Leadership Traits Researchers have been interested in leadership traits for over a century. Hundreds of studies have been conducted, resulting in a basic consensus on leadership traits or char- acteristics that separate leaders from non-leaders. Today, among the key traits we often attribute to leaders, determi- nation is one that can be seen in many who are influential and successful. The 19th century German philosopher Frederick Nietzsche's maxim "That which does not kill us, makes us stronger" can be applied to leaders of organizations today. British Prime Minister Winston Churchill offered slightly different advice to the students in his commence- ment speech at the Harrow School on October 29, 1941, when he said, "Never give in, never, never, never, never in nothing, great or small, large or pettynever give in except to convictions of honor and good sense. Never yield to force; never yield to the apparently overwhelm- ing might of the enemy." Antonio Horta-Osorio, the Portuguese banker who became CEO of Santander UK in 2006 and assumed the helm of Lloyds Banking Group in March, 2011, demonstrates the kind of attitude that Churchill's speech describes. Horta-Osorio encoun- tered serious personal problems that led the board to grant him a sabbatical from his leadership position at the bank. An avid tennis player, a scuba diver who rou- tinely encountered sharks, and a 12-hour-a-day banker, Horta-Osorio had been in his position at Lloyds for just eight months when he was granted a medical leave of ab- sence to recover from insomnia and exhaustion, which were symptoms of stress. Confidential sources specu- lated that he was unable to meet the demands of the positionturning around a bank in troubleand his inexperience in leading a large complex bank brought about his medical problems. Some financial pundits believed that he would never recover sufficiently to re- sume his leadership at the bank. However, on January 9, 2012, some two months later, Horta-Osorio proved them wrong. By his account, during his recovery process, he reflected on the experience and learned that all peo- ple are human with strengths and weaknesses. Further- more, since his return to the bank, he has managed to strengthen the bank's position in the industry showing as a top performer among major British banks. Horta-Osorio's persistence, in combination with other leadership traits, enabled him to succeed where non-leaders may not have. After getting a "reality check" on his personal and mental health, he persevered, de- veloped his strategy, remained focused and spirited, and called on others for support, rather than succumb to the negativism of naysayers. Questions 12-16. What leadership traits does Antonio Hotra-Osorio demonstrate as a result of his ability to resume his role at Lloyds Bank after such a personal issue? 12-17. Are there other examples of leaders who have been able to overcome such adversity? Who are they? Did they approach the problem as Hotra- Osorio did? 12-18. To what degree is it possible to develop leadership traits? Are they innate? What