812: When Leadership Came Calling | Angela Pierce, CFO, Anaconda

Looking back on her career as a corporate finance executive, Angela Pierce says that the call of leadership arrived at a moment of unvarnished frustration.

Sixteen years ago, when the management of Level 3 Communications was expressing a keen interest in acquiring Pierce’s then-company, Broadwing Corporation, it was not the first time that Pierce found herself sitting across from Level 3 corporate development executives.   

In fact, as Broadwing’s vice president of finance, Pierce had been involved in two earlier engagements when Level 3 executives had expressed similar sentiments—only to have nothing come out of the exercises in M&A due diligence.

For Pierce, the third engagement necessitated a more direct approach—one that signaled to Level 3 that Broadwing management was confident that further negotiation was not necessary.

“At some point, you have acquired the required competence from your past experiences, so I said to the executive, ‘Look, I don’t want to do this again, so here’s the deal,’” recalls Pierce, who adds that she shortly received a term sheet for a $1.4 billion deal that would be signed only a few days later.

While Pierce says that she was just expressing a sentiment shared by Broadwing’s wider management, her grasp of the deal’s fundamentals and confidence in her own ability to deliver the message abruptly quelled any angst concerning her future leadership roles.   

“At that moment,” she observes, “I realized that I wanted to be the one to make the call.” –Jack Sweeney