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Speaker 1: M This is Mesters in Business with Very Results on

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Speaker 1: Bluebird Radio. This week on the podcast, I have an

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Speaker 1: extra special guest. You Bear Jolie is the man who

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Speaker 1: helped turn around Best Buy when they were floundering about

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Speaker 1: a decade ago. The stock has since returned ten x

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Speaker 1: from when he joined as chairman and chief executive officer.

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Speaker 1: He is the author of a fascinating new book, The

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Speaker 1: Heart of Business Leadership Principles for the Next Era of Capitalism. Um,

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Speaker 1: he's really a fascinating guy, has an amazing background, both

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Speaker 1: as a consultant from Mackenzie and being on a number

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Speaker 1: of different boards and and running a number of different companies.

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Speaker 1: Everybody who's looked at his work always put some amongst

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Speaker 1: the best. CEO's Top one, d this top thirty. That

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Speaker 1: really just a tremendous, tremendous track record, ard Uh and

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Speaker 1: I had a fascinating time speaking with him. I think,

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Speaker 1: if you're at all interested in anything involving leadership or

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Speaker 1: the next era of capitalism, or why the old school

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Speaker 1: neutron jack approach to just firing everybody and and cutting

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Speaker 1: costs as a way UH to restore profitability no longer works,

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Speaker 1: You're gonna find this to be a fascinating conversation. So,

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Speaker 1: with no further ado, my interview with you Bear Jolie.

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Speaker 1: M This is Mesters in Business with Very Results on

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Speaker 1: Bluebird Radio this week. My special guest is Hubert Jolie.

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Speaker 1: He is the former chairman and chief executive officer of

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Speaker 1: Best Buy. He is currently the Senior Lecturer on Business

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Speaker 1: at Harvard Business School. He is on the boards of

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Speaker 1: directors at Johnson and Johnson and Ralph Lauren and has

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Speaker 1: been named one of the Top one good CEOs by

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Speaker 1: Harvard Business Review, one of the top thirty CEOs by Barons,

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Speaker 1: and one of the top ten CEOs to work for

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Speaker 1: in the US by Glass Door. Hubert Jolie, Welcome to Bloomberg. Well,

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Speaker 1: thank you, Barry very much. Forward to our conversation. So

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Speaker 1: let's start with a little bit of your background. You've

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Speaker 1: been the CEO of three major companies. Tell us about

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Speaker 1: how that came about. Take us to the beginning or

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Speaker 1: early days of your career they have, Barry, I studied

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Speaker 1: in my career with McKinsey and Company in France and

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Speaker 1: then also in the US. Essentially, I didn't know what

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Speaker 1: I wanted to do so that I thought it would

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Speaker 1: be a great training ground and I ended up saying

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Speaker 1: a dozen years at the firm, done a great deal

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Speaker 1: and had wonderful opportunities to lead great companies. You know.

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Speaker 1: At first I left McKenzie to lead a client with

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Speaker 1: E d S at a train Data Systems in France,

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Speaker 1: and I ended up doing a number of turnaround and

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Speaker 1: transformations of companies in industry sectors that were challenged by technology,

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Speaker 1: so in video games, in travel, and then of course

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Speaker 1: ended up with Best Buy. And I ended up working

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Speaker 1: in a variety of industry sectors and those specialization there

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Speaker 1: and every move was a move that was based on

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Speaker 1: it was there was somebody with whom I had developed

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Speaker 1: a relationship that played a critical role until for example,

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Speaker 1: when I left vivent Universal to become the Sea of

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Speaker 1: Counselance Aguity Travel, that was the sea of Acre, which

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Speaker 1: was one of the true shareholders. I've been a height

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Speaker 1: of mind, and you know, we had stayed with state friends,

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Speaker 1: so very One of the key lessons is that, you know,

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Speaker 1: try to minimize the number of people you annoy, your

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Speaker 1: irritate along the way, and and try to focus on

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Speaker 1: doing a great job where you are, and then you know,

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Speaker 1: I hope that God provides in the end, which is

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Speaker 1: I think the lesson for me of my career. So

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Speaker 1: so I want to spend more time talking about your career,

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Speaker 1: but I have to ask how did you find yourself

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Speaker 1: moving from France to the United States? What led to that,

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Speaker 1: and what was that transition like, because every time I'm

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Speaker 1: in Paris, I always end up saying to myself, God,

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Speaker 1: I could live here. Yes, thank you for that, Verry.

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Speaker 1: So the first time I moved to the U S

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Speaker 1: was it was with mckindian company. Had gone to school

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Speaker 1: in France and they have been discussion of you know,

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Speaker 1: should I do an NBA in the US, And after

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Speaker 1: a while kin she said, no, you really don't need

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Speaker 1: to do that, but if you want to spend time

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Speaker 1: in the U S, will send you to one of

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Speaker 1: our offices. So I ended up in the San Francisco

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Speaker 1: office right the years where where the Niners were at

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Speaker 1: the top of that game. Right, So that's it's quite fascinating.

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Speaker 1: And then the last time I moved to the U

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Speaker 1: S was oh eight two eight, when I became the

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Speaker 1: year of counseling Companies. So moved there from Paris, France

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Speaker 1: to Minneapolis, Minnesota. And you know, I love France. I

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Speaker 1: think it's a great country. I love the U S.

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Speaker 1: What I love about the U S is it's you know,

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Speaker 1: since Jefferson, we've been optimistic. There's been the dream of

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Speaker 1: a better life, and there's this optimism is let me

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Speaker 1: tell you, it's in France. You know, you talk about

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Speaker 1: a problem that has never been solved, people will say, well,

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Speaker 1: who are you to talk about it? Nobody has been

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Speaker 1: able to solve it? Right, So, but in the US,

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Speaker 1: if a problem has never been solved, you know, immediately

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Speaker 1: a frantic Oh, this is interesting, let's see whether we

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Speaker 1: can solve it. So I love this optimism in this

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Speaker 1: great country and I'm now the dual citizen there. Very really,

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Speaker 1: really interesting. So so let's talk a little bit about

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Speaker 1: how one becomes a good CEO. Is it effectively on

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Speaker 1: the job training or is it a function of your

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Speaker 1: experience and an ability that makes you a great leader? Yeah,

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Speaker 1: there's a myth that you're born leader. I think that

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Speaker 1: every leader was born, of course, but none of us

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Speaker 1: were born leaders. And I think it's a it's a

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Speaker 1: learning journey. And you know, for me, it's been learning

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Speaker 1: by doing, learning on the job, learning from great mentors.

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Speaker 1: One of things I learned that most about it when

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Speaker 1: I was at McKinsey was you know, watching my clients leads,

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Speaker 1: and I learned so much from the number of them. Uh,

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Speaker 1: learning from colleagues, you know, I bet buy. I learned

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Speaker 1: so much from the front liners and some of our

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Speaker 1: great you know, executives, and then the coach. So let's

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Speaker 1: slow down here, can we agree Barry that exactly one

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Speaker 1: of the top one cup one hundred tennis players in

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Speaker 1: the world have a coach being the same is true

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Speaker 1: for the all of the NFL teams, all of the

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Speaker 1: Champions League teams. What about us executives? All right, And

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Speaker 1: so it's interesting that now for CEO is senior executives

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Speaker 1: have a coach is much more popular, but kind of

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Speaker 1: fifteen years ago not so much, and us benefited enormously.

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Speaker 1: My first coach was you know the intimates of all uh,

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Speaker 1: Marshall Goldsmith's after learned a time from Amy helped me

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Speaker 1: deal with feedback and focus on getting better and asking

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Speaker 1: for advice. And without Marshall, I would not be you know,

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Speaker 1: it is infomercials and before and after a picture, it's

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Speaker 1: most improved. Marshall Goldsmith was where was that at Mackenzie

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Speaker 1: or it was the first time I worked with Marshall

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Speaker 1: was in two thousand and nine. I just became the

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Speaker 1: CEO of Calsum Companies. In my head of HR Elizabeth

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Speaker 1: Best Tony, so would you like to work with a coach?

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Speaker 1: And my first reaction was am I doing anything wrong?

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Speaker 1: Is anything wrong with me? She said no, no, but

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Speaker 1: I know Marshall he helps you know, great deals get better.

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Speaker 1: You know some of these clients are where at the

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Speaker 1: time Ada Malali or you know, a Ford and Jim

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Speaker 1: came up the World Bank and said, oh that's cool.

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Speaker 1: I want to be a member of that club. And

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Speaker 1: Marshall was so hope because when I was getting feedback,

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Speaker 1: you know, you know, you do a three sixty, and

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Speaker 1: you know, you hear the good and then you hear

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Speaker 1: a part. And my reaction traditionally was what's wrong with them? Right?

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Speaker 1: What what are they talking about? And Marshall help me

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Speaker 1: and the way he helped me with so he did

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Speaker 1: the three sixty. He gave me first all the good

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Speaker 1: things that people have said, and I said that spent

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Speaker 1: the time to swallow this, you know, digest this. And

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Speaker 1: then the next day he gave me the other stuff

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Speaker 1: and he said, here's the scoop. You don't need to

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Speaker 1: do anything with it. Right. There's no god that says

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Speaker 1: that you need to get better at any of these stoks.

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Speaker 1: But you can this that you get to decide what

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Speaker 1: you want to work on and get better at right,

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Speaker 1: and think about this. So here is a question that

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Speaker 1: we should ask right. Think about things that you'd like

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Speaker 1: to get better at. Right, and if you cannot think

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Speaker 1: about anything, try humility right as a potential area. And

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Speaker 1: then you know what Marshall made me do is talk

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Speaker 1: to my team and said, thank you very much for

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Speaker 1: the feedback you've given me. And then, based on what

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Speaker 1: you've said, as they say, to work on three things

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Speaker 1: and the one that the two number was great. And

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Speaker 1: I'm going to follow up with each of you to

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Speaker 1: ask you for advice on how I can get better

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Speaker 1: at these these three things, and then a few months

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Speaker 1: from now I'll follow up to see how I'm doing. Now,

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Speaker 1: believe me, Barry, first time I did this, this was

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Speaker 1: excruciating pain. I think to admit to my team that

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Speaker 1: I was not perfect. Yet they knew it, they knew

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Speaker 1: it was not perfect, but having to say it out

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Speaker 1: loud that I wanted to get better at something, but

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Speaker 1: this getting better at something makes it very positive. And

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Speaker 1: then so later on when I joined best Buy it,

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Speaker 1: I repeated that, signaling to every one of the executives

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Speaker 1: it was okay to want to get better at something.

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Speaker 1: And so later on everybody at best Buy head coach

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Speaker 1: and we were all helping out each other and getting

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Speaker 1: better at our job, which is you know what I

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Speaker 1: think you need to do. So coaching, executive coaching played

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Speaker 1: a key role in my life, very interesting, and I

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Speaker 1: recall seeing martiall goal Smith's name on a book what

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Speaker 1: Got You Here, Won't Get You There? And a quick

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Speaker 1: Google search shows me that, like you, he also is

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Speaker 1: a professor. He teaches at Dartmouth's Talk School of Business

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Speaker 1: and has quite an impressive CV. But I want to

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Speaker 1: stick with the concept of of coaching and mentors. What

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Speaker 1: did you learn at McKenzie who helped you when you

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Speaker 1: were there sort of develop into the CEO that you

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Speaker 1: are today? Yeah, so it was for me it was

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Speaker 1: two phases barrier at McKinsey. There was before the partnership

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Speaker 1: and then the partnership. So in my first say six years,

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Speaker 1: you know, as an associate and then a manager, I

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Speaker 1: learned a lot about problems solving communications, you know, circums,

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Speaker 1: functional matters and so forth. So you can say I

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Speaker 1: learned a bunch of technical skills. But when I became

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Speaker 1: a partner, the opportunity I got was, you know, sit

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Speaker 1: down next to the CEO of the clients, you know,

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Speaker 1: watch them, do they a thing, and listen and learn

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Speaker 1: from them. And that makes so I got a great deal,

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Speaker 1: right because they were paying us and I was learning

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Speaker 1: from them, right, I couldn't get a better deal than that,

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Speaker 1: And so I will always remember it was, say a client,

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Speaker 1: you know, Jean Hite de Carpont, He was the CEO

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Speaker 1: of the the computer company Horney World Ball. And this

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Speaker 1: is the guy who told me that the purpose of

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Speaker 1: the company is not to make money, right, it's an outcome. Right.

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Speaker 1: In business, you have three imperatives. You have the people imperatives,

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Speaker 1: each from the right teams. You have the business imperativity

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Speaker 1: to have customers or clients, and then great products and services.

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Speaker 1: And then there's a financial imperative. And of course you

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Speaker 1: have to understand that excidence on the financial imperative is

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Speaker 1: the result of excellence on the business imperative, which itself

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Speaker 1: is the result of excellence on the people imperatives. So

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Speaker 1: it's people business finance, and finance is an outcome. And

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Speaker 1: by the way, it's not the ultimate goal because if

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Speaker 1: you think about a company as a human an organization,

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Speaker 1: a bunch of people working together, you know they're they're

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Speaker 1: probably in there to create something in the world, right

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Speaker 1: and you know, we can dig into this. But that's

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Speaker 1: and believe that that's was thirty years before the VRT

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Speaker 1: statement of twenty nineteen. You know, we've celebrated in August

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Speaker 1: the second anniversary, and so then it was practical implications

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Speaker 1: around this. When you do your monthly review with your team,

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Speaker 1: start with people an organization. Don't start with financial results.

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Speaker 1: If you start with financial results, you're gonna spend your

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Speaker 1: entire time on financials and you won't understand what's driving

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Speaker 1: these results. Was. If you start with people an organization,

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Speaker 1: you'll have a chance to spend time on that. Then business, customers, products,

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Speaker 1: and then the CFO will make sure that you'll spend

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Speaker 1: enough time on the financial results. So that's for me,

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Speaker 1: that's what the game changer, and I applied this throughout

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Speaker 1: my career, and you could say, you know, whether it's

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Speaker 1: was in video games or in travel or hospitality or

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Speaker 1: less buy. You know, this focus on people first and

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Speaker 1: treating prophet as an outcome was was a big driver

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Speaker 1: of performance. And this is not I've not smoked anything

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Speaker 1: illegal when I said, it's very you know, as you

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Speaker 1: know that the share rights of best Buy went from

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Speaker 1: sing out low with eleven daughters, and you know recently

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Speaker 1: it's been between hunted and ten and hunt and twenty.

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Speaker 1: So you know, time standing nine years, that's that's not bad.

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Speaker 1: Maybe you could have done better, Barry, but you know,

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Speaker 1: I don't think I could have done better than ten x.

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Speaker 1: And ps no longer legal in New York, so you

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Speaker 1: could smoke whatever you like. We're gonna by the way,

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Speaker 1: those those three steps that you just mentioned are right

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Speaker 1: from the book, and we're gonna talk a little more

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Speaker 1: about the book in a few minutes. But before we

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Speaker 1: get to that, I have one last question to ask you,

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Speaker 1: which has to do with the fact that best Buy

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Speaker 1: you mentioned it's up ten x, it's a publicly traded company.

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Speaker 1: Before you were a best Buy, you were also at

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Speaker 1: a giant company, but it was privately held. Tell us

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Speaker 1: a little bit about what that transition was like, having

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Speaker 1: to answer to shareholders in Wall Street. How did you

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Speaker 1: manage that? Very different experience from everybody I've spoken with

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Speaker 1: over the years. Yeah, very so. I've worked so in

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Speaker 1: a public company based buy. I've worked in a family

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Speaker 1: owned company which was counseling company. Have worked in a

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Speaker 1: partially private equity owned company Calson U only Travel, one

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Speaker 1: of equity partners of JP Morgan was a forty five

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Speaker 1: percent shareholder. And frankly, I think it's pretty much all

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Speaker 1: the same. You know, you have shareholders, whether they're you know,

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Speaker 1: large entities like Delity or Wellington, or it's a private

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Speaker 1: equity player, or it's a family, they have expectations and

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Speaker 1: need and by the way, that all of them are

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Speaker 1: human beings right by the way, not focused on the

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Speaker 1: you know, the high intensity trading, the more the longs

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Speaker 1: and and all the shorts. There are human beings. And

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Speaker 1: I have had that. Even though I say profit is

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Speaker 1: an outcoming, it's not the uptionate go. Shareholders, even in

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Speaker 1: stakeholder capitalism, are a very important stakeholder. You know, they're

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Speaker 1: taking care of our you know, there's they take care

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Speaker 1: of our retirement. So we love them for that. And

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Speaker 1: so when I was a CEO of best Buy, I

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Speaker 1: so enjoyed speaking, spending time with our shareholders, sharing with them,

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Speaker 1: with doing answering their questions. They're smart and it was

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Speaker 1: always taking things away, um and you know, the key

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Speaker 1: was pay attention, listen, and then pay attention to the

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Speaker 1: say do ratio. Best Buy had lost its credibility because

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Speaker 1: they were saying a lot but not doing much right.

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Speaker 1: So with with my waterfall CFO share in Boccalog, we said,

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Speaker 1: all right, we're gonna say less and do more, and

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Speaker 1: that's how we're gonna build our credibility. And we would,

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Speaker 1: you know, be very transparent, share our situation, the opportunities,

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Speaker 1: we saw what we're gonna do, and then we updated

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Speaker 1: them in our progress until I really enjoyed the conversation.

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Speaker 1: But in many ways, Barry, I think public privatically or

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Speaker 1: a family, it's largely the same. It's people yet to

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Speaker 1: respect them and take care of their needs. My extra

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Speaker 1: special guest this week is Hubert Jolie. He is the

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Speaker 1: former chairman and chief executive at best Buy, a company

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Speaker 1: that he helped turn around over the course of his

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Speaker 1: tenures there. Let's let's talk a little bit about that.

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Speaker 1: If you would have asked me a decade ago what

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Speaker 1: the future looked like for best Buy, I would have

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Speaker 1: said they were toasts that Amazon was going to eat

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Speaker 1: their lunch, and they were heading to the to the

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Speaker 1: garbage pile. Tell us what the key was to turning

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Speaker 1: the company around so successfully? You're great. Everybody thought there

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Speaker 1: was zero by recommendation on the stock in twelve and

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Speaker 1: what A found as there was examining the opportunity to

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Speaker 1: become the CEO, because my first action when I was

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Speaker 1: approached was, you know, this is crazy, right, there's just

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Speaker 1: the same reaction as you described. But what I found

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Speaker 1: is that there was nothing wrong with the backets or

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Speaker 1: the business out outside. All of the problems were self inflicted.

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Speaker 1: In fact, your customers needed best Buy because we needed

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Speaker 1: a place where to see and touch and see all

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Speaker 1: the parts and ask questions. And the vendor is importantly

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Speaker 1: needed best Buy. It needs a place where to showcase

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Speaker 1: there are products, the food of the billions of dollowers

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Speaker 1: of R and D investment. The problems were self inflicted.

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Speaker 1: You know, prices were not competitive, The online shopping experience

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Speaker 1: was terrible, speed of shipping was bad, The customer experience

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Speaker 1: in the stores had deteriorated, the constructure was bloated, and

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Speaker 1: and and that's great news because if the problem yourself inflicted,

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Speaker 1: you can fix it. And so the first phase was

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Speaker 1: all about fixing what was broken. And the advice I

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Speaker 1: had been getting Verry was cut cut cuts, you know

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Speaker 1: you're gonna have to close to or head count. Really

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Speaker 1: the opposite. All of the stores were profitable, so frankly,

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Speaker 1: it was no point in closing stores in a significant passion.

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Speaker 1: It was the first place was a very people centric approach.

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Speaker 1: Listening to the front liners. My first week on the job,

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Speaker 1: I spent it in the store in Saint Cloud, Minnesota.

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Speaker 1: I think in France we would say sat glue, but

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Speaker 1: over there is some clouds, so there you go, and

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Speaker 1: really listening to the front liners. They had all of

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Speaker 1: the answers about what needed to be done, and so

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Speaker 1: my job was pretty easy was do what they had

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Speaker 1: to do, what they said we needed to do, like

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Speaker 1: a fix of website mixture. The prices were competitive, and

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Speaker 1: and so forth. The second elemount of you know, the

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Speaker 1: people centrica, build the right team at the top and

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Speaker 1: then instead of focusing on haccount reduction, focus on growing

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Speaker 1: the top line by leading the customer needs and fixing

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Speaker 1: which was broken in the customer experience and treating headcount

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Speaker 1: reduction really as a last resort, and then focus on

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Speaker 1: mobilizing the team on what we need to do for

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Speaker 1: the for the customers. That sounds tough, but that was

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Speaker 1: you know, that's was our opportunity, and that's what we

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Speaker 1: did for the first two or three or four years.

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Speaker 1: And then once we had saved the company, it was about,

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Speaker 1: you know, how do we know where do we go

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Speaker 1: from here? How what kind of company do we want

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Speaker 1: to build for the future, And that's where we focused

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Speaker 1: on designing our purpose as a company. We said, we're

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Speaker 1: actually not a consumer ectronics retailer, where a company that's

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Speaker 1: in the business of enriching lives through technology by addressing

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Speaker 1: key human needs, which in we'll talk more about this,

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Speaker 1: but this was transported because it's extended our addressable market

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Speaker 1: and help just mobilize everybody at the company. We had

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Speaker 1: to work on making this come to life in all

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Speaker 1: of our activities and really creating an environment where you know,

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Speaker 1: I think that the summary of the term around which

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Speaker 1: we unleashed human magic. We had under than her thousand

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Speaker 1: people plus. I think the spring in their steps, connecting

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Speaker 1: what drives them in life with their job and doing

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Speaker 1: you know, magical things for for for customers. And frankly, Berry,

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Speaker 1: I learned so much along the way. And again all

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Speaker 1: of this sound stuff, but go back to went from

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Speaker 1: eleven Daughters too and Antenn twenty. That's was the That's

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Speaker 1: was the key, to say the very least. So let's

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Speaker 1: talk a little bit about what you guys had done

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Speaker 1: in the physical stores. You know, the big threat to

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Speaker 1: Best Buy was was people show rooming, meaning showing up

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Speaker 1: to look at a product and then buying it for

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Speaker 1: a little cheaper at Amazon. How did you and this

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Speaker 1: is a line from the book, quote how did you

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Speaker 1: kill show rooming and turn it into showcasing? Unquote. Yeah,

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Speaker 1: so everybody was talking about show rooming at the time.

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Speaker 1: The frequency was not that high actually, but of course

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Speaker 1: it was incredibly frustrating for the Blue Shot associates in

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Speaker 1: our store to spend time with you know, with you, Barry.

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Speaker 1: You know, we love you, but we spent the minutes

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Speaker 1: with you asking nswering all of your questions about their

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Speaker 1: TVs and then you buy online too. We we we

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Speaker 1: after thirty days of the company, we actually decided that

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Speaker 1: we were going to take price off the table by

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Speaker 1: aligning up places with Amazon and giving the Blue Shirt

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Speaker 1: the authority on the spot to match Amazon prices. And

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Speaker 1: so that took the price off the table and the

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Speaker 1: customers once they were in our stores, there were hours

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Speaker 1: to to lose now, right when you want to drive

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Speaker 1: home with your TV in the back of the car

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Speaker 1: instead of waiting a couple of days from it to

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Speaker 1: come from Amazon. Immediate gratification has to be a huge

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Speaker 1: benefit you guys have as as the physical store exactly.

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Speaker 1: And then yet of course the investors of you, that's cute,

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Speaker 1: but you're stig to die because your constructure is too high.

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Speaker 1: It's higher than Amazon or Walmart. So we did take

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Speaker 1: two billion dollars of cost down. But the way we

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Speaker 1: the way we want in the end, was with this

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Speaker 1: harm moment of you know, this idea of showcasing. If

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Speaker 1: you are a Samsung or you know, HP or even

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Speaker 1: Amazon and Google mail with products, you need a place

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Speaker 1: where to showcase your products, right because you spend billions

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Speaker 1: of dollars on R and d uh. And if it's

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Speaker 1: just a vignette on a website or a box on

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Speaker 1: a shelf, you know you're not going to excite the customers.

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Speaker 1: So you need a place where to showcase your your products.

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Speaker 1: And so we did deals. The first one was with

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Speaker 1: Samsung where we had a meeting in December of twelve.

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Speaker 1: Barre j k C in the vency of Samsung Electronics

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Speaker 1: came to visit us in Minneapolis in December of twelve

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Speaker 1: and over dinner, we did a deal where in a

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Speaker 1: matter of months you would have one thousand Samsung stores

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Speaker 1: within our stores where it could showcase these products, which

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Speaker 1: was just across the item. We already had an Apple

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Speaker 1: store within the store, and it was good for the

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Speaker 1: customer because they could see the products, it could compare

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Speaker 1: with Apple. It was good for Samsung, right because the

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Speaker 1: alternative for them was to build one thousand stores in

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Speaker 1: the US. Takes times difficult, you know, And of course

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Speaker 1: we have this great location and great traffic and good

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Speaker 1: for us because it was part of our opum strategy,

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Speaker 1: other people's money strategy. Right, of course, there was some

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Speaker 1: good economics for us, and so that allowed us to

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Speaker 1: upset you know, the cost advantage and the Walmart or

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Speaker 1: or an Amazon would have. And then over time we

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Speaker 1: didn't deal with all of the world's for almost tech companies,

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Speaker 1: including Amazon c hanging out loud, and that was the

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Speaker 1: game changer. And we look at you look at our

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Speaker 1: stores today, you know they're they're they're shiny because you

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Speaker 1: have all of these shiny objects and you can see

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Speaker 1: an experience all of these fire. So let's goes ding

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Speaker 1: a game changer. So let's let's talk a little bit

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Speaker 1: about both Samsung and Amazon. First, I'm always surprised that

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Speaker 1: people don't realize what a giant product company Samsung is.

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Speaker 1: It's not just phone, but its phones, it's TVs, it's washers, dryers,

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Speaker 1: I mean Samsung basically anything in your house there's a

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00:24:10,160 --> 00:24:15,160
Speaker 1: product that Samsung makes, and not just entry level washer

430
00:24:15,240 --> 00:24:18,719
Speaker 1: dryers or refrigerators. I think that was it last year

431
00:24:18,760 --> 00:24:21,000
Speaker 1: or two years ago. They bought the Core, which is

432
00:24:21,080 --> 00:24:26,160
Speaker 1: like a sub zero high ends um manufacturer of of

433
00:24:26,800 --> 00:24:30,480
Speaker 1: kitchen appliances. So when you set up the store within

434
00:24:30,520 --> 00:24:34,040
Speaker 1: the store with Samsung, tell us about what that did

435
00:24:34,240 --> 00:24:38,600
Speaker 1: and how did that impact Samsung's sales at Best Buys,

436
00:24:39,240 --> 00:24:41,680
Speaker 1: So yes, I mean you're right to highlight this. There's

437
00:24:41,680 --> 00:24:44,400
Speaker 1: a great company. The first deal we did with them

438
00:24:44,480 --> 00:24:48,840
Speaker 1: was focused on songs and tablets and cameras. So in

439
00:24:49,160 --> 00:24:52,320
Speaker 1: a in a matter of months, they had these you

440
00:24:52,320 --> 00:24:56,240
Speaker 1: know stores within our stores, and it really put them

441
00:24:56,240 --> 00:24:58,600
Speaker 1: on the on the map. And it's interesting if you

442
00:24:58,640 --> 00:25:01,640
Speaker 1: go back to the nineties, Empson was not the same company.

443
00:25:02,240 --> 00:25:07,040
Speaker 1: They were really low ends and the chairman at the time,

444
00:25:07,119 --> 00:25:11,399
Speaker 1: so that the father of the current of j y

445
00:25:11,480 --> 00:25:15,520
Speaker 1: Le now came to the US and said, at some

446
00:25:15,640 --> 00:25:17,879
Speaker 1: point I wanted I want Best Buy to carry us,

447
00:25:17,960 --> 00:25:21,160
Speaker 1: that it would be the ultimate goal. And now they're

448
00:25:21,200 --> 00:25:24,240
Speaker 1: one of our top five vendors, probably better than top five,

449
00:25:25,119 --> 00:25:29,439
Speaker 1: and so it really gave them the physical presence and

450
00:25:29,480 --> 00:25:32,280
Speaker 1: the proof that it worked for them was then we

451
00:25:32,320 --> 00:25:35,240
Speaker 1: did the same in the TV department and then in

452
00:25:35,280 --> 00:25:39,040
Speaker 1: the appliance department. So it's been a series of wins

453
00:25:39,080 --> 00:25:43,960
Speaker 1: for them. And once we had announced the the deal

454
00:25:44,040 --> 00:25:47,400
Speaker 1: with SAMs and other events, we had the similar conversation

455
00:25:47,440 --> 00:25:51,119
Speaker 1: with you know, uh, Microsoft, Steve Barmer. We had a

456
00:25:51,119 --> 00:25:54,400
Speaker 1: conversation at CS and the Timath later with the Microsoft

457
00:25:54,400 --> 00:25:58,080
Speaker 1: stores within the Stove and then it went on and on,

458
00:25:58,200 --> 00:26:02,680
Speaker 1: and you know, Timko at Apple told me that he

459
00:26:02,760 --> 00:26:06,520
Speaker 1: didn't really like what condering. It understood it, but it

460
00:26:06,560 --> 00:26:10,959
Speaker 1: didn't really like it. And Apple has been a very

461
00:26:11,000 --> 00:26:13,520
Speaker 1: important vendor to to best buys. So what we decided

462
00:26:13,560 --> 00:26:15,320
Speaker 1: to do with them is do more and so it

463
00:26:15,440 --> 00:26:18,800
Speaker 1: was a stronger partnership. So based by just not it's

464
00:26:18,800 --> 00:26:22,720
Speaker 1: not simply carrying products with partners with the world's almost

465
00:26:22,800 --> 00:26:26,320
Speaker 1: tech companies and with some of these companies and partners

466
00:26:26,320 --> 00:26:30,920
Speaker 1: on product developments, new product introduction. Uh and because there's

467
00:26:30,960 --> 00:26:34,000
Speaker 1: so much innovation that drives the business, it's it's a

468
00:26:34,000 --> 00:26:37,560
Speaker 1: critical role we play. We also partnering service. Best By

469
00:26:37,600 --> 00:26:41,640
Speaker 1: sells Apple Care and is an authorized Apple service provider.

470
00:26:42,240 --> 00:26:46,640
Speaker 1: So these partnerships really changed the game. And in the US,

471
00:26:46,680 --> 00:26:49,520
Speaker 1: I think it's not arguing that the only player with

472
00:26:49,520 --> 00:26:53,800
Speaker 1: which you know, these large companies can do these meaningful deals.

473
00:26:53,800 --> 00:26:57,240
Speaker 1: So this really changed the the trajectory. You know, I

474
00:26:57,280 --> 00:27:00,359
Speaker 1: have to ask you about the geek squad. Who's idea

475
00:27:00,480 --> 00:27:04,360
Speaker 1: was that and how significant is it to to the company.

476
00:27:04,760 --> 00:27:08,640
Speaker 1: So Robert Stevens, it was a student at the University

477
00:27:08,640 --> 00:27:12,760
Speaker 1: of Minnesota, was the founder of of Geek Squad in

478
00:27:13,960 --> 00:27:17,040
Speaker 1: very creative guy that the Navy itself is good is

479
00:27:17,119 --> 00:27:19,680
Speaker 1: called the logo and and so forth, and and the

480
00:27:19,760 --> 00:27:22,160
Speaker 1: base by acquiring the company in two thousand and two,

481
00:27:22,200 --> 00:27:24,960
Speaker 1: and it was quite still quite small, and now of

482
00:27:25,040 --> 00:27:28,360
Speaker 1: course it's it's become really big. It's twenty thou employees.

483
00:27:28,440 --> 00:27:32,720
Speaker 1: And and it's the key elements of this by differentiation

484
00:27:32,800 --> 00:27:34,840
Speaker 1: because you know, bas by it's not just in the

485
00:27:34,920 --> 00:27:39,040
Speaker 1: business of selling you something with a target customer, people

486
00:27:39,080 --> 00:27:41,880
Speaker 1: who are you know, excited about technology. You need technology

487
00:27:42,040 --> 00:27:44,520
Speaker 1: but also needs help with it. And so with the

488
00:27:44,560 --> 00:27:47,119
Speaker 1: Geek Squad and the Blue Shirts were able to advise

489
00:27:47,240 --> 00:27:50,160
Speaker 1: you when you're looking at what to do, but also

490
00:27:50,520 --> 00:27:53,879
Speaker 1: helps you implement in your home, helps you, you know,

491
00:27:54,040 --> 00:27:56,399
Speaker 1: figure out if it's something is not working across a

492
00:27:56,880 --> 00:27:59,879
Speaker 1: right your parts. Let's take an example, if if Nextlix

493
00:28:00,119 --> 00:28:03,600
Speaker 1: is not working tonight at your house, bearer is it

494
00:28:03,680 --> 00:28:06,000
Speaker 1: because of Netflix? Is it the pipe into the home?

495
00:28:06,400 --> 00:28:08,760
Speaker 1: Is it the router? Is it the streaming device? Is

496
00:28:08,800 --> 00:28:12,520
Speaker 1: it the TV? Honey? What is it? Right? And we're honey,

497
00:28:13,359 --> 00:28:15,000
Speaker 1: all right, and we're gonna be able to help you

498
00:28:15,080 --> 00:28:17,680
Speaker 1: across a lot of these vendors and so that's a

499
00:28:17,760 --> 00:28:23,200
Speaker 1: big differentiator for for the company. So pretty genius. My

500
00:28:23,640 --> 00:28:27,360
Speaker 1: extra special guest this week is Hubert Jolie. His new

501
00:28:27,440 --> 00:28:31,520
Speaker 1: book is called The Heart of Business. Let's talk a

502
00:28:31,600 --> 00:28:36,520
Speaker 1: little bit about writing a book, which is quite an endeavor.

503
00:28:36,840 --> 00:28:39,760
Speaker 1: What what motivated you to sit down and say, sure,

504
00:28:39,840 --> 00:28:43,680
Speaker 1: I'll write a book. Well, this is not a traditional

505
00:28:43,880 --> 00:28:45,560
Speaker 1: seal of book. And I said, this is not a memoir.

506
00:28:46,280 --> 00:28:48,920
Speaker 1: This is not about the story of the best by

507
00:28:48,960 --> 00:28:52,760
Speaker 1: turnaround per se. It was a reflection barring. It's really

508
00:28:52,800 --> 00:28:55,280
Speaker 1: been something that's been thinking about for the last thirty years.

509
00:28:56,040 --> 00:28:58,200
Speaker 1: And so much of what I've learned at business school,

510
00:28:58,360 --> 00:29:01,360
Speaker 1: what McKinsey and the earlier of my career is wrong,

511
00:29:02,000 --> 00:29:05,840
Speaker 1: dated or incomplete. And you know, when I stepped back

512
00:29:05,960 --> 00:29:09,240
Speaker 1: today or in the last couple of careers, you know,

513
00:29:09,400 --> 00:29:11,880
Speaker 1: even though I'm the internal optimist, I have to say

514
00:29:11,920 --> 00:29:15,400
Speaker 1: it out loud. The world as we know it is

515
00:29:15,480 --> 00:29:19,560
Speaker 1: not working. Right when this multi faceted crisis you have

516
00:29:19,800 --> 00:29:24,320
Speaker 1: of course a health crisis, an economic crisis, societal issues,

517
00:29:24,520 --> 00:29:29,640
Speaker 1: racial issues, environmental problems, geopolitical tension, it simply is not working.

518
00:29:30,200 --> 00:29:33,080
Speaker 1: And what's the definition of madness, right, It's doing the

519
00:29:33,160 --> 00:29:36,000
Speaker 1: same thing and hoping for a different outcome. And for me,

520
00:29:36,120 --> 00:29:39,800
Speaker 1: on my the I Most wanted list, there's two people,

521
00:29:41,400 --> 00:29:44,080
Speaker 1: you know. One is Milton Friedman, you know shareholder primacy,

522
00:29:44,800 --> 00:29:49,280
Speaker 1: and two is Bob mcnamarathy, former Secretary of Defense, an

523
00:29:49,280 --> 00:29:52,040
Speaker 1: executive at Ford who is the almost the inventor of

524
00:29:52,200 --> 00:29:56,720
Speaker 1: tub down scientific management. These approaches don't work, and I

525
00:29:56,760 --> 00:30:00,880
Speaker 1: think they got us in trouble. And they say growing

526
00:30:01,040 --> 00:30:03,360
Speaker 1: number of us, right, I'm certainly not the only one

527
00:30:03,440 --> 00:30:07,200
Speaker 1: to believe that there is a better formula that business

528
00:30:07,280 --> 00:30:10,040
Speaker 1: can be a force for good. That you know, it's

529
00:30:10,040 --> 00:30:13,720
Speaker 1: the idea that you know, business should pursue a noble purpose.

530
00:30:14,440 --> 00:30:16,520
Speaker 1: Uh and and to take care of all of the

531
00:30:16,600 --> 00:30:20,280
Speaker 1: stakeholders that you put people at the center. You embrace

532
00:30:20,480 --> 00:30:24,640
Speaker 1: all stakeholders in some kind of declaration of interdependence. There's

533
00:30:24,680 --> 00:30:28,200
Speaker 1: no need to choose between you know, employees and customers

534
00:30:28,280 --> 00:30:31,680
Speaker 1: and shareholders. It's like taking care of customers and employees

535
00:30:31,760 --> 00:30:35,520
Speaker 1: and and and the community that generate great returns for shareholders.

536
00:30:36,040 --> 00:30:39,440
Speaker 1: You treat profit as an outcome. And this formula, you know,

537
00:30:39,520 --> 00:30:43,200
Speaker 1: people call it stakeholder capital exam or purposeful leadership. I

538
00:30:43,280 --> 00:30:46,560
Speaker 1: think everybody now talks about and embraces you post people

539
00:30:46,840 --> 00:30:50,400
Speaker 1: to still a few, which is a great uh. But

540
00:30:50,520 --> 00:30:52,520
Speaker 1: the challenge that is how do you do this? How

541
00:30:52,560 --> 00:30:54,800
Speaker 1: do you make this happen? And very I felt that

542
00:30:54,920 --> 00:30:58,360
Speaker 1: with my experience UH and and the credibility of the

543
00:30:58,400 --> 00:31:00,520
Speaker 1: Best by tournament, I could add my voice and my

544
00:31:00,760 --> 00:31:05,200
Speaker 1: energy to what I call this necessarily foundation of business

545
00:31:05,320 --> 00:31:09,480
Speaker 1: and capitalism around purpose and humanity and provide like a

546
00:31:09,600 --> 00:31:14,040
Speaker 1: guide for any leader at any levels frankly who is

547
00:31:14,520 --> 00:31:16,920
Speaker 1: keen to move in that direction, but like the rest

548
00:31:16,960 --> 00:31:19,840
Speaker 1: of us, needs help. And so that's what the genesis

549
00:31:20,000 --> 00:31:22,920
Speaker 1: of the of the book, and the subtitle of the

550
00:31:22,920 --> 00:31:27,520
Speaker 1: book is Literacy Principles right for the next era of capitarism.

551
00:31:27,600 --> 00:31:31,120
Speaker 1: In the book is full of very concrete examples and

552
00:31:31,320 --> 00:31:34,800
Speaker 1: stories and illustrations. There's questions at the end of each

553
00:31:34,920 --> 00:31:38,280
Speaker 1: chapter that people can use to to reflect and and

554
00:31:38,480 --> 00:31:40,800
Speaker 1: act at their at their companies. So that's the that's

555
00:31:40,840 --> 00:31:44,320
Speaker 1: the book. Speaking of the book, it got a terrific

556
00:31:44,520 --> 00:31:48,840
Speaker 1: review from all of all people, Amazon's Jeff Bezos. How

557
00:31:48,880 --> 00:31:52,240
Speaker 1: did that come about? How did Bezos give you a review?

558
00:31:52,520 --> 00:31:56,840
Speaker 1: And what's the relationship like between best Buy and Amazon

559
00:31:56,960 --> 00:32:01,840
Speaker 1: these days? So based By as always sold Amazon products.

560
00:32:01,840 --> 00:32:04,480
Speaker 1: Of course we think about Amazon as a retailer, of

561
00:32:04,600 --> 00:32:07,760
Speaker 1: course as a cloud company, but everybody's also a product

562
00:32:07,800 --> 00:32:11,320
Speaker 1: company right there. They've had you know, the Kindle and

563
00:32:11,400 --> 00:32:14,200
Speaker 1: of course all of their eco products, and based By

564
00:32:14,240 --> 00:32:17,520
Speaker 1: had always sold you know, Amazon's products and the stores.

565
00:32:17,680 --> 00:32:20,760
Speaker 1: Other retailers decided otherwise, but we thought these were great

566
00:32:20,760 --> 00:32:25,040
Speaker 1: products and we're here to serve customers. I got to

567
00:32:25,120 --> 00:32:27,840
Speaker 1: know Jeff personally who the Business council. Both of us

568
00:32:27,880 --> 00:32:30,840
Speaker 1: were members there on the executive committee. And once I

569
00:32:31,000 --> 00:32:37,400
Speaker 1: was invited to discuss turnaround, how we approached that transformation,

570
00:32:37,520 --> 00:32:41,600
Speaker 1: and Jeff was in the first row and and being

571
00:32:41,680 --> 00:32:47,320
Speaker 1: very kind. But then we did this significant partnership where

572
00:32:47,640 --> 00:32:52,240
Speaker 1: I think it was in Amazon gave best Buy the

573
00:32:52,320 --> 00:32:55,560
Speaker 1: exclusive rights to the fire TV platform, which is their

574
00:32:55,600 --> 00:32:59,200
Speaker 1: smart TV platform to be embedded into smart TVs and

575
00:32:59,400 --> 00:33:02,680
Speaker 1: any smart tv with the fire TV embedded in it.

576
00:33:03,600 --> 00:33:05,600
Speaker 1: Best Buy is going to control that it's only going

577
00:33:05,640 --> 00:33:07,640
Speaker 1: to be sold at best Buy or by best Buy

578
00:33:07,720 --> 00:33:11,160
Speaker 1: on mzone. And when we need the announcement for this deal,

579
00:33:11,800 --> 00:33:14,120
Speaker 1: we did it in the in a story in Bellview, Washington,

580
00:33:14,880 --> 00:33:18,120
Speaker 1: and Jeff came and we had some media there. Uh,

581
00:33:18,400 --> 00:33:23,120
Speaker 1: and you know, Jeff said, a TV is a considerate purchase.

582
00:33:23,880 --> 00:33:26,320
Speaker 1: You've got to see the TV best, you know, best

583
00:33:26,360 --> 00:33:28,080
Speaker 1: by the best, best place in the world where you

584
00:33:28,160 --> 00:33:30,640
Speaker 1: can do this. That's why we're doing that. The partnership

585
00:33:31,160 --> 00:33:33,400
Speaker 1: and you know, we build the stress based relationship. And

586
00:33:33,480 --> 00:33:35,400
Speaker 1: of course the media was this was a jaw dropping

587
00:33:35,520 --> 00:33:38,840
Speaker 1: moment and Jeff is a very generous man. It's it's

588
00:33:38,880 --> 00:33:41,560
Speaker 1: interesting because it raises another question, which is, how do

589
00:33:41,640 --> 00:33:44,360
Speaker 1: you think about competition as you lead a company. Do

590
00:33:44,440 --> 00:33:46,880
Speaker 1: you obsessed about competition or do you obsessed about your

591
00:33:46,920 --> 00:33:49,600
Speaker 1: customers and what you can become. And that's one of

592
00:33:49,600 --> 00:33:52,080
Speaker 1: the things that Jeff and I share, which is you

593
00:33:52,520 --> 00:33:55,760
Speaker 1: you're obsessed about your customers and becoming the best version

594
00:33:55,800 --> 00:33:58,360
Speaker 1: of yourself you can be. Of course, at Best Bye,

595
00:33:58,400 --> 00:34:01,560
Speaker 1: we looked at Amazone. We wanted to actually in a

596
00:34:01,600 --> 00:34:04,840
Speaker 1: sense we neutralize them, right because the same prices, same

597
00:34:04,880 --> 00:34:07,720
Speaker 1: great shopping experience that we ship as fast as they do.

598
00:34:07,920 --> 00:34:10,720
Speaker 1: So let's call it a draw on the online business.

599
00:34:10,760 --> 00:34:14,000
Speaker 1: And maybe we have our unique assets and so you're

600
00:34:14,040 --> 00:34:17,560
Speaker 1: not you don't obsess about your competition. In fact, in

601
00:34:17,640 --> 00:34:20,080
Speaker 1: some cases, your your your your partner with them, and

602
00:34:20,880 --> 00:34:23,920
Speaker 1: I think the world and other than the COVID pandemic,

603
00:34:24,000 --> 00:34:26,760
Speaker 1: there's another pandemic in the world, which is the fear

604
00:34:26,920 --> 00:34:29,800
Speaker 1: or the obsession about zero sum games. You know, the

605
00:34:29,840 --> 00:34:32,000
Speaker 1: only way that Amazon could win is that best Buy

606
00:34:32,080 --> 00:34:34,920
Speaker 1: loses or vice versa. The only way this podcast can

607
00:34:34,960 --> 00:34:38,239
Speaker 1: be successful berries if you win and I lose. That's crazy, right.

608
00:34:38,560 --> 00:34:41,840
Speaker 1: You get to collaborate and create great outcomes. And I

609
00:34:41,880 --> 00:34:44,480
Speaker 1: think in this world, as leaders, we have to think

610
00:34:44,480 --> 00:34:46,960
Speaker 1: about how we can create win win win outcomes for

611
00:34:47,040 --> 00:34:50,680
Speaker 1: our customers, are employees, are vendors, the community, and ultimately

612
00:34:50,800 --> 00:34:54,680
Speaker 1: the shareholders. And to put some flesh on those bones,

613
00:34:54,760 --> 00:34:58,800
Speaker 1: some numbers on it. In two thousand and seven, before

614
00:34:59,000 --> 00:35:01,760
Speaker 1: the financial cry, as best Buy had done about thirty

615
00:35:01,800 --> 00:35:07,360
Speaker 1: five billion dollars in revenue in they were somewhere in

616
00:35:07,400 --> 00:35:10,680
Speaker 1: the neighborhood of forty seven billion. And this year, I

617
00:35:10,760 --> 00:35:14,080
Speaker 1: think the company is looking for an access of fifty billion.

618
00:35:14,680 --> 00:35:18,320
Speaker 1: So clearly that's been heading in the in the right direction.

619
00:35:19,120 --> 00:35:22,960
Speaker 1: Let's talk a little bit about your experience on other boards.

620
00:35:23,600 --> 00:35:26,320
Speaker 1: You're on the board of directors of Johnson and Johnson,

621
00:35:26,480 --> 00:35:28,480
Speaker 1: and we're on the board of directors at Ralph Lauren.

622
00:35:29,080 --> 00:35:32,320
Speaker 1: What have you learned from those firms that were applicable

623
00:35:32,920 --> 00:35:35,000
Speaker 1: to Best Buy and what do you bring to the

624
00:35:35,120 --> 00:35:39,560
Speaker 1: table for those companies? Yes, so I joined the first board.

625
00:35:39,600 --> 00:35:43,120
Speaker 1: I joined with Rafflin in two thousand and nine and

626
00:35:43,560 --> 00:35:46,400
Speaker 1: it was the CEO of Calclon Companies, which was you know,

627
00:35:46,600 --> 00:35:49,279
Speaker 1: can you travel t g I Fridays? And then a

628
00:35:49,360 --> 00:35:53,120
Speaker 1: bunch of hotels rejoined and Regisson. The reason why I

629
00:35:53,239 --> 00:35:56,600
Speaker 1: was interested in joining another board was to try to

630
00:35:56,760 --> 00:36:00,960
Speaker 1: become a better CEO in the relationship with boards and

631
00:36:01,120 --> 00:36:03,879
Speaker 1: sitting on somebody else's board, you can see the needs

632
00:36:03,920 --> 00:36:05,960
Speaker 1: of the board and then you can see how the

633
00:36:06,040 --> 00:36:09,480
Speaker 1: CEO and their team dealing with you. So that was

634
00:36:09,600 --> 00:36:12,680
Speaker 1: a great experience because when you become CEO and you

635
00:36:12,760 --> 00:36:15,520
Speaker 1: deal with the board, yes, dear, experience right, dealing with

636
00:36:15,600 --> 00:36:17,680
Speaker 1: the board. So that's one of the things you learned

637
00:36:17,719 --> 00:36:19,680
Speaker 1: on the job. So that was a great way for

638
00:36:19,760 --> 00:36:22,640
Speaker 1: me to to learn. And these two companies Jen J

639
00:36:22,719 --> 00:36:26,000
Speaker 1: and Raffa and there two amazing companies, you know, J

640
00:36:26,160 --> 00:36:29,439
Speaker 1: and J. I joined recently. I joined about eighteen months

641
00:36:29,480 --> 00:36:35,920
Speaker 1: ago into watching Alex Gorsky and his team navigate the pandemic,

642
00:36:36,440 --> 00:36:38,840
Speaker 1: their credit based approach. I mean that they they're the

643
00:36:38,920 --> 00:36:41,560
Speaker 1: inventor of stakeholder capitalism before it had a name, right

644
00:36:41,640 --> 00:36:44,719
Speaker 1: with their credo that they are created in three that's

645
00:36:44,760 --> 00:36:47,480
Speaker 1: focused on all of the stakeholders. They're one of the

646
00:36:47,520 --> 00:36:51,560
Speaker 1: most innovative companies. So they showed the value of doing

647
00:36:51,680 --> 00:36:55,040
Speaker 1: meaningful innovation for the benefit of you know, in their case,

648
00:36:55,080 --> 00:36:58,520
Speaker 1: their patients. You know, this is a wonderful entrepreneur. Company

649
00:36:58,600 --> 00:37:01,600
Speaker 1: was founded in sixty seven and it's a great copy

650
00:37:01,880 --> 00:37:03,759
Speaker 1: one of the most iconic brands on the plant. So

651
00:37:03,880 --> 00:37:06,480
Speaker 1: how do you drive this and how do you balance

652
00:37:06,560 --> 00:37:10,000
Speaker 1: left brain and right brain? And of course enjoying cooperating

653
00:37:10,080 --> 00:37:13,920
Speaker 1: with Patrico Vey, the CEO, who's a terrific guy, and

654
00:37:14,040 --> 00:37:16,760
Speaker 1: so you know learning. You know, I'm like a sponge.

655
00:37:16,800 --> 00:37:20,120
Speaker 1: I love to stand some others what I bring. I

656
00:37:20,200 --> 00:37:22,640
Speaker 1: would frame it along the lines of what I was

657
00:37:23,440 --> 00:37:26,080
Speaker 1: looking for my board to do when I was CEO,

658
00:37:26,640 --> 00:37:28,680
Speaker 1: And I was not looking for the board to give

659
00:37:28,719 --> 00:37:30,600
Speaker 1: me all of the entries and do my job right,

660
00:37:30,760 --> 00:37:33,840
Speaker 1: but I used the board. I wanted to build a

661
00:37:33,920 --> 00:37:37,399
Speaker 1: board that would give me complimentary skills. So I wanted

662
00:37:37,440 --> 00:37:39,879
Speaker 1: to have the best people on the board that would

663
00:37:39,920 --> 00:37:43,080
Speaker 1: have skills that could be additive to our management team

664
00:37:43,400 --> 00:37:45,440
Speaker 1: and use the board as a sounding board too. I

665
00:37:45,480 --> 00:37:47,239
Speaker 1: would get any percent of the value of the board

666
00:37:47,320 --> 00:37:50,480
Speaker 1: meeting in the preparation to the board meeting, and then

667
00:37:50,640 --> 00:37:52,839
Speaker 1: you know, getting reaction the sounding board. You know, when

668
00:37:52,880 --> 00:37:55,759
Speaker 1: you're in the weeds, sometimes you're you're missing something, and

669
00:37:55,840 --> 00:38:00,359
Speaker 1: the being able to access you know, unique expertise from

670
00:38:00,400 --> 00:38:03,000
Speaker 1: our board. So you know, what I tried to bring

671
00:38:03,120 --> 00:38:06,480
Speaker 1: on these boards is tried to be a resource for

672
00:38:06,600 --> 00:38:10,680
Speaker 1: the management team as sounding board and helping them with

673
00:38:10,800 --> 00:38:14,239
Speaker 1: the most important issues. I really enjoyed that. I'm at

674
00:38:14,280 --> 00:38:17,080
Speaker 1: the state now studied a new chapter as you highlighted

675
00:38:17,120 --> 00:38:21,319
Speaker 1: on other CEO. But it's a matter of giving back

676
00:38:21,360 --> 00:38:24,200
Speaker 1: and helping the next generation of leaders, you know, be

677
00:38:24,320 --> 00:38:26,400
Speaker 1: the become the best version of themselves they can be.

678
00:38:26,520 --> 00:38:29,520
Speaker 1: So I do that through boards and through executive education

679
00:38:29,600 --> 00:38:33,280
Speaker 1: at Harvard Business School, also coach and mentor never CEOs

680
00:38:33,320 --> 00:38:37,160
Speaker 1: and executives. So it's I just love doing that. So

681
00:38:37,320 --> 00:38:40,239
Speaker 1: let's talk a little bit about what you're doing. Now,

682
00:38:40,880 --> 00:38:44,480
Speaker 1: tell us about the class you're teaching at Harvard. So

683
00:38:44,920 --> 00:38:49,040
Speaker 1: on Monday, August, early years that's that's what was the

684
00:38:49,120 --> 00:38:52,960
Speaker 1: first day of school for the incoming NBA class. And

685
00:38:53,640 --> 00:38:56,760
Speaker 1: one of the professors in the first year at teach Marketing,

686
00:38:57,480 --> 00:38:59,480
Speaker 1: which is about focused with you on how do you

687
00:38:59,560 --> 00:39:02,839
Speaker 1: grow up pretty focusing on the customers. So that's one

688
00:39:02,840 --> 00:39:04,560
Speaker 1: of the things I do. Most of part of the

689
00:39:04,640 --> 00:39:08,200
Speaker 1: faculty that as a program for new CEOs, so twice

690
00:39:08,239 --> 00:39:11,560
Speaker 1: per year with a small bunch of new CEOs that

691
00:39:12,160 --> 00:39:14,080
Speaker 1: I did this when I became CEO that come here

692
00:39:14,160 --> 00:39:16,520
Speaker 1: for three days and we tried to help them out.

693
00:39:16,840 --> 00:39:20,040
Speaker 1: And also part of the faculty that doing a program

694
00:39:20,080 --> 00:39:23,520
Speaker 1: called Leading Global Businesses. And last but last this I'm

695
00:39:23,520 --> 00:39:26,680
Speaker 1: really passionate about this. We're designing and we're gonna pilot

696
00:39:26,800 --> 00:39:30,279
Speaker 1: a program for companies and then also in the NBA

697
00:39:30,400 --> 00:39:35,040
Speaker 1: program called putting Purpose to Work and Unleashing Human Magic. Right,

698
00:39:35,120 --> 00:39:38,239
Speaker 1: so many companies on on this purpose journey today, and

699
00:39:38,400 --> 00:39:41,200
Speaker 1: so it's gonna be a series of workshops for the

700
00:39:41,640 --> 00:39:44,680
Speaker 1: top thirty people's custom programs, one company at a time,

701
00:39:45,239 --> 00:39:47,520
Speaker 1: and we're gonna try to support them in their journey.

702
00:39:47,520 --> 00:39:50,640
Speaker 1: We're doing our first fight as this fall and look

703
00:39:50,680 --> 00:39:54,000
Speaker 1: forward to learning from that experience. And and I think

704
00:39:54,040 --> 00:39:57,120
Speaker 1: we're just in the early innings of that new era

705
00:39:57,320 --> 00:40:00,480
Speaker 1: of capitalism, so so much to learn. U. We're excited

706
00:40:00,520 --> 00:40:02,880
Speaker 1: to be part of that journey with the Never companies.

707
00:40:03,680 --> 00:40:06,720
Speaker 1: Quite quite interesting. I have to ask you the obvious question.

708
00:40:07,360 --> 00:40:10,440
Speaker 1: Is your book a book you assigned to your students?

709
00:40:10,520 --> 00:40:14,600
Speaker 1: What what do you have them read? The so HBS

710
00:40:14,880 --> 00:40:18,279
Speaker 1: is a school where there's really not for the most part,

711
00:40:18,719 --> 00:40:21,040
Speaker 1: men that to be reading of any books. So I

712
00:40:21,120 --> 00:40:23,600
Speaker 1: know that last year, before the book was established, my

713
00:40:24,000 --> 00:40:28,080
Speaker 1: wonderful section A from the NBA program. They all got

714
00:40:28,160 --> 00:40:31,839
Speaker 1: a copy of the manuscript and we had great conversations too.

715
00:40:32,760 --> 00:40:36,080
Speaker 1: Sometimes the book gets distributed, yes, to the participants of

716
00:40:36,160 --> 00:40:39,840
Speaker 1: the executive education programs, but in the NBA there's little

717
00:40:40,080 --> 00:40:42,799
Speaker 1: men that story reading. It's it's all about the as

718
00:40:42,840 --> 00:40:46,279
Speaker 1: you know, the case study methodology, which is a wonderful

719
00:40:46,400 --> 00:40:49,200
Speaker 1: way to to learn, because it's hard to learn just

720
00:40:49,320 --> 00:40:51,480
Speaker 1: from reading reading. I mean, I encourage people to read

721
00:40:51,520 --> 00:40:54,920
Speaker 1: the book, for sure, but it's by practicing that you

722
00:40:55,000 --> 00:40:59,279
Speaker 1: really learned, right. So that's the that's the HBS way, uh,

723
00:40:59,719 --> 00:41:02,640
Speaker 1: to say the very least. And one of the things

724
00:41:02,719 --> 00:41:07,480
Speaker 1: that Bezo specifically mentioned was that he thought your turnarounds

725
00:41:08,120 --> 00:41:12,120
Speaker 1: at best Buy was going to eventually become a Harvard

726
00:41:12,160 --> 00:41:15,680
Speaker 1: Business School case study. What what are your thoughts on that. Well,

727
00:41:15,920 --> 00:41:19,839
Speaker 1: we're actually working on that with Professor Gupta, and it's

728
00:41:19,840 --> 00:41:21,680
Speaker 1: gonna be taught for the first time. This is gonna

729
00:41:21,680 --> 00:41:24,320
Speaker 1: be started, right, This is gonna be the last case

730
00:41:24,640 --> 00:41:29,080
Speaker 1: of the marketing class in December, and so, of course,

731
00:41:29,160 --> 00:41:30,880
Speaker 1: in my sex is gonna be ironic. I'm gonna be

732
00:41:30,960 --> 00:41:33,520
Speaker 1: Professor Jolie and I'm gonna be one of the protagonists.

733
00:41:33,960 --> 00:41:36,319
Speaker 1: There's been other cases on best Buy, but this one

734
00:41:36,440 --> 00:41:39,040
Speaker 1: is gonna be very much on the on the turnaround

735
00:41:39,040 --> 00:41:42,200
Speaker 1: and transformation. So that's gonna be fun. And I've also

736
00:41:42,280 --> 00:41:45,000
Speaker 1: taught it. We've also taught it in some of the

737
00:41:45,080 --> 00:41:48,759
Speaker 1: executive education programs. So Jeff, as always, Jeff is right,

738
00:41:48,800 --> 00:41:51,080
Speaker 1: there is the best by case now at Harvard Business

739
00:41:51,120 --> 00:41:57,040
Speaker 1: School really really quite interesting. So you mentioned purposeful leadership.

740
00:41:57,320 --> 00:42:00,120
Speaker 1: Let's delve into that a little bit. How does one

741
00:42:00,280 --> 00:42:04,399
Speaker 1: become a purposeful leader who's focused on creating the sort

742
00:42:04,400 --> 00:42:08,399
Speaker 1: of environment where others can flourish and perform at their best. Yeah,

743
00:42:08,520 --> 00:42:13,239
Speaker 1: this is for me such an important transformation and point

744
00:42:13,280 --> 00:42:17,000
Speaker 1: I grew up believing that as as the leader, which

745
00:42:17,120 --> 00:42:19,839
Speaker 1: was important was to be smart. Right, we all went

746
00:42:19,920 --> 00:42:22,960
Speaker 1: to school and to some of the best goals and

747
00:42:23,120 --> 00:42:24,920
Speaker 1: in the early years of our career. You know, this

748
00:42:25,160 --> 00:42:27,719
Speaker 1: is that the left brain is what highlight being the

749
00:42:27,800 --> 00:42:31,000
Speaker 1: smartest person in the room. I've learned over the years

750
00:42:31,040 --> 00:42:34,160
Speaker 1: that this is not what drives you know, great outcomes

751
00:42:35,280 --> 00:42:39,279
Speaker 1: over time and an entire reflection and if we slow down,

752
00:42:39,640 --> 00:42:42,400
Speaker 1: you know, one of the things that thing's important to

753
00:42:42,440 --> 00:42:45,719
Speaker 1: do is reflect on why do we work? You know,

754
00:42:45,960 --> 00:42:50,200
Speaker 1: is work but at a mixed reputation? Right? We work?

755
00:42:50,400 --> 00:42:54,160
Speaker 1: Is working in punishment because some dude sind in paradise? Right?

756
00:42:54,320 --> 00:42:56,319
Speaker 1: Or is work something we do so that we can

757
00:42:56,360 --> 00:43:00,480
Speaker 1: do something else that's more fun? Or is work part

758
00:43:00,560 --> 00:43:04,120
Speaker 1: of our fulfillment as a human being? Part of our

759
00:43:04,239 --> 00:43:07,920
Speaker 1: quest for meaning? Right? To talk about Victor Frankel. And

760
00:43:08,440 --> 00:43:10,600
Speaker 1: you know, one of the things that I really invite

761
00:43:11,320 --> 00:43:13,560
Speaker 1: myself to do in every leader to do is reflect

762
00:43:13,600 --> 00:43:17,400
Speaker 1: on this what could it be the meaning of my life? Professionally?

763
00:43:17,520 --> 00:43:19,239
Speaker 1: How do I want to be remembered? One of the

764
00:43:19,280 --> 00:43:22,000
Speaker 1: things we ask the CEOs to do in the new

765
00:43:22,080 --> 00:43:26,239
Speaker 1: CEO promat however, it is write your retirement speech or

766
00:43:26,760 --> 00:43:29,760
Speaker 1: with my wife when I when we coach or mentor CEOs,

767
00:43:30,120 --> 00:43:33,840
Speaker 1: we asked them to write their eulogy. What would you

768
00:43:33,920 --> 00:43:36,879
Speaker 1: like other people to say on that day when you're

769
00:43:36,920 --> 00:43:40,080
Speaker 1: not here to listen? And I think this is so

770
00:43:40,280 --> 00:43:43,080
Speaker 1: meaningful because people talk about the purpose of the corporation.

771
00:43:43,120 --> 00:43:46,360
Speaker 1: I think it started with our individual purpose because motivation

772
00:43:46,480 --> 00:43:50,280
Speaker 1: is intrinsic, right, and so how can you lead others

773
00:43:50,400 --> 00:43:53,239
Speaker 1: if you cannot lead your life and yourself? For me,

774
00:43:53,400 --> 00:43:57,520
Speaker 1: that's the that's the beginning, very practical, one of the

775
00:43:57,560 --> 00:44:00,200
Speaker 1: turning point in our journey at does by Barry with you.

776
00:44:00,400 --> 00:44:02,680
Speaker 1: Every quarter we would get together as an executive team

777
00:44:02,719 --> 00:44:06,359
Speaker 1: for an out site and one day I asked every

778
00:44:06,400 --> 00:44:08,880
Speaker 1: one of the executive team members to come to the

779
00:44:08,960 --> 00:44:11,160
Speaker 1: out site with a picture of themselves when they were

780
00:44:11,239 --> 00:44:14,000
Speaker 1: the all they two or three years old. We got

781
00:44:14,120 --> 00:44:18,359
Speaker 1: some really cute pictures back in your that and over

782
00:44:18,480 --> 00:44:21,920
Speaker 1: dinner we spend the evening sharing with each other a

783
00:44:22,080 --> 00:44:25,359
Speaker 1: life story and what drives us in life? But what's

784
00:44:25,400 --> 00:44:27,759
Speaker 1: the meaning of our lives? And you know what came

785
00:44:27,800 --> 00:44:30,680
Speaker 1: out of that discussion, You know several things. One is

786
00:44:31,160 --> 00:44:34,200
Speaker 1: we realized that all of us were human beings, not

787
00:44:34,400 --> 00:44:38,759
Speaker 1: just a CFO or CMO or cchl uh in that,

788
00:44:39,040 --> 00:44:41,759
Speaker 1: with a couple of exceptions, all of us at the

789
00:44:41,920 --> 00:44:44,520
Speaker 1: same kind of goals in life, which is just the

790
00:44:44,600 --> 00:44:47,759
Speaker 1: golden rule, do something good to other people. And that

791
00:44:48,040 --> 00:44:51,200
Speaker 1: was very transformational because we said, well, where the executive

792
00:44:51,239 --> 00:44:53,040
Speaker 1: team of best Buy at that time best but you know,

793
00:44:53,120 --> 00:44:54,840
Speaker 1: we had saved best Buy and it was where do

794
00:44:54,920 --> 00:44:57,120
Speaker 1: we go from here? Said why don't we use best

795
00:44:57,200 --> 00:44:59,840
Speaker 1: buyers a platform to do something good in the w

796
00:45:00,000 --> 00:45:03,480
Speaker 1: else and become a company that customers are gonna love,

797
00:45:03,960 --> 00:45:06,000
Speaker 1: employees are gonna love, community is gonna love, and of

798
00:45:06,080 --> 00:45:09,800
Speaker 1: course shoulders are going to continue to to love. And

799
00:45:09,920 --> 00:45:12,080
Speaker 1: so there's a seminal idea in my mind which is

800
00:45:12,239 --> 00:45:16,040
Speaker 1: connecting what drives us as individuals with the purpose of

801
00:45:16,120 --> 00:45:18,359
Speaker 1: the company. And the thing is for companies that are

802
00:45:18,360 --> 00:45:20,880
Speaker 1: embark on the purpose journey, they write down their purpose.

803
00:45:21,640 --> 00:45:24,360
Speaker 1: But if they just try to cascade it down and

804
00:45:24,480 --> 00:45:27,799
Speaker 1: communicate it to everybody and say why don't you why

805
00:45:27,800 --> 00:45:31,279
Speaker 1: aren't you excited about this new purpose, it doesn't work.

806
00:45:31,400 --> 00:45:35,040
Speaker 1: You really have to start with what drives every individual

807
00:45:35,320 --> 00:45:38,080
Speaker 1: and the company, and then you realize that yes, what

808
00:45:38,280 --> 00:45:40,399
Speaker 1: is your role. So in the book, I talked about

809
00:45:40,440 --> 00:45:43,040
Speaker 1: the five best of purposeful leadership. The first be is

810
00:45:43,040 --> 00:45:44,680
Speaker 1: to be clear about your what we were talking about,

811
00:45:44,800 --> 00:45:47,520
Speaker 1: because about your own purpose, because about the purpose of

812
00:45:47,600 --> 00:45:50,480
Speaker 1: people around you and how it connects with you know,

813
00:45:50,560 --> 00:45:52,840
Speaker 1: what you're doing at the company. The second way is

814
00:45:52,840 --> 00:45:55,600
Speaker 1: because about your role as a leader. You know, it's

815
00:45:55,640 --> 00:45:57,759
Speaker 1: not to be the smartest person in the room. It's

816
00:45:57,800 --> 00:46:00,920
Speaker 1: to create the environment in which others can you be

817
00:46:01,040 --> 00:46:04,080
Speaker 1: the best version of of themselves. And of course you

818
00:46:04,120 --> 00:46:06,759
Speaker 1: know if you're leading a significant company yet says by

819
00:46:06,840 --> 00:46:09,080
Speaker 1: you know more than thousand people, is the only thing

820
00:46:09,160 --> 00:46:12,000
Speaker 1: that happens. The things that you decide that you come

821
00:46:12,120 --> 00:46:13,880
Speaker 1: up with, you're I'm going to go far right. So

822
00:46:13,960 --> 00:46:16,600
Speaker 1: it's all about creating this environment. So it's a significant

823
00:46:16,640 --> 00:46:21,279
Speaker 1: mind shift. It's also about I was gonna say, you know,

824
00:46:21,640 --> 00:46:24,719
Speaker 1: I'm struck by your comments. And this comes through the

825
00:46:24,800 --> 00:46:32,200
Speaker 1: book about showing vulnerability, inspiring people, embracing your humanity. I

826
00:46:32,360 --> 00:46:36,360
Speaker 1: think back to the former CEO of General Electric, Jack Welsh,

827
00:46:37,040 --> 00:46:40,919
Speaker 1: whose nickname was neutron Jack for how frequently he would

828
00:46:41,640 --> 00:46:46,560
Speaker 1: lay off people and close divisions and fire other executives.

829
00:46:47,040 --> 00:46:50,880
Speaker 1: When when you were putting your philosophy to work at

830
00:46:50,960 --> 00:46:55,080
Speaker 1: Best Buy. Were you aware that this is a radical

831
00:46:55,280 --> 00:46:59,920
Speaker 1: break from what had come before you? Yes, And to quote,

832
00:47:00,160 --> 00:47:03,319
Speaker 1: so to go back to France in seventeen nine, at

833
00:47:03,360 --> 00:47:06,160
Speaker 1: the moment of the storming of the Bastial, there's a

834
00:47:06,920 --> 00:47:10,560
Speaker 1: Louis the sixteenth as Monsieur de la is this a revolt?

835
00:47:11,000 --> 00:47:15,600
Speaker 1: And course response says that, no, sire, this is a revolution.

836
00:47:16,600 --> 00:47:19,839
Speaker 1: And I think that's what it is, and it's it's

837
00:47:19,920 --> 00:47:22,880
Speaker 1: really shifting things. You know, people are not the problem,

838
00:47:22,960 --> 00:47:26,600
Speaker 1: there's a source, and they're also the ultimate goal. And

839
00:47:26,960 --> 00:47:30,360
Speaker 1: I think that most people agree with this. Arry the

840
00:47:30,760 --> 00:47:33,200
Speaker 1: challenge is not agreeing with this now. I think it's

841
00:47:33,280 --> 00:47:36,320
Speaker 1: really doing it and it's a I can speak from experience.

842
00:47:36,360 --> 00:47:38,040
Speaker 1: If you were to look at my face, you would

843
00:47:38,040 --> 00:47:40,520
Speaker 1: see all of the scouts in my face. They're learning

844
00:47:40,560 --> 00:47:42,680
Speaker 1: from experience and trying to get better at This is

845
00:47:42,680 --> 00:47:46,120
Speaker 1: a lifelong journey of learning to be vulnerable. You know,

846
00:47:46,440 --> 00:47:50,320
Speaker 1: I was raised being taught that you know, you couldn't

847
00:47:50,320 --> 00:47:53,440
Speaker 1: say I don't know, and now the world we live then,

848
00:47:53,880 --> 00:47:57,480
Speaker 1: did you have a manual for the COVID pandemic? Did

849
00:47:57,520 --> 00:48:01,400
Speaker 1: you have a manual for back to the office. No,

850
00:48:01,920 --> 00:48:04,560
Speaker 1: so it's clear that we don't know. So yeah, we

851
00:48:04,600 --> 00:48:05,880
Speaker 1: have to be able to say my name is you

852
00:48:06,000 --> 00:48:08,760
Speaker 1: bet and I need help, and we're gonna work together

853
00:48:09,560 --> 00:48:12,480
Speaker 1: to figure it out. So that's a sea change in leadership,

854
00:48:13,120 --> 00:48:16,400
Speaker 1: leading from a place of purpose and with humanity and

855
00:48:16,480 --> 00:48:19,120
Speaker 1: a great deal of humility. So I want to talk

856
00:48:19,160 --> 00:48:22,279
Speaker 1: about the pandemic in a moment. I want to stick

857
00:48:22,400 --> 00:48:25,680
Speaker 1: with this revolution that you mentioned. There's a quote from

858
00:48:25,719 --> 00:48:29,160
Speaker 1: the book that I really like. Quote the Milton Friedman

859
00:48:29,360 --> 00:48:33,560
Speaker 1: version of capitalism got us here, but now this model

860
00:48:33,719 --> 00:48:37,319
Speaker 1: is failing. Explain to us how it got us here,

861
00:48:37,440 --> 00:48:41,719
Speaker 1: why it's failing now, and what comes next. I used

862
00:48:41,800 --> 00:48:45,320
Speaker 1: this to highlight the idea which merely has been Milton

863
00:48:45,440 --> 00:48:48,160
Speaker 1: Treatment's only idea. That was context when you spoke. But

864
00:48:49,040 --> 00:48:54,160
Speaker 1: the obsession with profits being the only thing that matters

865
00:48:54,840 --> 00:48:58,520
Speaker 1: has proven to be poisonous and an excessive focus on

866
00:48:58,600 --> 00:49:02,480
Speaker 1: profits is reasoners And there's several reasons for this. One

867
00:49:02,600 --> 00:49:06,080
Speaker 1: is when you look at the the reported profit of

868
00:49:06,400 --> 00:49:08,840
Speaker 1: the company. By the way, if anybody believes that US

869
00:49:08,880 --> 00:49:14,560
Speaker 1: gap really tries to equate economic performance, you know, study accounting. Again,

870
00:49:14,600 --> 00:49:17,200
Speaker 1: it's not even trying to set of principles. There's many

871
00:49:17,280 --> 00:49:21,360
Speaker 1: things that gap profit does not capture, including you know,

872
00:49:21,480 --> 00:49:24,480
Speaker 1: your negative impact on the environment, or how well your

873
00:49:24,520 --> 00:49:27,400
Speaker 1: salesforce is trained. The other thing is that it focuses

874
00:49:27,680 --> 00:49:30,440
Speaker 1: on an outcomes to in medicines, be a little bit

875
00:49:30,440 --> 00:49:35,279
Speaker 1: analogous if my empty was focused on my temperature, right,

876
00:49:35,560 --> 00:49:37,920
Speaker 1: and I don't want a doctor that's purely focused on

877
00:49:37,960 --> 00:49:40,279
Speaker 1: my temperature because maybe it's gonna put the some of

878
00:49:40,320 --> 00:49:42,480
Speaker 1: it in the fridge or in the over the right, depending.

879
00:49:42,719 --> 00:49:44,920
Speaker 1: I want somebody who's going to be interesting what's driving

880
00:49:45,000 --> 00:49:48,279
Speaker 1: my health and try to help me get healthy. And

881
00:49:48,400 --> 00:49:51,960
Speaker 1: so we got confused by this obsession and that's what's

882
00:49:52,000 --> 00:49:54,400
Speaker 1: the only thing that matters. And of course there's extreme cases,

883
00:49:54,920 --> 00:49:57,239
Speaker 1: you know, end Round is one of them that where

884
00:49:57,360 --> 00:50:01,560
Speaker 1: where we lost track of while we're on this planet

885
00:50:01,719 --> 00:50:07,120
Speaker 1: and responsibility with with doing the right the right thing.

886
00:50:07,239 --> 00:50:12,239
Speaker 1: So this new model, the reinvention of business probably going

887
00:50:12,320 --> 00:50:14,440
Speaker 1: back to some of our roots, right with the idea

888
00:50:14,520 --> 00:50:18,880
Speaker 1: that business is here to pursue in noble purpose. And

889
00:50:19,000 --> 00:50:21,120
Speaker 1: this is not about socialism. This is about doing something

890
00:50:21,200 --> 00:50:24,600
Speaker 1: good in the world that's gonna be responding to needs

891
00:50:24,920 --> 00:50:28,440
Speaker 1: of customers in a way that's responsible. It's about putting

892
00:50:28,840 --> 00:50:32,880
Speaker 1: people at the center, embracing all of the stakeholders in

893
00:50:32,960 --> 00:50:38,040
Speaker 1: a harmonious fashion, refusing zero some games and trading profit

894
00:50:38,560 --> 00:50:41,600
Speaker 1: as an outcome. I think that's the formula. That's the

895
00:50:41,680 --> 00:50:44,759
Speaker 1: formula that's employed by some of the best companies on

896
00:50:44,880 --> 00:50:47,440
Speaker 1: the on the planet. And as leaders, we need to

897
00:50:47,480 --> 00:50:51,080
Speaker 1: go back to that and and learn, you know, new

898
00:50:51,200 --> 00:50:54,800
Speaker 1: things because we're so influenced by you know, some of

899
00:50:54,880 --> 00:50:58,560
Speaker 1: the techniques we learned last century, including this toub down

900
00:50:58,640 --> 00:51:00,960
Speaker 1: management approach and using centers. So that's not I think

901
00:51:01,000 --> 00:51:03,759
Speaker 1: I learned over time. There's researched by the m I team.

902
00:51:04,239 --> 00:51:10,000
Speaker 1: I chose that financial incentives deter your rate performance, which

903
00:51:10,040 --> 00:51:12,960
Speaker 1: is the opposite h what we've learned. Right, But if

904
00:51:13,000 --> 00:51:16,160
Speaker 1: you if you tread somebody with carrots and sticks, be

905
00:51:16,200 --> 00:51:19,480
Speaker 1: aware because you've got to get a donkey. And in

906
00:51:19,560 --> 00:51:22,640
Speaker 1: the world where you need to be ativity and people

907
00:51:22,680 --> 00:51:25,600
Speaker 1: to be their best motivation is going to be in twinsing.

908
00:51:25,719 --> 00:51:27,480
Speaker 1: So that's what you need to be able to touch

909
00:51:28,239 --> 00:51:30,720
Speaker 1: and get pretty environment where people want to be their best,

910
00:51:31,520 --> 00:51:34,279
Speaker 1: you know, and and make a meaningful contribution in their

911
00:51:34,440 --> 00:51:36,440
Speaker 1: in their work. So I think this is a very

912
00:51:36,480 --> 00:51:39,960
Speaker 1: exciting pace. This is an urgent face because I'm concerned,

913
00:51:39,960 --> 00:51:42,400
Speaker 1: probably like you and many others, that we have a

914
00:51:42,480 --> 00:51:46,920
Speaker 1: few ticking time bombs, you know, and three wonderful granddaughters.

915
00:51:47,400 --> 00:51:49,959
Speaker 1: I want to do my best to try to quote

916
00:51:50,000 --> 00:51:53,000
Speaker 1: unquote safe the planet right, that leave a better world, right.

917
00:51:53,160 --> 00:51:58,279
Speaker 1: That's the current trajectory. And this is very consistent. You know,

918
00:51:58,400 --> 00:52:03,160
Speaker 1: I have a fuller understanding of of your philosophy that

919
00:52:03,400 --> 00:52:07,520
Speaker 1: profit should be an outcome and not just the goal

920
00:52:07,800 --> 00:52:11,239
Speaker 1: in and of itself. You've really put some some meat

921
00:52:11,320 --> 00:52:14,560
Speaker 1: on those bones. Yeah, thank you, Verry. And and there's

922
00:52:14,600 --> 00:52:19,600
Speaker 1: practical implications of that again, and studying your monthly business

923
00:52:19,640 --> 00:52:22,759
Speaker 1: meetings or your even your board meetings with people and

924
00:52:23,200 --> 00:52:26,799
Speaker 1: organization and then customers and business and then finish when

925
00:52:26,880 --> 00:52:29,880
Speaker 1: financial results, you know, the if you take care of

926
00:52:29,960 --> 00:52:34,800
Speaker 1: the first two, you know, the profits will we will follow.

927
00:52:35,080 --> 00:52:40,640
Speaker 1: And so it's a it's a significant practical and philosophical transformation.

928
00:52:41,080 --> 00:52:43,759
Speaker 1: You're talking about quotes We quoted notes in treatment, but

929
00:52:44,719 --> 00:52:47,640
Speaker 1: I love this quote from the Lebanese spot haliel Jibrand

930
00:52:48,440 --> 00:52:53,239
Speaker 1: said that work is love made visible. M that's a

931
00:52:53,280 --> 00:52:56,439
Speaker 1: wonderful quote. Um, and let's talk a little bit about

932
00:52:56,600 --> 00:53:00,600
Speaker 1: visibility of some of the changes you you did. By

933
00:53:00,640 --> 00:53:03,360
Speaker 1: the time you step down from the board of directors

934
00:53:04,080 --> 00:53:08,880
Speaker 1: in June of last year, Best Buy's board of thirteen

935
00:53:09,200 --> 00:53:12,880
Speaker 1: directors had, for the first time ever, a majority of

936
00:53:13,000 --> 00:53:18,080
Speaker 1: women and three African American directors. Tell us how you

937
00:53:18,239 --> 00:53:23,560
Speaker 1: brought about this increase of diversity, What about diversity throughout

938
00:53:23,800 --> 00:53:28,120
Speaker 1: the rest of the company, and what was the impact

939
00:53:28,400 --> 00:53:32,160
Speaker 1: of so much inclusion and um, you know, a shift

940
00:53:32,200 --> 00:53:36,960
Speaker 1: away from the older homogeneous types of boards. I think

941
00:53:37,360 --> 00:53:39,920
Speaker 1: very It's clear for every one of these today that

942
00:53:40,840 --> 00:53:43,120
Speaker 1: I think diverse teams is going to get to a

943
00:53:43,200 --> 00:53:46,160
Speaker 1: better business outcome. And you know, I do believe that

944
00:53:46,280 --> 00:53:48,920
Speaker 1: if it had been Leman brothers and sisters instead of

945
00:53:49,000 --> 00:53:51,560
Speaker 1: Lehman Brothers, we would have had a different outcome. But

946
00:53:51,680 --> 00:53:54,360
Speaker 1: if you also take it a very practical fashion. In

947
00:53:54,440 --> 00:53:57,960
Speaker 1: one of our stories in Chicago that's in the Polish neighborhood,

948
00:53:58,600 --> 00:54:01,279
Speaker 1: if the blue shirts don't speak collars, you know they're

949
00:54:01,280 --> 00:54:04,320
Speaker 1: not going to sell much. Or when we had Brazilian

950
00:54:04,360 --> 00:54:08,120
Speaker 1: tourists in Orlando, you know the bullshers to speak Portuguese.

951
00:54:08,320 --> 00:54:09,880
Speaker 1: You know they were not going to sell much who

952
00:54:10,200 --> 00:54:17,239
Speaker 1: having diversity of you know, every dimension, talent, skills, profiles, gender, race.

953
00:54:17,440 --> 00:54:20,319
Speaker 1: You know, the country's color is changing very rapidly. It's

954
00:54:20,360 --> 00:54:23,359
Speaker 1: becoming black and brown, and we have to represent It's

955
00:54:23,440 --> 00:54:26,360
Speaker 1: very simple. We have to represent the diversity of the

956
00:54:26,440 --> 00:54:30,200
Speaker 1: customers we we serve. If we don't, bad things happen.

957
00:54:30,320 --> 00:54:33,200
Speaker 1: It's it's It's very true. There's a business imperative. There's

958
00:54:33,239 --> 00:54:36,840
Speaker 1: also a moral imperative, you know when we see the

959
00:54:37,400 --> 00:54:39,520
Speaker 1: state of the country. Also from the gender standpoint, as

960
00:54:39,520 --> 00:54:41,360
Speaker 1: you said of great Land daughters, I want them to

961
00:54:41,400 --> 00:54:44,279
Speaker 1: have the best opportunities and why would it make sense

962
00:54:44,320 --> 00:54:47,480
Speaker 1: to only recruit from the quarter of the population. And

963
00:54:49,560 --> 00:54:52,800
Speaker 1: the boards uh I felt the boards composition was a

964
00:54:52,920 --> 00:54:55,520
Speaker 1: great place to focus onus on the only one. When

965
00:54:55,600 --> 00:54:58,279
Speaker 1: we rebuild the board studying in thirteen, we wanted to

966
00:54:58,360 --> 00:55:01,320
Speaker 1: have the best skills we withd determined to be diverse,

967
00:55:01,960 --> 00:55:04,520
Speaker 1: so we had an early focus on gender diversity, and

968
00:55:04,520 --> 00:55:07,720
Speaker 1: then when I started to focus more on ethnic diversity.

969
00:55:07,840 --> 00:55:11,680
Speaker 1: Will be studying in twenty seen and met a great

970
00:55:11,719 --> 00:55:15,759
Speaker 1: meeting with Melody Hubson as know of Aerial Investment and

971
00:55:15,880 --> 00:55:18,239
Speaker 1: she's start the chair of stabacks. Everybody knows, not that

972
00:55:18,400 --> 00:55:22,320
Speaker 1: she's amazing, Uh it was. She told me that people

973
00:55:22,400 --> 00:55:26,040
Speaker 1: cannot be what they cannot see. And so studying at

974
00:55:26,080 --> 00:55:29,360
Speaker 1: the top and having a board that signaled the direction

975
00:55:29,560 --> 00:55:31,960
Speaker 1: was important. So you know what we did. And changing

976
00:55:32,040 --> 00:55:34,080
Speaker 1: the composition of the boy is not that shartment. It's

977
00:55:34,080 --> 00:55:36,560
Speaker 1: only ten or twelve or thirteen people. How hard can

978
00:55:36,600 --> 00:55:40,640
Speaker 1: it be. So we told the headhunter, don't bother giving

979
00:55:40,760 --> 00:55:43,880
Speaker 1: us resumes of non black directors, right, and if you

980
00:55:43,960 --> 00:55:48,160
Speaker 1: believe that you're unable to find great black candidates, we'll

981
00:55:48,200 --> 00:55:50,120
Speaker 1: say that's okay, we won't have a problem with that.

982
00:55:50,640 --> 00:55:53,040
Speaker 1: Could just work with another firm, you know, it's not

983
00:55:53,200 --> 00:55:57,239
Speaker 1: a problem. And so we we fluded three amazing directors

984
00:55:57,320 --> 00:55:59,600
Speaker 1: and no, I'm not long on the board, but they're

985
00:55:59,640 --> 00:56:02,879
Speaker 1: continue it in this direction and I think it makes

986
00:56:02,920 --> 00:56:06,879
Speaker 1: a huge difference. And of course Buys headquartered in Minneapolis,

987
00:56:06,960 --> 00:56:11,200
Speaker 1: and you know, following the killing, the murder of George Floyd's,

988
00:56:11,560 --> 00:56:14,800
Speaker 1: you know, it's pretty simple if you you know, if

989
00:56:14,840 --> 00:56:17,480
Speaker 1: the city is on fire, right, if the community is

990
00:56:17,520 --> 00:56:20,520
Speaker 1: on fire, you just can't open stores, right, you can't

991
00:56:20,600 --> 00:56:23,320
Speaker 1: run a business. So in this country, we have this

992
00:56:23,520 --> 00:56:27,080
Speaker 1: big racial issue that has been going on for centuries.

993
00:56:28,120 --> 00:56:31,640
Speaker 1: I think this generation is the opportunity to end systemic

994
00:56:31,760 --> 00:56:35,719
Speaker 1: rations and uh, and that's something we think business can

995
00:56:35,840 --> 00:56:38,080
Speaker 1: can play a big role in this. So that's you know,

996
00:56:38,239 --> 00:56:40,640
Speaker 1: and it was determined, and that's what we did. Let's

997
00:56:40,800 --> 00:56:44,960
Speaker 1: jump to our favorite questions that we ask all our guests,

998
00:56:45,320 --> 00:56:48,440
Speaker 1: starting with tell us what you're streaming these days? Give

999
00:56:48,520 --> 00:56:51,960
Speaker 1: us your favorite Netflix or Amazon Prime. What what's keeping

1000
00:56:52,040 --> 00:56:55,680
Speaker 1: you entertained during the pandemic. You know, I have so

1001
00:56:55,760 --> 00:56:59,520
Speaker 1: much an electronic equipment in our place that I'm doing

1002
00:56:59,520 --> 00:57:02,000
Speaker 1: a lot of meaning I love I always listen to music.

1003
00:57:02,400 --> 00:57:05,120
Speaker 1: I'm a movie bob. I have a collection of probably

1004
00:57:05,160 --> 00:57:08,560
Speaker 1: eight hundred movies on my carriage escape. You know. Set up.

1005
00:57:09,080 --> 00:57:12,400
Speaker 1: Our favorite show, I would say recently has been you know,

1006
00:57:12,480 --> 00:57:15,600
Speaker 1: Good Doctor. I think that's season five is starting at

1007
00:57:15,600 --> 00:57:18,560
Speaker 1: the end of September. We're very excited about this. And

1008
00:57:18,680 --> 00:57:22,760
Speaker 1: then from a podcast standpoint, I like listening to hbr's

1009
00:57:23,040 --> 00:57:27,160
Speaker 1: Idea Cast. That's a weekly, great weekly podcast. Whitney Johnson

1010
00:57:27,240 --> 00:57:30,880
Speaker 1: has got a great leadership podcast called Disrupt Yourself or

1011
00:57:31,000 --> 00:57:33,840
Speaker 1: And then I have to mention is a young teenager,

1012
00:57:34,280 --> 00:57:36,720
Speaker 1: well teenager would be young anywhere, right, But let's call

1013
00:57:36,760 --> 00:57:39,960
Speaker 1: I'm a teenager logan Lynn. He's got a finance Z

1014
00:57:40,320 --> 00:57:44,080
Speaker 1: podcast that's focused on the Z generation. Oh my god,

1015
00:57:44,400 --> 00:57:47,600
Speaker 1: the guy is so cool. So everybody, everybody joins and

1016
00:57:47,920 --> 00:57:52,680
Speaker 1: down those finances spell fi n A n Z and

1017
00:57:52,760 --> 00:57:57,560
Speaker 1: that slogan. Then, huh, quite interesting. We hinted at some

1018
00:57:57,720 --> 00:58:00,240
Speaker 1: of your menators, but let's let's jump into that in

1019
00:58:00,320 --> 00:58:03,280
Speaker 1: more depth. Tell us some of the people who helped

1020
00:58:03,480 --> 00:58:07,200
Speaker 1: to shape your career. Oh, there's so many. Marrying you know.

1021
00:58:07,880 --> 00:58:10,480
Speaker 1: Jean Marie de Caponsie kind of mine, had this big

1022
00:58:10,560 --> 00:58:15,280
Speaker 1: influence on me, teaching me so much about to put

1023
00:58:15,360 --> 00:58:19,240
Speaker 1: people first and treating profits as an outcome. There was

1024
00:58:19,400 --> 00:58:24,280
Speaker 1: two great friends, oh yes, who who happened to be monks,

1025
00:58:24,440 --> 00:58:27,160
Speaker 1: you know, in a religious congregation in the early in

1026
00:58:27,160 --> 00:58:30,120
Speaker 1: the nineties. That was the turning point. They asked me

1027
00:58:31,280 --> 00:58:33,880
Speaker 1: to write a couple of articles with them on the

1028
00:58:34,000 --> 00:58:37,440
Speaker 1: theology and philosophy of work, which is where I got

1029
00:58:37,480 --> 00:58:41,200
Speaker 1: a lot of my roots in terms of you know,

1030
00:58:41,520 --> 00:58:45,240
Speaker 1: work as part of our search for meaning as as individuals,

1031
00:58:45,320 --> 00:58:50,400
Speaker 1: as human beings. That changed my perspective on on on work.

1032
00:58:51,280 --> 00:58:56,400
Speaker 1: Another turning points, who you know in the my early forties,

1033
00:58:57,200 --> 00:58:58,880
Speaker 1: you could say, to quot out the books, I was

1034
00:58:58,920 --> 00:59:01,040
Speaker 1: at the top of my first mountain, right, had been

1035
00:59:01,040 --> 00:59:03,920
Speaker 1: a partner at mckindean company. I was on the executive

1036
00:59:03,960 --> 00:59:07,280
Speaker 1: team of the event Universal by many measures that had

1037
00:59:07,320 --> 00:59:10,640
Speaker 1: been successful, right except I think the top of that

1038
00:59:10,760 --> 00:59:14,640
Speaker 1: first mountain was very dry, you know, which was not fulfilling.

1039
00:59:14,680 --> 00:59:18,240
Speaker 1: There was no no real meaning. So we called it

1040
00:59:18,400 --> 00:59:22,000
Speaker 1: my midlife crisis. Right, So instead of going on to

1041
00:59:22,120 --> 00:59:25,240
Speaker 1: an island I did. I stepped back and I did

1042
00:59:25,320 --> 00:59:29,240
Speaker 1: the spiritual exercises. Wignessis of loyal that so you could

1043
00:59:29,240 --> 00:59:31,800
Speaker 1: say the founder of the Jesuits. Of course you could

1044
00:59:31,800 --> 00:59:34,080
Speaker 1: say he was one of my mentors. And that was

1045
00:59:34,160 --> 00:59:38,000
Speaker 1: really helpful to help me discern my calling in life,

1046
00:59:38,040 --> 00:59:41,160
Speaker 1: which today well since that has been to try to

1047
00:59:41,240 --> 00:59:45,520
Speaker 1: make a positive difference from people around me and use

1048
00:59:45,600 --> 00:59:48,960
Speaker 1: the platform they have to make a positive difference in

1049
00:59:49,760 --> 00:59:51,640
Speaker 1: the world, which is what I'm doing now teaching and

1050
00:59:52,240 --> 00:59:55,880
Speaker 1: mentoring and and and so forth. And then we mentioned

1051
00:59:55,920 --> 00:59:59,720
Speaker 1: Martial gold Smith, my first coach and good friends. Later

1052
00:59:59,840 --> 01:00:02,520
Speaker 1: on they also worked with Eric Kleiner. While you see

1053
01:00:02,560 --> 01:00:05,680
Speaker 1: when when the board so Marshall was doing my annual

1054
01:00:06,440 --> 01:00:08,880
Speaker 1: helping the board with my annual evaluation. And the board

1055
01:00:08,920 --> 01:00:11,120
Speaker 1: realized that Marsha when I were such good friends and said,

1056
01:00:11,160 --> 01:00:14,800
Speaker 1: now we need somebody more objective now. And we got

1057
01:00:15,000 --> 01:00:18,479
Speaker 1: Eric Planer, who is now the CEO of YFC, work

1058
01:00:18,560 --> 01:00:21,080
Speaker 1: with me, but also his firm works with every one

1059
01:00:21,120 --> 01:00:26,840
Speaker 1: of our executives and helped us with executive team effectiveness. Uh.

1060
01:00:27,000 --> 01:00:31,080
Speaker 1: And you know that was quite transformative. You know, I

1061
01:00:31,080 --> 01:00:33,760
Speaker 1: should have spent more time earlier on not just on

1062
01:00:33,880 --> 01:00:37,880
Speaker 1: building the right team, but enhancing our team effectiveness. And

1063
01:00:37,960 --> 01:00:41,400
Speaker 1: I learned a lot working with Eric in that. In

1064
01:00:41,480 --> 01:00:44,880
Speaker 1: that journey, let's talk a little bit about everybody's favorite question.

1065
01:00:45,120 --> 01:00:48,240
Speaker 1: Tell us about some of your favorite books and and

1066
01:00:48,400 --> 01:00:51,240
Speaker 1: what are you reading right now? I read three books

1067
01:00:51,280 --> 01:00:54,280
Speaker 1: this summer. The first one is by Rakish Karana, who

1068
01:00:54,320 --> 01:00:57,640
Speaker 1: is not the president of Harvard College in Scotland. Hire

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01:00:57,760 --> 01:01:02,320
Speaker 1: aims to hired Hands, which is the history traffic for me,

1070
01:01:03,040 --> 01:01:06,080
Speaker 1: the history of business education in the US over the

1071
01:01:06,200 --> 01:01:09,120
Speaker 1: last time in twenty years, and and how you know

1072
01:01:09,680 --> 01:01:13,280
Speaker 1: the business school curriculum was shaped and how and why?

1073
01:01:13,720 --> 01:01:16,520
Speaker 1: He believes and I do believe as well that we

1074
01:01:16,600 --> 01:01:19,520
Speaker 1: need to evolve it past just learning techniques, but also

1075
01:01:19,800 --> 01:01:23,120
Speaker 1: it's not just about learning you know something or learning

1076
01:01:23,160 --> 01:01:27,080
Speaker 1: to to do something. It's also learning to be, which

1077
01:01:27,240 --> 01:01:29,520
Speaker 1: is I think an entire journey. I also read That

1078
01:01:30,360 --> 01:01:34,040
Speaker 1: You Know Cast by Isabel Wickerson and a book by

1079
01:01:34,080 --> 01:01:37,280
Speaker 1: my colleague said Down Nearly Remote Work Revolution, which is

1080
01:01:37,400 --> 01:01:42,480
Speaker 1: of course a very timely, timely book, best book ever

1081
01:01:42,720 --> 01:01:45,440
Speaker 1: I've ever read. I have to mention the Maxell Push

1082
01:01:45,560 --> 01:01:48,280
Speaker 1: being French. You know, in Search of Last Time. It's

1083
01:01:48,320 --> 01:01:50,400
Speaker 1: only three thousand pages, so if you have a minute

1084
01:01:50,480 --> 01:01:54,800
Speaker 1: or two, encourage you to to get to it. Victor

1085
01:01:54,920 --> 01:01:57,960
Speaker 1: Frankel's Man's Search for Meeting is another favorite. And you

1086
01:01:58,040 --> 01:02:01,920
Speaker 1: mentioned that Martial Goldsmith, what got you here won't get

1087
01:02:02,000 --> 01:02:04,920
Speaker 1: you there? And finally I have to mention my wife's

1088
01:02:04,920 --> 01:02:08,640
Speaker 1: book called Aligned, Becoming the Leader You're Meant to Be

1089
01:02:09,240 --> 01:02:11,480
Speaker 1: and maybe it's art consili It's one of the best

1090
01:02:11,560 --> 01:02:14,880
Speaker 1: leadership books that I've ever read. But of course I'm

1091
01:02:14,880 --> 01:02:18,280
Speaker 1: a little bit biased, maybe maybe a little bit biased.

1092
01:02:18,440 --> 01:02:22,520
Speaker 1: Um So, so you work with grad students in college students,

1093
01:02:22,840 --> 01:02:25,680
Speaker 1: what sort of advice would you give to a recent

1094
01:02:25,920 --> 01:02:30,560
Speaker 1: college graduate who was interested in a career either as

1095
01:02:30,600 --> 01:02:33,560
Speaker 1: an executive or in leadership or or even in retail.

1096
01:02:34,120 --> 01:02:37,040
Speaker 1: I think the advice is the same as we give

1097
01:02:37,120 --> 01:02:41,120
Speaker 1: the u CEOs this write your retirement speech or even better,

1098
01:02:41,200 --> 01:02:43,520
Speaker 1: write your eulogy. And I know my good friends John

1099
01:02:43,560 --> 01:02:46,360
Speaker 1: Donahoe is now the CEO of Nike, did this when

1100
01:02:46,400 --> 01:02:50,160
Speaker 1: he graduated and he's always kept it, and I understand

1101
01:02:50,200 --> 01:02:52,919
Speaker 1: he goes back to it every year, and it's it's hard,

1102
01:02:53,120 --> 01:02:55,840
Speaker 1: you know, you know, I have children there between the

1103
01:02:55,880 --> 01:02:59,400
Speaker 1: ages of twenty six and thirty four. Early in your

1104
01:02:59,640 --> 01:03:03,120
Speaker 1: adult life, you don't know everything. But try to write

1105
01:03:03,200 --> 01:03:06,000
Speaker 1: it and see what journey you want to be on

1106
01:03:06,160 --> 01:03:08,240
Speaker 1: and how you want to be remembered. That would be

1107
01:03:08,720 --> 01:03:12,960
Speaker 1: one thought quite interesting. And our final question, what do

1108
01:03:13,080 --> 01:03:18,440
Speaker 1: you know about the world of leadership and executive management

1109
01:03:18,480 --> 01:03:21,560
Speaker 1: today that you wish you knew a couple of decades

1110
01:03:21,600 --> 01:03:24,880
Speaker 1: ago when you were first getting started. Well, there's so

1111
01:03:25,120 --> 01:03:29,800
Speaker 1: much of the years. I think it has to do with,

1112
01:03:30,320 --> 01:03:34,280
Speaker 1: you know, profits being an outcome, not the goal. It's

1113
01:03:34,320 --> 01:03:39,720
Speaker 1: about importance of looking at drivers of of performance. It's

1114
01:03:39,760 --> 01:03:42,440
Speaker 1: about you know, my role as a leader is that

1115
01:03:42,960 --> 01:03:44,640
Speaker 1: to be the smartest person in the room, but to

1116
01:03:44,760 --> 01:03:49,600
Speaker 1: create the right environment. It's not about being perfect nobody

1117
01:03:49,720 --> 01:03:52,160
Speaker 1: is perfect, and I think that the quest for maybe

1118
01:03:52,160 --> 01:03:56,280
Speaker 1: I'll finish with this. The quest for perfection, you know,

1119
01:03:56,440 --> 01:03:59,080
Speaker 1: can be very dangerous, can be evil, right because if

1120
01:03:59,120 --> 01:04:02,040
Speaker 1: you're if you're trying to be perfect, guess what, You're

1121
01:04:02,040 --> 01:04:05,760
Speaker 1: not gonna be successful. You're gonna be incredibly demanding and

1122
01:04:05,840 --> 01:04:08,200
Speaker 1: harsh with people around you because you're gonna expect them

1123
01:04:08,240 --> 01:04:10,520
Speaker 1: to be perfect. And so you have to relact and

1124
01:04:10,600 --> 01:04:13,840
Speaker 1: be kind with yourself and others around you and be

1125
01:04:13,960 --> 01:04:17,320
Speaker 1: able to open up and share what you're struggling with,

1126
01:04:17,960 --> 01:04:21,720
Speaker 1: understand what they're struggling with, and help each other out.

1127
01:04:22,000 --> 01:04:24,760
Speaker 1: That's the I think to me, that's a it's such

1128
01:04:24,800 --> 01:04:29,360
Speaker 1: an important, uh consideration. The quest for perfection can be

1129
01:04:29,520 --> 01:04:32,200
Speaker 1: very dangerous. Be kind, be kind of yourself. You know,

1130
01:04:32,680 --> 01:04:39,200
Speaker 1: during the pandemic, we learned so much right when we

1131
01:04:39,360 --> 01:04:42,400
Speaker 1: used to fly around very long time ago on planes, right,

1132
01:04:43,600 --> 01:04:46,280
Speaker 1: and we were told, you know, by the steward or

1133
01:04:46,320 --> 01:04:49,520
Speaker 1: the stewards, if the oxygen mask comes down, put it

1134
01:04:49,640 --> 01:04:52,640
Speaker 1: on yourself first before you help out it. So as

1135
01:04:52,680 --> 01:04:55,880
Speaker 1: we continue to go through challenging time, taking care of

1136
01:04:55,960 --> 01:04:59,840
Speaker 1: yourself as a leader, you can sure you meditate your

1137
01:05:00,080 --> 01:05:03,280
Speaker 1: flextor the exercise the ask will help you be from

1138
01:05:03,320 --> 01:05:06,240
Speaker 1: your personal board of director or your best friends. That's

1139
01:05:06,280 --> 01:05:08,120
Speaker 1: the key thing that's gonna be the way that you

1140
01:05:08,160 --> 01:05:13,040
Speaker 1: can then help others who take care of yourself first. Hmm.

1141
01:05:13,320 --> 01:05:17,640
Speaker 1: Quite quite interesting. We have been speaking with Hubert Jolie,

1142
01:05:17,920 --> 01:05:21,720
Speaker 1: former chairman and CEO at Best Buy and currently a

1143
01:05:21,880 --> 01:05:25,480
Speaker 1: lecture at Harvard Business School. Thank you, Hubert for being

1144
01:05:25,920 --> 01:05:29,920
Speaker 1: so generous with your time. If you enjoyed this conversation,

1145
01:05:30,000 --> 01:05:32,440
Speaker 1: be sure and check out any of our previous three

1146
01:05:33,000 --> 01:05:37,000
Speaker 1: seventy six former discussions that we've had. You can find

1147
01:05:37,080 --> 01:05:41,640
Speaker 1: those at iTunes, Spotify, a cast, wherever you feed your

1148
01:05:41,680 --> 01:05:45,480
Speaker 1: podcast fixed. We love your comments, feedback and suggestions right

1149
01:05:45,560 --> 01:05:49,120
Speaker 1: to us at m IB podcast at Bloomberg dot net.

1150
01:05:49,760 --> 01:05:53,240
Speaker 1: You can sign up for my daily reads. You find

1151
01:05:53,320 --> 01:05:56,080
Speaker 1: those at Rid Halts dot com. Uh follow me on

1152
01:05:56,160 --> 01:05:59,120
Speaker 1: Twitter at rid Halts. I would be remiss if I

1153
01:05:59,160 --> 01:06:01,960
Speaker 1: did not think that rac staff that helps put these

1154
01:06:02,000 --> 01:06:08,320
Speaker 1: conversations together each week. Charlie Vollmer is my audio engineer extraordinaire.

1155
01:06:08,480 --> 01:06:12,640
Speaker 1: Atika val Bronn is my project manager. Paris Wald is

1156
01:06:12,680 --> 01:06:18,360
Speaker 1: my producer. Michael Batnick is my researcher. I'm Barry Ritolts.

1157
01:06:18,640 --> 01:06:22,520
Speaker 1: You've been listening to Masters in Business on Bloomberg Radio