Lee Scott?s Advice Resonates with Honorees and Others (Jeffrey Wood Publisher’s Note)

Lee Scott left the stage like Elvis — with the crowd wanting more.

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The former CEO and president of Wal-Mart Stores Inc., Scott was the featured speaker for the Northwest Arkansas Business Journal’s recent Forty Under 40 luncheon at the Hammons Center in Rogers.The event honored the leadership program’s 13th class and included a presentation from Arkansas Gov. Mike Beebe.

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Both Scott and Beebe were at their charismatic best. In particular, Scott was animated, colorful and as funny as he was inspirational.

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It was a relaxed side of Scott seldom seen in recent years by the general public, albeit understandably so. The Bentonville retailer has grown accustomed to keeping its guard up after a litany of P.R. scrapes with various groups. When you’re the Fortune 1, it comes with the territory.

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Scott had on his game face, but it was more like one for “Saturday Night Live” than Wal-Mart’s celebrated Saturday morning meetings. Instead of a canned presentation from a C-level suit, the 430 attendees got the authentic Boy-Done-Good from Baxter Springs, Kan.

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Scott, a 30-year Wal-Mart veteran, titled his speech “Ten Things I’ve Learned.” It was filled with leadership lessons from his near 10-year stint as only the third CEO in Wal-Mart history. (He was preceded only by Mr. Sam himself and David Glass.)

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Now chairman of the executive committee for Wal-Mart’s board, Scott created 10 tenets relevant in any economy. Two points stood out as especially timely for local and national extrapolation.

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Scott singled out “ego” as the biggest enemy of leaders. During the Roman Empire, advisers were strategically placed to whisper into the ear of returning conquerors — depending on the translation — “Momento mori! Momento mori!” (remember you must die) or “Respice pos te! Hominem te memento!” (look behind you, remember you are but a man).

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Any of the iterations would have been good for Americans to hear in late 2004. That was just before everybody from dentists to ditch diggers became would-be developers and the “modern Roman Empire” mortgaged its future to China.

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True, the borrowing-lending-spending orgy that lasted through 2007 was more about perceived opportunity, and unchecked greed, than mere ego. And Northwest Arkansas’ own real estate roller coaster is but a microcosm of America’s.

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But it was hard during Scott’s speech not to think about two local poster children for that period. One burned out like a comet, trying to make too much too young. He was likeable enough. He just got out in the deep end of the pool before everyone realized he’d already sunk himself and them, too.

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The older example is still in business today (sort of), smoldering on aloof and in denial. He’s had career success. But he’ll forever belong in the kiddy pool not because of his ability, but because of his attitude.

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To this day, he never speaks to secretaries and feigns to not recognize people he’s met 20 times before.

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Many would say his arrogance is precisely why he’s in the mess he’s in today. And why no one is going to bail him out.

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The first guy thought he was smart enough to create instant success. The latter believes he’s owed it. Both are victims of their own egos

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The other takeaway selected from Scott’s speech is about hiring. Recruiting stronger people than one’s own self is the best bet for success, he said. It’s not a new concept, but refreshing to hear with such sincerity.

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Scott, 60, single-handed credits his ability to attain the level of CEO with hiring Mike Duke. Had Duke not been on his team, Scott said, Walmart would never have given him the additional opportunities that ultimately made him well-rounded enough for its top post. The same was true for Duke, who’s now at the helm.

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If you’re both the CEO and the smartest person in your company today, it’s time to worry. Developing and recruiting the best talent will only ensure your personal success, not to mention that of your organization.

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Sometimes leaders do have to do things their own way. Scott would acknowledge as much. But at its core his speech was a doctoral thesis in the simplest, and hardest, piece of understanding for leaders to follow:

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The road to real power starts with being willing to give it up.