Mark Tercek

Photo by Katherine Lambert

Mark Tercek likes a challenge. As CEO of The Nature Conservancy (TNC), he has led the global nonprofit to fearlessly take on conservation projects that no one else would.

"We are trying to tackle those global challenges that are vital, and that no one else can do," he said. "We're not afraid of the private sector, we're non-partisan, and we like very much to get things done on the ground and in the water. Those are the qualities that have allowed us to grow."

Tercek (MBA 1984) shares his successes—such as spending half a billion dollars to keep Montana land from being developed, protecting Adirondack parks, improving fishing practices—in his new book, Nature's Fortune: How Business and Society Thrive by Investing in Nature, coauthored by conservation biologist Jonathan S. Adams. One of TNC's strategies, as discussed in the book, is to recast environmental situations as investment opportunities.

"Investing in nature can produce very attractive business returns," said Tercek. "Compared with manmade solutions, natural infrastructure often works better, costs less, and appreciates in value over time. And it provides a host of important co-benefits, like wildlife habitat, clean water, and tourism, and recreation opportunities."

According to Tercek, emphasizing the value of nature builds common ground with people who may not consider themselves to be environmentalists, ultimately resulting in more support—and resources—for conservation. It also leads to more constructive dialogue between environmentalists and the rest of society.

His own career path could have been a case study for the book. After graduating from Harvard Business School, Tercek spent 21 years as an investment banker at Goldman Sachs. In 2005, he began his transition into conservation work, first leading Goldman Sachs's new, in-house environmental efforts. Three years later, he applied for the CEO position at the Washington, D.C.-based TNC.

"At first, I was viewed as an odd candidate; but to the board's credit, they thought my business experience was a plus. I could really put to work what I learned at Harvard and at Goldman Sachs," he recalled. "Viewing nature through the lens of basic business principles—maximize returns, invest in your assets, manage your risks, diversify, and promote innovation—can open the door for productive collaborations within the private and public sectors."

The nonprofit world required a change in thinking for Tercek. "At Goldman Sachs, goals and metrics were super clear," he said. "At TNC, it's not as black and white. All the work we do is important. But we have to be vigilant about focusing our limited resources on the projects and strategies that will make the biggest impact on our mission."

Under Tercek's leadership, TNC embarked on a comprehensive strategic planning effort that culminated in a new conservation framework to guide the organization's work through 2020. He credits the HBS course on organizational behavior taught by Louis B. "By" Barnes with helping him lead TNC through its priority-setting process.

"To be a decent leader, you need people skills. You have to face the tough conversations head on," he said. "My management team and I met with thousands of our staff, volunteers, and supporters across the organization to get their input as we refined our new conservation framework. Those conversations made a big difference in strengthening the plan and building the support to implement it."

Given that TNC was his first CEO role, Tercek said HBS prepared him well for assuming leadership. "I was able to pivot; I wasn't intimidated by new situations," he said.

He also has been able to lean on a network of HBS alumni who serve on the TNC board. Among them are treasurer Muneer Satter (MBA 1987), Jeremy Grantham (MBA 1966), David Blood (MBA 1985), Meg Whitman (MBA 1979), and Tom Tierney (MBA 1980).

Although Tercek faced a big culture shift in his move to TNC, he says one of his favorite parts of his job is his colleagues. "Their principal engagement is fulfillment," he said. "It certainly requires a different skill set as a leader. While it may be more difficult, it's extraordinarily fulfilling."

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