Aimee Resnick, a senior at Northwestern University, interviews Steven Preston, CEO of Goodwill Industries International, on the “Weinberg in the World” podcast. Steven reflects on his time at Northwestern, highlighting his major in political science and his transformative junior year in Munich. He also shares how his unexpected passion for statistics influenced his career in investment banking and leadership roles. Transcript: Aimee Resnick:
Welcome to the Weinberg in the World podcast, where we bring stories of interdisciplinary thinking in today's complex world. My name is Aimee Resnick and I'm your student host of the special podcast episode. I am a senior studying social policy at Northwestern University who plans to pursue public administration in my home state of Colorado. Today, I'm excited to be speaking with Steven Preston, who is the CEO at Goodwill Industries International. Thank you, Steven, for taking the time to speak with me today. Steven Preston:
Yeah, thank you for having me. I'm looking forward to it. Aimee Resnick:
Me too. To start us off today, I was wondering if you can tell us a little bit more about your time at Northwestern as an undergraduate in terms of what did you study and what were the most impactful experiences for you that led you to your current career path? Steven Preston:
Yeah, so I was a political science major. And Northwestern, it was kind of a big thing for me. I kind of grown up in a medium-sized town up in Wisconsin and going to Northwestern kind of introduced me to a whole new world that I didn't even know existed of people from different places and that type of thing.
I'd say there are two things, a couple of things that were really important. Number one is I was actually a poli-sci major with an international politics focus. So number one, it gave me a perspective on the world and how the world operates, which is something I didn't have as an 18-year-old coming to college. Number two, I took that further and I actually did a junior year in Munich program, and this was before the wall had come down, so east, west. International relations were what really defined kind of the global dynamic. So it was just a remarkable opportunity to study with different people in a different language right on the border of what was kind of definitional for international politics. And that year, I felt like I kind just burgeoned intellectually and academically and personally.
The other thing I would say, that may not be what most people would expect, but I took a statistics class and I loved it. And I took more and I took more and I took graduate statistics classes and I became kind of like a quant poli-sci major. And that really was valuable for me because it was a way through which I could marry a topic that we think of as not being very quantitative and do a lot of research within political science using statistics, whether it was voter trends or national expenditures and how that relates to different government structures.
And that became really important to me when I went into investment banking. I got an MBA in finance and [inaudible 00:02:38] Wall Street, and the ability to connect data with what felt like qualitative issues was really definitional to my path forward. Later, I became a CFO and a CEO and for the rest of my life, I really connected those two concepts in a way that was really powerful for what I was able to do professionally. Aimee Resnick:
Absolutely. Thank you so much for sharing your response. And I think it's really fascinating how you were able to take a lot of the skills that you gained at Northwestern in your more non-traditional courses like statistics and apply them to a more impactful career pivot later in your life like we typically encourage at Weinberg. So thank you for sharing that experience. Steven Preston:
Yeah. Well, I'll tell you, it's one of the requirements I have for my kids is they all have to have some proficiency in statistics now. So yeah, it's become multigenerational. Aimee Resnick:
I'm sure they love that requirement. I say as someone who's not the biggest math person ever. But I'd love to hear a little bit more about your current career right now as well, as the CEO of Goodwill Industries. And I noted in your video introduction to the 2023 annual report for Goodwill, you mentioned that Goodwill is about possibilities of hope for the people who receive services. And in that same report, you described how over 140,000 people found new employment after receiving services through your organization in workforce development. So I was wondering if you could just tell us a little bit more about how Goodwill promotes economic opportunity across the United States and why that mission particularly resonates with you. Steven Preston:
Yeah, so the people we serve are not the people that you're going to college with right now. 83% of the people we serve are people with a high school degree or less. In fact, about a third of the people never finished high school. And many of these people have other challenges in life. Some of them have gone down very difficult pathways, people coming out of incarceration, people who are experiencing poverty, even people who are experiencing homelessness. And what we often do in society is make assumptions about those people and make assumptions about what's possible. And we sort of relegate them, in many cases, into a category of, well, that's kind of who they are and that's what their life is going to be like.
But the truth is that embedded in every one of those people is a massive amount of potential and talent. And in most cases, and I really say in most cases, those are people who, because of opportunities they've been given or not given, because of their circumstances in life, because of their pathways, have never been able to develop those capabilities. And in fact, have never really known how to, because they didn't have access to good education, they weren't surrounded by people who could give them advice. They didn't really know what the possibilities were.
So what we do is we work with people to sit with them and say, "What are the possibilities for your life? And how do we help you get there?" So one of the most important things we do when somebody comes to us is really do an assessment of what their skills are, what their hopes are, but also what their challenges are. A lot of times, their challenges might be training or skills related, but they also may have challenges with behavioral issues. They may be, many of them don't have housing or have insecure housing. Many of them don't have core financial skills, so they know even how to get through life with a small amount of income.
So if we can work with people to help them stabilize those sort of personal aspects of their life, at the same time that we can provide them with skills that are attractive to employers, we can help them move from a very difficult place to a place where they are flourishing and where they have a fundamentally different future, and a future that allows them to take care of themselves and grow and learn much more.
What we often find is once we've supported somebody and they land that first job and they're successful and they see the people they work with and what the possibilities are, it's not just that their lives have changed to get to that job, it's that the trajectory of their life has changed because many of those people begin investing themselves, learning more, getting better jobs.
And then the other great thing is it's often multi-generational because their kids benefit, or if they don't have kids and they had them later, they benefit. And it really breaks a cycle of poverty and brokenness that's very difficult to break. And that's why we talk about the possibilities and we talk about hope because that's really where we live.
For me personally, I came from what I would call pretty humble background. So I think just in a couple of generations, I've seen what education and opportunity has done for me. But I think on a bigger scale, I've lived in a number of major cities early on, when I was in my 20s, I spent a lot of time in tough neighborhoods in New York working with kids in difficult situations and trying to help them move on. So I feel like I've seen it up front in what's possible.
And then when I worked in the government, I was the secretary of Housing and Urban Development, and that is really the federal agency that deals mostly with poverty issues. And seeing intergenerational poverty and seeing people unable to do something about it is a sort of a dispiriting situation, and I believe we can do something about it. And really, Goodwill I think is, well, I know Goodwill is the largest nonprofit that is trying to change the landscape for many of those people, and hundreds of thousands of people find a different opportunity because of us. Aimee Resnick:
I think that's a really excellent transition because I actually do want to talk to you a little bit more about your experience with housing and urban development. So for context, in 2008, you were nominated by President George W. Bush to serve as the secretary of the US Department of Housing and Urban Development. And I'd just like to hear a little bit more about how you started this large career in public service, and then a little bit potentially about how your public sector experiences under George W. Bush have shaped your approach to private sector leadership in your current career. Steven Preston:
Yeah. So I think one of the important things was I spent almost 25 years in the private sector before I went into the government. So I had been an investment banker, I had been a CFO, I had been a corporate leader. And I say that because many times, young people coming out of college will say, "I want to go into nonprofit, what do I do?" And one of the f
