Pfeffer on Power Ep 18 – Gary Loveman, Co-Founder, Chairman & CEO
Make Relationships An Active Priority
- Make every critical working relationship an explicit agenda item and work on it person-by-person.
- Use humility, transparency, and early reporting of problems to build trust and collaboration.
Choose Workability Over Being Liked
- Decide upfront that making the relationship work is your objective, not mutual liking.
- Practice discipline and self-control to find common interests and complementary roles.
Perform For Limited Encounters
- Leaders owe employees their best self during limited, highly visible interactions.
- Showing energy in those moments signals care and shapes employee perceptions of leadership.
Learn more about Jeffrey Pfeffer and where you can buy or listen to his books:
JeffreyPfeffer.com
Episode 18 – Gary Loveman, Co-Founder, Chairman & CEO
SHOW NOTES:
Meet Gary Loveman, the former CEO of Caesars, the large casino company, and a former senior executive at Aetna, and now running Well, a health-related startup. Gary made the remarkable transition from being a professor to running a company. He is extraordinarily thoughtful on issues of power and influence, coming in as an outsider and being exceptionally successful.
In this episode you’ll learn about:
- How Gary came from outside into an industry dominated by insiders
- The techniques used to get people on his side and overcome their resistance
- Why critical relationships have to work, and how to make them work
- The value in making unwanted news tolerable for each person affected by it
- The humility, transparency, and feedback involved in collectively reaching goals
- Your duty to shareholders, colleagues, employees, and customers to cultivate working relationships
- Being strategic and thoughtful as you interact with other people
- Overriding certain feelings to present yourself as the leader your organization needs to see
- What’s required to be an effective leader of people who have limited access to you
- Compelling stories around Gary’s determination to tell the truth under all circumstances
- The idea of reputation and sustaining credibility
- The meaning behind his famous maxim, “If you want to be liked, get a dog.”
- His lesson in the forced curve grading distribution at Harvard Business School
GUEST BIO
In 2019, Gary Loveman, Ph.D., co-founded Well, a member engagement platform built to enable every individual to achieve their best health. Well's digital platform combines the member's health history with clinical algorithms, artificial intelligence, and dynamic incentives to guide every member towards improved health and lower costs. Well's platform is supported by a team of expert healthcare professionals, and provides member support across the spectrum of healthcare needs including behavioral health, chronic condition management, health coaching and wellness, benefits and system navigation, pharmacy and telemedicine.
Dr. Loveman is also Senior Lecturer in the Department of Finance at Harvard Business School. He previously taught Service Management in the M.B.A. and executive education programs at the School from 1989-1998. He was named the first recipient of the School’s Apgar Award for excellence and innovation in teaching. Loveman was awarded the B.A. in economics from Wesleyan University, and the Ph.D. in economics from the Massachusetts Institute of Technology, where he was an Alfred Sloan Doctoral Dissertation Fellow.
Dr. Loveman left HBS in 1998 and became Chairman, CEO and President of Caesars Entertainment Corporation. During his seventeen year tenure, Dr. Loveman oversaw a period of growth that included several major acquisitions making Caesars the largest and most diversified company in the gaming industry. In 2008, Caesars went private in a $30.7B transaction led by Apollo and TPG. He pioneered the use of cutting-edge technology and data analytics to deliver differentiated customer service and guest loyalty. Dr. Loveman also led the development of Wellness Rewards, Caesars’ widely recognized, incentive-based health and wellness program for the company’s 70,000 employees and their families. He was voted “Best CEO in the Hospitality Industry” for four consecutive years by the Institutional Investor magazine, was inducted into both the Hospitality and Gaming Halls of Fame and is the subject of case studies at HBS and Stanford Business School.
Dr. Loveman joined Aetna in October 2015, serving as President of Consumer Health and Service, Aetna’s health services business through January 2018. The Consumer Health and Services organization was responsible for helping Aetna members achieve their best health and for fostering innovative collaborations with health care providers to improve the overall quality, cost and experience for Aetna members. Dr. Loveman led the company’s population health management and consumer engagement strategies, health and clinical services, care management, digital consumer health products, analytics and data science, pharmacy and marketing areas.
From 2012-2015, Dr. Loveman chaired the Business Roundtable’s Health & Retirement Committee, which focuses on improving the quality and affordability of the nation’s health and retirement systems. He serves on the Board of Trustees at Boston Children’s Hospital and the Board of Directors of the Boston Celtics, where he is a member of the ownership group. Loveman serves on the Board of several private health care companies and served previously on the Visiting Committee of the M.I.T. Department of Economics and the boards of FedEx, Tapestry and Ventas, Inc.
Among Dr. Loveman’s publications include five articles in the Harvard Business Review, two books (with co-authors) and more than 30 HBS case studies.
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