Slide #1.

EXECUTIVE INTERVIEW SALLY JEWELL Chief Operating Officer Recreational Equipment Inc. INTERVIEW TEAM Rita Daily Stan Eastberg Teri Wisness
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Slide #2.

Sally Jewell - Background    BS Degree – Mechanical Engineering, UW Mobile Oil Corp. – Engineer (OK & CO) (19781981) 19 Years in Banking Industry     Rainer Bank/Security Pacific: Energy Banking, National Accounts, Credit Administration, Head of banking activities in WA (1981-1992) WestOne Bank: President / CEO (1992-1995) Washington Mutual: President, Commercial Banking Group (1996-2000) REI: Appointed COO in March, 2000
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Slide #3.

Sally Jewell - Board Affiliations           REI (Board member before becoming COO) Avista Corporation (formerly known as Washington Water Power) Premera (parent company to Premera Blue Cross) UW Board of Regents Mountains to Sound Greenway Trust, President Corporate Council for the Arts YWCA of Seattle-King County Seattle Alliance for Education Economics America UW Women in Engineering Initiative
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Slide #4.

Why Join REI?  Value alignment was primary criteria    Personal values     Diminishing in banking role due to mergers Strongly aligned with REI core values Able to speak my mind and be listened to, want to be able to engage Want to make a difference – don’t want to be a rounding error – want to work for a company where everyone feels like they can contribute Working for a company that values balance – work, home, community REI required skills that Sally possessed
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Slide #5.

Critical Challenges at REI  Company needed to change    Old formula not working – out of touch Leadership had become complacent Workforce needed infusion of energy   Atrophied and slowing Areas requiring change    Leadership team – early retirements Realistic view of industry dynamics and external trends New vision and strategic plan
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Slide #6.

Redefined REI Focus   Be a model financial performer Employee excellence    Expectations of teamwork   Create an environment where employees chose to work Expect them to work smart Replaced players who weren’t getting along Market driven  Increased focus on women’s categories
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Slide #7.

Leadership Role in Change  Clearly communicate vision & values    Input from many Board approval Town hall meetings     Leadership visited every retail outlet Every manager received copy of strategic plan Every employee receives gift of REI merchandise at year-end Use in-house publications to reinforce messages   GPS newsletter Snapline
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Slide #8.

Leadership Style   Informal (family-room casual attire) Direct    Collaborative / consensus builder    Face to face Speaks what is on her mind Persuader – a little toward controlling Myers Briggs – ENTP Seeks feedback  360 degree feedback used by REI
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Slide #9.

Leadership Style (continued)   Has high expectations Passionate about things   Supports people   Remains calm – doesn’t show frustration Provide latitude to make decisions and exercise judgment Decisive  May actually seek too much input
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Slide #10.

Perspective on Ethics  Straight and honest talk is essential   Should be no surprises   Willing to say anything I am feeling to anybody People know where I stand Resolve disputes when they arise  Leave nothing to fester
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Slide #11.

Leadership Philosophy  Every person is genuinely important    Genuinely care about what everyone has to say Everyone should have an opportunity to contribute   Low tolerance for differential treatment of people Create an environment where they can be successful Large “No Whining” button prominently displayed on desk
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Slide #12.

Fears / Uncertainties  Feel burden of people’s livelihoods based on her decisions   Agonizes over the impact of laying people off or cut backs (e.g. closure of Tokyo office) Executive layoffs in a different category   Provided them with an option to perform differently They self-selected out
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Slide #13.

Balance - Definition  Not just work and family balance    Not just a tradeoff between working too hard and having leisure time Need to fill in the gap in the heart Other critical dimensions   Maintain physical fitness Need to leverage personal strengths    Uses Board memberships to do this Keep your mind sharp Contribute to the community (very strong value)
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Slide #14.

Balance (continued)  Very strong commitment to her children    Two children - 18 & 19 years old (recent pictures on desk) Both parents play an active role with the kids Creates time for family and honors the commitment    Refused attending Advanced Management Programs (UW, Stanford, Harvard) – too much time away from family Example: Honored mountain climbing date with daughter even though it conflicted with important community meeting Strong partnership with husband  He sacrificed his career for her career    Divergent career paths – managerial vs technical Moved to Pacific Northwest so she could pursue her career He picks up the family load
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Slide #15.

Commitment to Community    Sees community involvement as providing the most important lesson in leadership Chose to work for a company that values external activities Has moved REI from a marginal commitment to a high level of commitment     REI now positioned as a community citizen Contributes 3% of operating income to community donations REI leaders have joined many more boards and service organizations Huge increase in number of REI employees engaged in community service activities (e.g. trail maintenance)
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Slide #16.

Mountain to Sound Greenway Example of Leveraging Leadership  Intense passion for initiative – 13 year commitment   Dedicated to ensuring public’s ability to enjoy this amazing resource An adaptive change   Forging a public greenbelt between Seattle and Thorpe (Kittitas County) along I-90 corridor 60 member board   Business, government, and citizen representatives Highly divergent stakeholder interests  E.g. Buddhist monasteries, Native American casinos, gravel mines, small towns, businesses and wineries
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Slide #17.

-cont’d Example of Leveraging Leadership  Leverages consensus building and collaboration skills  Strong role model – Jim Ellis       Self-effacing & down to earth Powerfully interacts with people Ensures people listen to each other Recognizes that all people have a legitimate point of view Assumed Presidency of Ellis trust when Jim retired A natural extension of her REI leadership into the community
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Slide #18.

Reflections on Leadership  Leadership is multi-faceted    Must create an environment that enables smart people to play in a way they feel they can have an impact    Does not come in a box with a bow All REI direct reports are different from one another – yet all are very effective Must draw out ideas throughout the entire organization Build cross-divisional teams to address strategic issues as a way of breaking down the silos Culture is very very important   Must understand culture and work within it People are the most important part of the culture
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