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.
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Purpose Beyond Profit
- A company must serve people, customers and shareholders simultaneously rather than choose one over another.
- Excellence on people drives business excellence which then drives financial results.
Prioritize Revenue Over Layoffs
- In a turnaround, prioritize revenue growth before cutting headcount.
- First cut non-salary inefficiencies, then consider layoffs as last resort.
Diablo's Simultaneous Launch
- At Vivendi Joly led Blizzard to launch Diablo II globally at once and copy-protect the disks.
- That simultaneous launch sold 3 million copies versus 1 million previously.