Tom Nolan, CEO of Kendra Scott, says that it boils down to one thing when working for the founder of a company: trust.
During the past 10 years he’s been with the company, Nolan has built a sibling-like relationship with Kendra Scott, the namesake founder and former CEO of the company. The two are often on the same page as one another, but when they do occasionally disagree, honesty trumps all.
“I think most founders look at a business as their kid. So giving custody of your kid really requires trust,” Nolan said at the Fortune COO Summit in Middleburg, Va. on Monday. “Kendra and I galvanized that over some really challenging things, through the years of COVID and others, and I think it was rooted in trust.”
While she might have stepped out of the corner office in 2021, Scott is still very much involved in the company, setting a vision from the brand perspective and running its philanthropic services. Nolan now runs the day-to-day operations of the company.
“I feel like the company doesn’t work for me, I work for them. I have a servant mentality, and ultimately we are serving Kendra,” Nolan said. “She is the vision, the voice, and the brand of the business. It’s my job just to execute the vision as best we can and have a great team that also shares that vision.”
In order to execute Scott’s vision for her company, Nolan carries out the three core values the jewelry company has had since its 2002 inception—family, fashion, and philanthropy. He does this through three key steps:
- Walk the talk and do what you say you are going to do.
- The customer is our boss—they sign our paychecks.
- Execute between what the customer wants and needs.
While Nolan has taken charge of day-to-day operations, Scott’s vision of affordable luxury is still very much ingrained in the culture of the company, which sells many of its products for under $100.
“When we look at our business, whether it’s in Texas or New York City, it’s the same kind of customer—a customer that cares about the value,” Nolan said. “They want nice things, and they also want to do well in their community.”
Firsts in leadership
As for his transition into the corner office, Nolan says every move in his career has been a new one for him to make. Being the first person in his family to graduate from high school and college, he learned to navigate life for himself.
Nolan joined Kendra Scott’s board of directors in early 2015 after leadership positions with Condé Nast and Ralph Lauren. The jewelry space was new for him, but that didn’t stop him from joining the C-suite a year and a half later to become Kendra Scott’s chief revenue and chief marketing officer. He was promoted to president in late 2019, and held this role for a little over a year before getting tapped to become CEO.
Nolan credits his growth and success to constantly staying curious, asking as many questions as possible, and never acting as though he knows everything, even from the corner office. He views his role as being head coach of the Kendra Scott team, making sure every employee at the company is aligned with the same principles to ensure that they win.
“I think too often people are climbing a ladder and they just want to get to the top, to that CEO role,” Nolan said. “And once they get to the top, they don’t know what to do—and I think that’s okay, being honest not knowing what to do.”
