We Study Billionaires - The Investor’s Podcast Network TIP493: Should CEOs Have Term Limits? w/ Bill George
Nov 11, 2022
Bill George, former CEO of Medtronic and Harvard professor, discusses his empathetic leadership journey and the concept of 'True North.' He shares insights on cultivating inclusive cultures while growing Medtronic to $60B and explains why he believes CEOs should have a 10-year term limit to encourage adaptability. George highlights successful pandemic leadership examples, including Satya Nadella and Mary Barra, while emphasizing the critical role of personal values in effective leadership.
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Early Leadership Pressure
- Bill George's father pressured him to lead a major company from a young age.
- This led to early career unhappiness, driving him to prioritize purpose over position.
Purpose Over Position
- True fulfillment comes from aligning with a company's mission and values.
- Prioritizing purpose over titles and external pressures leads to greater satisfaction.
Investing in Innovation
- Invest in R&D and new products, even if they take time to yield returns.
- Be prepared for setbacks and learn from mistakes, like misplaced promotions.
