Turnarounds are often associated with brutal restructuring and cost cutting.
But they don’t have to be like this.
Just ask Hubert Joly (Former Chairman and CEO of Best Buy, Best-Selling Author of The Heart of Business and Senior Lecturer at Harvard Business School).
When he took over at the struggling retailer Best Buy, he did things very differently. He put people at the center of the business. He created an environment where every employee could blossom. It was this philosophy that contributed to Best Buy’s spectacular resurgence.
Hubert and his team didn’t just succeed in turning the company around though. What’s also remarkable about this story is how they made the company a leader in innovation. And we’re talking about the retail industry, during the rise of Amazon. Rather than seeing Amazon as a threat like most other companies in the retail industry did. He saw them as a partner. He completely rethought his business model and approach to value creation in the process.
Hubert’s work at Best Buy is a fantastic example of how you can indeed innovate while turning around a multi-billion dollar company.
On the next StratChat, Alex Osterwalder (author of the invincible company) and Tendayi Viki (author of Pirates in the Navy) will be joined by special guest Hubert Joly himself.
They’ll facilitate a conversation and extract powerful lessons and practical advice drawn from Hubert’s experience in leading Best Buy’s transformation.
Dr. Alexander (Alex) Osterwalder is one of the world’s most influential innovation experts, a leading author, entrepreneur and in-demand speaker whose work has changed the way established companies do business and how new ventures get started. Ranked No. 4 of the Thinkers50 list of the most influent... Read more >
Tendayi Viki is an author and innovation consultant. He holds a PhD in Psychology and an MBA. As Associate Partner at Strategyzer, he helps large organizations innovate for the future while managing their core business. He has given keynotes, run workshops and worked as a consultant for several larg... Read more >
Hubert Joly has been recognized as one of the one hundred “Best-Performing CEOs in the World” by Harvard Business Review, one of the top thirty CEOs in the world by Barron’s, and one of the top ten CEOs in the United States in Glassdoor’s annual Employees’ Choice Awards. Joly is now a senior lecturer at Harvard Business School and serves on the boards of Johnson & Johnson and Ralph Lauren.
During Hubert’s time at Best Buy, he and his team rebuilt the company into one of the nation’s favorite employers, a sustainable leader, and an innovator, dramatically increasing customer satisfaction and growing the company’s stock price 10-fold. His greatest achievement, however, may have been to make himself dispensable: he decided to step down as CEO in 2019 and as executive chairman in 2020, and pass the baton to a new generation of leaders.
Hubert’s purpose in life is to make a positive difference on people around him and use the platform he has to make a positive difference in the world. Besides serving on the boards of Johnson & Johnson and Ralph Lauren, he now spends most of his time as a lecturer at Harvard Business School and supporting other leaders seeking to become the best versions of themselves and to lead with purpose and humanity. He is also actively invested in efforts to advance meaningful diversity and inclusion.