400 customers, to whom it also looks when it comes to driving innovation.
Following in the steps of the CEO of Starbucks and the CEO of L.L. Bean, Chesonis has chronicled his "value people before profit" management philosophy in a book called, It Isn't Just Business, It's Personal: How PAETEC Thrived When All the Big Telecoms Couldn't. He says, "We truly appreciate the workforce and make sure they are engaged in the decision-making process in an open environment. We give them access to all sorts of information about the company. They're able to make better decisions as part owners of the business."
Bio
In 1998, Arunas A. Chesonis, along with a core team of individuals, founded PAETEC to provide first-rate customer service for its telecom customers. Chesonis's vision and leadership have helped this competitive local exchange carrier achieve remarkable growth. In 1998, Chesonis, led the company to rank in the number two position in the 2003 Deloitte Fast 500 list of the fastest-growing public and private technology companies in North America. In 2001, he received the Ernst & Young Entrepreneur of the Year Award. In 2006, Chesonis received the Herbert W. Vanden Brul Entrepreneurial Award by the College of Business at Rochester Institute of Technology.
He started his career at Rochester Telephone Corporation. He then left and went on to serve as president, chief operating office, and director of ACC Corp. Chesonis holds a B.S. in civil engineering from Massachusetts Institute of Technology, an MBA from the William E. Simon Graduate School of Business at the University of Rochester, and an Honorary Doctorate of Laws from the University of Rochester.