The Heart of Business

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A remarkable turnaround led by a visionary leader emphasizes a noble purpose, people-centricity, and the unleashing of human potential. Hubert Joly recalls the challenging early days as CEO of Best Buy, a role many deemed unwise amid Amazon's disruptive rise. Against this backdrop, Joly achieved the extraordinary: he revitalized Best Buy, transforming it into a thriving company recognized as one of the best places to work. Now, having stepped down as Chairman and CEO, he shares the leadership principles that fueled this resurgence: pursue a noble purpose, prioritize people, unleash human magic, and view profit as a byproduct. Once considered a soft approach, these principles have gained traction, especially as Best Buy and 180 other companies endorsed the Business Roundtable's statement on stakeholder capitalism. The Covid-19 pandemic further accelerated the shift towards purpose-driven leadership. Joly offers practical advice on implementing these principles, which can guide the next era of capitalism. He reflects on his evolution from a data-driven consultant to a leader embracing what he terms "human magic." Joly challenges conventional management wisdom, asserting that many traditional strategies are outdated or incomplete. The principles he outlines not only succeeded at Best Buy but also hold the potential to reshape business and capitalism around purpose and humanity.