There are constructive ways to deal with these individuals—whether you're working with or for them.
Here's a typical conversation I have with executives more often than I'd like:
Executive: I have a guy who works for me who's smart, very smart. I mean Harvard and MIT. But he's turned off his team and his peers.
Me: How so?
Executive: He's arrogant, can't take criticism, blames everyone else if things go wrong, puts people down, and is a micromanager.
Me: Acts li