Women Of The C-Suite: Kathy Roberts of Switch Reward Card On The Five Things You Need To Succeed As A Senior Executive
An Interview With Candice Georgiadis
The first thing I wish someone had told me before I started is to never assume that other people will have the same ground rules or morals as you. During my time in the consumer credit industry, I witnessed the people around me making decisions or conducting business in a way I thought was inappropriate or unnecessary. I had to step back and remind myself that they were not me. So, I can’t expect them to hold themselves to my personal or professional standards.
As a part of our interview series called “Women Of The C-Suite”, we had the pleasure of interviewing Kathy Roberts.
The CEO of Switch Reward Card, Kathy Roberts is a pioneer in the consumer credit card industry with Discover Card and served as President and Chief Operations Officer of Discover Bank from 2000 to 2006. Ms. Roberts now applies those same skills and work ethic to the emerging digital currency market.
Thank you so much for joining us in this interview series! Before we dig in, our readers would like to get to know you a bit more. Can you tell us a bit about your “backstory”? What led you to this particular career path?
After working in the consumer credit industry for over 20 years, I realized how much the world of banking had changed. I recall being fascinated the first time someone sent me a cryptocurrency, and it was immediately deposited in my account. Just witnessing that made me wonder what this new method could do for others who are unable or unwilling to use the traditional banking methods commonly seen in the mainstream.
Can you share the most interesting story that happened to you since you began leading your company?
Yes, I recall Scott Touchton, our VP of Sales and Marketing, sending me a video of him purchasing a burrito with the Switch Reward Card, which is currently in beta testing. It was mind-boggling to me because I got to see this project we had spent so much time and effort working on in real time.
It has been said that our mistakes can be our greatest teachers. Can you share a story about the funniest mistake you made when you were first starting? Can you tell us what lesson you learned from that?
I try hard not to make mistakes, but they have happened in the past. For example, I recall a time when my team and I chose the incorrect vendor for a project. My intuition had told me not to pick them from the beginning, but they were considered the best in our industry. Unfortunately, that vendor did not materialize, and we fared better with the second-best vendor. The most important lesson I took away from that experience was to trust myself and my intuition when it tells me something is wrong or right. That lesson is something I have used in many aspects of my professional life, from hiring new employees to developing a new strategy.
None of us are able to achieve success without some help along the way. Is there a particular person who you are grateful towards who helped get you to where you are? Can you share a story about that?
There are so many people I am grateful for, from family to friends to co-workers, both past and present. But it is my father who, I believe, helped set me on this track. When I was younger, he asked me what I wanted to be when I grew up, and I distinctly remember stating that I wanted to be the President of the United States. He didn’t laugh or tell me I couldn’t, but instead, he sincerely responded, “Okay, we’ll work that.” And I am incredibly grateful for the genuine encouragement I received from him then and continue to receive from those around me.
Leadership often entails making difficult decisions or hard choices between two apparently good paths. Can you share a story with us about a hard decision or choice you had to make as a leader?
Yes, when I was deciding on my next steps for my career, I received a job offer from a previous employer to be a C-Suite executive in their Human Resources department. While I was flattered, I promptly declined the position. I remember getting a call from the employer saying, “You know this is a C-Suite level position, right?” But I couldn’t accept it because I knew that was not what I wanted to do and not where I wanted to be.
Ok, thank you for that. Let’s now jump to the primary focus of our interview. Most of our readers — in fact, most people — think they have a pretty good idea of what a CEO or executive does. But in just a few words can you explain what an executive does that is different from the responsibilities of the other leaders?
To me, an executive, especially a CEO, is not only a leader but also a visionary and protector. An executive must be able to see years into the future for their company and strategize accordingly. But, in the same vein, they must also be able to protect the people they work with and ensure they have everything they need to succeed.
What are the “myths” that you would like to dispel about being a CEO or executive? Can you explain what you mean?
The biggest myth about being a CEO is the belief that it’s this glamorous position where all you do is sit back and oversee the business. And for me, that couldn’t be further from the truth. As a CEO, I am consistently involved in everything that goes on for Switch Reward Card. Being an executive is hard work and requires a level of sacrifice that is anything but glamorous.
In your opinion, what are the biggest challenges faced by women executives that aren’t typically faced by their male counterparts?
In my opinion, the biggest challenge for female executives is that we are frequently underestimated. However, I believe that this challenge can also be turned into a female executives’ source of strength. I think that realizing that you will be underestimated, particularly when in comparison to your male counterparts, allows you to surprise people when you are fully prepared for a situation and knowledgeable about your business.
What is the most striking difference between your actual job and how you thought the job would be?
For me, the most noticeable difference is the absence of the human element in the post-COVID workplace. When I first started as CEO, I imagined myself attending business lunches and engaging in face-to-face conversations with clients and coworkers alike. But now, everything is done via Zoom or email.
Is everyone cut out to be an executive? In your opinion, which specific traits increase the likelihood that a person will be a successful executive and what type of person should avoid aspiring to be an executive? Can you explain what you mean?
I’ve never been one to cut anyone’s aspirations short, so I believe everyone has the potential to be an executive. However, it is important to state that becoming an executive does require a certain level of commitment and drive that not everyone is willing to make. While being intelligent and self-confident are important traits to have, for me, you need that true passion for your work to succeed as an executive.
What are your “5 Things I Wish Someone Told Me Before I Started” and why? (Please share a story or example for each.)
The first thing I wish someone had told me before I started is to never assume that other people will have the same ground rules or morals as you. During my time in the consumer credit industry, I witnessed the people around me making decisions or conducting business in a way I thought was inappropriate or unnecessary. I had to step back and remind myself that they were not me. So, I can’t expect them to hold themselves to my personal or professional standards.
Second, do not let your nerves get the best of you, and do not focus too much on every little worry you have. I know this can be especially hard not to do because, as an executive, you are responsible for so much. But it is essential to be kind to yourself and remember you’re not always going to be perfect or have the correct answer.
Third, put your health and well-being first. I think it is easy for executives to become workaholics and neglect themselves for the sake of the job. But the greatest way to ensure you’re doing the best job you can is to ensure you are in the best place you can be physically, mentally, and emotionally.
Fourth, have faith in yourself no matter what. In the executive position, it becomes second nature to doubt yourself and your work, but self-doubt will not help you improve, but believing in your skillset will. So, I think remaining as your biggest supporter even when you make mistakes.
The fifth and final thing I wish someone would have told me is that you don’t have to sacrifice everything to be successful in the C-Suite. I feel like many executives, especially women executives, must place everything else in their life on the back burner in order to climb the corporate ladder. Nevertheless, I think it’s crucial for executives to understand the value of a healthy work-life balance.
You are a person of great influence. If you could inspire a movement that would bring the most amount of good for the greatest number of people, what would that be? You never know what your idea can trigger.
I would want to inspire people to be kind. No matter what a person looks like, where they come from, or their beliefs, be kind because you never know what someone is battling, and your kindness can make a difference in their life. I remember one time when I was out with my son, and I saw this man with a giant rainbow mohawk, and I said, “I love your hair!” And the way his face broke out into a big smile just from that small comment is something I’ll never forget.
We are very blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch with, and why? He or she might just see this if we tag them
Andrea Merkel is someone I would love to sit down and talk with. The way she conducts herself and does her job with such determination and grace is something I find exceptionally admirable.
Thank you for these fantastic insights. We greatly appreciate the time you spent on this.
Women Of The C-Suite: Kathy Roberts of Switch Reward Card On The Five Things You Need To Succeed As… was originally published in Authority Magazine on Medium, where people are continuing the conversation by highlighting and responding to this story.