Culture Champions by CultureX

• Kunal Kapoor, CEO, Morningstar

  Kunal Kapoor is the CEO of Morningstar. In 1984, Morningstar was founded out of a Chicago apartment, named after a Ralph Waldo Emerson quote. The company aimed to empower investors to make more successful decisions by providing them with high quality insights. Ten years later, Morningstar had about 200 employees, and around that time Kunal became one of them. Since then, the company has indeed transcended, albeit in a direction more NASDAQ than Walden Pond. In 2005, the company went public. Over the next twenty years, the company’s revenue and headcount grew more than tenfold, to $2.3 billion and 11,000 employees. Along the way, the company broadened its customer base, global footprint, and product line. Core to Morningstar’s success is its distinctive culture, which works both for employees and stakeholders. On Glassdoor, employees are significantly more likely to positively mention the culture than employees from peer firms. Its culture excels on specific targeted dimensions; employees are also off the charts more positive about educational opportunities (“growth mindset” Morningstar core value) and cross silo collaboration (“one team”), for instance.  In this episode, Kunal walks us through why culture matters so much to Morningstar and how he and his fellow leaders crafted such an excellent one as the company rapidly grew by two orders of magnitude.  

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• Craig Kliethermes, CEO, RLI Insurance Company

  Craig Kliethermes is the CEO of RLI Insurance CompanyIn 1961, Gerald Stephens founded Replacement Lens Inc to offer a novel insurance policy that covered the cost of replacing contact lenses. As the price of contacts fell over time, insurance demand fell as well, but RLI already diversified into other niche insurance markets. Today, RLI offers dozens of highly specialized insurance products across a wide range of niche markets that fill unmet customer needs This steady stream of new product introductions has allowed RLI to deliver the highest revenue growth among specialty insurers over the past five years and total shareholder returns at the top of the industryRLI attributes much of the company’s success to great people and its distinctive culture, captured in the tagline "different works."Employees love the culture, and have voted RLI one of Glassdoor’s best places to work for four of the last six years.RLI puts five core values--ownership, customer focus, drive, innovation, and integrity at the heart of its culture  We analyzed how more than 50,000 employees described their company in Glassdoor reviews for 45 insurance companies.  We found that RLI employees spoke about the company's core values much more frequently and positively than employees in peer companies.  In this episode, Craig discusses the vital role culture plays in RLI’s success, and how the company fosters such a strong one. 

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• Adam Holton, CPO, GE HealthCare

  Adam Holton is the Chief People Officer of GE HealthCare. General Electric entered the healthcare more than one hundred years ago. In January 2023, GE HealthCare was spun off from General Electric as a publicly traded company with more than 50,000 employees and 2024 revenue of nearly $20 billion. Especially since its spin-off, GE HealthCare has cultivated a best-in-industry culture, as measured by Glassdoor ratings. Employees speak two standard deviations more positively than peers about learning and development and feeling respected. GE HealthCare also has a demonstrably non-toxic culture where employees feel like they are treated fairly. Before launching a corporate career in a series of senior HR roles at GE, USAA, CHS, Numotion, and Amedisys, Adam was a US Marine, which shaped his thinking on business management and culture.In this episode, Adam reveals the secrets of GE HealthCare’s resounding cultural success in the face of a turbulent transition and reflects on how the strong culture of the Marine Corps influenced his approach. 

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• Steve Richman, CEO, Techtronic Industries

  When Steve joined Milwaukee Tool as president in 2007, the company was 83 years old and sold a limited range of traditional power toolsDuring his tenure as president, Steve led a remarkable transformation of the company’s strategy and culture that produced a steady stream of technical and product innovations. Today, Milwaukee Tool sells a wide range of cordless power tools for the building trades, and is the market share leader in North America and globally. This steady stream of new products has allowed Milwaukee Tool to deliver double-digit revenue growth, year-in and year-out, for nearly two decades. And over the past ten years, Milwaukee Tools’ parent company has generated total shareholder returns of 17% CAGR, versus 7% for its direct competitors and 11% for the industrial sector as a wholeSteve attributes much of the company’s success to great people and its distinctive culture. And employees agree. Employees have voted Milwaukee Tool one of Glassdoor’s best places to work for three of the last five years. Not only do employees love the culture, they also say Milwaukee Tool excels on its core values of empowered leaders, candor, and speed/agility/urgency. We analyzed how more than 40,000 employees described their company in Glassdoor reviews for 27 industrials. Milwaukee Tool employees were nearly twice as likely to mention empowerment, and discuss it more than twice as positively as the average industrial. In this episode Steve, who is now the CEO of Milwaukee Tools’ parent company, reveals the secret of Milwaukee Tool’s cultural success.

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• Loren Shuster, CPO, The LEGO Group

  Loren Shuster is the Chief People Officer at the LEGO Group.92 years after its founding in Billund, Denmark, the LEGO Group today ranks first among most reputable companies in the world, according to RepTrak’s 2024 list. The world’s largest tire manufacturer (although it does not make large tires), the LEGO Group has increased revenues at a 10% compound annual growth rate over the past five years, more than twice the rate of peer toymakers like Mattel and Hasbro. The LEGO Group has achieved this growth without sacrificing profitability. The company’s return on assets is over 22%, compared to 3-5% for Mattel and Disney and negative returns for Hasbro.The LEGO Group combines outstanding business results with a culture that employees love. More than three quarters would recommend the company as a place to work to a friend on Glassdoor, compared to about half for Disney, and Mattel, and just over one third for Hasbro. On Glassdoor, LEGO Group employees speak significantly more favorably about collaboration, organizational support, respect, toxic culture, innovation, and many other dimensions of culture than those three competitors. In this episode, Loren gives us an insider’s view into one of the most interesting and playful cultures in the world, diving into the LEGO Group’s singular Leadership Playground, which he played a pivotal role in developing.  

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