{"id":55816,"date":"2023-09-01T13:42:59","date_gmt":"2023-09-01T17:42:59","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/refounding-a-company-can-lead-to-real-growth\/"},"modified":"2023-09-01T13:43:02","modified_gmt":"2023-09-01T17:43:02","slug":"refounding-a-company-can-lead-to-real-growth","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=55816","title":{"rendered":"\u2018Refounding\u2019 A Company Can Lead To Real Growth"},"content":{"rendered":"<div>\n<p>Hubert Joly has enjoyed an amazing career journey \u2014 made famous by his tenure as Best Buy\u2019s CEO from 2012 to 2019.<\/p>\n<p>That\u2019s when he took the electronics retailer from losing billions to earning a 3% net profit margin \u2014 contributing to a 330% rise in its stock price (about three times faster than the S&amp;P 500\u2019s growth).<\/p>\n<p>On August 29, Best Buy reported better-than-expected second quarter results under the leadership of Corie Barry, his hand-picked successor.<\/p>\n<p>The same day, Joly \u2014 now a senior lecturer at Harvard Business School \u2014 told me what distinguishes leaders who can preside over sustainable growth and why he chose Barry as CEO.<\/p>\n<p>His principles of leading sustainable growth made me think investors ought to seek out CEOs who:<\/p>\n<ul>\n<li>Adapt effectively to rapidly changing industry headwinds and tailwinds<\/li>\n<li>\u201cRefound\u201d \u2014 Joly\u2019s term for bringing back to growth \u2014 after a company hits the doldrums<\/li>\n<li>Lead with humility and intellectual curiosity<\/li>\n<li>Develop a successor by testing their ability to tackle ever-harder challenges<\/li>\n<li>Capture short- and longer-term growth opportunities<\/li>\n<\/ul>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Best Buy\u2019s Expectations-Beating Second Quarter Results<\/h2>\n<p>Best Buy beat investor expectations for its second quarter financial results \u2014 sending its shares up 3% between the day before its earnings report and August 31.<\/p>\n<p><fbs-ad position=\"inread\" progressive=\"\" ad-id=\"article-0-inread\" aria-hidden=\"true\" role=\"presentation\"><\/fbs-ad><\/p>\n<p>That does not mean Best Buy is growing. Consumers are now spending on experiences rather than aggressively buying electronics equipment as they did the year before \u2014 contributing to a decline in the company\u2019s top line and a trimming of its revenue forecast for the year.<\/p>\n<p>Here are the key numbers, according to CNBC:<\/p>\n<ul>\n<li><strong>Q2 revenue: down 7% from the year before to $9.58 billion<\/strong> \u2014 $60 million ahead of consensus, according to Refinitiv.<\/li>\n<li><strong>Q2 adjusted earnings per share: $1.22<\/strong> \u2014 16 cents more than expected according to Refinitiv.<\/li>\n<li><strong>Q2 net income: $274 million<\/strong> \u2014 10% lower than the year before.<\/li>\n<li><strong>Fully year revenue forecast (midpoint of range): $44.15 billion<\/strong> \u2014 $350 million lower than the midpoint of its previous forecast.<\/li>\n<\/ul>\n<p>Falling demand for appliances, home theater, computing and mobile phones was partially offset \u201cpersistent growth\u201d in the company\u2019s gaming categories, CNBC noted.<\/p>\n<p>Barry told the Wall Street Journal<em>,<\/em> \u201cOur financial results were better than expected, and they reflect a consumer electronics industry that remains challenged due to the pull-forward of demand in prior years and the various macroeconomic factors that we are all too familiar with. We continue to expect that this year will be the low point in tech demand after two years of sales declines.\u201d<\/p>\n<p>Best Buy told investors things are looking better. In the CNBC report, CFO<fbs-ticker data-name=\"CFO\" data-href=\"https:\/\/www.forbes.com\/investment-funds\/cfo\/\" data-type=\"etf\"><br \/>\n  CFO<br \/>\n <\/fbs-ticker> Matt Bilunas said trends are improving. Back-to-school sales are \u201cslightly better than expected\u201d and second quarter growth included new categories: such as health care devices, and My Best Buy, a paid subscription program.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">How Joly Turned Around Best Buy<\/h2>\n<p>Joly took over Best Buy at a low point and left it in good shape for Barry when she became CEO in June 2019 \u2014 not long before Covid-19 turned the world upside down.<\/p>\n<p>As I wrote in December 2019, Joly \u2014 who had previously run hospitality company Carlson \u2014 took over as Best Buy&#8217;s CEO in August 2012. The move followed a whopping $1.7 billion loss and the departure of its previous CEO in the wake of his \u201cclose relationship\u201d with a female employee, Bloomberg reported.<\/p>\n<p>By June 2019 when Joly handed over Best Buy\u2019s reins to Barry, the retailer\u2019s shares had soared 330% from $20 to about $68. The S&amp;P 500 rose 111% during the period, and in the quarter ending May 2019, the company had earned a 3% net profit margin.<\/p>\n<p>To turn around Best Buy, Joly did eight things:<\/p>\n<ul>\n<li><strong>Created meaning for employees.<\/strong> While his predecessor saw employees as costs to be minimized \u2014 for example, he eliminated employee discounts \u2014 Joly created meaning for them. As Joly told Twin Cities Business, \u201cI believe the purpose of a company is to contribute to the common good: its customers, its employees, and the community in which it operates. If you can connect the search for meaning of the individual with the purpose of the company, then magical things happen.\u201d To that end, Joly encouraged store managers to ask employees what their dreams were. One worker in a store outside Boston said he wanted to buy a home. His manager created a career plan to help the worker move up so he could afford one.<\/li>\n<li><strong>Got customers to try, then buy.<\/strong> Joly began his Best Buy tenure by spending a week with associates in a St. Cloud, Minn. store. They told him about showrooming \u2013 customers who visited the store, talked to Best Buy employees and bought from an online purveyor like Amazon<fbs-ticker data-name=\"AMZN\" data-href=\"https:\/\/www.forbes.com\/companies\/amazon\" data-type=\"stock\"><br \/>\n   AMZN<br \/>\n  <\/fbs-ticker>. Best Buy put the kibosh on showrooming by matching online prices.<\/li>\n<li><strong>Made it easier for customers to order and pick up their goods at the store. <\/strong>Best Buy\u2019s new system enabled consumers to order online and retrieve their items within an hour \u2014 and 70% of the U.S. population lived within 15 minutes of a Best Buy location.<\/li>\n<li><strong>Created a mission for store associates. <\/strong>He articulated a clear role for team members: \u201cto be trusted advisors who help customers evaluate and choose new technology,\u201d according to HEC Stories.<\/li>\n<li><strong>Widened its selection of popular merchandise.<\/strong> In April 2018, Best Buy inked a deal with Amazon to retail exclusively its Fire TV Edition smart TVs. Joly concluded the benefits to Best Buy \u2013 including Amazon\u2019s investment in the Best Buy stores and the popularity of its product with customers \u2013 outweighed the costs of helping its rival.<\/li>\n<li><strong>Cut costs that did not add to the customer experience.<\/strong> Joly aimed to eliminate spending by making its processes more efficient. Out of $2 billion, about 80% of the costs Best Buy reduced came from non-salary expenses. For example, Best Buy saved $200 million by working with suppliers to design and ship TVs in a way that would keep them from breaking before they arrived at a customer\u2019s house, according to CNBC.<\/li>\n<li><strong>Make the website easier for customers to use<\/strong>. Associate feedback persuaded Joly to invest in a faster, easy-to-search website and to restore the employee discounts his predecessor had eliminated. These moves helped Best Buy reduce worker turnover from 50% in his first few years to 30% by 2018.<\/li>\n<li><strong>Shed non-core people and assets. <\/strong>Finally, Joly did aggressive cost cutting. The company cut about 2,000 middle managers in early 2014, selectively closed some 50 stores between 2014 and 2018; exited a European retail joint venture in 2013; sold off its stores in China in 2014; and in 2018 killed its Best Buy Mobile business, closing the remaining 257 small standalone stores, according to TCB.<\/li>\n<\/ul>\n<p>Joly\u2019s turnaround put Best Buy in a strong position for Barry.<\/p>\n<h2 class=\"subhead-embed color-accent bg-base font-accent font-size text-align\">Sustaining Growth And Why Joly Picked Barry As CEO<\/h2>\n<p>Joly has remained active on company boards and leads senior executive programs. After Barry became CEO, Joly remained Best Buy\u2019s Executive Chair until 2021 and joined the board of Johnson &amp; Johnson<fbs-ticker data-name=\"JNJ\" data-href=\"https:\/\/www.forbes.com\/companies\/johnson-johnson\" data-type=\"stock\"><br \/>\n  JNJ<br \/>\n <\/fbs-ticker>. In 2020, Harvard Business School hired him as a senior lecturer, where he runs senior executive programs.<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Resilience Is Critical For Sustaining Growth In The Face Of Crisis<\/h3>\n<p>He told me sustainable growth comes, in part from a leader\u2019s resilience. Here\u2019s his definition from our August 29 interview: \u201cResilience is withstanding a shock or responding or adapting to a new environment. Resilience can be present for an individual, a team, an organization, or society. For organizations, resilience is about how to adapt to a new environment.\u201d<\/p>\n<p>Resilience is particularly important now as the world seems to be in a permanent state of crisis. There are many daunting shocks leaders must face such as climate change, the end of happy globalization, geopolitical tension, the societal divide, social inequity, generative AI, inflation, and the \u201crecession that never comes,\u201d he said.<\/p>\n<p>To refound their companies, CEOs must revisit their core beliefs, set goals and develop habits. \u201cThis is what happened when Satya Nadella took over as Microsoft CEO from Steve Ballmer,\u201d Joly explained. \u201cNadella updated Microsoft\u2019s purpose \u2014 from a PC on every desk to helping everyone accomplish more and embed mobile and cloud-first. Nadella has a growth mindset and he created a culture of empathy: of meeting unmet and un-articulated customer needs.\u201d<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">What Joly Stepped Into When He Became Best Buy\u2019s CEO In 2012<\/h3>\n<p>Dick Schulze served as Best Buy&#8217;s CEO from 1983 to 2002. Schulze founded and was CEO of Sound of Music Stores, a stereo equipment retailer. Joly told me two stories about how Schulze refounded the company.<\/p>\n<p>In June 1981, a tornado in St. Paul ripped off the roof of the store. There was water damage. He put everything \u2014 turntables, receivers and speakers \u2014 on sale stacked on wooden pallets in the parking lot. Consumers wanted to see the tornado damage \u2014 and to get the \u201cbest buy.\u201d This led him to change the company\u2019s name to Best Buy, Joly said.<\/p>\n<p>Six years later, Schulze got rid of commissions. He viewed them as \u201ca toxic incentive from vendors.\u201d Schulze replaced them with \u201csales people wearing blue shirts who were non-commissioned and customer-centric,\u201d Joly told me.<\/p>\n<p>When he became CEO in 2012, Best Buy had gone sideways. \u201cThe company had become complacent and needed a new purpose, strategy, and culture,\u201d Joly said. \u201cYou need to replace it with intellectual humility and curiosity. When I became CEO, I knew nothing about retail. I was humble. I asked questions in the stores. Not knowing anything was a huge advantage.\u201d<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Choosing Barry As His Successor<\/h3>\n<p>Barry did every job he asked her to do much better than Joly said he could have done it. \u201cCorie is doing a fabulous job,\u201d he said. \u201cShe had worked at Best Buy for 20 years and was promoted at age 43 to CFO.\u201d<\/p>\n<p>\u201cI was impressed by the slope of her development,\u201d he added. \u201cEvery time I gave her a more challenging assignment, she would knock it out of the park. She asked me, \u2018Why are you asking me to do this?.\u2019 I told her, \u2018Because you could do it.\u2019 \u201d<\/p>\n<p>Joly explained how she also<strong> <\/strong>was willing to take risks: \u201cHow does a tortoise move forward? It sticks its next out. I gave her stretch assignments and she knocked them out of the park. Ultimately, [the decision to make her CEO came down to] character, learning agility, curiosity, humility, and how the individual has dealt with stretch assignments.\u201d<\/p>\n<h3 class=\"subhead3-embed color-body bg-base font-accent font-size text-align\">Investing In Growth Opportunities<\/h3>\n<p>Leaders must invest in growth opportunities that work in the short- and longer-terms. To find opportunities for short-term improvement, he said, \u201cAsking people on the front lines is always a good idea. You find out what\u2019s broken and identify near-sight opportunities.\u201d<\/p>\n<p>To get blue ocean ideas \u2014 new, uncontested growth opportunities \u2014 requires an eagerness to learn \u2014 which Barry did when Covid-19 hit. \u201cNobody knew what to do,\u201d Joly explained. \u201cCorie spoke with other CEOs and worked with our team. Admit you don\u2019t know. Instead of being a know it all, be a learn it all. I joke when I introduce myself: \u2018My name is Hubert and I don\u2019t know.\u2019 People confuse perfection with performance. Companies need leaders who can be vulnerable.\u201d<\/p>\n<p>To refound a company, leaders must find a compelling shared purpose \u2014 which becomes the brand\u2019s north star and a great filter for new ideas. Best Buy defined its purpose as \u201cenriching lives with technology by addressing key human needs,\u201d he said.<\/p>\n<p>Best Buy encouraged ideas from many places and came up with hundreds of them. Joly picked investment ideas that passed the following tests:<\/p>\n<ul>\n<li>The world needs it.<\/li>\n<li>Best Buy is uniquely good at delivering it.<\/li>\n<li>Best Buy is passionate about it.<\/li>\n<li>Best Buy can make money at it.<\/li>\n<\/ul>\n<p>These principles can also help investors identify companies likely to sustain growth.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.forbes.com\/sites\/petercohan\/2023\/09\/01\/former-best-buy-ceo-hubert-joly-on-how-to-refound-a-company\/\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Hubert Joly has enjoyed an amazing career journey \u2014 made famous by his tenure as Best Buy\u2019s CEO from 2012 to 2019. That\u2019s when he took the electronics retailer from losing billions to earning a 3% net profit margin \u2014 contributing to a 330% rise in its stock price (about three times faster than the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":55817,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-55816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u2018Refounding\u2019 A Company Can Lead To Real Growth | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Hubert Joly has enjoyed an amazing career journey \u2014 made famous by his tenure as Best Buy\u2019s CEO from 2012 to 2019. 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