2/ I’ve talked before about the lack of innovation in consumer/retail, what’s driving that and why it is such a big deal….https://twitter.com/ryan_caldbeck/status/992828518789611520 …
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3/ ….And what I would do differently if I were the CEO of a public CPG co….https://twitter.com/ryan_caldbeck/status/988473875057885189 …
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4/ But let’s drill down on something a lot of folks haven’t had the courage to name publicly- the Board of Directors. The people in charge of firing/hiring the CEO. Lets imagine for a second that boards matter- and can help influence (not determine) the direction of a company.
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5/ Try googling the boards of some tech companies you’ve heard of and Google the boards of any public CPG company. First - you’ll find both have pathetic ethnic and gender diversity.
@WSJ has done some nice work on this:http://graphics.wsj.com/boards-of-directors-at-SP-500-companies/ …Prikaži ovu nit -
6/ Second- Beyond a lack of ethnic/gender diversity, you’ll see something else when you drill into CPG boards. They don’t have any innovators. Forward thinkers - visionaries who have spent their life predicting the future and putting their time and money behind those predictions.
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7/ Public tech boards have innovators. Facebook- has 6 by my count. If you don’t think
@pmarca,@reedhastings, and@peterthiel make those board conversations focus more on the future than you’re….wrong. https://investor.fb.com/corporate-governance/default.aspx …Prikaži ovu nit -
8/ Public CPG boards are full of 1975. People that have never built anything from scratch. Those that have spent careers protecting what was developed decades before – never having to build something new and disruptive. Trying to slow the decline into irrelevance by going golfing
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9/ Look at
@pepsi . Crazy impressive resumes- no doubt. But is Fed Dallas head Richard Fisher at the core of innovation in consumer…or anything? What I do find interesting is the inclusion of the Novartis CEO given the parallels between pharma and CPGhttp://www.pepsico.com/About/board-of-directors-and-committees …Prikaži ovu nit -
10/ If you think I’m cherrypicking examples feel free to do the research. You’ll find a consistent pattern.
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11/ There are some exceptions-
@amazon ’s board isn’t full of innovators….w/ exception of one of the top 5 innovators in the world. See that’s what’s key. CEOs in tech are often the visionary founders. CPG companies are 50-100+ years old and cant rely on a founder for vision.Prikaži ovu nit -
12/ Thus making it even more important for CPG boards to have innovators. The CEOs are career long, slow growth company peeps. They need to be surrounded by forward thinkers with a growth mindset. VC investors, entrepreneurs that have bet their lives on betting on innovation.
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13/ What is crazy is that the CPG brands every year are coming across world class entrepreneurs when they buy those companies. (2017 M&A in consumer & retail was $300B). How are they not putting those founders on their boards? Or the early investors in those brands?
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14/ Why is
@jonsebastiani (founder of@KraveJerky) not on Hersey’s board. That is INSANE. Look I don't know if he wants it- but Hershey should? http://www.hersheypa.com/about-hershey/corporate/board-of-directors.php …Prikaži ovu nit -
15/ Or take
@Unilever - why wouldn’t they have put@mrdubin on their board. They bought his co for $1b- think they can learn more from him about innovation than they can….say…. a 14th internal person on their board? Or the ex-CEO of@RollsRoyce?https://www.reuters.com/finance/stocks/company-officers/ULVR.L …Prikaži ovu nit -
16/ Look maybe I don’t know anything. Maybe the best way to spur innovation is to gather a bunch of slow growth industry people and create a room with little diversity of any kind (including diversity of thought).
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17/ But here is what I believe. CPG boards are full of the people being disrupted. The CEOs of those companies have demonstrated zero ability to innovate. How can we expect then that their companies to innovate?
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18/ Put
@kirstenagreen, @rebeccak46 on the boards of@GeneralMills,@ProcterGamble,@CocaCola,@Loreal. Put the founders of@RXBAR on@KelloggsUS's board...actually nevermind I'm sure@DollarGeneral CEO pounds the table on investing into innovation.Prikaži ovu nit -
19/ If you're the Chairman of one of these CPG boards - you should lead this charge. Get innovation into your board quickly.
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20/ Or just keep playing golf with the 16+ other stale thinkers on your board while you get eaten from the bottom by the tidal wave of innovation that is coming at you from emerging CPG.
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