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hello everybody this is Mike you seem
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I'm on the faculty here at the Wharton
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School and welcome to a new series
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entitled if you've seen it but I'm gonna
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read it to you leadership in the wake of
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Koba 19 what enterprise leaders will
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need to survive and prosper in the years
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ahead
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that's our topic that's your topic we're
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all thinking about that today and this
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is a product of a collaboration between
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the working leadership annual conference
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the Center for Human Resources and the
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center for leadership here at the
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Wharton School and knowledge of Wharton
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so welcome last time I looked I think
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we've got more than 700 people tied in
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we're going to interview our
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distinguished guest for about 10 maybe
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12 minutes and then throw it open to you
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to fire questions at us our guest is
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sherry Pollan begi sherry is the chief
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executive of price Mart and just a
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couple numbers about what sherry is
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responsible for price part it's a Costco
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like chain that's got some 45 warehouse
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clubs more than 9,000 employees 3
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million members across the Caribbean
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Latin and South America so very great to
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have you here with us today I know
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you've been a little bit busy in the
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last few weeks thank you it's a pleasure
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to be here Michael Jerry let's go back a
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couple months I think near February you
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were seeing the signs coming in maybe a
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head of some folks out there that the
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coronavirus was coming to your region
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and as we've talked before you refer to
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it as a kind of incipient existential
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moment for you and your company so if
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you wouldn't mind picking up in late
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February walk us through those moments
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as you could see it coming what you did
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and I was particularly impressed with
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the fact that your top team you asked to
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meet with you every day every day except
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for Easter Sunday so sherry there it is
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thank you well Michael in February we
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started hearing about right at the
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corona virus and the pandemic and in the
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role as a CEO you're always responsible
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for looking around the corner and
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anticipating those things that people
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may not be focused on when they're
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meeting their day-to-day
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responsibilities but in in a leadership
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position you're always trying to look
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out for what might be out there with the
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threatening how do you best protect your
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people and your company so when the
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pandemic or I don't even think it was
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declared as a pandemic at that point but
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when this virus started getting a lot of
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traction in the media I made an effort
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to do a lot of reading on everything
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from I'm following what was happening in
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Europe starting with and then China
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seeing how the trend was moving and
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trying to decide whether or not this was
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something that was going to sooner or
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later become a challenge for us in the
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United States and in the regions where
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price smart operates we were in 13
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different regions that you mentioned and
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there was clearly a geographical March
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and at that moment I had decided that we
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as a company given what I could known in
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the little more than a year that I had
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become the CEO had to start thinking
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about what would we do assuming that we
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were faced with the same threat the
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first thing that I recognized was that
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given the contagious nature of this
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illness and how highly contagious it was
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the ability to protect our employees and
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off-site them was very important and
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allow for a remote work one of the
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challenges was though that I was also
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just beginning the efforts of getting
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our company to get a little bit more
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modern about its culture and its
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philosophy and its capabilities to
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remote work we this was not part of our
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culture though in mid to late February I
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assembled my leadership team
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and started what I called an action
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taskforce and asked for sort of a review
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that said basically if tomorrow you were
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told you can't come back into your
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office tell me exactly what the impact
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would be on you and what would you need
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to be able to continue and this was
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everything from you know our CFO the
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ability to transact move money pay bills
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and do buying etc so they went off and
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came back and realized that this was no
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small undertaking and at some risk of
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being viewed as being a little bit of an
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alarmist at the time I went ahead and
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made sure that every employee in our two
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states where we have our US employees a
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thousand of them are in San Diego and
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Miami had the ability to work from home
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and so the the leadership of the company
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just kicked into action and make sure
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that we had the capabilities one was
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ability to work remotely another was
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that each leadership member had to find
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an alter ego so that if something were
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to happen to them who would be the
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person and identify that person to step
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in for them and then the third was to
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basically well this came a little bit
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later at the beginning people were
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skeptical that we would need to make
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much of a change at all that this was
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another influenza that was coming down
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the pike we the order to all the
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equipment that was necessary got
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everybody set up and then by March I
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think about early second week of March I
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had everybody off-site it this is for a
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company that did not allow for remote
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working you know in any meaningful way
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so a lot of teaching happened before
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that and a lot of education not only
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about the technology but about how to
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stay safe and the importance of stuff
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quarantining and minimizing their
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exposure so educating our employees
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about the health risks as well was
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really important and convincing them
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that even though it hadn't hit our
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shores in any meaningful way at it was
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something that was likely a challenge we
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were going to have to contend with so
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when we are sighted everything changed
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about the way we work with other um we
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had a whole series of meetings that I
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had adopted when I become the CEO and
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started making changes along the edges
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because again you know you don't want to
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come in and be too disruptive at once we
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have a lot of great people in our
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company with decades of experience and I
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was coming in as a new person and it was
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an opportunity for me to basically step
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back from the way we were doing
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everything in the way we communicated
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with each other and say if I were to
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look at what is the best way in the most
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effective way for us to communicate
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effectively and to get from dressing a
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problem to solving a problem in the
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shortest period of time how would I have
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to do it and it was I came to the
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conclusion that there's 16 people that
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covered the entire universe of the
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company and if I could speak to them
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every morning that we would be able to
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figure it out from there
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so we abandon all of our business review
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meetings and our weekly staff meetings
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and it also made us realize how many
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hours of meetings we were actually
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conducting every week and we started
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this call and it was really interesting
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because we did all by life size and the
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effectiveness of the communication and
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the cross collaboration that just
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organically evolved as a result of this
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regular communication with all parts of
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the company so we had a 360-degree view
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as a team of what each other was doing I
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was one of the most transformative
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moments for the company since I've been
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there and it has it will forever change
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the way we do business and and lead and
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make decisions for the company it's been
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uniformly recognized how much angly time
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has been wasted communication has gotten
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lost in translation when there's been
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pockets or silos or multiple meetings
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and dedicating an hour or two every
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morning with each other during this
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crisis allowed us to
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very quick very nimble it galvanized the
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group it created a real strong bond
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amongst amongst the group and and as a
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result everybody was in problem-solving
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mode and it didn't take long which was
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something that I'm very happy to see it
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didn't take long before we went from
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Ryoji mode to what do we need to do for
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the future have looking beyond this
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crisis what is it that we're seeing
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happening that we were the opportunities
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that is going to take us to the next
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level as a company and that became a
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very positive motivator that we were
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seeing that we have traction actually
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push forward things that we've been
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talking about for frankly
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you know months if not years becomes the
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company had and we were able to deliver
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on and put into action some initiatives
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in a matter of weeks that we otherwise
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thought we're going to take months at
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least Jerry had two quick questions that
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we're going to open it up you were kind
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of an early mover you got on this you
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had to invent your way forward
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my guess is though you were also looking
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over your shoulder a bit maybe at Costco
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maybe at Walmart others in the retail
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industry and were there any practices
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that you had seen already used elsewhere
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that you decided either to avoid because
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they weren't working or to bring into
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your enterprise because they were I
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frankly I think we were a little ahead
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there were some things that I noticed I
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was paying attention to Costco Costco
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and price might have a common DNA by
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heritage of the founders were common and
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so we do look at Costco but there were
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some things that frankly we we were even
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ahead of and when I say ahead it's
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relatively speaking because this this
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virus was spreading to the US before it
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was starting to have the impact in South
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America in the region where we are
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Central America the Caribbean and
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South America but but I do I definitely
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recall you know the notion of not doing
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demos with food wiping down cards things
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like that but it was it was more more
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about our team collaborating and saying
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what are all the ways we can keep our
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members safe and our employees safe and
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the and the guiding principle for us was
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there's so much going on right now and
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we're in you know so many different
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markets each with different governments
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that have different restrictions and
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different limitations how do I simplify
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all this and for me it just came down to
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first priority it was our people and our
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people met our employees there's safety
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and well-being and our members safety
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and well-being making sure that we had
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the appropriate supply flow of goods to
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get to our members and supply chain
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disruption you know to avoid mitigate
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any supply chain disruption as a result
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of the global pandemic ensuring that we
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were doing everything we could to meet
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the demands that alone that that mandate
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allowed us to implement click and go and
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get online something that had been in
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the works for years and in a matter of
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weeks we went live on that and finally
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making sure that you know capital and
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cash flow and cash management was being
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closely monitored in light of the
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uncertainties though yes we we I know
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you read everything you can and pick and
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choose the best ideas you stay informed
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and then you tailor it for the needs of
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your specific business that's great
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sherry a final question for me as I
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mentioned at the outset you had a
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history in the law you were a litigator
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an investment manager you were a stock
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broker and looking to that past and then
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in more recent years what in that
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experience in those several different
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areas or what in the contact you may
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have had with mentors along the way or I
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know you have a relation
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with Costco going way back what in those
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earlier years before this year help you
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prepare to react early to get on it and
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address the problem before it could
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begin to blow up in your face as koban
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19 arrived there it is ok you say it
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very nicely but it's no secret that I
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was an unconventional pick I did not
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come from retail and I had been in
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numerous leadership positions in
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different arenas and I did have the
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legal background I think there are two
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things that really positioned me to be
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able to take this on and handle it with
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some degree of confidence and ability to
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bring my groups together to support the
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effort the first was frankly values
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strong values that the your point about
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mentors saw price was a tremendous
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mentor for me when I was a litigator he
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was a client and this this concept of
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your employees coming first and making
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sure that you take care of your
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employees when you take care of them
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they will take care of your members or
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your customers and other business as
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referred to another businesses and when
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you take care of those to your
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shareholders will be taken care of um
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and and so that has always been at the
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front of my mind and and continues to be
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and no matter what role I play and
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that's that's a hallmark value for me as
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a leader
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the second was I know that trial lawyers
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have you know different people have
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different views about trailers but the
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training you get as a trial lawyer is to
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be very analytical and ask a lot of
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question and that curiosity and and
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asking and asking and asking until you
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really you know narrow it down do
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specific answers and not letting things
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kind of float ambiguously and it it's
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very effective in getting to the bottom
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of things quickly it's very bad
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they've been holding people accountable
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and I found that that skill set has been
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helpful to me not coming from a retail
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background to know how to ask the right
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questions to get a comfort level and
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make sure that all bases are covered
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um and the other is as a trial lawyer
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you learn to work sort of in a crisis
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mode what you're in trial for months at
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a time and stakes are high you know the
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ability to focus really well when you're
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under pressure when you've got
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adversaries now the adversary may be
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opposing counsel they're in this
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situation the adversary was was the
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virus you know it was a it was an
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existential threat to us so bringing the
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team together to be able to overcome
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this um it I think it gives you the
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stamina for me at least experience as a
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trial lawyer don't give me the stamina
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and the focus to get through an
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unexpected challenge like this Gary
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that's great
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why don't we all had enough at this
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point and the editor of knowledge award
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and our co-sponsor Teague blew me is
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right here and Steve I think you're
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going to invite a few questions for a
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few minutes right now yeah yeah we have
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a number of good questions from the
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audience so let's dive in the first one
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is has this experience made you rethink
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in-person work as a cultural norm can I
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ask a clarifying question is that my
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work or is it work in general like how
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the work environment for my employees I
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think the work environment for employees
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and company-wide it would there be a
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different requirement you think after
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the pandemic for people to actually be
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working in person at a location versus
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virtually absolutely absolutely I have
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been um well let me let me tell you the
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environment that our company was
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offering in was very conventional and
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it's the companies enjoy many years of
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success and there was sort of a an
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established mentality about have to show
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up at work um and that's that's where
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you are held accountable and
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that's how people know you're working
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there's a generational issue there to be
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perfectly frank I am one of the first
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I'm the first female leader of the
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company and I could tell when I first
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came in there were a lot of female
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employees who were asking about why we
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didn't have more flexibility and so I
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was totally trying to get us to evolve
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both because of the fact that I think
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it's an important thing for women and
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it's an important thing for men who want
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to be involved with their family life
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and have balance but also because I
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think the next generation expects this
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and if you want to attract the right
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talent and keep them you've got a shift
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to a mode of accountability and and that
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means the onus is on the supervisor to
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be able to know how what they're
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expecting of their employee so that they
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get the value that they want from that
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employee delivered as opposed to someone
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holding someone accountable just for
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showing up and those are two different
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mindsets so I I thought that process was
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going to take a while to get us there
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and it was going to be an incremental
00:19:00
process and I already have that in the
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works well you know as Winston Churchill
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says you know never let a good crisis go
00:19:08
wasted this necessity has allowed all of
00:19:14
us to work remotely and see how
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effective we become and maybe in some
00:19:19
might argue more effective now I'm not
00:19:22
saying it's ideal to stay like this
00:19:23
don't get me wrong but the fact that
00:19:26
we're capable of doing it we've proven
00:19:28
we're capable of doing it goes a really
00:19:30
long way and it will be used to be able
00:19:34
to incorporate our when I'm now calling
00:19:37
our opening up of our of our business
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which in and of itself is a whole nother
00:19:41
phase just like the states are opening
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up and countries are opening up we have
00:19:46
to do what's right for our company too
00:19:48
and we're looking at everything from and
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we're first taking care of people who
00:19:54
are most vulnerable or older have
00:19:56
underlying health conditions are
00:19:57
pregnant I've already announced that
00:20:00
anyone who has school children and
00:20:03
frankly I've decided through the end of
00:20:05
summer people will continue to
00:20:07
work remotely and then as we open this
00:20:09
up people who are have underlying
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vulnerabilities will be able to stay
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home only if there's business necessity
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is that if they'll be required to come
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in but then in time we're going to come
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up with rotating schedules that will
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incorporate social distancing allow for
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outdoor meetings new protocols so we're
00:20:29
going to transform our work environment
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absolutely and I think it's going to be
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for the better yeah that's and there's
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next questions a sort of a bit more sort
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of nuts and bolts how do you kept track
00:20:41
of your staff and their well-being
00:20:44
during this time so in these morning
00:20:48
meetings I have our HR head of HR there
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everybody knows that first of all we
00:20:56
made sure that people knew that if they
00:20:58
were showing symptoms or if they were
00:21:01
living with someone who was showing
00:21:02
symptoms that they should not come to
00:21:05
work this was even before we remote work
00:21:07
and for people on the frontline I'm a
00:21:09
frontline employees in country two that
00:21:11
had to be managed completely differently
00:21:13
that was unavoidable the PP&E that they
00:21:17
required and the quarantine and the
00:21:19
contract contact tracing and the mapping
00:21:22
that we do there frankly with 9,000
00:21:25
employees we've only had up to 38 cases
00:21:29
of confirmed diagnosed Susan they're
00:21:31
actually coming down in in the 13
00:21:33
different markets where we operate so we
00:21:38
have we have I'm sorry I lost track of
00:21:41
what you were asking let me go back to
00:21:43
what she said well basically how how did
00:21:46
you keep track of your or how have you
00:21:49
been keeping track of your employees I
00:21:50
guess productivity is one question but
00:21:52
also their well-being company it's sort
00:21:56
of a waterfall approach each I keep
00:21:59
track of my executive team they keep
00:22:01
track of people and that report to them
00:22:04
and so on and we've tried to remove all
00:22:06
obstacles for people to be
00:22:08
disincentivized from being open about
00:22:11
the fact that they may have be on this
00:22:13
or that they're having trouble or they
00:22:16
may be having illnesses that are
00:22:17
unrelated
00:22:20
I've been very transparent with my own
00:22:22
team I've been and been watching
00:22:25
carefully there's secondary effects of
00:22:26
this virus
00:22:27
if you don't track the virus you're you
00:22:31
know you're at home you might be a young
00:22:32
parent with young kids that you're
00:22:34
having to home-school you've got a
00:22:36
spouse who may have lost their job you
00:22:38
may be both working with kids and I've
00:22:42
been very open with the leadership teams
00:22:43
to invite them to talk about it frankly
00:22:46
the other day I shared my own personal
00:22:49
experience I think for years especially
00:22:53
as a female there's been this sense of
00:22:56
having to constantly know that you're
00:22:59
100% in control of everything and you
00:23:02
can be but we're all still humans and
00:23:05
things happen and life happens and for
00:23:07
example my own father had a major health
00:23:10
issue and I debated whether or not
00:23:12
something I should share with the team
00:23:14
and I decided I wanted to because I
00:23:16
wanted to make sure they knew that I'm
00:23:18
aware that things happen at home and
00:23:21
whereas as a team we need to be there to
00:23:23
support each other there are solutions
00:23:25
for all of these things but to not have
00:23:28
to feel like you have to hide it because
00:23:30
we'll only be stronger if we're working
00:23:32
together right but you demonstrated a
00:23:37
lot of foresight in all of this and I'm
00:23:39
wondering one of the questions from the
00:23:40
audience is has there been a significant
00:23:44
change in your culture or company
00:23:46
culture as you've moved from being
00:23:47
reactive to predictive have you seen
00:23:50
that impact other areas of the company
00:23:53
yes I'm an avid reader I I read about
00:23:59
anything that relates even I can make
00:24:03
relationships out of so many different
00:24:05
things that would apply to the company
00:24:06
to my people that I think would benefit
00:24:08
them I'm constantly sending out articles
00:24:11
information and encouraging them to when
00:24:14
they find it relevant to their area of
00:24:15
work to share those outside materials I
00:24:18
think this has helped us become more
00:24:21
external facing as a company just by
00:24:24
promoting a culture of being a student
00:24:27
the continual student no matter how many
00:24:29
years we've been doing what we've been
00:24:31
doing there's always good ideas and
00:24:34
I think people have found that to be
00:24:37
stimulating and given them you know one
00:24:41
thing I've noticed is that I people had
00:24:43
been unshackled from the own way old way
00:24:45
of doing things and that's been
00:24:47
invigorating that's been one of the
00:24:48
silver linings to all of this is now II
00:24:51
there's a lot more discussion about new
00:24:53
ideas and new ways of doing things and
00:24:56
it's much more of a group and
00:24:57
collaborative dynamic but it's because
00:25:00
we've become more outward-facing and
00:25:02
taken information and best practices
00:25:04
we've seen from elsewhere as opposed to
00:25:06
just looking back to well this is how we
00:25:08
do things this is how we've always done
00:25:10
it and we've done okay we've done really
00:25:12
well as a company so why change anything
00:25:14
the attitude has become more like and we
00:25:18
can be better and we can do more so we
00:25:22
have time for about one more question
00:25:23
before we have to wrap up and that would
00:25:26
be what what does this crisis taught you
00:25:32
the most about leadership or another way
00:25:34
of saying that would be sort of what I
00:25:36
have one audience member asks what has
00:25:38
what have you learned most about
00:25:39
yourself and all of this as a leader I
00:25:44
think communication being honest with
00:25:49
your people with all of your
00:25:51
constituents or your employees your
00:25:54
members your shareholders you know in
00:25:57
the case of a public company being trans
00:26:01
letting them know when you don't have
00:26:03
the answer
00:26:07
feeding and inviting environment or your
00:26:10
team do the just answers do brainstorm
00:26:15
together I think if you are not
00:26:21
completely authentic and what you're
00:26:25
facing whether it's excitement about
00:26:27
opportunity or concerned about an
00:26:30
existential threat you will not get the
00:26:33
best thinking at the table in something
00:26:37
like this you can't do alone you have to
00:26:39
bring the best out in your people and
00:26:41
when they feel that they're being valued
00:26:43
and you're being honest with they they
00:26:46
jump on board
00:26:48
Huff's all and and that's that's what
00:26:51
our team is been doing and I'm very very
00:26:53
impressed with what we've been able to
00:26:55
accomplish in response to something
00:26:57
completely unprecedented and unexpected
00:27:00
for the company so I would say
00:27:02
authenticity and communication right
00:27:05
thanks very much sherry no I'd like it
00:27:09
to even cherry thank you I'm gonna close
00:27:11
this down now you're sherry my I think
00:27:15
four point summary of many points that
00:27:17
you offered up when it comes to
00:27:20
existential risk get on it and you got
00:27:23
on it early number two
00:27:26
we talked about it briefly and that is
00:27:29
under the circumstance having alter egos
00:27:31
other people are ready to do your job if
00:27:34
heaven forbid you're taken out it's not
00:27:37
a huge element that we often think about
00:27:39
but in the world we're in I thought that
00:27:41
was such a good step to be ready for the
00:27:45
worst and hope for the best
00:27:46
number three work is never going to be
00:27:49
quite the same we've learned a lot we're
00:27:51
going to readapt some things but there's
00:27:54
no go let's not go completely back to
00:27:56
where we are we've got some great ideas
00:27:58
out of this and then finally your last a
00:28:01
minute or two here life is a learning
00:28:04
journey just to use that phrase and
00:28:06
learning about yourself you've been at
00:28:08
this for a while but learning about
00:28:09
yourself even this year you've already
00:28:12
you said you've learned a lot about how
00:28:14
you operate and how you should operate
00:28:16
so with that I'm going to just remind
00:28:19
people of our next guest and then we're
00:28:21
going to thank sherry with a spontaneous
00:28:24
round of applause next week I think it's
00:28:28
May 28th we have a former member of
00:28:32
parliament he served many years in the
00:28:34
British Parliament and the Conservative
00:28:36
Party he became Minister of State for
00:28:39
Energy and Climate Change so he knows a
00:28:41
lot about those terrains and he's now in
00:28:44
the House of Lords so Lord Barker will
00:28:47
be with us as our next person sherry
00:28:50
we've got several others following love
00:28:53
to have everybody with us today and with
00:28:55
that Gerry I just want to thank you
00:28:57
thank you Steve thank you for all who've
00:29:00
joined us but in particular sherry
00:29:02
you're going to see my round of applause
00:29:04
and sucking here are the silent applause
00:29:06
that is coming from our 700 people of
00:29:09
the listing thank you very much thank
00:29:10
you very much for having me and I look
00:29:12
forward to watching the whole Paris so
00:29:14
thank you for all the work you're doing
00:29:15
under these unusual circumstances it is
00:29:19
unusual we'll get through it Thank You
00:29:20
sherry very much goodbye everybody
00:29:23
bye-bye
00:29:31
you
