Mike Steib - Leading XO Group to a $933M Exit and Becoming CEO of Artsy

The Casey Adams Show

Listener.com Podcast Network

Business, Entrepreneurship

4.8 • 637 Ratings

🗓️ 3 June 2024

⏱️ 51 minutes

🔗️ Recording | iTunes | RSS

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Summary

On today's episode I sat down with Mike Steib, the CEO of Artsy. Mike is the CEO of Artsy, the world’s leading online marketplace for buying and selling art by the world's leading artists.
Previously, Mike was the CEO of XO Group Inc (NYSE:XOXO), parent company of The Knot. After developing America’s number one wedding planning app and two-sided local vendor marketplace, XO Group was sold in December of 2018 for $933M, a 350% increase in the company’s equity value over Mike’s five-year tenure. Mike serves on the board of Ally Financial (NYSE:ALLY), a Fortune 500 digital financial services company that helps millions of Americans save, invest, and borrow with confidence. He chairs Ally’s Technology Committee and sits on Ally's Risk Committee. Ally is America’s #1 Digital Bank (Money Magazine) and one of Fortune’s 100 Best Companies to Work For. Previously, Mike served in roles at Google, NBC Universal, Vente-Privee USA, Walker Digital, and McKinsey & Company.
Mike is the host of Office Hours with Mike Steib—a production of iHeartMedia, the #1 podcast publisher in the world—where he joins with the founders and chief executives shaping our world to answer listeners’ questions with honest, actionable advice. He is also the author of The Career Manifesto (Penguin Random House, 2018), a guide for young professionals seeking more purpose and joy in their work.

Learn more about Mike Steib: https://www.linkedin.com/in/mikesteib/

Chapters

00:00 Introduction and Background

00:30 Artsy: The World's Largest Marketplace for Fine Art

02:18 CEO's Daily Routine

05:17 Becoming the CEO of XO Group

08:55 Transforming The Knot: Culture and Team Building

14:18 Transitioning from The Knot to Artsy

21:36 Early Career Goals and Writing The Career Manifesto

28:34 Writing a Book and Publishing Recommendations

34:15 The Importance of Health and Fitness for CEOs

39:30 Excitement for Artsy and the Future

40:15 Supporting Artists and Investing in Art

43:03 The Joy of Being a Patron of the Arts

44:41 Career Advice: Creating Your Own Path

48:28 Making an Impact and Putting Others First

49:16 Promoting the New Podcast and Staying Connected

49:41 Advice for Podcasters: Find Your Unique Approach

Transcript

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0:00.0	Welcome back to the Casey Adams show. Today we are joined by Mike Stive, the CEO of Artsy. Mike,
0:08.1	thanks so much coming on the show today. What's up Casey? What's up listeners? How's everybody?
0:12.4	Dude, I'm doing good over here and I hope the listeners are doing well as well. But I really appreciate
0:16.6	you taking the time today. I know, first off, huge fan of your work and excited to dive into your
0:21.5	story. And I think when I hopped on, I saw your background and I see the beautiful arts and the
0:27.8	craftsmanship that you have in the home. Let's talk about artsy. This company, the world's largest
0:33.3	marketplace for fine art. How long has it been that you've, A, personally loved art, fine art,
0:41.5	and then B, what's the story of how you led to being CEO? So I've personally loved art
0:49.8	like most people since I was a child. We're actually, you know, where we come home from preschool and hang our art on the refrigerator.
0:58.9	It's something that's inside of us as human beings very naturally and it's something that comes out our entire lives.
1:05.7	And people, you know, more people go to museums every year than sporting events and concerts.
1:10.7	It's a natural human activity that everyone loves. You know, more people go to museums every year than sporting events and concerts.
1:14.9	It's a natural human activity that everyone loves.
1:29.9	And I was, but I was drawn to artsy because despite that, the world of art collecting is small and insular and sort of feels inaccessible to lots and lots of people, even though it's,
1:33.2	I mean, I have to tell you, like, it's the most fun thing in the world you can do.
1:36.2	It's often an amazing investment and all that stuff.
1:42.9	But I was one of those people who had the love of art and the means to be an art collector,
1:45.2	but wasn't an art collector because I just wasn't on the, I didn't feel like I was on the inside of the tent. And when you see a business like that
1:50.7	or an industry like that or a space like that where the information is not transparent, where the
1:57.2	access is limited, where the suppliers are fragmented.
2:01.9	This is what the internet was invented for, to aggregate, to bring transparency, to help with
2:07.1	discovery.
	...

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