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Clark Murphy

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Redefiners

AI or Die: A Conversation with Coveo Chairman and CEO Louis Têtu

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Call them changemakers. Call them rule breakers. We call them redefiners. Join us in conversation with daring leaders who are creating extraordinary impact and driving change from around the globe.

Redefiners

AI or Die: A Conversation with Coveo Chairman and CEO Louis Têtu

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I'm Clark Murphy, the former chief executive officer and a leadership advisor. And this is Redefiners.

Redefiners

AI or Die: A Conversation with Coveo Chairman and CEO Louis Têtu

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And to learn more or to get in contact with us, visit our website at russellreynolds.com, find us on LinkedIn, and follow us on X, formerly known as Twitter, at RRA on Leadership.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Like everything else, technology is a key part of the culture of what you're doing and how you go forward. How do you keep this sense of innovation and forward-looking as a corporate culture? Because many people say it's not the technology, certainly it's the power of the need of technology, but it's cultural change where machine learning and AI come to the fore.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Mike leads a global workforce of 90,000 people with major operations and projects in Australia, North and South America, and Canada. Prior to becoming CEO in 2020, Mike was responsible for leading BHP's Australian minerals business. So you're probably asking, mining, what does that have to do given the dirty industry it's in and the crazy places in the globe that they are located?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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We talk about collaboration and collaboration You have the BHP operating system, which has been so successful. And not to flatter you on the podcast, but you're regarded as the ability to inculcate the culture with consistency of 90,000 people through this operating system. Talk about this balance of the system that's company-wide.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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A lot of people put things on the wall, but it doesn't really happen. It appears to have happened at BHP. How and why?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Well, this is truly a redefiner story. Mike has led the strategy to redefine this company. BHP having sold its oil and gas portfolio, focused on the rare earth minerals that are so important to the global economy, And potash, where the effect of the Russian invasion of Ukraine has deeply affected food security around the world.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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We lean towards successes and stories here. When was there some part of the operating system or the implementation you thought was going to be perfect and you went, whoa, got that wrong, let's pull back and redesign this?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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You've talked several times about policymakers. And again, to say for the thousandth time, you're in a global business, multiple countries, multiple regions of the world. The politics of the world are complicated. to say the least.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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How do you continue to make progress as countries maybe are becoming more nationalistic, less global, to understand this journey you all are on when being asked by the world with population growth, hopefully economic growth, cleaner growth, to be the company you want to be, but the policymakers might be more complicated in parts of the world?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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So today we're going to talk about how does redefining a company impact the stakeholders, the shareholders, the employees, but importantly, how to be a great leader as a company redefines itself. Mike, welcome to Redefiners. We are very excited that you have joined us from Melbourne. We are on opposite ends of the world. Welcome.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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So we talk about emotional commitment to a culture in a mining company. We talk about social value. of the mining industry. None of this is what anybody thought when they clued into a podcast about mining and taking things out of the earth, okay?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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So talk to me a little bit more about social value and how you embed that in the culture of the company so we believe in what we're doing and that others believe in what we're doing.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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And that's got to be an endless campaign because there are skeptics out there, there are protesters, there's everything. So you've got to tell the story again and again and be authentic in seeing the results, right?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Also, Mike is truly a global citizen, having been born in Canada, spent a significant part of your working life in Asia and Australia. You taught English in Japan right after you finished university and went on to work for Mitsubishi in Canada and Australia. So before we get into supplying the world with more of what it needs and requires, I

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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We often ask, if in your career there's been a redefining or defining moment of you as a leader. Do you have a redefining moment?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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So you're playing it forward that those who trusted you, you're going to put trust in others.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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We talk about innovation in every organization. You have, I think, a corporate venture capital arm so that you're seeing what's emerging, what's happening. Again, we tend to think of pharma companies and consumer businesses as thinking about the future and the venture-backed. How do you think about innovation? How do you think about investment, whether it's the VC arm or not?

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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How did you find your way from Canada to Japan to back to Canada and now in Australia? What's the personal story about how you ended up in such a global citizen?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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I'm Clark Murphy, the former chief executive officer and a leadership advisor. And this is Redefiners. Hello, everybody, and welcome back to another episode of Redefiners. It's Clark Murphy here, a leadership advisor with Russell Reynolds Associates. Hoda's unable to join me today, so I'll be flying solo on this one.

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Your third point, innovation inside the company to disrupt the elephant dancing versus the startup. Do you find one is a greater challenge? accelerator of change for you as a culture versus the other?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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The boyfriend of my daughter is a geological engineer, works in a mine in Montana. And I called him this morning and said, what am I supposed to ask Mike Henry? Talk mining to me, okay? Right. And he's in a hurry. He wants to go. He may not stay at BHP or somewhere else for a long term.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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What's your advice to the emerging young employee hoping to be an executive about risk versus reward, staying with it versus pushing outside? How do you look at a career for someone today?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Mike, we end the podcast every time with a series of rapid fire questions. You just answer right with what's on the top of your mind instantly. Okay, first question. You've lived all over the world. Where in the world would you choose to live if you can live anywhere personally? It doesn't matter where you're working. Where would you live?

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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You're managing operations all over the world. You travel nonstop. What's your one habit that helps you decompress, keeps you grounded, gets you relaxed?

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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If you weren't in the job you are in today, what would you be doing instead?

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Well, that's why you're good at what you do. I have to laugh. My grown children, all in their 20s, they know I love what I do. I absolutely love what I do, like having a conversation like this. And they say, Dad, no, you didn't tell me that people go to work every day. They don't like what they do. So last question, what's the one piece of advice you would give to a new chief executive?

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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First of all, Mike, thank you for being here from all the way around the world in Melbourne, literally the other side of the world. We really appreciate it, as do our listeners. If I take away a couple of thoughts, it's where you ended is where you started about trust. You're a business that fuels economic growth

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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population growth, food, how we drive, where we live, what we do, the materials for that. But yet you're decarbonizing. You're trying to work on the nutrition of the world at the same time and answer to policymakers who question where the mine is and why, but yet ask you for more of the extraction from those mines.

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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but building consistency in how you operate a business, consistency in the integrity of both the operations and the decisions that people make, and understanding it's not a zero-sum game, it's a journey. to keep pursuing who is BHP, what can it be, and therefore how you lead, which I think is some super, super interesting lessons that we've learned today. So thank you for being here.

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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We greatly appreciate it and look forward to learning more about what's going on. Thank you.

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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To learn more or get in contact with us, follow Redefiners Podcast on Instagram, find Russell Reynolds Associates on LinkedIn, X, and YouTube, and visit our website at russellreynolds.com.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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And your industry, as you look at operations in Brazil, Canada, Australia, everywhere, is it a requirement to be a global citizen? Has everyone worked around the world like you have?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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I've always been fascinated by your industry because people look at bankers and consultants and say global, right? But they're usually in London, Berlin, New York, San Francisco. The auto industry, in my mind, and the auto supply industry, and the mining industry, I mean, we're in places that no one has ever been.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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And it takes a long time to get to them from Berlin or Melbourne or Toronto or someplace else. What's it like also as a veteran to have been in these mines around the world where it's an extra half day or day to get to your job?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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We call them Redefiners. Join us in conversation with daring leaders who are creating extraordinary impact and driving change from around the globe.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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But before we get started, just a quick reminder to listeners that you can find all episodes of Redefiners and the Leadership Lounge on YouTube. If you're currently watching on YouTube and you haven't subscribed to the show, just hit that subscribe button below so you don't miss an episode.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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In March of 2020, I gave a speech at the business school in Melbourne and got a phone call that morning from my wife in New York saying, have you followed what's going on in that part of the world? You need to get yourself on an airplane and come home. I was headed to Singapore and then up to China. Needless to say, I did not make it to Singapore or to China.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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And so as I think about 2020, which was right when you became chief executive, I think, the other thing I think about is the bushfires in Australia and the impact that had, as did the fires a year later in Brazil and the Amazon, which had happened before. We were all sitting in our homes thinking about our health and thinking about our environment. That's a heck of a challenging start to be CEO.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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What was it like in the beginning, the first year of you being a CEO in COVID and looking down the continent of what was happening from the bushfire perspective back to these local communities?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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For our audio listeners, don't forget to rate Redefiners wherever you get your podcasts, and please share your feedback on each episode, as well as we'd love guest suggestions. We'd also just love to hear from you. Give us some feedback. It'd be great. Today, we're going to talk to a leader in the global mining market.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Now that it's five years later, you might not have said this in the beginning, having worked with a lot of board of directors, there's always some level of concern for a first-time chief executive. And when will they face their first crisis? Well, yours came a little earlier and a little bit bigger in scale than most people. At any moment, did you think,

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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oh my gosh, how am I going to get through this? Or who do I turn to to help with the decision? Were there moments of you saying, I better call the chair, I better call the board, because I've never been in this before?

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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When you look at the direction of the company in the last couple of years, a lot of M&A work, You talked about the portfolio realignment, balance sheet changes, et cetera. Was this a direction the company was going to take or did COVID impact what direction you thought the company should go in strategically?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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which was worth almost $2 trillion in 2023 and expected to grow to about $2.8 trillion by 2028. A big part of the mining market includes resources like copper, nickel, iron ore, potash, which are essential to building and powering our world, as importantly to help feed our population as food security becomes even more important.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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The potash business, which you have made a number of acquisitions and investments, it is what fuels literally food growth in the world. And with Russia and Belarus being one of the biggest suppliers of potash, the war in the Ukraine has affected supply chains and the supply itself. How do you look at that? And did you do these deals previously? As a result of the war or beforehand?

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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So let me get this right. The guy who runs the world's largest mining company is decarbonizing, selling oil and gas assets, says we need healthier food on less arable land. which is not what grandma thinks of the average mining company. You're in essence, by what you sold and what you're investing in, are becoming a more sustainable company in a rough industry.

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Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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Several Redefiner guests over the years have talked about the green energy transition, including electric vehicles. Well, resources like copper and nickel are key elements in that transition and critical when it comes to manufacturing EV batteries. Our guest today is a leader in this effort. Mike Henry is the CEO of Australia-based BHP. It's the world's largest mining company.

Redefiners

Digging Deep: Leadership, Growth & Risk with BHP CEO Mike Henry

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I find that fascinating and ironic, okay? So how do you balance this vision of mining in a rough, tough, and pretty remote parts of the world? And I'm going to eat better because you're investing in potash. I'm obviously exaggerating a little bit for effect here. But this is pretty interesting and not what one expects. Mike.

Redefiners

Talking Transformational Leadership with RRA’s CEO Constantine Alexandrakis

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Call them change makers. Call them rule breakers. We call them Redefiners. Join us in conversation with daring leaders who are creating extraordinary impact and driving change from around the globe.

Redefiners

Talking Transformational Leadership with RRA’s CEO Constantine Alexandrakis

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I'm Clark Murphy, the former chief executive officer and a leadership advisor. And this is Redefiners.

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Talking Transformational Leadership with RRA’s CEO Constantine Alexandrakis

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And to learn more or to get in contact with us, visit our website at russellreynolds.com, find us on LinkedIn, and follow us on X, formerly known as Twitter, at RRA on Leadership.

Redefiners

Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Well, our guest today, who was too modest to have agreed with that last statement, I can tell you in advance. Our guest today is Ruth Barat, who's the President and Chief Investment Officer at Alphabet and Google.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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You know, I'll surprise some people here. Hopefully I'll get through this. So I've never told anybody I'm a two-time cancer survivor, the most recent this summer. And the one thing that I've seen my friends do since then is on social media, they ring the bell because I was so private.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Um, I didn't want to tell anybody, you know, and particularly second time, I don't know about you, Ruth, we have four children who are in and out of college now, but you know, going back to the kids the second time and saying, so I told you I'd be fine. And I was, but we're back at the plate swinging again. Um,

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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She's responsible for Google's corporate investments and investment vehicles, including the capital arm of Google Ventures, CapG, and the other bets investment portfolio, which we'll come back to in a little bit.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And luckily for me, early discovery, your message is what made me decide to speak up, Ruth. I'm 61 years old. Men and women, you know, got to have checkups. And I caught both of them early. Somebody else caught the first one. I caught the second one. But I think psychologically, as I see people, you talk about the bird. I see, I just saw a video, a friend of mine ring the bell and walk out of MSK.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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I think ringing the bell is important psychologically. We all face things differently. But, you know, I think it's important. And go early, talk to the bird, ring the bell, and then try and help others as best you can. You know, those are redefining moments. That's, you know, that's for sure.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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It does. It's a good moment. I might go ring a bell just for the hell of it. Go ring a bell. Yeah, I think you should. As we talk about investing in our lives and our future, you have looked at investments your whole life. One of them now is other bets that I think most people don't know about.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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So many different areas that you oversee the investment to change the world, to democratize health care, whatever it might be. How do you think through where to make the bets and how much and when? What's the process of thinking through these huge bets? And it's so important at Google for all of us.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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She was previously CFO of Google, and prior to joining, she was CFO of Morgan Stanley and had a number of roles there, which included the co-head of tech banking, global head of the FIG group. She's also a member of the board of directors of Blackstone, Council on Foreign Relations, Bloomberg Philanthropies, and the board of trustees of Memorial Sloan Kettering Cancer Center.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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You've worked in the financial crisis, obviously, with regulators. We talked about Treasury and Hank Paulson. You're dealing with regulators now. Both dealt with the uncertain, the fear of the uncertain and the power of a few investment houses in Wall Street, GSIBs. And now tech companies are there too few with too much power.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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How do you navigate showing the opportunity, the democratization to talk to the regulators about this world and the role of technology?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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What do you take from Wall Street and technology to other industries in this power of technology, whether it's building supply or construction or or any across industry? How can you take this knowledge to other industries as a leader and think about how we accelerate some of those?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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So I have to give a little boost to Google Translate. Our 23-year-old son has just, it's a long story, doesn't matter, has just been in Serbia, Romania, and Lithuania. amongst some other crazy places. And unfortunately, some difficult situations arose in Romania and Serbia, and Serbia in particular, where he had a lot of risk in a certain situation.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And he whips out his phone and he's putting Google Translate in and he's speaking Serbian on the screen that de-escalated what could have been a really bad situation. Wow. So Ruth, I'm super happy that Google Translate has come along as far as it has.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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It's true when it just happened last week. Wow. As our listeners know, we like to end each podcast with some rapid fire questions to get to know you even better, Ruth. This is where we ask you a series of questions and you respond as quickly as possible. First thing in the top of your mind. Are you ready? Go for it.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Besides mail, phone, and calendar, what are the three apps on your phone you can't live without?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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That's beautiful. And speaking of making a difference, if you were to devote the rest of your life to philanthropy, what cause would you choose? What single cause would you choose?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Last question. Knowing what you know now, What advice do you give to someone who thinks they want to be a C-suite leader and they're entering their career?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Ruth, thank you again for being here. What an amazing conversation and broad ranging from learning from the past to thinking about how we invest in the future and optimize all of that. And thinking about optimizing, in your own redefining of yourself, you said, listen, what is my highest and best use? And when the world changed, you changed.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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But you knew what those opportunities were and you took advantage of them. When we look towards the future and think about the power of technology, the power of AI in particular, the most important thing is asking why not. this sense of optimism to ask why not and act on it, to reframe the impossible to the possible. And if you think broadly, you can act on the art of possible.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And when things like Alpha Folds and Google Translate came from people who said, let's think about what we can do and not worry about what we can't do. We also talked about some of your journeys and mine through cancer and the fact that 20 years on, the quality of care, the level of care, and the process is so much improved that it is manageable.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And 40% of Americans will be diagnosed with cancer in their lifetime. But there's room for optimism. Don't let the bird scare you off. And that speaking to others creates an outpouring of support and humor and ability to take on anything. And last, as we think about these big thoughts, where do you invest for the future? How does Google think about where to make the big bets?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And you said it's really important that you don't just move on from what success is. You invest in search and it's gone to voice because that's what the next generation wants. What you have must evolve or it'll be gone. So don't just focus on the new, new thing. Make sure you continue to invest primarily in what you have and make it improve.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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By investing in long-term growth, you focus on the highest priorities and you invest in long-term growth or you sow the seeds of your own destruction. But there's also the obligation to have a foundation around privacy and creating a solid foundation for society that we trust technology, we trust these investments. So we look both for where we can go, but protecting how we get there. Thanks again.

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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I'm Clark Murphy, the former chief executive officer and a leadership advisor. And this is Redefiners.

Redefiners

Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And to learn more or to get in contact with us, visit our website at russellreynolds.com, find us on LinkedIn, and follow us on X, formerly known as Twitter, at RRA on Leadership.

Redefiners

Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Ruth, you've lived through change, transformation, and quite frankly, crises as well, both at Morgan Stanley and then at Google. What have you learned about dealing with and leading through change?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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So just pulling on that thread a little bit. So technological change or executives adapting to different roles. As you think about the tech world where we've gone from digitization to machine learning to now cloud and AI, what skills do organizations look for when it comes to finding tech leaders?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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And thinking about disruption, innovation, et cetera, do you look for different things or what are they from 28 years on Wall Street and what you looked for?

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Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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I agree. I think we have adapted to how we work and live and it never ends. It's only accelerated. And as we talk about today is leading in a world that's changing so rapidly also changes how leaders lead. Our guest today, we're very excited. She has redefined her own career inside a world that's redefining itself.

Redefiners

Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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Join us in conversation with daring leaders who are creating extraordinary impact and driving change from around the globe.

Redefiners

Exploring the Art of Possible with Google and Alphabet President and Chief Investment Officer Ruth Porat

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So not only will we talk about technology and how it affects how we lead, but how did she make the changes that she has to lead? having gone from Wall Street to Silicon Valley. So it's a double Redefiners. How do we think about the changing world? And how do we think about leading in a changing world?