LEARNING FROM THE MISTAKES OF OTHERS
Ullman both preceded and followed Ron Johnson, the man who was hailed as a visionary as chief of Apple’s highly successful retail stores and, when recruited by Ullman for his iconoclastic tendencies in 2012, was expected to bust up and renew the stalling Penney business model.
Instead, observers say Johnson tried to do too many of the wrong things and did them too fast. He was ousted last year.
Ellison, on the other hand, was best known at Home Depot for tightening up areas such as loss prevention and global logistics before he took over as executive vice president of the chain’s 2,000 U.S. stores. He also has been a key figure in integrating Home Depot’s e-commerce with brick-and-mortar operations.
There are several takeaways from the J.C. Penney experience. First, Ullman (and Johnson before him) tried to make sweeping changes at a time when its brand was not resonating well among its target audience. A better strategy for others would be to check your brand strength and determine whether there have been any changes in your audience makeup and behavior before taking on any projects. That will help align the right message to the right audience.
Second, incremental steps rather than sweeping changes would have allowed the company to achieve small wins and build on them. Successful companies generally focus first on the customer groups with the most growth potential, and tailor solutions to the needs and value of each customer group.
As CEOs watch to see how these and other new appointments will work for their respective organizations, they should consider how they would handle similar situations within their firm. Retailing is a volatile industry right now, but no industry is safe from turmoil. Learning from the lessons of others in quiet times can help CEOs be strategically prepared during the rough patches.
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.
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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.
