EPISODE · Sep 17, 2020 · 57 MIN
#12: Larry Merlo, CVS Health CEO—Craft a Simple and Compelling Vision
from How Leaders Lead with David Novak · host David Novak
Today’s guest is Larry Merlo, CEO of CVS Health. When Larry took the helm at CVS in 2011, they were doing about 100 billion dollars in revenue. That’s a lot of money. But guess what? Now they’re doing almost 250 billion in revenue. It’s a remarkable amount of growth. But it’s not the most remarkable thing Larry has done. He also made the bold decision to remove tobacco products from CVS stores – even though they accounted for two billion dollars of revenue. The story is incredible. But what’s even more incredible is why Larry and his team made that decision in the first place. It came from a very simple statement of their purpose as a company. Literally eight words. And it changed everything for them. As leaders, we all need to remember that the best vision in the world isn’t worth a thing if it doesn’t stick with people. This conversation with Larry shows us how to communicate our big ideas in simple, compelling terms. That way, our team members can actually connect with it and apply it when they’re making their decisions each day. You’ll also learn: One thing Larry did early in his career that prepared him for the C-suite later on How to know when it’s time to re-evaluate your organization’s vision Why you may want to make it easy for your team members to fail – no, really What to look for in customer feedback to help you identify consumer needs (and it’s probably not what you think) Take your learning further. Get proven leadership advice from these (free!) resources: The How Leaders Lead App: A vast library of 90-second leadership lessons to stay sharp on the go Daily Insight Emails: One small (but powerful!) leadership principle to focus on each day Whichever you choose, you can be sure you’ll get the trusted leadership advice you need to advance your career, develop your team, and grow your business.
What this episode covers
Today’s guest is Larry Merlo, CEO of CVS Health. When Larry took the helm at CVS in 2011, they were doing about 100 billion dollars in revenue. That’s a lot of money. But guess what? Now they’re doing almost 250 billion in revenue. It’s a remarkable amount of growth. But it’s not the most remarkable thing Larry has done. He also made the bold decision to remove tobacco products from CVS stores – even though they accounted for two billion dollars of revenue. The story is incredible. But what’s even more incredible is why Larry and his team made that decision in the first place. It came from a very simple statement of their purpose as a company. Literally eight words. And it changed everything for them. As leaders, we all need to remember that the best vision in the world isn’t worth a thing if it doesn’t stick with people. This conversation with Larry shows us how to communicate our big ideas in simple, compelling terms. That way, our team members can actually connect with it and apply it when they’re making their decisions each day. You’ll also learn: One thing Larry did early in his career that prepared him for the C-suite later on How to know when it’s time to re-evaluate your organization’s vision Why you may want to make it easy for your team members to fail – no, really What to look for in customer feedback to help you identify consumer needs (and it’s probably not what you think) Take your learning further. Get proven leadership advice from these (free!) resources: The How Leaders Lead App: A vast library of 90-second leadership lessons to stay sharp on the go Daily Insight Emails: One small (but powerful!) leadership principle to focus on each day Whichever you choose, you can be sure you’ll get the trusted leadership advice you need to advance your career, develop your team, and grow your business.
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#12: Larry Merlo, CVS Health CEO—Craft a Simple and Compelling Vision
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