Among the tests of a leader, few are more challenging—and more painful—than recovering from a career catastrophe, whether it is caused by natural disaster, illness, misconduct, slipups, or unjust conspiratorial overthrow. But real leaders don’t cave in. Defeat energizes them to rejoin the fray with greater determination and vigor.
Take the case of Jamie Dimon, who was fired as president of Citigroup but now is CEO of JPMorgan Chase. Or look at Vanguard founder Jack Bogle, who was removed from his position as president of Wellington Management but then went on to create the index fund and become a leading voice for governance reform.