When Jennifer Wong was an economics student at the University of British Columbia, she walked into an Aritzia store with her resumé. The company at the time was only three years old and operated two locations. She landed a part-time job, which led to other Aritzia jobs as the company grew.
Three decades later, she became Chief Executive Officer of the clothing retail giant that now boasts 117 stores in two countries, plus a global online presence.
“My journey has really been about figuring things out, learning new things and overcoming problems,” she tells Goldy Hyder in the Speaking of Business podcast.
It helps that she knows the business from the shop floor up, an experience that gives her a unique approach to dealing with the ups and downs of the marketplace. “I like to seek to understand,” she says.
That problem-solving approach helped Aritzia weather the COVID-19 pandemic. When retail stores were closed, employees pivoted to working for the company’s online business, resulting in no layoffs.
Wong says the staff felt they were part of a bigger common goal, which was to keep Aritzia going during the pandemic. “That’s another thing that I love about Aritzia,” she says, “we have a lot of heart.” Listen to the full conversation – including how Aritzia expanded to the United States, and why it makes a point of supporting women throughout its supply chain – on the Speaking of Business podcast
Jennifer Wong:
Not taking no for an answer, always trying to find a way is what has been part of my journey.
Goldy Hyder:
Welcome to Speaking of Business, conversations with Canadian innovators, entrepreneurs and business leaders.
I’m Goldy Hyder, president and CEO of the Business Council of Canada. When Jennifer Wong was an economic student at the University of British Columbia, she walked into an Aritzia store with her resume. The company at that time was only three years old and boasted two locations. She landed a part-time job that led to other Aritzia jobs. And three decades later, she became the company’s CEO. Over that time, Aritzia grew with Jennifer. It has 117 stores across North America and growing, in addition to a huge e-commerce platform, which is available around the world. What an incredible journey. I am so delighted to be able to sit down with Jennifer to find out more.
Welcome to the podcast, Jennifer.
Jennifer Wong:
Thank you, Goldy. Thank you so much for having me.
Goldy Hyder:
Well, look, let’s start with what I just said. I mean, you have had a really interesting personal career journey. You started off at Aritzia as a part-time sales associate thirty-six years ago, and you progressively rose through the ranks, you took on new roles, and voila, you become CEO. You have to tell me, is this what you were thinking thirty-six years ago when you started?
Jennifer Wong:
I applied to Aritzia my first year of university. I ended up studying economics. And Aritzia, even back then in 1987, was a very aspirational store. I had shopped there as a customer and loved the clothes. I’ve always loved clothes and fashion, and I thought as a part-time job on evenings and weekends while I was going to school, I’d love to work there.
So I applied at, I think it was store number one that I applied to. This is in Vancouver at Oakridge Shopping Center, right around the corner from where I lived. I handed in my resume. I was asked a few questions, and I have shared this publicly, it was actually the founder and former CEO who interviewed me. He asked me a few questions about some items on my resume and then he handed it back to me and said, “Well, we’re not looking for anybody right now.” So, he let me down gently.
And I don’t know what it was that got into me, but I think this was indicative of what drives me, is I wasn’t going to take that. And I knew that Aritzia had just opened a store, store number three on Robson Street. So, I literally got into my car that same day, drove down to Robson Street, applied, and the manager there hired me. Not on the spot, but she called me back two days later and hired me. It was in November, I think they were looking for holiday help, and they’ve never let me go since. So, fast-forward to, it’s actually my 32nd-
Goldy Hyder:
Actually, before you go there, let me ask, when did you first see the founder after you already started in this store? Did he say, “Hey, what are you doing here?”
Jennifer Wong:
I don’t think he remembered taking my resume, or so far, even after 36 years, he doesn’t recall that.
So, he came into the store. I was working there one evening and he came into the store. I think I was… If you really want to know the story, I think I was leaning over the cash desk, reading the gift certificate display on the wall, because it was my first couple of shifts. I was just acclimatizing to what was going on. I was leaning to look at the gift certificate display because back then they were paper gift certificates. The first thing he said to me is, “What are you doing holding up the cash desk?” Which was his way of saying, “Stand tall. Stand tall and greet the customer.” So, started learning right then and there from the founder.
Goldy Hyder:
Well, little did he know what was in his future when you fast-forward-
Jennifer Wong:
Well, I’ve learned a lot from him, and I’m very, very grateful.
Goldy Hyder:
How did you do it? Tell us the journey itself. You think about the fact that you’re in the same place for thirty-six years, that’s not something one would expect would happen today.
Jennifer Wong:
Really, I thought I would get a grown-up job when I graduated from university and go into banking and finance of all things. That never happened. What I found at Aritzia was because I think it’s in my nature to like to learn new things and figure things out and try to get good at whatever it is that might be presented to me as a challenge, that’s what’s really driven me at Aritzia, and that’s what’s allowed me to be successful at Aritzia. I’m someone in leadership who has not been there, done that, so to speak. I actually think that gives one an advantage, because you don’t approach something with already sort of preconceived-
Goldy Hyder:
A bias.
Jennifer Wong:
… bias. You’re looking at something fresh, with fresh eyes, and wanting to figure it out. You’re asking questions. And I really have a mindset that I like to seek to understand, and I think that’s been an important aspect in my ability to be successful.
Goldy Hyder:
Well, certainly consistent with a lot of our other podcasts, and with our leaders, is that DNA, that trait of curiosity. It appears that you’ve had a lot of that.
But another thing that we talk a lot about is just the journey is never… It doesn’t seem to be a straight line. I don’t think you walked in, you became an associate, and fast-forward to 2022, you became CEO. What was some of the adversity that you faced, maybe even failures that you faced? And how important were those as part of your leadership journey?
Jennifer Wong:
I’ve only reflected on it more recently, when I’ve been asked about how I started at Aritzia. I suppose the very, very first one was getting turned down that very first day and realizing not just to accept that. And if there’s a chance-
Goldy Hyder:
Not going to take no for an answer.
Jennifer Wong:
Well, yeah, that’s the headline. Don’t take no for an answer. And I will say, not taking no for an answer, always trying to find a way is what has been part of my journey.
So, as COO, where my job is about figuring things out and getting across the finish line, coming up with a solution, these are the types of things that I think are innate in me and that I’ve been able to hone over the years. And so, my journey has really been about figuring things out, learning new things, overcoming problems. So, when things are a challenge, and also when you make mistakes, when you make the odd mistake, or when something doesn’t go as successfully as you had thought, you learn from that and then you get better from that.
Goldy Hyder:
What is it that has kept you there?
Jennifer Wong:
I have been asked that before. When I get asked that by candidates who are interviewing for a job, I say, “There’s three things.”
The first one are people. I love the people that I work with. I work with a team of people who are exceptionally smart; really, really care; passionate about what they do; and nice at the same time. And I love working with people who challenge me. I can challenge them. They really keep the bar high. It’s very intellectually stimulating coming into work every single day.
The second thing, for me anyways, is I’ve never had to go anywhere else for career opportunity. I’ve been in a company that has been growing, and consistently growing essentially since day one, haven’t had to go anywhere else for opportunity. And as long as I worked hard, produced results, was very fortunate to have different opportunities presented to me.
And then, the last thing is I’m very proud of our success. And it can be very powerful being associated with something that is successful. And looking at service providers or considering service providers or different suppliers, and they really want to do business with you, because they recognize that you’re a successful brand, or a company that they want to do business with, you feel really great and proud to be part of that company.
Goldy Hyder:
What do your customers tell you about the Aritzia brand? What makes it the success that it is?
Jennifer Wong:
It starts for sure with our product, and offering a product assortment that resonates with our customer, a customer that is varied in age, diverse in age, diverse in backgrounds. We have a customer that spans three generations essentially; Generation X, Millennials, Generation Z.
And we’re very proud of being able to provide that offering, along with exceptional client experience and service. If you walk into our stores, we’re very personalized and like to be higher touch in terms of our in-store experience. We like to say we have the most aspirational shopping environments, if it’s the physical store. We’re very proud of the digital representation of that with our online store.
And these are all things that kind of make up our brand. We celebrate our forty-year anniversary this coming year. And so, we’re very-
Goldy Hyder:
Congratulations.
Jennifer Wong:
Thank you. So, we’re very proud of having to have been able to offer that consistently to a customer that’s been growing with us over the years.
Goldy Hyder:
Now, speaking of growing, you’re really overseeing many of the new-ish initiatives to expand Aritzia into the U.S. and also the launch of the e-commerce business. Tell us a little bit more about what it’s like to enter both the American market but also really go big on the e-commerce side.
Jennifer Wong:
In Canada, we grew organically through our store openings. That started in 1984. We didn’t introduce online until 2012. Our growth strategy in the U.S. is a little bit different. It’s synergistically growing with both channels, so it’s opening key flagship stores and triple A real estate that really showcases our brand and propels our brand, all the while driving sales, as well as then promoting our online business.
So, with 49 stores in Canada and 68 stores in the U.S., I’ve had lots of questions on, “Well, is it 10 times the stores in the U.S. or 10 to 15 times?” Because that is sort of the multiple in terms of population and size, I would say, “No. No, it’s not that high of a multiple.” Instead, we’ll open key stores, we probably see about 125 to 150 stores in the U.S., and I like to think the rest could be filled in with digital. And so, that’s a little bit different than how we grew in Canada. The advent of digital has made the environment different.
Goldy Hyder:
Do you stop in the U.S. or you have bigger ambitions than that?
Jennifer Wong:
We have ambitions beyond that, which is to take everyday luxury, which is our brand proposition, everyday luxury around the world. We want to own everyday luxury globally.
Goldy Hyder:
Now, I’ve had the distinct pleasure of visiting your facility, at least in Vancouver. I know it’s expanding, and I’ve had a chance to tour a little bit of it. What I noticed of course is that the vast majority of people in your workforce, in your employee base are women. I think the number is as high as 85 per cent, and it includes 73 per cent women on your senior leadership, and maybe those numbers are even getting higher since I last saw you. This is very much an exception in corporate Canada at the moment. We’re all working on it, that’s for sure, but you’re an anomaly in terms of having it that high. How did you do it?
Jennifer Wong:
Well, we are women’s fashion, so it starts with, our customer is primarily women. That’s not to say it’s just women, but it’s primarily women.
Goldy Hyder:
Oh, I’m coming to that part. I gave you a heads-up on that.
Jennifer Wong:
Right. So, with our front lines at the retail stores, there’s a lot of women in our stores that are passionate about our product and really great ambassadors for our product. We have a platform and a saying, “Women to the power of women,” and it is about uplifting and supporting women all through our supply chain. And in fact, if you go up the supply chain, I think it’s 67 per cent, it’s primarily women even in our supply chain that are making our clothes. So, it goes much further than just even the four walls of our business, and we’re very proud of that. Truthfully, it’s happened organically. We are a high performing culture and it just so happens that the people who are attracted to our value proposition and passionate about our product, as well as those who are successful within the company, they happen to be women.
Goldy Hyder:
And like you, I understand the retention of your workforce is quite high and many of them have been there over 10 years. Clearly, that speaks a lot to a corporate culture that has been created at Aritzia. How do you go about retaining your staff in what is now a very competitive market for labour? There’s all the issues around the return to the office or return to the store and so forth. What are you doing to hang on to the talent?
Jennifer Wong:
15 per cent of our current employee population have been with the company for 10 years or more. And so, it’s a couple of things. We have a value. One of our values is loyalty. It’s a two-way street. We value loyalty from our clients, as well as our own people, and it’s reciprocal. We reward the loyalty in that. It’s a relationship, it’s a mutual commitment.
Certainly, being a high performing culture, retaining the top talent is very important to us. So, there’s all different kinds of things that I think speak to that, including financial reward, opportunity.
I have benefited from the opportunity. We’d like to think that people can have full careers at Aritzia, so they don’t need to go anywhere else. And being a growing company, there’s lots of opportunity. In fact, sometimes I’ve even said there’s more opportunity and more initiatives that we’d like to undertake than we even have people that can do that. So, I think there’s no shortage of that.
And then, the third thing that we offer is an education. I have spent my whole career at Aritzia, say for the little stint I did at Marvelous Muffins beforehand. But my whole career, I’ve learned something, and that’s really important to me. And I think if you get folks that align with your culture, these are things that resonate with them and keep them there.
Goldy Hyder:
Is there somebody in Aritzia that joined as an associate that’s going to go on to be CEO one day, like you did? I mean, you’re doing a lot of nurturing of the next generation of your leaders. Is it your hope that that kind of leadership is coming from within your company, as opposed to hiring from outside when the time comes?
Jennifer Wong:
I absolutely hope so, and I absolutely believe we’ve got lots of candidates that have the drive and the ability to do that.
As a matter of fact, I was doing a campaign for International Women’s Day last year, and she was a store manager, she’s originally from Calgary, she spent some time in Florida, and then she has now since moved back to Canada. But she said, and I believe she wrote this and sent me to her store manager, that she wants my job. I’ve had a few people say that they want my job, and I just love that.
Goldy Hyder:
Couldn’t agree with you more. That’s a great story.
One of the things that we’ve had to touch on, we do want to put it in the rearview mirror, but it had impact on all of us, and that was just the pandemic and getting through COVID.
But I wonder if we could take some lessons from COVID itself, particularly the impact that it had on the retail industry, which took a huge hit, and you managed to not only weather the storm, but I understand you did it without laying off any staff. How did you manage to do that when the stores were closed and no sales were happening?
Jennifer Wong:
Oh, yeah, that was a very tough time. We did not lay off or furlough a single employee as-
Goldy Hyder:
I guess, that’s your loyalty, value in practice, isn’t it?
Jennifer Wong:
There’s absolute loyalty there. And the reciprocal part is that when the stores did reopen, we had people ready to go hit the ground running. We didn’t have to rehire and train up. And so, in the long run, that was one of the things that we considered, we think that this will benefit us in the long run if we could just hold on.
And we were counting, we’re doing projections on how long we could keep this up of course, but we pivoted. We essentially threw the playbook out the window and pivoted. And so, with our online business, we shifted our workforce to help support that business and maximize the success of the online business. So, a lot of the retail folks that were traditionally in the stores, we moved them to forms of digital selling. So, they went on their digital selling app and reached out to their client books and we moved them into our concierge. Some of them worked in the distribution centre to fulfill e-commerce orders. We reallocated the workforce and they were all very happy to do it because they’re all very happy to still have work.
And it was very uniting, even though some of them would say, “Okay, I don’t want to do that again. I’m not interested in working in the distribution center.” They did feel that they were part of a bigger common goal and cause, which was to keep Aritzia going. So, it’s that energy and drive of our people. That’s another thing that I love about Aritzia, is we have a lot of heart.
Goldy Hyder:
One of the things that we learned about leaders during COVID is what makes them leaders in a crisis, what is it that allows them to get through not just turbulent times, but a time that we hadn’t seen in 100 years. You weren’t trained probably on how to handle this pandemic and the impact it had on your business. As you reflect back on that and your own experience with that, what did you learn about yourself and what did you learn about leadership during a crisis?
Jennifer Wong:
The importance of teamwork. Teamwork is one of our six values. The power of teamwork really came through during the pandemic, and that was evidence in just the entire company rallying and uniting around our e-commerce business and pivoting to the e-commerce business that I mentioned earlier. But also just our leadership team, where you’re fighting to keep the business going, as well as doing right by your people. So, there was an additional learning in terms of the balance between heart and mind and how to make the most of both of those aspects of running a business.
It’s some of the longest days that we’ve ever worked, 15 hour days, 16 hour days.
And this is starting early in the pandemic, when you don’t know what’s going on, you’re told to stay in your house, you’re scared you might get it, we’re still coming in and working through all of the different things that are coming up operationally, trying to monitor what’s going on externally. And you bond over that. It’s like you’ve gone through something that will bond you for life, and I really do value the teamwork. And as a leader now, and my CEO… So, that was when I was COO and now as CEO really, really value my leadership team, and knowing that no one person is a hero, and certainly not me. And you do need a really strong team of people who gel with you and share that common vision of yours to get through it.
Goldy Hyder:
One of the consequences of COVID of course is that the shopping centers took a huge hit, retail took a huge hit, and there was actually a question as to whether people just got comfortable shopping online only and will they ever return to the malls. Now, we know from our own members who do own malls, that not only has retail returned, but in many ways it’s positioned to grow as we grow. Does that surprise you?
Jennifer Wong:
What’s interesting is leading up to COVID, there was a lot of talk in the media about retail somewhat succumbing to online and e-commerce-
Goldy Hyder:
Yeah, it was on his lost legs, really. Malls were going to shut down.
Jennifer Wong:
Yeah. And what happened when things opened up is I think there was pent-up demand, people wanted to get out. Experiences are important to people. So, there was a shift. So, there was a positive shift for in-store experiences and shopping in real life that we benefited from. Our retail really did grow extraordinarily and we’re truly an omnibusiness. So, we’re quite pleased with the fact that we’ve been positioned well, both with an online business that we can say is legit. We were essentially a pure play during the pandemic when everything was closed. And now, coming out of the pandemic we’re truly omnichannel and we’re quite balanced between the two channels. So, we’re able to capitalize on the retail growth and also continue to grow our online business.
Goldy Hyder:
So, you think where we are now, there’s no need to be concerned that in-store shopping is going to decline just over time as online shopping becomes even more sophisticated and faster and the use of AI and all of that?
Jennifer Wong:
There’s no indicators now, that that’s happening. I think it’s a case of the strong will get stronger and the weak may get weaker, so it might kind of separate that. I think it’s really about how effectively a company like ours will integrate the two and truly be an omnibusiness and truly be able to cater to the client wherever, whenever she chooses.
Goldy Hyder:
Exactly.
Jennifer Wong:
Yeah.
Goldy Hyder:
The thing about Canada, of course, is we’re located next to this country called the United States of America, the economic superpower of the world. And for many of Canadian businesses, growth comes in the United States. And that is not unique to you, because as you’ve mentioned, you’re growing in the United States. You’ve got stores there since I think about 2007, and you’ve got this ambition plan, as you said, to get the 120, 125 stores in the U.S.
I just want to talk about the decision to go into the U.S. How challenging was it to break into that market, because it’s a huge market and for all the commonalities between Canadians and Americans, they’re different.
Jennifer Wong:
Yes. I remember when we were first planning to enter the U.S. in 2006, 2007 timeframe, and we had a private equity company at the time, and they were great partners, and they would ask us good questions to make sure that we were really thinking about the business. There was probably some concern about being successful in the U.S. Up until that time, I don’t think one Canadian retailer, other than maybe Aldo shoes, was successful going into the U.S. A lot of Canadian retailers retreated back. And so, they asked us the same, “What is it that makes you think you will be successful?” And we did enter with two stores in 2007, right before the economic downturn of 2008. Really pleased to say that those two stores that we opened within three weeks of each other in late 2007 performed exactly as we had planned and expected.
And essentially, what we did is we went in with a bit of a strategy not to change anything, because if we went in and had changed something in advance, we wouldn’t know if we failed because of something we changed or because it was something fundamental with our value proposition.
So, we kind of went in with that idea and learned. Again, learned. Sort of a, you go in and you test it, and you iterate, and you get smarter about it. And that’s essentially what we’ve done over time. And that’s essentially what we do in the running of our business. It’s always about getting better and getting better and continuous improvement. And that has served us well.
So, we have a unique value proposition. I don’t think anybody does exactly what we do. Our competitors said there’s lots of competitors and it’s a very competitive environment, but being everyday luxury, which is where we position ourselves strategically in the marketplace, offering a high quality, very well-designed product, at a accessible price point, no one does exactly what we do for the breadth of offering that we have. Our customer will have pieces in their closet from other brands, but nobody does exactly what we do. We’re very proud of that. So we just have to make sure we stay in front of that and continue to penetrate the U.S. market right now.
Goldy Hyder:
The decision to go into the U.S. itself, I mean, it’s interesting that a lot of American companies come to Canada, and certainly some of our larger companies go into the U.S., but there’s a sense that there’s so much more Canadian businesses can do to grow and Canadians want to see more global champions. What advice would you give to other Canadian companies in different sectors and so forth that are thinking about the U.S. but haven’t taken the leap?
Jennifer Wong:
Know your customer, really get to know your customer. There are nuances going into the U.S., even though everything seems to be very similar between the countries, but there are nuances, and I would say that’s going both ways. Target’s an example, they didn’t get the Canadian customer.
Goldy Hyder:
Nordstrom.
Jennifer Wong:
Nordstrom’s is another one, exactly. And you would think, “Why wouldn’t they be successful here?” But I think it goes both ways, and it’s really important to understand and know your customer, which we pride ourselves on doing.
Goldy Hyder:
One of the other issues that you hear a lot about these days, I’ve got three daughters who are all in their twenties, and it’s this whole work-life and return to the office and all of these things that have taken place. I’m wondering, when you speak to leaders about finding the balance for yourselves as CEOs and very high-pressure careers, especially as a mom, how have you found you were able to get to that work-life balance?
Jennifer Wong:
Well, I will admit, it’s not always easy and everyone is different, but for myself, for me, it’s all about choices. So, at different times you have to make different choices depending on what’s going on in the different dimensions of your life. And I just try to make the right choices and do right by all of the different groups of people, whether it’s professional, personal, family. I just try to do right by everyone that’s important to me. So, at the end of the day, it comes down to choices.
I will also have to give a shout-out because I have an incredible husband who’s very supportive, and takes care of a lot of things that I cannot. He’s probably better at it too. And so-
Goldy Hyder:
Did he stay at home when your career was taking off, or how did you manage that?
Jennifer Wong:
Yes, he made the choice to be the CEO of the household, essentially. And-
Goldy Hyder:
So, you report to him at home, I guess?
Jennifer Wong:
I do. Yes, he’s the boss.
Goldy Hyder:
I have one of those.
Now, I mentioned I have three daughters, and I’m not just throwing this at you, but I’ve been into many stores, Aritzia stores, with them and along with my wife. And what I noticed, however, is you have two sons.
Jennifer Wong:
I do.
Goldy Hyder:
They can’t shop at your stores, and I know I can’t shop at your stores. What are you going to do to rectify the equality of men to also have access to luxury attire?
Jennifer Wong:
You say that, but in June of 2021, we acquired a brand called Reigning Champ, and it’s for men. And so, that was our first entrée into the men’s category. And-
Goldy Hyder:
But it won’t be inside an Aritzia store.
Jennifer Wong:
You might not associate it with Aritzia because it’s its own separate brand. We run-
Goldy Hyder:
Where are these stores?
Jennifer Wong:
… the marketing
Goldy Hyder:
I have not heard of it, to be honest.
Jennifer Wong:
Yes. Well, there isn’t a store in Calgary, but there is a store in Toronto, there’s a store in Vancouver, and they do a great online business. They also have a wholesale business, so you might find them in Nordstrom, Harrods. So-
Goldy Hyder:
It’s a Canadian company that-
Jennifer Wong:
They’re Canadian, yes. They were founded in Vancouver and their brand is rooted in athletics. So, my sons wear Reigning Champ, and they wear the Super Puffs.
Goldy Hyder:
I think if you put the stores side by side in the mall would be helpful, because when I was in Aritzia, I’d have to find the sofa to sit down as they all went shopping. But good to know, there are options for men.
Jennifer Wong:
You may find a Reigning Champ pop up very soon.
Goldy Hyder:
Great. Well, terrific. I look forward to that.
Look, before we wrap up, I want to say thank you for doing this. It’s been a great conversation. We’re going to end up with something on the lighter, note if I can. Just some quick rapid fire questions, so if you’re ready, here they come.
Jennifer Wong:
Sure.
Goldy Hyder:
Favorite food?
Jennifer Wong:
Potatoes done anyway. I’ll eat them anyway.
Goldy Hyder:
Favorite type of music?
Jennifer Wong:
R&B, hip hop.
Goldy Hyder:
What do you do to de-stress?
Jennifer Wong:
I’ve learned most recently breath work, which is sort of a form of meditation.
Goldy Hyder:
Favorite place to travel?
Jennifer Wong:
Cabo San Lucas.
Goldy Hyder:
Is there a favorite city in Canada that you have? I’m guessing it begins with V.
Jennifer Wong:
Well, it depends. I can’t answer that in a rapid fire. It depends. Some of my favorite cities in the world are New York and Paris, but I was on the chill vibe there. Chilling in Cabo is not bad either.
Goldy Hyder:
All right, we’ve run out of time, otherwise, I was going to ask you favorite son, but I’m kidding. Thank you so much for doing this, Jennifer. It’s been really great to hear your story, and it’s inspiring, I think, not just for me, and as a father of daughters, but everything you’ve talked about is the promise of our country as well, that this is a place where the story like yours can happen. So, thank you for your leadership and thank you for sharing.
Jennifer Wong:
Thank you for the podcast.
Goldy Hyder:
Jennifer Wong is the Chief Executive Officer of Aritzia. If you would like to hear more of our Speaking of Business, conversations with innovators, leaders, and entrepreneurs, I encourage you to subscribe to our podcast. Search for Speaking of Business, wherever you get your podcasts. Or simply go to our website at thebusinesscouncil.ca. Yes, thebusinesscouncil.ca. Until next time, I’m Goldy Hyder. Thanks for joining us.
From chemistry to capital – John Graham, CPP Investments
The man who oversees the $650-billion pension portfolio of millions of Canadians started out his career in the relative safety of a chemistry lab.
Back then, John Graham was a research scientist with a PhD in physical chemistry. He spent nine years working in a lab before he jumped from the world of science to the world of finance, joining CPP Investments.
Now, as president and CEO of one of the world’s largest pension funds, he recognizes that investing in financial markets is more art than science.
“One of the few things I definitively know today is I don’t do science anymore,” he tells Goldy Hyder on the Speaking of Business podcast. “Finance is about investing in the real world, in a system that is constantly in flux, constantly changing. At times it can be irrational, requires quantitative, qualitative methods, art … and some science.”
Speaking in front of an audience at the Toronto Global Forum in October, Graham discusses how CPP Investments has adapted and grown in its 25-year history, navigating through changing circumstances.
Taking the long view, he says, means avoiding getting swept up in FOMO (fear of missing out) but instead building a stable, long-term portfolio. “Canadians should be proud that CPP investments is either the number one or two best-performing pension plans in the world.”
Building Canadian champions: reflections on entrepreneurship, growth and resilience
After 100 Speaking of Business interviews with Canada’s leading CEOs, we decided to mark the milestone by putting a few of them together in a room. We brought together a former CEO from one of Canada’s most established companies, an executive from a Canadian success story that started small and became big, and a company founder from a brand-new sector. They had more in common than you’d think.
Host Goldy Hyder wanted to know: how do you maintain a startup mindset, even in organizations that are decades old and employ thousands of people?
“If you want people to be innovative and risk-takers, you can’t punish failure,” said Linda Hasenfratz, executive chair of the board of Linamar.
She joined former CEO of Air Canada Calin Rovinescu and chairman of Aspire Mohammed Ashour to talk about the ingredients companies need to succeed over the long-term.
“Many of the characteristics and drivers for a startup business are absolutely exportable to mature businesses,” said Rovinescu, pointing to the need to communicate widely and to empower frontline workers.
As the co-founder of a new startup, Ashour also discussed the challenges of launching a new business that is unlike any that have come before – Aspire grows insects as a protein source. “You are inventing the plane and flying it at the same time, which is a very thrilling but also terrifying reality.”
Hosted by the Ivey Business School’s Ian O. Ihnatowycz Institute for Leadership at the school’s Toronto campus and recorded in front of a live audience, the three guests discussed their own career journeys, their hopes for Canada, and offered advice for the students in the audience.
Patient Capital: Galen Weston on Canadian prosperity
As the fourth generation leader of a family business, Galen Weston recognizes the responsibility he shoulders – to his employees, his country, and his great-grandfather’s legacy. Weston’s Real Home-made Bread began in Toronto in 1882. Today, George Weston Limited is one of Canada’s largest private sector companies, with more than 200,000 employees.
“It makes you think in decades, not in quarters,” he says. “You think about what is this company going to be not just a year from now, but 10 years from now, 20 years from now, 30 years from now.”
In a frank and revealing conversation with Goldy Hyder on the Speaking of Business podcast, Weston discusses what he calls “patient capital” – his long-view approach to ensuring the company remains strong and vibrant for generations to come.
It’s a mindset he says Canada needs to adopt as a country, calling on public policymakers to think about how to create long-term prosperity. And he urges business leaders to be part of the discourse. “That unguarded dialogue about what’s in the national interest could pay some meaningful dividends,” he says.
Listen to the full interview, including his reflections on inflation, food prices and the challenges of leadership in the face of public scrutiny, on the Speaking of Business podcast.
Embracing the AI opportunity: Elio Luongo, KPMG
When Elio Luongo started working for KPMG in Canada in the 1980s, artificial intelligence was the stuff of science fiction movies. Remember when The Terminator hit the big screen? Now, as Luongo prepares to retire as CEO, AI is no longer the purview of sci-fi imagination. It’s increasingly the day-to-day reality in a modern workplace.
Luongo is encouraging all KPMG employees to experiment with and learn from AI.
“Businesses need to help their people develop skills around AI,” he says. “That is probably one of the most fundamental things that we can be doing right now.”
In an interview on the Speaking of Business podcast, Luongo reflects on what he has learned and how he has adapted to technological change during his decades-long career.
Effective leaders, he says, open doors for employees to develop their skills, continually. “This is what’s going to change the productivity and the prosperity for people in Canada and we all have that responsibility to help develop our people’s skillset.”
Listen to the full interview – including why he describes leaders as HEPA filters – on the Speaking of Business podcast.