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Bloomberg Breakaway 2017 was proudly sponsored by:
Bloomberg Breakaway is aninvitation-only membership ofCEOs and CFOs leading sizable,nimble businesses on a fast-growth trajectory. This exclusivepeer network provides a forumfor leaders to connect withpotential partners and clientsacross industries, gain exposureto investors across assetclasses and express their viewson the most urgent issues facingtheir companies and the globaleconomy today.
2017Members
Shabbir Ahmed, Chief Financial and Administrative
Officer, D'Addario & Company, Inc.
Mohamad Ali, President and CEO, Carbonite
Nadir Ali, CEO, Inpixon
Don Baer, Worldwide Chair and CEO, Burson-
Marsteller
Anna Baird, CFO, Livongo
Linda Blair, President and CEO, ITC Holdings Corp.
David Blatt, CEO, CapStack Partners
Martin Bloom, Group CEO, Intelligent Energy
Jonathan Bostock, COO, Big Ass Solutions
Jay Bray, Chairman and CEO, Nationstar
Ben Brock, President and CEO, Astec Industries, Inc.
Enrique Camacho, Co-Founder and President, Simtec
Silicon Parts, LLC
C. Keith Cargill, President and CEO, Texas Capital
Bancshares, Inc.
Scott Cattran, President and CEO, Woolpert
Ben Chestnut, Co-Founder and CEO, MailChimp
Doug Clark, President and CEO, Corcentric
Michael DeFranco, Founder and CEO, Lua
Claudio Del Vecchio, Chairman and CEO, Brooks
Brothers Group Inc.
Michael DeSimone, President and CEO, ShopKeep
Ali Diab, CEO and Co-founder, Collective Health
William Diotte, CEO, Mocana Corporation
Robert D'Loren, Chairman and CEO, Xcel Brands
Natalie Douglas, CEO, Healthcare at Home
Joseph Fichera, CEO, Saber Partners, LLC
Stuart Frankel, CEO, Narrative Science
Churchill Franklin, CEO, Acadian Asset Management
LLC
Rusty Frantz, CEO, NextGen Healthcare (Nasdaq:
QSII)
Marc Gardner, President and CEO, North American
Bancard
Brett Goldberg, Co-CEO, TickPick
Kara Goldin, Founder and CEO, hint Inc.
Steven Halverson, Chairman, The Haskell Company
Nathaniel Hill, Founder and President, Broadway Plus
VIP Services
Yuri Horwitz, CEO, Sol Systems
Diane Hoskins, Co-CEO, Gensler
Walter Johnsen, Chairman and CEO, Acme United
Corporation
Jay Kaplan, CEO and Co-founder, Synack
Jeffrey Kiesel, CEO, Restaurant Technologies, Inc.
Frank Longobardi, CEO, CohnReznick
Christopher MacFarland, CEO and Chairman,
Masergy Communications, Inc.
Joel Marcus, Chairman, CEO and Founder, Alexandria
Real Estate Equities Inc.
Philip Martin, Founder and CEO, Censible
Greg Mason, CEO, Purch
Hemang Mehta, Co-founder, Sunrise Capital Partners
Avner Mendelson, CEO, Bank Leumi
Douglas Merrill, CEO, ZestFinance
Doug Merritt, President and CEO, Splunk
Matthew Mosher, EVP and COO, A.M. Best Rating
Services
Eric Mosley, CEO, Globoforce
Rao Mulpuri, CEO, View Dynamic Glass
Douglas Murray, CEO, Big Switch Networks
Thomas H. Nolan, Jr., Chairman and CEO, Spirit
Realty Capital
Torben Möger Pedersen, CEO, PensionDanmark
Andy Polansky, CEO, Weber Shandwick
Jason Robins, CEO and Co-founder, DraftKings
Mark Rolston, Co-Founder and Chief Creative Officer,
Argodesign
David Rosenthal, Vice President and General
Manager, Razor Technology, LLC
Mitchell E. Rudin, CEO, Mack-Cali Realty Corporation
Andra Rush, President and CEO, Detroit
Manufacturing Systems
Ramin Sayar, President and CEO, Sumo Logic Inc.
Akshay & Keech Shetty, Co-CEO, Combe
Incorporated
Yehuda Shmidman, former CEO, Sequential Brands
Group/Martha Stewart
Mihir Shukla, CEO, Automation Anywhere
Jay Sidhu, Chairman and CEO, Customers Bancorp,
Inc./BankMobile
Marcus Smith, CFO and Interim CEO, Talking Rain
Beverage Co.
Alan Sokol, President and CEO, Hemisphere Media
Group
Eric Stang, CEO, Ooma, Inc.
Kelly Steckelberg, CEO, Zoosk
Glenn Stevens, CEO, GAIN Capital
Marquise Stillwell, Principal and Founder, Openbox
David Teece, Chairman and Principal Executive
Officer, Berkeley Research Group, LLC
Stephen Ubl, President and CEO, PhRMA
Gary Vaynerchuk, CEO, VaynerMedia
David Weinreb, CEO, Howard Hughes Corporation
Scott Wells, CEO, Clear Channel Outdoor
Harry West, CEO, frog
Rosa Whitaker, President and CEO, The Whitaker
Group
Rick Wise, CEO, Lippincott
Gregory A. Woods, President and CEO, AstroNova,
Inc.
Gene Zaino, CEO, MBO Partners
Mary Ellen Zellerbach, Managing Director, Martin
Investment Management, LLC
The Future of E-Commerce
‘All of the growth in retail is beingabsorbed by e-commerce – andall of the e-commerce is beingabsorbed by Amazon andAlibaba.’– Michael Rubin
Patriots Day
‘Sometimes in life and inbusiness, a negative can be apositive if you manage itproperly.’– Robert Kraft
After cocktails and horsd’oeuvres on the 28th floor ofthe Bloomberg Tower, withpanoramic views of Manhattanand beyond, Breakaway CEOssat down for a dinner thatincluded interviews with MichaelRubin, founder and executivechairman of the online sportinggoods retailer Fanatics, andRobert Kraft, owner of SuperBowl LI victors The New EnglandPatriots.
Following a sit-down, networking lunch, Breakawaymembers heard a live, on-the-record interview withCommerce Secretary Wilbur Ross.
On his early support of Donald Trump:‘He was the only one who understood “voter angst.”’
On navigating Washington:‘The major problem is the Republican Party is a little lessunified than I would have hoped and Democrats are moreunified in opposition.’
On free trade:‘Many countries talk free trade but are quite protectionist –especially China.’
On lax enforcement of trade deals:‘Once you have a trade agreement, it’s a little foolish not toenforce it.’
On NAFTA:‘What this is about is renegotiation,’ not having no traderelations with Canada and Mexico.
The View from Washington
Moynihan and Grauer on theeconomic outlook:
Moynihan and Grauer on the role ofcorporate boards:
Moynihan and Grauer on breakingup the big banks and navigatingWashington:
Bank of America CEO BrianMoynihan and BloombergChairman Peter Grauer talk withDavid Gura about the state ofthe economy, the role of thecorporate board, breaking upthe big banks and navigatingWashington.
Executive Insights
Workforce Evolution: CathyEngelbert on the Age of AI
‘Jobs are just a series of tasks.Some will be automated, somewon’t….Sixty percent of school-age kids will have a job thatdoesn’t exist today.’– Cathy Engelbert, CEO, Deloitte
Future Growth: Steve Case on theCompany of Tomorrow
‘The fundamental aspects of ourlives haven’t changed much in thefirst and second waves [oftechnological innovation]. But inthe third wave –you ain’t seennothing yet.’– Steve Case, Chairman and CEO, Revolution
LLC
War Games: Marc Lore on theBattle to be Number One
In the next five years,‘conversational commerce willbecome more mainstream' as theexpertise of in-store specialists ismerged with a digital system ‘thatknows you as well as your parent.’–Marc Lore, President and CEO, Walmart U.S.
eCommerce
Managing the Tumult: RobertNardelli Stays on Message
‘The range of constituents youhave to be sensitive to is broaderthan ever. When you misspeaknow, it’s to the world.’–Robert Nardelli, Founder, XLR-8 LLC
The Fixer: Judy Smith on Secretsof Crisis Management
‘Studies have shown that if thereis a plan in place…you will have an80 percent better chance ofrecovery from a crisis. If you don’thave a crisis-readiness team inyour company, you need one.’–Judy Smith, President, Smith & Company
Innovate or Die: A Panel Discussion With Fannie MaeSenior Vice President Bruce Lee, Cisco Chief StrategyOfficer Hilton Romanski, and GE Digital CFO KhozemaShipchandler
Staying Ahead of the Hackers: A Panel Discussion WithDarktrace CEO Nicole Eagan, Council on ForeignRelations Senior Fellow Rob Knake, and IBM CyberIntelligence and Analysis Expert Robert Stasio
H-1B Visas: Bloomberg Intelligence on What You Needto Know
‘We are moving into an area where the [high-tech]skills shortage is actually going to accelerate. …Wefear looking at emerging technologies--whether it’sartificial intelligence, cloud, analytics, cybersecurity’--that we won’t have the people.
–Anurag Rana, Senior Analyst, Bloomberg Intelligence
Three leaders – Synchrony Financial CEO MargaretKeane, Celestica CEO Rob Mionis, and Philips NorthAmerica CEO Brent Shafer – have a freewheelingexchange about what lies ahead.
'Millennials, they're a different breed. They have veryhigh expectations.'–Rob Mionis, CEO, Celestica
'The way goods and services come together in thefuture is going to be very different than it is now.'–Margaret Keane, CEO, Synchrony Financial
'60 percent of our spend is around AI.'–Brent Shafer, CEO, Philips North America
Q: How would you think about equity vs.
debt and how to structure transactions
for these [middle-market] companies?
DS: The cost of debt is typically lower
than the cost of equity so if you have
stability and predictability, using that
debt is a good tool for us as investors
and a good way for a seller to make
sure they are getting full value, but if you
put too much debt on a business and
you’re not able to pursue a strategy to
grow it that’s consistent with the plan
we and management have developed,
we’re never going to get the company to
the point where we want it to be, which
isn’t good for any of the people involved.
MC: A lot of times, companies go into
this process and they don’t have that
long-term objective laid out so...they
oftentimes try to maximize value on the
front end as opposed to understanding
that on a longer-term basis, they’ll take
some of their value off the table during
the initial transaction. Most often they
are going to have an equity interest in
the business.
They don’t want it overleveraged. They
want to have a capital structure that will
allow them to not only complete the
initial deal but grow their business…and
that then will translate back into the
equity ownership.
Mark Chancy, vice-chairman of SunTrustBanks, and DavidStonehill, managingdirector of CarlyleGroup, joinedBloomberg Gadflycolumnist Gillian Tanfor a Q&A that offeredinsights into theopportunities and risksof seeking growththrough private-equityinvestment.
The business goal of AI is to develop
systems that exhibit intelligence or
simulate the ability to think and thereby
transform large volumes of data into
something of value for customers.
Practical applications of AI
1. Improving logistics: At Lowe’s,
robots help customers navigate
stores; at Amazon, they enhance
warehouse efficiency
2. Marketing and
advertising: Facebook uses
machine-learning algorithms to
improve ad targeting
3. Enabling sales: Apple’s Siri and
the Amazon Echo use speech
recognition to allow customers
to order products online easily
4. Enhancing customer
service: Taco Bell’s virtual
assistant helps manage orders
through messaging
5. Predicting maintenance: Engie, a
French electric company, uses
drones and an AI-powered image
processing application to
monitor its infrastructure
AI, however, is not without its
downsides, and they need to be
recognized and managed. Dr. Howard
pointed out several instances of “AI
going rogue.”
They included face-recognition
applications that incorrectly labeled
faces associated with certain racial
demographics and voice-recognition
systems that exhibited gender bias.
OverviewAI is a digital quakethat most companiesmust embrace,understand and exploitif they wish to remaincompetitive.
Discussion led by Dr.Ayanna Howard,Professor, Linda J. andMark C. SmithEndowed Chair inBioengineering in theSchool of Electricaland ComputerEngineering, GeorgiaInstitute of Technology
Proudly sponsored byHitachi
‘Where does the AI in the search engine get itsinformation or mores?’– Adam Pertman, President & CEO, Myriad Strategic Partners
‘It's the data...it's learning from us. We're biased andso the learning algorithms are just showing that bias.’–Dr. Ayanna Howard
Key Takeaways:Garbage In = Garbage Out
Machine Bias Reflects Human Bias
Steps and strategies businesses could
deploy for the successful adoption of AI
include:
• Get familiar with AI and identify
the problems they want AI to
solve
• Prioritize value and then assess
the potential business and
financial value of the various
possible AI implementations
identified
• Bring in experts and set up a
pilot project to develop, deploy,
and test a MVP
• Implement strategies to identify
unintended consequences and
value of the AI system by:
-Encourage participation from
“customers” in the design
process
-Encourage the formation of
multidisciplinary teams, include
those who have expertise in
recognizing bias
-Having AI systems articulate
their reasoning process when
making decisions (e.g.,
“Explainable AI”)
-Incorporating case-based
reasoning approaches such that
concrete examples are collected
to train on positive and negative
outcomes of bias
Artificial Intelligence is certainly
prominent in the minds of business
leaders. Discussing the impacts that AI
can have on society drew many leaders
to the conclusion that AI still needs
human oversight. Applying moral or
political correctness to data is a
consideration that AI is unable to
provide today. The reasoning for this is
that humans apply their bias every day
to the data that is posted, shared and
reviewed which in turn creates a bias in
AI. Human intervention is still needed
today to prevent adverse impacts.
AI can have a huge impact in healthcare.
Healthcare is generating massive
amounts of data and introducing new
technologies such as genomics, digital
pathologies and clinical decision
support. Our expectation of physicians
to be able to sift through family history,
patient history, genomic details, lifestyle
impacts and socioeconomic factors
becomes an unmanageable task.
However the use of AI can help find
similar cohorts of patients, determine
best treatment paths and the resulting
outcomes. Precise intervention within
the care cycle still eludes even the most
data rich disease management and care
coordination or patient care programs in
existence today. To an even larger
degree, artificial intelligence must help
caregivers anticipate and/or find these
direct intervention points such that their
efforts have the maximum impact.
Hitachi believes in collaboration with its
partners and customers to better
understand the challenges society is
facing and how best can we address
these challenges with our social
innovation business. Whether it is
analysis of big data healthcare
information or ensuring power grids are
efficient and effective, Hitachi continues
to work towards solutions that will
positively impact society. Being a part of
the Bloomberg Breakaway Summit
enables Hitachi to reach key leaders
that can influence how industry reacts
to AI and respond appropriately.
Letter from David Wilson of Hitachi Healthcare Americas
From strategy to marketing to
organization to leadership, executives
must unlearn old mental models that are
outdated or obsolete in order to
embrace fully the new logic of value
creation.
In a networked economy, growth shifts
from the incremental to the
exponential. The old model is eking out
10% growth. The new model is shooting
the moon – tenfold growth.
For example, companies like Google,
Uber, Airbnb, and Facebook look
beyond controlling the pipe that delivers
a product and instead build platforms
OverviewEvery company andindustry is threatenedby digital disruption –both competitors withgame-changingbusiness models andcustomers empoweredby new technologies.The first thing CEOsmust do to be effectivein confronting digitaltransformation is tochange the way theythink.
Discussion led by MarkBonchek, chiefepiphany officer ofSHIFT Thinking
Proudly sponsored byZebra Technologies
Key Takeaways:1. We have to unlearn the old ways in order to learn new things and move forward
2. Stop to think about how you're thinking about transformation. Do you know where you’re going?
3. Recognize there are "co-creators" -- from Guttenberg to Zuckerberg, it's rarely one person with all the knowledge to get us to that nextlevel. We have to co-create to co-exist
4. CEOs need to learn how to take a backseat in some instances. It’s like a dinner party: The host’s job to get everyone acquainted but thenstep back as guests chat and network
that enable others to create value
through ecosystems of customers,
suppliers, and partners.
While the world has become many-to-
many, lots of companies still operate
with a one-to-many mindset. They treat
customers as consumers even when
they want to be co-creators.
CEOs need to unlearn the push model
of marketing and explore alternatives.
For example, instead of using
relationships to drive transactions, build
brand orbits and embed transactions in
relationships. Instead of customers
being consumers, relate to them in a
variety of roles. Beyond delivering a
value proposition, perhaps fulfill a
shared purpose.
'It feels good to have...lots of engagement [with customers], but at what point do you really listen...and have themhave ownership in your company?'-Kara Goldin, Founder and CEO, hint Inc.
'The challenge is that you have built such a loyal following and the brand is so well defined, it's really hard to let goof that. And how do you start to turn that over. Something to watch out for: the stronger your brand identity...theharder it sometimes is to let the customers into the culture.'-Mark Bonchek
To transform what we do, we first must
transform how we think. To transform
as a “Digital CEO”, we all must think in
new ways about intelligence,
connectivity and visibility, all powered by
real-time insights. The growth of
Internet of Things (IoT), mobility, and
cloud computing will continue to push
digital transformation forward,
equipping companies of all sizes with
data-driven intelligence to improve
employee productivity and enhance the
customer experience.
With IoT solutions, we may soon see the
day when a customer picks up a
sweater from a shelf and buys it right
there with a smartphone, without
waiting in a check-out line. In healthcare,
wearables and sensors automatically
transmitting health data directly to
doctors will eliminate the need to
manually enter the information. From a
manufacturing perspective and with the
rise of 3D printers, we’ll soon live in a
world where a customer can order an
item, and the delivery truck prints that
item as it’s driving to the customer’s
home.
Businesses globally will be dynamically
streaming data to their workforces in
real time. You’ll be able to run your
operation at the speed you can collect
data. You’ll make decisions in real time.
You’ll have visibility into what is
happening as it happens and react in
real time.
The new reality is that access to real-
time data – about people, processes
and devices through sensors connected
to the internet – will revolutionize the
way we interact with each other and our
world.
Zebra is proud to be part of this new
reality with a solutions portfolio,
including enterprise-grade mobile
computers, printers, scanners, software,
services and more, that helps
businesses sense what’s happening,
analyze the data and act on the
information to make smarter decisions.
We call this Enterprise Asset
Intelligence, and it will help your
business win in today’s marketplace.
Letter from Zebra CEO, Anders Gustafsson
Effective strategic execution needs, first and
foremost, a performance-based culture in which
transparency and accountability are the norm, data is
trusted and relied upon, and everyone in the
organization is aligned with the mission.
As the keeper of the metrics and measures, finance
understands the value of data integrity and is good at
“getting stuff done.” This makes the department the
de-facto driving force for ensuring that critical
initiatives are completed in accordance with the
timeline established.
Effective execution of strategy requires:
• Communicating aims to middle managers/line
workers
• Defining success
• Allocating resources
• Aligning incentives
• Being transparent and accountable
In addition to creating a performance-based culture,
companies need to look beyond the typical financial
Key Performance Indicators (KPIs).
Overview:Too often, the financedepartment is thought of as onlyabout financial controls andraising capital. But while it’s truethat its critical functions are toensure accurate reporting andpreserve capital and assets, thefinance department’s strategicvalue is often overlooked. CFOsand their teams can and shouldpartner with CEOs when itcomes to developing, and moreimportantly, executing strategy.
Discussion led by Lisa Kaplowitz,Assistant Professor ofProfessional Practice, RutgersBusiness School
Key Takeaways:1. Remain focused on its strategy
2. Determine critical initiatives to focus company time and resources
3. Communicate initiatives to all levels of the company
4. Measure initiatives against pre-determined measures
Interactive Poll: Our company'sexecutive team/senior leadershipmeets regularly to reviewprogress on the strategic plan.
Yes 60%No 40%
Within each category, there are critical initiatives for
which teams and individuals are held accountable.
Each initiative has a timeline, a predetermined target
value of success, and a direct causal relationship to
the company strategy. By creating this link,
employees at all levels quickly understand where to
focus their time and can understand the impact their
daily work has on the overall company.
To further motivate employees, it is important to
create an incentive compensation structure that is
aligned with the execution of the company’s strategy.
Employees should have their own personal Balance
Scorecards, focused on achieving individual targets,
which then serve as the basis for incentive
compensation.
For the personal Balanced Scorecard to be most
effective, the employee needs to buy into the target
measures and believe that it is within his/her control
to achieve them. By linking compensation to hitting
targets, the company is communicating to employees
at all levels that success is dependent on the
achievement of each individual.
Critical Path to Strategic Alignment& Execution
Source: Lisa Kaplowitz, Assistant Professor of Professional
Practice, Rutgers Business School
‘What is the difference between a dashboard and a KPI?’– Jonathan Bostock, COO, Big Ass Solutions
‘A KPI a lot of times is not linked to the ultimate strategy of the company. It doesn't create the change orimprovement. A dashboard is a compilation of your KPIs and your balanced scorecard.’– Lisa Kaplowitz
But Millennials are just one component
of understanding individuals, teams and
clients.
Key to building intergenerational
effectiveness is having a grasp of the
skill levels and motivations of the three
main blocks of current employees,
grouped together by birth years.
Baby Boomers 1946-1963
Gen Xers 1964-1979
Millennials 1980-1999
Understanding generational differences
will have a significant impact on how
executives define and react to
disruption; how they identify the next
crop of leaders; and how they ferret out
Millennial talent that will be an asset in
selling to the company’s demographic.
The discussion centered on survey
results of Millennials conducted by
Resultance, Inc. and interactive polling
of workshop participants.
So what exactly does this generation –
frequently characterized as entitled and
difficult – want?
‘You ignore therelationship betweenBoomer Parents andtheir Millennial kids atyour peril. They're inconstant communicationand contact, about fiveto eight times a daytexting back and forth.'– Anna Liotta
Overview:Discussion led by AnnaLiotta, Resultance CEO
With some 45 percentof U.S. jobs now heldby Millennials, it isessential forexecutives to knowhow to handle a rapidlychanging workforcewith different talentsand priorities thanprevious and latergenerations.
Key Takeaways:1. Millennials value compensation highly. If being wooed by more than one employer, they would by a wide margin
(78.13%) choose the company with the best salary and benefits
2. Millennials are team players. Again by a significant margin (78.13%), they see the most important personal attribute as
being collaborative. And more than 60% said the most important quality for business success is being a team player
3. Millennials have standards. The top three attributes they thought an employer would expect were: being coachable
(54.69%); a good attitude (53.13%); and a solid work ethic (51.56%)
4. Millennials need to find their work fulfilling. More than 76% said not believing in their work would be the top reason for
leaving
Interactive Polling: When offering a job to a universitygraduate which element do you believe were mostimportant to having them choose your company?
Office space/locationRobust training programSalary/BenefitsJob securityPromise of a fast promotionOther
45% of workshop participants said it was the promiseof a fast promotion, while only 18% of Millennialspreviously polled agreed. A whopping 78% ofMillennials were most concerned about salary andbenefits.
'These are the Millennials just coming out ofcollege...This is a shift because now we're seeing theend of the Millennial generation. We're seeing moreGen Xer parents with these kids. And Gen Xer parentshave more of a conversation about finances andworrying about how are we going to afford thisbecause these kids are post-recession. So they'recoming out and having a stronger conversation aboutsalary and benefits.'– Anna Liotta
Mark Your CalendarPlease join us for the third annual Breakaway
Summit on May 22-23, 2018 in New York City.
More details to come.
Thank you for reading
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