How Equitable Confronted Its Inertia After 160 Years in Business

In 2019, Equitable’s CEO, Mark Pearson, set out to change how the 163-year-old financial services firm gets work done. He wanted the firm to speed up decision-making and empower employees through a flatter hierarchy, agile teams, and more opportunities to lead. Most divisions thrived under the new model. Others clung to old habits. Several years in, the effort sheds light on core questions: What does true cultural change look like? What makes it last? And how do leaders bring skeptics along? Harvard Business School Professor Das Narayandas joins Pearson and COO Jeff Hurd to discuss the case “New WOW at Equitable: A New Way of Working.”

In this special holiday crossover episode from Harvard Business School’s Climate Rising podcast, Professor Mike Toffel talks with ThredUp CEO James Reinhart about the company’s mission to extend the life of apparel and reduce waste through resale. As thrifting becomes more popular and circular business models gain traction, Reinhart explains why ThredUp built a national logistics and tech platform, how it collaborates with big brands, and the growing role of AI and automation in the industry.

In 2020, cryptocurrency exchange Coinbase made two bold organizational moves: going fully remote and banning political discussion at work. These decisions, aimed at reinforcing a mission-first culture, were supported by a written, codified approach to company values and a hiring philosophy designed to attract talent aligned with that mission. In this episode, Chief People Officer L.J. Brock joins case author and HBS professor Charles Wang and host Brian Kenny to discuss how Coinbase’s strategy, explored in the case “Mission First at Coinbase,” raises critical questions about focus, inclusion, and attracting top talent in a volatile industry.

Jenny Wolfram founded BrandBastion to help companies manage the risks of social media by combining AI with human moderation. She joins HBS professor Julian De Freitas and BrandBastion’s Head of Operations and Finance, Vesa Rikkinen, to discuss how this hybrid model builds trust without ballooning costs.

Apollo Global Management has transformed itself from a traditional private equity giant into an insurance-fueled credit powerhouse—thanks to its acquisition of life annuity issuer Athene. CEO Marc Rowan makes a bold bet that an asset-heavy model, which is backed by hundreds of billions in long-term insurance liabilities, can drive repeatable, superior returns and propel Apollo’s assets under management to $1.5 trillion. However, public markets award Apollo a multitude on its earnings that is far lower than asset-light peers like Blackstone, which highlights important trade-offs. Harvard Business School professor George Serafeim joins host Brian Kenny to discuss the questions raised by the case, Apollo Global Management, and explore what Apollo’s transformation reveals about business-model innovation and risk management in today’s rapidly evolving private markets ecosystem, and what it means to be a modern investment firm.

Tata Power stood at the forefront of India’s energy transition. The firm’s long history was deeply intertwined with the country's development. As Mumbai’s power needs increased, Tata Power built out thermal assets across India, and while thermal power generation remained Tata Power’s mainstay, the firm slowly started diversifying. In 2020, Tata Power boldly announced a commitment to net-zero emissions by 2050, concurrent with a complete phase-down of thermal capacity. It later brought this commitment forward to 2045. To prepare for declining revenues from thermal power generation, Tata Power was actively expanding its renewable business, but stakeholders had concerns about the company’s ambitions. Was the firm’s decision to sacrifice potentially high returns in thermal power generation financially imprudent, or did it position the firm well as India inevitably accelerated its energy transition? In this episode, host Brian Kenny welcomes Harvard Business School Professor Vikram Gandhi and Tata Power CEO Praveer Sinha to discuss the case Tata Power and India’s Energy Transition, and how India’s largest private power producer is reimagining its future.

In April 2024, writer, podcaster, and entrepreneur Tim Ferriss—known for his hugely popular podcast “The Tim Ferriss Show” and NYT-bestselling books like The 4-Hour Workweek—found himself at a crossroads. Although his podcast was generating millions annually, he questioned the sustainability of podcasting and his own competitive advantage given the increasingly saturated market and the advent of AI tools and video-centric formats. He faced a difficult choice: innovate from within his proven format, pivot to entirely new ventures—possibly in film, premium consumer products, or venture capital—or risk a slow decline by maintaining the status quo. Complicating matters further was Ferriss’s desire to start a family, a goal he prioritized above all business ventures. Every month of indecision narrowed his window for successfully transitioning. Senior Lecturer Reza Satchu and Tim Ferriss joined Cold Call host Brian Kenny to discuss the case, “Tim Ferriss: What Might This Look Like If It Were Easy?”

For 35 years, Dollar Tree, a discount retail chain selling general merchandise, had held its fixed price point steady, charging $1.00 for its ever-changing assortment of household items, food, stationery, books, seasonal items, gifts, toys, and clothing. That changed in late 2021, when the company announced that Dollar Tree was raising prices on all goods to $1.25. Harvard Business School Senior Lecturer Jill Avery joins host Brian Kenny to discuss whether the retail chain could remain relevant to its price sensitive shoppers through smart marketing, pricing, and branding strategies in the case, “Dollar Tree: Breaking the Buck.”

In the winter of 2023, Lyft was facing declining market share and financial pressures. Enter new CEO David Risher, who took the helm amid low morale and limited resources. His challenge: reignite innovation, refocus the culture, and find new ways to stand out in an industry dominated by Uber. Harvard Business School professor Ranjay Gulati joins host Brian Kenny to discuss the case “Lyft 2023: Roads to Growth and Differentiation.” They explore how Risher led during a strategic crossroads, making bold decisions, putting the customer front and center, and shaking loose old habits. Gulati also shares insights from his new book, “How to Be Bold,” illustrating how courage becomes a competitive advantage in times of uncertainty.

How do you scale innovation in a system where critical pieces are out of your control? That is the challenge Highland Electric Fleets faced as it worked to replace diesel school buses with electric vehicles across the United States. While Highland provided financing, infrastructure, and fleet operations, success depended on external partners, including manufacturers, utilities, and districts. Delays and disruptions forced the company to stay nimble and deliver under pressure. Harvard Business School professor Rosabeth Moss Kanter and Highland Electric founder and CEO Duncan McIntyre join host Brian Kenny to discuss the HBS case “’The Wheels on the Bus’ Go Electric.” They explore what it takes to scale a climate solution while sustaining momentum and coordinating across public and private sectors.