Navigating successful change and reinvention in business comes down to a strong vision and knowing the organisation’s DNA.
That was the message from Anne Jessopp CBE, the first female CEO of The Royal Mint, who addressed the final meeting of the 2023/24 season of Cardiff Business Club.
Jessopp described how the 1,100-year-old business – the oldest manufacturing business in the UK and one of the oldest in the world – had faced a crucial turning point in recent years.
Business News Wales spoke to Anne Jessopp about what change has meant at the Royal Mint.
CEO of The Royal Mint, Anne Jessop addresses Cardiff Business Club from Business News Wales on Vimeo.
When she took up the role of CEO in 2018 currency drove almost all of the Mint’s profit. But a 35% decline in coin usage meant dramatic decisions needed to be taken around the future of the historic business.
“We were like a teenager trying to decide what we would be when we grew up,” she said.
She highlighted how the journey to reinventing the business had involved looking at what makes the organisation unique and recognising what’s in its DNA, as well as ensuring the whole business shared a strong vision.
But it was also important to be innovative, said Jessopp, adding:
“If we had focused too much on our industry we would not have focused on sustainability.”
The Mint’s transformation has led to the creation of a portfolio business, including the launch of a jewellery range made from recycled metals and an innovative partnership with Canadian clean tech company Excir to scale up patented chemistry to recover precious metals from electronic waste.
This has also meant that highly-skilled staff who are no longer needed in the coin-making side of the business as the Mint exits the overseas currency market have been redeployed.
A total of 230 staff, many of whom have been working in the Mint for between 20 and 30 years, have been offered new roles across other areas of the business.
