Richard Branson is known as a visionary and an expert in creating a sense of longevity in a company. He started his first business at the age of 16, and opened his first chain of record stores in 1972. The Virgin brand took off in the 1980s, and Branson is now worth $5 billion. However, there have been some hiccups along the way.
In 1994, Branson decided to try and expand the Virgin brand by adding Virgin signature drinks (like Virgin Cola and Virgin Vodka). But the drinks didn’t catch on. But it’s new ideas like this these that have made Branson who he is; he is never one to shy away from innovative ideas. In 2104, he introduced a new ‘non’ holiday policy for his managing staff: they can take as many holidays as they need, whenever they need, as long as it doesn’t have a detrimental impact on the business. It’s an idea he got from the States. In fact, Reed Hastings, the CEO of Netflix, invented this ‘non-policy’.
Speaking of Hastings, in addition to innovative HR policies, he’s also known for co-founding Netflix, and for making a big mistake as CEO. In 2011, Hastings decided to begin charging for their streaming service, and to raise all of their subscription prices. In response, they lost a great number of customers and their stock prices dropped. Of course, there wasn’t much competition at the time so customers came around pretty quickly. Today, streaming is the only way to go and it’s easy to see that the ‘mistake’ Hasting made actually created Netflix as we know it now.
Another famous CEO who has made a misstep or two is Tim Cook. He became CEO of Apple in 2011, and as CEO, he was most criticized for the Apple Maps mistake. The iOS 6 update of 2012 had nearly unanimous negative reviews. The maps failed to include some major destinations and gave inaccurate directions.
Most critics believed the updates were pushed through before they were ready, and Cook was blamed. While pushing an app forward before the bugs are fleshed out is definitely a mistake, it was this type of thinking that has made Apple the company it is today. They are always ahead of the curve; they are always at the forefront of technology—but maybe they wouldn’t be if they always waited until things were ‘just right’.
Chief Executive Group exists to improve the performance of U.S. CEOs, senior executives and public-company directors, helping you grow your companies, build your communities and strengthen society. Learn more at chiefexecutivegroup.com.
0
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.
