HBR,org, Grossman, Mindy, December 2011
Mindy Grossman joined Home Shopping Network (HSN) in 2006 as CEO. Grossman did not have previous television or business to consumer experience. However, she was very successful at Nike, Polo Jeans, and Ralph Lauren. When a headhunter called about an opportunity with HSN, she was unsure what to think but remained open, One night while watching a lot of HSN, HGTV and the Food Network, she realized that HSN needed to become more of a lifestyle network that would inspire people, instead of a constant infomercial. One of her main objectives was to transform HSN’s culture. Grossman made the following changes over the next 2 years:
- Worked on increasing employee engagement (engagement surveys, walking the talk, assembling strong teams )
- Made difficult decisions to close parts of the business that were not performing
- Repositioned HSN as a brand
- Introduced a new company vision, customer commitment, and new advertising
Grossman’s efforts, results and commitment have resulted in:
- Higher employee engagement (as measured and bench marked by surveys)
- Increased stock price of $35 and HSN’s market cap is close to $2 billion
- Credibility: 5 years ago, you would not have seen Jenifer Lopez or Mariah Carey on HSN
- Improved company culture, but as Grossman says, I know there’s much more growth potential to be unlocked here. Every day I’m making changes to try and achieve that.
