Asian American Business Roundtable
January 8, 2020, New York, USA
Asian American Business Roundtable
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AABR 2020 Conversation With Indra Nooyi
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About speakers

Indra Nooyi
ormer Chairman and CEO at PepsiCo
Mehmood Khan
Chief Executive Officer at Life Biosciences

Indra Nooyi was Chairman of PepsiCo’s Board of Directors. She has served in this role since 2007. Previously, she served as Chief Executive Officer from 2006 to October 2, 2018. As CEO, Mrs. Nooyi was the chief architect of Performance with Purpose, PepsiCo’s pledge to do what’s right for the business by being responsive to the needs of the world around us. As part of Performance with Purpose, PepsiCo is focusing on delivering sustained growth by making more nutritious products, limiting our environmental footprint and protecting the planet, and empowering our associates and people in the communities we serve.She directed the company’s global strategy for more than a decade and led its restructuring, including the divestiture of its restaurants into the successful YUM! Brands, Inc. She also led the acquisition of Tropicana and the merger with Quaker Oats that brought the vital Quaker and Gatorade businesses to PepsiCo, the merger with PepsiCo’s anchor bottlers, and the acquisition of Wimm-Bill-Dann, the largest international acquisition in PepsiCo’s history.Prior to becoming CEO, Mrs. Nooyi served as President and Chief Financial Officer beginning in 2001, when she was also named to PepsiCo’s Board of Directors. In this position, she was responsible for PepsiCo’s corporate functions, including finance, strategy, business process optimization, corporate platforms and innovation, procurement, investor relations and information technology.

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Mehmood Khan, M.D., is Chief Executive Officer and Board Member of Life Biosciences Inc. He joined the company in April 2019. Founded in 2017 and headquartered in Boston, Massachusetts, Life Biosciences is a biotechnology company developing therapies for age-related diseases by focusing on the biology of aging. Its ultimate goal is to significantly extend healthy human lifespan. In his role as CEO, Dr. Khan provides strategic direction and operational oversight. His vision of a more efficient and effective drug development pathway will drive innovation in the science and technology Life Biosciences advances.Dr. Khan previously served as Vice Chairman and Chief Scientific Officer of Global Research and Development at PepsiCo, a Fortune 50 company with upwards of 250,000 employees across 22 brands. At PepsiCo, Dr. Khan played a pivotal role in their global R&D efforts to create breakthrough innovations in food, beverages and nutrition, including the incorporation of healthier and more nutritions offerings across its portfolio. Dr. Khan also oversaw PepsiCo’s global sustainability of the world we share. Prior to joining PepsiCo, Dr.Khan served as president of Global R&D Center at Takeda Pharmaceuticals, leading the global efforts one of the largest pharmaceutical companies in the world by revenue.

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About the talk

Topic: Business
A visionary leader and one of the world’s most influential business women, Indra Nooyi, will sit down with Mehmood Khan, CEO of Life Biosciences, to discuss authentic leadership, changing paradigms and importance of diverse talent development. 

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Thank you, Tom, and I wanted to say a quick. Thank you to Tom as well for him coming out this morning at 8 a.m. Obviously being one of the people if not of the Asian Community Support enough to Morgan Stanley for Tom. So thank you Tom for being here. I also think a lot of it says, you know, we're very pro-business room for the passion of John and his team. You know, I think I was 40 and in 2011 and John has found a way. What is charisma in his passion for the Asian Community to help his kind of throw the lasso out and and and bring

people here in the speakers that you're seeing today a reflection of John's passion and and roping us pain and I thought immediately how do we get people involved and I went to people like members Khan and said, let's take this further and and we've been able to do that and it's great and one of the things when I got involved is the Asian Community there was a lot of the Indian Community that was involved because we weren't always considered part of the demographic so I think From my perspective this is fantastic. And so I want introduce the next panel and when we talked

about the next panel just plenty on the bios of Indra and my mood but I want two things. I think that's interesting. You might have seen recently it in. There was named one of the top three CEOs of the decade of top 10 CEOs who is number three, but what I liked about that wasn't just a reflection of the job. It was one of the few times you saw not the most powerful business woman in the world. There are very few CEOs that have one name and music. I think sting and CEOs not that many that you have one name. And so, you know, what are the things that

What are the things that you she's looking at me in disapproval so on? I'm already in trouble when they set out to innovate and talked about leadership. And I think it's something interesting to have been through here. Today. We're talk about this briefly before they're different sort. Kinds of leadership in it in under in Disguise as CEO of PepsiCo. I believe 10 CEOs came out of that Leadership Academy call it indoor School of Hard Knocks. We called it before I think it was three CFOs 6 c h r o s or 3 c

h r o s and six Chief scientific officer. Weather became the Chief Architect to sort of his performance with purpose bringing in. Dr. Khan was was incredibly was it was Innovative is far-sighted because dr. Condon endocrinologist and no he came to PepsiCo. He became part of that Innovation. So I think that what you're going to hear today's interesting and it's interesting from leadership because I looked at football and said Bill Walsh was the 49ers coach you spawn so many liters and so many coaches that have won Playoff games and Bill

Belichick leaving Patriots fans. Fantastic code hasn't had that many coaches. What is it about leadership? And I believe there's four Asian CEOs that came out of it. So important to our demographic the most important thing and I'm going to call them up because I told you imma keep this under 8 minutes. Islam the most important thing is the human people and then and both of them being here today is is fantastic. It's their dedication to give back to the community. It's free for Androids. Do you want

to sit when Tom said rock stars who played guitar? She has her passions. He's a Yankee fan as I am a doctor, and I suffer through being in Minnesota, Minnesota Vikings fans. So hopefully this this Saturday things will change but they're human beings and and most important part of Day lead and how they give back to the community how they give back to the Asian community and how they give back to society in general and I think what you'll find out is what in remember they're doing next are equally as impressive as a career as they've had for. Dr. Khan. He's not CEO of a company that's curing

Aging for lack of a better word. I have a gray hair hearing Play without further adieu. Dr. Mehmood Khan and Indra nooyi. I'm going to move this so we could see people. So good morning. I have the daunting task of in some ways of asking questions of Indra. But the reason I accepted this is cuz for 12 years reporting to and I got to answer all the questions. So when John said hey, this is an opportunity for you to ask Indra questions and put her on this really I'll do that one. That's the reason. so if she

let me kick this off and let this is common question. I get into people ask so, you know, how is things going? I was in the excetera excetera. They say what you doing? And I almost want to say what what is she not doing but that's a freaking question. How is retirement being for you? Wonderful. No, I mean it's sort of in a positive way in the sense that when I was at PepsiCo for 25 years in front of a CEO, you are a prisoner of the quarterly earnings because you have to deliver the spot earlier things and everything else you did was around the quarterly

earnings. So we were driven by the calendar of the quarterly earnings. Now that I'm retired I can put whatever pressure I want her myself, but I'm not a prisoner of the quarterly earnings. So I pick and choose what I want to do. The unfortunate thing is I'm over, because I just didn't know how to say no, so I've gotten involved in too many things and my resolution for 2020 is to learn to say no not to take on anything new but doing some of the most fascinating things that I never thought I'd get a chance to do one. I teach up at the US Military Academy in West Point. And it's just one

of the most amazing experiences for anybody to have I spent 16 days of the year there two days at a time every few weeks and I teach the faculty and you know women Cadet senior Cadets. I mean, I just have a good time at the military academy. I sit on Boards of Amazon's from the international cricket committee temasek. So those keep me kind of busy give a few speeches around the world. I said I Do by 8 or 10 year do that. And then I'm the coach are the Connecticut economic commission. I work for the

governor and I went to school together. So he said hey, you got to help me since we both live in Connecticut that got to bring more energy back to Connecticut. We are working to build more business in Connecticut. And finally, I'm writing a book. This is 150% This is going 2% and the book is about integrating work and family in the 21st century so much has been written about individual aspects of what needs to be done. There's not been anything system thinking on what actually needs to come

together to allow young people to integrate work and family because of the country. We need to point one kids for young family in order to have a replacement rate yet. The system does not really support people having kids leave alone 2.1 kids. So we want to provide the capability to allow them to have those two boys one kids and not have to struggle their way through life young people. Don't just women women and men and so is interesting. The book has been funded Bieber publisher is already been sold into

30 countries are more. All we've got all the book parties lined up. We still writing the book going to be supported by an Institute at Convergys people to move everything to action. So this is not one of these writable can do a book torrents over the book is incidental. It's just to spacca dialogue Institute. And what's going to happen in terms of moving into action is really bad. All of the magic is going to happen. So somebody gave me an idea to convene the women's groups on Facebook. You told me about it. I'm going to take you up on it and we've got

lots and lots of discussions going on around the country is primary research. So I'm very excited about this. Did somebody hear the word retirement was in my question the time in does I miss all my PepsiCo people. So good to see you guys. You know, if you if you look back during your 10 year and your time and PepsiCo. That 24 year. Was a time of tremendous change in the industry and the business environment business culture demographics are licensed to operate. And not only

did you have to adapt. and evolve what a much greater task of taking a very large organization and an entire industry to think differently show your thoughts about how you took that challenge on. Is interesting a many people ask me this question. How did you even come up with the program? And how did you implement it? The funny part is when we talked about performance with purpose and the first podbay. Yeah, we're going to deliver performance, but we have to transform the portfolio because consumer taste

for shifting we had to reduce all sugar and fat and I love the good for you nutrition stuff many people thought of time because PepsiCo was about fun for your products. You should keep doing that which you analyze to challenge the reason that it was a challenge but not as big a challenge as I thought it would be it because many of our people had already changed the eating and drinking habits. So on the one hand, they're worried about what it meant for the financial results. If we have to invest in change on the other hand deep down inside. They were getting a

lot of grief from their friends. They themselves to change that you think drinking happen and more importantly they had changed the pattern of eating and drinking they were allowing for the kids. I still remember going to Egypt market or my first I think two or three years at PepsiCo and a dinner that night. I didn't write it all the spouses of the executives and I need you to that time we didn't have any females. So all the men had brought their wives and I said have been off to dinner only questions from why is that allowed? None of the men are allowed to ask any questions So Silent

absolute silence for 15 minutes, but I'm told the women ask the questions. I'm not leaving this place. So 101 put a hand up and she said my husband is probably not going to talk to me after I asked you this question, but let me ask you this. Anyway, this is Egypt. She said we know my husband's books in PepsiCo for many years has Pepsi lays all the products coming to the house. We love it. I now have a two-year-old kid. I don't allow these products in the house. What do you have to say about it? Think about this. When the moral code of your

life and the moral code of a livelihood don't come together. There's a problem. And that's what was happening why performance with purpose was something people felt deep down inside but struggle to articulate is because they realized to Collision required investment required change. What feeling is deep down inside meant that change have to have? And I think men with the reason we were both able to make the change we didn't have the usual critics. But the reason we were able to make the changes

everybody felt the need for change deep down inside. So and I hope it continues that way by the time we were ahead of the pack, but if you really want to have a good company, you have to be ahead of the back. There's no point doing it after the horse has left the barn. So that's the reason I think we were able to do what we needed to do. And I think the best endorsement of that is so many followed so much now it's considered there was an investor analyst from camping JP Morgan & Morgan Stanley stock investors,

and there was a body in that group and if you know him, I still remember 2010 sitting in the room upstairs and I was reminding Kathleen talk about it for an hour. He yelled at me about who the hell are you to transform the portfolio? Why should you focus on environmental issues get back to making sugary soft drinks and doing things the way you used to do it. I mean, he just yelled at me and I just know this is rather companies headed. A board is behind us. This is baby head and then he looked at me and said keep doing what you doing. Do you have

resolved are you going to do for the captain and I was reflecting on that yesterday. So did those were tough days really tough times was a phenomenal salesperson? And she's a great scientist. I'll come to the science in a minute. So I'm meeting with Andrew several times in the process of being evaluated and interviews to whether I'm going to join the company or not. And whether the individual wants to hire me. And after lots of different conversations, I'm sitting on the fence so I can do I really want to do this at my what's an endocrinologist going to do when she goes and you know

when you get to be a boom or later in your career, you don't get stumped too often. But we didn't really get stuck frequently. And so she goes on my mood of all the drugs you've developed a new career. How many have you taken? Remember that I looked at Draco and she goes well, you can come here and you can take everything to develop. Okay, that was the sign in quite all right. I'm on the team. The best higher I made in Pepsi-Cola was hiding made with gun to head of R&D. We would not be

to come see we are today without memory as head of R&D phenomenal phenomenal. Thank you for saying that end up working for Indra all these years. You saw the left the room being educated. And what I found interesting in the earlier a presentation was the short attention span that we're hearing about the Millennials and gen Z. Early on in my career with PepsiCo PepsiCo and Reporting bendre. I'll add that into reads everything. So used to give summaries then I give more detailed documents and since a lot of it was also based on science. Then I started giving more science

including formerly of chemical structures. I mean this thing continue to progress inter Reddit all so my question is how do you balance that need of in-depth study and Analysis? But I've seen you do for well over that could directly with the environment. We live in today where I just kind of the visit 10-second attention span. I don't know. I just I read everything because I had deep respect for everybody work for me. And so I felt it if you did the work and give me the deck

it's not because it was a bureaucratic process. It's because you wanted me to read it. So I read every page because you put effort into developing every page. So that was my first rule. The second is as I would read the deck if there was a particular like I didn't understand I needed the back up so I can go find the backup and if I didn't understand the backup, I found the backup to the backup. So I did this process of discovery because you keep asking the question why or how several times until you truly understand what needs to be done? Because if you really want to affect change. It's

no longer reach the top and train the bottom. It's trained to talk and breathe the bottom the pyramids actually reversed because when it's a normal change management in life is going on the top doesn't have to know that much but if it's a transformation the top has to drive it and so from my perspective if I didn't really know what needed to get done. How will we going to do it when they exam for those who is here from extension? Who who was that accident you when we first heard of the Erp transformation, I remember way back in 2001 when we were putting a new Erp

system over a billion dollars in capax. And then I got the Catholics form to sign. I was a CFO in Fresno that time I was signatory number 21 on the CU is going to be 22. I wrote the capex. I didn't understand a word of it. So I went to the signatory 20 and I said he mean and this person said I don't know what the tax calculations are. Right 2019. I don't know what the financial model is. Right. So I kept going down the stream until I go to something like six or seven in a very junior level person

who understood the Catholics. I'm going to send a cat box to my CEO who assigned if I have signed it for a billion and a half dollars. A nobody from levels five through a signatory number 5 220 really understood understood pieces of it, but nobody understood it from a systems perspective standard because if I'm going to sign off on anything anything. A permission slip for my children to capex. I'm going to sign off on something. I'm going to know every word of what I signed. I went to school for six or eight weeks.

I studied Erp systems and it like I was crazy my family thought I was crazy. But you know what? It's out of respect and taking a job. Seriously. That's how to read the executive summary. And I think you've just had a perfect Arctic Elation of it's quite the opposite. And it's a key to your success and the decisions that you all to emit light. If you look back. At your own education your training your cultural heritage you to pick one or two things that now Eureka reflect on and say these

with the driving a motivating factors. Is that allowed you to cheat what you did who did look back at? Interesting in writing this book. I know it started off as we wanted Memoir. I said, I'm not going to write a memoir because my family said they don't want to be part of it. Is that the writing this book about integrating work and family the stories that the get moving in because without that nobody's going to buy the book and so you reflect back on how you manage to balance everything and how did you get to where you are taking me all the

way back to my childhood how I was brought up how I manage life through the many years and where I am today. I think if you asked me about the one thing that was coming across mehmood, believe it or not. It's Asian values in the Haitian Heritage and I'm coming to terms with the fact that I display the much bigger role in my life than anything else in my family in my life as a kid. My grandfather would say Satan has work for Idle Hands. So you will not have the title anytime. Okay, you know that allowed me to

read everything and never says idle if you're going to do something, dude. Well, okay, so I always believed that if I gave a deck to my boss, my boss didn't have to rework it. In fact, I go to go to a point where my bosses with CEOs would say, I don't know review your work because if you've reviewed it it more than perfect and I beg them to review it because it was going to the boat. They would not even look at it. That's a good place to be importance of family. I kind of had kids and had a job if I

hadn't had my family to support me the Asian values that we have the intergenerational support exist. We can walk away from that. We have to know each other if we have to. And in my family the men and women were treated equally. I know many Asian families increasing that's the case that have not happened. I wouldn't have been where I am today and I'm at it a wonderfully supportive spouse and we're proud of our heritage and we're proud of automatic incision surgery. So it's a good balance between the two so there isn't one thing men would but it's a

combination of Asian values combined with living in the United States that has given me the ability to do what I'm doing. You should with me in the pasture. speed home environment of scarcity that you grew up with. I've heard you speak about how it shaped you thinking. Whether it's water environment talk a little bit about how that shaped you thinking. On so many aspects growing up in the fifties and sixties without much made me a better person, I believe because when I grew up there was no TV that was no

internet. We didn't have many radio stations to speak off growing up in India. We don't own a car. We don't own the telephone. My father had a scooter Vespa the whole family. Would I have to tell you I love those times because now, you know, you can talk to your kids at dinner without them texting you I did not mean to find it absolutely offensively the same dinner table did texting you a message rather than somebody else. I'm just a dumb as I look at my life. Of course, we didn't have water in Madras throwing up no water at all. And it was always the drought

situation and you fart. Forward to PepsiCo Indigo. Oh my God, we use three digits of water to make a liter of Pepsi in a plant outside of Madras where they still water shortages absolutely unconscionable. And so we started the water Reduction Program and then every other water distressed area around the world you realize that the same problems exist. So it always amusing to me at the PepsiCo shareholders meetings when the water activist show up and say PepsiCo needs to reduce water usage and look at them and say you talkin to me I grew up in a drought area. Have you

ever visited a drought area from Boston? Okay, I've nothing against Boston. I love Boston butt bosses. Not your example of an area. I feel the drought in every part of my body was McGraw still doesn't have water and I was there over the holidays still doesn't have water. So when you grow up in that environment is shapes you're thinking again tomorrow, If you live in the mall in a shower, I'm banging the door since I'm out of the shower. I don't waste water and look at me and go mom. Come on. This is not Indian. But yet when

they go to India one bucket of water doesn't take a shower or bath. Okay, and so it's amazing how those formative experiences did wonders for you as you grew up. We never had one way Plastics. We never had plastic bag. We took our gunny bag or a little love talked back to the grocery store and bought our groceries wrapped in newspaper columns, and we brought it home and emptied everything into in a glass jar. So teens will run the shaking her head some people might say, oh my God what a

challenge I look with a single environment be so goddamn responsible. We don't have much trash except some biological waste, okay. We don't do any of that today. So I look back and say the time has come for us to go back and pick the best of those days and redesign our models and if we don't do that, I don't know. There's enough landfills in the world. I don't know if there's enough water in the world. I don't know if there's enough people countries that I go next solar trash because most countries don't want the trash. So

my kids want to talk to them and see what would you like for Christmas or birthday? And they said you can do this, but we lost you. Anyway, they said for one week shut off the global internet. Shut off the global internet for one week. Mommy is so lucky you grew up at a time when there was no internet and no TV and 300 channels coming down the iPad. My kids are millennials. So I think everything that I experienced growing up in Vogue in profound ways. So it is shaped me

profound trendy suburbs. You have to go to the grocery store with your own back. What are things that come in each brought up was about military leaders and the tremendous success. You've had over your 10 year old. Cultivating are the leaders who gone on to great positions themselves. What's the magic sauce? What makes one different as a CEO vs. Are those who have done that? We heard example of two great coaches with a very great different Legacy for the people Plan B Executives become CEO of a company and

I think we've had about 10 CEOs just in the last six years from PepsiCo going on to become ions become CEOs and then c h r o c Mo c f thing is when we appointed leaders in PepsiCo. I Don't Care What ethnicity or background or country or I don't care anything all that we wanted was the absolute best bites. That's all for the best and brightest but the best and brightest is not just wrote. It's also how you going to take this raw talent and shape them to be even better than

they would have been on their own trajectory. So I always said to myself that My Success was determined by the people. I left behind not by the job. I did the legacy of my see your successor the kind of leadership. I developed was the way you make Corporate America better place for the corporate world a better place to spend hours and hours and hours reading what you sent me writing notes on every page and I wasn't doing that I can verify and I wasn't doing that to show that I read it already. I felt that that dick would have been better. You could

have said intense large what you do 50 slides to say or as I would say to the team I get a deck on a trained monkey could have written a better deck and I didn't mean it in a negative way. I did not leave it there. I said come on and come into my office. Let me teach you how you can write a better day to me. The ironic thing was either way back when I was President. I flew to Moscow on a Friday night. I woke with the Russia team Saturday and Sunday to write a capax for a night position. They wanted to make I flew back to the US Sunday night.

And as I was leaving, I told him to realize how stupid is no scenario is I give up my weekend flew to Moscow. What would you all we can do is sleep and threw back and I'm going to say you're coming to the u.s. To present. Topics to me to approve it. They looked at me and said yeah, but you came to us as the coach and Mentor you didn't come to us as the president of the company. So we want to look good in front of the president and CFO you see that and so there was always has roll about I might be the CEO but let me take off that. See you had

forsaken because I need to coach you and train you to do something better than what you've done right now because I think you have the potential to learn if I didn't have the potential to be gone. I do I do something with men with I don't even remember this. She probably won't forget it as a nightmarish experience, but I'd be sitting there saying these are five questions that like a system scientific questions. I'd like 5 or 7 or 10 and called my mood and say memo. I've got these X number of questions. Can you put some scientist?

No, I've tried this with other disciplines that give me City answers memo that get really hard questions 3 months later. He came to me and said the team is waiting for you and put teams to work against each in their free time and they're really good answers to eat. Remember this station and every session was more productive than anything I've ever been to but then look at it this way from Emerald. It was a window into Howard see your things. And for those teams was a great way to engage on stuff that was future forward or future back going to think of it that way

both of us benefits of in the company benefits. So the time that was spent on development was critically important to me and I love seeing all of you develop and become a better than I would have ever become. One of the things that I look back and you always saw was Andrew and I I don't think ever in 12 years disagreed on the principle of what should be done. We often disagreed. on the how And had lots of those conversations. I'll use it as stupid as he walked away being convinced of what I should have believed in the first place, but they And we

could in that come to a better position. And yes, please say something if you surround yourself with yes people the disaster. If you surround yourself with boring negative people that's also disaster is having people are willing to speak up their mind and you having the courage to actually engage in a dialogue with them. So, what does the personal site bendre? When I first joined the company. Some of you may have no idea of this and I've never seen this done.

My father got a letter from him. My father was in England, so where I grew up how she got my dad's address. I mean I wanted to call Washington DC and figure out what the connection is. There is a state department at something but my dad go to letter and then I learnt that this was the norm for and so Does this person? How did how did you nurture you know this? The thought of how to engage the 610 family because I can tell you on the receiving end of the most touching gestures. Did you experience that from your boss's sure you're not really for my boss's but

as I've always said when my People never congratulated me you always congratulate my mother for doing such a good job with the daughter for 4 hours a day. God did a good job of the colleges. Somebody says, you know, I'm such a good job. You think your kids won the Nobel Prize yourself floating on cloud nine you and your spouse actually are positive about the kid because you heard something positive yet when it came to all of you all the senior Executives in PepsiCo who gave so much

does a company who were the reason I was successful. The company was successful. Never go to. Thank you note for me. Never. And so I thought that was really a major Miss. So I got all the addresses and rode to the parents and the letter was about five paragraphs couple of standard form why I was running late. I didn't want them to panic at the beginning a letter first then two or three paragraphs really personal about the person that was a closing paragraph. So interesting reactions to go and Zane's

mother who is England. I was visiting to buy or something like that and the letter had gone to her home in England. I always copied because I didn't want to pay them not wanting to open the letter thinking it was bad news. So Zane gets a letter. He's not wanting to see his mother's reaction is mother calls him and says the next door neighbor just called and said there's a letter from Indra. What do I do? I'm panicking cuz don't worry Mom. Just open the letter you'll be fine. Just are you sure wasn't because I want to have her open it. Are you sure I'm not going to be embarrassed. How do

you said I heard show your mom your not going to be embarrassed. So the next door neighbor open the envelope and read the letter because by the time his mother came back there was a ticker-tape parade for the mother that Zane was somebody very important was doing great things and the chairman thought so so then I met his mother she was like, thank you for the letter. I'm really somebody not important living remember Pavan Pavan asia-pacific. I met him a few weeks ago. He said that when his father got the letter they live in an apartment building in New Delhi. His father sat on the ground for

the apartment building in the chair with a hundred copies the letter anybody who walked it. He said you might want to read this letter if your might want to read this letter, but think about it. You know we laugh about it and just it's not the fact that they gave us the fact that for the first time. Somebody gave an awesome report card on a son or daughter never had since that person turned what 1560a my case. It was the entire lifetime. I was the last one. I like one more question little Troy. We we may have time for one question out of the audience.

Given all the changes and you took on transformational roles as we said ride the star this conversation. internal alignment you did very well. It on one-on-one basis, you're obviously very convincing and yet you and I read the public comments and opinions on where you were taking PepsiCo. And you know analysts and reporters being at times Monday morning quarterbacks when everything has gone very well look back and this was the best thing ever done but during the process that was also sometimes less than flattering comments about

one thing stands out for me is the business week at a cover page article with a picture of injured myself and it says Pepsi brings in the health police was not a very nice article. How did you handle the public, tree and yet stuck with it? Because that's the only Playbook I had because you know from my perspective. I was more interested in the future of the company and doing the right thing as opposed to doing what was expedient during my tenure as a CEO. So I want to run the company for the

duration of the company. Not my duration. So I told the board this is the only Playbook that's right Playbook. And this is the only way we should run the company and the board said we have your back go for it. So from my perspective if you wanted me to change strategy and go back to the way we were doing things you needed a new CPU, which I was okay with goes back to the question you asked about growing up and scarcity when you grow up and not much money and then the husband and I got married if we save ten bucks at the end of the month. We thought we were Rich when you grow up with those

values if you lose your job, we don't have to go back to those values and so from my perspective this was the only way I was going to run the company the board had my back and all the criticism can come and go I knew that at some point in the future history would right that we did the right thing because I go back to the more colorful life in the morning. Go to Philadelphia. And to me, I mean a lot of financial people in here every instrument that you sell ask yourself the question. Would you put your own money behind that instrument the same thing if you

don't consume certain products at the per capita levels if you want everybody to consume Okay, then you better start changing the portfolio because the consumers you too. So that was the acid test and I never division that you and I never deviated from that. We had many conversations from this. So before I bring this to closure we have time for one question. From the audience. I'm going off script. Anybody got a burning question? Got one back there. Oh, God know anybody who knows Jeff Bezos on the most brilliant people that walked the face of the Earth. And anybody who's been a c or should

never go back to being a public company. I'm enjoying life. Absolutely enjoying life. Thank you. Look it's been tremendous. Thank you for accepting our invitation to come. Thank you for sharing and most importantly thank you for inspiring not only one but several generations to come of not just Asian, but any ethnic group who aspires to actually push themselves beyond anything that they might have thought possible. You've been an amazing inspiration for me

and the personal story of this is And was an inspiration for my family my kids and is only one thing I be tender act. I have grandkids. I for grandchildren so I can say I'm a grandparent and she is the one who blesses I have your children.

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