![]() His company is in a building at 16th Avenue and Clarkson Street that once housed an Episcopal diocese. “Power,” he says, “multiplies the more you give it away.” ![]() Somerville considers his work not just psychological but spiritual and philosophical. He will remain with the firm, even as he joins Norwest. In 1984, Somerville founded Somerville Partners, a team of eight psychologists who have worked with more than 500 companies. “In the post-Enron, post-9/11 world, more and more businesses are so interdependent that that kind of behavior is no longer rewarded,” Somerville said. They even do well in fast financial deals. These sorts of executives may still thrive at companies in monopolistic industries. It shows they can’t manage relationships, that they’re just salesman or dealmakers and that people follow them only for the pay. ![]() He says he looks askance at executives who’ve been through several divorces or who’ve worked at many companies yet maintain few loyal associates. They are approachable, they’re curious and they come with interrogative sentences instead of declarative ones.” “A humble top executive learns twice as much about what’s going on in the world, the marketplace and the company than an arrogant …,” said Somerville. In his view, it’s not the bold and brazen. Somerville has some peculiar ideas about who should be in charge. It also replaced one or more senior executives at all of its companies. Norwest has replaced two-thirds of the CEOs at 25 companies where it’s made an investment, usually within the first 18 months, Somerville said. In the booming 1990s, bad management was less of a problem for private equity investors because they could flip their investments in less than three years. I prefer to develop people.”īuyout firms and venture capitalists are learning that suffering a bad management team is a costly mistake. ![]() “I’ll be sitting on boards and firing people,” Somerville said. Their management teams will have to deal with Somerville, who is not just another fluffy consultant whose advice can be safely ignored. Some of this money will go to Colorado businesses. The company is now investing an $800 million fund, primarily in mid-sized companies. In Colorado, Norwest owns Deep Rock Water Co. Norwest, based in Minneapolis and a part of Wells Fargo & Co., manages $3 billion in capital. Some private equity investors think so – particularly Norwest Equity Partners, which has just hired Denver business psychologist Kevin Somerville, 60, as an operating partner. Digital Replica Edition Home Page Close Menu ![]()
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