Mr Robert Scott, MD and CEO of Wesfarmers shares his insights on topics like moving schools, winning a silver medal at the Atlanta Olympics, teamwork, leading Rowing Australia, career progression, work-life balance, data utilization in retail, Wesfarmers' entry into the lithium market, and learning and development advice.
Scott believes in the power of the West Farmers model, emphasizing the importance of having the right people in leadership positions and making effective capital allocation decisions.
Scott's commitment to rowing stems from his personal belief in sports' ability to teach synchronicity, togetherness, and continuous improvement, qualities that he applies to his leadership approach in the business world as well.
Scott's leadership is characterized by making tough choices, focusing on long-term shareholder value, and staying true to Westfarmers' core values of openness, accountability, integrity, and entrepreneurial spirit.
Deep dives
Managing Director and CEO of West Farmers
Rob Scott became the managing director and CEO of West Farmers in November 2017. He felt a strong sense of responsibility and obligation in this role, aiming to focus on delivering satisfactory returns to shareholders and staying true to the company's values of openness, accountability, integrity, and entrepreneurial spirit. Scott believes in the power of the West Farmers model, emphasizing the importance of having the right people in leadership positions and making effective capital allocation decisions. Throughout his tenure, he made significant decisions, such as dealing with the challenges of the Bunnings UK expansion, the demerger of Coles, and selling the West Farmers Insurance businesses. Scott's leadership is characterized by a commitment to shareholder value, fostering an entrepreneurial spirit, and upholding core values in a decentralized business structure.
Passion for Rowing
Rob Scott's passion for rowing led him to become the President and Chairman of Rowing Australia. During his nine-year tenure, he focused on centralizing training centers, strengthening the pathway program, and attracting private funding. Scott currently believes that Rowing Australia is well-positioned for success, having qualified numerous crews for the Olympics and Paralympics and presenting strong medal prospects. His commitment to rowing stems from his personal belief in sports' ability to teach synchronicity, togetherness, and continuous improvement, qualities that he applies to his leadership approach in the business world as well.
Key Roles and Decisions
Throughout his career at Westfarmers, Scott has held various key roles and made significant decisions. As the Managing Director and CEO, he oversaw the repositioning of the Bunnings UK business, the demerger of Coles, and the sale of Westfarmers' insurance businesses. These decisions were guided by the company's central objective of delivering satisfactory returns to shareholders. Scott's leadership is characterized by making tough choices, focusing on long-term shareholder value, and staying true to Westfarmers' core values of openness, accountability, integrity, and entrepreneurial spirit.
Maintaining Focus and Balance
Rob Scott believes that achieving high performance requires pushing boundaries and accepting that true balance may not be possible. Instead, he focuses on managing his energy and pacing himself, placing importance on maintaining physical health through exercise. Scott also emphasizes the value of family, friends, and personal relationships in finding a sense of balance. He believes in the power of a lean corporate office, divisional autonomy, and an entrepreneurial spirit to drive success at Westfarmers. Throughout his journey, Scott has stayed true to the company's values and pursued strategies that create long-term shareholder value.
Pacing and Recharging for High Performance
To achieve high performance, it is important to accept that there will be times of imbalance and to pace oneself accordingly. Just like in sports, where athletes need to prepare and recharge before giving their utmost performance, leaders also need to pace themselves and recharge when necessary. Operating at full capacity all the time can prevent leaders from being able to make critical decisions or engage effectively with their teams when it matters most.
Bunnings and Kmart's Ongoing Success
Bunnings and Kmart continue to thrive due to their strong leadership and the commitment to consistently evolve their businesses. The risks of complacency and hubris are actively mitigated by ambitious leaders who challenge themselves to improve. Bunnings, for example, expands its product offerings, ventures into new markets such as pet products and cleaning, and develops an online presence with a marketplace. Kmart's success lies in its low-price leadership and focus on designing and manufacturing its own products. With opportunities for international wholesale arrangements, both Bunnings and Kmart are well-positioned for continued growth.
For our last episode for 2023 our very special guest is Mr Robert Scott, the MD and CEO of one of Australia’s most well known and highly respected companies, the iconic Wesfarmers. Rob is a high achiever. An dual Olympian in rowing winning the silver medal in 1996 in the Atlanta games, a dedicated family man and only the eighth CEO in Wesfarmers 100 plus year history – need more be said. This is a captivating broad ranging conversation with Rob offering so many detailed insights and takeaways.
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