Founder's Mentality: The CEO Sessions

How did an “unqualified” CEO lead a turnaround that transformed our childhoods forever? >>> LISTENER SURVEY: Share your thoughts at https://www.podpolls.com/founder When he became CEO of the LEGO Group in 2004, Jørgen Vig Knudstorp was, in both his own words and his customers’ words, “unqualified” for the job. Twelve years later, Jørgen stepped down as CEO having not only engineered a financial turnaround, but having also cemented LEGO’s position at the centre of cultural relevance. Now, Jørgen reflects on his journey with an invaluable perspective that has been shaped by a decade of experience on multiple boards, and shares the key factors that enabled him to grow LEGO into the world’s leading toy company. Join host Jimmy Allen of Bain & Company and Jørgen as they discuss why you should hire a team that’s better than you, share advice for how a CEO should handle their board, and answer a simple but fundamental question that shaped Jørgen’s success: what can only the CEO do? Jørgen also shares a warning for his listeners: beware the all-in CEO. How can leaders find a work-life-balance on top of balancing their work inside the firm, to ensure they have enough free capacity to address important and unforeseeable things when they come up? This is a conversation about the beauty of making mistakes and the importance of understanding your role, that serves as a set of instructions for becoming the leader every firm needs. https://www.bain.com/founders-mentality/ EPISODE CHAPTERS 00:00 Introduction 01:53 The "unqualified" CEO 02:54 The process of discovery 04:15 Jørgen's invaluable perspective 05:12 Conversations with the family owner 07:32 The fundamental question 08:30 Three key answers 09:32 What can only a CEO do? 10:57 What should a CEO do? 12:42 What Jørgen initially wanted for LEGO 13:27 The importance of listening to customers 14:12 Get your ego out of the way 14:53 Build teams that are better than you 17:12 The benefits of getting out of the way 17:57 Three important lessons from Jørgen 19:39 What is a good board member's job? 20:55 Jørgen’s board member philosophy 21:49 Jørgen's 95%, 5% rule 23:22 How to work with sparring partners 24:18 Jørgen's advice to CEOs about the board 25:24 Learnings from both sides of the table 27:12 How a CEO should handle their board 27:57 Beware of the all-in CEO 29:31 Reflecting on the journey 10 years on 30:35 The beauty of making mistakes 31:16 Instructions for becoming a better leader LINKS Focus. Upgrade. - Blog - Jimmy Allen [https://tinyurl.com/Focus-Upgrade] Bain & Company LinkedIn [https://www.linkedin.com/company/bain-and-company/] Bain & Company X [https://x.com/BainandCompany] Jimmy Allen LinkedIn [https://www.linkedin.com/in/james-allen-3442b/] About the Host: Jimmy Allen is an Advisory Partner at Bain & Company with over 35 years’ experience advising leading organizations. He’s the author of multiple best-selling books on growth and leadership and the host and founder of Bain’s Global CEO Community Forum. Jimmy is a regular speaker at global business events, including the World Economic Forum, and serves on the Botswana Economic Advisory Council. Outside of consulting, Jimmy started his own record label [Abubilla Music] in 2008 and supports Singing Wells, a project dedicated to preserving Kenyan village music. >>> Have your say! Fill out our short listener survey, and help us form the future of the show https://www.podpolls.com/founder

What can a CEO of a firm learn from a milk co-op? >>> LISTENER SURVEY: Share your thoughts at https://www.podpolls.com/founder Peder Tuborgh joined Arla Foods as a marketeer, so no one expected that his first move as CEO would be to unite most of the company’s 100 brands under one name. But Peder’s purpose was clear. He built a shared conviction within Arla and developed a value proposition that has guided the company through two decades of turbulence and landmark mergers, all whilst driving relentless growth. Needless to say, there is a lot we can learn from the way Peder leads at Arla. Join host Jimmy Allen of Bain & Company and Peder as they discuss the importance of focusing on volume growth, the power of thinking beyond the boundaries of a firm, and how Peder balances his ingenious value framework to build resilience within his team. Peder emphasizes the dangers of looking too far into the future. Does a ten-year mindset take away from the work we’re doing today? How can leaders combine today’s values with tomorrow’s goals to build a company that can thrive in turbulence? This is a conversation about value building and people driven leadership that redefines what strategy means. >>> LISTENER SURVEY: Share your thoughts at https://www.podpolls.com/founder https://www.bain.com/founders-mentality/ EPISODE CHAPTERS 00:00 Introduction 02:42 Launching the Arla brand 04:18 Betting on people 05:41 Growth is in Arla's DNA 07:42 The power of keeping it simple 08:51 Envision, engage, deliver 10:37 Engaging stakeholders 13:10 The importance of volume growth 15:10 How Arla's values help navigate turbulence 17:40 Balancing the value framework 19:47 Arla's DNA is not for discussion 20:23 Building resilience through values 22:47 The art of Peder's value framework 23:58 Bringing the future into today 25:56 How Peder has changed 28:06 The importance of meaning 29:40 The lessons we can all learn from Peder 31:23 Thinking beyond the boundaries of the firm LINKS Bain & Company LinkedIn [https://www.linkedin.com/company/bain-and-company/] Bain & Company X [https://x.com/BainandCompany] Jimmy Allen LinkedIn [https://www.linkedin.com/in/james-allen-3442b/] Peder Tuborgh LinkedIn [https://www.linkedin.com/in/peder-tuborgh-aba04935/] About the Host: Jimmy Allen is an Advisory Partner at Bain & Company with over 35 years’ experience advising leading organizations. He’s the author of multiple best-selling books on growth and leadership and the host and founder of Bain’s Global CEO Community Forum. Jimmy is a regular speaker at global business events, including the World Economic Forum, and serves on the Botswana Economic Advisory Council. Outside of consulting, Jimmy started his own record label [Abubilla Music] in 2008 and supports Singing Wells, a project dedicated to preserving Kenyan village music. >>> Have your say! Fill out our short listener survey, and help us form the future of the show https://www.podpolls.com/founder

How do you grow a billion dollar business in the face of extreme turbulence? >>> LISTENER SURVEY: Share your thoughts at https://www.podpolls.com/founder Bruno Lasansky is CEO of Localiza&Co, a Brazilian car rental company that began with just six secondhand VW Beetles in 1973. From surging interest rates to industry altering government policies, there are few companies that have faced adversity quite like Localiza. But for Bruno, turbulence is not something to be scared of. Under his leadership, Localiza&Co has become South America's largest mobility network, and today, it has more than 600,000 cars. Join host Jimmy Allen of Bain & Company and Bruno as they discuss Bruno’s playbook for the perfect storm: how to unleash the power of the unvarnished truth, how to balance pace and strategy to address turbulence face on, and the importance of culture in fuelling growth that will last for the long run. Bruno emphasizes the fact that success is not all about winning. Why should a leader shift their mentality away from winning, and towards valuing what they will learn along the journey? This is a conversation about transparency, discipline, and becoming a leader that not only guides teams through unforeseeable adversity, but sets them up to thrive before turbulence even arrives. https://www.bain.com/founders-mentality/ EPISODE CHAPTERS 00:00 Introduction 02:03 The perfect storm 03:05 The turbulence Bruno was facing 04:43 Resisting the typical temptations 06:55 Strategy starts with a reality check 07:39 Next comes the point of arrival 09:38 How Bruno leads through turbulence 10:13 The importance of adapting fast 11:19 Responding to the unvarnished truth 12:43 The importance of transparency 13:55 Be prepared to exit when it’s necessary 14:28 Never forget the customers or the team 15:57 The power of people, culture, and the mission 17:43 Bruno's acid test 19:05 Entering turbulence with a full battery 21:13 Bruno’s biggest lesson 23:32 Winning is a consequence, not the main goal 25:24 The things that drive Bruno 26:43 Bruno's perfect storm playbook LINKS The Fifth New Rule of Scaling: Fall Back in Love with Process - Jimmy Allen - Blog [https://tinyurl.com/FallBackInLoveWithProcess] Bain & Company LinkedIn [https://www.linkedin.com/company/bain-and-company/] Bain & Company X [https://x.com/BainandCompany] Jimmy Allen LinkedIn [https://www.linkedin.com/in/james-allen-3442b/] Bruno Lasansky LinkedIn [https://www.linkedin.com/in/brunolasansky/] About the Host: Jimmy Allen is an Advisory Partner at Bain & Company with over 35 years’ experience advising leading organizations. He’s the author of multiple best-selling books on growth and leadership and the host and founder of Bain’s Global CEO Community Forum. Jimmy is a regular speaker at global business events, including the World Economic Forum, and serves on the Botswana Economic Advisory Council. Outside of consulting, Jimmy started his own record label [Abubilla Music] in 2008 and supports Singing Wells, a project dedicated to preserving Kenyan village music. >>> Have your say! Fill out our short listener survey, and help us form the future of the show https://www.podpolls.com/founder

When did showing up become optional? >>> LISTENER SURVEY: Share your thoughts at https://www.podpolls.com/founder In 2009 Michelle Zatlyn co-founded Cloudflare, a tech startup that powers 45% of all Fortune 500 companies through solving problems that were keeping their leaders up at night. The surprising thing is, Michelle had no background in engineering. She developed an expertise through showing up, leveraged her own strengths to build a billion dollar business, and wrote a playbook all founders can learn from in the process. Join host Jimmy Allen of Bain & Company and Michelle as they discuss the importance of solving problems that people care about, how to build teams that thrive off cross-functional collaboration, and how to balance delivery and development agendas throughout moments of hyperscale. Michelle’s story highlights the importance of showing up. Not all leaders start off as experts, but they can become one through being in the room where it happens. How can founders push themselves to show up, even at times where they don't initially have the expertise? This is a conversation about balancing delivery with growth, building a team that will drive progress through collaboration, and becoming an expert through showing up in the process. https://www.bain.com/founders-mentality/ EPISODE CHAPTERS 00:00 Introduction 00:48 No founder has the perfect skillset 02:31 Finding the right problem to solve 04:19 Building a customer-led tech company 06:42 How Michelle became an expert 08:15 The importance of showing up 12:37 Navigating moments of hyperscale 15:18 Scale demands decentralization 16:20 Empowering cross-functional collaboration 17:13 Protect the steady state, disrupt the status quo 18:30 Balancing delivery and development 19:35 How Cloudflare delivers and develops 21:43 Scale changes a founder's role 22:40 Recruiting for spiky capabilities 24:39 The Cloudflare way 26:10 Michelle's playbook LINKS A Beginner's Mindset: The Art of Showing Up - Jimmy Allen - Blog [https://tinyurl.com/TheArtOfShowingUp] Bain & Company LinkedIn [https://www.linkedin.com/company/bain-and-company/] Bain & Company X [https://x.com/BainandCompany] Jimmy Allen LinkedIn [https://www.linkedin.com/in/james-allen-3442b/] Michelle Zatlyn LinkedIn [https://www.linkedin.com/in/michellezatlyn/] About the Host: Jimmy Allen is an Advisory Partner at Bain & Company with over 35 years’ experience advising leading organizations. He’s the author of multiple best-selling books on growth and leadership and the host and founder of Bain’s Global CEO Community Forum. Jimmy is a regular speaker at global business events, including the World Economic Forum, and serves on the Botswana Economic Advisory Council. Outside of consulting, Jimmy started his own record label [Abubilla Music] in 2008 and supports Singing Wells, a project dedicated to preserving Kenyan village music. >>> Have your say! Fill out our short listener survey, and help us form the future of the show https://www.podpolls.com/founder

What does it take to build a business that can pass the purpose-driven test? >>> LISTENER SURVEY: Share your thoughts at https://www.podpolls.com/founder Before becoming group CEO and Office of the President at Mars, Poul Weihrauch led a generational transformation of Mars Pet Care that was defined by the things he didn’t do. Poul didn’t pursue a rapid integration or underestimate complexity, and he refined financial strategies by rejecting synergy. Through these unconventional leadership decisions Poul doubled Mars Pet Care’s size, and tripled its organic growth rate. Join host Jimmy Allen of Bain & Company and Poul as they discuss the value of embracing complexity in the name of the customer, how growth doesn't necessarily require synergy, and how Poul built a leadership development program which not only strengthens his leaders but also underpins the company’s growth. Poul’s story sets a powerful example for any CEO aiming to build a successful purpose-driven business. How can leaders enable a company to stay true to its purpose even during the most testing challenges? This is a conversation about the importance of CEO restraint, embracing the complexity that comes with growth, and the role of a leader in building a company that can pass the purpose-driven test. https://www.bain.com/founders-mentality/ EPISODE CHAPTERS 00:00 Introduction 02:40 A trip to the graveyard 03:48 Moving purpose from the walls to decisions 05:54 Restructuring the leadership team 07:35 The role of communication 09:02 The engine one, engine two problem 10:46 Navigating complexity 12:31 Focus wins over synergy 14:53 Poul’s philosophy 16:12 Refusing synergy is a financial strategy 17:45 The founder dilemma 19:02 Poul’s pathfinders program 20:18 The value of cross-functional collaboration 21:20 Embracing complexity for the customer 23:00 The cyber attack 24:25 Living up to their purpose 25:56 What it means to be purpose-driven 27:25 Organization first, self last 29:45 The lessons Poul learnt 30:51 Poul’s most important stakeholders 32:03 The things Poul didn’t do LINKS A Graveyard of Good Intentions - Jimmy Allen - Blog [https://tinyurl.com/agraveyardofgoodintentions] Bain & Company LinkedIn [https://www.linkedin.com/company/bain-and-company/] Bain & Company X [https://x.com/BainandCompany] Jimmy Allen LinkedIn [https://www.linkedin.com/in/james-allen-3442b/] Poul Weihrauch LinkedIn [https://www.linkedin.com/in/poulweihrauch/] About the Host: Jimmy Allen is an Advisory Partner at Bain & Company with over 35 years’ experience advising leading organizations. He’s the author of multiple best-selling books on growth and leadership and the host and founder of Bain’s Global CEO Community Forum. Jimmy is a regular speaker at global business events, including the World Economic Forum, and serves on the Botswana Economic Advisory Council. Outside of consulting, Jimmy started his own record label [Abubilla Music] in 2008 and supports Singing Wells, a project dedicated to preserving Kenyan village music. >>> Have your say! Fill out our short listener survey, and help us form the future of the show https://www.podpolls.com/founder