00:04like thank you for being here today
00:07I'm delighted at the chance to have this
00:10conversation I have a few questions here
00:12on your professional journey your
00:15leadership philosophy in your personal
00:16life before we open it up to questions
00:18from audience and Twitter as dean
00:21saloner mentioned you've been incredibly
00:23generous with your time at the GSB this
00:25is the fourth view from the top session
00:27that you are a part of which must be
00:29some fall for record since the last time
00:31you were here we knew from the top which
00:33was in 2011 the big decision that you
00:36made was to become the CEO of HP this
00:39was not an easy job in fact this is what
00:41Falls magazine had to say about it
00:43Meg stepped into a mess HP stock had
00:47tumbled 42 percent in the year before
00:49archrival Dell was gaining ground and HP
00:52seemed powerless to stop it HP had
00:55squeezed out its four previous CEOs
00:58Whitman's immediate predecessor in
01:00lasted just 11 months what made you
01:03decide to take on the role and I said a
01:07so I answer as Garth had mentioned I
01:12have lost the race for governor and one
01:15of the things that's interesting when
01:16you lose a political race unlike
01:18anything else you do the day you lose
01:20the next day you have nothing to do no
01:24meetings nothing you're sitting alone
01:25and none of your friends call you
01:27because they feel so badly for you and
01:30so it was February and I was trying to
01:33figure out what I was going to do next
01:35and it was one afternoon I was sitting
01:36at home and my husband has a
01:38neurosurgeon here at Stanford Kim into
01:40the living room or into our family room
01:42at 4 o'clock he got home early and I was
01:44sitting there watching Ellen DeGeneres
01:47looked at me and goes oh this is really
01:50not good it's sort of fairly not good
01:52and like as if on cue the next day Marc
01:55Andreessen called to see if I'd like to
01:56sit on the board of HP and I thought
01:59fabulous this is great what what could
02:01go wrong 12 minutes from my house
02:02incredibly while we're on company you
02:05know I'll be on the committee it'll be
02:06great fun well of course you know nine
02:09months later the company was in a big
02:11and at first I said no but was
02:14ultimately persuaded by the fact that
02:16companies like HP matter in my view they
02:18mattered to Silicon Valley I would argue
02:20they matter to California they matter to
02:22the United States and frankly they
02:24matter globally we are an incredibly
02:26important corporate citizen across the
02:29world in other for example were the
02:31second largest private employer in Costa
02:32Rica I think with the third largest
02:34private employer in the Czech Republic
02:36so it matters what happens to this
02:38company and I thought you know what
02:40maybe I can make a small contribution to
02:43reviving HP and its place in Silicon
02:46Valley and in the tech world so
02:47ultimately decided to take it on and in
02:50some ways the probably the biggest
02:52advantage I had was I was not a Freshman
02:54CEO had I been a freshman CEO I think I
02:57might have been completely overwhelmed
02:59by what happened here but the good news
03:01is I've been a CEO for 10 years I kind
03:03of knew how things worked I understood
03:05how Wall Street worked and I think was
03:08you know more effective than I would
03:09have otherwise been if this was my first
03:10rodeo and you've spoken about
03:13understanding what is going on right
03:15within an organization as you join it
03:17yes what was going right at HP what had
03:20to be fixed so I think this is a very
03:23good lesson for all of you when you find
03:25yourself in a new situation particularly
03:27in a senior leadership role and you're
03:28in a new organization your instinct is
03:31to go fix what's wrong right make the
03:33list of all the things that need to be
03:34fixed and go after them my advice now
03:37having done this on a number of times is
03:39go into an organization and figure out
03:40what that company's doing right and do
03:43more of it you'll eventually get to your
03:46into your fix-it list but if you come in
03:49and just talk about what's growing wrong
03:51you will lose hearts and minds so to
03:53your point I figured out immediately
03:55what the founder DNA was of HP and
03:58despite all the acquisitions all the
04:00board drama everything that had happened
04:02to this company the founder DNA from
04:04Bill Hewlett and Dave Packard had shown
04:06through and first of all it's an
04:08engineering innovation company that's
04:10who this company is and second we're
04:13partnering company the DNA of this
04:15company is very collaborative we sell
04:17for 150,000 VARs and so actually
04:21focusing back on collaboration on our
04:24channel partners was part of the success
04:27of the turnaround and then finally to my
04:29surprise this company cares a lot about
04:32social responsibility and this was bill
04:35a Dave were all about the environment
04:38we're all about giving back to
04:39communities before this was even
04:41remotely fashionable there was no term
04:43called social responsibility but it's
04:45interesting you can see it around the
04:47globe with HP people so we just went
04:49back to those three things innovation
04:51innovation innovation we focused it we
04:53increased our D and we let the engineers
04:56do their work and we pivoted hard back
04:58to partners so what had to be fixed so
05:01there were a number of things that had
05:03to be fixed first of all we have to win
05:06hearts and minds of HP people because
05:08you mentioned did four CEOs in the
05:11previous five years or six years and I
05:15will say that the workforce was
05:17reasonably jaded as you would be my
05:20first All Hands meeting we survey
05:23everyone at HP on everything all the
05:25time I think we're like Survey monkeys
05:26largest customer and the first survey
05:30was you know how do you think about the
05:32new CEO and the number one response was
05:35she seems nice dot dot dot
05:38meaning like how long is this one going
05:41to last and what is she going to do so
05:43we had to win hearts and minds of people
05:44and get them back on the boat and
05:46believing again in the future of HP so
05:48that was job number one number two is we
05:50had to align our cost structure with our
05:52revenue trajectory revenues were falling
05:56at sort of eight to ten percent and you
05:58cannot you cannot let that happen
06:00without making a pretty significant
06:02change to the fundamental cost structure
06:04of the company and then third is we
06:06weren't keeping up with innovation and
06:08so we had to actually focus innovation
06:10get HP Labs in gear again and attract
06:14talent and promote talent from within
06:17who could take us to the new you know to
06:19a new place from an innovation
06:20perspective so whether that was cloud or
06:22security or big data or the next
06:25generation of infrastructure or our next
06:27generation of services we had to we had
06:30to go about fixing this right away and
06:31frankly we had to unfreeze the frozen
06:34middle you know the challenge when you
06:36come into these companies is you
06:37can usually get your senior executives
06:39you either replace them or they get
06:41onboard the the early folks young career
06:45they're all over it they're like okay
06:46this is what we want to do it's what we
06:48call the frozen middle that you have to
06:50go figure out how you get them on board
06:52with the agenda that you're trying to
06:55achieve so those were some of the things
06:58then we had a few issues like the EDS
07:01write down the autonomy situation you
07:05know there was like a hundred sort of
07:07relatively I would say neither of those
07:09were minor problems but they were sort
07:11of tactical problems that had to be
07:13dealt with along with the strategic
07:14challenge of who was this company
07:16because you might remember right before
07:19I took over the previous CEO had said
07:21maybe kinda-sorta we were thinking about
07:22spinning the PC business so of course
07:25that led everyone in our community of
07:27buyers to ask the question what is HP
07:29strategy so that's the other thing we
07:31had to sort out in the first couple of
07:34months and then how did you go about
07:35doing some of these things so it was
07:38pretty challenging because many of you
07:40know my background in technology is more
07:42in consumer technology than it is in
07:44enterprise technology and HP for the
07:47most part is an enterprise company even
07:49our printing and PC business 2/3 of our
07:52printers and PCs are sold to business as
07:54opposed to consumers and so I had to
07:57learn the technology business from an
07:59enterprise perspective I needed to learn
08:01what we did I needed to get my arms
08:04around this vast company and so I tried
08:07a number of things first is you know
08:09assembled a sort of a group of people
08:11who I thought could help then I brought
08:13some people in from the outside who
08:14understood the industry like Scott
08:16McNealy then I sort of said ok well
08:18that's interesting now maybe I need some
08:21external consulting help and it was
08:24really a process over a couple year
08:26period to figure out what this company
08:29did well and then how to achieve the
08:31objectives and of course the ultimate
08:33decision lay in creating this separation
08:37of two companies I think most of you
08:39know we are separating Hill and Packard
08:40into two fortune 50 companies can you
08:43imagine there were two fortune 50
08:45companies embedded in HP HP Inc which
08:49will be our printer and personal
08:50systems business is a fifty seven
08:52billion dollar business and Hill at
08:54Packard Enterprise which is our data
08:56center business our server storage
08:58networking converged infrastructure
08:59cloud security software as well as our
09:03enterprise services business is also a
09:05fifty seven billion dollar company so
09:08that freeing of to be more focused to
09:11have a capital structure that is right
09:12for the market opportunities that both
09:15these companies face is going to be a
09:17big enabler of the two strategies that
09:20we've now crafted for HP Inc and he'll
09:22at Packard Enterprise so it's completely
09:25the right thing to do but by the way
09:26took a fair amount of courage to
09:29actually make that decision because
09:31there are the law of unintended
09:32consequences as you can imagine but we
09:36feel really good about it and so the
09:38separation occurs November 1st so knock
09:40on wood well guess it all separated just
09:44going back a bit the last time we were
09:46here you spoke about how early on
09:48perhaps you were not fully convinced
09:50about the ebay opportunity yeah
09:52what got you convinced that you had on
09:54your hands of inner yeah so I think many
09:57people know the story so I was at Hasbro
09:58running the preschool division which was
10:01Barney Arthur Teletubbies my personal
10:04favorite mr. Potato Head and minding my
10:07own business my husband was running the
10:09brain tumor program at Harvard's
10:10Teaching Hospital the Mass General which
10:13in the medical world is everyone sort of
10:17aspires to the Mass General
10:18the MGH the acronym is they'd like to
10:21say man's greatest hospital I would
10:23argue that there might be another one
10:24out on the west coast but in any case
10:26and I got a call from a headhunter about
10:29joining this no name Internet company
10:31called eBay and I said no I'm not moving
10:33my husband and two boys 3,000 miles
10:35across the company we're not doing this
10:36and he called back three weeks later and
10:38he said Meg I'm begging you to come meet
10:40with the founder and I didn't want to
10:43make the headhunter mad I thought I
10:45certainly do not want this job but I
10:46might want his next job and so I will
10:49put myself on a plane and so I came out
10:52and spent the day with Pierre Omidyar
10:54and Jeff Skoll and at the end of the day
10:58I called my husband from San Francisco
11:00Airport and I said hon we should do this
11:03the reason was what I saw in my long
11:06years in the consumer space if you can
11:09see two things in a company then you
11:12have liftoff number one is does that
11:16consumer product or service enable you
11:19to do something you could not do before
11:21in a real and meaningful way so in my
11:25program build a is white or white you
11:27know fresher breath cleaner teeth in a
11:29meaningful way but what I saw at eBay
11:33was it enabled people to make
11:36connections and to trade without regard
11:38to time and distance so for example if
11:41you used to be a collector of civil war
11:44memorabilia you could only do that in
11:46your town all of a sudden you could
11:48collect across the country and across
11:51it made an inefficient market efficient
11:53and there was price discovery through
11:56the auction format so that's one thing
11:58so I saw right away real meaningful
12:01things you could not do before and then
12:03I figured out people had made personal
12:06connections they had an affinity for
12:08eBay people had met their best friends
12:10on eBay they had connected over a shared
12:14you could argue eBay was the first
12:15social networking company because there
12:18was a deep connection over a shared area
12:21of interest and collectors were the
12:23first to come to eBay and collectors
12:25when you have a passion for something
12:27like glass or teapots or Barbies or
12:32whatever happens to me people think
12:33you're a little weird right
12:35you know not everyone understands a
12:37passion for teacups but when you find
12:39other people who love teacups then you
12:41have this incredible connection and so I
12:44saw real features and functionality and
12:46an emotional connection to the company
12:48and I said to my husband I said this
12:50thing is going to be big I never dreamed
12:51it would be as big as it was but I said
12:53this is what you look for in a career in
12:56consumer products and services a lot of
12:58us in the audience are moving from sort
13:01of non technology backgrounds into
13:03leadership positions and technology not
13:05unlike how you yeah has been into eBay
13:08but not a lot of experience in
13:10technology businesses what advice would
13:12you have for us who try to do that
13:14so I think a couple things one is
13:17business principles apply regardless of
13:20the industry you know I spend a fair
13:22amount of time with my CEO colleagues
13:24and we laugh because business is
13:26business honestly whether you are at
13:28Procter & Gamble at Twitter at HP at you
13:32know Wells Fargo Bank at caterpillar
13:34Tractor the principles are exactly the
13:36same what I will say in technology you
13:39need to be either end up as a deep
13:42technologist or you need to surround
13:44yourself with deep technologists because
13:47there is an element of being able to see
13:49around corners to be able to see what is
13:51next and so if you are not from a
13:55technology background and you're not an
13:57engineer you need to find the people in
13:59your organization who will help you plot
14:02the technology path and the technology
14:05vision and so that's probably the advice
14:08and then you've just got to ask the
14:10questions you know you cannot be
14:12embarrassed to ask question about
14:14something and and by the way the
14:17technologists will see what you're made
14:20of they will they will try to to sort of
14:23ferret you out as a pretender and so
14:26better not to be a pretender would be my
14:29advice I'll tell you a little story so
14:31there was the CI the CTO at eBay a
14:33really very talented guy named Mike
14:35Wilson who had written the second
14:37version of eBay who was Skippy on the
14:40boards at night was sort of the
14:42Community Builder and he was not
14:44entirely he was actually enthusiastic
14:47when I came but you might recall we had
14:49a very severe outage and eBay in June
14:5210th at 5 o'clock in 1999 I remember
14:55like it was yesterday
14:56anyway early on in my career before that
14:58at eBay um I was trying to figure out
15:01how much because we had outages all the
15:03time and I was trying to figure out how
15:04much capacity we had in the system and
15:07Mike didn't think about the question
15:10that way and didn't really want to
15:12answer the question in the way I was
15:14asking because I was saying I said I
15:15reverted to my shoe company experience I
15:17said ok if we had a shoe factory in
15:19South Korea the people could tell me
15:21exactly how many pairs of shoes we could
15:23get through this factory because well I
15:24don't think about it that way so we had
15:26sort of this little tussle
15:28then I get an email not too many days
15:31later that starts off by the title of
15:33the emails cookies meg is probably
15:36wondering if we're a baking company well
15:39okay I was like fit to be tied and and
15:43so that's where you actually have to
15:44take a stand you know and so it was one
15:47of those sort of seminal moments in you
15:50know where you have to basically push
15:51back and and lead regardless of what
15:54they're you know what the sort of the
15:56entrenched interests are trying to do
15:57and to Pierre Omidyar credit he was a
16:01defender all the way through that and so
16:03it also helps if you've got a founder
16:05technologist who is actually helping to
16:09remove this company into it into a new
16:10area right leading up to eBay is grad
16:14school PG Bain & Company
16:16yes nian Hasbro as we think about our
16:19phones jobs out of school what advice do
16:21you have for us yeah so listen I think
16:24it's a little different graduating from
16:26Business School today than it was in
16:271979 when I graduated from business
16:30school does it seem like a hundred years
16:31ago um first of all there was not the
16:35startup culture that there is today in
16:38Silicon Valley and in Austin Texas and
16:40in Boston Massachusetts I mean I don't
16:41think anyone really seriously considered
16:44starting their own company out of
16:45Harvard Business School or joining a
16:47start-up it just wasn't what you did it
16:49wasn't really in the menu of things and
16:51I think many of you will join a startup
16:54or start a company so back then what we
16:58were thinking was how do we get the very
17:00best training for a long career in
17:02business how do we like lay the pipe of
17:04things that we will need to know through
17:07a career and so that's why I chose to go
17:10to I was interested in marketing so I
17:11decided to go to what I perceived as the
17:13very best company in marketing and that
17:14was P&G because you have to remember I
17:16had no work experience between
17:18undergraduate and graduate school so I
17:21was all about the training and I have to
17:23say you know it's it's really quite fun
17:25because I now sit on the P&G board you
17:27know talk about coming full circle but
17:29what I learned at P&G has stood me in
17:32good stead till this day so I was all
17:34about going to the best companies to get
17:36the best training to prepare for what I
17:38believed would be a long career you know
17:40today if I was doing it I don't
17:41know what I would do I have to say my 9
17:44years of bein with some of the best
17:45experience I've ever had you know
17:48just learned everything about you know
17:50cost competition competitors you know
17:53strategy I mean again everything that I
17:56learned at Bain those nine years I have
17:58I employed deployed at eBay and also
18:01frankly at HP because we had to figure
18:03out what our strategy was so you know I
18:05think you have to sort of live in the
18:07times in which you graduate it's a very
18:09different environment than it was and
18:11you know listen it's hard to it's hard
18:15to know exactly what I did today because
18:17I don't see the I mean I see the
18:18opportunities that you have but it's
18:20that balance between showing up at a
18:22startup versus getting a little bit more
18:24laying a pipe that's going to sit set
18:26you up in good stead but the great thing
18:28about it is today is there's no harm no
18:31foul okay so you graduate from business
18:33school you join a startup and it doesn't
18:34work it's inconvenient but it's not the
18:39and you know when I joined eBay you know
18:42I said look what's the worst thing that
18:44can happen it doesn't work out and then
18:46I don't get another job so you know I
18:49think you have to have the appropriate
18:50level of risk-taking for your personal
18:52situation for your personality and for
18:55what the opportunities are this might be
18:57a good opportunity to perhaps pivot and
18:59talk a bit about your leadership
19:00philosophy do you have the reputation of
19:03someone who goes by the maxim run to the
19:05yeah don't hide from it yes what were
19:08the key factors when you were growing up
19:09that contributed to who you are today so
19:14you mean like K through 12 kind of
19:16growing up pretty much so listen I was
19:20probably that generation of women who
19:23was really at the at the beginning edge
19:27of women going to business school and
19:29frankly to law school and to medical
19:32school yes there were precursors to me
19:34but we were the first generation that
19:37that sort of arrived in real numbers and
19:39but real numbers is a relative thing my
19:42first year class at Procter & Gamble had
19:45a hundred brand assistants of which four
19:47were women and so my mother I think was
19:51very instrumental in convincing my
19:55and frankly my brother that we could
19:56actually do anything that we set our
19:58minds to and I'll tell you a little
20:00story some of you may have heard it so
20:02my mother during World War two really
20:05wanted to you know help with the war
20:07effort but there weren't just a ton of
20:09opportunities for women so she decided
20:10to join the Red Cross and they said this
20:13class of women we're going to deploy you
20:15to the you know the the Pacific to New
20:20Guinea and so she got on a troop ship
20:23from San Francisco to New Guinea with
20:25like a thousand women on a troop ship
20:27they get to New Guinea and the base
20:29commander greets this group of women and
20:31says hey we have a shortage of airplane
20:33mechanics and truck mechanics which of
20:35you would like to volunteer okay my
20:37mother had never looked under the hood
20:38of anything I promise you and but she
20:41sort of looked abandoned well seems like
20:43this is where the need is greatest and
20:45so she raised her hand and the long and
20:47short of this is four years later she
20:48was a fully certified airplane mechanic
20:50and a fully certified truck mechanic and
20:51she brought that to us as kids she said
20:54listen if I can figure out how to be an
20:55airplane mechanic you can do anything
20:56you want to do so I think it was that
20:59sort of encouragement and then I I have
21:02to say team sports was a really
21:05formative experience for me I played
21:06team sports from the time I was a little
21:09right through college and it was
21:11incredibly formative in terms of I think
21:14how I lead so the courage to take on
21:17anything was born very early and one
21:22would argue that that courage is a
21:25really important character I think in
21:27business you also have to be smart about
21:28it one could argue that the courage to
21:30run for governor was not Pro the most
21:32informed said of courage so you have to
21:35be you have to be careful but I think
21:37risk-taking was born early on I mean
21:39going to HP was a risk running for
21:41governor was a risk frankly going to
21:42ebay was a risk some of them worked out
21:45one of them didn't let's let's talk
21:49about that a bit yeah what led you do um
21:54what led you into politics and what did
21:57you learn when you didn't win yeah so
21:59let's see how much time do we have
22:00mom so what let me was that I'd always
22:04been interested in politics and had had
22:08my friend Mitt Romney's campaign so my
22:11boss had been in company for ten years
22:13was mitt and I guess he's coming here in
22:15three or four weeks um so I had watched
22:18him run for Senator run for governor and
22:20then ultimately run for president and
22:22then what he lost the first race for
22:24president city I'd been quite involved
22:25with his campaign and I signed on to
22:27John McCain's campaign as a business
22:28person and so I'd been interested in
22:30politics and then I saw what challenges
22:32this state faced it's hard to remember
22:34but in 2010 we had about a hundred and
22:36sixty eight billion dollar budget
22:37deficit the school system had degraded
22:39here dramatically still hat still is so
22:42in 1956 the public school system in
22:44California was number one rated in the
22:46country it's now number 49 out of 50
22:48states all kinds of challenges around
22:51water that we see today it was
22:53completely clear in 2010 that we had to
22:55take action around the infrastructure in
22:57water and so I thought given my business
23:00background given sort of the
23:02problem-solving nature of what we're all
23:04trained to do I actually thought that I
23:06could potentially be an example of the
23:08citizen democracy which is you go do
23:10something and then go into business go
23:12into politics and maybe go back so
23:14that's why I decided to do it and what
23:18did I learn okay lesson number one is
23:20you should probably not run as a
23:22Republican in a state that is largely
23:24democratic okay you actually need to do
23:28the math and then believe the mass so
23:33that was sort of one problem for those
23:37of you who are outside of California
23:38it's basically 60% Democrat 40%
23:41Republican there's a huge chunk of
23:44independence but the independents lean
23:45one way or the other so you sort of
23:46start with a challenge and then
23:49secondarily there is something to be
23:52said for people who have spent their
23:54career in politics I'm not arguing it's
23:57the right thing but just like I have
23:58spent my career in business and
23:59instinctively I know things by breathing
24:03because I've done it for so long when
24:04you were in politics there is instincts
24:07about that and I didn't have any of
24:09those instincts because I had never done
24:10it before and so I think it's just
24:13important to recognize that experience
24:15does matter here and have you noticed
24:17the politicians rarely answer directly
24:20the question that they are as
24:21it is not because they're bad people
24:24it's not because they don't know the
24:26answer to the question it's because
24:27there is no percentage in answering
24:29those questions because one way or
24:31another you're either gaining or losing
24:33votes and so there is a reason the
24:36politicians act the way they do as
24:38citizens it sort of drives us crazy
24:40I made some cardinal errors which I
24:43actually answered the question and so
24:45listen it was a terrific experience it
24:48made me much tougher I have a very thick
24:51skin for the press you know when I came
24:54to HP this is a great story there was a
24:57fair amount of criticism about me coming
24:59to HP in fact there was one headline
25:02that I remember which is Silicon Valley
25:04is howling with laughter that meg is the
25:07CEO of HP and the board who had asked me
25:10to do this was we had a board meeting
25:13that first day and so they're reading
25:14all this press and they're feeling a
25:16little bit badly for me and I'm reading
25:18the press and I said okay do not feel
25:21bad because this is the best press I
25:23have had in two-and-a-half years so it's
25:28all kind of relevant and it's all kind
25:30of you know relevant to what your frame
25:32of references and I will say we should
25:35be very grateful to people who run for
25:37office because it is the hardest thing I
25:38have ever done it is a hundred times
25:40harder than running HP on our worst days
25:43running for governor was much much more
25:46difficult so we should all celebrate our
25:49colleagues and people who are willing to
25:51put themselves forward because there is
25:53nothing like having your name on the
25:55ballot you can't actually imagine it
25:57until you do it it's a lot a lot of
25:59really really good learnings thank you
26:01and sitting back of it how did you think
26:04about building a personal brand
26:06throughout your carrier was that the
26:09conscious crafting process or it just
26:11happened by being authentic to who you
26:13are how's that work yeah you know I
26:15didn't think a lot about this I'm not
26:16sure when I graduated from business
26:18school there was this notion of a
26:19personal brand I just kind of went in
26:21and did the job that I was asked to do
26:23and I think I made a couple of decisions
26:26early which is an epi ng one of my first
26:30assignments when I arrived as a newly
26:33minted Harvard MBA was
26:36got how big the hole in the shampoo cap
26:38should be well and I'm thinking okay
26:41this is a shampoo company don't they
26:43have people who do this and this cannot
26:45be the first time that they are
26:47encountering this question and I almost
26:49went to my brand manager and said okay
26:51this is like a really stupid assignment
26:53and how about we just skip the
26:55formalities here and we get into
26:57something that is meeting I went home
26:59that night and decided better of it and
27:01I actually flipped over I said okay I'm
27:04gonna do the very best job that has ever
27:06been done figuring out how big the hole
27:08in the shampoo counter should be I did
27:10focus groups I did quantitative testing
27:12and I wrote the best memo that has ever
27:14been written on this particular subject
27:16and what it taught me was that sometimes
27:19you just need to buckle down and do what
27:22you are being asked to do particularly
27:24early on in your career even though it
27:25seems idiotic and what was really going
27:29on here is PMG was trying to teach us
27:30how to get things done at P&G
27:32right they did actually know the answer
27:33to the question but they were trying to
27:35teach you about how things got done
27:37about how to write memos about how
27:39quantitative analysis actually did yield
27:43I mean a lot of business problems do
27:45yield to analysis so I think the
27:48personal brand was perhaps just you know
27:51actually doing the very best job I knew
27:53how to do in it in overtime a reasonably
27:56authentic way because you are you guys
27:59are all who you are you know you will
28:01grow and you will change over the next
28:03decade or two but fundamentally you are
28:06who you are and you have to double down
28:08on those strengths there's a lot of
28:10consulting firms will say how do you
28:12shore up what is real weaknesses my view
28:14is you do have to have some competency
28:17and things that are not your core but
28:18actually what is your zone of genius
28:20what do you do really really well and
28:23often that is what you like to do and so
28:25actually sort of that authentic knowing
28:28what you love to do knowing what you're
28:29good at I would say was it wasn't part
28:33of my personal brand because I didn't
28:34think about it that way but that's
28:35actually in some ways what I fell into a
28:39lot more personal questions later
28:41you were married to array successful
28:43neurosurgeon you moved to Boston with
28:45your husband when he accepted the
28:47position in Massachusetts General
28:49later in your family move to California
28:51when you became the CEO of eBay how do
28:54you balance two successful careers in a
28:55family yeah so actually with lots of
28:59challenges this has really been
29:02interesting and quite a bit of fun but I
29:05will say in some ways it would have been
29:08easy if I had been married to a sculptor
29:11because that would have been a little
29:13bit more flexible and actually my
29:15husband and I laugh with each other
29:17because no sooner did one of us get
29:18traction at a job than the other one
29:20would have a brilliant idea about what
29:21they wanted to do and we used to say we
29:23spent much of the first 25 years of
29:25being married sabotaging each other's
29:27careers and so for example I was at
29:31Disney and I loved every minute of my
29:34four years at Disney I might still be at
29:37Disney but at that time my husband got a
29:39chance to run the brain tumor center at
29:41Mass General and he really wanted to do
29:43it and I really did not want to do it
29:45but sometimes in life you have to do
29:47things that you do not want to do so we
29:49picked up and moved back to Boston and
29:52you know you just kind of go with it and
29:55I have to give him credit because when I
29:58got the job at eBay I was pretty
30:00convinced that this is something that we
30:01should do but it was not obvious and so
30:05I so he said I know why don't you go out
30:07and see how it goes for six months I'm
30:10like no no no no no no we're not doing
30:11that actually I need you to see if you
30:14can find a job so he called up - the
30:18good news is there's only 3,000
30:19neurosurgeons in the whole country so
30:21they actually know each other so he
30:22called up Gary Steinberg who runs
30:24neurosurgery here at Stanford and a
30:26colleague up at UCSF and I know how this
30:29conversation went with Gary Steinberg
30:30which was my wife wants to go to this
30:33no-name Internet company you don't have
30:34a job do you any and this is where fate
30:40comes in what Gary said is you know what
30:42I'm opening a search for the head of the
30:43brain tumor program today you can have
30:44it if you will so it never actually
30:50so it's a little bit of luck and a
30:53little bit of courage and to my
30:54husband's credit we had at that time we
30:57had saved up about four hundred thousand
30:59dollars and what I did is actually took
31:03that money and invested it I actually
31:06bought my options out Eddie day and I
31:09said to Griff doesn't it seem like a
31:10little risky he goes listen we have much
31:12bigger problems than this if this job
31:14does not work out so you know so he was
31:18completely gay and until we moved out
31:21here and we lived in Oak Creek
31:22Apartments you know Oak Creek Apartments
31:24and it's we had a two-bedroom apartment
31:27and that second bedroom do any of you
31:29know those apartments the second bedroom
31:30is really small in fact the master
31:33bedroom closet is bigger than the second
31:35bedroom and our 13 year old lived in the
31:38master bedroom closet for a year because
31:39it was a bigger room and but I was our
31:4110 year old in the second bedroom in our
31:43teenager 13 year old in the master
31:45bedroom closet so you know you just do
31:48stuff and you know really it's just been
31:52great fun I know a lot more about
31:53medicine than I ever would have he knows
31:55a lot more about business and we just
31:56trained it off and you know you can't
31:59ever look back and say what it could
32:01have should've you know you just kind of
32:03go and you always have to remember this
32:05is a question we asked each other which
32:07is what is the worst thing that can
32:08happen okay it's like not that bad you
32:11get another job and and so that sort of
32:13sustained us but I have to say I mean
32:18there are many times where it was just
32:20wild in terms of raising two teenagers
32:22you know two boys tried to run you know
32:25the neurosurgery career or a business
32:27career I mean it was there were they
32:29were there are always trade-offs here
32:31and anyone who tells you that there are
32:33not trade-offs is either superhuman
32:35where they're not telling you the truth
32:36you can decide which one how do you how
32:39do you decide when you have Trados again
32:42you try to do the most important thing
32:44so what I concluded early on in my
32:47career was that it was very difficult to
32:49be the perfect wife the perfect mother
32:51the perfect CEO the perfect hostess the
32:53perfect charity person you cannot do
32:56this and I decided you know long ago
33:00that I would really focus on my job and
33:03and that I couldn't do a lot of these
33:05other things you know my said this many
33:08times my house does not look like Martha
33:10Stewart just left I mean it's you know
33:13everything's a trade-off if I could wear
33:14a uniform to work every day I would um I
33:17love Elizabeth Holmes do you know
33:19Elizabeth home she was exact same thing
33:21every single day I can completely relate
33:23to that you know you've got ten black
33:25turtlenecks ten black pants ten jet
33:27black jackets can you just change them
33:29out it's like brilliant I wish I'd
33:30thought of it oh that's good fashion
33:33advice so you know something has to give
33:37here and and then we would just make the
33:39decisions about what seemed to be the
33:42most important and we did make a rule
33:43that we tried one of us to be home every
33:45night for dinner Monday through Thursday
33:47and then we tried to all be home Friday
33:49Saturday Sunday and and we would only do
33:52things if the kids could come on the
33:54weekends so you know you just make
33:55trade-offs and you do the best you can
33:57and there's there's no perfect there's
33:59no perfect way to do it and I have many
34:00friends who were in my class at Harvard
34:02Business School in my class at Princeton
34:03who decided to stay home full-time and
34:07you know everyone has to make the
34:09decision that you need to make that's
34:10right for you and there's no textbook
34:12there's no manual you just have to kind
34:14of figure it out as you go along so it's
34:16hard it's hard but very fun this would
34:20be a good time to open up the floor to
34:21questions from the audience on Twitter
34:23we have two mics on this side and
34:27Michelle on the other if you have a
34:29question please raise your hand and keep
34:31your hands raised so that they can spot
34:33you you can also tweet your questions
34:36usually using hashtag GSB VFD T
34:38especially if you're up there and
34:40Caroline up front would ask those
34:42questions for you let's actually start
34:45with a question from Twitter so Meg you
34:49are often viewed as a trailblazer for
34:51women in leadership is it more difficult
34:55to be a woman in business and technology
34:58running for political office I would say
35:02Roman Roman for political office it is
35:05very very difficult and I'll tell you
35:09why and I as you know I'm a Republican
35:11but I have to happen to actually have a
35:14lot of regard for what Hillary Clinton
35:16because in business here's the grilling
35:20good news about business there are
35:22results okay every quarter you're
35:25gaining a losing market share you have a
35:26return on invested capital your sales
35:28are growing there is a there's something
35:30that you can anchor on in politics when
35:33you're running and frankly even when
35:35you're a politician the results are much
35:37less clear so I think it's easier for
35:41women and minorities and everyone when
35:43there are results that you can point to
35:45so I have to hand it to the women who
35:47are in politics because the results are
35:49not as clear and so therefore there can
35:51be the politics there can be the
35:53journalism or the reporters of opinion
35:55you know there's just it's not as clear
35:59and so I think that makes it much more
36:01difficult because actually in some ways
36:03I serve at the pleasure of the hill at
36:05Packard board and that board evaluates
36:08me based on the results you know I can a
36:10purple hair and do whatever but the
36:13results are the results and so that's
36:15why I think it's a bit more difficult as
36:17I you know sort of look at the landscape
36:19which is why I think you know you've got
36:21it you've got to actually hand it to a
36:23lot of these women in politics who've
36:24done really a remarkable job whether
36:26it's you know members of Congress here
36:28like you know zoloft grin or others
36:30they've really done a great job take a
36:33question there hi this is Sam from MSX
36:37program you had a chance to go back to
36:40like ten years ago what do you have done
36:42differently in competition with Baba
36:46so um I have the scars on my back from
36:50two real challenges first let me start
36:53with Japan because eBay is not number
36:57auctions is number one in Japan and the
36:59reason is is we have this very well
37:02publicized outage in as I said June of
37:041999 and we were all set to launch in
37:08Japan but then when the site crash we
37:10actually had to fix the United States
37:11and we were late launching to Japan and
37:14in many businesses like eBay like PayPal
37:17I would argue like uber like many of
37:19these are what's called Network effects
37:20that the more buyers you have the more
37:22sellers you have and so the first market
37:25often gets those Network effects and
37:27Yahoo beat us to Japan because we had
37:30so if I had to do that over again I
37:32would nail these technology issues much
37:34faster than we did the second is China
37:37and we bought a company in China called
37:40each net the good news for eBay was
37:42students like you when everyone saw
37:44eBay's trajectory a lot of Stanford
37:47Business School students and Harvard
37:49Business School students went home to
37:50their home country and started eBay
37:52look-alikes and actually as an aside a
37:56very funny story was Dan in Latin
37:58America there was a Harvard Business
37:59School group pitted against a Stanford
38:01Business School group the Harvard
38:02Business School company was dinner
38:04Monday and the Stanford Business School
38:06student was Mikado he braked
38:07and we went down to figure out who to
38:10partner with because we had an asset in
38:12that we'd acquired through an
38:13acquisition in Brazil or Argentina that
38:16we wanted to trade for an equity stake
38:17in the company and the Harvard Business
38:20School students said absolutely not we
38:22got this nailed we don't need you I pay
38:24the Stanford students were like where do
38:26we sign and today as you know that the
38:31Stanford Business School students just
38:32killed the Harvard Business School
38:34students just over which was hurtful to
38:37me but anyway the Stanford Business
38:41School students totally nailed it and
38:43and so then we bought a company called
38:45each net and we made one big mistake
38:48which is we should have left the each
38:50net platform on their own platform in
38:53China instead what we did is we put each
38:56net onto the global eBay platform
38:59because it had worked everywhere it had
39:01worked in Western Europe it had worked
39:03all of it we'd bought all these baby
39:04eBay's and basically migrated them to
39:06one common platform which had a lot of
39:08advantages one is cost second is speed
39:11to market because when you roll by it
39:13now you could roll it to 30 countries as
39:16opposed to do it incrementally but we
39:18made a mistake in China as we moved each
39:20net to the eBay platform and China is
39:23different and about the same time
39:25Alibaba ran into trouble because of the
39:28SAR virus and so they focused on Taobao
39:31and they had a uniquely Chinese platform
39:35and by the way they didn't charge
39:36anything for years and years and years
39:37and years and they just out executed us
39:40and so you know what I would have done
39:43actually left bow Shou in charge and
39:47owned the 30% of China that we also that
39:50we originally owned and let him do his
39:51own thing so that's really the lesson
39:54there and you know we we have a PayPal
39:58business there but the China business is
40:00miniscule so you know what if you look
40:03at Japan and China two important markets
40:05it's where we didn't didn't
40:07strategically actually do the right
40:09thing but it was not obvious at the time
40:11honestly so more power to Jack Ma what a
40:14remarkable franchise he has built and it
40:17is really in some way the combination of
40:19course of PayPal of eBay
40:21of Amazon I mean it's he's done a
40:23remarkable remarkable job why do we have
40:27high when you spoke about turning things
40:31around at HP you spoke about returning
40:33to the founders DNA and focusing on
40:34innovation what changes did you make to
40:37the company internally to really foster
40:39that innovation and be conducive to the
40:42employees taking charge so first of all
40:44we laid out the strategy really really
40:46quickly and we basically said these are
40:49the things we're going to do well we're
40:51going to make hard to do this but we're
40:52going to do these things really well so
40:53the first thing we did was actually
40:54increase R&D spending while we were
40:57reducing the cost structure of the
40:59company dramatically I mean for those of
41:00you who don't know we are down net
41:0255,000 people at HP from the fall of
41:072012 so while we were doing that we're
41:10actually increasing our investment in
41:12R&D and that was hard to do right
41:14because you've got to save so that you
41:15can invest in what actually matters so
41:17that was a really important thing
41:19the second was reimagine the culture of
41:22this company so many of you probably
41:24know about the HP way this was the
41:28original sort of codification of what
41:30the culture was at HP founded by Bill
41:33Hewlett and Dave Packard they were all
41:34over this HP way and we knew we had to
41:38reboot the culture but we didn't want to
41:40throw out what made this company great
41:42so we rebooted it we called it the HP
41:44way now because you can never go back
41:46you have to reinvent for the future but
41:49we knew we had to take the threads of
41:50what it made this company great so we
41:52rolled that out across the entire
41:53company and the second thing is we
41:56aligned the financial
41:57incentives to the strategy as it turns
42:01out and you all know this but
42:03particularly at big companies people
42:05actually focus on what they're being
42:08paid to do and you can wish it wasn't
42:11that way you can wish a lot of things
42:13but one of the things we did is we
42:15compensated the top couple hundred
42:17people on cash flow and we generated
42:20remarkable cash flow at this company in
42:22fact the repair of the balance sheet is
42:24sort of amazing we went from about
42:26eleven point nine billion dollars of net
42:29debt on the operating company to five
42:31point nine billion dollars of net cash
42:33in three years that allowed us to get on
42:36the front foot to be able to buy Aruba
42:38to be able to buy voltage and you'll see
42:40us do a lot more acquisitions because we
42:42have the balance sheet to do it and so
42:44had we not focused on cash flow and had
42:46we not paid the people who really had an
42:48influence on cash flow because as you
42:50know cash conversion cycle as day sales
42:51outstanding days payable and inventory
42:54and it was just amazing to watch this
42:57battleship turn and frankly that's a lot
42:59of the reason that our stock went from
43:01eleven dollars and sixty-two cents or
43:03whatever the low was to close to forty
43:05over Christmas now we have a different
43:07challenge which is foreign exchange
43:08which is a problem that every other big
43:10American company has not just in our
43:12industry but you've just got to focus on
43:15what are the most important things and
43:18how do you incentivize that so I would
43:20say increasing R&D spending focusing R&D
43:23spending celebrating the engineers
43:24celebrating innovation pivoting back to
43:27the customers and the channels and then
43:30you know focusing on the things that
43:32will make the biggest difference from
43:33the financial perspective because
43:35there's a sort of an interesting
43:36flywheel here which is if you can
43:38improve the results remember back to
43:40what I said to the other woman about
43:41results actually matter if you can
43:44improve the results that gives customers
43:46employees and the street confidence
43:48which enables you to sell more which
43:51enables you to do better which starts
43:54this positive flywheel going which
43:56allows you to and by the way the sort of
43:58external view of how well you're doing
44:00is the stock price so going from 11 or
44:0312 dollars to close to 40 made a big
44:06difference in sort of the esprit de
44:08corps we created 40 billion dollars of
44:11okay so we created Twitter LinkedIn
44:14maybe we created one of these in the
44:16last three years here and that gave
44:18people a lot of confidence including by
44:20the way our partners and our customers
44:22Kalin do we have a question from Twitter
44:26so mag another question from Twitter
44:29you've talked about reviving innovation
44:32and suggested that many alumni and
44:35people in this audience join startups
44:37how can startups actually collaborate
44:39with HP avowedly so we've just launched
44:43a program that we call Pathfinder which
44:45is how do we reach out into the valley
44:48to find the new startups that are
44:50complementary to what we're either HP
44:53Inc is going or Hill at Packard
44:54Enterprise is going and how do we either
44:59create you know an investment
45:01opportunity that would be good for
45:03startups or the thing that HP does
45:05really well is our go-to-market I
45:07mentioned we sell through 150,000 VARs
45:10we're in 170 countries and we have a
45:12direct selling force that is actually
45:15second to none so what we're now trying
45:17to do is reach out into the valley
45:19because we're here and now we're healthy
45:21enough to do it to make sure that we've
45:24got the right relationships with the
45:26venture community and with startups so
45:28to the extent there are startups that
45:30are enterprise focused on the Hewlett
45:32Packard Enterprise side or 3d printing
45:34focused on the on the other side how do
45:36we make the investments and then decide
45:39when it might be the right thing to open
45:41now we can't go to market with lots and
45:44lots of startups you know we've got a
45:46huge portfolio we've got to sell but
45:48every once in a while we can make a bet
45:49on a startup that enables them to be
45:51part of a solution that we sell and
45:53allows the startup to take advantage of
45:55our go-to-market so that's the way we're
45:57thinking about it and for the first
46:00couple of years there's when you do a
46:03turnaround there is pacing and
46:05sequencing there is only so much a
46:07company can do even a company as big as
46:10HP if you do not focus on the small
46:12number of things that matter you are not
46:15going to turn your your enterprise
46:17around and so wow this was something I
46:20wanted to do when I first got here it
46:22was literally all hands on deck
46:24on a small number of things to make sure
46:26that we got the turnaround under way so
46:28those that's you know that's how we're
46:31sort of hoping we're going to tap into
46:32this ecosystem and ultimately they're
46:35you know we as I said we have got to
46:37acquire more innovation than we do today
46:40listen organic innovation will always be
46:42number one but we have to be more
46:43acquisitive I think as a technology
46:45company in one of the greatest
46:46technology dislocations I've seen in my
46:49I shall get it ingress Meg thank you for
46:53your time my name is Kristen I'm a
46:55second year MBA student here earlier you
46:57talked about give an example about how
46:59one can do to lose hearts and minds I
47:02was wondering can you talk about how one
47:05can do to win hearts and minds
47:07specifically do you think the purchase
47:09need to be different when you starting
47:11out your career post MBA as a junior
47:13person versus someone in the senior
47:15position thank you so it's a very good
47:18question um so listen I think how you
47:20win hearts and minds and how you become
47:22a trusted colleague is the same when
47:24you're the CEO is when you're a new
47:25person and that is do what you say
47:26you're going to do and one of the very
47:29first things I said I was going to do at
47:31HP was I was going to figure out whether
47:32we should sell this PC Group and we're
47:34going to do it in 30 days and I did and
47:38so there was very early on it was here's
47:41set him up knock him down and I my
47:43advice to all of you is say what you're
47:45going to do if you join a startup or you
47:46join an established company say what you
47:48mean mean what you say and get it done
47:50without a lot of stuff and so that's the
47:55first thing the second is and this alert
47:57from politics when you are trying to win
48:00hearts and minds of a big company like
48:02HP there's something unlearned in
48:04politics and that is called symbolic
48:06value so you might remember when Jerry
48:08Brown won the election he did something
48:11actually that at first I thought was not
48:12very smart and then I thought it was
48:14you might recall he decided to take away
48:17cell phones from about half the civil
48:19servants in the in the name of narrowing
48:24the budget gap in the state of
48:25California okay the intellectual the
48:27left-brain meg said that is the dumbest
48:30thing I've ever seen
48:31the cell phone budget for the state of
48:33California is 0.001 percent and will not
48:35make a difference but actually what he
48:38getting to the electorate is I'm on it
48:40and if you had asked a citizen in the
48:43state of California when he did that
48:44they would have said jarred brownies on
48:45this cost thing he is taking cell phones
48:47away from the civil servants one could
48:49argue you should have unplugged the
48:50landlines but doesn't matter the point
48:53was he had a lot of symbolic value watch
48:55politicians so much of what they do is
48:57symbolic value the State of the Union
48:59address the guests that the president
49:01has in the gallery is all symbolic value
49:04so I learnt that so when it came to HP I
49:07said what is the thing that we can do
49:08that will show the company that this is
49:11going to be different and the very first
49:12thing we did is tore down the executive
49:14parking lot with the commando fence and
49:16the barbed wire around it and everyone
49:19walks in the front door just like
49:21the second thing we did is I tore out
49:22all the wood paneled offices in the
49:25executive area of HP and we all sit in
49:27cubicles just like every other cubicle
49:29worldwide in HP and we never actually
49:32had to publicize this 330,000 HP people
49:35knew this within about thirty two and a
49:37half seconds and so it's not substantial
49:40ok ripping out the cubicle or ripping
49:43out the wood paneled office didn't
49:45actually do anything it just showed the
49:49kind of company that we wanted to run
49:50and so this symbolic values I think are
49:53really really important now it does not
49:55substitute for delivering the results
49:57but you're trying to win hearts and
49:59minds fast you're trying to show that
50:01this is a different thing
50:02and results take a while to turn right
50:04so you've got to sort of say hey here's
50:06the kind of company that we want to be
50:07and celebrating some of the early
50:10innovation one of my executives when I
50:13got there had actually gone out to HP
50:15labs and said what do you got and we
50:18found some incredible things in HP Labs
50:20we celebrated those and we brought them
50:22to market really fast so the other thing
50:25I would advise when you are running a
50:27company or doing a turnaround is early
50:31so when eBay bought PayPal PayPal was
50:34not entirely thrilled to be bought by
50:36eBay back in the day and so what we did
50:39is we immediately integrated the PayPal
50:41functionality into the largest
50:43marketplace in the world and what
50:44happened of course is PayPal volume went
50:46through the roof and so the PayPal
50:49people said wow this is furthering our
50:52this is making PayPal more successful
50:54being part of eBay is making my job more
50:56fun making the company more successful
50:58so that early win is really really
51:01important and we're running that play
51:03again with a ribeye so how do we make
51:05sure that the aruba team who is actually
51:07quite thrilled to be part of HP but how
51:09do we get early wins for Aruba how does
51:11the Aruba team feel and six months from
51:13Wow being part of HP was fantastic for
51:16us so that's the kind of thing that you
51:18think about I'm going to be selfish yes
51:20slip in a last question sure
51:22this question has become a more recent
51:24view from the top tradition and every
51:26ethnic inter Stanford GSB is asked to
51:28fill an answer for this question their
51:30essays so here is it what matters most
51:33to you and why yeah so listening I bet
51:40there's a hundred answers to this
51:41question but in the end the thing that
51:44matters most to me and if you think
51:46about it I bet matters most to you which
51:48is your family and your extended network
51:51of friends in the end that is super
51:54important so while we get wrapped around
51:57the axle of doing whatever we're doing
52:00it is really important to remember that
52:02that's what matters most I'll say the
52:05other thing is perspective and this has
52:08been one of the delights of being
52:09married to a neurosurgeon okay what we
52:12do in business is important it's
52:14incredibly important it's important to
52:16the employees of HP to our VARs but no
52:18one gets hurt at HP no one dies and so
52:22remembering what's really important is I
52:26think critical and I'll tell you a
52:28little story which I've told on a number
52:30of occasions so one of my closest
52:32friends from Harvard Business School who
52:34was in my section had a great career in
52:37Los Angeles and has two children who are
52:39about the same age as my children and
52:41her 24 year old went into the green
52:43berets and was killed in Afghanistan in
52:45June so when things seem pretty tough
52:49remember your 24 year old did not get
52:52killed in Afghanistan so I think you've
52:55just got to remember what actually
52:56matters here and it's great to be
52:59wrapped up in work it is terrific but in
53:01the end that is the perspective of what
53:04is really really important here
53:06honestly and I will say when I lost the
53:08governor's race it was hard to have that
53:10perspective because it's what it could
53:13have should have if I'd done this if I'd
53:14done that you know maybe it would have
53:15turned out differently in the end
53:18nothing really bad happened I lost the
53:20governor's race and you in you know my
53:22family was intact my husband was a
53:25menial you just have to remember and
53:26then last but not least I would say your
53:30reputation you have to be known as high
53:33integrity doing what you say saying what
53:36you mean because everything can go away
53:38and if you still have your integrity
53:39intact and so often an eBay of HP you
53:43know I often ask what is the right thing
53:46to do here and it's challenging because
53:49the right thing to do is quite different
53:50in different cultures and I always used
53:52to say to our teams it may be different
53:55in different countries but if your
53:57mother or your father or someone you
53:59love your children were reading the New
54:01York Times and they knew what you were
54:04would they be proud or if they were
54:06sitting in the eve of the conference
54:07room watching the decision-making
54:09process would they be proud of you and
54:11that's the ultimate question whether
54:14you're you know from Asia or from Latin
54:17America or for Europe usually having
54:20that notion of what would your parents
54:21think transverses all those cultural
54:24norms about what's acceptable and what's
54:26not so I think those are those are the
54:29three things that I'd point to right
54:30away thank you so much from you
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