Conversation with a Leader
NASCAR: surviving COVID and standing up against racism
Steve Phelps, CGSOM ’87, P ’23, the president of NASCAR, spoke with students about his professional journey and shared his insight on the sports management industry. In describing what led him to Boston College, Phelps said that in choosing between BC and another school, he appealed to the dean of the Carroll School, saying that he wanted to go to BC but could not afford the tuition. The dean simply replied: “You start class tomorrow.” This, he noted, was an act of kindness that created a seminal moment in his life and career, and embodies what it means to be at BC.
Phelps reflected on the whirlwind year in sports, culture, and politics. On the coronavirus pandemic, he highlighted that NASCAR was the first sport to resume after the initial shutdown. His organization's goal, he said, was to bring racing back on TV while ensuring that all participants were safe. In this regard, he worked closely with local and federal public health officials and industry experts to get live racing back as soon as possible.
What is clear is that Phelps is unafraid to face adversity head-on. In light of George Floyd's death, NASCAR made history by banning the Confederate flag at all its events. This momentous decision signaled the organization's commitment to making NASCAR a welcoming and inclusive sport. He recollected the moment when Bubba Watson, the only Black NASCAR driver, walked side-by-side with his fellow race car drivers to show solidarity with the Black Lives Matter movement, further convincing Phelps that he had made the right decision. Of course, this decision came with many challenges, including angry pushback from some of NASCAR's supporters, but he said the change will allow racing to broaden its domestic market by attracting new viewers.
On the future of the sports entertainment industry, Phelps is confident that it will weather the pandemic's economic impact and find new avenues to achieve growth. For example, he cited NASCAR's growing presence in e-Sports, such as their iRacing invitational competitions. The market for this industry allows NASCAR to reach a younger audience with no experience in traditional racing. Within the industry, NASCAR is expanding its branding to Europe and China, two untapped markets for the company. Overall, Phelps is hopeful for NASCAR's future as it looks to become a more inclusive and global organization.
Czar Sepe ’21, Winston Ambassador
Finding your sweet spot
Kate Clifford-Toomey graduated from BC in 1995 as an accounting major not because she enjoyed it, but because her father told her “accounting is the language of all business.” Her best memory at BC is her first pick for the Mods senior year. That was her “claim to fame and the place to live back in 1995,” which led to an adventurous senior year.
Clifford-Toomey’s career journey began at PWC as a staff accountant, where she received training, learned to work with a team, and met bright people from different backgrounds. She said that starting a career in a cohort is very helpful in networking, learning, and meeting new peers. Clifford-Toomey loved consulting and received on-the-job training that she couldn’t “learn in school or from books.” She had bosses that took the time to teach her and advised students to look for those kinds of people in their own career journeys.
After almost 10 years at PWC, Clifford-Toomey joined the JP Morgan team, where she noticed immediately how much harder it was to integrate into a new organization without the benefit of a cohort. At JP Morgan, she learned how to build a risk system, a system used to monitor the risk the bank is taking on at any point in time. It’s a skill Clifford-Toomey still uses today. Although she learned a new hard skill, she struggled in navigating how to add value. She sought new opportunities, and through relationships she built within the company, she was placed in the Institutional Sales Group as a junior salesperson. She later moved to San Francisco to work on the PIMCO and WAMCO accounts, two of the biggest West Coast asset management firms. While gaining invaluable knowledge and training, this area of work was not entirely fulfilling for her. This led Clifford-Toomey to think about her strengths and interests and applying them to a long-term career. Her advice in finding a fulfilling career: “Know who you are, know your interests, and know what you’re good at. That will not happen at your first few jobs, but eventually you will find your sweet spot.”
Returning to New York with the help of her network, Clifford-Toomey was hired as chief operating officer (COO) of the Institutional Sales Group at Bank of America, where she managed its people, systems, operations, and finances. In this role, she “found her sweet spot”—operational design and management, system implementation, and consulting skills all packed into one job. Clifford-Toomey has since served as COO of Investment Banking at Deutsche Bank and COO of DB Americas before joining Wells Fargo in her current role as the COO of Risk Organization.
Life, she said, is a balancing act, one she knows all too well after integrating a successful career in the financial industry with marriage, motherhood, and a Labrador Retriever. She ended her time with students by reminding them not to be afraid of change or taking the time to figure out their sweet spot—it often takes multiple steps to find that perfect fit.
Paige Scozzaro '21, Winston Ambassador