4 Time CEO Keith Grossman on Turnarounds, Culture, and Boardroom Truths

In Episode 1 of Season 1 of No Spotlight Needed, Sheetal sits down with Keith Grossman, a four time CEO and MedTech operator known for building and turning around companies through focus, urgency, and team first culture.Keith walks through the arc of his career, including becoming CEO of Thoratec at 35 with the company nearly out of cash, engineering a major merger to secure future technology, leading through the personal and organizational tragedy of 9/11, stepping away at the right time, and later returning to reignite execution and regain market share.They also dig into what makes boards helpful instead of harmful, why CEOs should not try to manage boards like a management team, and what Keith believes is the most repeatable lever in leadership: recruiting great people and creating energized cultures that win.What you’ll learn • How Keith prioritized when the company had almost no cash and everything was urgent • Why he pushed a merger even while winning near term market share • Leading through loss and keeping an organization steady in a crisis • The difference between growth through new customers vs getting to standard of care • Why decisive leadership and fewer projects often unlock performance fast • Board best practices for CEOs: collaboration, education, and honest dialogue • Keith’s “leadership superpower”: recruiting and building high performance culturesTimestamps:00:00 Cold open: outcomes, what boards should do, and leadership focus01:03 Intro to Keith: 4 time CEO, major exits, non linear path02:16 Welcome + rapid fire begins02:41 Where Keith was born and raised02:50 Parents and early influences03:13 “Nothing happens until somebody sells something”03:46 College path: Miami of Ohio to Ohio State04:17 Athlete, music, and team sports as leadership training05:46 First jobs and earning early06:30 Why Thoratec at 35 with $1M left and a massive challenge08:56 Early priorities: capital raise, team, manufacturing, commercialization10:44 Building the market while the plane is in the air11:34 The hard truth: bridge to transplant market was too small13:36 The merger strategy and why it worked15:33 Negotiating control and why the deal was possible17:37 The roller coaster: 9 11 and losing COO Tom Burnett on Flight 9319:41 Leading through crisis: restructure and communicate immediately21:40 Company mission and recovery22:43 Why Keith initiated succession planning during a “magical” period25:10 Results from first run at Thoratec26:14 Joining TPG and learning the industry from the other side28:34 Why Keith didn’t want to be a venture capitalist29:08 Operator at heart29:19 Taking the CEO role at Conceptus: why it was compelling31:49 Diagnosis: growth stalled due to execution and culture32:41 Fixing the model: standard of care vs chasing new customers35:03 Fixing culture: urgency, analytics, accountability36:04 Shrinking the sales force and returning to growth37:33 The 1.1B exit and what came next40:09 Watching Thoratec round trip and competitor pressure43:04 The board asks Keith to return44:07 Coming back: moving faster with a ready playbook45:49 Turnaround principle: vision, speed, and top down focus47:55 Cutting initiatives, reorganizing leadership, reasserting customer value49:21 Momentum returns fast50:32 The 3.4B sale and why consolidation made sense53:39 Retirement, board work, and the next chapter55:03 Nevro turnaround attempt and what Covid changed01:01:32 Why the market may not have come back01:03:29 Single product risk when growth stops01:08:04 CEO advice on working with boards01:11:22 What Keith is most proud of01:13:31 Keith’s leadership “superpower”: recruiting + energized cultures01:15:17 Closing