David Novak is Co-Founder, Retired Chairman and CEO of Yum! Brands, Inc. (Pizza Hut, KFC, and Taco Bell), one of the world’s largest restaurant companies with nearly 43,000 restaurants in more than 130 countries and territories. He stepped down as CEO on January 1, 2015 and retired from Yum! and Yum!’s Board in May 2016.
During his time as CEO, Yum! doubled in size and became a global powerhouse going from approximately 20% of its profits coming from outside the U.S. in 1997 to nearly 70% in 2014.
David is also the best-selling author of multiple books including Taking People With You: The Only Way To Make Big Things Happen. In May 2016, he founded OGO (O Great One!) a consumer lifestyle brand on a mission to turn the world on to the awesome power of recognition and remedy what he calls the “global recognition deficit.”
In This Episode, You Will Learn:
- Sustained Excellence = "You must be passionate about what you do." Warren Buffet said he "tap dances to work everyday." You should strive to do that.
- Must also be a constant learner/grower.
- Have a healthy dissatisfaction for the status quo
- When people struggle at work, it's typically because they don't like the job
- What do you say to skeptics about the "do what you love" advice: "Colonel Sanders started KFC late in life with his social security check. It's never too late."
- Must be self reflective. Develop a strategy for yourself. Do a needs assessment. Dig hard at understanding yourself.
- The impact of moving his entire childhood. Living in 23 states by the 7th grade. Moved 3 times per year. Lived in trailer parks most of his childhood.
- Advice to people early in their career: "Don't wait until you have a management job to lead. Start doing it immediately."
- "I tried to learn everything I could from the people above me."
- "The minute I stopped learning, I asked for another job."
- "I looked at my boss as my coach. A good boss should be a coach."
- The manage 2 up plus 2 down strategy:
- Make your boss very successful and make his/her boss very successful
- Help the people directly working for you successful and directly help the people that work for them to be great
- "Every time I met with the CEO, I always brought 3-5 ideas every time we met. I always brought value to those meetings."
- "When a good opportunity came up, he thought of me"
- Coaching is an "AND" job -- Tell them what you like AND how they can improve. Must do both.
- The 3X5 note card exercise: Write a strength and a developmental area for yourself and share it with others so they know what you're working on.
- How can CEOs get people to trust them and tell the truth? -- Ask people what they would do if they had your role. LISTEN.
- "You have to be vulnerable enough to want to know the truth"
- The power of recognition -- "The secret weapon I had as a leader was to recognize great performance to drive the behaviors we valued"
- Why people quit their jobs:
- Their boss
- They don't feel appreciated
- Utilize the digital leadership platform