Peter Aceto, the President and CEO of ING DIRECT Canada, was the first guest speaker in the “Foundations of Leadership Lecture Series” sponsored by the Ian O. Ihnatowycz Institute for Leadership at Richard Ivey School of Business. Aceto presented a unique look at leadership since, as he described, “for modern businesses, conventional leadership no longer applies.”
Aceto works with a cross-enterprise leadership style to ‘advance the revolution’ in an environment where regulation, technology, competition and trade are constantly in flux. His presentation, likewise, broke with convention of using a chronological, biography-based format, and focused on a list of words that are relatively new to the vocabulary of leadership. Aceto described the three concepts that are core components of today’s leadership design: principles; learning; and commitment.
“Principles are the driving force of purpose,” Aceto said. Using the example of driving a car; once principles are instilled in a person, they become a guiding force much more important and relevant than memorizing a set of rules, in the same way that people know how to drive despite not being able to recall every detail from their driver’s manual.
For Aceto, a chance meeting with Arkadi Kuhlmann, Chairman and President of ING DIRECT USA, who became his mentor, taught him that a company's success is based on shared values and beliefs from the bottom to the top. Aceto joined ING DIRECT because its culture was in line with his own values.
Aceto said that he has learned that success is not just about being on time, working hard, or “being perfect”; but that great leaders are also continually learning. He said that leaders must be self-aware, passionate and alert but never completely assured that they are correct all the time. As Aceto said, “Arrogance is the enemy.”
In being real and sincere, leaders understand that the world changes so quickly that they cannot understand everything and must have the freedom to ask questions. This attitude explains why Aceto is so involved with social media; he enjoys the open discussions and new ideas and viewpoints.
Aceto believes that dreams, innovation and ideas are the real fuel to inspire others. Having a clear vision with defined goals and never settling for mediocrity are hallmarks of leadership. He explained that true leadership “comes with a price of sacrifice and responsibility.” With more than 1,000 employees at ING, Aceto feels that he has ultimate responsibility for their family’s happiness based on their work. It is perhaps one of the reasons Aceto personally interviews each new staff member to ensure a fit with the company’s culture. He believes in protecting and mentoring. “The quality of a leader,” Aceto said, “is defined by the number of leaders you create.”
Aceto closed by talking about how ING DIRECT’s culture allowed the organization to persevere throughout the recent financial crisis. By communicating transparently and consistently with his staff and clients, the bank was able to maintain a high level of trust and galvanize its employees. It was a fresh approach to leadership that clearly worked.
Ivey’s ING DIRECT Leadership Centre is located in the heart of Toronto’s financial district and is home to Ivey’s Executive MBA program.