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SALT LAKE CITY — Six years ago, Teresa Whitehead made the decision to take a new job in the mortgage industry, which was in complete turmoil thanks to one of the worst economic downturns in U.S. history.
While she had experience in mortgage lending, she was being asked to grow Citywide Home Loans from its humble roots as a small mortgage banking firm based in Sandy to something much bigger. After starting out as a recruiter, the company’s founder and owner tagged her to become CEO — a position she has now held for four years.
At the time when she was hired, Citywide employed about 100 people. Today, there are more than 700.
“We’ve been incredibly blessed in the last six years,” she said.
Whitehead, 57, was one of 12 people chosen by Utah Business magazine as Utah CEOs of the Year. Each executive was selected because they “exude innovation, show sound business judgment and have seen proven financial success. Whether in the private, public, government or nonprofit sector, these individuals have proved to be successful leaders within their companies and their communities,” according to the publication’s website.
The honorees, chosen in various categories, were recognized at a luncheon Wednesday at the Grand America Hotel in Salt Lake City.
Whitehead, the only woman among the 2016 recipients, said part of what makes an excellent chief executive is the ability to make decisions in a manner that benefits the overall welfare of the company and the employees who make it successful.
“If you care about your people genuinely, and you’re not afraid to pull the trigger, and as long as you assess the situation right, then it usually turns out all right,” she explained. “If you look at your organization and think what is in the best interest of everybody, then usually the answers are simple.”
She added that seeing growth among the employees that make the company successful is among the most gratifying aspects of her job.
“Virtually all the people who work for us are doing better — providing better for their families — today than they did before they worked for us,” Whitehead said.
For Spencer Young, 63, president of the Young Automotive Group, an exceptional chief executive is a great team builder. Having grown up in the car business watching his father, who inherited a dealership from his father before him, he learned to help people become better and grow in their jobs.
Success occurs “if you have a team of the right people that you have assembled that all work together,” he explained. “That’s what I enjoy about the business more than anything else.”
The third generation president of the family-run business has grown the company from one dealership to the current stable of 12 stores selling 13 vehicle brands. In addition, the parent company has a portfolio of other related businesses as well.
He said an exceptional CEO is ”someone who cares about their people, wants to get the information and engage their people, and elevates them to the point of eclipsing (their) abilities.”
Developing a pipeline of competent managers and workers, he said, will best serve an organization well in the long run.
“As you assemble those people and ascend them up beyond (your capabilities) is what makes a good CEO,” Young said. Young and Whitehead were recognized in the large private company category.
Another high-achieving success story honored at the event was recognized in the small private company category.
Jeremy Andrus, 44, is no stranger to business success. He was one of the driving forces behind the rise of the innovative, Utah-based electronics firm Skullcandy. After helping the Park City firm grow to $300 million in sales from $1 million, he sold his interest in the company to pursue other opportunities.
In 2014, he became CEO of Traeger Grills and moved the nearly 30-year-old company from its Oregon home base to Sugar House. In less than two years at the helm, the company has grown 30 percent, and he anticipates it will double in size in the next three years.
Andrus attributes the growth to a major shift in the entire philosophy of the company.
“Ultimately, a great CEO focuses on vision, team and culture,” he said. “If you can align vision, team and culture around your business, then (employees) are going to be motivated and inspired to follow that lead.”
The executives selected as Utah CEO of the Year for 2016 include: Scott Altman, executive director of Ballet West; Jeremy Andrus, CEO of Traeger Grills; Richard Beard, president and CEO of People's Utah Bancorp; Patrick Byrne, CEO of Overstock.com; Lew Cramer, president and CEO of CBC Advisors; Wallace Davis, founder and CEO of Peopletrail; Dave Elkington, chairman and CEO of InsideSales.com; Richard Hunt, CEO of Hunt Electric; Aaron Skonnard, co-founder and CEO of Pluralsight; John Sperry, founder and CEO of InMoment; Teresa Whitehead, CEO of Citywide Home Loans; and Spencer Young, president of Young Automotive Group.
