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Wisdom From The Top with Guy Raz
Mobilizing Talent When it Counts: Best Buy's Hubert Joly
Nov 20, 2024
Hubert Joly, former CEO of Best Buy, is a seasoned leader known for his success in business turnarounds. He discusses the challenges Best Buy faced in 2012, including a staggering $1.7 billion loss and fierce competition from online retailers. Joly shares his people-first strategy that prioritizes collaboration over profits and the transformative 'Renew Blue' plan aimed at revitalizing retail. He also emphasizes the importance of empathy in customer service and the evolving dynamics of leadership, including a significant gender shift in corporate roles.
01:07:40
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Quick takeaways
- Hubert Joly recognized that Best Buy's challenges were primarily self-inflicted, enabling him to implement focused and effective turnaround strategies.
- By prioritizing customer service and fostering positive employee morale, Joly cultivated a mission-driven culture that aligned business goals with employee aspirations.
Deep dives
Leadership in Crisis
The challenges faced by Best Buy in 2012 were immense, including leadership turmoil, poor service quality, and declining sales due to competition from online giants like Amazon. Hubert Joly, appointed as CEO during this crisis, recognized that many of the company’s problems were self-inflicted rather than due to external forces. His strategic focus was on leveraging the existing passionate and talented workforce to execute a turnaround plan. By creating a supportive environment and mobilizing the team, Joly aimed to transform Best Buy into a thriving entity once again.
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Discover
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Listen to the best highlights from the podcasts you love and dive into the full episode