I'd always rather err on the side of openness. But there's a difference between optimum and maximum openness, and fixing that boundary is a judgment call. The art of leadership is knowing how much information you're going to pass on - to keep people motivated and to be as honest, as upfront, as you can. But, boy, there really are limits to that.

Every one of the geezers who continues to play a leadership role has one quality of overriding importance: neotony. The dictionary definition is that neotony, a zoological term, involves "the retention of youthful qualities throughout old age." It is more than merely retaining a youthful appearance, although that is often part of it. Neotony is the retention of all those wonderful qualities that we associate with youth: curiosity, playfulness, eagerness, fearlessness, warmth, energy.

This is more than just having a vision. You can see the difference in the often-cited way in which Steve Jobs brought in John Sculley to take over Apple. At the time, Sculley was destined to be the head of Pepsico. The clincher came when Jobs asked him, "How many more years of your life do you want to spend making colored water when you can have an opportunity to come here and change the world?"

Leaders do not avoid, repress, or deny conflict, but rather see it as an opportunity

The new leader is one who commits people to action, who converts followers into leaders, and who may convert leaders into agents of change.

Organizations have to come to grips with the fact that tests of adaptive capability aren't always pleasant. Learning can be a powerful emotional event, and organizations have to be cognizant of that. They must understand that those who complete high-quality executive education programs are going to see the organization with fresh eyes after they return. Those who re-enter the workplace filled with new enthusiasm and new ideas often find a chilly response on the part of their supervisors.

First and foremost, effective leaders must continuously strive to make themselves smarter and better at making judgments.