Disrupting Your Organization: Why It's Not Optional
Disruptive forces impact every industry. According to Fortune, 89% of Fortune 500 companies from 60 years ago have either gone bankrupt, merged with (or were acquired by) another firm, or still exist but have fallen off the list.
Navigating the fast-paced transformation of market demands and technological innovation is essential to sustaining market relevancy. How can the board and management engage disruption as an opportunity to evolve business strategies and accelerate growth, rather than as a threat to be managed?
Today, our panel explored the role of disruption in your organization, including:
Embracing disruption and agility as a mature organization
Exploring the difference between innovation and disruption
Balancing everyday operations while implementing a strategy for change
Thank you to our chapter sponsor, Protiviti, for hosting this program.
Linda currently serves on the boards of IRET (NYSE; $1.5B market cap self-advised equity Real Estate Investment Trust), Amedisys (NASDAQ; $4.3B market cap home healthcare & hospice) and DentaQuest, a $2.5B Dental Services (Insurance, Care Delivery, Institute, Foundation).
She previously served as a director for 3 other public companies over the past 21 years, including HealthFitness Corporation (HFC-NASDAQ) and August Technology (AUGT-NASDAQ) until their successful mergers and 11 years on the MTS Systems (MTS-NASDAQ) board until her term expired. She served on the Ascension Ventures board ($275MM healthcare IT/Device/Services venture fund) from 2011 – 2018. She also served on the boards of Laastari/R-Clinic, Ltd (retail clinic start-up in Scandinavia), BodyMedia ($20MM venture-backed health & wellness retail company) until its sale to Jawbone and General Blood (angel-backed startup in blood distribution) until 2013. In 2013, she chaired the Advisory Board of the 2012 Minnesota Cup grand prizewinner, PreciouStatus. She served on the 9th District Federal Reserve Bank Board from 1999-2005 (6 year maximum term limit), and as board chair 2004-2005.
Hall is best known for having launched retail healthcare as the CEO of MinuteClinic from 2002-2005 preceding its $214 million sale in 2006 to CVS/Pharmacy. MinuteClinic was named by Forbes magazine as one of the top ten disruptive companies of the decade, along with Google, BlackBerry, wii and iPod.
Her career ranged from a variety of leadership roles at Honeywell (international marketing; commercial HVAC controls; home automation), president of Ceridian Performance Partners (employee benefits management subsidiary of Ceridian), executive at UnitedHealth Group and CEO of a pediatric home healthcare company. Prior to the launch of her business career in 1980, she was a special education teacher/school social worker for 11 years and published more than 20 articles in professional journals on program design and outcome measurement.
In 2010, she received the “Outstanding Director” award by Twin Cities Business and the “Director of the Year” award from Twin Cities Women in the Boardroom. She was named “Outstanding Alumni” for the University of Minnesota in 2011. The Minnesota Business Journal named her one of the 50 “Hardest Working Board Members” in 2003, 2005 and 2006. KPMG awarded her the “Instrument of Change” award in 2006.
BS: Phi Beta Kappa - University of Michigan
MA – University of Michigan
MSW and PhD – University of Minnesota
Executive Vice President & Chief Financial Officer
Cathy Smith is executive vice president and chief financial officer for Target and a member of its executive leadership team. Her responsibilities include Treasury and Tax; Internal and External Financial Reporting and Operations; Financial Planning and Analysis; Internal Audit; Investor Relations; and Target’s Financial and Retail Services Business.
Prior to joining Target in 2015 as chief financial officer, Cathy served as executive vice president and chief financial officer at Express Scripts, a Fortune 20 company and the nation’s largest pharmacy benefit manager with $100 billion in revenue. She has also held CFO positions at Walmart International, GameStop, and others.
In addition to her Target responsibilities, Cathy serves on the Baxter International Inc Board.
Cathy received her BA from the University of California, Santa Barbara and her MBA from the University of Southern California.
Daniel Forbes is an Associate Professor in the Strategic Management & Entrepreneurship department at the Carlson School. He has also been named a Schulze Distinguished Professor of Entrepreneurship by the Richard M. Schulze Family Foundation.
Since joining the Carlson School in 2000, Dan has taught courses on strategy, innovation and entrepreneurship to students in the MBA, undergraduate and executive education programs. He also does research on strategic decision-making and corporate governance, especially in entrepreneurial settings. His research has been funded by the National Science Foundation and has been published in various journals and edited books. He has worked closely with several initiatives that connect the University with businesses and communities throughout Minnesota, including the Minnesota Cup, the Carlson Ventures Enterprise, the Product Design Program, and the Center for Integrative Leadership. In 2013-14 he served as a visiting fellow at the University of Virginia, Darden School of Business.
Prior to his academic career, Dan worked in investment banking for Bank of America and as a program manager for a nonprofit organization.
He holds a Ph.D. from New York University, and his undergraduate degree is from the University of Chicago.
Executive Vice President & Chief Innovation Officer
Dominic Venturo is an executive vice president and Chief Innovation Officer at U.S. Bank. He has been with U.S. Bank for nearly 20 years and has led the innovation strategy for more than 10 of those years.
Innovation is core to the future that U.S Bank is creating for customer of all types – from consumers to businesses and institutions. The innovation team works closely with partners across the company to harness emerging technology and processes. They create the environment within the bank where these innovations are tested, adjusted and brought to market so customers can conduct their business how and where they want, safely and conveniently.
U.S. Bank is recognized for its work in financial services innovation, honored recently as a Top Innovator in Diversity and Inclusion by Mogul and among the Most Innovative CEOs in Banking by Bank Innovation. Venturo frequently provides insights on emerging trends in banking and Fintech, such as distributed ledger technology, Internet of Things, biometrics, tokenization and digital identity.
Mr. Venturo is currently serving on the board of directors of R3, a distributed ledger technology company.
Mr. Venturo earned a bachelor’s degree in finance from Oregon State University and is a graduate of the Pacific Coast Banking School at the University of Washington Graduate School of Banking.