Business

The Chobani billionaire who turned a $3,000 loan into a yogurt empire calls himself an 'anti-CEO' and thinks other CEOs should do the same

Hamdi Ulukaya chobani
Chobani CEO Hamdi Ulukaya founded the yogurt maker with a $3,000 loan. Mike Coppola/Getty Images for Save The Children
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If you picked up a container of Chobani in 2007, there was a phone number on the back that you could call if you had a problem with the now best-selling Greek yogurt.

That number was CEO Hamdi Ulukaya's direct line, Ulukaya said in a TED talk filmed in April and published on YouTube on June 20. Ulukaya said he believed that businesses existed to serve customers.

"Today's playbook says the CEO reports to the board," Ulukaya said. "In my opinion, the CEO reports to the consumer."

Ulukaya refers to himself as an "anti-CEO" because he rejects traditional business practices like aiming to maximize value for shareholders, he said in the TED talk. According to Ulukaya, business leaders should also ask how they can help struggling communities instead of trying to get perks for their companies.

Ulukaya also advocates for companies to get involved in the ongoing refugee crisis, Bloomberg reported August 28. Chobani recruits refugees for jobs at its plants and encourages other companies to do the same.

"It's good for the companies to be a part of this," Ulukaya told Bloomberg. "Because people five years or 10 years from now are going to question 'What did you do about this? Why were you not part of this?'"

Ulukaya is not the only CEO to credit a business' success to a focus on customers. Amazon's founder and CEO, Jeff Bezos, said in June that prioritizing customers' desires also helped businesses craft a stable corporate strategy, Business Insider's Julie Bort reported.

"You can work on those things with the confidence to know that all the energy you put into them today is still going to be paying you dividends 10 years from now," Bezos said.

Read more: A legendary venture capitalist who made early investments in Twitter and Skype explains why he turned down Netflix — and what he learned from it

Ulukaya, 46, founded Chobani after immigrating to New York from Turkey to study English in 1994, according to Forbes. Ulukaya received a $3,000 loan from the Small Business Administration in 2007 and used it to buy an old yogurt plant in Norwich, New York. Chobani now sells over $1 billion of yogurt annually and is America's most popular brand of Greek yogurt, Forbes reports.

"If you're right with your people, if you're right with your community, if you're right with your product, you'll be more profitable, more innovative, and you will have more passionate people working for you and a community that supports you," Ulukaya said.

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Taylor was a reporter for Business Insider from June 2019 to October 2020. She covered wealth, inequality, and philanthropy. Taylor reported on how the ultra-wealthy were able to access COVID-19 tests before the general public and interviewed leading philanthropists including investor Robert F. Smith and Panda Express co-CEO Peggy Cherng. She was previously an intern at CNN Business, TheStreet, and Yahoo News. Taylor joined Business Insider after earning a degree in Journalism and Politics with honors from NYU. She is a Tennessee native who currently resides in Manhattan and spends her time traveling, kayaking, watching crime dramas, and sipping chai lattes. Follow her on Twitter @TaylorNRogers.