Adapting to change: CEO of The Royal Mint addresses Cardiff Business Club
Cardiff Business Club marked the last event of its 2023/24 season with insights on change, diversification and authenticity as Anne Jessopp CBE, CEO and Deputy Master of the Mint at The Royal Mint, addressed the Club.
At the event sponsored by Hugh James, Jessopp discussed the recent redevelopment that the Mint has undergone since her appointment in 2018, and following the 35% decline in coin usage through the pandemic.
Highlighting the change in society and industry by asking attendees to raise their hands if they had used coins today, this week, or this month, she went on to say that they have been redefining what it means to be a Mint, building a portfolio of businesses with a £1.9 billion revenue annually.
Before delving into the Mint’s change, she discussed her personal change, from a career in HR to becoming CEO of The Royal Mint. Anne Jessopp stated: “The Royal Mint was like a teenager deciding what to do when it grew up.” To diversify its offering, they had to understand what made the organisation unique, understand the core values held by employees and customers, and understand the capabilities they have, along with those they don’t.
By implementing these steps, The Royal Mint has diversified in absolute marketplaces through product innovation, such as precious metals investments and collectables, and grown into new markets entirely. Jessopp discussed their partnership with Canadian clean tech company Excir, to scale up patented chemistry to extract gold from electronic waste, and their new jewellery line, where their recovered gold is already being used.
She closed by highlighting the importance of job retention through their period of diversification and change, as the organisation will decommission its Overseas Currency business later this year. All 230 employees have been offered new roles in their new industries, be it in the jewellery making section, collectable coin creation, or electronic waste recycling. She stated that people are the most important part of a business, discussing those open to change and those who push against it, but highlighted the importance of them all when it comes to a period of redevelopment.
Anne rounded off by highlighting their overarching goal – to remain authentic to who they are throughout the transformation.
Cardiff Business Club will return for its new season in the autumn.
