Few executives will admit their mistakes—after all, CEOs must appear untouchable and confident. However, former CEO of Newell Brands Michael Polk believes the opposite is true: authentic leaders need to admit their mistakes and learn from them. Not only does that make them more relatable to employees, but it also fosters a culture where it’s okay to take risks, think outside the box, and create real change.
In Michael Polk’s experience, mistakes sting in the moment, but they’re essential to learning and doing better in the future. “I’ve made plenty of mistakes and had plenty of challenges in my career that have hurt in the moment, but you grow through those experiences,” he adds. Michael Polk explains how he put this unique philosophy into practice over the course of his 42-year career.
Learning Through Adversity
Polk’s ability to lead through adversity has been a hallmark of his career. His current role at Implus, which he originally took on an interim basis in 2020, became more demanding when COVID-19 hit. “Two months after I got there, COVID struck, and we went through a period of complete turmoil. Moments like that require rolling up your sleeves and figuring out how to help the company prevail,” he says.
Under Polk’s leadership, Implus implemented the “Double Down” strategy, restructuring operations and cutting costs through “Project Rise,” which saved over $20 million. These efforts contributed to a 60% increase in EBITDA and positioned the company for sustained growth. It wasn’t an easy road, but making mistakes—and plenty of them—allowed the brand to pivot during historic uncertainty.
Former CEO of Newell Brands Michael Polk’s Priorities
Leaders can’t be everywhere at once. It’s necessary to understand which factors will have the biggest impact on the company and how to leverage them. However, external factors make this far from a simple choice.
According to Polk, leadership roles differ significantly based on company size and ownership structure. For large public companies, Polk notes, “Your time is allocated differently. As a CEO of a public company, I was spending 30% of my time with investors and the public markets. The role is about unlocking shareholder value, focusing on strategic agendas, and leading through others.”
Small companies, on the other hand, allow for a more hands-on approach. “In a small company, you are leading by doing. I’m working directly with the marketing team, sales team, and building the architecture for the company’s future. There are no multiple layers between me and the people doing the work,” Polk says. “Private equity infuses capital into businesses that need breathing room to transform. You can take a little more risk in strategic directions and make mistakes without material consequences, as long as resources aren’t wasted.”
After working in both types of companies, Michael Polk believes that small, private businesses are a better fit for his more iterative approach to growth. Since the stakes are much lower in private equity, where companies aren’t expected to generate returns quarter after quarter, it’s okay to take risks. Not all risks pay off, but that’s just part of the journey of growing, learning, and ultimately transforming mistakes into opportunities.
Leadership Is A Learning Curve
Nobody’s perfect, including CEOs. But after more than 40 years in the hot seat, Michael Polk has refined his approach not by avoiding potential mistakes, but by embracing their lessons for leaders. For Polk, leadership is not about perfection but progress. “The satisfaction has always been about personal growth and the relationships I’ve built. It’s about applying what I’ve learned over 40 years and seeing the impact of those lessons,” he says. “It’s all been opportunity. Some of that opportunity realized in a way I couldn’t have imagined and others maybe not fully realized, but part of the growth experience.”