Background

The magnitude and timing of the financial crisis presented a unique and limited window of opportunity to study the leadership process during “one of the most turbulent times in American history” (Pepicello, 2008, ¶ 3).

The University of Phoenix, with access to a diverse sample of practitioners representing a cross-section of U.S. industries, had a historic opportunity to further understanding of leadership during the unprecedented financial crisis. The economic and personal consequences of the crisis demonstrate how leaders must be prepared to cope with variables outside their control as well as communicate unexpected policy and vision changes to stakeholders. Bohn and Grafton (2002) noted leaders need to provide clarity of goals, foster a culture that promotes cooperation among members, and provides consistency in communication and purpose, this type of behavior builds trust in the future.