Our research has identified macro forces that are changing the context for CEOs — and the skills they need to respond. Similarly, you have talked publicly about disruption and the need for agility and resilience. In this environment, which leadership attributes are becoming more important for CEOs and their teams?
Michele Buck: I have personally experienced the evolution of leadership as the pace of change and macro forces have become faster and more complex. Leadership today is more dynamic than ever.
Since I became CEO in 2017, I’ve focused on modeling how to seize disruption as an opportunity. Above all — being a transformer is necessary for future CEOs. My leadership team and I have been intentional about what we need to model the organization and set as leader expectations. These attributes include:
- Data and analytics to drive decisions
- Agility and comfort with change
- Taking action with a sense of urgency
- Accountability and horizontal collaboration
We see a growing need for CEOs who are systems thinkers who can make sense of the forces at play for the business, connectors who think more broadly about potential partners and ecosystems, and agile operators with the skill, courage and empathy to act on the implications of these forces and connect with diverse stakeholders. Do any of these qualities resonate with you more than others?
I’ve said before that the CEO is the ‘chief energy officer.’ It’s a daily challenge to manage your energy across competing and dynamic priorities. In my experience, three of the biggest energy boosters are prioritization, teaming and expansive thinking.”
Michele Buck: As we continue to navigate the challenges of the modern business landscape, I believe these qualities are non-negotiable for CEOs ― and critical for leaders at all levels.
I think of this as showing up as a high-performing, enterprise athlete who has qualities and skills to thrive in fast-paced, rapidly changing business environments. For me, agility, resilience, connection and execution resonate most. I’ll expand a bit on each of these.
- Agility ― to quickly adapt, pivot and change direction when needed. As I’ve shared, I view disruption as an opportunity and coach my leaders to see through this lens.
- Resilience — the mental toughness to manage the complexity of the social, political and business landscape with an ability to deal with setbacks and bounce back from adversity. I view these complex challenges as a means to stretch out of your comfort zone and learn from others.
- Connection — the ability to work cross-functionally and leverage diverse expertise and viewpoints to drive results. This leadership quality is critical for building key relationships across the organization with an enterprise mindset.
- Execution — a bias toward action and getting things done. As CEOs and leaders, we light the fire to translate strategies into concrete results.
What are the most important things a CEO can do to ensure the organization can outperform over the longer term, especially in periods of rapid change?
Michele Buck: Managing through rapid change is defining for a leader and the broader company. Over the past seven years, I’ve navigated changes I could have not possibly imagined. Here are a few things I’ve learned that are critical for the long run.
- Set a clear vision and strategy to define where the company is headed and why it matters.
- Fortify a strong culture focused on foundational strengths and guided by your purpose and values.
- Develop leadership at all levels with clear standards and expectations.
- Communicate transparently with your leaders and employees at a regular cadence to engage, enlist and listen.
How is your company fostering equitable opportunities for current and future leaders?
Michele Buck: Our employee value proposition is centered around how we lead today and create tomorrow.
Managing through rapid change is defining for a leader and the broader company. Over the past seven years, I’ve navigated changes I could have not possibly imagined.”
Diverse perspectives lead to the most impactful outcomes. We understand there is a profound impact on our employees when we create a workplace where they feel empowered to be themselves so they can be their best and grow in their careers through a variety of learning opportunities. Outside of traditional development, I recognize the immense impact that mentorship has had on my career and am proud of the mentoring network we’ve built across all levels and functions of the company.
There’s always more we can do, but we feel good about our continuous listening and improvement efforts. We’ve been included in rankings such as Fortune's “Best Workplaces in Manufacturing & Production” and Forbes' “World’s Top Friendly Companies for Women,” signaling our employee development and engagement initiatives are resonating with our people.
What are the biggest drains on the energy of a top leadership team? How do you see your role as CEO in influencing the energy and engagement of your team?
Michele Buck: I’ve said before that the CEO is the “chief energy officer.” It’s a daily challenge to manage your energy across competing and dynamic priorities. In my experience, three of the biggest energy boosters are prioritization, teaming and expansive thinking.
- Set clear priorities and expectations about where we must focus our time and resources aligned with our vision and strategy.
- Break down silos and bring the right people and expertise around the most important work.
- Share your thoughts on ways to frame the business, attack problems and find opportunities.
What advice do you have for new CEOs or those who are aspiring to be CEO about building a high-performing, sustainable business? Do you think there are elements of leadership that get underestimated?
Michele Buck: Nearing seven years as CEO of Hershey, I think the best advice I can give someone is to be bold and courageous, create a vision and strategy that will enable you to positively transform your business, and select the right talent to execute your vision and epitomize your culture.
Taking a multi-stakeholder view across every aspect of your business — from sourcing and innovation to technology and workplace policies is key. This approach lays the foundation for business resilience.
The best advice I can give someone is to be bold and courageous, create a vision and strategy that will enable you to positively transform your business, and select the right talent to execute your vision and epitomize your culture.”
In terms of leadership elements that are underestimated, curiosity — staying open to learning, having healthy paranoia, challenging your assumptions, broadening your perspectives and seeking continuous personal growth. Also, vulnerability — the willingness to acknowledge mistakes and seek help. And finally, self-care — making time to take care of your physical, mental and emotional health to be at your best for yourself and your teams.