Business and government leaders will benefit greatly from showing genuine remorse when things go wrong, even if they aren’t personally responsible for a mess, says Arthur D. Collins, Jr., former chairman and CEO of Medtronic. He is now managing partner at Acorn Advisors, which consults with nonprofits on strategy and governance, and also a board director at Boeing, Cargill and U.S. Bancorp. At the same time, Collins adds, leaders who fail to offer timely apologies — or shift blame to others — lose respect and credibility for themselves and their organizations. He detailed the power of an honest apology in an interview on Knowledge at Wharton’s SiriusXM show . (Listen to the complete podcast above.) Below are select takeaways from his interview: Why the Honest Apology Works “Everyone understands that whether you are a CEO or a leader in some capacity, or even the President of the U.S., no one is infallible and everyone occasionally makes a mistake or misspeaks,” said Collins.…