In the competitive landscape of corporate leadership, few executives possess the transformative vision of Jack Truong. Throughout his remarkable career spanning over three decades at industry giants including 3M, Electrolux, and James Hardie, Truong has consistently demonstrated an exceptional ability to revitalize underperforming divisions and companies, often increasing value by 200-400% within just three to four years.
What’s his secret? According to Truong, it’s his rigorous application of the 80/20 rule – the principle that 20% of operational factors drive 80% of a company’s value. “As a CEO, you want to make the biggest impact, so that means making decisions based on the 80/20 rule,” Truong explains. “You can only know the 80/20 when you have a view of what’s going on with your business.”
Truong’s approach begins with immersion. Unlike many executives who remain office-bound, he dedicates his first 100 days to understanding his business from the ground up, spending 80% of his time in the field. “You want to see how consumers use your products. That’s very important,” he emphasizes. This comprehensive understanding allows him to identify the critical 20% of factors that will drive transformation.
According to CEO World, Truong’s implementation of this principle at James Hardie Industries resulted in extraordinary growth, increasing market capitalization by more than $13 billion (up 370%), organic annual revenue by more than $1 billion (up 45%), and net profits by more than $260 million (an 85% gain) in just three years.
Beyond identifying strategic priorities, Truong emphasizes the importance of organizational alignment. “As a CEO, you have to make sure that your direct reports are really coming together and saying, ‘This is our strategy, this is how we’re going to execute together,'” he notes. This alignment ensures that marketing, sales, and production all focus cohesively on strategic priorities.
Truong’s leadership philosophy, which he calls “the foreman and Norman,” creates an environment where all team members can voice their opinions before the CEO makes final decisions. This consensus-building approach has been crucial to his success, as highlighted by BOSS Magazine.
Jack Truong’s profile on F6S showcases his impressive career trajectory and innovative mindset that has earned him recognition as one of the Elite Influencers to Watch in 2024.
His tenure at 3M exemplifies his transformative capabilities. When the rise of smartphones threatened to make Post-it notes obsolete, Truong’s market research led to the development of Super Sticky notes that could adhere to vertical surfaces, ensuring the product remained relevant in the digital age.
Truong also recently shared valuable insights on the housing market in a podcast with The Street, demonstrating his broad industry expertise.
What separates Truong from many executives is his commitment to making informed, decisive decisions rather than delaying difficult choices. “There’s a lot of leaders out there that are afraid to make those tough decisions,” he observes. “When they’re not making tough decisions, they delay, and that’s when business falters.”
As industries continue to face unprecedented challenges, Truong’s methodical, informed approach to transformation offers valuable lessons for executives across sectors seeking to drive meaningful change and sustainable growth.
