The Profile: The CEO transforming GM & Gen Z’s economic adviser
The Profile: The CEO transforming GM & Gen Z’s economic adviserThis edition of The Profile features Cathy Engelbert, Mary Barra, Kyla Scanlon, and Walter Kortschak.Good morning, friends. I’ve written about my cringeworthy first year in the U.S. — especially as the new, foreign kid in school. Because I was trying to get a grasp on the language and the cultural norms, I wasn’t exactly well-accepted at first. I recently came across George Saunders’s 2013 commencement speech titled, “Failures of Kindness.” In it, Saunders answers the question: “Looking back, what do you regret?” And his answer is surprising. The thing he regrets most is something he didn’t do.
In my elementary school, many kids were mean. But one girl was nice. And I will never forget this girl or the fact that she was willing to expend her social capital to be nice to me. Fast forward to today, I have friends (!) (which is something my younger self would have been thrilled about). And I am currently on a trip with my longtime friends, Leanna and Angelene. The three of us met as freshmen at the University of Georgia, and we lived together our junior and senior years. Today, we live far apart — California, Georgia, and New York. But two years after we graduated college, we started going on an annual trip that would morph into a cherished tradition. This year marks our 9th. We’ve been there for each other in moments of sorrow, joy, devastation, celebration and everything in between. But when I think of both of them, I think of a single word: unconditional kindness. When I got a flat tire, Angelene let me borrow her car so I could make it to my exam on time. When I had a really crazy day, Leanna left a nice note with my favorite snack on my desk. When I was 8 months pregnant, they both flew to New York so we could continue our annual tradition of seeing each other. Not to mention all the times they’ve just been there to listen, advise, and offer a new perspective when I needed it most. They didn’t have to do any of those things. But when in a position to be kind, they always chose kindness — and not the mild, reserved, or sensible sort. It’s the type of kindness that asks you how you really are, what you’re dealing with right now, and whether you need help. It’s simple, but in my experience, it’s rare to find. As Mister Rogers once said, “I hope you're proud of yourself for the times you've said 'yes,' when all it meant was extra work for you and was seemingly helpful only to somebody else.” — Polina — PROFILES.— The WNBA commissioner trying to seize the moment [**HIGHLY RECOMMEND] — The CEO transforming GM PEOPLE TO KNOW.The WNBA commissioner trying to seize the moment: Cathy Engelbert became WNBA commissioner five years ago. She left a job overseeing $20 billion in revenue and 100,000 employees as U.S. CEO of consulting firm Deloitte and inherited a staff of 12 and, months later, a pandemic-induced existential crisis at a league with little financial cushion to save it from missing a season. With bare-bones staffing, an underdog mentality, and the NBA calling the biggest shots, the WNBA wasn’t built to infiltrate pop culture. But as the league’s fandom grows, some players, agents, and owners question whether the foundation Engelbert laid is enough to fully capitalize on this history-making moment in women’s sports. (FORTUNE; complimentary link) “If you’re making everyone happy, you’re not making hard decisions.” The CEO transforming GM: Mary Barra has been the CEO of General Motors for 10 years now. Barra came into the job in early 2014, just in time for one of GM’s biggest crises. She took the helm at GM in January 2014. Just a few weeks into the gig, she found herself navigating a catastrophic recall of millions of GM-made cars due to faulty ignition switches, some of which had caused fatal accidents. Barra spent much of her debut year on Capitol Hill, testifying in front of lawmakers who grilled her about why the defects had gone unfixed for so long. In this interview, Barra talks about the last decade of her life, how that first year has informed her leadership, and the future of GM. (FORTUNE) “The best time to solve a problem is the minute you know you have one. Because problems don’t usually get smaller.” Gen Z’s economic adviser: Kyla Scanlon has hundreds of thousands of social media followers, but she isn’t trying to sell them anything, except maybe a book about the economy she published earlier this year. Scanlon, 27, is breaking all the rules for a career in finance and doing things her way. Young people pay attention to her analysis of topics ranging from monetary policy to the housing market to the business of dating apps, all delivered via TikTok, Instagram, X, YouTube, Substack and her podcast. And it’s not just Gen Z who watches her content. Now, the White House and Fed officials are taking her seriously. (WSJ; alternate link) “People don’t even know what an interest rate is and we’re letting them buy cars.” The billionaire investor who owns the Jurassic Park land: Walter Kortschak, who made his fortune from 40 years of technology bets, opens up about his investing failures and triumphs—and why it’s dangerous to get swept up in AI’s “mass hysteria.” He purchased the land where Jurassic Park was filmed in 2003. Kortschak’s assets are now worth an estimated $1.6 billion, thanks to his tenure at growth equity firm Summit Partners and, later, personal early-stage investments that paid off big. (Forbes; alternate link) “Investing is about duration and persistence.” COMPANIES TO WATCH.The embattled deli meat company: Alright, so let’s start with the fact that no one even knows who the CEO of Boar’s Head is at the exact moment when the company is at the center of a fatal listeria outbreak. Now in the aftermath of the deaths of at least 10 people, the company that took a century to become the biggest deli meat brand in America is facing an existential threat—with multiple civil lawsuits, and talks of a congressional hearing as well as a Department of Justice investigation that could come with criminal charges. But the warring families who founded Boar’s Head seem more concerned about a series of petty legal battles over the billion-dollar brand. What on earth is going on at Boar’s Head? (Forbes; alternate link) “They were better at growing listeria than they were at making food for human consumption.” ✨ The rest of this newsletter is only available for premium members of The Profile, whose support makes this work possible. If you’re not already a premium member, consider upgrading your subscription below for access to an additional section of weekly audio + video recommendations. ✨... Unlock this post for free, courtesy of Polina Pompliano. |
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