r survey of lower- level employees reflected the same attitude-64 percent said that they understood how their job related to the company's overall strategy. These surveys were taken when the company's press clippings were mostly positive and the stock price was climbing. But when the media turned and the stock price began a long slow slide, employee attitudes tumbled too. I wish we had used the relative calm of Armstrong's early days to build a broad, deep consensus around the company's long-term mis- sion. In the absence of such a shared understanding, people filled in the blanks with what they saw and read in the media-a decidedly transactional view of the world that was at odds with the company's historical values. This is one idea that John Walter had right-people want to belong to something bigger than themselves. The CEO should be the com- pany's principal storyteller, the keeper of the sustaining myth that nourishes its people on their journey together. Tough Calls The Final Tally It may sound curious coming from someone who made his career in public relations, but I believe companies go astray when their leaders become more concerned with perception than with reality. While that was sometimes the case at AT&T, when it mattered most, both Allen and Armstrong put aside concern for their personal reputation in order to do the right thing. Allen allowed himself to reconsider his choice of John Walter as successor, even though he knew it would spell the end of his board's support. Armstrong methodically disman- tled the empire he had built in order to preserve the value of its piece parts, even though he knew this would take a toll on his reputation. Both men could have chosen easier paths, papering over the problems until they were snugly in retirement. In my career, I was lucky to work for decent men and women who, for the most part, shared the same old-fashioned values. They were the values of Theodore Vail, who was hired to sell "electric telephones" to people who weren't sure they needed them and built a 