Joe Preston is the president and CEO of Boston-based New Balance, a global corporation that designs, manufactures, and sells athletic footwear and apparel. He’s also on the Federal Reserve Bank of Boston’s Board of Directors as a Class B Director, who are elected by member banks to represent the public. We spoke to Preston about leading a global company, investing in the community, and the life mottos that get him and the company through tough times.

New Balance went from the "dad shoe" to the top choice for many elite athletes. How did that happen?

We realized the brand needed to get younger. In the U.S., our loyal consumers from the 1990s and 2000s stayed with us, but we weren’t attracting enough new ones. So, we made a commitment to sports more than a decade ago, starting with baseball.

Many doubted we could become a major player, but great products and strong relationships with athletes proved we could win. Now, we work with incredible athletes like Shohei Ohtani, Coco Gauff, Cooper Flagg, and Tommy Paul, just to name a few.

But we didn’t just want to win over the athletes. In 2019, we began focusing on the 18-to 24-year-old global consumer from both a performance and lifestyle perspective.

That shift guided everything we did from marketing to store design and website experiences, and we executed it consistently around the world. At the same time, we promoted the brand at the intersection of sport, culture, and fashion through our athletes, ambassadors, and sponsored events. And for the last six years, we’ve grown in every market worldwide.

What does a strong work culture look like to you?

It all comes down to collaboration and having a “one team” mindset. We are a global company, so people around the world work in various functions, and it’s about being good teammates. That means that you’re engaged and showing up ready and open to listening. When the “play” or the “plan” is decided, we all move together as one. When you move together as one, you can accomplish anything, and we are proof of that.

New Balance talks a lot about being part of the communities where it operates. Can you talk about the New Balance foundation and where this commitment to the community comes from?

That commitment is deeply personal to me. I grew up in Arlington, Massachusetts, with parents who immigrated from Ireland with only $100 to their name. So, hard work and community were values I learned early on, and the owners of New Balance, Jim and Anne Davis, feel the same way.

The New Balance Foundation was created when the company was still small, and it’s become something we’re incredibly proud of. It has donated more than $165 million since 1981, and it supports the communities where our associates live and work. Recently, the foundation made one of their biggest investments yet, a $100 million gift to Mass General Hospital to help create a new heart and vascular center.

We have always cared deeply about our people and our communities. We are the only major athletic brand that has maintained manufacturing in the U.S., and we are proud to own five athletic shoe factories in New England in places like Lawrence, Massachusetts, and Skowhegan, Maine.

Does New Balance adjust its approach to reflect what’s happening in the broader economy and with consumers?

Today’s consumer is definitely under pressure, and we compete in a very dynamic industry. We have a motto internally that came out of COVID that is, “control our destiny,” where we try to focus on the things that we can control. We can't control the global economy, but we can control how we adapt to the environment around us.

You’ve spent more than 30 years at New Balance. What’s kept you there, and what advice would you give someone just starting out?

I was very fortunate early in my career to be surrounded by great leaders and incredible mentors. I’ve also had the opportunity to work across our key business areas and get a broad and global perspective. What’s kept me at New Balance is our strong company culture and that I’ve never stopped learning. So, I think my biggest piece of advice for anyone, at any point in their career, is to always keep learning and growing.

Why did you decide to join the Boston Fed Board of Directors?

It’s a great opportunity to contribute to a valued institution with an important public service mission by bringing the perspective of our industry and consumers. The Boston Fed’s Board of Directors come from a range of backgrounds and organizations, and each of us offers a different view of what businesses, workers, and communities are experiencing in the economy. I’m energized by the leaders I engage with and have found the experience educational. It’s meaningful to serve and contribute to the Fed’s work on behalf of the public.