Dynamic Discussions: Moving Into the C Suite with Benevity CEO Kelly Schmitt

CIBC Innovation Banking Podcast

Originally released on October 27th 2021, this episode of The CIBC Innovation Banking Podcast is part of our ongoing celebration of meaningful dialogues with our listeners. As we highlight some of our standout episodes featuring trailblazers and icons in the Innovation Economy, we recognize the enduring relevance and value of the insights shared. Join us as we revisit these dynamic discussions and showcase the innovation that continues to define and drive our industry.

Kelly Schmitt successfully guided the CSR platform for charitable donation management, Benevity, throughout her tenure as Chief Financial Officer, and later President. Today, the Canadian company is a billion-dollar organization with more than 650 employees, two million users, and $7 billion in processed donations to 300,000 global charities, and Kelly has transitioned to the role of CEO. In this episode, Kelly shares her story of assuming the coveted C Suite at Benevity, how she overcame self-doubt, and the true meaning of a growth mindset in business.

People and culture trump all

Kelly shared that while working as Benevity’s CFO and President, the company’s founder approached her about taking over the position of CEO. Initially, she balked at the suggestion, assuming that the role of CEO should be reserved for the best salesperson, thought leader or visionary in the room. However, she quickly realized that being a great CEO goes beyond a solid resumé — it’s about aligning well with the company’s people and culture, and embodying the organization’s overall values.

Embrace change

To Kelly, a growth mindset means embracing the idea of constant and never-ending improvement. She believes that to continue being a leader in the market, companies need to constantly be evolving, innovating, and disrupting. This requires a high level of self-reflection but also a willingness to grow, stay humble, and accept feedback. Kelly notes that a growth mindset is really about looking at things through a long-term lens instead of focusing solely on short-term gains.

Diverse teams are more successful

From the outset, Benevity’s founder made it a priority to build a diverse team, not by setting specific targets, but by building a culture of inclusive behaviours and solid values. The company’s team is now 51% women and 30% BIPOC, which Kelly says has directly translated into a higher performing business. Kelly referenced some of the built-in behaviors that help Benevity maintain this inclusive culture, such as a progressive parental leave program and gender pay equity initiatives.

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This episode of The CIBC Innovation Banking Podcast was produced by Quill.