Transcript: Practical Insights: Barbara Martin Coppola, Board member Patagonia, Former CEO Decathlon The fourth edition of the HEC S&O Purpose Day, hosted by the HEC Paris S&O Institute Purpose Center in partnership with the Oxford University Centre for Corporate Reputation and POLIMI Graduate School of Management. The event took place on April 7, 2026, at Maison Internationale, Cité universitaire de Paris. One of the highlight of the day was Practice Insights Leader's Keynote: Barbara Martin Coppola Here is the transcript of the session followed by the Q&A Rodolphe Durand So, this session number two is called practice insights. So first we'll run a video that you see here. Then we'll have the pleasure and the honor to welcome Barbara Martin Coppola for half an hour. I will have a sort of fireside chat with her for 20 minutes and then 10 minutes of questions with you. Then I will leave the floor and hand it over to Josip Kotlar from Polimi whom you saw before on stage, and this will be for the panel with Laurence Debroux and Mario Calderini. And then we'll stop at 4:15. So we are going for a 75-minute session altogether, a bit longer than before. So please run the video. ________________________________________ Ashley Grice (Video) So, going into this forum, you ask me the question, why does purpose matter? And for almost three decades at this point, my answer has always been about both financial return and extracting value both internal and external. Companies that do purpose well, they do it holistically. They do it across culture and strategy and brand. They balance purpose and profit. They consider ambition and inspiration. And companies where purpose is baked into the P&L, not as a separate committee, but as part of the organization at its core, almost muscle memory, are the ones that are able to create the most value. ________________________________________ Mike Henry (Video) Purpose matters. At BHP, our purpose is to bring people and resources together to build a better world. And this is the foundation upon which we set strategy and how we run the business every day. What we produce and how we do it matters, but why do we do it matters most. It's the starting point for every team at every site right across BHP. And our purpose helps to align our 90,000 strong workforces across the world. When our people are connected to purpose, they also find greater meaning in their work. And that drives motivation and ambition and helps us to attract and retain great talent. It also lifts the discretionary effort that underpins strong performance day after day. And it's a key part of our competitive edge. In mining, we have to think, plan, and invest in decades. We make decisions with significant consequences for the safety of our teams, for the communities and environments in which we operate, and for the capital we steward on behalf of our shareholders. And in that context, our purpose is not abstract. It's practical. It anchors decision-making when the right answer isn't always obvious, helping us weigh trade-offs and stay consistent when outcomes are uncertain. Good decisions consistent with our purpose are essential to building trust with those around us, employees, customers, suppliers, communities, and indigenous peoples around the world. These relationships underpin our operational stability, our capacity to grow, and the value we can create over the long term. Taking together, our clear purpose and the commitment with which our people live it every day is a cornerstone of our success at BHP. ________________________________________ Anthony Thunström (Video) When we set out to refresh our purpose at TFG, we didn't approach it as purely a branding exercise. We approached it as a key lever to reset and communicate a refreshed organizational strategy. The most important choice we made was to treat our renewed purpose as a journey rather than just a sentence. We ran a genuinely democratic process over a period of 6 months. We spoke to people at every level of the organization, especially those closest to our customers. Workshops, debates, submissions, brand conversations. The goal wasn't to engineer the perfect line, but rather to let the business surface an honest reflection of its identity and future needs. So, our purpose is simple. We inspire our customers to live their best lives. Our new vision follows naturally from that, to create the most remarkable omnichannel experiences for our customers. We then simplified our values to three that people can actually use every day. We put our customers first. We work smart and fast. And we do the right thing. That is why purpose matters here. It centers our customers, it guides our decisions, and it gives our more than 50,000 people a common language for the work that they do every day. ________________________________________ Andreas Treichl (Video) 207 years ago, Erste was founded in Vienna as a savings bank. And the first sentence of its statutes read, no age, no gender, no nation, and no social status shall be excluded from the services that our savings bank has to offer. 30 years ago, we took that savings bank public and now Ursa Group is the largest retail bank in central and eastern Europe. It has one of the most modern banking platforms in the world and is one of the most successful banks in Europe. But the reason for our success has been simply because we always stuck to our purpose. We are not a bank. We are a financial health company, and our job is to make sure that each individual that lives in our region can live a dignified and prosperous financial life. All our more than 50,000 employees believe in that and hopefully also all our more than 20 million clients believe in that. So, I am firm. Purpose is much more the basis for success than numbers. ________________________________________ Barbara Martin Coppola (Video) Purpose is to have an impact that is bigger than us and bigger than the company we work for. It can be about contributing to a better society, about building activities that are more sustainable for the health of our planet. And leading with purpose means helping the collective understand the why behind the actions that we take. And when people understand the why, there is something magical that happens. There is more energy to tackle challenges. There is more courage and commitment to the collective and the company deepens. So as a result, there is more performance. Purpose is very linked to better performance. Finally, purpose for me is about having a legacy. I want to be able to look back one day and be proud that my activities and the way I lived were aligned with my values and my ethics. Living in the service of something bigger that truly matters. ________________________________________ Rick Haythornthwaite (Video) West Bank operates in an environment of geopolitical turmoil, social change, disinformation, and technology disruption. And we need our 60,000 colleagues every day to remember why we exist and transcend these influences and to be motivated to act for our customers in a way that shows the best of themselves and the best of the bank. And that's where purpose plays a real role. Purpose is not just a set of words but remembering that our customers want us to be a bank. Banks at their best have an extraordinary capacity to weave together the ambitions and ideas of customers into lendable propositions. And that's why our purpose is to turn possibilities into progress. It's practical, real, and helps our colleagues point themselves in the right direction every day. ________________________________________ Cameron Fowler (Video) All great companies understand not just what they're trying to do but why they want to do it. They understand why they exist in the world and how people will behave to bring up the culture required to achieve that. Don't think of prosperity in a traditional sense in terms of wealth or winning. Think about moving forward, the ability to do real things as a family, as a community. Groceries, rent, babysitters, small businesses. When we keep that in mind, the role that we play in people's lives and helping them move forward together, then we will be at our best. ________________________________________ Ashley Grice (Video) Purpose is a once in a generation exercise, and it will pay dividends for generations. Companies that act on their purpose navigate change with grace. They stay true to their course. They're able to execute on their strategy, always knowing where their core value lies and what they want to promise to themselves and to their stakeholders. ________________________________________ Rodolphe Durand So, we collected these seven testimonials from around the world as a prompt for our conversation. Barbara, you were part of the video. So first maybe a brief introduction. After your studies in Spain and France, you started your career at Texas Instruments where you worked as a business development manager. Later you took the position of chief digital officer at Samsung in Seoul. In 2008, you worked at Google in France and then as a global marketing director at YouTube. You became chief marketing officer for US meal delivery specialist Grubhub in Chicago before becoming in 2018 the chief digital officer of the group IKEA. In March 2022, you became the CEO of the group Decathlon until March 2025 and recently you joined the board of Patagonia. So, you have a very broad range of activities and functions across the world, thank you for being with us for this conversation. ________________________________________ Barbara Martin Coppola Thank you. It's a pleasure to be with you. ________________________________________ Rodolphe Durand So the way we prepared this conversation was around three main roles in the corporation. The board, the CEO level, and the executive level. As a first question, as a board member yourself, to what extent can the formalization of a corporate purpose change the nature of the strategic decisions you make? ________________________________________ Barbara Martin Coppola It's a good question. I believe the purpose is like a strategic filter for the decisions that the company is making. So, we're going beyond the question is this decision profit driven to is this decision aligned with our identity and our purpose long term. I've been on different boards of different companies, some of them very mission driven. There is almost always a tension between the shareholder return and the purpose. So, it's interesting to see how the difference is made with regards to how deeply integrated the purpose is in the systems and in the measurement of the company, how much of a reality the purpose is in the steering that the company is making. When that is the case, it's quite liberating in terms of alignment. How powerful the purpose is to make decisions that are not only profit driven but also in line with the long-term future of the company. I want to mention two companies that I worked for are steward-owned companies. IKEA is owned by a foundation and Patagonia recently changed ownership to make Earth the main shareholder. The better Patagonia performs financially, the more dividends go to nature. What I've seen in those two structures is how powerful it is to have a long-term vision and how consistent decisions can be when there is a long-term view and protecting the mission for the companies. The best example being Patagonia where the conflict between shareholder returns and purpose has been eliminated legally because the ownership structure is aligned with the purpose. The purpose of being to try and do everything we can to help the planet. So, I'm new to the board, I'm learning as I go and I marvel at the power that this ownership structure has. Well, I can testify as well in in the case of IKEA how long-term thinking you know a company such as IKEA has been with for instance consistency over investment on clean energy over decades irrespective of the company results and how important it has been because sustainability was and still is a very long-term process for IKEA. So, so that's what I've seen and it's you know the boards are such a steward and important part of making it happen. ________________________________________ Rodolphe Durand You use the term filter and just before the break Nicole used the term sacrifices or the fact that perhaps purpose is a way to renounce some low-hanging profit-making fruits. Would you agree with that? And what would be the attitude of a board member relative to this balance between getting along with perhaps the management's decision to get to the profits because they promised that to the market and perhaps the long term the longer term uh loyalty to the company's purpose. What is your take? ________________________________________ Barbara Martin Coppola My take is that shortcuts can be very expensive when short-term is benefited and it's a quick hit. The issue is the credibility and the trust erosion that the board, the CEO and the executive team will have. The purpose can be a tool for strength, for energy, for meaning. It's like magic when it's done well. But the moment a shortcut is made, then it invites cynicism. It invites the fact that it might not be a real thing. And that is very dangerous because the magic is destroyed. So, shortcuts for short-term profit exist but I think it's the duty of the board and the CEO to make sure that we are not deciding the easy route and that we stay on the course. Because the long-term value creation is much bigger when we stay true to commitment and the purpose.________________________________________ Rodolphe Durand So now moving to the CEO role, in what way has personally embodying corporate purpose changed how you exercise your authority? ________________________________________ Barbara Martin Coppola It changes a lot. When you're CEO, all eyes are on you, and people interpret every decision as a symbol and a sign. The moment you don't respect the purpose, that becomes a disappointment for the collective. So, it's important to live by example and to be aligned with the purpose of the company. It is to be authentic so that the decisions and the hard work reflect a purpose that is more than profit. And to be conscious about the symbolic role and the multiplier effect that this leadership has in the organization. So, it’s not about talking, it’s about doing. It’s about asking and inviting dialogue in case one doesn’t see the full picture. It’s important to have diversity around to understand whether we are going in the right direction. It’s also about measuring purpose. When purpose is integrated into performance, into KPIs, into the committees that are making decisions, that’s when purpose becomes real. It’s not just an intention or inspiration. It becomes real across the whole company. So, I think the CEO’s role in a purpose-driven company is to make sure that everything is aligned and working within the organization. When there are question marks, invite dialogue, listen, debate, and then decide. Because commitment and leading by example are really important when being CEO. ________________________________________ Rodolphe Durand This was something you said in the video and that was shared by other speakers as well. The idea that purpose creates trust with different stakeholders. Would you share stories about how a strong corporate purpose allowed you to attract talent, partners, or clients? ________________________________________ Barbara Martin Coppola I would say always, when it’s authentic. I’ll give you a story. I was coming from the technology industry, from Google and Samsung, and then I joined IKEA as Chief Digital Officer in charge of transformation and online revenue. We needed to attract new talent. We couldn’t match the salaries of the tech industry, but we had meaning and a real purpose. What surprised me was that in discussions with top tech talent, meaning had more weight than salary. Of course, you can’t reduce compensation drastically, but within a reasonable range, people were coming for the collective purpose and what we were building. Today, many people are searching for meaning. The world is chaotic, people are looking for hope and direction. Companies that truly embody purpose have a superpower: • a superpower to attract • a superpower to contribute beyond themselves They can act as beacons. That’s how I was able to attract outstanding talent who transformed IKEA. They are still there and part of this company. ________________________________________ Rodolphe Durand As a CEO, you create expectations among employees, clients, and partners. But sometimes reality doesn’t fully meet those expectations. How do you prevent the gap between promise and reality from damaging credibility? ________________________________________ Barbara Martin Coppola It’s a great question because perfection doesn’t exist. It’s important to acknowledge imperfection and be transparent about it instead of hiding it. For example, Patagonia recently published a report that openly explains: • what they do well • what they don’t do well • where they are progressing • where they are stuck It’s an exercise in transparency that is admirable. They could have risked damaging their reputation, but the opposite happened. Transparency increased credibility, trust, engagement, and even commercial success. People accept vulnerability and imperfection when there is intention and action. But when there is no action behind the words, it becomes unforgivable. And lack of transparency makes it feel like something is being hidden. That’s what destroys trust. ________________________________________ Rodolphe Durand Some academic research confirms that transparency can be more effective than hiding negative outcomes. At the executive level, how has being aligned with purpose changed your relationship with your teams? ________________________________________ Barbara Martin Coppola It becomes a relationship-building and trust exercise. It brings alignment, but also empowerment. When people understand why they work and find it meaningful, it creates a multiplier effect in how they act and make decisions. It’s important to have conversations with teams: • what does purpose mean concretely • how do we measure it • what do we do and not do Once alignment is there, it accelerates action and empowerment. It becomes a governance tool, but also something that impacts both the heart and the mind. At the end, it creates trust, energy, and cohesion. ________________________________________ Rodolphe Durand How do you create that alignment when you don’t necessarily choose all your team members? ________________________________________ Barbara Martin Coppola Through a lot of dialogue. It’s important to co-define what purpose means in practice. Some companies have inspiring but vague purpose statements, which leads to multiple interpretations. That’s not helpful. You need clarity: • what do we do in specific situations • what matters most • what is acceptable • how do we measure it Companies that include not only financial performance but also people and planet performance are structurally better equipped to live their purpose. At Decathlon, we renamed the Chief Financial Officer into Chief Value Officer because value is multi-dimensional: • financial • people • planet We created a system to make the organization accountable at all levels. We also organized open sessions with employees to discuss dilemmas. For example: How can a company increase volume and remain sustainable? The key is progress: • intention • measurement • continuous improvement People appreciate honesty and openness, even when things are not perfect. ________________________________________ Rodolphe Durand Questions from the audience. ________________________________________ Question from the crowd You insist on the idea that leaders must “walk the talk.” In countries where employee engagement is low, do you think consistency and clarity increase engagement through psychological safety? ________________________________________ Barbara Martin Coppola You raise a very important point. Purpose can be magical because it multiplies energy. When I joined Decathlon, we co-defined a 10-year vision together. It became an inspiring manifesto. I remember presenting it to the company and seeing emotion in people’s eyes because it reflected their aspirations. But transformation is hard: • it challenges fear • identity • power Having a clear purpose makes transformation easier because it reminds people why change is necessary. We managed a large transformation with 91% employee engagement and satisfaction. I attribute that largely to purpose and empowerment. It gives energy and strength during difficult times. ________________________________________ Question from the crowd What is the world waiting for companies to do in terms of purpose? ________________________________________ Barbara Martin Coppola I love this question. Leading with purpose is not always well understood. Financial performance is often the primary focus, but the world is waiting for leadership that combines performance with humanity. It’s an act of courage and balance: • financial success is necessary • but so are societal and environmental responsibilities Managing all three is not easy. It requires: • aligned shareholders • strong dialogue • long-term thinking It also requires checks and balances and courageous leadership. Boards play a key role in enabling this. Ownership structure also matters: • market ownership • family ownership • stewardship I’ve been inspired by leaders who create multi-dimensional impact. And examples of such leadership help others find the courage to act. ________________________________________ Question from the crowd As expectations toward companies increase, can strong purpose help reduce polarization? ________________________________________ Barbara Martin Coppola It depends on the purpose, but when a company is human-centered, it highlights what we share as human beings rather than what divides us. Within companies, I don’t see strong polarization because there is a shared culture and sense of belonging. The world is polarized, but businesses are navigating this reality: • rethinking supply chains • digital sovereignty • talent sourcing It’s also an opportunity to rethink and reinvent companies. This is a moment to ask: • how do we live our purpose for the next 20 years • what can we create in times of uncertainty Purpose can unite people and create strength. The real danger is falling into cynicism and negativity. That is the poison to avoid. As leaders, our duty is to create the next chapter with purpose and humanity at the center. ________________________________________ Rodolphe Durand Thank you so much Barbara. This is very aspirational.