Running a private company and running a public one may share a job title, but according to Michael Polk, the day-to-day reality could not be more different. The former CEO of Newell Brands has navigated both worlds, and he speaks candidly about what separates them.
Risk, Flexibility, and Private Ownership
One of the biggest distinctions Polk points to is the freedom private companies have to take bigger risks. Without the quarterly scrutiny of public markets, there is room to pursue longer-term value creation. “Our owners are focused on the strategic development of the company because they know that this orientation will contribute to the long-term health of the company,” he says. Private companies still need to generate returns, but the cadence and nature of that accountability differ considerably from life as a publicly traded firm.
That flexibility can be transformative. Where public company CEOs spend considerable time managing investor communications, privately-owned businesses allow leaders to direct more energy toward internal operations and growth. Michael Polk Newell Brands notes that he spent roughly 30 percent of his time with investors and public markets during his public company years, time that is now redirected toward building Implus.
Building a Younger, Hungrier Team
The workforce dynamics at a smaller private company also differ significantly. At Implus, Polk leads a team he describes as ambitious but earlier in their careers. “While the talent in my company is hungry and competitive, they tend to be younger and have less breadth of experience,” he explains. That context shapes how he leads, pushing him to be more directly involved in day-to-day work than he ever was at a company the size of Newell Brands.
Far from finding this burdensome, Michael Polk embraces the hands-on approach. He works directly alongside marketing, commercial, and strategy teams to develop programs and drive results. The experience has reinforced his belief that effective leadership requires adaptation. “There are lots of different variables that can contribute to the kind and scope of work being different for a CEO,” he says. Knowing which variables apply, and adjusting accordingly, is what separates good leaders from great ones. Read this article for more information.
Learn more about Michael Polk Newell Brands on https://www.businessmole.com/former-newell-brands-ceo-michael-polk-how-a-strategic-corporate-move-reshaped-newell-brands/