Richmond Chamber chairwoman a wizard at managing priorities and people

Katherine Busser can relate in some strange ways to the Wizard of Oz.

"The wizard doesn't do anything except remind people of all the talents they have," she said.

No one could accuse Busser, executive vice president at Capital One Financial Corp. and chairwoman of the Greater Richmond Chamber, of doing nothing. She is on more boards and involved in more community outreach efforts than most people jam into a lifetime.

They include Junior Achievement, a nonprofit educational organization for youth; Leadership Metro Richmond, a group to advance and support the region; and the University of Richmond's Robins School of Business Advisory Council.

"The busiest working woman in show business," Tom Chewning, chief financial officer at Dominion Resources Inc., recalls saying when he realized Busser was on a conference call about the importance of early childhood education.

"Yep, and I'm ready," she replied.

Like the wizard, she sets the bar high.

"Lots of people shortchange themselves," Busser said. "I want everybody to believe they can go further than they think they can."

Chewning said Busser asks questions that challenge assumptions. "She doesn't accept easy answers to hard questions."

Nor does she get sidetracked by extraneous information or waste time talking out loud, he said. "She is one of the jewels because of her clear thinking and she doesn't cross the line into being cynical or pessimistic."

Busser said her management style is to give away credit and accept blame. "It's not about recognition," she said. "It's about what you accomplish."

She said she likes ambitious, audacious goals. "I am surrounded by talented, bright people who cause me to think harder."

Everything in life is a learning experience, she said.

"Having children changed my life. Being involved in the community changed my life. Working for Capital One changed my life," she said.

"Working with people who have different experiences teaches me about leadership, about how to be a better person, a better mother and a better wife."

. . .

Thirteen years ago on April Fool's Day, Busser went to work for Capital One, one of the largest employers in the Richmond area. The McLean-based credit-card company was on a quest to become a diversified financial company.

Busser was hired to develop new businesses. She brought expertise in profit and loss management that she gained while working for Progressive Insurance.

A headhunter had called to inquire if she was interested in the job. She met with Rich Fairbank and Nigel Morris, co-founders of Capital One.

"I was sold from the beginning," Busser recalled. "They were some of the most impressive people I had ever met. . . . Much of the interview was spent talking about family and children, values and the things that matter."

As head of Capital One's credit-card infrastructure division, Busser now is responsible for information technology and technology strategies.

She oversees collections and recoveries, and she is the chief risk officer for national lending, which encompasses U.S. credit cards, automobile lending and global financial services.

The recession has hurt everyone, she said, but Capital One is conservative and manages risk in good times, which makes it resilient.

"A business can't make good decisions when it is under a lot of stress."

Capital One has become the seventh-largest bank by deposits in the country. It has 1,000 branches, growing its banking operations through acquisitions in Virginia, Louisiana, Texas, New York, New Jersey, Maryland, Delaware and the District of Columbia.

. . .

Busser said she likes living for today and doesn't spend time thinking about what she will do five or 10 years from now.

"There are so many challenges to solve. No two days are ever the same," she said. "I consider myself very lucky to be at a place with a great culture and great values."

Her guiding principle, she said, is "to make a life, not a living."

She learned it from her mother, "the touchstone of our family," she said.

Busser grew up on a farm outside of Charlottesville, the oldest of four children -- all married, with children, and successful. Her father, an engineer, commuted an hour and a half to work.

Her parents, Harry and Joanne Elam, instilled in their children the importance of education, she said.

Busser has turned that belief into a passion. She serves on the Virginia Early Childhood Foundation board and was appointed by then-Gov. Mark R. Warner to a council on early learning.

"I want what is best for my children," she said. "Why shouldn't I want what is best for all the children in the community?"

Paul Hirschbiel, chairman of the foundation, said Busser is a force inside Richmond and around the state. "She is a tireless proponent of early childhood education and constantly giving speeches about the cause," he said.

. . .

Her husband, Mark, stays at home with their two children. He cooks a full breakfast every morning for the family and shuttles the children to their appointments and sporting events.

"I try to support Katherine in everything she is doing," Mark Busser said. "We are very fortunate that I can stay home."

Weekdays are busy, he said, but weekends are for family. "She doesn't schedule weekends. She rarely commits to anything on weekends that doesn't involve the family."

Being married to a super-achiever is fun, he said. "I get to meet so many people. One night we're at the governor's mansion, the next night we're at a YWCA function. . . . It's wild to see how much she does for the community."

Busser said managing a busy schedule is not a balancing act. Rather, it's about setting priorities. "It's important to focus on things that matter and don't worry about things you can't control."

Nor is her civic involvement about giving back, she said. "It's about contributing the whole time. Giving back implies you are waiting for something to happen."

. . .

Busser is dedicated to bringing people together and moving the community forward, said Bill Martin, director of the Valentine Richmond History Center.

"Katherine is a good reality check because she is so well-connected," he said.

She recognizes that the Richmond-area community is changing rapidly, and she works to ensure that all the voices are heard, Martin said.

As chamber chairwoman, Busser said the business community is keenly aware of the economic stress and loss of economic drivers such as Circuit City Stores Inc. and LandAmerica Financial Corp. Both filed for bankruptcy protection in November; Circuit City has closed all its stores, while LandAmerica has sold its main operating subsidiaries.

"A lot of people are trying to figure how to make the local economy better and working together to get more people back to work," she said.

Another initiative is the chamber's partnership with the United Way on "Smart Beginnings," a program that ensures children are ready and healthy for kindergarten.

"Katherine gets behind something, makes it happen and pushes all of us to be better," said Sherrie Brach, president of the United Way of Greater Richmond & Petersburg.

Contact Carol Hazard at (804) 775-8023 or .

Katherine Busser