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. EASY © sudokugenerator.com. For personal use only. Generate and solve Sudoku, Super Sudoku, Godoku, Samurai Sudoku and Killer Sudoku puzzles at sudokugenerator.com! Sudoku Generator http://sudokugenerator.com/sudoku/generator/print/ 1 of 1 10/1/2010 1:28 PM LA VIE EN ROSE puzzle by sudokusyndication.com 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 The Michigan Daily (ISSN 0745-967) is published Monday through Friday during the fall and winter terms by students at the University OF Michigan. 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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