A Trailblazing Career
It's often overlooked that so much of the progressive evolution of the 21st century can be attributed to the efforts of women spearheading modern business initiatives. Cathy Skula is one of these female entrepreneurs whom Leap had the pleasure of interviewing about her experiences. From becoming the CEO and President of a franchise subsidiary of a public company to working in the private equity industry, her career journey has been inspiring. The opportunity to conduct this 1-on-1 interview with Cathy Skula and Leap's Co-Founder Chaz Cervino came through a connection forged between Skula and Leap's Co-Founder, Chris Wunder. In addition to describing her career progression, the business insights from this long-time retail executive also provide deeper understanding into what makes C-Suite Executives successful, as well as what they are looking for when hiring new members of their team.
Overcoming Challenges and Embracing Continuous Learning
Born and raised in New Jersey, and an alumni of Dickinson College, Cathy's career ascent also included many challenges as she rose to prominence as an executive. When asked about the defining moments of her career that impacted her trajectory to success, Skula reflected on a specific time early in her career with a former employer when she was looking to advance from a district manager to a regional director position. While she was highly qualified and had produced outstanding results, she was turned down for the role three times before being promoted the fourth time she applied. Each time she was turned down, Cathy made a point of asking for specific feedback from the decision-maker as to what she needed to do to be promoted the next time and then she implemented those changes. She credits this focus on continuous learning and improvement, along with her resilience, for her ultimate advancement. Not only did she get the regional director role, but then went on to be promoted to senior vice president of operations before being tapped to lead the company's franchising subsidiary as the President and CEO where she spent the next ten years and more than doubled the size of the business. When asked what advice she would give others regarding her experience, Cathy explained that, while feeling discouraged is a natural reaction to adversity, you should pivot as quickly as possible to focus on what changes need to be made to achieve your goals. She then went on to say that, had she not done so, her career would have looked much different.
Transitioning to Private Equity
Without letting much time pass after her leaving her role as a franchising CEO, Cathy moved into the private equity (PE) sector when she accepted an Operating Partner role with a large PE firm where she had oversight for four of their portfolio companies and also served as Executive Board Chair for each of them. When asked about the differences between a large publicly-traded company and private equity, she responded that the two were surprisingly, "More similar than a lot of people think. It goes back to just being able to work in a team of people." She says, "And if you're good at working with a team, it does not matter whether you are working with a team of executives, franchisees, or investors." Cathy stated that one thing she enjoyed about the private equity sector was that everyone seemed to be more "On the same page," versus a large public company.. "In a large public organization, shifting priorities and a constant need to meet Wall Street's expectations can sometimes result in people working in silos. In a PE environment, the goals and expectations tend to be well defined which keeps everyone marching in the same direction. While the team may not always agree on exactly how they will get there, there is little doubt about where "there" is."
Qualities of Successful Leaders
Accomplished business professionals agree that some specific characteristics are indicators of success in any given field. We found it fitting to ask Cathy, who currently serves as a Board Director for a large privately held grocery chain, what she found to be some of the most valuable qualities she looks for in candidates. Three important characteristics she noted were integrity, coachability, and collaboration. Without these traits, it can be challenging to build a cohesive team. Cathy believes that meaningful collaboration and effective listening contributed to her success in business and life and that both are essential for success in any leadership position.