CARBON NEUTR ALIT Y
2 — Thursday, November 14, 2019
The Michigan Daily — michigandaily.com
News
MICHAEL BAGAZINSKI/Daily
Regina Strong discusses the role of the new department and meeting carbon neutrality goals at Cobblestone Farm Wednesday evening.
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TUESDAY:
By Design
FRIDAY:
Behind the Story
WEDNESDAY:
This Week in History
MONDAY:
Looking at the Numbers
THURSDAY:
Twitter Talk
prince reyne has work to do
@starfallblade
WOW UMICH ALREADY
DID MY TRANSFER CREDIT
FOR ME AND I GEt to KEEP
EVERYTHING
Cook
@GaryEliteBistro
A study by professors in the
university of michigan have
found out that people that
write “where’s the rest of it”
under restaurant food photos
are the same people that put
cats in bins
Kate
@exoh_kate
i wonder what its like to get
classes cancelled bc umich do
NOT mess w that
H MONEY
@hannahwhiteye
what are the easiest classes
at umich... i literally just need
credits
Irene Turk-iac
@IreneProblems
umich students be like
“what if we started dating bc
of the Michigan marriage pact
haha jk ... unless”
Maddn
@frickoff_
ok umich either salt all
the roads and sidewalks
or cancel class. i can’t get
anywhere if i’m falling every
10 steps
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“Wells Fargo, which had
been one of the most admired
companies in the world … The
year before that (2016) we were
the
most
valuable
financial
institution on earth by market
capital,” Sloan said. “In fact,
you can go back and look at the
Wall Street Journal headlines,
you can see that. But we, in
hindsight, made some really big
mistakes.”
Once Sloan took the role,
he worked with his 250,000
person company to review and
restructure the organization.
He said given the situation, the
bounce-back had to be a team
effort. Sloan described how he
had to distance himself from
his coworkers in order to make
difficult choices.
“What we needed to do is
really step back and look at what
were the issues and what we will
do to address those,” Sloan said.
“I needed to look at things in a
very objective way. And that was
hard… because I love the people.
And I love the business.”
He said once he became
CEO he had to reorganize the
company, transitioning it from
a decentralized organization
to a more centralized company
through
consolidating
enterprise
functions
and
separate finance groups.
“We needed to reorganize the
company,” Sloan said. “When
you have an issue to deal and
you make mistakes, sometimes
that organization becomes very
insular and insulated and doesn’t
get to the bottom of issues
doesn’t invite perspectives from
across the company as it should
and it makes the problem worse
as opposed to better.”
Sloan
explained
the
way
the
company
worked
to
repair their relationship with
their
employees
and
their
customers.
He
said
after
taking responsibility for the
situation, he held frequent town
halls where employees asked
unscripted
questions.
Wells
Fargo also began doing pulse
surveys and receiving frequent
feedback
from
community
members. He invited people
to directly send him an email
or contact him, to which he
would respond personally. From
this feedback, the company
raised member compensation,
granted restricted stock rights
to
250,000
employees
and
expanded paid parental leave.
“All this was based on the
feedback we were getting,”
Sloan said. “I knew that we
could be successful at dealing
with all the challenges and the
opportunities that we have
and to satisfy all our other
stakeholders, unless we didn’t
win the hearts and minds of our
managers, our stakeholders and
various businesses.”
Wells Fargo has over 70
million consumer customers —
one in three Americans, Sloan
added. He said repairing that
relationship
and
increasing
communication
helped
the
company rebound.
“The key was to make sure
that there was an open level of
communication,”
Sloan
said.
“The fact of the matter is that
most of our customers,
they didn’t care about
the mistakes that we had
made. They wanted to
know that we are going to
make them right.”
Sloan
explained
the
power and spotlight that
comes
with
the
CEO
position. He said this
spotlight allows one to
make an unimaginable
difference. However, he
described
the
negative
effects that came with
it, when he would see
something negative about
himself
in
the
news.
He also described an
instance in which 200
protestors stood outside
his California home.
He
provided
advice
following this experience.
He said it’s important
not to say the first thing
that
comes
to
mind
when instances like this
occur, as well as how to
learn to deal with it. He
emphasized
resisting
taking
the
attacks
personally.
Sloan circled back to the title
of the conversation: leadership
and trust during a crisis. He
recommended
companies
emulate that style of leadership
daily.
“I really believe that one of
the things that I’ve learned as
we move from being in a period
of crisis to having to be much
more balanced from a leadership
standpoint, it was the same kind
of structure, the same type of
oversight, the same government
governance model, the same
type of feedback and the way
that we interact with our team,”
Sloan said. “I’ve learned is that
businesses should operate as if
they’re in crisis every day of the
week.”
Sloan went on to say the best
way to make quick decisions
is to gather a diverse group of
people to get varying opinions
issues. He emphasized having
the courage to hold a different
opinion than the others in the
group, but recognizing when
you are wrong.
“Don’t be afraid to take a
position that’s fundamentally
different from the way that the
company or you had operated
the day before, the month
before,” Sloan said. “Sometimes
that change can be incredibly
important
and
incredibly
valuable.”
Finally, Greer asked Sloan
how he knew when it was time
for him to retire. He explained
that following 32 years at the
company, he no longer felt the
company benefited from his
leadership.
“That was a really hard
decision for me,” Sloan said.
“I love the people at Wells
Fargo. They’re some of my best
friends…
Having
said
that,
you also need to appreciate,
when you’re a CEO, that it’s not
about you. You work for your
shareholders. And I always
said to our board, and to my
wife … the point at which I
don’t think that I had enough
value for the company, I need
to not be seen.”
Read more at
MichiganDaily.com
WELLS FARGO
From Page 1