1
00:00:02,840 --> 00:00:05,040
Speaker 1: McDonald's has been at the top of the food chain

2
00:00:05,120 --> 00:00:09,559
Speaker 1: for over sixty years. It's CEO, Chris Kemchinsky, says it

3
00:00:09,680 --> 00:00:13,480
Speaker 1: stayed there because of McDonald's guaranteed quality, experience, and connection

4
00:00:13,560 --> 00:00:16,840
Speaker 1: to its communities. In this episode, appear to appear I

5
00:00:16,920 --> 00:00:20,319
Speaker 1: visited McDonald's headquarters in Chicago to find out what makes

6
00:00:20,320 --> 00:00:23,800
Speaker 1: their fries so addicting, what makes their Coca Cola perfect,

7
00:00:24,000 --> 00:00:26,319
Speaker 1: and how the restaurant plans to stay on top for

8
00:00:26,360 --> 00:00:29,600
Speaker 1: another sixty years. Companies more than sixty years old now,

9
00:00:30,440 --> 00:00:33,280
Speaker 1: and many companies over the last sixty years have gotten

10
00:00:33,320 --> 00:00:35,479
Speaker 1: in the fast food business. Some have done okay, so

11
00:00:35,520 --> 00:00:37,879
Speaker 1: I'm going out of business. But McDonald's is by far

12
00:00:37,920 --> 00:00:40,240
Speaker 1: the biggest. You have a market capitalization about a hundred

13
00:00:40,240 --> 00:00:42,279
Speaker 1: and seventy five billion dollars. What is it that made

14
00:00:42,360 --> 00:00:45,320
Speaker 1: McDonald's by far the biggest of the fast food companies.

15
00:00:45,520 --> 00:00:47,320
Speaker 1: I think it starts with the brand. I mean, we

16
00:00:47,440 --> 00:00:50,080
Speaker 1: have a brand that is one of the most valuable

17
00:00:50,120 --> 00:00:53,199
Speaker 1: brands in the world. And how did you get to

18
00:00:53,280 --> 00:00:55,279
Speaker 1: that brand? It was a combination of things. I mean,

19
00:00:55,280 --> 00:00:59,440
Speaker 1: it's started with Gray Croc recognized the importance of ubiquity

20
00:01:00,200 --> 00:01:02,880
Speaker 1: and so That was part of the genius or genesis

21
00:01:02,920 --> 00:01:06,760
Speaker 1: of of doing a franchise model, because with a franchise model,

22
00:01:06,760 --> 00:01:10,200
Speaker 1: he could get capital deployed, get restaurants built more quickly

23
00:01:10,800 --> 00:01:12,360
Speaker 1: than he could if he was trying to do this

24
00:01:12,400 --> 00:01:14,480
Speaker 1: all on his own. So that was one idea. I

25
00:01:14,520 --> 00:01:18,520
Speaker 1: think the second was the production system, the speedy production system.

26
00:01:18,520 --> 00:01:22,760
Speaker 1: It guaranteed equality of the experience that people knew no

27
00:01:22,800 --> 00:01:25,760
Speaker 1: matter where you went, you could get a consistent experience

28
00:01:25,760 --> 00:01:29,000
Speaker 1: at McDonald's. And then it certainly came from, you know,

29
00:01:29,120 --> 00:01:31,840
Speaker 1: our attachment in the local community. One of the things

30
00:01:31,840 --> 00:01:36,000
Speaker 1: that also Ray Kroc was very focused on was building

31
00:01:36,040 --> 00:01:38,160
Speaker 1: the brand at the local level. That's why he wanted

32
00:01:38,160 --> 00:01:41,280
Speaker 1: the franchise ease engaged in the restaurants, and so you

33
00:01:41,360 --> 00:01:45,120
Speaker 1: saw getting involved in schools, getting involved with you know,

34
00:01:45,160 --> 00:01:47,880
Speaker 1: birthday parties, all those things. Those were all part of

35
00:01:47,920 --> 00:01:51,040
Speaker 1: building the brand that ultimately now I get the benefit of,

36
00:01:52,000 --> 00:01:56,040
Speaker 1: you know, protecting and hopefully further shining the arches. So

37
00:01:56,200 --> 00:01:58,840
Speaker 1: you are the CEO of this company for the last

38
00:01:58,880 --> 00:02:01,520
Speaker 1: couple of years, and has you been doing this? Uh?

39
00:02:01,600 --> 00:02:03,520
Speaker 1: Have you had to deal with the COVID problems in

40
00:02:03,560 --> 00:02:07,200
Speaker 1: particular COVID has been an issue that's impacted us in

41
00:02:07,240 --> 00:02:10,360
Speaker 1: every country that we operated in a hundred and twenty countries,

42
00:02:10,440 --> 00:02:13,440
Speaker 1: and it's been kind of a unique experience because what

43
00:02:13,520 --> 00:02:17,280
Speaker 1: we've dealt with regional issues before. We've dealt with stars

44
00:02:17,320 --> 00:02:20,440
Speaker 1: and mirrors and swine flew and things like that, but

45
00:02:20,480 --> 00:02:23,640
Speaker 1: we've never had an issue where it impacted literally every

46
00:02:23,680 --> 00:02:27,639
Speaker 1: country all at about the same time, So huge issue

47
00:02:27,680 --> 00:02:30,120
Speaker 1: for us. It varied around the world. Some places went

48
00:02:30,160 --> 00:02:33,040
Speaker 1: into complete shutdown. In the US we were able to

49
00:02:33,120 --> 00:02:36,400
Speaker 1: keep the restaurants open, but drive through only UH, and

50
00:02:36,440 --> 00:02:38,760
Speaker 1: that was I think part of where are the genius

51
00:02:38,800 --> 00:02:41,320
Speaker 1: of our system came to light, which is you were

52
00:02:41,360 --> 00:02:44,760
Speaker 1: trying to manage this situation everything from Chicago. It never

53
00:02:44,800 --> 00:02:47,560
Speaker 1: would have worked. The fact that we're a locally owned

54
00:02:48,360 --> 00:02:51,520
Speaker 1: company with franchise ease, they're able to act much more

55
00:02:51,600 --> 00:02:54,320
Speaker 1: nimbly than than we could from the center. And somehow

56
00:02:54,400 --> 00:02:57,200
Speaker 1: another knock on wood a year later, Um, you know,

57
00:02:57,280 --> 00:03:00,360
Speaker 1: we are in a very strong spot, and it's it's

58
00:03:00,400 --> 00:03:03,360
Speaker 1: hard to believe really, So when COVID hit, UH, many

59
00:03:03,440 --> 00:03:07,519
Speaker 1: people didn't go out anymore. They weren't buying McDonald's products,

60
00:03:07,560 --> 00:03:09,840
Speaker 1: other people's products as well. Did you have to lay

61
00:03:09,880 --> 00:03:11,840
Speaker 1: off people for low people? How did you deal with

62
00:03:11,840 --> 00:03:14,959
Speaker 1: your employees or the franchisees had to do that. Yeah,

63
00:03:15,000 --> 00:03:18,520
Speaker 1: we didn't lay anybody off, certainly from the company's standpoint,

64
00:03:18,520 --> 00:03:22,320
Speaker 1: And our franchisees went through quite a bit of effort

65
00:03:22,360 --> 00:03:25,079
Speaker 1: to make sure that either through government programs or through

66
00:03:25,120 --> 00:03:27,480
Speaker 1: things that they could do on their own, that they

67
00:03:27,639 --> 00:03:31,200
Speaker 1: kept attached to their staff, that they kept the staff

68
00:03:31,800 --> 00:03:35,680
Speaker 1: uh working and available to the restaurants. And so I think,

69
00:03:35,800 --> 00:03:38,320
Speaker 1: you know, well, we have forty thou restaurants. I don't

70
00:03:38,360 --> 00:03:42,160
Speaker 1: know every particular situation. By and large, we were able

71
00:03:42,200 --> 00:03:45,240
Speaker 1: to retain our workforce through all of that. What did

72
00:03:45,240 --> 00:03:48,400
Speaker 1: you learn through COVID about how to manage a company differently, better,

73
00:03:48,520 --> 00:03:51,080
Speaker 1: or some other ways that you would have not probably

74
00:03:51,120 --> 00:03:53,600
Speaker 1: learned if you had not going through COVID. I certainly

75
00:03:53,640 --> 00:03:56,760
Speaker 1: think one of the things that we saw was our

76
00:03:56,800 --> 00:04:03,440
Speaker 1: ability to stay connected through technology bes Zoom, Yeah, Amazon Chime.

77
00:04:03,520 --> 00:04:06,840
Speaker 1: I've learned all the different teleconferencing tools and they've all

78
00:04:06,840 --> 00:04:10,000
Speaker 1: worked reasonably well for us. So I think, you know,

79
00:04:10,040 --> 00:04:13,360
Speaker 1: we learned things there that we have the ability to

80
00:04:13,360 --> 00:04:15,280
Speaker 1: to stay connected. I think the other thing though, that

81
00:04:15,320 --> 00:04:19,920
Speaker 1: it highlighted for US is um we ultimately are an

82
00:04:19,960 --> 00:04:22,680
Speaker 1: in person business. We're in person in the restaurants, were

83
00:04:22,720 --> 00:04:26,159
Speaker 1: in person in the office, and so well, you lose

84
00:04:26,240 --> 00:04:29,640
Speaker 1: something from culture, you lose something from a connectedness by

85
00:04:29,640 --> 00:04:32,599
Speaker 1: by being so remote and so, you know, while it

86
00:04:32,640 --> 00:04:35,760
Speaker 1: worked well for the time, we're committed to getting back

87
00:04:35,760 --> 00:04:38,600
Speaker 1: into our offices, getting back into the restaurants. And one

88
00:04:38,600 --> 00:04:40,760
Speaker 1: of the problems I think some of the franchises are having,

89
00:04:40,760 --> 00:04:43,320
Speaker 1: not just McDonald's, getting people to come back to work.

90
00:04:43,360 --> 00:04:44,920
Speaker 1: Either they don't want to come back to work, or

91
00:04:45,000 --> 00:04:47,120
Speaker 1: they for health or other reasons, or they want to

92
00:04:47,200 --> 00:04:49,120
Speaker 1: hire a compensation, and they often get at the kind

93
00:04:49,120 --> 00:04:51,159
Speaker 1: of starting jobs you might have. How hard has it

94
00:04:51,200 --> 00:04:53,400
Speaker 1: been to get people to come back to work. It

95
00:04:53,480 --> 00:04:56,440
Speaker 1: has been very challenging in the US. We have not

96
00:04:56,680 --> 00:05:00,360
Speaker 1: seen that issue as pronounced in Europe barrel swear on

97
00:05:00,440 --> 00:05:02,440
Speaker 1: the world, but in the US it certainly has been

98
00:05:02,440 --> 00:05:05,760
Speaker 1: a challenge. I think it's a lot of different factors

99
00:05:05,760 --> 00:05:09,279
Speaker 1: in it. Certainly the stimulus UH support had some element.

100
00:05:09,320 --> 00:05:11,440
Speaker 1: But you know, if I asked the franchise ease, okay,

101
00:05:11,520 --> 00:05:14,480
Speaker 1: so September, is everything gonna be good? Once the stimulus

102
00:05:14,560 --> 00:05:16,479
Speaker 1: rolls off the like will know there are other things

103
00:05:16,520 --> 00:05:18,880
Speaker 1: going on, so I think, you know, there's a variety

104
00:05:18,920 --> 00:05:21,880
Speaker 1: of things that play. But it has certainly been a

105
00:05:21,960 --> 00:05:24,760
Speaker 1: challenge for us on staffing at the restaurants, and it's

106
00:05:24,760 --> 00:05:26,960
Speaker 1: putting pressure on wages, which is what you see in

107
00:05:27,080 --> 00:05:30,560
Speaker 1: you know, any kind of capitalist system. UM, So employers

108
00:05:30,600 --> 00:05:33,320
Speaker 1: like McDonald's are now having to pay more on wages.

109
00:05:33,400 --> 00:05:36,560
Speaker 1: We announced in our company owned restaurants, UH sort of

110
00:05:36,560 --> 00:05:40,640
Speaker 1: a across the board minimum ten percent wage increase. UH

111
00:05:40,720 --> 00:05:43,599
Speaker 1: that has been carried forward by many of our franchise

112
00:05:43,600 --> 00:05:46,200
Speaker 1: ease and I think we're just having to get creative

113
00:05:46,440 --> 00:05:49,640
Speaker 1: about how do we get people uh to come and

114
00:05:49,720 --> 00:05:52,520
Speaker 1: interview for a job at McDonald's. And you're seeing our

115
00:05:52,560 --> 00:05:55,760
Speaker 1: franchise ease do things like, hey, you know, fifty dollars

116
00:05:55,760 --> 00:06:00,120
Speaker 1: for an interview or free iPhone after ninety day is

117
00:06:00,160 --> 00:06:02,440
Speaker 1: I mean, that's sort of all the things that we're

118
00:06:02,440 --> 00:06:04,040
Speaker 1: having to come up with right now to make sure

119
00:06:04,040 --> 00:06:06,119
Speaker 1: we can staff the restaurants. But most of the people

120
00:06:06,120 --> 00:06:08,160
Speaker 1: who are young who do work at McDonald's, are they

121
00:06:08,200 --> 00:06:10,800
Speaker 1: minimum wage people and they go up from minimum wage

122
00:06:10,880 --> 00:06:14,159
Speaker 1: or are you above the minimum wage? The legal minimum wage. Now, yeah,

123
00:06:14,160 --> 00:06:16,680
Speaker 1: we're above the legal minimum wage, so it's seven and

124
00:06:16,720 --> 00:06:20,920
Speaker 1: a quarter. Uh. And there are very few places these

125
00:06:21,000 --> 00:06:23,960
Speaker 1: days that you can be competitive in the marketplace paying

126
00:06:24,040 --> 00:06:27,400
Speaker 1: the federal minimum wage. I think from our vantage point,

127
00:06:27,400 --> 00:06:30,359
Speaker 1: what we announced in our company owned restaurants is eleven

128
00:06:30,440 --> 00:06:33,560
Speaker 1: dollars is the starting wage, and then you know, as

129
00:06:33,560 --> 00:06:35,960
Speaker 1: you move up, you would you quickly progress through that.

130
00:06:36,040 --> 00:06:39,320
Speaker 1: If you are a restaurant manager, someone who's maybe been

131
00:06:39,360 --> 00:06:41,360
Speaker 1: there for a couple of years, you're earning anywhere from

132
00:06:41,360 --> 00:06:44,080
Speaker 1: fifteen to twenty dollars an hour, and I think that's

133
00:06:44,120 --> 00:06:47,280
Speaker 1: been largely Um. You're seeing a similar type of thing

134
00:06:47,320 --> 00:06:51,400
Speaker 1: with our franchise. So while we don't collect information around

135
00:06:51,440 --> 00:06:55,279
Speaker 1: what is you know, the average wage paid by our franchisees,

136
00:06:55,920 --> 00:06:59,200
Speaker 1: I would expect it's probably about ten dollars that we're

137
00:06:59,240 --> 00:07:03,600
Speaker 1: paying right now, just because again, the marketplace is driving it. Uh.

138
00:07:03,640 --> 00:07:05,520
Speaker 1: And I think that's always been one of the questions,

139
00:07:05,640 --> 00:07:07,400
Speaker 1: is you know, is this something that you want to

140
00:07:07,400 --> 00:07:10,800
Speaker 1: be legislated or wanted to be in the marketplace. Our

141
00:07:10,920 --> 00:07:14,000
Speaker 1: view is, um, we're gonna do whatever we need to

142
00:07:14,120 --> 00:07:16,679
Speaker 1: be successful as a business, but we also don't oppose

143
00:07:17,120 --> 00:07:21,080
Speaker 1: if the federal minimum wage is addressed either. So during

144
00:07:21,120 --> 00:07:23,600
Speaker 1: COVID there were some problems. You had some franchise I

145
00:07:23,600 --> 00:07:26,559
Speaker 1: guess where there were some strikes or something. Employees weren't happy.

146
00:07:26,560 --> 00:07:29,720
Speaker 1: What was that all about? We always have something going

147
00:07:29,720 --> 00:07:33,200
Speaker 1: on at McDonald's around the world there, certainly, I think

148
00:07:33,200 --> 00:07:36,680
Speaker 1: what you're referencing. There were um some protests about either

149
00:07:36,840 --> 00:07:40,920
Speaker 1: were were doing enough to protect essential workers? Um, which

150
00:07:40,960 --> 00:07:43,600
Speaker 1: is you know how we were deemed as a business.

151
00:07:44,360 --> 00:07:46,280
Speaker 1: We went to a lot of effort there to make

152
00:07:46,320 --> 00:07:49,120
Speaker 1: sure that we provided ppe into other things like social

153
00:07:49,160 --> 00:07:52,160
Speaker 1: distancing the restaurant, but we had protests on that. Well,

154
00:07:52,200 --> 00:07:56,040
Speaker 1: we'll get protests around wage rates. Um, that will crop up.

155
00:07:56,120 --> 00:07:59,640
Speaker 1: So the thing about McDonald's is, no matter what has

156
00:07:59,680 --> 00:08:03,160
Speaker 1: happened in society, you can be certain it has some

157
00:08:03,200 --> 00:08:07,040
Speaker 1: permutation that affects McDonald's. And it's both the challenge of

158
00:08:07,040 --> 00:08:09,400
Speaker 1: the job but also what's interesting about it. Let's talk

159
00:08:09,440 --> 00:08:12,640
Speaker 1: about the major things on your menu, which I've sampled

160
00:08:12,680 --> 00:08:15,920
Speaker 1: over the years. Of course, Um, so the most popular

161
00:08:15,960 --> 00:08:18,040
Speaker 1: thing that you have on your menu, is it a

162
00:08:18,120 --> 00:08:21,400
Speaker 1: big mac or a quarter pounder or the French fries? Well,

163
00:08:21,440 --> 00:08:24,400
Speaker 1: I mean from a volume standpoint, the fries are by

164
00:08:24,480 --> 00:08:28,840
Speaker 1: far the biggest within sandwiches, probably the Big Mac. It

165
00:08:28,920 --> 00:08:30,920
Speaker 1: does vary a little bit around the world, but but

166
00:08:31,000 --> 00:08:34,160
Speaker 1: the Big Mac is probably up there well. The fries

167
00:08:34,280 --> 00:08:39,400
Speaker 1: are intoxicating, lee difficult to avoid eating one. Can you

168
00:08:39,440 --> 00:08:41,400
Speaker 1: tell us what's the secret? What do you put in

169
00:08:41,440 --> 00:08:45,040
Speaker 1: the in the batter or the cooking oil or whatever

170
00:08:45,080 --> 00:08:47,280
Speaker 1: you do that is the secret? Is it the potatoes?

171
00:08:47,320 --> 00:08:49,360
Speaker 1: What is it? We have a room here that I

172
00:08:49,400 --> 00:08:51,599
Speaker 1: haven't taken you too that has all the secrets on that.

173
00:08:51,720 --> 00:08:53,920
Speaker 1: But I would just say there's there's a lot of

174
00:08:53,960 --> 00:08:57,560
Speaker 1: things that go into it. It's starting with, um, you

175
00:08:57,600 --> 00:08:59,600
Speaker 1: know where we get the potatoes from, and we have

176
00:09:00,080 --> 00:09:05,520
Speaker 1: proprietary relationships with that, how those potatoes are then processed, Uh,

177
00:09:05,559 --> 00:09:08,080
Speaker 1: what we will put on those potatoes, and then ultimately

178
00:09:08,080 --> 00:09:11,360
Speaker 1: how they're cooked in the restaurant, the cooking oil that

179
00:09:11,400 --> 00:09:13,600
Speaker 1: we use, the amount of salt that we use. So

180
00:09:14,240 --> 00:09:17,320
Speaker 1: there's a lot of things that go into the secret recipe.

181
00:09:17,480 --> 00:09:19,640
Speaker 1: Some people might say the French fries might not be

182
00:09:19,720 --> 00:09:21,719
Speaker 1: that healthy. Some people might say that, I don't know.

183
00:09:21,760 --> 00:09:24,240
Speaker 1: If you would say that, um, what would you say

184
00:09:24,240 --> 00:09:26,160
Speaker 1: about that? I'd say, you know what we try to

185
00:09:26,200 --> 00:09:28,400
Speaker 1: do on our menu is to have choice. So we

186
00:09:28,480 --> 00:09:31,320
Speaker 1: have a variety of things on our menu, from more

187
00:09:31,360 --> 00:09:35,280
Speaker 1: indulge in items to healthier items. And you know, it's

188
00:09:35,320 --> 00:09:37,600
Speaker 1: no different than if you go to the grocery store.

189
00:09:37,640 --> 00:09:39,000
Speaker 1: You can go to the salad bar, or you can

190
00:09:39,000 --> 00:09:41,800
Speaker 1: go to the ice cream section. And that's how we

191
00:09:41,840 --> 00:09:45,200
Speaker 1: approach our restaurant, which is about choice. The other thing, though,

192
00:09:45,679 --> 00:09:47,240
Speaker 1: you know, I get asked a lot of times, why

193
00:09:47,280 --> 00:09:48,960
Speaker 1: don't you have more of this? Why don't you have

194
00:09:49,040 --> 00:09:51,840
Speaker 1: more of that? Or why did you get rid of this? Um,

195
00:09:51,880 --> 00:09:55,560
Speaker 1: it all comes down to did itsell. So our restaurant

196
00:09:55,960 --> 00:09:58,120
Speaker 1: and what goes on the menu is all based on

197
00:09:58,320 --> 00:10:01,160
Speaker 1: what moves gets on the menu, what doesn't move comes

198
00:10:01,160 --> 00:10:04,480
Speaker 1: off the menu, and so ultimately we're letting the customer

199
00:10:04,559 --> 00:10:06,600
Speaker 1: decide what we do or don't carry on the menu.

200
00:10:06,880 --> 00:10:09,800
Speaker 1: Since McDonald's was started some sixty plus years ago or so,

201
00:10:10,200 --> 00:10:12,080
Speaker 1: there's been a greater interest in the United States and

202
00:10:12,080 --> 00:10:14,800
Speaker 1: maybe around the world healthier eating. Have you tried to

203
00:10:14,800 --> 00:10:18,480
Speaker 1: reflect that in your menu? We've tried, um, And I

204
00:10:18,480 --> 00:10:21,280
Speaker 1: would say, you know, it gets back to again, what

205
00:10:21,280 --> 00:10:24,319
Speaker 1: what sells gets on the menu and stays on the menu.

206
00:10:25,679 --> 00:10:28,560
Speaker 1: What we have seen consistently is, as we've tried to

207
00:10:29,000 --> 00:10:32,440
Speaker 1: broaden UH more of what you know, people might say

208
00:10:32,440 --> 00:10:35,560
Speaker 1: are better for you items, uh, there's just not as

209
00:10:35,559 --> 00:10:37,600
Speaker 1: strong a demand for them as there are for some

210
00:10:37,679 --> 00:10:40,760
Speaker 1: of our iconic classics. And so you know, we're not

211
00:10:40,840 --> 00:10:42,800
Speaker 1: in the business of telling people what they should or

212
00:10:42,800 --> 00:10:46,320
Speaker 1: shouldn't eat. Our view as our obligation is to provide

213
00:10:46,320 --> 00:10:49,840
Speaker 1: them with total transparency and nutritional information to make sure

214
00:10:49,840 --> 00:10:52,360
Speaker 1: that we afford them choice. But ultimately what the consumer

215
00:10:52,400 --> 00:10:55,199
Speaker 1: buys is up to them. Suppose I'm a vegetarian or

216
00:10:55,240 --> 00:10:57,160
Speaker 1: a vegan and i want to go to McDonald's, is

217
00:10:57,160 --> 00:10:59,480
Speaker 1: there anything there for me there? So you could certainly

218
00:10:59,520 --> 00:11:03,079
Speaker 1: have UM right now a salad UH in a restaurant.

219
00:11:03,360 --> 00:11:06,800
Speaker 1: Depending on if you're vegetarian or vegan vegetarian, they're going

220
00:11:06,840 --> 00:11:09,600
Speaker 1: to be other offerings that you have. If you're in India,

221
00:11:09,640 --> 00:11:14,240
Speaker 1: for example, we have quite a broad sample of vegetarian

222
00:11:14,360 --> 00:11:17,800
Speaker 1: menu items, less so if you're in Lubbock, Texas, for example.

223
00:11:18,360 --> 00:11:21,080
Speaker 1: Uh So, again it depends on the customer and what

224
00:11:21,160 --> 00:11:25,559
Speaker 1: the customer wants. But we've also talked about launching mcplant

225
00:11:25,880 --> 00:11:28,800
Speaker 1: UH and mcplant for us as a plant based burger.

226
00:11:29,360 --> 00:11:32,959
Speaker 1: Uh that is available in some countries already. Uh, it's

227
00:11:33,040 --> 00:11:36,400
Speaker 1: something that we're gonna be testing later in the U s. So, uh,

228
00:11:36,440 --> 00:11:38,880
Speaker 1: maybe we'll get you a mcplant Another product I don't

229
00:11:38,880 --> 00:11:41,920
Speaker 1: want to overlook as your famous Coca cola. Now, you

230
00:11:42,000 --> 00:11:44,760
Speaker 1: used to work at Pepsi. I know, so to Pepsi

231
00:11:44,800 --> 00:11:46,480
Speaker 1: people ever call you to remind you that you have

232
00:11:46,520 --> 00:11:49,400
Speaker 1: coke and maybe you should be had a few dialogue

233
00:11:49,960 --> 00:11:51,960
Speaker 1: over the over the years, and you know, my my

234
00:11:52,040 --> 00:11:56,120
Speaker 1: short answer is the way to get pepsi into McDonald's

235
00:11:56,120 --> 00:11:58,960
Speaker 1: is get people to prefer pepsi over coke. Back to

236
00:11:59,559 --> 00:12:02,320
Speaker 1: the point of we're gonna sell whatever the customer wants. UM.

237
00:12:02,480 --> 00:12:05,800
Speaker 1: So yes, my my pepsi friends periodically check in. But

238
00:12:05,920 --> 00:12:08,559
Speaker 1: some people say that your coca cola is made in

239
00:12:08,559 --> 00:12:10,719
Speaker 1: a certain way that's better than the coca cola could

240
00:12:10,720 --> 00:12:12,120
Speaker 1: buy in the bottle. So what is it that you

241
00:12:12,160 --> 00:12:14,600
Speaker 1: do that's different with your coca cola? So I would agree,

242
00:12:14,640 --> 00:12:16,920
Speaker 1: I think it's better. Um. One of the things that

243
00:12:16,960 --> 00:12:19,800
Speaker 1: we have as an advantage is because of the volumes

244
00:12:19,800 --> 00:12:23,080
Speaker 1: that we do in our restaurant, um our volumes tend

245
00:12:23,080 --> 00:12:25,600
Speaker 1: to be higher than than anybody else out there. It

246
00:12:25,640 --> 00:12:29,760
Speaker 1: allows us to buy equipment that is able to be

247
00:12:29,920 --> 00:12:33,760
Speaker 1: tight traded or calibrated more precisely than maybe some of

248
00:12:33,760 --> 00:12:36,800
Speaker 1: our competitors. And so what we're able to do because

249
00:12:36,840 --> 00:12:38,599
Speaker 1: of the equipment that we're able to buy, which is

250
00:12:38,640 --> 00:12:42,160
Speaker 1: more expensive equipment, is we're able to deliver what Coke

251
00:12:42,200 --> 00:12:45,520
Speaker 1: would describe as their gold standard product on a more

252
00:12:45,559 --> 00:12:49,160
Speaker 1: consistent basis than somebody who maybe has inferior equipment in

253
00:12:49,200 --> 00:12:52,640
Speaker 1: their restaurant. So I should disclose that I am an

254
00:12:52,640 --> 00:12:56,880
Speaker 1: investor in McDonald's in effect because my firm bought a

255
00:12:56,880 --> 00:13:00,160
Speaker 1: piece of the China business with a Chinese partner and

256
00:13:00,240 --> 00:13:04,640
Speaker 1: with McDonald's UM and in China, as I understand that, uh,

257
00:13:04,880 --> 00:13:08,240
Speaker 1: chicken is very popular, maybe more so than beef. Is

258
00:13:08,240 --> 00:13:10,640
Speaker 1: that unusual where chicken is more popular than beef and

259
00:13:10,760 --> 00:13:13,760
Speaker 1: in a given market, Uh, you know, China is largely

260
00:13:13,800 --> 00:13:16,560
Speaker 1: a chicken market. I think this is one of those things.

261
00:13:16,679 --> 00:13:19,320
Speaker 1: It does vary depending on which part of the world

262
00:13:19,320 --> 00:13:21,760
Speaker 1: you're in. Brazil tends to be more of a beef market.

263
00:13:22,360 --> 00:13:25,679
Speaker 1: US is about fifty fifty between chicken and beef. So,

264
00:13:26,240 --> 00:13:29,160
Speaker 1: you know, we do see that the trends evolving, but

265
00:13:29,280 --> 00:13:32,960
Speaker 1: chicken globally is growing faster than beef, and certainly our

266
00:13:33,080 --> 00:13:36,320
Speaker 1: expectation over the next five years is that chicken, more

267
00:13:36,360 --> 00:13:38,959
Speaker 1: so than beef, will be the dominant protein in our restaurants.

268
00:13:39,160 --> 00:13:41,600
Speaker 1: So there are four ways you can buy things at McDonald's,

269
00:13:41,600 --> 00:13:43,760
Speaker 1: as I understand, each begin with a D. So let's

270
00:13:44,559 --> 00:13:47,559
Speaker 1: go go through. That one is a drive through? Is

271
00:13:47,600 --> 00:13:50,199
Speaker 1: that a big business these days? Drive through drive to you,

272
00:13:50,200 --> 00:13:52,480
Speaker 1: it's a huge business for us, particularly in the US.

273
00:13:52,679 --> 00:13:56,360
Speaker 1: It's about seventy of the business in the US. In

274
00:13:56,440 --> 00:13:58,520
Speaker 1: Europe you would see at the inverse you would see

275
00:13:58,559 --> 00:14:00,600
Speaker 1: dining and being a much bigger part of the business

276
00:14:00,640 --> 00:14:03,240
Speaker 1: in Europe, but through the pandemic we did see drive

277
00:14:03,280 --> 00:14:06,120
Speaker 1: through also become a pretty significant part of the business.

278
00:14:06,480 --> 00:14:09,640
Speaker 1: Another D is delivery. You have ability to deliver? Do

279
00:14:09,640 --> 00:14:11,840
Speaker 1: you deliver yourself? Do you use one of the services

280
00:14:11,960 --> 00:14:15,679
Speaker 1: deliver people's home? We do both. It started for us

281
00:14:15,679 --> 00:14:19,040
Speaker 1: in Asia where we were doing our own delivery, particularly

282
00:14:19,040 --> 00:14:22,440
Speaker 1: in China. In the Middle East, we also have a

283
00:14:22,480 --> 00:14:26,200
Speaker 1: pretty sizeable delivery business where we do the delivery ourselves.

284
00:14:26,240 --> 00:14:27,920
Speaker 1: And then in other parts of the world, like in

285
00:14:27,960 --> 00:14:31,720
Speaker 1: the US, we have partnered with third party operators like

286
00:14:31,760 --> 00:14:34,480
Speaker 1: an Uber eats or a door dash. So right now

287
00:14:34,520 --> 00:14:37,120
Speaker 1: we do about six billion dollars of sales a year

288
00:14:37,560 --> 00:14:42,320
Speaker 1: through delivery, which is growing, you know, high teens globally.

289
00:14:42,320 --> 00:14:45,320
Speaker 1: It's it's been pretty remarkable. Another day is digital. You

290
00:14:45,360 --> 00:14:48,480
Speaker 1: can buy things digitally? How do you do that? So

291
00:14:48,560 --> 00:14:51,720
Speaker 1: the app? For us, everything is moving to the app.

292
00:14:51,760 --> 00:14:53,880
Speaker 1: I think for us it's been it's been an interesting

293
00:14:53,920 --> 00:14:57,400
Speaker 1: evolution to see where you know, for years and years

294
00:14:57,440 --> 00:14:59,440
Speaker 1: the center of the relationship that we had with the

295
00:14:59,480 --> 00:15:02,680
Speaker 1: customer in the physical restaurant, and what we're seeing, particularly

296
00:15:02,680 --> 00:15:06,400
Speaker 1: with gen Z and millennials, is it's moving to much

297
00:15:06,400 --> 00:15:09,440
Speaker 1: more of a digital relationship through the app. So yes,

298
00:15:09,480 --> 00:15:12,960
Speaker 1: today UH in almost every single one of our countries,

299
00:15:13,360 --> 00:15:16,040
Speaker 1: the US being a prime example of that. You can

300
00:15:16,080 --> 00:15:19,800
Speaker 1: download the McDonald's app, you can order your products through

301
00:15:19,800 --> 00:15:22,440
Speaker 1: the app and UH. An exciting thing we're doing right

302
00:15:22,480 --> 00:15:25,320
Speaker 1: now this month is we're rolling out loyalty, So when

303
00:15:25,360 --> 00:15:28,480
Speaker 1: you buy with the app, you also get loyalty points

304
00:15:28,560 --> 00:15:31,080
Speaker 1: you can redeem later for food and other benefits. It's

305
00:15:31,120 --> 00:15:33,920
Speaker 1: your frequent flyer version. You got it. So and the

306
00:15:34,040 --> 00:15:36,400
Speaker 1: last d is dying in which used to be the

307
00:15:36,440 --> 00:15:38,760
Speaker 1: thing that people did. But now is that a smaller

308
00:15:38,800 --> 00:15:40,720
Speaker 1: and smaller part of your business and you need all

309
00:15:40,720 --> 00:15:44,760
Speaker 1: those spaces anymore in your restaurants. It's I think still

310
00:15:44,880 --> 00:15:47,920
Speaker 1: a really important part of our business because a lot

311
00:15:48,000 --> 00:15:51,600
Speaker 1: of the interaction and the memories that people form about

312
00:15:51,680 --> 00:15:54,560
Speaker 1: McDonald's comes from the dying in experience. But I think

313
00:15:54,600 --> 00:15:58,880
Speaker 1: you're right in recognizing that it is certainly, through the pandemic,

314
00:15:59,240 --> 00:16:01,920
Speaker 1: a less prov part of the business. I mean, our

315
00:16:02,000 --> 00:16:04,880
Speaker 1: view is that it is going to come back. Um.

316
00:16:04,920 --> 00:16:08,160
Speaker 1: I think dining and eating is such a social experience.

317
00:16:08,600 --> 00:16:10,880
Speaker 1: There's always going to be an element of it that

318
00:16:10,960 --> 00:16:13,120
Speaker 1: is in person. Now, how much of it comes back,

319
00:16:13,560 --> 00:16:15,400
Speaker 1: time will tell. And if at some point, you know,

320
00:16:15,440 --> 00:16:19,760
Speaker 1: maybe we need to reduce the space for dining seating

321
00:16:19,800 --> 00:16:21,760
Speaker 1: that we have in our restaurants, we can always calibrate

322
00:16:21,800 --> 00:16:23,840
Speaker 1: and do that, But for now we're kind of on

323
00:16:23,880 --> 00:16:25,960
Speaker 1: a watch and c mode. I assume you have a

324
00:16:26,000 --> 00:16:28,120
Speaker 1: lot of people saying the food isn't as healthy as

325
00:16:28,320 --> 00:16:30,320
Speaker 1: they might want it to be. Is that the biggest

326
00:16:30,360 --> 00:16:32,760
Speaker 1: challenge or just growing the company? Ray Kroc had a

327
00:16:32,800 --> 00:16:36,000
Speaker 1: famous line that gets quoted around here fairly off and

328
00:16:36,040 --> 00:16:38,600
Speaker 1: even today, which is if you're not green and growing

329
00:16:38,600 --> 00:16:41,000
Speaker 1: your red and rotten. Let's talk about your background. Where

330
00:16:41,040 --> 00:16:43,760
Speaker 1: did you grow up? So? I was born in Boston,

331
00:16:44,280 --> 00:16:47,200
Speaker 1: grew up on the East Coast until we started moving around.

332
00:16:47,400 --> 00:16:50,160
Speaker 1: I went to high school in Cincinnati, uh, and then

333
00:16:50,240 --> 00:16:52,800
Speaker 1: ultimately went to college down in North Carolina. Well, you

334
00:16:52,840 --> 00:16:54,680
Speaker 1: can say the name, it's I went to do Yes,

335
00:16:54,760 --> 00:16:57,840
Speaker 1: we shared that. And after you graduated, what did you do?

336
00:16:58,640 --> 00:17:01,320
Speaker 1: I went to Procker and Gamble. I went into their

337
00:17:01,400 --> 00:17:05,120
Speaker 1: band brand management program at the headquarters in Cincinnati. And

338
00:17:05,160 --> 00:17:08,040
Speaker 1: after that, so after that, I went to Harvard Business

339
00:17:08,040 --> 00:17:11,120
Speaker 1: School UM and got my m b a UM, and

340
00:17:11,240 --> 00:17:13,480
Speaker 1: after that I went into consulting for a few years.

341
00:17:13,600 --> 00:17:15,080
Speaker 1: But you spent a lot of time in the food

342
00:17:15,119 --> 00:17:18,280
Speaker 1: world because you were before PEPSI, you were you were

343
00:17:18,320 --> 00:17:21,000
Speaker 1: after after PEPSI were a craft as That's right. So

344
00:17:21,160 --> 00:17:23,479
Speaker 1: just something about food that you really appeal to you,

345
00:17:23,880 --> 00:17:27,000
Speaker 1: I'd say what I love is being in consumer industries. UH.

346
00:17:27,280 --> 00:17:30,919
Speaker 1: For me, what I really find sort of energizing as

347
00:17:30,960 --> 00:17:35,520
Speaker 1: having a tangible product that I can see, touch, feel, etcetera. UM,

348
00:17:35,640 --> 00:17:38,239
Speaker 1: and also one that you know people can relate to

349
00:17:38,400 --> 00:17:40,879
Speaker 1: when I say, you know, I work at PEPSI, or

350
00:17:40,920 --> 00:17:44,480
Speaker 1: I work at craft or I work at McDonald's. Um,

351
00:17:44,520 --> 00:17:47,359
Speaker 1: immediately you can always have a conversation with people and

352
00:17:47,560 --> 00:17:49,440
Speaker 1: kind of the fun thing for me and my current job.

353
00:17:49,960 --> 00:17:53,200
Speaker 1: You know, no matter where I am in the world, UM,

354
00:17:53,400 --> 00:17:56,080
Speaker 1: people have an opinion about McDonald's and want to talk

355
00:17:56,119 --> 00:17:57,840
Speaker 1: to you about McDonald's, and it just it makes the

356
00:17:57,920 --> 00:18:01,159
Speaker 1: job fun. So you came here, and that here was

357
00:18:01,200 --> 00:18:04,640
Speaker 1: here in Okay, and then you rose up pretty quickly

358
00:18:04,640 --> 00:18:06,920
Speaker 1: to become the head of America's that's right. And then

359
00:18:06,960 --> 00:18:09,880
Speaker 1: in two thousand nineteen you became the CEO. That's right.

360
00:18:10,240 --> 00:18:12,040
Speaker 1: And the stock is up and the market cap is

361
00:18:12,080 --> 00:18:15,119
Speaker 1: up about since then. So I assume your board is happy.

362
00:18:15,840 --> 00:18:18,440
Speaker 1: So far, so good. Yeah, but some of your predecessors

363
00:18:18,440 --> 00:18:20,560
Speaker 1: had problems. They didn't last that long and for health

364
00:18:20,640 --> 00:18:22,600
Speaker 1: or other reasons. So is there a bad karma you

365
00:18:22,640 --> 00:18:24,640
Speaker 1: feel to being CEO or you think you can outlive

366
00:18:25,160 --> 00:18:27,239
Speaker 1: the bad karma? Yeah? I hope not. I try not

367
00:18:27,320 --> 00:18:30,199
Speaker 1: to think about it too much actually, UM. But you know,

368
00:18:30,480 --> 00:18:33,919
Speaker 1: I think when you're in these jobs, you know, you're

369
00:18:34,160 --> 00:18:36,840
Speaker 1: you're just very grateful for the time that you're in

370
00:18:36,880 --> 00:18:39,080
Speaker 1: the role. And I don't spend a whole lot of

371
00:18:39,080 --> 00:18:43,879
Speaker 1: time thinking about you know, sort of you know, the

372
00:18:43,920 --> 00:18:46,080
Speaker 1: future and all that stuff. It's it's about you know,

373
00:18:46,119 --> 00:18:48,879
Speaker 1: so long as I keep delivering for the company, us,

374
00:18:49,000 --> 00:18:52,040
Speaker 1: long as we keep performing. Um. I certainly, you know,

375
00:18:52,080 --> 00:18:54,040
Speaker 1: feel really fortunate to be in the role that I'm in.

376
00:18:54,400 --> 00:18:57,359
Speaker 1: So it's a global company. UM now that COVID is

377
00:18:57,560 --> 00:19:00,719
Speaker 1: not behind us, but certainly receiving a bit. Are you

378
00:19:00,880 --> 00:19:02,920
Speaker 1: traveling the world? Are you expect to travel the world

379
00:19:03,000 --> 00:19:07,000
Speaker 1: war I do expect to travel starting next month. Uh,

380
00:19:07,040 --> 00:19:09,560
Speaker 1: and you know, between now and the end of the year,

381
00:19:09,600 --> 00:19:12,919
Speaker 1: I've got five international trips lined up. Are when you

382
00:19:13,000 --> 00:19:15,840
Speaker 1: travel internationally, you're trying to tell the local franchises to

383
00:19:15,880 --> 00:19:18,359
Speaker 1: do work more, do better job? Or what are you

384
00:19:18,359 --> 00:19:21,080
Speaker 1: trying to do when you travel you're recruiting it franchisees

385
00:19:21,200 --> 00:19:22,840
Speaker 1: or are you telling them why your new food products

386
00:19:22,840 --> 00:19:24,640
Speaker 1: are going to be good or why Yeah, there there's

387
00:19:24,680 --> 00:19:26,720
Speaker 1: a variety of things I'm trying to get done. When

388
00:19:26,840 --> 00:19:29,680
Speaker 1: when I'm out there, the biggest thing is listening, so

389
00:19:30,320 --> 00:19:33,040
Speaker 1: you know, hearing what's on the mind of our franchisees,

390
00:19:33,119 --> 00:19:35,160
Speaker 1: hearing what's on the mind of our people. That's one

391
00:19:35,200 --> 00:19:38,720
Speaker 1: thing I'm looking at the second is making sure that

392
00:19:38,840 --> 00:19:41,680
Speaker 1: the strategies that we're talking about at a corporate level

393
00:19:42,119 --> 00:19:44,880
Speaker 1: are they cascading down and we're seeing those in the restaurants.

394
00:19:44,920 --> 00:19:47,120
Speaker 1: A lot of times, what can happen is you think

395
00:19:47,160 --> 00:19:49,680
Speaker 1: you've got clarity around what the strategy is and then

396
00:19:49,680 --> 00:19:52,600
Speaker 1: it doesn't actually end up getting executed. So I'm looking

397
00:19:52,600 --> 00:19:55,040
Speaker 1: at the connection between our strategy and is it showing

398
00:19:55,119 --> 00:19:58,080
Speaker 1: up in the execution the restaurant. I also will just

399
00:19:58,119 --> 00:20:01,119
Speaker 1: spend time being a little bit of a cheerleader. Um

400
00:20:01,160 --> 00:20:03,880
Speaker 1: when I go into the restaurant. As you would imagine

401
00:20:03,960 --> 00:20:08,040
Speaker 1: the role, Uh, it's it's about creating excitement and appreciation

402
00:20:08,119 --> 00:20:10,080
Speaker 1: for the crew working in that restaurant. So I try

403
00:20:10,119 --> 00:20:12,400
Speaker 1: to do some of that. And then I also make

404
00:20:12,440 --> 00:20:15,359
Speaker 1: time when I'm traveling to meet our young up and

405
00:20:15,400 --> 00:20:17,960
Speaker 1: coming employees kind of our high potential. So there's a

406
00:20:18,000 --> 00:20:20,080
Speaker 1: variety of things I'm doing. So when you meet with

407
00:20:20,160 --> 00:20:22,480
Speaker 1: your local franchises anywhere in the world, do you have

408
00:20:22,680 --> 00:20:25,160
Speaker 1: lunch at McDonald's or do you say let's go somewhere else.

409
00:20:25,359 --> 00:20:28,240
Speaker 1: We we will always eat in the restaurant. Dinner, we

410
00:20:28,359 --> 00:20:32,200
Speaker 1: typically will go somewhere other than McDonald's. But breakfast and

411
00:20:32,280 --> 00:20:34,159
Speaker 1: lunch will always be in a McDonald's. And do you

412
00:20:34,200 --> 00:20:37,000
Speaker 1: ever go to your competitors stores and kind of see

413
00:20:37,040 --> 00:20:39,320
Speaker 1: what they're doing to get some new information? We do?

414
00:20:39,640 --> 00:20:43,159
Speaker 1: We do, UM, usually don't stay there too long. Usually

415
00:20:43,160 --> 00:20:45,000
Speaker 1: the service isn't as good and the food isn't as

416
00:20:45,040 --> 00:20:47,440
Speaker 1: good either, but we will go in there to just check.

417
00:20:47,720 --> 00:20:51,040
Speaker 1: So McDonald's is always coming up with new products. You know,

418
00:20:51,160 --> 00:20:53,359
Speaker 1: everybody's coming up with new products in every line of business,

419
00:20:53,400 --> 00:20:55,080
Speaker 1: but you're always coming up with new food products that

420
00:20:55,119 --> 00:20:58,240
Speaker 1: people will presumably like. But do you taste them all yourself?

421
00:20:58,320 --> 00:21:01,000
Speaker 1: And do you have to approve a new product? Or

422
00:21:01,119 --> 00:21:02,560
Speaker 1: you just say I've got to the people that do

423
00:21:02,640 --> 00:21:05,800
Speaker 1: the food tasting. Yeah, we have a great menu team. Uh.

424
00:21:05,880 --> 00:21:10,760
Speaker 1: It's their job to work typically with franchise ease and

425
00:21:10,920 --> 00:21:15,439
Speaker 1: ulultimately customers to develop the new food items. Occasionally I

426
00:21:15,560 --> 00:21:17,520
Speaker 1: might just say, hey, I'd be interested in trying that.

427
00:21:18,000 --> 00:21:22,160
Speaker 1: The team will usually humor me on those types of things. UM.

428
00:21:22,400 --> 00:21:26,080
Speaker 1: But if you don't like it, what happens nothing ordinarily

429
00:21:27,359 --> 00:21:29,600
Speaker 1: other than just it's interesting that you didn't like it.

430
00:21:29,680 --> 00:21:34,159
Speaker 1: Where I will where I do exercise as CEO authorities

431
00:21:34,200 --> 00:21:37,240
Speaker 1: around our core menu, So you can't touch the big Mac,

432
00:21:37,280 --> 00:21:39,440
Speaker 1: you can't touch the quarter pound, or you can't touch

433
00:21:39,880 --> 00:21:44,160
Speaker 1: the fries, um, you can't touch hamburger cheeseburger and make

434
00:21:44,160 --> 00:21:47,000
Speaker 1: any changes to those without my approval. But outside of

435
00:21:47,000 --> 00:21:48,720
Speaker 1: the core menu you have a lot of latitude and

436
00:21:48,720 --> 00:21:50,800
Speaker 1: certainly on new items. So what do you think is

437
00:21:50,840 --> 00:21:53,520
Speaker 1: the biggest challenge of being the CEO of McDonald's just

438
00:21:53,520 --> 00:21:56,800
Speaker 1: just keep growing the company? Or I assume you have

439
00:21:56,840 --> 00:21:58,800
Speaker 1: a lot of people saying the food isn't as healthy

440
00:21:58,840 --> 00:22:00,879
Speaker 1: as they might want it to be. Is that the

441
00:22:00,880 --> 00:22:04,040
Speaker 1: biggest challenge or just growing the company? I mean, I

442
00:22:04,320 --> 00:22:07,439
Speaker 1: think it's about UM As a business, we have to

443
00:22:07,480 --> 00:22:11,359
Speaker 1: be growing. And Ray Kroc had a famous line that

444
00:22:11,760 --> 00:22:14,639
Speaker 1: gets quoted around here fairly often even today, which is,

445
00:22:15,040 --> 00:22:17,720
Speaker 1: if you're not green and growing, you're red and rotten UM.

446
00:22:17,800 --> 00:22:21,320
Speaker 1: And I think that philosophy is part of our business,

447
00:22:21,320 --> 00:22:24,280
Speaker 1: which is we are a growth business. So how do

448
00:22:24,359 --> 00:22:26,840
Speaker 1: we grow is a big part of it. But where

449
00:22:27,320 --> 00:22:29,520
Speaker 1: it will come up is and things that you were

450
00:22:29,520 --> 00:22:33,919
Speaker 1: talking about, you know, for example, you know the menu items, UM,

451
00:22:33,960 --> 00:22:36,560
Speaker 1: if we're perceived as not meeting the needs of customers,

452
00:22:36,560 --> 00:22:38,840
Speaker 1: were not going to grow. So if customers are seeking

453
00:22:38,880 --> 00:22:42,280
Speaker 1: healthier food options and we're slow on delivering those, it's

454
00:22:42,320 --> 00:22:44,920
Speaker 1: going to impact our growth. So that that's what I

455
00:22:45,040 --> 00:22:48,320
Speaker 1: viewed my job is all about. Thanks for listening to

456
00:22:48,359 --> 00:22:50,960
Speaker 1: hear more of my interviews. You can subscribe and download

457
00:22:51,000 --> 00:22:54,520
Speaker 1: my podcast on Spotify, Apple, or wherever you listen