CEOs must pay attention to profits, but companies need a noble purpose employees can rally around and customers can relate to
: This column contains information about CEOs extolling the virtue of purpose. If you believe the only goal of a CEO is profitability, it might shake your beliefs. If you think CEOs can have many objectives, purpose amongst them, as recommended in aIn recent memoirs, three prominent ex-CEOs share the programs of purpose they instituted at the helm.
Businesses – and particularly CEOs – must pay attention to profits. But Mr. Joly says companies need a noble purpose, something employees can rally around and customers can relate to. That corporate reason for being stems from what the world needs, the team is passionate about, the company is good at and what it can be paid for. In that vein, Best Buy’s purpose was to enrich its customers’ lives through technology.
As a rising executive, Indra Nooyi began to see the need for PepsiCo to reconfigure itself when she hosted a birthday party for one of her young children and some of their friends had to call home for permission to drink the cola. She also noticed she was the only executive at the firm still drinking the full sugar version. And she says was discomfited that it took 2.5 gallons of water to produce one gallon of Pepsi-Cola or other beverages.
Paul Polman went further as CEO of Unilever from 2009-2019. The Lever brothers who founded the company wanted to improve the health of Victorian Britain by making Lifebuoy soap and Sunlight detergent. Like them, he says companies must improve well-being for everyone it affects and through all its functions – every product, every operation, every region, and for every stakeholder, including employees, suppliers, communities, customers and even future generations and the planet itself.
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