CEOs with young children tackle the job differently than their predecessors

Bank president by day, father by night? The lines aren't so clearly drawn for Phil McHugh, who was promoted to president and CEO of Fifth Third Bank (Louisville) in January.

Two evenings a week might be spent at a bank or community function instead of the dinner table at home. But if he needs to jet out of the office a little early to attend a late afternoon performance or event for one of his four children -- Colleen, 15, Erin, 11, Philip, 9, and Patrick, 1 -- he is able to do so.

McHugh sees both his bank position and his role as a father as priorities, so he strives to find time to do each job well.

"Striking the proper balance is critical to your success as a leader for your company, but also as a leader within your family," he said.

Not every week is equal. Sometimes work takes preeminence and other times McHugh devotes more attention to family. But in the big picture, he said, the two roles run on parallel tracks.

Leaders today more likely to have young children

Like McHugh, many CEOs or upper managers find themselves juggling jobs and parental responsibilities.

Leaders have struggled with this dual role for generations, but the challenge takes on new meaning for today's CEOs, who often are at a different stage in life than their predecessors.

Consider the banking industry, which has seen a dramatic shift in management in recent years as the five largest banks in the Louisville area, as ranked by total deposits, have gained new top executives.

McHugh, who assumed his current position at age 40, was part of that transition, replacing Jim Gaunt, who retired at age 58.

Gaunt's youngest child was in her late teens when he assumed the role of president, so he spent the majority of his 10-year tenure as an empty nester. McHugh's children, on the other hand, are in their formative years.

That change in demographics is becoming more common, and in many cases, the traditional image of an older CEO with grown children is being replaced with a top-level executive who is just starting a family or raising school-age children.

Research indicates that today's businesspeople often wait until later in life to have children, compared with their parents' and grandparents' generations.

That trend, coupled with the fact that many professionals obtain upper-management positions at a younger age than former leaders, means CEOs now are concerned with attending after-school programs, athletic competitions, music lessons, dance and a host of other activities.

Those early years require a lot of hands-on parenting, and being at the helm of a large organization requires hands-on leadership.

Collaborating with spouse a must

So how are individuals embracing the challenge?

For McHugh, juggling parental responsibilities is a little easier because his wife, Suzanne McHugh, is a stay-at-home mom.

But Suzanne McHugh teaches at the Church of Epiphany on a volunteer basis, so Phil McHugh adjusts his schedule to accommodate her commitments. Because he has some flexibility, he can step in to be the primary caregiver.

Time management also comes into play.

As an early riser, he often tries to get a lot accomplished in the mornings before the bank opens. And he sets aside time for kids on the weekends, such as having breakfast together as a family on Saturday mornings instead of hitting the golf course.

Another fairly new leader in the banking community, Thelma Ferguson, said she makes it a point to spend time with her 9-year-old daughter, Sydney, in the evenings, helping her with homework or listening to her practice the violin.

Ferguson, 46, who assumed the role of president of Chase bank's operations in Kentucky and Southern Indiana in July, said advancing in her career has been a focus in her life. But having a family also has been important. She has been able to realize both dreams with the help of her husband, Richard Ferguson, a consultant who primarily works with manufacturing companies.

"We coordinate like crazy," she said with a laugh, adding that they share household responsibilities and continually update their calendars to ensure that at least one of them can attend Sydney's many activities.

Mornings, weekends are dedicated to family

Russ Cox, executive vice president and chief operating officer for Norton Healthcare Inc., said he and his wife, Kathy Cox, who does not work outside of the home, have developed a system to help prioritize events for their sons Christian, 8, and Will, 6. Russ Cox also has a another son, Russ Cox Jr., 23, from a previous marriage.

Cox, 48, said that when his wife puts a must-attend event on his calendar, it supersedes work functions that might arise. Then, there are other activities he tries to make it to if his schedule allows.

Cox also makes sure he is home in the mornings for breakfast with his sons and to help get them off to school. That time together early in the day is especially important for Cox because he might work until 7 or 8 p.m.

He said he pushes himself extra hard during the week, putting in an average of 60 to 70 hours a week, because he has a policy against coming into the office on the weekends.

That doesn't mean the weekend is entirely rest and relaxation. In fact, he does quite a bit of work at home. Cox said he has mastered the art of multitasking as he finds himself watching TV, responding to e-mail and carrying on a conversation simultaneously.

Improvements in technology have made it possible to do more work from home because people can easily communicate and view documents electronically, Cox said. So today's executives might not be on-site as much as much as previous leaders, he added, but they definitely work as much if not more.

Community more 'sensitive' to family needs

Changes in Louisville's corporate calendar reflect the shift as CEOs adapt their schedules to find that work/life balance.

Today's executives are very involved in their children's lives, said Christine Johnson, president of Leadership Louisville Center. As a result, she said, she expects to see more daytime corporate events rather than evening and weekend functions.

Leadership Louisville, a nonprofit organization that provides leadership training and related services, already has restructured some of its programming to better meet its constituents' needs.

For example, Johnson said, Leadership Louisville's daylong events used to extend into the evening with a cocktail reception. Now, most programs conclude by 4 p.m. so attendees can swing by the office or pick up their children on the way home.

McHugh said he definitely has seen a greater sensitivity toward the need for CEOs -- and all parents who work outside the home -- to have flexibility in their schedules in order to meet the demands of family life.

It has become more acceptable for someone not to attend a function or to leave an event early because of parental obligations, which he believes is a positive trend. "That's what we're supposed to do," he said.

Volunteerism not forgotten in the mix

Another factor in this work/life balance equation for CEOs is the considerable amount of volunteer work to which top officials commit. Johnson said she believes most executives recognize that their position comes with a certain obligation to the community.

And while parental responsibilities might cause them to be more selective about their volunteer positions, she believes that executives will continue to share their time and talents with nonprofit organizations.

Ferguson, who serves on five boards, said being active in the community gives her a chance to emphasize to her daughter the importance of volunteering.

Plus, the majority of nonprofit activities and meetings are conducted during the business day, so those responsibilities don't cut into her evenings with Sydney.

With tighter time constraints, Cox said, the days of joining as many boards as possible to enhance one's resume are over. Instead, most leaders are more inclined to get involved only in the causes they feel passionate about or that tie into their family life in some way.

For example, he serves on two boards, and as a family, the Coxes volunteer for several health-related causes, such as participating in walks to benefit the Juvenile Diabetes Research Foundation, the American Cancer Society and the Susan G. Komen Breast Cancer Foundation.

McHugh, who serves on seven boards, including Fifth Third's, said the bank has worked to broaden its community outreach efforts, embracing the idea that it's not only the CEO's job to be involved in the community and project the bank's image.

In fact, the bank encourages all employees to engage in some aspect of community service, and employees at the vice president level and above to serve on the board of a nonprofit organization.

Whether stepping up to serve in the nonprofit sector or by maintaining a work/life balance, McHugh believes in leading by example. "If I tell employees that I'm committed to family life and willing to offer flex time, that's important," he said. "But it's more important when my actions demonstrate that commitment."

What are people saying about mortgages today:

Rates on 30-year mortgages edged down last week to a seven-month low. Mortgage-giant Freddie Mac reported Thursday that 30-year, fixed-rate mortgages fell to 6.3 percent, down slightly from 6.31 percent two weeks ago. It put rates at the lowest level since they were at 6.24 percent the first week of March.

Bank of Hawaii, Central Pacific Bank, Territorial Savings Bank and Wells Fargo Home Mortgages all cut their 30-year mortgage rates to 5.75 percent this week.

Most people think of a mortgage as a means to an end. After all, you buy a house, not a home loan. But a mortgage is much more than the path to homeownership. It is a financial instrument that must be managed, just like any other financial investment.