Aug 18, 2021
When Greg Saunders tells us that “having patience” was perhaps the quality that most contributed to his first appointment as a CFO back in the early 1990s, we wonder how many additional years a more impatient Saunders (then only 32) may have needed before stepping into the CFO office.
Of course, then again, a railcar leasing and repair business might not have been the first choice of many aspiring Bay Area CFOs, who as a group have for decades preferred to satisfy their C-suite ambitions via the area’s high tech companies.
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“I remember thinking back in the early ’90s that maybe I should jump into the tech sector, but I stuck it out and I’m glad that I did,” reports Saunders, who 5 months after joining Transcisco Industries as a corporate development executive was helping the company to manage through a bankruptcy.
“I was suddenly involved in everything—the attrition at the company was crazy, and I was able to take on more responsibility,” recalls Saunders, who notes that Transcisco’s rapid downturn of fortune had occurred when a much celebrated luxury passenger train project collapsed due in part to the firm’s limited capital resources.
“Because of all of the attrition across the company, I was able to take on more and more roles, and guess what? I became a young CFO of a publicly traded company,” comments Saunders, before once more crediting his “patience” with helping him to nurture a mind-set that encouraged “sticking around” and finding solutions.
Along the way, Saunders says, he became tasked with fighting off a hostile takeover and ultimately negotiating a successful merger, which he credits with helping the company’s stock price to jump up to $6 per share—after trading at as low as 12 cents.
Says Saunders “For me, it was just a great experience for many different reasons, including learning the rewards of sticking things out.” –Jack Sweeney