Transforming Pandora: Insights from CEO Alexander Lacik

DESCRIPTION This week, Erik is joined by someone he has had the privilege to work with directly -  Alexander Lacik the  President and CEO of Pandora - the world's largest jewellery business by volume. Alexander has successfully led the global transformation of Pandora that has been named as the most successful turnaround in Danish corporate history.  He talks vividly about the cultural transformation, his three-phase transformation plan: brand momentum, strategy clarity, and product innovation. As well as the power of balancing seriousness with humour. KEY TAKEAWAYS Relentlessly reduce the noise until you find the one critical thing. In a “car crash” business with 47 priorities and a divided executive team, Alexander forced Pandora down to a single governing objective – restore brand heat.  Focus on the few metrics that truly create growth. For Pandora, traffic was the strongest driver of like‑for‑like growth, so incentives, from store staff to the board were aligned with that. Culture and organisation design are not a side project for HR. You will have to strip a lot back and rebuild. In a low‑trust environment, a high say–do ratio is vital. Rebuild investor and employee confidence by under‑promising and over‑delivering. Be explicit about whether the business needs steady‑state management or a hard turnaround, and appoint a CEO whose wiring fits that brief. BEST MOMENTS ‘When I came through the door, it was like the house was on fire. Yet, people were debating which paint we should be painting the fence with. And I'm like, “No, get hold of a hose or leave”.’ ‘There are many drivers in any business, but I asked what is the one thing that I need people to be focused on? and then how are we going to incentivise people to do that thing?´ ABOUT THE GUEST Alexander Lacik has 30 years of experience in international sales, marketing and business management. Prior to joining Pandora, he was CEO of Britax Ltd., a British manufacturer of childcare products. He has also held CEO and senior management positions at Kasthall Golv & Mattor, Procter & Gamble and Reckitt Benckiser, where he held a number of positions including head of Reckitt Benckiser North America. He has a Bachelor’s degree in Business Administration from the University of Växjö, Sweden. PODCAST DESCRIPTION If you're a CEO, Chairman or investor this is a destination podcast for you.   At some time, all companies get out of step with their consumers, fall behind the competition or lose their top talent –  or all three.   The financial fallout can be severe.    The Transformer CEO podcast meets global leaders who have taken on the brief to transform their company from ugly duckling to swan.  It explores their corporate and personal journey, their leadership values, their challenges and successes along with their mis-steps and learnings.   It inspires those about to start, re-assures those already underway and offers a benchmark for those who feel they have concluded. If you want to know what it takes to succeed in tough environments, you'll not want to miss Transformer CEOs. HOST BIO Erik is described by CEO and Chairmen as "exceptional", "undoubtedly one of the top global HR leaders" and "a strong strategic thinker and amazing change leader".  After 35 years working with some of the most successful companies on the planet including Diageo, GE, LEGO, HSBC and Pandora, he focuses in the podcast on sharing the unique character of corporate leaders who take on some of the biggest challenges and win.   This is also a critical topic in his consulting work where he partners with CEO’s, Chairmen and Investors as Founder & Managing Director of Erik Schmidt Consulting & Advisory (erikschmidt.co.uk) to help companies achieve out-performance. LINKS https://www.erikschmidt.co.uk/ https://www.linkedin.com/in/schmidt-erik/ This Podcast has been brought to you by Disruptive Media. https://disruptivemedia.co.uk/