Hearst’s Enduring Heart: David Carey on Building a Modern Powerhouse with Humanistic Roots (Video)

From the opening moments Carey frames Hearst as amp8220a private company that behaves with publiccompany disciplineamp8221 a distinction that he argues gives the organization freedom to invest for the long haul while still holding itself to rigorous performance standards He recalls rereading Clayton Christensenamp8217s The Innovatoramp8217s Dilemma and noting how many storied firms stumble when new technologies upend familiar models Hearstamp8217s answer he says has been to nurture an ownership culture pair patience with accountability and stay amp8220relentlessly curiousamp8221 about what comes nextA Bet on New York and on OptimismThat curiosity was on display in the wake of 911 when Hearst stunned realestate watchers by forging ahead with the nowiconic Hearst Tower Approving a 500 million headquarters in an uncertain city might have seemed reckless but Carey calls it an emblem of confidence and civic duty amp8220The Board of Directors wanted a building that said our future is hereamp8221 The tower opened in 2006 creating a bright sustainable workspace years before amp8220green architectureamp8221 became fashionable and cementing Hearstamp8217s reputation for forwardlooking valuesdriven decisionmakingPartnership as Growth EngineHearstamp8217s instinct for partnership is another touchstone Carey recounts the 1984 joint venture with Capital CitiesABC that birthed AE Networks followed by the 167 million purchase of a 20 percent stake in ESPN in 1990 an investment now widely regarded as one of mediaamp8217s alltime investments thanks to Hearstamp8217s CEO at the time Frank Bennack who is now executive vice chairman The lesson he says is less about prescience than about credibility amp8220We were and still are viewed as a trustworthy partner that shows up with both capital and patienceamp8221 Today that ethos shapes acquisitions into B2B information services led by Hearstamp8217s CEO of 13 years Steven Swartz such as Fitch Group QGenda Avinode Group CellTrak Noregon Systems and CAMP Systems among others The B2B units together account for more than half of Hearstamp8217s profitsFrom Magazines to Data PlatformsThe B2B surge is not a repudiation of Hearstamp8217s celebrated consumer brands rather it is proof of what happens when editors data scientists and product teams mingle freely Carey walks Myers through the evolution of the automotive group The company parlayed decades of authority first in repairmanual databases and then in sophisticated pricing engines for the usedcar market into a burgeoning transportation division complemented by the Hearst Autos groupamp8217s magazine titles including Car and Driver Road ampamp Track and the classic car marketplace Bring a Trailer The same playbook of deep passion absolute niche mastery now guides Good Housekeepingamp8217s amp8220besttestedamp8221 ecommerce recommendationsFour Days Together One Day ApartCulture Carey insists is the nonnegotiable ingredient behind every reinvention After COVID Hearst opted for a structured hybrid schedule four days in the office for leadership and most units five for the television stations to restore the spontaneous hallway conversations that spark ideas and transmit institutional knowhow amp8220Weamp8217re not antiflexibilityamp8221 he stresses amp8220but we believe creativity is a team sport that benefits from shared contextamp8221 To keep that context vibrant CEO Steve Swartz hosts quarterly Zoom welcomes for every new employee fielding questions about mission and strategy in real timeGiving Back and Hanging on to TalentFew programs illustrate Hearstamp8217s values better than amp8220Hearst Gives Backamp8221 a global employeedonation platform launched in 2022 with a 100 percent company match up to 10000 Forty percent of staff participated last year and voluntary attrition among those givers was onethird that of nonparticipants amp8220Generosity is stickyamp8221 Carey says with a smile it binds people to an organization that honors what they care about outside the office New hires even receive a amp8220giving creditamp8221 during onboarding a small gesture that signals big intentNeurodiversity Programs as a Tool for an Inclusive CultureThat same humancentric lens shapes Hearstamp8217s neurodiversity internship program now active across most businesses Managers report sharper communication skills and heightened empathy after working alongside neurodivergent colleagues One unexpected insight choosing meeting spaces with calmer acoustics boosts productivity for everyone not just neurodiverse employees It is a vivid example of Careyamp8217s belief that inclusive design lifts the whole enterpriseEmbracing AI CarefullyOf course no conversation about modern media escapes the gravity of artificial intelligence Hearstamp8217s stance is pragmatic every employee gets access to ChatGPT Enterprise and related tools but training and experimentation happen inside guardrails that protect brand authority and intellectual property Carey sees AI as a amp8220force multiplieramp8221 rather than a headcount reducer accelerating research freeing editors for judgmentheavy work and opening new doors for niche products The mantra test quickly share learnings stay prudentPrivate Ownership Public AccountabilityPerhaps the clearest throughline is that Hearst can take decadelong swings because it is private A dual focus mission over myopia and numbers over nostalgia allows the company to remain nimble while avoiding shortterm panic That Carey suggests is why Hearst keeps thriving where others stalled values are the ballast ambition is the sailWhy You Should Watch the Full InterviewReading highlights canamp8217t capture the warmth in Careyamp8217s voice when he describes the startup mentality of the nearly 140 yearold company or the candor with which he explains tough calls on headcount print economics and officereturn debates The video also features Myersamp8217 trademark followups those gentle nudges that coax leaders to reveal the amp8220whyamp8221 behind the headline If you care about resilient culture ethical growth or the future of media in an AI age the full episode will repay your 30 minutes many times overHead to The Myers Report Profiles in Leadership page and stream the conversation now Then share it with teammates who think legacy organizations canamp8217t outinnovate the disruptors Hearstamp8217s story about its success and its culture as exemplified by Steve Swartz and Frank Bennack proves the opposite When you put trust partnership and purpose at the center disruption becomes an invitation and the next century of growth is already underway

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Hearst’s Enduring Heart: David Carey on Building a Modern Powerhouse with Humanistic Roots (Video)

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