This week, I would like to take a step back from my 15 years of experience dedicated to transforming organizations and operations — supporting or contributing to their structuring and/or strategic redirection. This exercise is not without risk, and a significant proportion of transformation projects fail to achieve their goals: 70% according to McKinsey, and up to 88% according to Bain. The question of identifying the key success factors therefore arises. Several can be cited: an ambitious and coherent strategy, built collaboratively across the organization, and communicated clearly at all levels, among others. Yet one value seems too often overlooked. In my view, it is essential — so much so that I would like to dedicate this article to it: the exemplarity of leadership.
What do we mean by an “exemplary leader”? Kouzes and Posner developed a broad framework that encompasses some of the aspects mentioned above. Today, I would like to focus on the first of their pillars: “model the way” — in other words, the importance of leading by example.
A concrete counterexample that comes to mind is that of Brian Niccol, appointed last year as CEO of Starbucks, at a time when the company was facing difficulties. The board paid a high price to lure the former head of Chipotle, offering him an annual compensation package estimated at $110 million.
The announcement was initially celebrated by the markets, with the stock price jumping 25% on the day of the news. However, this enthusiasm contrasted sharply with the skepticism expressed by employees a few days later, when they learned that, in a challenging economic context, Niccol had been authorized to work from his home in California and to use the company’s private jet to travel to headquarters in Seattle.
The controversy intensified last summer when Niccol required all employees to return to the office at least four days a week or face dismissal. Aware of how unpopular this directive was given his own situation, Niccol eventually purchased a house in the Seattle suburbs — although Starbucks never clarified how much time he actually spent there. Since then, the initial market euphoria has faded, with the share price returning to roughly its pre-appointment level.
A related trend was recently highlighted by The Wall Street Journal: in an increasingly strained economic environment, many corporate executives are calling for greater effort and sacrifices from employees while simultaneously increasing their own use of corporate jets…
In contrast, Satya Nadella, CEO of Microsoft, offers an illuminating example of exemplary leadership. From the moment he took office, Nadella initiated a profound cultural transformation, placing empathy, openness, and the growth mindset at the heart of his priorities. He did not simply preach a new vision — he embodied it: encouraging thoughtful risk-taking, empowering employees to speak up, and acknowledging his own mistakes. Some of you may recall the controversy he sparked shortly after becoming CEO in 2014, during a conference focused on women in technology. Asked about pay raises for women, Nadella advised patience, suggesting that they should “trust the system.” The remark provoked a wave of internal and external criticism. Rather than allowing the controversy to fester, Nadella publicly admitted his error, saying: “I answered that question completely wrong.” He then sent an email to all employees, taking full responsibility for his misstep without deflecting blame.
The result? A profound shift in corporate culture, a renewed sense of purpose after a turbulent 2000s under the Ballmer era, and explosive growth in market capitalization.
Why is exemplarity so important? Because it directly feeds trust in our leaders — a resource that has been eroding for several years. In a survey of 11,000 leaders, including 2,000 HR professionals, DDI found a sharp decline in trust and a growing crisis of leadership credibility. For example, confidence in immediate managers fell from 46% in 2022 to 29% in 2024. Notably, employees aged 50 to 64 reported the lowest levels of trust in their managers.
Mechanically, such mistrust drains energy from employees, manifesting in various ways: rumination, loss of motivation, or the search for opportunities outside the company. Maslow, through his famous hierarchy of needs, illustrated this dynamic in his own way: security — including psychological safety — is a prerequisite for personal and professional fulfillment.
In this light, the role of the model leader becomes clear. Beyond words, the leader must demonstrate systemic coherence — true alignment between rhetoric, decisions, and behaviors, including strategic trade-offs (budgeting, recognition, promotions) and the “invisible acts” of everyday leadership.
Personally, as a leader, I have embraced the motto “To Serve”, which was that of my preparatory school. Serving one’s teams means enabling them to grow, to bring their unique skills to the organization in the best possible conditions, and to ensure psychological safety — grounded in respectful relationships (which do not exclude high standards) and solidarity in effort. I am also convinced that the tone from the top largely determines the culture of an organization: when the executive team embraces these principles, the rest of the company naturally tends to follow. Neuroscience research has confirmed this intuition, highlighting the role of mirror neurons in the unconscious replication of behaviors observed in our environment.
Ultimately, exemplary leadership is neither symbolic nor idealistic. It is a strategic lever — as critical as vision, governance, or operational performance. In a world where trust is fragile and transformation constant, organizations need leaders who embody their values — not through words, but through action. To lead by example is to accept the responsibility to influence positively, to inspire without coercion, and to build collective credibility through personal coherence. In my view, this is one of the most enduring foundations of performance through change.
P.S.: To conclude, and to illustrate this exemplary leadership in challenging situations, I recommend the book by Hubert Joly, former CEO of Best Buy: The Heart of Business.