WEBVTT NOTE This file was generated by Descript 00:00:04.050 --> 00:00:05.560 VictoriaM: Hi, this is Victoria Meyer. 00:00:05.875 --> 00:00:09.875 Welcome back to The Chemical Show where Chemicals Means Business. 00:00:10.535 --> 00:00:17.064 Today, I am bringing you a short episode that includes five key leadership lessons 00:00:17.265 --> 00:00:19.985 learned on day one of The Chemical Summit. 00:00:20.185 --> 00:00:24.244 So as you guys know, The Chemical Summit was held on October 8th and 9th. 00:00:24.245 --> 00:00:28.325 The feedback was, and this is just a snapshot: Outstanding! 00:00:28.615 --> 00:00:29.625 Enlightening! 00:00:29.714 --> 00:00:30.384 Insightful! 00:00:30.884 --> 00:00:32.415 So lots of great things. 00:00:32.505 --> 00:00:37.035 If you missed it and you're feeling sad or a little bit FOMO, you know, 00:00:37.035 --> 00:00:42.005 fear of missing out, don't worry, head on over to thechemicalsummit.Com 00:00:42.465 --> 00:00:44.475 and get your Virtual Ticket. 00:00:45.054 --> 00:00:46.985 We are making available to you. 00:00:47.625 --> 00:00:51.435 Um, the ability to access recordings of our speakers and panelists, 00:00:51.504 --> 00:00:55.065 plus any slides or contents that they shared as well as some of 00:00:55.065 --> 00:00:58.195 the snippets of conversation that happened during the event. 00:00:58.805 --> 00:01:02.665 You're going to have the ability to connect with other leaders in our 00:01:02.665 --> 00:01:05.159 exclusive Chemical Summit Community. 00:01:05.950 --> 00:01:11.680 And the opportunity to gain actionable insights to move your personal 00:01:11.680 --> 00:01:14.900 leadership and your business forward. 00:01:15.440 --> 00:01:18.160 Day One of the Summit covered a lot of ground. 00:01:18.490 --> 00:01:24.230 We started with Leon DeBruyn, CEO of Lummus Technology, talking about 00:01:24.230 --> 00:01:30.410 Lummus's transformation journey and we ended with Bonnie Tully, Chief Operating 00:01:30.410 --> 00:01:35.210 Officer of Evonik North America, talking about culture, leadership, and more. 00:01:35.649 --> 00:01:39.920 In between, we had some great speakers on Digitization, AI, 00:01:40.275 --> 00:01:44.895 Marine Supply Chain and Sustainability, and even more importantly, and this 00:01:44.895 --> 00:01:50.425 is the thing that I can't bring to you in a podcast episode is the buzz 00:01:50.475 --> 00:01:56.445 of conversation and connections that were taking place across the attendees. 00:01:56.935 --> 00:02:00.065 What people have said is it was one of the best chemical conferences 00:02:00.085 --> 00:02:03.055 that they've ever attended, that they love the connections. 00:02:03.385 --> 00:02:04.475 And that it was friendly. 00:02:04.505 --> 00:02:06.795 And frankly, that's what The Chemical Summit is all about. 00:02:07.224 --> 00:02:09.815 Thought Leadership, Connections, and Insights. 00:02:10.014 --> 00:02:13.115 So today I'm bringing you some nuggets from Day One of the Summit. 00:02:13.474 --> 00:02:17.075 Again, you can go back and you can, um, get access to a Virtual Ticket 00:02:17.075 --> 00:02:20.445 and get some of the recordings and downloads from our speakers. 00:02:20.865 --> 00:02:21.565 And. 00:02:22.175 --> 00:02:23.275 Sign up for next year. 00:02:23.365 --> 00:02:26.085 We've got our early pass already available, so you 00:02:26.085 --> 00:02:27.785 definitely don't want to miss it. 00:02:28.335 --> 00:02:28.995 Here we go. 00:02:29.185 --> 00:02:35.024 Five key leadership lessons that, um, attendees gained, not just me, 00:02:35.055 --> 00:02:38.474 I asked for some feedback from other attendees of The Chemical Summit that 00:02:38.484 --> 00:02:42.765 they gained from our speakers and from the conversations in the room. 00:02:43.185 --> 00:02:46.925 So first of all, In times of major challenge and 00:02:46.925 --> 00:02:49.005 transformation, create a war room. 00:02:49.585 --> 00:02:55.525 Um, and when your back's against the wall, there is no time for indecisiveness. 00:02:55.995 --> 00:02:57.815 Trust your gut and keep moving. 00:02:58.235 --> 00:02:59.984 We heard this from Leon DeBruyn. 00:03:00.005 --> 00:03:04.795 And in fact, um, Leon shared a lot of the story of the transformation that, 00:03:04.795 --> 00:03:10.140 um, Uh, Lummus has gone through when it went private in 2020 in the midst of 00:03:10.140 --> 00:03:17.859 COVID to where it is today and turning it into a dynamic, innovative organization. 00:03:18.450 --> 00:03:21.299 I'm going to give you a clip of some of Leon's speech right here. 00:03:22.391 --> 00:03:24.581 Leon: And suddenly we had to sell our company with conditions. 00:03:24.581 --> 00:03:30.841 So the moment I was able to get past that initial shock, I started to plan. 00:03:31.591 --> 00:03:33.151 Wartime leadership. 00:03:34.011 --> 00:03:38.981 If you're, if you have your back against the wall, there is no time for 00:03:38.991 --> 00:03:41.621 efficiency and making everything perfect. 00:03:42.011 --> 00:03:43.181 You want to be direct. 00:03:44.081 --> 00:03:45.991 Efficacy matters in that situation. 00:03:46.561 --> 00:03:51.351 So what, what we did immediately was we combined a team, five, six head team 00:03:51.961 --> 00:03:57.111 of people that I knew they would take a task and it would just run forward. 00:03:57.271 --> 00:04:00.771 And I also knew that the rest of the company would continue to operate because 00:04:01.121 --> 00:04:05.101 if you're selling your company and you're having, you're having to meet with banks 00:04:05.101 --> 00:04:10.511 and tell your story a hundred times, literally a hundred times to acquirers, 00:04:11.301 --> 00:04:12.371 you still have to run your company. 00:04:13.751 --> 00:04:15.541 You still have to make money because if you don't. 00:04:16.041 --> 00:04:18.541 You sell a company that suddenly has completely deflated. 00:04:19.471 --> 00:04:20.901 So that was the situation we were in. 00:04:20.931 --> 00:04:21.821 We did that. 00:04:21.821 --> 00:04:23.911 We formed this war team in the war room. 00:04:24.441 --> 00:04:25.631 And we got help. 00:04:25.701 --> 00:04:27.961 There was an investment bank that run this process, etc. 00:04:29.731 --> 00:04:34.301 What I did not realize, and this may be my boring engineering background, 00:04:34.861 --> 00:04:36.911 is people started to leave the company. 00:04:36.911 --> 00:04:39.541 And of course that makes sense, but we didn't think of it. 00:04:39.541 --> 00:04:43.651 So we suddenly had to face, how do we retain the top talent? 00:04:44.446 --> 00:04:47.216 How do we retain the tenant that's going to take the company forward? 00:04:47.606 --> 00:04:50.576 So all of a sudden, it was not just two tasks, now there was a third task. 00:04:51.686 --> 00:04:55.656 And this is again where I think wartime leadership matters. 00:04:56.026 --> 00:04:59.126 You gotta meet with the people, you gotta talk with them, you gotta hear 00:04:59.126 --> 00:05:04.086 from them what motivates them to stay and what's the longer term story. 00:05:04.486 --> 00:05:08.586 It forced us to think about what's the longer term story for us, get 00:05:08.626 --> 00:05:12.096 past that problem of selling in the company, but what's our future? 00:05:12.201 --> 00:05:16.501 VictoriaM: The other nugget of advice that came out of this was don't swim in 00:05:16.511 --> 00:05:19.241 the data, swim where you want to succeed. 00:05:19.251 --> 00:05:25.401 So we've heard that actually from Leon, but also in our Digitization and AI panel. 00:05:25.951 --> 00:05:28.951 And I'm going to give you a snapshot of that panel right here. 00:05:28.951 --> 00:05:31.861 And then lastly, is that sort of high frequency monitoring. 00:05:31.861 --> 00:05:36.381 And that you can apply that to, think of market sentiment, but you can think of 00:05:36.381 --> 00:05:39.911 it as, you know, running your operations where you've got like inventory tolerance. 00:05:39.991 --> 00:05:44.011 So you can apply it right across the So you start there and say, 00:05:44.061 --> 00:05:47.521 that's what I'm trying to achieve, that's why AI deserves to win. 00:05:47.851 --> 00:05:50.281 Then you go back and say, right, what the hell do I need? 00:05:50.761 --> 00:05:53.711 And if you tie that all the way back to data, then you start 00:05:53.711 --> 00:05:55.671 saying, right, what data do I need? 00:05:55.681 --> 00:05:58.251 What type of data processing capability do I require? 00:05:58.251 --> 00:06:00.371 What type of data modeling do I require? 00:06:00.951 --> 00:06:04.071 And then you start getting back to those definitions that I was confused with 00:06:04.071 --> 00:06:08.371 earlier of, right, now I understand what data I need, what data products I need, 00:06:08.371 --> 00:06:11.341 what data models I need, because I'm trying to stitch to something at the end. 00:06:11.931 --> 00:06:12.271 So that's. 00:06:12.631 --> 00:06:15.141 You know, from my lens, that's how I've looked at that question is, 00:06:15.381 --> 00:06:18.731 to make sure we harness the data and make sure that it's productive, 00:06:19.031 --> 00:06:20.281 is don't swim in the data. 00:06:21.321 --> 00:06:22.641 Swim where you're trying to succeed. 00:06:23.801 --> 00:06:28.721 Our third leadership lesson comes from our marine supply chain panel, which 00:06:28.721 --> 00:06:33.371 talked about navigating Uncertainties and if any of you are following what's 00:06:33.371 --> 00:06:38.041 going on in the maritime shipping world and how it affects Chemical supply 00:06:38.051 --> 00:06:43.091 chains, you know, and if you're not paying attention You need to start. 00:06:43.461 --> 00:06:48.501 So the lesson that came out of this was the importance of partnering inside 00:06:48.501 --> 00:06:53.401 your firm and across your stakeholders and value chains to find solutions. 00:06:53.411 --> 00:06:57.981 And in fact, as you know, when we talk about marine supply chain, This is a 00:06:58.021 --> 00:07:04.481 globally connected business and what's happening in other regions dramatically 00:07:04.481 --> 00:07:09.421 affects what's happening in North America, in Asia, in Europe, elsewhere. 00:07:09.431 --> 00:07:11.881 We're connected and you need to know what's happening. 00:07:12.261 --> 00:07:16.631 And the way you know what's happening is to connect, connect, engage, 00:07:16.641 --> 00:07:18.531 and partner across the value chain. 00:07:18.791 --> 00:07:22.961 Here, I'm going to snip it from Eric Carrero, who is the president 00:07:23.011 --> 00:07:24.661 of the Greater Houston Port Bureau. 00:07:25.851 --> 00:07:30.281 Eric Carrero: And we learned that actually Texas is very important to Panama because 00:07:30.281 --> 00:07:31.771 of the trade that they have with us. 00:07:31.781 --> 00:07:35.651 So when this delegation, we engaged and we went to Panama for a few 00:07:35.651 --> 00:07:39.431 days, they were able to talk to us and explain to us what happened. 00:07:39.771 --> 00:07:42.301 Last year was El Nino event. 00:07:42.761 --> 00:07:46.501 Uh, the first time they were using the new locks on their El Nino event. 00:07:46.511 --> 00:07:48.171 So they had less rain. 00:07:48.301 --> 00:07:51.401 So these locks, they were taking more water. 00:07:51.641 --> 00:07:53.301 For the vessel when they were transiting. 00:07:53.421 --> 00:07:57.371 So because of that, then they had an issue with the water, right? 00:07:57.681 --> 00:08:02.891 This year is La Nina event, which means that more rain, more water, 00:08:03.011 --> 00:08:06.951 no issues, but they mentioned to us, we want to be prepared for the 00:08:06.951 --> 00:08:08.941 next El Nino event in five years. 00:08:09.011 --> 00:08:10.201 So what are they doing? 00:08:10.421 --> 00:08:11.771 They're investing 1. 00:08:11.821 --> 00:08:16.391 7 billion in the next four years to take water from a reserve 00:08:16.521 --> 00:08:18.101 that they already identify. 00:08:18.421 --> 00:08:21.151 And they're going to be bringing that water into the Panama canal. 00:08:21.386 --> 00:08:23.396 Because they know transits are going to increase. 00:08:23.876 --> 00:08:25.226 Uh, we're not going to slow down. 00:08:25.266 --> 00:08:28.406 We need to get our vessels all the way out to Asia. 00:08:28.426 --> 00:08:30.056 Because the market, like I said, is growing. 00:08:30.276 --> 00:08:31.316 So they are prepared. 00:08:31.326 --> 00:08:34.116 Once again, it's the importance of being proactive. 00:08:34.146 --> 00:08:36.116 The importance of being engaged. 00:08:36.446 --> 00:08:37.986 Uh, it was an issue for us. 00:08:38.056 --> 00:08:39.306 Engaged with my members. 00:08:39.576 --> 00:08:40.186 We went. 00:08:40.356 --> 00:08:41.016 We conquered. 00:08:41.536 --> 00:08:42.646 And I'm proud to say that. 00:08:42.936 --> 00:08:47.136 We are, we cannot remain, just wait to see what's going to happen. 00:08:47.146 --> 00:08:49.346 While the rest of the nation was waiting to see what's going to 00:08:49.356 --> 00:08:50.546 happen with the Panama Canal. 00:08:50.926 --> 00:08:51.686 50 of us. 00:08:52.046 --> 00:08:54.396 We went and we had a great time. 00:08:54.606 --> 00:08:56.226 We actually met with the U. 00:08:56.226 --> 00:08:56.356 S. 00:08:56.386 --> 00:08:58.096 Ambassador in Panama. 00:08:58.096 --> 00:08:59.376 We went to the residents. 00:08:59.416 --> 00:09:00.536 We had a great evening. 00:09:00.716 --> 00:09:03.396 And that's something that we want to continue to do every year. 00:09:03.466 --> 00:09:05.906 Once again, we want to start knocking that door. 00:09:06.026 --> 00:09:07.606 We don't want them to forget about us. 00:09:07.966 --> 00:09:10.146 The importance is we need to be proactive. 00:09:10.786 --> 00:09:14.396 VictoriaM: Our fourth leadership lesson comes from our sustainability 00:09:14.396 --> 00:09:18.556 panel chaired by Karen Krchnak of the American Chemistry Council. 00:09:18.926 --> 00:09:24.386 In that panel, we talked about the importance of being good stewards 00:09:24.416 --> 00:09:26.026 and building community partnerships. 00:09:26.766 --> 00:09:32.306 Your best community engagement strategy is to engage and partner with your fence line 00:09:32.706 --> 00:09:34.236 and surrounding communities around you. 00:09:35.546 --> 00:09:42.366 Build goodwill, build strong relationships such that if, and we 00:09:42.366 --> 00:09:46.516 hope this never happens, but if there is an incident that occurs, that that 00:09:46.536 --> 00:09:48.796 goodwill is there, that they are there. 00:09:49.126 --> 00:09:54.346 Your partners across the fence line in your community are there to support 00:09:54.346 --> 00:09:56.071 you in good times and bad times. 00:09:56.291 --> 00:09:57.641 And when not so good. 00:09:57.921 --> 00:10:02.011 So, you know, ultimately we're focused in on sustainability and building 00:10:02.021 --> 00:10:06.181 good sustainable relationships and good safe practices in our 00:10:06.181 --> 00:10:08.201 facilities and with our communities. 00:10:08.611 --> 00:10:14.241 And one of the keys with this is building a strong community engagement early. 00:10:16.226 --> 00:10:20.556 Our fifth leadership lessons is comes from Bonnie Tully. 00:10:20.556 --> 00:10:25.496 And I heard so many great things from people about the conversation, the 00:10:25.496 --> 00:10:27.746 Fireside Chat that Bonnie Tully and I had. 00:10:28.156 --> 00:10:34.306 And one of the biggest takeaways that people had was around conflict resolution. 00:10:34.646 --> 00:10:35.156 And. 00:10:35.451 --> 00:10:40.891 Um, basically Bonnie was talking about an inflection point that the 00:10:40.891 --> 00:10:42.481 facility in Singapore was having it. 00:10:42.491 --> 00:10:44.001 She was out there starting up. 00:10:44.351 --> 00:10:46.491 It'd gone through construction and startup, and then it was 00:10:46.491 --> 00:10:49.321 moving into steady state, which is a huge inflection point. 00:10:49.941 --> 00:10:54.341 In the message that Bonnie shared with us was when your organization 00:10:54.351 --> 00:10:58.541 is at an inflection point, expect some conflict, right? 00:10:58.811 --> 00:11:03.021 It's a very natural thing, but you have to solve that conflict. 00:11:03.291 --> 00:11:07.671 And she had a really great suggestion that worked and she 00:11:07.681 --> 00:11:12.611 has applied it several times to solve the largest group conflicts. 00:11:13.041 --> 00:11:16.971 Focus on the small one to one conflicts. 00:11:17.241 --> 00:11:21.141 And in fact, they brought in a mediator and had a series of one on 00:11:21.141 --> 00:11:27.211 one engagements, which completely turn the organization around when you move 00:11:27.221 --> 00:11:31.731 from the biggest to the smallest and focus on frankly, controllable things, 00:11:31.951 --> 00:11:37.571 the rest will shake out and that allows for success and opportunity and more. 00:11:37.681 --> 00:11:41.991 So those are the 5 leadership lessons that we've got today from 00:11:42.001 --> 00:11:43.821 Day 1 of The Chemical Summit. 00:11:44.201 --> 00:11:45.471 I hope you've enjoyed this. 00:11:45.581 --> 00:11:46.791 Stay tuned next week. 00:11:46.791 --> 00:11:50.571 We're bringing you some leadership lessons from day 2 of The Chemical Summit. 00:11:51.191 --> 00:11:55.201 And if you're interested in hearing these speeches and hearing what these 00:11:55.201 --> 00:11:59.111 leaders talked about, head on over to thechemicalsummit.Com where you 00:11:59.111 --> 00:12:03.871 can buy a Virtual Ticket and get access to the recordings and more. 00:12:04.121 --> 00:12:05.931 So thank you for listening today. 00:12:05.981 --> 00:12:08.931 Keep listening, keep following, keep sharing, and we will 00:12:08.931 --> 00:12:10.701 talk with you again soon.