September 24, 2024 • 10 mins
On this episode of Our American Stories, Jerre Stead, who's been the CEO of 10 publicly traded companies and has served on 37 corporate boards, shares with us how his lofty business career began at the age of 9, delivering newspapers in the early morning hours in Iowa.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:10):
Henry return to our American stories. Joining us next is
Jerry's Stead, who may be the most impactful business person
you've never heard of, at least not yet. Jerry has
never sought the spotlight, not during his tenure serving as
CEO or chairman of ten publicly traded companies, perhaps the
first in history to accomplish this, and not during his
(00:31):
philanthropic work where he has given well over half a
billion dollars to charity. Jerry is also unique and that
he never had a contract as CEO or chairman. Jerry
wanted his performance, not a piece of paper, to be
the reason why companies trusted him with command. To give
you an idea of how successful Jerry's leadership has been,
(00:52):
considered that a one thousand dollars investment in his good
friend Warren Buffett's Berkshire Hathaway thirty eight years ago would
be worth one million dollars today. That same one thousand
dollars investment in Jerry's companies would be worth eight million,
eight hundred thousand today, more than eight times greater. In
this story Jerry shares with us now, his lofty business
(01:14):
career began many years ago at the age of nine,
delivery newspapers in the early morning hours in Iowa.
Speaker 2 (01:26):
Three am. That's when I rise every morning. Never said
an alarm since I was nine years old. Growing up
in Iowa, you'd think I had been brought up as
a farmer's son. While my parents did assist farmers throughout
using their startup insurance company, we didn't work the land
or heard any livestock. I was a newspaper boy at
(01:48):
the age of nine. I welded the Des Moines Register
like nobody's business. I had fifty one daily newspapers sixty
five Sunday newspapers every morning, seven days a week. From
my bed, get myself together, eat a quick breakfast, headle
to the railroad station where newspapers were thrown from the railcar.
(02:09):
Th newspapers would land alongside the tracks. I carried my
trusty wirecutters that were so important because in those days
they always bundled the papers with wire. I placed the
papers in heavy canvas bags on either side of my
bikes where it will. It was quite the load, but
once I had the papers on and I hustled to
(02:30):
make it all happen. I had to be at Walley's
by four to twenty am and stands by four to
thirty am. Those were the two taverns in town that
were just three blocks apart. Both of them received three
copies of the register, and if I didn't arrive by
four point thirty with the registered sports sections, i'd hear
about it. I can still remember Wally yelling at me
(02:53):
once for being three minutes late. None of us liked
to be yelled at, and I sure didn't either. I
scheduled my time and arrange my route so the taverns
were always first. Sometimes I'd arrive at the railroad station
right on time, as always waiting for my papers, but
the train would be late. Often it was ten to
twelve minutes late. Then I really had to scramble. I
(03:15):
pedal like crazy to get the papers to the taverns,
get these two customer orders, dropped up, and go on
to do my normal route before school. By the end
of February and Iowa, i'd be on roads where snow
was taller than me, sometimes as high as five feet
high on each side of the road. I couldn't get
(03:36):
my bike to customer's front doors. The snow and icy
roads would double the amount of time I had to
deliver the papers, so I quickly learned how to toss
each paper to its expected spot. I became very adept
at throwing over snow piles. I used rubber bands to
hold the papers together. Every customer wanted their newspaper in
(03:57):
the same location each morning. It was a unique exercise
and target practice and finesse, all while trying to pull
my mind from the strict schedule. Thankfully, no one minded
me throwing the papers when the weather was bad. I'll
never forget one day, one winter day, my dog Sandy,
(04:18):
who always came with me on my route, was following
behind me. Car came over the hill. It was still dark.
Sandy was hit and killed within seconds. A helpless feeling
for me the most I'd ever had. I cried, but
I also felt a deep responsibility to get the papers delivered.
I had to quickly think through what to do. Working
(04:40):
through the emotion of that terrible moment, alone and in
the coal I ended up moving Sandy to the side
of the road, got my paper route done, and went
home so my father could help me gather up Sandy
and we buried him near our own Interacting with customers
was always fun and satisfying for me. As a young man,
(05:01):
I had to go door to door once a week
to collect, but I liked getting to know the people
around our town. Sometimes collecting could be very tricky. Every
now and then I'd call on a customer and they'd
literally hide in their house. They'd refuse to answer the door.
I really dreaded those moments, not only because they were uncomfortable,
but I was the one out of the money. I
(05:23):
had to pay for every paper myself. If someone didn't pay,
I paid the price. Thankfully, Christmas came around each year
and helped these my irritation with non paying customers. I
was always showered with candy, baked goods, and even homemade gifts.
I still to this day have a few white embroidered
handkerchiefs with my initials JLS. I loved it when the
(05:47):
newspapers would offer special incentives to gain new customers. I
enjoy a good challenge and am naturally driven for success,
so the thrill of earning an extra reward was exciting
and welcomed. I was ten, then a veteran newspaper boy,
and then registered offered a program that allowed me to
order five papers free of charge, with the intent that
(06:10):
I would use them to sell new subscriptions and increase
the customer base. I read the rules quickly realized that
I could order extra papers, but I didn't actually have
to use him to win the prize. I could win
the prize without having to gain new customers. So I
ordered five extra newspapers every week for a month. I
(06:30):
piled up the papers in my nana's workship, and I
won the prize. It seems so simple. I'd outthought the paper,
and it felt good that I'd figured out the loophole.
Soon after that, my father noticed all the papers piled
in the wood shed. He asked me what I was doing.
I told him that I'd outthought the paper and won
the prize without actually using the extras they had supplied.
(06:54):
You never want a prize if you're not being honest,
Dad said, you lose no matter what game. My father's
comment about honesty was a wonderful life lesson. I've always
operated with his principle in mind. I think through the
many business acquisitions, global meetings, reorganizations, philanthropic ventures, and personal
(07:15):
matters I've faced, and I always operate with one hundred
percent trust of every person. Always. I also verify my intentions. Yes,
I could win the prize, but am I going about
it in the right values? Is it ethical? Is it
it the right way to do business? My dad taught
me that shortcuts take you places not worthy of going to. Ever,
(07:41):
when Sandy died that morning, I cried for fifteen minutes.
My hurt and sadness could not be stopped for a
child who loved his dog. Yes, I had a job
to do, but I also had to allow my human
emotions to run the corpse. Throughout my years as a leader,
I continually strive to re member and teach that when
people come to work, they're not just walking through the door.
(08:05):
There are a hundred different things that they're carrying in
their minds and in their hearts. We have to make
sure that we relate to them and take the time
for the humanness of daily living for every one of
our colleagues. The incident with Sandy was a reminder for
the kind of culture I wanted to build in every
company that i'd led. A few years ago, at the
(08:30):
University of Iowa, I met with twenty five of the
top contributors to the School of the Tippee College of Business.
Our hosts started off our meeting, asking each of us
what our first jobs were and how they impacted our lives.
In that moment, I realized how great an impact my
newspaper delivery job had been on my life. Yours as
(08:51):
a student, son, brother, husband, father, grandfather, manager, businessman, CEO,
and chairman have been profoundly a affected by the simple
lessons I learned before dawn making five dollars per week,
I asked that group how many of you had newspaper
routes when you were younger. Turns out, twenty one of
(09:12):
the twenty five attendees had worked a newspaper route as well.
So many of us have shared experiences. So many around
the great country of ours have commonalities that are unspoken.
So many of us strive to do our best every
day at work, at home, and in our communities. Yet
so often we're running at our own pace, following our
(09:34):
own to do list, and overlooking the opportunity to interact
or share with one another on a deeper level. My
goal as a leader always has been to be layered
and linear, Be present in the moment, listen to everyone
and for the people that you are with. Always keep
in mind the vision and the end goal. Early mornings
(09:57):
as a paperboy taught me to be present for every customer,
but to keep in mind the entire route so that
all would be served and the enterprise could continue for
another day.
Speaker 1 (10:09):
And a terrific job on the production and editing by
our own Madison Dericott, and a special thanks to Jerry Stead,
CEO and chairman of ten publicly traded companies. But that
first job as a paper boy taught them a lot
of life lessons that layered and linear approach to life.
Take care of that individual customer, but see the paper
route as a whole. You've got to get to the end.
(10:31):
You've got to take care of your best customers, but
you've got to take care of all of them. By
the way, I had my first job too, as a
paper boy, delivering the Bergen Record, Jerry Stead's first job
here on our American Stories
Henry return to our American stories. Joining us next is
Jerry's Stead, who may be the most impactful business person
you've never heard of, at least not yet. Jerry has
never sought the spotlight, not during his tenure serving as
CEO or chairman of ten publicly traded companies, perhaps the
first in history to accomplish this, and not during his
(00:31):
philanthropic work where he has given well over half a
billion dollars to charity. Jerry is also unique and that
he never had a contract as CEO or chairman. Jerry
wanted his performance, not a piece of paper, to be
the reason why companies trusted him with command. To give
you an idea of how successful Jerry's leadership has been,
(00:52):
considered that a one thousand dollars investment in his good
friend Warren Buffett's Berkshire Hathaway thirty eight years ago would
be worth one million dollars today. That same one thousand
dollars investment in Jerry's companies would be worth eight million,
eight hundred thousand today, more than eight times greater. In
this story Jerry shares with us now, his lofty business
(01:14):
career began many years ago at the age of nine,
delivery newspapers in the early morning hours in Iowa.
Speaker 2 (01:26):
Three am. That's when I rise every morning. Never said
an alarm since I was nine years old. Growing up
in Iowa, you'd think I had been brought up as
a farmer's son. While my parents did assist farmers throughout
using their startup insurance company, we didn't work the land
or heard any livestock. I was a newspaper boy at
(01:48):
the age of nine. I welded the Des Moines Register
like nobody's business. I had fifty one daily newspapers sixty
five Sunday newspapers every morning, seven days a week. From
my bed, get myself together, eat a quick breakfast, headle
to the railroad station where newspapers were thrown from the railcar.
(02:09):
Th newspapers would land alongside the tracks. I carried my
trusty wirecutters that were so important because in those days
they always bundled the papers with wire. I placed the
papers in heavy canvas bags on either side of my
bikes where it will. It was quite the load, but
once I had the papers on and I hustled to
(02:30):
make it all happen. I had to be at Walley's
by four to twenty am and stands by four to
thirty am. Those were the two taverns in town that
were just three blocks apart. Both of them received three
copies of the register, and if I didn't arrive by
four point thirty with the registered sports sections, i'd hear
about it. I can still remember Wally yelling at me
(02:53):
once for being three minutes late. None of us liked
to be yelled at, and I sure didn't either. I
scheduled my time and arrange my route so the taverns
were always first. Sometimes I'd arrive at the railroad station
right on time, as always waiting for my papers, but
the train would be late. Often it was ten to
twelve minutes late. Then I really had to scramble. I
(03:15):
pedal like crazy to get the papers to the taverns,
get these two customer orders, dropped up, and go on
to do my normal route before school. By the end
of February and Iowa, i'd be on roads where snow
was taller than me, sometimes as high as five feet
high on each side of the road. I couldn't get
(03:36):
my bike to customer's front doors. The snow and icy
roads would double the amount of time I had to
deliver the papers, so I quickly learned how to toss
each paper to its expected spot. I became very adept
at throwing over snow piles. I used rubber bands to
hold the papers together. Every customer wanted their newspaper in
(03:57):
the same location each morning. It was a unique exercise
and target practice and finesse, all while trying to pull
my mind from the strict schedule. Thankfully, no one minded
me throwing the papers when the weather was bad. I'll
never forget one day, one winter day, my dog Sandy,
(04:18):
who always came with me on my route, was following
behind me. Car came over the hill. It was still dark.
Sandy was hit and killed within seconds. A helpless feeling
for me the most I'd ever had. I cried, but
I also felt a deep responsibility to get the papers delivered.
I had to quickly think through what to do. Working
(04:40):
through the emotion of that terrible moment, alone and in
the coal I ended up moving Sandy to the side
of the road, got my paper route done, and went
home so my father could help me gather up Sandy
and we buried him near our own Interacting with customers
was always fun and satisfying for me. As a young man,
(05:01):
I had to go door to door once a week
to collect, but I liked getting to know the people
around our town. Sometimes collecting could be very tricky. Every
now and then I'd call on a customer and they'd
literally hide in their house. They'd refuse to answer the door.
I really dreaded those moments, not only because they were uncomfortable,
but I was the one out of the money. I
(05:23):
had to pay for every paper myself. If someone didn't pay,
I paid the price. Thankfully, Christmas came around each year
and helped these my irritation with non paying customers. I
was always showered with candy, baked goods, and even homemade gifts.
I still to this day have a few white embroidered
handkerchiefs with my initials JLS. I loved it when the
(05:47):
newspapers would offer special incentives to gain new customers. I
enjoy a good challenge and am naturally driven for success,
so the thrill of earning an extra reward was exciting
and welcomed. I was ten, then a veteran newspaper boy,
and then registered offered a program that allowed me to
order five papers free of charge, with the intent that
(06:10):
I would use them to sell new subscriptions and increase
the customer base. I read the rules quickly realized that
I could order extra papers, but I didn't actually have
to use him to win the prize. I could win
the prize without having to gain new customers. So I
ordered five extra newspapers every week for a month. I
(06:30):
piled up the papers in my nana's workship, and I
won the prize. It seems so simple. I'd outthought the paper,
and it felt good that I'd figured out the loophole.
Soon after that, my father noticed all the papers piled
in the wood shed. He asked me what I was doing.
I told him that I'd outthought the paper and won
the prize without actually using the extras they had supplied.
(06:54):
You never want a prize if you're not being honest,
Dad said, you lose no matter what game. My father's
comment about honesty was a wonderful life lesson. I've always
operated with his principle in mind. I think through the
many business acquisitions, global meetings, reorganizations, philanthropic ventures, and personal
(07:15):
matters I've faced, and I always operate with one hundred
percent trust of every person. Always. I also verify my intentions. Yes,
I could win the prize, but am I going about
it in the right values? Is it ethical? Is it
it the right way to do business? My dad taught
me that shortcuts take you places not worthy of going to. Ever,
(07:41):
when Sandy died that morning, I cried for fifteen minutes.
My hurt and sadness could not be stopped for a
child who loved his dog. Yes, I had a job
to do, but I also had to allow my human
emotions to run the corpse. Throughout my years as a leader,
I continually strive to re member and teach that when
people come to work, they're not just walking through the door.
(08:05):
There are a hundred different things that they're carrying in
their minds and in their hearts. We have to make
sure that we relate to them and take the time
for the humanness of daily living for every one of
our colleagues. The incident with Sandy was a reminder for
the kind of culture I wanted to build in every
company that i'd led. A few years ago, at the
(08:30):
University of Iowa, I met with twenty five of the
top contributors to the School of the Tippee College of Business.
Our hosts started off our meeting, asking each of us
what our first jobs were and how they impacted our lives.
In that moment, I realized how great an impact my
newspaper delivery job had been on my life. Yours as
(08:51):
a student, son, brother, husband, father, grandfather, manager, businessman, CEO,
and chairman have been profoundly a affected by the simple
lessons I learned before dawn making five dollars per week,
I asked that group how many of you had newspaper
routes when you were younger. Turns out, twenty one of
(09:12):
the twenty five attendees had worked a newspaper route as well.
So many of us have shared experiences. So many around
the great country of ours have commonalities that are unspoken.
So many of us strive to do our best every
day at work, at home, and in our communities. Yet
so often we're running at our own pace, following our
(09:34):
own to do list, and overlooking the opportunity to interact
or share with one another on a deeper level. My
goal as a leader always has been to be layered
and linear, Be present in the moment, listen to everyone
and for the people that you are with. Always keep
in mind the vision and the end goal. Early mornings
(09:57):
as a paperboy taught me to be present for every customer,
but to keep in mind the entire route so that
all would be served and the enterprise could continue for
another day.
Speaker 1 (10:09):
And a terrific job on the production and editing by
our own Madison Dericott, and a special thanks to Jerry Stead,
CEO and chairman of ten publicly traded companies. But that
first job as a paper boy taught them a lot
of life lessons that layered and linear approach to life.
Take care of that individual customer, but see the paper
route as a whole. You've got to get to the end.
(10:31):
You've got to take care of your best customers, but
you've got to take care of all of them. By
the way, I had my first job too, as a
paper boy, delivering the Bergen Record, Jerry Stead's first job
here on our American Stories
Host
Lee Habeeb
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