Hidden in the stories of the false and fraud aspects of Theranos is this book that focuses a lot on culture. It focuses on the culture of Theranos, which was really toxic. And the company’s number two, Sunny Balwani, was really just making life miserable for people, and so many people would come in and out of that company. If you’re reading this book as a CEO, what do you take from reading this and what this book says about culture, and how a company can really have a toxic culture?
You’re totally right. I think it’s one of the most important dimensions of the book. I think it shows that culture, in some ways is that you can have a whip-smart leader with a really good idea and you can go on to hire many credentialed people like Theranos did, a lot of the people who worked at Theranos were really smart, and really well-trained and educated. But it can all go bad if your culture is terrible and if you run the place like a despot, and if you don’t listen when people tell you that something isn’t working or that something is impossible.
And you have to listen to employees to some extent and not treat them like slaves, which is virtually what Sunny did, you know? Employees were his minions, and he didn’t want to hear them push back about anything and he wanted to see them work really long hours and show up on weekends and it almost didn’t matter if the work was productive or not. What mattered was face time. And the conditions they created in this workplace made it impossible for her to achieve her goals. She was shooting herself in the foot by running the company that way.
What are some takeaways that CEOs and business leaders should take from this book?
I hope that one of the main takeaways is it’s important to have a moral compass, even in business, you know? That sure, all businesses except, you could argue non-profits, but even non-profits seek to make money and to maximize profits, but there are lines not to cross. And again, especially when you’re in the world of medicine and your product is going to affect people’s health and lives and is going to form really important health decisions.
It’s a book about a business that went bad and that morphed into a fraud, but it’s really a book about ethics. And it’s a book that shows what happens when your moral compass as a business man or woman goes completely askew.
Read more: Theranos CEO Holmes Presses on as Costs Mount
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
