Implus CEO Michael Polk Explains Why Leaders Thrive In Privately Owned Businesses
Implus CEO Michael Polk never thought he would work at a small, privately-owned company. With decades of experience driving change and transformation at major public companies such as Procter & Gamble, Kraft Foods, Unilever, and Newell Brands, where he served as CEO from 2011 to 2019, Polk knows the unique challenges and rewards of high-stakes leadership. He briefly retired in 2019 but soon felt the itch to reenter the scene on his own terms.
The perfect opportunity arrived when, in 2020, Berkshire Partners invited Polk to lead transformation efforts for Implus LLC, a fitness accessories portfolio company. While Polk’s extensive career in large public companies helped him grow as a leader, he discovered that smaller, private companies provide growth opportunities that test leaders in entirely different ways. In fact, the new approach is a breath of fresh air for the seasoned public company executive.
Under his guidance, Implus strengthened its operational model, navigated pandemic-related disruptions, and positioned itself for sustained growth. “One of the most rewarding aspects of my time with Implus has been to lead and witness the professional growth of our team through the work they are doing to strengthen the company,” Polk explains. Polk shares why the transition from public to private was such a rewarding experience for the second act of his career.
Michael Polk on Implus’ Rapid Growth As A Small Company
In Polk’s experience, leading a large, public company is very different from smaller firms. Large companies offer the benefit of developing deep competencies through deliberate talent development over many years, but smaller companies are agile and can grow much faster.
At a small business, relatively junior employees have the ability to take on challenging leadership roles. “Younger talent gets thrust into making bigger leadership choices much earlier in their career . . . they grow and learn by doing,” says Polk. This environment challenges both junior and senior leaders, as senior executives often take on the role of player-coaches who offer more hands-on guidance.
While larger companies definitely have their advantages, Polk believes small businesses’ streamlined structures offer leaders more exposure to various business issues, from working capital management and cash flow delivery to commercial strategy, logistics, and more. This exposure accelerates learning and provides rich professional development opportunities. For a lifelong learner like Michael Polk, it’s the perfect test for the next stage of his career.
A Rewarding Role at Implus
The current Implus CEO Michael Polk is no stranger to making big moves. Reflecting on his time as CEO of Newell Brands, Polk led an organization of over 50,000 people, transforming the business from a holding company to a streamlined operating company. Despite these accomplishments, Polk believes his work at Implus is truly the “time of his professional life.”
Instead of spending his days answering to shareholders, the public, and other executives, Polk can roll up his sleeves and collaborate one-on-one with employees. He relishes the hands-on work with brand and business development, drawing parallels to his earlier career as a marketing and sales executive. “I spend much more time doing the brand and business development work directly with my team as opposed to focusing on resource allocation and having to work through layers in the organization to influence the demand-creation or cost-reduction choices people are making,” he says. “I am right there with them in the crucible, helping them make the choices that are going to drive our business forward.”
The Accountability Factor
Executives certainly have more freedom at small, private companies. Still, executives are accountable for driving tangible results — and fast. “I had a Board of Directors and shareholders I was accountable to at Newell Brands, and I have a Board of Directors and owners I am accountable to at Implus LLC,” Michael Polk says. “I had and have responsibility for driving value creation in both circumstances, and I have been fortunate to have achieved that goal at Newell and so far at Implus.”
For Michael Polk, the journey is far from over. As he continues to lead transformation efforts at Implus, he’s now focused on building a competitive fitness and lifestyle consumer goods company. Getting results is part of the job, but Polk enjoys the personal thrill of a job well done. With an unwavering commitment to excellence, Michael Polk continues transforming Implus and his team into an unstoppable force in the market.