The Edge for May 2019
Patrick C. Dunican Jr., Chairman and Managing Director, Gibbons P.C., Aldonna R. Ambler, The Growth Strategist Inc., and Robert Doherty, New Jersey State President at Bank of AmericaWe asked New Jersey business executives to talk about accomplishments and how they impact their companies. The answers ranged from taking a company public to becoming more vested in the community to implementing a plan to increase profits 10-fold. Here is what they said:
Going Public
It has been just a little over a year, but the benefits of becoming a publicly traded company (listed on the NASDAQ Global Select Market under the symbol “CLBK”) are already beginning to pay off. As a result of our 2018 IPO, we were able to generate approximately $492 million in funding to expand and develop our New Jersey commercial and retail banking network. The additions to our branch network have allowed us to expand our footprint and brand recognition. Another notable achievement resulting from this transition was that we were able to add about $60 million to our Columbia Bank Foundation, now the third largest private foundation in the state. As a result, last year we were able to donate over $2 million to support local charitable organizations and community endeavors, helping to make the many towns that we serve better, stronger and safer.
– Joseph F. Dempsey Jr., Executive Vice President, Head of Commercial Banking, Columbia Bank
Becoming an Agent of Change
We have a mission to help build healthier communities. In order to accomplish this goal, we must equally address both the clinical and social issues that affect the health of the communities we serve. Only recently have health care industry experts begun to attribute health outcomes to people’s social environment. We are reimagining our work process to one that is more supportive of our communities including hiring local, purchasing local, investing in safe housing, educating through urban gardening, highlighting heath inequities and redesigning policy. Our efforts will take years to see a measurable impact, but we are making positive systemic changes that will last for decades to come.
– Barry H. Ostrowsky, President and Chief Executive Officer, RWJBarnabas Health
40 Years, and Still Going
This month marks the 40th anniversary of the incorporation of our growth strategy firm. Across that period, we helped clients grow despite four recessions and what was laughingly referred to as the “Great Inflation.” Probably our greatest accomplishment has been maintaining a minimum of 93 percent repeat business. It has been particularly gratifying that so many second and third generations of leadership in family-owned companies have felt comfortable bringing us back in.
– Aldonna R. Ambler, The Growth Strategist Inc.
Being a Great Place to Work
Being a great place to work is one of Bank of America’s top accomplishments. We were recently recognized as the only financial services company in the “100 Best Companies to Work For” by Fortune magazine, and we deliver on our commitment by:
- Being a diverse and inclusive workplace for all employees
- Creating and providing opportunities for employees to develop and grow
- Recognizing and rewarding performance
- Supporting employees’ physical, emotion and financial wellness
Our employees’ daily commitment to our purpose allows us to deliver strong results, drive responsible growth, and serve our clients and community.
– Robert Doherty, New Jersey State President at Bank of America
A Surge in Financial Performance
The top achievement of my leadership tenure at Gibbons has been the firm’s surge in financial performance. Revenues have increased by 53 percent over my 15 years as managing director, and profits have risen 123 percent. To achieve this growth, I worked with my executive committee on a business plan that balanced projected increases in attorney ranks, billable hours, and market-bearable hourly rates with extensive proposed cost reductions, changing client mix to prioritize our most mutually beneficial relationships, and strategic focus on key opportunities and core targets.
Specific cost reduction and value-adding platforms have included: less expensive office leases and smaller offices; elimination of summer and first-year associate hiring while aggressively expanding recruitment of judicial clerks with the experience to immediately benefit clients; custom attorney training and mentoring to advance not only their legal knowledge but their leadership readiness to ensure the highest possible client service; and a business development strategy targeting middle market companies (with annual revenues of $100 million to $2.5 billion) with major matters and major companies with middle market matters.
– Patrick C. Dunican Jr., Chairman and Managing Director, Gibbons P.C.
Hiring the Best Talent
For the past 25 years we have prided ourselves on hiring the best talent and providing a great work environment to ensure we are effectively serving our members. Earlier this year we were proud to be named one of the Best Places to Work in the state for the eighth consecutive year. Making the list is a distinguished achievement. Building a culture where people enjoy coming to work each day helps make associates feel like they are a part of something. This can be felt by our members and helps our company succeed.
– Mike Munoz, Market President, AmeriHealth New Jersey
