Heidi Miller, chief financial officer of Citigroup, presides over assets of close to 700 billion dollars and has been called by Fortune magazine "the second most powerful woman in business" (behind Hewlett-Packard CEO Carly Fiorina).
It took no small measure of self-confidence to get her there, and she understands the importance of self-confidence for other women in business — and for the companies they're a part of.
"The limits that we live by [as individuals and as companies] are self-imposed," Miller told the audience during the Women Enriching Business conference, where she gave the opening keynote.
"We don't push our boundaries because of our own sense of limit. People and business can do much more."
"As you enter the world of business, I'd like to remind you that that holds true," said Miller. "People will always tell you something can't be done, and they will attack your sense of self-confidence. That sense of confidence will help you prevail."
Miller was relaxed and forthright as she spoke and fielded questions afterward, revealing to the attendees her insight into the art of the successful deal as well as her keen desire to help other women advance in financial services.
Miller's route to the top was not an ordinary one. Instead of an MBA, she earned a PhD in history. She then started in business at the consumer finance and life insurance company Primerica. "It was clearly not a very sexy business to go into," she told the audience. Primerica, however, later joined forces with Travelers, and in 1998 that brought Miller into the midst of the tumultuous merger between Travelers and Citicorp.
It was the largest of many major deals of which Miller has been a part. When it comes to doing deals, she said, you can do lots of preparation, and it's vital to consider theoretical analysis and development of strategy. "But the art of the deal is not necessarily the art of the theory," she cautioned. "Many deals look phenomenal on paper, but you may find that senior management is very entrenched in non-business interests, too.
"You need to know what your management team can do. You can have great strategy, but execution is 90 percent of deal success. You can have second-rate strategy and great execution, and it will be a better deal at the end of the day."
Miller also offered her perspective on the still-changing role of women in business.
"For last 25 years," she said, "American business has been recruiting equal numbers of men and women. But you notice a horrible attrition at middle level... Why is that? It's true these are tough businesses — financial services, investment banking; you're on all the time. People say, 'Women decide they want more time for their families.'
"That answer has always rankled me.
"There are subtle biases in our society and in our business. Women seem not to get the same accounts, the same support, the same budget," she noted. "It's a series of little things. This is true also for minorities. Women are starting their own businesses rather than staying in corporate America. A lot has to do with this inherent bias and recognizing it," Miller said, citing as examples that fact that corporations may routinely reimburse male executives for taking clients to play golf, while treating it as frivolity if female executives take their clients to a spa.
"The pace of change is not as swift as it could be," she continued. "I think the sheer numbers will change. You have to want to do it. I get pleasure every day that I can help the women within my organization. It is very important to me personally to make it possible for women to have access.
"Giving back is incredibly important," she said, mentioning her work as a board member of the Children's Defense Fund as well as Academy Finance, a nonprofit that links public and private monies.
"Clearly our collective obligation is making change," she said. "It's not worth getting it if you don't do something with it."