So Money with Farnoosh Torabi

71: David Pottruck, Former CEO of Charles Schwab Talks Setbacks and Success

Mar 23, 2015
David Pottruck, former CEO of Charles Schwab and author of 'Stacking the Deck,' shares his journey of overcoming career setbacks with inspiring candor. He discusses how his forced departure led him to rediscover passions he wishes he'd pursued earlier. Pottruck highlights shifting financial philosophies, emphasizing the evolution from risk-taking to balance and diversification. He also delves into the intricacies of startup investing, recounting personal stories that shaped his approach, while underscoring that true happiness derives from connections, not just wealth.
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INSIGHT

Why Breakthrough Change Is Hard

  • Breakthrough change in corporations is difficult because organizational systems favor stability, consistency, and risk avoidance.
  • Traditional mechanisms like performance reviews and budgeting rarely support bold, innovative changes.
INSIGHT

Choose to Lead Change

  • Change is inevitable due to rapid technological and global shifts impacting society.
  • We must choose to lead change proactively rather than passively enduring it.
ANECDOTE

Facing CEO Departure and Recovery

  • David was surprised and devastated when Charles Schwab's board lost confidence and terminated his CEO role.
  • He struggled with downsizing but later regained confidence with support from Intel's board chairman, Andy Grove.
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