Guest Column-John Pepper: “If You Can Dream It, You Can Do It”
John E. Pepper, Jr.
October, 2009
I serve as the non-executive Chair of the Walt Disney Company. It’s a tremendous opportunity, as you can imagine. One of Walt Disney’s favorite sayings was, “If you can dream it, you can do it.”
I recently heard an impactful story that brings that saying to life. In fact, it involved the Walt Disney Company, in particular Pixar, which Disney acquired several years ago. Pixar is the film company that produced “Toy Story,” “The Incredibles,” “Finding Nemo,” “A Bug’s Life,” “Cars” and many more great films, most recently, “UP.”
The creation of Pixar is all about “a dream” and the persistence and conviction of the people involved that they could make that dream come true; that they could “do it.”
All of the principal characters in creating Pixar - Steve Jobs, Ed Catmull and John Lasseter - suffered major setbacks on the way to this success. Lasseter had been fired from his dream job at Disney which he took coming out of college. Catmull had been turned down for a teaching position and ended up with what was called a dead-end software job at Pixar. And Steve Jobs had endured humiliation as he was ejected from Apple, the company he had co-founded. Yet, none of them gave up on their dreams!
Pixar was initially developed as a software company, but Lasseter and Catmull and eventually Jobs, had another idea. They would create breakthrough films that people loved.
In 1985, burning cash as part of Lucas Films, Michael Eisner, then the CEO of Disney, thought that perhaps Disney would buy Pixar. But Jeffrey Katzenberg, who was in charge of Disney films at this time, felt he “couldn’t waste his time on this stuff”. So Catmull and Lasseter went looking for potential buyers. Finally, Steve Jobs stepped up and bought it for $5 million. He plowed another $50 million into the company but then seeing little hope, he tried to sell his position. Fortunately, before he could do it, “Toy Story” went to the theatres and from there it was one success after another.
Pixar was sold later to Disney, not for $5 million, but for $7 billion.
Lassiter and Catmull had a dream. So did Steve Jobs. They did not let go of it!
The Pixar story brings to mind this observation of the economist Joseph Schumpeter: successful innovation “is a feat not of intellect, but of will”. Schumpeter believed that few individuals are prepared for “the resistances and uncertainties incident to doing what has not been done before”. Those who brave the risks of failure do so out of non-economic as well as economic motives, among them “the joy of creating, of getting things done, of simply exercising one’s energy and ingenuity”.
The Pixar story highlights what has characterized every great achievement: a grand vision, meticulous execution, commitment to pure and unadulterated quality and excellence, courage and persistence to overcome tough obstacles and, having reached an objective, moving on to do even better the next time around.
That’s what leadership is all about. That’s what great accomplishment is all about.
John E. Pepper
July 1, 2009
About John Pepper
John E. Pepper, Jr. – Retired Chairman and CEO, The Procter & Gamble Company
Mr. Pepper spent a 40-year career in various positions at Procter & Gamble, including Chief Executive Officer and Chairman from 1995 – 1999 and Chairman of the Board from 2000 – 2002. He served as Director of Procter & Gamble from 1984 – 2003 and President from 1986 – 1995.
John E. Pepper, Jr. currently serves as Chairman of the Board of the Walt Disney Company and Co-Chairman of the Board of the National Underground Railroad Freedom Center. Prior to that, he served as CEO of the National Underground Railroad Freedom Center from January, 2006 – May, 2007; Vice President of Finance and Administration at Yale University from January, 2004 to December, 2005.
Pepper also serves on the Boards of Boston Scientific Corporation and the Stellar Restaurant Group (Boloco) and was a co-founder and currently is a member of the Executive Committee of the Cincinnati Youth Collaborative.
Pepper graduated from Yale in 1960, where he served on the Board of the Yale Daily News. He served as Fellow of the Yale Corporation from 1995 – 2003, including two years as Senior Fellow.
A native of Pottsville, Pennsylvania, Mr. Pepper holds honorary doctorate degrees from Yale University, Xavier University, Mount St. Joseph College, St. Petersburg University (Russia), the Ohio State University and the University of Cincinnati.
Mr. Pepper and his wife Francie have four children and reside in Wyoming, Ohio.
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Book by John Pepper
What Really Matters
Reflections on My Career at Procter & Gamble with Guiding Principles for Success in the Marketplace and in Life
Personal note from Joanne Maly about “What Really Matters.” This book is inspirational, human, perceptive, insightful, and idea-generating.
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The following Yale University Press book review presents a good picture of why “What Really Matters” is a strong book and why John Pepper has touched so many people in his life.
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“What Really Matters really is what one learns from touching lives, improving life, as John Pepper did with Procter and Gamble.”
- Tim Love, Vice-Chairman, Omnicom Group
“John Pepper has been an inspiration to countless people around the world. What Really Matters captures his contagious optimism and positive presence, and lays out lessons for living and leadership from which we all can learn.”
- A.G. Lafley, Chairman and CEO, Procter and Gamble
“No one should accept a position of responsibility without reading this book. John Pepper provides ground-zero real-world insights into managing the dilemmas that confront every leader - including ethical dilemmas. The business world might be quite different today if this book had been required reading for those CEOs of the past decade who lost their way.”
- Norman R. Augustine, Retired Chairman and CEO, Lockheed Martin Corporation, Former Undersecretary of the Army, Former Chairman of the American Red Cross.
“What Really Matters is a wonderful antidote for executives who make excuses for their bad behaviors: ‘it’s complicated out there;’ ‘the pressures are enormous;’ etc., etc. In practical, clear, and compelling terms, John Pepper lays out how to lead with integrity, humility, and - not instead of - effectiveness.”
- Roger Martin, Dean of the Rotman School of Management, University of Toronto
“John Pepper’s What Really Matters may been written for a Procter and Gamble audience, but it should be read by other companies and business schools, as well as those in government. Not only was John Pepper an extraordinarily creative CEO at P&G, but he also has an unusual ability to communicate what I call ‘character-based leadership.’”
- David M. Abshire, President and CEO, the Center for the Study of the Presidency
“An exceptional roadmap, built from experience, for success in business and life.”
- Richard Ferris, Retired Co-chairman, Doubletree Corporation
“An insightful and wonderful book about business and life originally directed to Procter and Gamble employees. What Really Matters is a book that every business man must read.”
- Domenico De Sole, Retired President and CEO, Gucci Group, NV
“John Pepper has again demonstrated his awesome leadership skills, people sensitivity, personal values, and focus on the delivery of real value to the consumer”
- Donald R. Beall, Retired Chairman and CEO, Rockwell
“This is an articulation of all that is best at Procter and Gamble. Its value to the reader will last long into the future.”
- John G. Smale, Retired Chairman, Procter and Gamble, Former Chairman, General Motors
“Unlike so many books written by CEOs these days, John Pepper tells his story in a way that makes it clear that he sees leadership (as we all should) as a collaborative undertaking. There is no ego here.”
- John G. Smale, Retired Chairman, Procter and Gamble, Former Chairman, General Motors
“The story is inspirational. It is teaching at its best, presenting fundamental principles in the context of real life experiences.”
- John G. Smale, Retired Chairman, Procter and Gamble, Former Chairman, General Motors
“This story provides a very personal insight into John Pepper’s beliefs about life. Above all, it presents the picture of a truly good man.”
- John G. Smale, Retired Chairman, Procter and Gamble, Former Chairman, General Motors