In this episode, we hear from Richard Rumelt. Richard has been called, “A giant in the field of strategy.” He is the Harry and Elsa Kunin Chair Emeritus at the UCLA Anderson School of Management and a founding member and former president of the Strategic Management Society.



He is also the author of Good Strategy/Bad Strategy: The Difference and Why it Matters, and in this episode he’ll explain how to circumvent what he calls, “the contagion of bad strategy.” His reflections are based on his latest book, The Crux: How Leaders Become Strategists.



Richard is joined by our communications director, Sean Brown, and Yuval Atsmon, a senior partner based in our London office. 



Learn more about Richard’s book:
 https://thecruxbook.com/ 



Join our LinkedIn community: 
https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance 



Explore more Inside the Strategy Room podcast episode transcripts:
 https://www.mckinsey.com/itsr 

In this episode, we hear from Richard Rumelt. Richard has been called, “A giant in the field of strategy.” He is the Harry and Elsa Kunin Chair Emeritus at the UCLA Anderson School of Management and a founding member and former president of the Strategic Management Society.

He is also the author of Good Strategy/Bad Strategy: The Difference and Why it Matters, and in this episode he’ll explain how to circumvent what he calls, “the contagion of bad strategy.” His reflections are based on his latest book, The Crux: How Leaders Become Strategists.

Richard is joined by our communications director, Sean Brown, and Yuval Atsmon, a senior partner based in our London office. 

Learn more about Richard’s book: https://thecruxbook.com/ 

Join our LinkedIn community: https://www.linkedin.com/showcase/mckinsey-strategy-&-corporate-finance 

Explore more Inside the Strategy Room podcast episode transcripts: https://www.mckinsey.com/itsr

We talk with McKinsey partners and corporate executives on the challenges they face creating lasting strategies in a fast-changing world. We also examine the different ways these executives approach these challenges and the new and innovative ways they think of creating a vision for their enterprises.

What does it take to survive in a world of constant change? More than ever, enterprises need to create strategies that can meet current needs but also adapt to future demand. A regular series of interviews with McKinsey partners and corporate executives.

Inside the Strategy Room

The world is moving faster, and as upheaval becomes the norm, vast business opportunities will be within the grasp of the extraordinary few.  But it takes bold people and courageous approaches to seize those opportunities and create value.

In each episode of our weekly podcast, we interview the world’s highest-performing CEOs, CFOs, innovators, and McKinsey experts and discuss how they build the courage, clarity, conviction, and cohesion that allow their businesses to win by moving faster than the world around them. 

The world is moving faster, and as upheaval becomes the norm, vast business opportunities will be within the grasp of the extraordinary few. &nbsp;But it takes bold people and courageous approaches to seize those opportunities and create value.
In each episode of our weekly podcast, we interview the world&rsquo;s highest-performing CEOs, CFOs, innovators, and McKinsey experts and discuss how they build the courage, clarity, conviction, and cohesion that allow their businesses to win by moving faster than the world around them.&nbsp;

Good strategy is more than achieving certain results. But why do so many get it wrong?

134. Richard Rumelt on what separates good strategy from bad

For new CEOs, engaging stakeholders is one of the most important—and most challenging—parts of the job. In this episode, Carolyn Dewar, Blair Epstein, and Eric Sherman discuss how CEOs can build a strong stakeholder strategy from day one.

Drawing on research and their work with leaders across industries, they explore why stakeholder engagement matters so much, the unique challenges new CEOs face, and how leaders can best balance competing priorities across investors, employees, customers, regulators, and communities. They also discuss practical ways to create a clear narrative, strengthen communication, and build leverage through the top team.

Related insights 

Nail your firsts: A new CEO’s guide to stakeholder impact

How the best CEOs build lasting stakeholder relationships

Your best day won’t define you as CEO—your worst one will

A CEO For All Seasons: Mastering the Cycles of Leadership

CEO Excellence: The Six Mindsets That Distinguish the Best Leaders From the Rest

The Strategic CEO newsletter on LinkedIn

For new CEOs, engaging stakeholders is one of the most important&mdash;and most challenging&mdash;parts of the job. In this episode, <a href="https://www.mckinsey.com/our-people/carolyn-dewar">Carolyn Dewar</a>, <a href="https://www.mckinsey.com/our-people/blair-epstein">Blair Epstein</a>, and <a href="https://www.linkedin.com/in/eric-sherman-2aa66930/">Eric Sherman</a> discuss how CEOs can build a strong stakeholder strategy from day one.
Drawing on research and their work with leaders across industries, they explore why stakeholder engagement matters so much, the unique challenges new CEOs face, and how leaders can best balance competing priorities across investors, employees, customers, regulators, and communities. They also discuss practical ways to create a clear narrative, strengthen communication, and build leverage through the top team.
Related insights 
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/nail-your-firsts-a-new-ceos-guide-to-stakeholder-impact">Nail your firsts: A new CEO&rsquo;s guide to stakeholder impact</a>
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/how-the-best-ceos-build-lasting-stakeholder-relationships">How the best CEOs build lasting stakeholder relationships</a>
<a href="https://www.linkedin.com/pulse/your-best-day-wont-define-you-ceoyour-ndj7c/">Your best day won&rsquo;t define you as CEO&mdash;your worst one will</a>
<a href="https://www.mckinsey.com/featured-insights/mckinsey-on-books/ceo-for-all-seasons">A CEO For All Seasons: Mastering the Cycles of Leadership</a>
<a href="https://www.mckinsey.com/featured-insights/mckinsey-on-books/ceo-excellence">CEO Excellence: The Six Mindsets That Distinguish the Best Leaders From the Rest</a>
<a href="https://bit.ly/429GQgx">The Strategic CEO newsletter on LinkedIn</a>

299. The new CEO’s guide to stakeholder impact

Building resilience is a critical skill for organizations today, yet our research shows that many leaders and organizations don’t spend enough time building their resilience to navigate current and emerging risks. In this episode, two authors of a recent article on the topic discuss how organizations can better prepare for what they face today and in the future.

Ida Kristensen is a senior partner in our New York office and the global co-leader of our Risk and Resilience Practice. She advises clients across sectors on risk, strategy, and operational topics spanning enterprise risk management, resilience, organization and talent, cybersecurity, regulatory compliance, and operational improvement. And Linda Liu is a partner in our New York office and a leader in our Risk and Resilience Practice and our crisis response initiative. She works with global organizations on strategy, risk, operations, and organizational transformation.

Related insights

The CEO as chief resilience officer

Resilience pulse check: Harnessing collaboration to navigate a volatile world

High-performing teams: A timeless leadership topic

What resilience means to Nextdoor CEO Sarah Friar

McKinsey Risk & Resilience insights

McKinsey Risk and Resilience on LinkedIn

Building resilience is a critical skill for organizations today, yet our research shows that many leaders and organizations don&rsquo;t spend enough time building their resilience to navigate current and emerging risks. In this episode, two authors of a recent article on the topic discuss how organizations can better prepare for what they face today and in the future.
<a href="https://www.mckinsey.com/our-people/ida-kristensen">Ida Kristensen</a> is a senior partner in our New York office and the global co-leader of our Risk and Resilience Practice. She advises clients across sectors on risk, strategy, and operational topics spanning enterprise risk management, resilience, organization and talent, cybersecurity, regulatory compliance, and operational improvement. And <a href="https://www.mckinsey.com/our-people/linda-liu">Linda Liu</a> is a partner in our New York office and a leader in our Risk and Resilience Practice and our crisis response initiative. She works with global organizations on strategy, risk, operations, and organizational transformation.
Related insights
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/the-ceo-as-chief-resilience-officer">The CEO as chief resilience officer</a>
<a href="https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/resilience-pulse-check-harnessing-collaboration-to-navigate-a-volatile-world">Resilience pulse check: Harnessing collaboration to navigate a volatile world</a>
<a href="https://www.mckinsey.com/capabilities/people-and-organizational-performance/our-insights/high-performing-teams-a-timeless-leadership-topic">High-performing teams: A timeless leadership topic</a>
<a href="https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights/what-resilience-means-to-nextdoor-ceo-sarah-friar">What resilience means to Nextdoor CEO Sarah Friar</a>
<a href="https://www.mckinsey.com/capabilities/risk-and-resilience/our-insights">McKinsey Risk &amp; Resilience insights</a>
<a href="https://www.linkedin.com/showcase/mckinsey-risk-resilience/">McKinsey Risk and Resilience on LinkedIn</a>

298. The CEO as a resilience leader

As artificial intelligence transforms how companies compete, many boards are grappling with how to provide effective oversight in this new era. Senior partners Aamer Baig, Celia Huber, and senior advisor Rebecca Schechter join host Sean Brown Inside the Strategy Room to discuss their recent article on how directors can rethink their guidance on AI adoption and readiness, while navigating risks that cut across strategy, talent, and governance.

The AI reckoning: How boards can evolve

Rewired: How leading companies win with technology and AI

McKinsey Insights on Strategy & Corporate Finance

McKinsey Strategy & Corporate Finance on LinkedIn

As artificial intelligence transforms how companies compete, many boards are grappling with how to provide effective oversight in this new era. Senior partners <a href="https://www.mckinsey.com/our-people/aamer-baig">Aamer Baig</a>, <a href="https://www.mckinsey.com/our-people/celia-huber">Celia Huber</a>, and senior advisor <a href="https://www.linkedin.com/in/rebecca-schechter/">Rebecca Schechter</a> join host Sean Brown Inside the Strategy Room to discuss their <a href="https://www.mckinsey.com/capabilities/mckinsey-technology/our-insights/the-ai-reckoning-how-boards-can-evolve">recent article</a> on how directors can rethink their guidance on AI adoption and readiness, while navigating risks that cut across strategy, talent, and governance.
<a href="https://www.mckinsey.com/capabilities/mckinsey-technology/our-insights/the-ai-reckoning-how-boards-can-evolve">The AI reckoning: How boards can evolve</a>
<a href="https://www.mckinsey.com/featured-insights/mckinsey-on-books/rewired">Rewired: How leading companies win with technology and AI</a>
<a href="https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights">McKinsey Insights on Strategy &amp; Corporate Finance</a>
<a href="https://www.linkedin.com/showcase/mckinsey-strategy-corporate-finance/posts/?feedView=all">McKinsey Strategy &amp; Corporate Finance on LinkedIn</a>

134. Richard Rumelt on what separates good strategy from bad

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