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'We're in Unprecedented Territory'

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'We're in Unprecedented Territory' 2020 BOARD LEADERSHIP AWARDS ‘WE’RE IN UNPRECEDENTED TERRITORY’ FROM DOING BATTLE WITH ACTIVIST INVESTORS AND FIGHTING SHORT-TERMISM TO TAKING A STANCE ON SOCIAL ISSUES, THIS YEAR’S HONOREES WERE SELECTED BY A CROSS-INDUSTRY COMMITTEE OF PEER PUBLIC COMPANY DIRECTORS FOR EXEMPLIFYING EXCELLENCE IN THE BOARDROOM. BY JENNIFER PELLET ‘Focus on those things you can control’ As lead director of United Technologies, Ellen Kullman helped guide the company during a tumultuous transformation. Ellen J. Kullman is no stranger to turmoil. nologies and Goldman Sachs, Kullman on a much more personal level. From an During seven years at the helm of DuPont, is also now back in a CEO role, having economic standpoint, it will be very rocky, she fended off an activist campaign aimed stepped from the boardroom at 3D printing but it’s the personal health impact that at splitting up the materials company. More company Carbon into its corner office. The makes it so much harder. It’s not just fear of recently, she served as lead director of move came at the tail end of November— people losing their jobs; it’s fear of people United Technologies Corporation through putting Kullman in the hot seat just when the losing their lives and being impacted from a series of turbulent events at the compa- Covid-19 crisis hit American shores. a health standpoint. So, we’re in unprece- ny—a performance that led her peer direc- When CBM spoke with Kullman, the vi- dented territory, and I think we just have tors to name her Director of the Year. rus was shutting down local economies, its to stay close, learn from each other and “Ellen has been a steady, guiding force economic impact still unfolding. Excerpts follow the guidelines. Take it seriously. in the transformation of the company for of that conversation, edited for clarity and The CDC has pretty specific guidelines many years, including fighting off activist length, follow. on how we should be behaving and acting. campaigns and replacing the CEO,” said People need to take that seriously if we’re Nigel Travis, executive chairman of Dunkin’ We happen to be talking when the going to contain this virus. So, we have had Brands and a director at Abercrombie & business world is in the middle of coping to figure out how to work from home, how Fitch and Office Depot, who served on the with the Covid-19 crisis. What are your to be productive. selection committee for Corporate Board thoughts on how CEOs and directors You’ve have to be okay with people Member’s Board Leadership Awards. should be managing this situation? saying, “I can’t make that call because I’ve Currently director at Amgen, Dell Tech- It’s akin to the global financial crisis but got to take care of my kids that hour,” and 12 CORPORATE BOARD MEMBER THIRD QUARTER 2020 INDEPENDENT DIRECTOR OF THE YEAR ELLEN KULLMAN Former Lead Director, United Technologies; Director, Amgen, Dell Technologies, Goldman Sachs; President & CEO, Carbon COURTESY OF CARBON COURTESY CORPORATE BOARD MEMBER THIRD QUARTER 2020 13 just say, ‘okay, we’ll do it later.’ We need Many companies are incurring huge costs to be very cognizant of people’s personal trying to continue to take care of employ- situations because they’ve got to take care FROM AN ECONOMIC ees. How do boards reconcile manage- of their families first. “ ment decisions to close stores but still We’ve got to figure out the business STANDPOINT, IT WILL pay people with their fiduciary responsi- side of it as well. It’s akin to the crisis man- BE VERY ROCKY, BUT IT’S bility to shareholders? agement that we did during 9/11, although The interesting thing is that there’s an eco- that was just U.S. based, and the global THE PERSONAL HEALTH nomic impact, and then there’s a recovery financial crisis. You’ve just got to learn from IMPACT THAT MAKES IT impact, right? So, you can calculate pretty the past and be open to learning from easily how much it will cost you to do it by others because nobody has a bead on how SO MUCH HARDER.” week… although how many weeks it will to get through this. last, who knows? You also know how much it would What did you learn then that you’re what’s going on with other companies that cost you if you had to retrain workers drawing on now? they’re involved in as key learnings and because employees who you were no A few things. First, overcommunication is how that applies to us. They help us think longer paying found something else. not bad. Communicating with your em- outside of our box into the larger box. You There’s a huge cost to that. There’s ployees, communicating with your custom- can get really internally focused at a time also a morale cost to [having not paid ers, communicating with your board—err like this, and that’s not helpful. employees] when people do come back. on the side of frequent, quick check-in It’s important to keep your eyes wide, Loyalty is an easy thing to say, and it’s meetings. At Carbon, we are talking daily understand what’s going on around you, a hard thing to get and retain. Treat- about what we’re seeing, and it’s changing not just in one area but in the entire U.S. ing people with respect, to the extent daily. Until we see things settle out to a and the entire world. We’ve been back that you can, goes a long way in these different place, communication is just so and forth with our head of China, and they circumstances. So, individual compa- important. came back to work slowly, but it’s starting nies will make their decisions based on Second, modeling potential outcomes. to turn. What can we learn from them as their situations. But as you recall, we’ve It’s hard to tell right now because it is still they start up again? It’s really using the tal- been at a pretty low unemployment unfolding. But we’re seeing impact on our ent that the board brings and having them rate as a country over the last couple of customers, so we’ve got to model the busi- help advise, give us examples, so that we years, and finding, developing, retaining ness impact out for the rest of the year— can hopefully create a plan that’s stronger people who are going to show up, who what we should be doing to support our than what we would have without them. are going to get the job done, is really customers and what our suppliers should an important part of the equation. And be doing to support us—and start and What about the companies on whose people want to come back quickly when keep having these conversations because boards that you’re serving, what are they the opportunity presents itself. we’re all in this together. looking to you for right now? The question is how long can any of us I learned during the global financial crisis Kind of the same thing. I’m actually continue to do that, right? That’s going to that if you really think through what’s import- learning from some of them, because be a time-will-tell kind of thing. ant for your business, focus on those things Amgen is on the front line in the phar- you can control, then you can come out of it maceutical community. It’s interesting, So the idea of retaining rather than fur- stronger. So, software engineering can hap- the impact it has on different compa- loughing people is an investment in the pen from home, right? We don’t have to lose nies is very, very different. You know, future that you wouldn’t necessarily find any time on that. Hardware engineering is a more people need personal computers to be problematic? little harder. It’s about focusing on what you because they’re working from home and When I was running DuPont, we used to say can control and really communicating very, maybe didn’t have a portable [com- that in order to lay someone off and have very well with all your constituencies. puter] because they were working on a it work out economically for the company, terminal in their office. The impact on you can’t need someone in that job for two What about from a board perspective? airlines and jet travel, I’ve got a confer- years. And I don’t think people are think- What can boards do to help management ence call with a CEO this afternoon to ing about this as a two-year thing. In retail, in this crisis to get through it? kind of go through what kind of actions it’s different economics, right? Because Our board members have a tremendous we’re thinking about taking there. So, I’m talking about engineers and operators, amount of experience in a lot of different the interesting thing for me is that it’s plants and things like that. But every indus- areas, so they’ve helped us understand the hitting different industries very different- try, every company kind of knows what that impact on different industries they have ly, and it creates opportunity and risks equation is for them, and they’re making participated in, sharing information about that we have to work our way through. their decisions based on that.
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