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ON THE MOVE JAMES HACKETT ELECTED TO FLUOR’S BOARD OF DIRECTORS Fluor Corporation announced that James Hackett was elected to its board of directors effective August 3, 2016. Hackett’s election to Fluor’s board raises the total number of directors to 12, of whom 11 are independent. “Fluor is very fortunate to have an executive of Jim’s caliber rejoin our board of directors,” said David Seaton, Fluor’s chairman and chief executive officer. “His vast knowledge and experience within the global energy sector provide Fluor with a unique and much sought- after business perspective that is key to the markets we serve. We are extremely pleased that he will once again be serving on our board at this important time for our company.” Hackett previously served as a member of Fluor’s board for 14 years from March of 2001 to April of 2015. He will serve on Fluor’s governance and organization and

merged with Duke Power to create Duke Energy. His energy experience includes positions in engineering, finance, and marketing with NGC Corp., Burlington Resources and Amoco Oil Co. He is a member of the Society of Petroleum Engineers and National Petroleum Council. Hackett is also a director of Enterprise Products Partners L.P., National Oilwell Varco (Fortune 500 companies), and Sierra Oil & Gas. He is a former chairman of the board of the Federal Reserve Bank of Dallas. Hackett is a board member (and former chairman) of the Baylor College of Medicine and Rice University where he served as an adjunct professor for six years. He holds a B.S. degree from the University of Illinois in addition to a Master of Business Administration and a Master in Theological Studies from Harvard University.

compensation committees. Hackett is currently a partner in Riverstone Holdings LLC, one of the largest private energy investment firms in the U.S. He is also the retired executive chairman of the board and former chief executive officer of Anadarko Petroleum Corporation, one of the world’s largest independent oil and natural gas exploration and production companies. Before joining Anadarko, Hackett served as president and chief operating officer of Devon Energy Corporation following its merger with Ocean Energy where he served as chairman, president and chief executive officer, itself the result of a merger in 1999 with Seagull Energy Corporation, where he was chairman, chief executive officer and president. Hackett joined Seagull from Duke Energy where he led its Energy Services Division as president. Prior to that, he was executive vice president of Pan Energy when the company

consider the opportunity for growth with existing clients as well. Most firms do not fully exploit the opportunities with their existing clients. That established relationship is gold and that could easily offer additional work or may offer an- other part of your company an opportunity to do work. This is called cross-selling; the action or practice of selling an ad- ditional service to an existing client. To be effective at cross- selling, your people must be fully educated on all of your services and have the incentive to sell those services even though it may not directly benefit them or their team. It takes an intentional and intense focus to provide the level of client service needed to both existing clients and new clients. The bottom line is firms need to be more strategic in their pursuits. This is an age old problem. Firms go after everything and do better when times are good, and then decline when the market sours. Being more strategic and resisting the tendency to go after everything is the first step in diversifying the firm and setting it up to be more resilient in any market. Furthermore, being more strategic allows firms to be more profitable as they focus more resources on the pursuits that have a higher potential for being profitable and have a higer probability of winning. Integrating an ROI-mindset in your culture can revolutionize your pursuit of work and have a dramatic impact on the future of the firm. Stop being the everything firm and start being more strategic in your pursuits today. “Don’t forget your core clients. The euphoria of winning a new client can sometimes eclipse our focus on existing clients.”

CHAD CLINEHENS, from page 9

want, oftentimes the knee-jerk reaction is to implement a go/ no-go process or further complicating the one they may al- ready have. Go/no-go processes can be helpful but they need to be very simple and most are not. Relying on a long form of if/then statements can limit the one activity that you rely on for growth – the acquisition of new work. Go/no-go processes should focus on adherence to the marketing plan. If proper attention and strategic planning were put into the marketing plan, then decision making for what to pursue becomes easier. At the end of the day, all firms need to be thinking in terms of return on investment: What returns can we reasonably expect compared to the investment needed for each individual client and pursuit? “Firms need to be strategic about what clients they pursue and who in the firm is tasked with leading those pursuits.” 2)It’s about matchmaking. When considering what clients to target, pursue those clients that have similar values to your firm. Are you a firm with ambitious growth plans that is try- ing to create the best place to work for your employees? Then an ideal target client could be all the municipalities that are the more ambitious and dynamic when it comes to attract- ing residents and investing in the infrastructure that attracts families and businesses. Those shared values can really im- prove your ability to develop a meaningful relationship and thus your chances of winning work. Also, match your people to the clients in these organizations. Make sure the people tasked with developing relationships have similar values, backgrounds, and other features that drive relationships. This is still all about relationships for many firms! 3)Don’t forget your core clients. The euphoria of winning a new client can sometimes eclipse our focus on existing cli- ents. Winning new clients and entering new markets is critcal for every firm in the industry. However, we must always

CHAD CLINEHENS is Zweig Group’s executive vice president. Contact him at cclinehens@zweiggroup.com.

THE ZWEIG LETTER September 12, 2016, ISSUE 1167

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