Joining us on the is Joel Trammell, the Chief Executive Officer of Black Box. In today’s show, Joel provides a wealth of advice to first time CEOs. Joel covers the first 100 days, dealing with an inherited management team, and interacting with the Board.
If you are a new CEO, this episode is for you.
Below is a summary of the show segments and topics covered. To watch this interview click here. Then, click on the timestamped link to visit that section of the interview.
Segment 1: The First 100 Days
- The first 100 days as CEO at Black Box. minute 2:25
- How to understand and operationalize culture in the first 100 days. minute 4:27
- Thinking about the state of the business relative to your first 100 days. minute 6:52
- Product strategy and it’s implications on revenue growth. minute 9:40
- The first 100 days in the commercial strategy, meaning marketing and sales. minute 11:02
Skip to minute 2:55 to listen to Joel discuss the importance of culture at your company:
“Culture permeates everything you do in an organization. So, it starts with who you hire, how you hire, how you treat them when they’re there, how you retain employees, how you treat customers. All of it has to be holistically considered…”
Segment 2: The Leadership Team
- Assessing the quality of the leadership team? And then determining who stays and who goes, over what time frame. minute 13:18
- Biggest struggles faced when evaluating talent. minute 15:01
- Creating alignment between the different org functions. minute 16:35
Listen to minute 16:53 to hear Joel give advice on aligning different teams and functions within an organization:
“Every wide receiver thinks they’re the best player on the team. It’s the same scenario in business, it happens over and over again. But, the more you can do to market the individual groups and explain to everybody what each group is doing, then you can have rational conversations about each function’s performance…”
Segment 3: Working with the Board
- What Joel learned as an investor and a board member. minute 19:29
- Advice for new CEOs who are working with their Board for their first time. minute 20:55
- Why CEOs put so much weight on the Board. minute 21:36
- The biggest recommendation for new CEOs. minute 23:38
Skip to minute 22:41 to listen to Joel’s answer to why CEOs put so much weight on the board and their opinions:
“The first stage of the CEO job is realizing you don’t know all the answers. I often tell people … I mean, people will ask you questions like you have some perfect crystal ball that sees down the road. Like where are we going to be in five years? Heck, I’m trying to figure out where we’re going to be tomorrow…”