I think values are really, really important, but I also think that too many values are just words.

IBM needed - an enormous sense of urgency.

If life was so easy that you could just go buy success, there would be a lot more successful companies in the world. Successful enterprises are built from the ground up.

Vision is easy. It's so easy to just point to the bleachers and say I'm going to hit one over there. What's hard is saying, OK, how do I do that? What are the specific programs, what are the commitments, what are the resources, what are the processes we need in play to go implement the vision, turn it into a working model that people follow every day in the enterprise. That's hard work.

The rewards system is a powerful driver of behavior and therefore culture.

Lou Gerstner knows how to do a deal, and George Bush Sr., less so.

If CEO compensation was performance-driven, which I believe it was in IBM's case, nobody would ever argue. If the shareholders didn't make billions and billions of dollars, I wouldn't make millions of dollars. My salary was the same for 10 years. It was all performance-based.