WEBVTT - Novo Nordisk CEO Talks Obesity Drugs, Philanthropy

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<v Speaker 1>Bloomberg Audio Studios, podcasts, radio news.

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<v Speaker 2>We are only scratching the surface in one more patient

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<v Speaker 2>switch reading, and it takes quite some time to scale

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<v Speaker 2>manufacture and trinket through many more millions of pieces.

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<v Speaker 1>This is the man in charge of Europe's most valuable company,

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<v Speaker 1>Novo Nordisk and its blockbuster diabetes and obesity drugs of

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<v Speaker 1>Zembec and Mogovi both contain the key ingredient sea BlueTide,

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<v Speaker 1>revolutionizing the weight loss market and generating billions in sales.

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<v Speaker 1>Celebrities have helped their popularity. Sore Sharon Osbourne, Chelsea Handler,

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<v Speaker 1>and Elon Musk have all publicly talked about taking the

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<v Speaker 1>zepig Orrigovie, and they've had further backing from Oprah Winfrey.

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<v Speaker 1>It's a global phenomenon, reaching millions on social media apps,

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<v Speaker 1>including TikTok, but it's not without controversy, including possible side effects,

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<v Speaker 1>high prices, and the company's lobbying efforts, receiving criticism around

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<v Speaker 1>the world world, and in some cases patients might also

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<v Speaker 1>need to take the drugs indefinitely to avoid regaining the weight.

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<v Speaker 1>Chief executive Las Freugljogensen says obesity is a disease and

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<v Speaker 1>things a company will learn from its growing number of patients.

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<v Speaker 2>When I asked the scientists, they say, pology and mechanism

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<v Speaker 2>will tell you that it's quite treatment. My personal view

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<v Speaker 2>is that you will also here learned that patients are

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<v Speaker 2>much different and they'll be different avenues, so we'll have

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<v Speaker 2>to build a portfolio of interventions.

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<v Speaker 1>On this episode of Leaders with Laqua, I traveled to

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<v Speaker 1>the firm's headquarters in Copenhagen, Denmark. I asked Lars Feugair

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<v Speaker 1>Jogensen about the global sensation, how he's navigating the company's

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<v Speaker 1>meteoric rise, and the sweeping changes they could bring across

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<v Speaker 1>a range of industries. Lurs, thank you so much for

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<v Speaker 1>being on Bloomberg with us.

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<v Speaker 2>That sine thanks for having me.

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<v Speaker 1>I mean, after decades of research basically and over finds

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<v Speaker 1>a molecule that changes everything in terms of weight loss drugs.

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<v Speaker 1>Were you taken by surprise at the appetite actually for

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<v Speaker 1>these drugs and how mainstream they are?

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<v Speaker 2>Yeah, I would actually say that many surprises when you

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<v Speaker 2>get products like that. It starts with surprises in the

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<v Speaker 2>innovation because there are many shots being made on goal

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<v Speaker 2>and most fail and the winner is often the one

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<v Speaker 2>that surprises people the most.

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<v Speaker 1>So why do you think this. I guess surprise or

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<v Speaker 1>success was unexpected. Did it capture something in society that

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<v Speaker 1>you weren't ready for.

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<v Speaker 2>I think we have seen first many decades of our

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<v Speaker 2>company was focused on type one diabetes. Then because of

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<v Speaker 2>lifestyle changes, perhaps genetics, there was an increase in type

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<v Speaker 2>two dia beats. But for many years type two the

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<v Speaker 2>beats was not intensively treated. Then there was a so

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<v Speaker 2>called uk PDS started that really showed that you need

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<v Speaker 2>to treat typetuta beats to prevent commobidities, and that increased

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<v Speaker 2>the diabetes marked a lot. Now we are kind of

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<v Speaker 2>seeing the same with obesity that for years we felt

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<v Speaker 2>that perhaps obesity is not a real disease, not something

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<v Speaker 2>you should treat, but that's now being established that actually

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<v Speaker 2>by understanding the underlying courses of obesity, that there's a

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<v Speaker 2>lot of a lot of play, for instance genetics, but

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<v Speaker 2>now also innovations that can actually treat the disease, help

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<v Speaker 2>people reduce weight and prevent the commodities. So I think

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<v Speaker 2>it's a repeat in a way of what happened with

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<v Speaker 2>type two diabetes, and that then suddenly opens a market

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<v Speaker 2>that turns out to be way bigger than the diabetes market.

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<v Speaker 1>How difficult is it to have a lifelong treatment? And again,

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<v Speaker 1>how do you see that changing?

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<v Speaker 2>I think we are yet to learn how patient journeys

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<v Speaker 2>will be much different. Some will be on lifelong treatment,

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<v Speaker 2>Some will have, say progressive obesity that will keep you

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<v Speaker 2>put more and more weight on and they'll need more

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<v Speaker 2>and more eificacious medicine. But perhaps also be some who

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<v Speaker 2>we're actually being on treatment for some time almost prevents them,

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<v Speaker 2>and they'll have a different trajectory. I don't think we

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<v Speaker 2>have seen much of this yet. When I asked the

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<v Speaker 2>scientists I'm not a scientist myself, they say, but bylity

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<v Speaker 2>and mechanism will tell you that it's chronic treatment. My

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<v Speaker 2>personal view is that we will also here learn that

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<v Speaker 2>patients are much different and there'll be different avenues, so

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<v Speaker 2>we'll have to build a portfolio of interventions. Lifestyle will

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<v Speaker 2>also play into for some of them, and I think

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<v Speaker 2>we can help many patients get down to a weight

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<v Speaker 2>that they can maintain and live the life they want

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<v Speaker 2>to live and avoid many comobilities for the healthcare systems.

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<v Speaker 1>I mean, we also heard from some of the food

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<v Speaker 1>companies that the chief executives of some of the big

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<v Speaker 1>groups are having crisis talks. And actually, does this mean

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<v Speaker 1>that there's going to be a wider adoption of these drugs?

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<v Speaker 1>Does it mean that people are going to eat an

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<v Speaker 1>drink thirty percent less? Do you see it really changing

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<v Speaker 1>our societies?

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<v Speaker 2>I think there'll be many changes, But I think with

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<v Speaker 2>that also comes opportunities. They'll perhaps be a different preference

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<v Speaker 2>for snacking, so I think we still need to eat,

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<v Speaker 2>so maybe perhaps a bit less of the unhealthy snacking

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<v Speaker 2>and a preference for more the healthy stuff. So I

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<v Speaker 2>think for companies it's also about, you know, following the

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<v Speaker 2>trend and evolving your business and moving to where the

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<v Speaker 2>market is. And I think there is probably, say an

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<v Speaker 2>eighty twenty perspective here, like in many other sectors, that

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<v Speaker 2>you will have a few patients who are really heavy consumers,

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<v Speaker 2>and if those are also those who then start up treatment,

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<v Speaker 2>I think they'll be a relative bigger impact on some

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<v Speaker 2>of these companies. But I was say, in general, I

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<v Speaker 2>think it's a bit hyped when we see their actions.

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<v Speaker 2>We see because we are only scratching the surface in

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<v Speaker 2>the number of patients we are treating, and it takes

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<v Speaker 2>quite some time to scale manufacturing to get to many

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<v Speaker 2>more millions of patients.

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<v Speaker 1>Hollywood has also adopted actually you know your weight loss drugs?

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<v Speaker 1>Is that a good or a bad thing.

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<v Speaker 2>We now have a situation where social media, you know,

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<v Speaker 2>is filled with communication around our products, and that's a

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<v Speaker 2>complete new for us. We have focused on educating physicians.

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<v Speaker 2>In most countries we cannot do direct to consumer advertisement

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<v Speaker 2>and in all countries is really important for us. We

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<v Speaker 2>get physicians to understand which products are approved for type

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<v Speaker 2>tuta biders, which are proved for obesity, what's a mechanism

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<v Speaker 2>and how should they be used? And when we see

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<v Speaker 2>at you get data from insurance companies, et cetera, we

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<v Speaker 2>can see the profile of those who use our medicines.

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<v Speaker 2>We can see that they are on areas people with

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<v Speaker 2>a very high BMI, well above thirty. So that is

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<v Speaker 2>actually also the approved label. So we feel comfortable about that.

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<v Speaker 2>It is people in need of medical intervention to treat

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<v Speaker 2>serious obesity situations.

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<v Speaker 1>But you've become such a phenomenon and the you know

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<v Speaker 1>their means and you're right, it's all over social media

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<v Speaker 1>and some are saying, look, the problem with this is

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<v Speaker 1>that it could actually lead to more eating disorders, and

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<v Speaker 1>this is probably because of the increase in social media.

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<v Speaker 1>What do former companies do Can they do anything to

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<v Speaker 1>kind of balance this?

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<v Speaker 2>Yeah, I think we have quite spent some time on

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<v Speaker 2>understanding what what does this mean, what's what's the breath

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<v Speaker 2>of it? And we've come to realize that we cannot

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<v Speaker 2>control social media. We try to be present and get

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<v Speaker 2>our messaging in. But then all our medicines they take

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<v Speaker 2>a physician writing a script. So we really focus on

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<v Speaker 2>the physician to make sure that they understand what are

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<v Speaker 2>the mechanisms, who are the appropriate patients, what's that labor

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<v Speaker 2>And then I think we have to also trust that

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<v Speaker 2>the physicians they do what is right for their patient,

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<v Speaker 2>and they should for sure not prescribe for people living.

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<v Speaker 1>With the even sold coming up. I asked ls for

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<v Speaker 1>Galiogensen about criticism the company has faced over its prices,

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<v Speaker 1>with some analysts predicting the weight loss drug industry could

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<v Speaker 1>be worth one hundred and fifteen billion dollars a year. Globally.

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<v Speaker 1>More than one billion people are thought to be abest

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<v Speaker 1>It's a crucial market for weight loss drug makers like

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<v Speaker 1>Nova Nordisk, but challenges remain. The company's patents expire in

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<v Speaker 1>the US and the EU at the end of the

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<v Speaker 1>next decade, and rival drugs are already emerging like zet

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<v Speaker 1>bound by Eli Lilly I also achieved executive Galijoginsen about

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<v Speaker 1>regulatory pressures and future growth. So how do you think

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<v Speaker 1>about pricing? Again, you must have gone some difficult questions

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<v Speaker 1>from governments. But also this goes back to innovation.

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<v Speaker 2>Most products are priced according to the value they bring,

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<v Speaker 2>and I feel really good about the value of our

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<v Speaker 2>medicines what they bring to the individual patient, but are

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<v Speaker 2>also the value to the healthcare system. And we have

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<v Speaker 2>today healthcare systems around the world who were typically designed

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<v Speaker 2>for acute care, but finding that eighty percent of the

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<v Speaker 2>cost in the healthcare system is linked to chronic care.

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<v Speaker 2>And we have a portfolio of products that are really

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<v Speaker 2>addressing some of the chronic diseases of our day and age, diabetes, obesity,

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<v Speaker 2>and the commobidities that follows that. We know that there

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<v Speaker 2>are projections that say by twenty to thirty five, the

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<v Speaker 2>World Obesiti Federation predicts that the cost burden to society

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<v Speaker 2>will be four trillion dollars of the people living with obesity,

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<v Speaker 2>and that course is going to a large degree be

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<v Speaker 2>taken up by healthcare systems who are already struggling today

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<v Speaker 2>eating populations, you know, shortage of labor, A lot of

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<v Speaker 2>workers left the healthcare systems during the pandemic after the pandemic.

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<v Speaker 2>So being articulating, what is actually value of the medicine

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<v Speaker 2>we have and if you invest in that, Yes, there

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<v Speaker 2>is a cost upfront, maybe we can discuss how we

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<v Speaker 2>you know, we deal with that, but there is actually

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<v Speaker 2>tremendous value in terms of preventing cost and keeping people

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<v Speaker 2>out of hospital.

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<v Speaker 1>But this is a crucial moment because your prices will

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<v Speaker 1>probably go down as you have more competitors coming in.

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<v Speaker 1>We know if ELI lately, you know, Amgin could be

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<v Speaker 1>a competitor. And so this is I guess the crucial

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<v Speaker 1>time where we have to make investment decisions when prices

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<v Speaker 1>are high and you have more cash coming in. Is

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<v Speaker 1>that right? Is that how you view it?

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<v Speaker 2>Yes, to put a bit of color around it. The

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<v Speaker 2>same forecast predicts that there'll be say a billion people

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<v Speaker 2>living with obesity in thirty to thirty five. We are

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<v Speaker 2>perhaps serving one or two million of them today, So

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<v Speaker 2>there's a huge market opportunity and there's place for more.

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<v Speaker 2>And then you're right that in most markets, when you

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<v Speaker 2>get more competition, and also over time, pricing moves down

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<v Speaker 2>because you start treating those who accept, say the higher

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<v Speaker 2>price point in the US, that's commercial insurance, and then

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<v Speaker 2>over time you get broader access and you get to

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<v Speaker 2>patients paying a lower price. So if you just take

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<v Speaker 2>our leading diabetes product in the US since launch in

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<v Speaker 2>twenty eighteen, the price we get after rebates, discount, et cetera,

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<v Speaker 2>is some forty percent lower than when we launched. That's

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<v Speaker 2>often not mentioned in the say the political debate. Instead,

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<v Speaker 2>the list price is mentioned, which is not actually what

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<v Speaker 2>we book in our account because that's after rebates.

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<v Speaker 1>V US is such a large market, would you ever

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<v Speaker 1>deal list or even change headquarters to the US.

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<v Speaker 2>That's unlikely. We are controlled by a foundation that's anchored

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<v Speaker 2>in Denmark. We have a lot of say, footprint in Denmark.

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<v Speaker 2>Having said that, we do invest and expand a lot globally.

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<v Speaker 2>Most of what we sell in the US we also

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<v Speaker 2>produce in the US, So in many aspects we are

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<v Speaker 2>as much a US company as we are a Danish company,

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<v Speaker 2>but the headquarter, the corporate headquarter is based in Denmark.

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<v Speaker 2>For the foreseble future.

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<v Speaker 1>You think of Denmark and really now you think of

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<v Speaker 1>Novo because of the size of revenues, which is I

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<v Speaker 1>think bigger than GDP. Is that uncomfortable.

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<v Speaker 2>I think maybe the perspective should be corrected a bit

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<v Speaker 2>because there's this comparison about our market cap with the

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<v Speaker 2>Danish GDP, and we all know that GDP is an

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<v Speaker 2>economic flow matrix for the flow on a yearly basis,

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<v Speaker 2>and the market cap is the total value of the company.

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<v Speaker 2>I'm sure if we compare the market cap of No

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<v Speaker 2>Noise with the market cap of everything that's in Denmark,

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<v Speaker 2>we would be tiny. But of course there's also the

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<v Speaker 2>point that with our expansions, our you know, more than

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<v Speaker 2>thirty thousand per years in Denmark, huge capex investment, we

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<v Speaker 2>are fueling the GDP growth and you know we take

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<v Speaker 2>that quite seriously. So the jobs we create I don't

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<v Speaker 2>think will disappear again. And now we talk about expanding

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<v Speaker 2>in the US, it doesn't come in the shape a

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<v Speaker 2>form of moving activities from dinner to the US. It's

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<v Speaker 2>growth in the US. So we will be careful and

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<v Speaker 2>respectful in how we grow, so we can do that

0:13:43.240 --> 0:13:44.800
<v Speaker 2>in a sustainable way, and.

0:13:44.679 --> 0:13:47.520
<v Speaker 1>That's also increasing supply with new factories.

0:13:48.040 --> 0:13:53.520
<v Speaker 2>Yeah, we have made huge investment decisions and these are

0:13:55.000 --> 0:14:01.160
<v Speaker 2>you know, billion dollar commitments per year, and it takes

0:14:01.440 --> 0:14:03.480
<v Speaker 2>four or five years to build some of these facilities

0:14:04.120 --> 0:14:07.800
<v Speaker 2>and welckily started already years back. So we have more

0:14:07.840 --> 0:14:11.360
<v Speaker 2>and more lines kicking in on an ongoing basis, but

0:14:11.440 --> 0:14:12.679
<v Speaker 2>some of them will also be kicking.

0:14:12.520 --> 0:14:15.360
<v Speaker 1>In in the future. Are you also looking for acquisitions.

0:14:15.520 --> 0:14:19.520
<v Speaker 2>Yes, we are. We are in the unique situation that

0:14:19.560 --> 0:14:22.000
<v Speaker 2>most of the products we have came from our in

0:14:22.040 --> 0:14:25.560
<v Speaker 2>house on the efforts, which is a bit unusual compared

0:14:25.600 --> 0:14:29.920
<v Speaker 2>to some of our peers. We expect to carry on

0:14:29.960 --> 0:14:32.760
<v Speaker 2>with that, but we can also see that we can

0:14:32.960 --> 0:14:36.280
<v Speaker 2>complement that by some acquisitions. So typically it would be

0:14:36.600 --> 0:14:42.360
<v Speaker 2>Early States bio check, where they have great science, we

0:14:42.520 --> 0:14:46.560
<v Speaker 2>have disease understanding, We have the infrastructure, so we can

0:14:46.760 --> 0:14:49.800
<v Speaker 2>express that science in a better way than they can

0:14:49.840 --> 0:14:54.240
<v Speaker 2>do on their own. So merging makes a perfect marriage,

0:14:54.760 --> 0:14:57.680
<v Speaker 2>and some of the party is bigger than what each

0:14:57.720 --> 0:14:59.240
<v Speaker 2>can do on their own.

0:15:00.000 --> 0:15:03.640
<v Speaker 1>Former companies having a harder time after COVID there seems

0:15:03.680 --> 0:15:06.880
<v Speaker 1>to have been an explosion of not trusting pharmaceutical companies,

0:15:07.160 --> 0:15:11.960
<v Speaker 1>even you know, vaccines being questioned. Have you felt any backlash?

0:15:12.400 --> 0:15:17.000
<v Speaker 2>Yes, And to me, that's a really, really sad situation

0:15:17.120 --> 0:15:20.280
<v Speaker 2>to be in because had it not been for some

0:15:20.360 --> 0:15:24.520
<v Speaker 2>of the you know, very innovative small biotechs who came

0:15:24.560 --> 0:15:27.480
<v Speaker 2>up with vaccines and then teaming up with some of

0:15:27.480 --> 0:15:31.920
<v Speaker 2>the largest forces of our industry to in record time

0:15:32.360 --> 0:15:35.560
<v Speaker 2>get approval and scaling manufacturing, I think the world would

0:15:35.560 --> 0:15:39.440
<v Speaker 2>have looked much different today. And I respect that some

0:15:39.480 --> 0:15:41.640
<v Speaker 2>who do not like vaccines, but the majority of us

0:15:42.080 --> 0:15:46.080
<v Speaker 2>had a number of shots and that led to a

0:15:46.120 --> 0:15:53.080
<v Speaker 2>lot of debate about our patents really needed. And unless

0:15:53.120 --> 0:15:57.040
<v Speaker 2>we have you know, an ability to patent innovation, there's

0:15:57.040 --> 0:15:58.840
<v Speaker 2>not going to be any innovation, so there will be

0:15:58.880 --> 0:16:04.080
<v Speaker 2>no new products. So I think there's something about equality

0:16:04.160 --> 0:16:09.360
<v Speaker 2>how we distribute products, and honestly, I think a lot

0:16:09.400 --> 0:16:14.440
<v Speaker 2>of the rich countries ended up grabbing products for their

0:16:14.440 --> 0:16:18.640
<v Speaker 2>own population at the expense of some of the developing

0:16:18.680 --> 0:16:21.560
<v Speaker 2>countries who do not get access. That then leads to

0:16:21.600 --> 0:16:24.160
<v Speaker 2>a debate whether IP is the right way to go,

0:16:25.360 --> 0:16:28.000
<v Speaker 2>But that for me, is the wrong discussion we have

0:16:28.040 --> 0:16:30.000
<v Speaker 2>to figure out how can with social atarity in a

0:16:30.040 --> 0:16:32.800
<v Speaker 2>way where we actually acknowledge that the whole world needs

0:16:32.800 --> 0:16:35.800
<v Speaker 2>the benefit in a fair way. But if you take

0:16:35.800 --> 0:16:38.640
<v Speaker 2>the incentive away from innovation, we're all weigh off.

0:16:39.640 --> 0:16:42.440
<v Speaker 1>Coming up Las four, gad Joginsen tells me about his

0:16:42.560 --> 0:16:49.200
<v Speaker 1>leadership style at the helm of Europe's most valuable company.

0:16:51.920 --> 0:16:55.520
<v Speaker 1>The market value of Novnordisk is bigger than the Danish economy,

0:16:55.960 --> 0:16:59.520
<v Speaker 1>and its philanthropic foundation is now the world's largest, with

0:16:59.600 --> 0:17:02.920
<v Speaker 1>more than double the assets of the Gates Foundation. I

0:17:03.040 --> 0:17:06.600
<v Speaker 1>asked Lars for Regal Jogensen how he handles a company's

0:17:06.600 --> 0:17:13.840
<v Speaker 1>success and his approach to corporate culture. Are you enjoying

0:17:13.840 --> 0:17:16.360
<v Speaker 1>success or is it with it? Does it also bring

0:17:16.359 --> 0:17:17.520
<v Speaker 1>a lot of responsibility?

0:17:17.960 --> 0:17:20.560
<v Speaker 2>I to go as CEO at a time where Asia

0:17:20.760 --> 0:17:25.480
<v Speaker 2>price had just been cut by forty percent, we were

0:17:25.200 --> 0:17:28.960
<v Speaker 2>in no growth or no single digit growth, and it's

0:17:29.040 --> 0:17:33.280
<v Speaker 2>much harder to invest in the business do things you

0:17:33.320 --> 0:17:36.719
<v Speaker 2>want to do compared to what the opportunities are today.

0:17:36.880 --> 0:17:40.159
<v Speaker 2>So I enjoy that, but obviously it also comes with

0:17:41.080 --> 0:17:44.640
<v Speaker 2>many challenges about how to sustain the success of a company.

0:17:45.160 --> 0:17:47.440
<v Speaker 2>Let's enjoyed success or what kind.

0:17:47.359 --> 0:17:49.440
<v Speaker 1>Of leader are you or what kind of leader? Would

0:17:49.440 --> 0:17:50.600
<v Speaker 1>your employees say you are?

0:17:51.480 --> 0:17:55.440
<v Speaker 2>Well, you should ask them. I hope they would say

0:17:55.480 --> 0:18:03.960
<v Speaker 2>that I'm authentic, I'm relative easy to read. I would

0:18:03.960 --> 0:18:08.399
<v Speaker 2>also hope they say that I'm curious because I'm another

0:18:08.480 --> 0:18:13.879
<v Speaker 2>specialist in anything. But I found that there has not

0:18:13.960 --> 0:18:16.800
<v Speaker 2>been yet a problem in the company we couldn't solve

0:18:17.600 --> 0:18:21.440
<v Speaker 2>if we actually mobilized the right people. So I'm born

0:18:21.520 --> 0:18:23.800
<v Speaker 2>with a big nose and big ears, and I use

0:18:25.040 --> 0:18:29.600
<v Speaker 2>the attributes of that eas and every day to collect, say,

0:18:29.640 --> 0:18:32.920
<v Speaker 2>opinions from the company, and then it's my role to

0:18:33.960 --> 0:18:39.919
<v Speaker 2>combine it into an opinion together with my team and

0:18:40.040 --> 0:18:41.679
<v Speaker 2>make sure that we make the right choice.

0:18:42.440 --> 0:18:44.359
<v Speaker 1>So does a perfect leader in twenty twenty four need

0:18:44.400 --> 0:18:45.960
<v Speaker 1>to be a visionary or a problem solver?

0:18:46.600 --> 0:18:50.800
<v Speaker 2>I would say, if I have to solve the problems,

0:18:51.400 --> 0:18:59.200
<v Speaker 2>it's a problem because if examined, when COVID nineteen arrived,

0:19:00.119 --> 0:19:05.719
<v Speaker 2>we decided to close down, say the offices we kept manufacturing,

0:19:05.760 --> 0:19:08.560
<v Speaker 2>and the border is running and we all went home,

0:19:10.119 --> 0:19:12.600
<v Speaker 2>and what you do well, you need to establish a

0:19:12.640 --> 0:19:15.800
<v Speaker 2>crisis response team to deal with that. So the first

0:19:15.840 --> 0:19:17.960
<v Speaker 2>decision I made was I should not be part of

0:19:18.000 --> 0:19:20.399
<v Speaker 2>that why I was a bit out of a loop

0:19:20.520 --> 0:19:22.679
<v Speaker 2>for a couple of days. But I knew if I

0:19:22.720 --> 0:19:25.560
<v Speaker 2>put myself into that, I would become the bottleneck in

0:19:25.640 --> 0:19:30.040
<v Speaker 2>the company and the company would suddenly have lost its CEO.

0:19:30.320 --> 0:19:34.200
<v Speaker 2>So I asked our CEFO to share that and then

0:19:34.240 --> 0:19:38.399
<v Speaker 2>I could still, you know, be there for everybody, and

0:19:38.480 --> 0:19:40.840
<v Speaker 2>people could come to me and check in, and I

0:19:40.840 --> 0:19:43.640
<v Speaker 2>could try to get a view for what are oil

0:19:43.680 --> 0:19:48.160
<v Speaker 2>companies doing, what's happening and and and give them some input.

0:19:48.960 --> 0:19:51.399
<v Speaker 2>So if the CEO turns into the problem solve with

0:19:51.400 --> 0:19:53.640
<v Speaker 2>the company, I think the company needs another CEO.

0:19:54.080 --> 0:19:55.399
<v Speaker 1>Have you changed as a CEO?

0:19:56.359 --> 0:20:01.800
<v Speaker 2>I believe I have. I when I I was promoted,

0:20:03.080 --> 0:20:05.320
<v Speaker 2>I took a step up in the team, So I

0:20:05.359 --> 0:20:08.520
<v Speaker 2>went from over night being colleague to being the leader

0:20:08.520 --> 0:20:12.480
<v Speaker 2>of the team. And I think they would tell me

0:20:12.520 --> 0:20:16.560
<v Speaker 2>today that they would have liked me maybe to a

0:20:16.560 --> 0:20:21.480
<v Speaker 2>bit quicker act like the boss, But for me it

0:20:21.560 --> 0:20:25.120
<v Speaker 2>was not natural to just be say bussy after one night.

0:20:26.800 --> 0:20:29.639
<v Speaker 2>So I think I've been growing into the role and

0:20:29.680 --> 0:20:34.719
<v Speaker 2>I feel more comfortable today in actually listening to my guts,

0:20:34.960 --> 0:20:39.720
<v Speaker 2>which is a combination of your own feelings but also

0:20:39.760 --> 0:20:44.840
<v Speaker 2>your experiences and earlier say what I believe in, and

0:20:44.880 --> 0:20:48.200
<v Speaker 2>that creates clarity for an organization with more than sixty

0:20:48.240 --> 0:20:48.919
<v Speaker 2>thousand people.

0:20:49.359 --> 0:20:52.160
<v Speaker 1>And so Saturday mornings, I understand you have off.

0:20:52.560 --> 0:20:56.560
<v Speaker 2>Yeah, Saturday is always a day where powered down. So

0:20:57.840 --> 0:21:00.560
<v Speaker 2>I run at a relative high pace thout the week,

0:21:01.119 --> 0:21:06.320
<v Speaker 2>try to wrap things up, and Saturday is a quiet

0:21:06.400 --> 0:21:08.760
<v Speaker 2>day for me in terms of work. And I start

0:21:08.800 --> 0:21:12.720
<v Speaker 2>typically by playing tennis with my wife. We'll go for

0:21:12.760 --> 0:21:15.600
<v Speaker 2>a swim all year round. After that, have a nice lunch,

0:21:15.920 --> 0:21:19.760
<v Speaker 2>and then I'm onto a good trajectory for the weekend.

0:21:20.320 --> 0:21:23.760
<v Speaker 2>And then Sunday I try to prepare for the coming weeks.

0:21:24.840 --> 0:21:29.440
<v Speaker 2>But through a weekend I would send ather no emails

0:21:29.480 --> 0:21:32.240
<v Speaker 2>of very few emails, because I want to drive a

0:21:32.280 --> 0:21:36.560
<v Speaker 2>culture where all gets an opportunity to spend the weekend

0:21:36.800 --> 0:21:40.119
<v Speaker 2>as they fancy. And I think what we do is

0:21:40.119 --> 0:21:43.760
<v Speaker 2>so difficult and it takes so much creative thinking to

0:21:43.880 --> 0:21:49.600
<v Speaker 2>succeed that if you're always on, always busy, the bandwidth

0:21:49.680 --> 0:21:53.480
<v Speaker 2>of your reflection is just too narrow. And I generally

0:21:53.520 --> 0:21:57.840
<v Speaker 2>believe that Monday mornings I'm a better leader than I am,

0:21:58.400 --> 0:22:02.480
<v Speaker 2>say Friday afternoon. I also take all my vacations. I

0:22:02.520 --> 0:22:05.680
<v Speaker 2>generally believe I'm a much better CEO right after a

0:22:05.760 --> 0:22:07.200
<v Speaker 2>vacation than I am before vacation.

0:22:07.720 --> 0:22:10.199
<v Speaker 1>What's your best piece of advice you've ever received, and

0:22:10.200 --> 0:22:15.600
<v Speaker 1>what's the worst piece of advice you've ever received.

0:22:15.960 --> 0:22:22.200
<v Speaker 2>The best advice would probably be give people a fair

0:22:22.280 --> 0:22:27.720
<v Speaker 2>chance to succeed, and most can actually do much better

0:22:28.840 --> 0:22:32.159
<v Speaker 2>than the belief themselves. And perhaps also you believe based

0:22:32.200 --> 0:22:38.160
<v Speaker 2>on say, short term performance. So trust people and give

0:22:38.200 --> 0:22:41.800
<v Speaker 2>them what is needed for them to succeed. You'll see

0:22:42.040 --> 0:22:49.359
<v Speaker 2>people succeeding. The worst piece would be something that was

0:22:49.400 --> 0:22:56.440
<v Speaker 2>influenced by, say politics or spinning facts. I'm hyper allergic

0:22:56.560 --> 0:23:02.639
<v Speaker 2>to politics and where you try to take advantage of

0:23:02.640 --> 0:23:07.200
<v Speaker 2>a position. So I've had one experience during my career

0:23:07.240 --> 0:23:12.760
<v Speaker 2>where I gave my record resignition because somebody, a close colleague,

0:23:12.880 --> 0:23:17.120
<v Speaker 2>actually completely twisted some facts. We had just agreed how

0:23:17.160 --> 0:23:20.199
<v Speaker 2>to approach. Then we met with our shared boss and

0:23:20.240 --> 0:23:24.720
<v Speaker 2>my colleague just turned it around. I said, okay, anteqrity

0:23:24.880 --> 0:23:28.440
<v Speaker 2>so so holy for me that if people play tricks,

0:23:29.000 --> 0:23:33.320
<v Speaker 2>you know, it's not my game whatever. So I just said, okay,

0:23:33.359 --> 0:23:37.399
<v Speaker 2>this is it. I'm out here. But we sorted we

0:23:37.440 --> 0:23:41.840
<v Speaker 2>shorted out, I still stayed so so so any advice

0:23:42.119 --> 0:23:47.080
<v Speaker 2>that is not based on honesty, decency, and you know,

0:23:47.520 --> 0:23:50.000
<v Speaker 2>following the facts, I have a really hard time.

0:23:50.880 --> 0:23:54.080
<v Speaker 1>Thank you so much for your time today.

0:23:52.359 --> 0:23:52.600
<v Speaker 2>Thank you