This issue features Paul Yanover, President of Fandango. He discusses competition in the multiplatform world of consumer entertainment, the NBCUniversal tie-in, why marketing and kids provide all the clues, the mosaic of the right team, and putting passion over “gaming” the system in a career plan.

Paul Yanover

Paul Yanover has been President of Fandango, Inc. since October 2012. Prior to Fandango, he served as Executive Vice President and Managing Director of Disney Online, the entertainment and lifestyle digital product group of the Disney Interactive Media Group. Previously, he had served as Senior Vice President and General Manager of Disney Parks & Resorts Online, of the Disney Interactive Media Group, which includes all of the online web activities, e-commerce, online attractions and informational sites representing The Walt Disney Company’s (TWDC) theme parks and resort hotel properties.

Mr. Yanover also served as Senior Vice President and General Manager of?the Buena Vista Game Entertainment Studio, a new business unit of TWDC, which was founded to exploit emerging opportunities in the PC, video game and online entertainment business. Mr. Yanover began his career with Disney in 1991 with Walt Disney Feature Animation, ultimately becoming Vice President of technology and digital production for the group. Mr. Yanover’s credits include Beauty and the Beast, Aladdin, The Lion King, The Nightmare Before Christmas and Tarzan among others. In 1999, Mr. Yanover co-founded Ceiva Logic, Inc.

He has been a Director of NTN Buzztime Inc. since July 2012 and has served as Director of Interactive Advertising Bureau Inc. He holds a master’s degree in computer science from the University of Southern California and a double honors bachelor’s degree in computer science and economics from the University of Western Ontario.

Boyden: You recently took the helm of Fandango, in a newly created position. What attracted you to the role?

Yanover: There are a bunch of things. I would say first and foremost Fandango’s a fantastic brand. We are an innovative technology company with a great position in its market. But, at the same time, it’s still small and it’s still really early days. I felt like for me, having had a lot of corporate experience and some start-up experience, it was the perfect confluence of a platform to take something and amplify it, and my role at Fandango allows me that. I also like that Fandango is integrated into a large media company.

Boyden: So there’s the best of many worlds?

Yanover: Exactly. On one hand, we’re an independent small innovative digital company. On the other hand, we’ve got resources and capabilities that I can draw upon from NBCUniversal. I personally have that experience of having worked in both worlds.

Boyden: Fandango has been on a roll for a while now. What are the key drivers that have fueled this growth and where does the company go from here?

Yanover: I think we can boil the drivers down to three big planks. One, we’ve done a great job of expanding our exhibitor relationships, and thus our supply of theaters. This includes the relationships with exhibitors and movie theaters, and the continued growth and trust they have in us and our ability to represent more and more screens across the country. For example, just last year we added AMC as a partner.

Second is our massive growth in mobile. We have this huge installed base on our mobile app and it continues to grow. We are seeing an enormous shift in consumer engagement and commerce on mobile. We are ultimately serving people a complete out-of-home moviegoing experience.

Last is our brand and user experience. Fandango has tremendous overall awareness and is truly well known?for innovation, movie tickets and information, and customer service. A good example of some of this coming together is Fandango and Apple’s mobile app, Siri. We are really early with Apple’s Siri and its integration with Fandango, but that’s a great emblem of our approach. We are serving people with innovation and technology, and our brand is showing up everywhere people think about movies. These three areas have particularly fueled the growth we’ve seen in the last year.

Boyden: The entertainment industry environment, from a consumer perspective, is more competitive now. Do you see it as more of an opportunity or a challenge?

Yanover: First, it depends on where you sit in the ecosystem. There is just?a lot more choice and more screens,?of every possible size, in consumers’ hands – literally in their pockets and their homes. Also, distribution and aggregation play a big role in getting more things in front of more people. From that perspective, there is definitely a lot of competition.

For us, in particular, I still believe even with all this competition and all this choice, there is still a very healthy appetite for people to want to go to movies in a theater. In North America, this is kind of a ritual on a Friday or Saturday night. For us, it’s still a huge marketplace. What we are trying to do is activate that experience and improve it rather than expand to being another distribution screen for entertainment.

Boyden: Fandango mobile sales were up 171 percent last year and the app is now hitting north of 31 million downloads. Where’s the future nexus of technology and entertainment?

Yanover: We are focused on the moviegoer and their relationship with intellectual property. That’s a relationship we love. Moviegoers have this cycle of “eventizing” their experience of going to the movies. We’ve done a really good job focusing on getting people guaranteed seats and activating the whole movie delivery process from wanting to go to a movie, to walking in the theater and getting a seat.  We want to expand the movie experience.om

We think we have a ton to offer all the way up the funnel, from the time movie- goers decide they want to see a movie, to them sharing a meal before or after the movie. There are also many things we can do in the theater as it relates to content, gaming and other interactive experiences. Our model is somewhat analogous to the travel business and va- cation cycle, except our cycle is shorter and it occurs much more frequently.

Boyden: How does the NBCUniversal family tie in?

Yanover: I’ll start by way of an example. We hired a gentleman named Dave Karger to be our “Chief Correspondent” at the time I came on board. Dave was a seasoned journalist and on-air reporter for Entertainment Weekly. His appointment was a big change for Fandango. Up until then, we had been very focused on the functional utility ticketing side of our business, but now we are expanding around the content side of our business.

We really want to focus on helping people make movie decisions, learn about movies and dive deeply into movies. We launched our first original web series called The Frontrunners in December. Using Dave’s talents, we’ve been integrating into NBCU platforms?– he’s been a regular guest on Access Hollywood, The Today Show and E! This year, we also partnered with E! for the Oscars, so there’s a huge connection for us on the media side where we have this giant platform, as well as a major distribution opportunity within the rest of the NBC family.

Boyden: How did you delineate the two worlds, Fandango and NBCUniversal?

Yanover: I sort of live in two worlds and they are both interesting to me. I negotiate the world of being a President of an independent company, and I’m also an executive in a significant, large media company, which is a world I am pretty familiar with. So, I’m maximizing the best of both. Connecting them is particularly exciting.

Boyden: How do you envision the landscape of the digital entertainment industry evolving in the next ten years?

Yanover: It’s so tough. I always joke, wow, think about the last time this was considered, at a time when there was no iPad. You could never have really predicted it. It’s not only the iPad; it’s more than that. It’s an entire screen revolution. Tablets are not just encroaching on or replacing laptops; they’re literally changing what people do. These tablets have become less laptop-like and more media stream- like. I don’t know how anyone could have predicted that.

The best predictors I use in the world are kids and teens, and I look to my kids for inspiration. I think the most interesting thing about their behavior is their unbelievable adaptability. They consume information and entertainment on three-inch screens, seven-inch screens, ten-inch screens and sixty-inch screens. They are completely indiscriminant to the screen and the distribution channel. They are watching everything from digital downloads to Netflix subscriptions and broadcast television and cable.

To us, those are all different things, but to them, it’s all just one big thing and all this terminology we use has no meaning to them.

In my opinion, the other thing that keeps happening is the world keeps moving between all this choice, everyone loving all the choice, and everyone needing aggregators to negotiate all these points of access. Young people can negotiate so many different points of access – now I go to iTunes, now I go to Netflix, now I turn on the TV and the DVR, then I go to Tumblr and Facebook, and on and on. In the end, someone jumps in and becomes a super-aggregator and curates it. People look to trusted brands to assist them in navigating all the avenues.

Boyden: What key business and/or leadership lessons did you take away from your time at Disney?

Yanover: Disney was an incredible culture. There are core lessons I got out of my time in the multiple divisions where?I worked. I think that Disney, particularly in the studio, really emphasized the power of creative individuals. The movie business is the ultimate example of a single person’s vision, and if you can get behind that person and give them the right resources and the right organization, they can create something amazing. A big part of what I bring from my Disney experience is understanding the power of people, giving them a goal and getting out of their way.

While working at Disney, I learned that everything matters. I worked in Parks?& Resorts, and when you walk through Disney World and look around, you realize how meticulously they have cared about all the details, from the molding on the building to the paint color, the horticulture, and the uniforms and costumes. Disney’s meticulous desire to create a complete user experience from every possible vantage point is very important.

Another lesson I took away is being really clear about what’s in it for your customer. With Fandango, my focus?is on being really clear about what people want to get out of the movies when they get in their car and head out on Friday night, and to stay relentlessly clear on what’s in it for them when we are part of the equation.

Boyden: How distinct have your leadership experiences been co-founding Ceiva Logic versus leading a conglom- erate like Disney?

Yanover: Disney was a great place in terms of teaching me the consumer skills and understanding of how to think through what’s in a product from a consumer point of view, how you communicate that to people, what it’s going to look and feel like, and how it actually makes sense both to the company and to the consumer. This is a total disciplined approach of pulling these views all together in a manner where you’ve really looked at all the dimensions of a product together.

A startup is a completely different thing because it has the other aspect of trying to go as fast as you can?while being constrained by resources. You have to believe some things that might be unbelievable, or you can’t get it done. You learn the skill of being scrappy and the skill of being way more efficient with time and resources.  You also learn amazing salesmanship skills because you’ve got to convince people of your vision.

Boyden: Having served as interim- CEO of Examiner.com as well, you have perspective on dealings with the media on multiple dimensions. How important is being media savvy and are there any pointers you can share?

Yanover: Examiner.com is really interesting because it’s another example of a disruptive company. Examiner.com is essentially a new form of creation and distribution of news information. It’s not crowd–sourced, but in a way it is almost controlled crowd-sourced.

When I was a kid, content came from professional sources and there weren’t that many of them. Brands associated themselves with these credible voices. Now, I think authority can emerge from many sources. Authority can be someone I’ve never met who posts something on someone’s Facebook page. It’s a hobbyist mountain biker writing stories on Examiner.com. It’s YouTube. It’s all changing now in a really interesting way. It’s all about power to the people.

This authority change is happening in video, too. Netflix has just produced its first show, House of Cards. It’s not a TV show. It’s on Netflix. That’s a new position which wouldn’t have easily happened 10 years ago. There is a fast changing sense of credibility and authority now.

Boyden: What role does mentorship play in accelerating progression in one’s career? Who is your mentor?

Yanover: Disney’s President of Feature Animation was a big mentor early in my career. He was a great example of a person who really understood this concept of the power of people. He was the kind of guy who imbued in me a certain kind of innate confidence. What I loved about him is he thought I could do a lot more than I thought I could do. He’s also the guy who really understood storytelling, and creative and consumer response to things at an emotional level – all important skills I was able to observe and learn.

Boyden: What are your priorities in hiring and nurturing talent?

Yanover: I look for energy, aptitude and for people who are really excited about what they are going to do. I’m totally willing to trade that with someone who has an advanced degree or extensive domain experience.

All of this is like casting a team. Every new person I hire is in the context?of who is already here. I like to bring people together who don’t sound and look the same. I can’t know exactly what that looks like without having the context of who is here. For example, in one case I literally changed the job description. I fine-tuned the job itself because I found someone who was really interesting.

In the end, you want to get all these people together to feel like they are on a crazy mission to succeed and they are going to be rowing together every day.

Boyden: You’ve successfully leveraged your education in computer science and economics into a career in interactive media. Is it generally more advantageous to pick a broader field of study or a more narrowly defined one that’s closely aligned with a specific field?

Yanover: I ended up doing what I did because it interested me. I’m a big believer that everyone should do what interests and inspires them rather than trying to figure out in advance the right succession of components that are going to “look right” later. People should just go with what gets them excited. It will be far more effective than trying in advance to figure out the system.

Boyden: What career advice would you offer to an up-and-coming executive in the entertainment and digital interactive industry?

Yanover: Do lots of different things. Looking at myself, I spent a lot of time at Disney, one company, which is true, but if you dig a little deeper, in my time there I worked at a movie studio, a theme park and a travel company. I also worked at an interactive gaming company and online media company. I moved around a lot at Disney in totally different businesses. That’s part of what allowed me to feel confident staying in one company for a long time. I’ve seen many people who literally stay where they are for a very long time and then wonder why their career is stagnant. In many ways, you have to move around and reinvent your skill set many times over. I don’t think you necessarily have to leave your company to do that.

You have to really challenge yourself to want to do something different. That’s a big part of career advancement. It forces you into this uncomfortable place of having to learn new skills and push yourself.

The views and opinions expressed here do not necessarily represent the views of Boyden; only those of Mr. Yanover.

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This issue features António Mexia, CEO of EDP-Energias de Portugal, SA, one of Europe’s biggest energy operators with presence in Portugal, Spain, France, Belgium, Poland, Romania, United States and Brazil, among others. Mr Mexia discusses energy demand and opportunities in developing markets, partnerships in China and Brazil, lower cost of renewables, energising teams and  why great talent supersedes a bad crisis.

Mr. Mexia has been the Chief Executive Officer of EDP and Chairman of the Company’s Board since March 2006. Prior to joining EDP, he held several important positions in the energy sector in Portugal and also as a member of the Portuguese government. From 2004 to 2005, he served as the Minister of Public Works, Transportation and Communications in Portugal’s 16th Constitutional Government. From 2001 to 2004, he was the Executive Chairman of Galp Energia, which he first joined as Vice-Chairman of the Board of Directors in 2000. He has also served as the Board Chairman of Petrogal, Gás de Portugal, Transgás and Transgás-Atlântico.

In 1990, Mr Mexia joined Banco Espírito Santo de Investimentos and served as a Director in charge of the equity capital markets and project finance divisions until 1998. Prior to h

is career in finance, he was an Assistant to Portugal’s Secretary of State for Foreign Trade and also served as Vice-Chairman of the Board of Directors of ICEP (the Portuguese Institute for Foreign Trade).

Mr Mexia has he
Mr Mexia received a degree in Economics from Université de Genève (Switzerland), where he was also Assistant Lecturer in the Department of Economics. He was a postgraduate lecturer in European Studies at Universidade Católica. He also served as a member of the governing boards of Universidade Nova de Lisboa and of Universidade Católica, where he was Director until the mid-1990s.ld several leadership roles in industry and trade associations – as Chairman of the Portuguese Energy Association (APE) from 1999 to 2002, member of the Trilateral Commission from 1992 to 1998, Vice-Chairman of the Portuguese Industrial Association (AIP) and Chairman of the General Supervisory Board of Ambelis. He was also a Government representative to the EU working group for the trans-European network development. In January 2008 he was appointed as member of the General and Supervisory Board of Banco Comercial Português, SA, having been previously a member of the Superior Board of this bank.

Boyden:  As the Spanish economy continues to struggle, are you concerned that the current negative market sentiment on Spain will put additional pressure on Portugal? Why or why not?

Mexia:  There are two parts to the recovery – actions by countries themselves and decisions made at the European level. Portugal is doing what it can do. It has sharply improved its external deficit and is slowly making headways on its budget. Portugal has also recognized that having credibility and access to the capital markets is very important and recently successfully extended maturities for its sovereign debt. This indicates market confidence in the country’s medium-term outlook.

Portugal’s recovery is also linked to what happens at the European level. It’s very difficult to have a common currency in Europe where the joint budget is a fraction of the budget in the other countries. There will be a trade-off among countries for the new future of Europe and some countries will lose sovereignty in exchange of mitigating some of the risks to the system.

Boyden:  What has been the impact on EDP?

Mexia:  We anticipated our future needs and have diversified our market and regulatory risks. Today EDP is 60 per cent Iberian – with 40 per cent of our operations in Portugal and 20 per cent in Spain. We have been growing well in Brazil. Today we are in 13 countries, with 30 different nationalities working in our company. With an eye to the future of energy supply, we have transformed ourselves into the third largest renewable energy player in the world.

EDP was the first Portuguese company to tackle the bond markets by successfully issuing bonds eighteen months after the Portuguese bailout. The market demand was ten times the offer we made, which is a good sign.

However, we are not completely out of the woods, which put additional pressure on us to continue seeking operational efficiencies. The markets are expecting the worst but I think we are already past the bottom.  We anticipate that 2013 will be better.

Boyden:  The Internal Energy Agency estimates that the global demand for energy is expected to increase by one-third by 2035.  What investments is EDP making to help service these energy needs?

Mexia:  What you will see in the future is not only energy demand that is driven mainly by Asia, China, India, and the Middle East but also a rise in demand for electricity globally. By 2050, we expect electricity to represent 50 per cent of all energy demand, up from 20 per cent today.

We need a cleaner energy world.  As a company, EDP is betting mainly on water, wind and is now starting solar projects. Three quarters of our generation capacity in 2015 will be CO2 free. Today more than two-thirds is already CO2 free. We are leaders in Europe, the US and also in Brazil in this regard.

In terms of traditional sources of energy, we are also focusing on gas, basically in Iberia. More generally, our key focus is on water and wind globally. We see our role as a leader in the energy world and are making new innovations that are important for our energy efficiency and service to customers.

Boyden:  Are EDP’s strategic partnerships in Brazil and with China’s Three Gorges (CTG) Corp. strong examples of your growth outside Portugal?

Mexia:  CTG is a new and important partner for us as it gives us additional muscle and opens up an important market in terms of access to funds. It adds to our already strong, diversified shareholder base, which includes investors from Abu Dhabi, Algeria and Spain, in addition to Portugal. With these partners, we are also less dependent on country risk perception, which factors into our lower cost of debt and better rating than the Portuguese sovereign.

Our partnerships also give us visibility in different markets and create new options for growth. We are strengthening our venture in Brazil, where we are the fourth largest private company in terms of distribution, with over three million clients, and have been growing for the last 10 years in a very competitive market. We are also approaching projects in the rest of Latin America and also in the African market. Access to funding and having local partners in these projects is critical.

This is also a time for us to create new optionality for the medium term in areas where energy demand is growing – Latin America, Africa and the Sino-Asian market.

Boyden:  What do you see as opportunities and challenges in Brazil?

Mexia: The reason why you have fewer problems with the green energy supply in Brazil right now is because growth has been slower than we expected. Brazil is very dependent on the hydro market which makes the system quite vulnerable to dry periods.

We are tackling mid-sized generation in Brazil and also want to secure opportunities in the thermal market which is an alternative to renewable energy. We are also betting a lot on wind energy. In the last national energy auction in Brazil, the price for wind was cheaper than that for gas in terms of megawatt hours produced. We also have a 40 per cent load factor in Brazil compared to 25 per cent in Europe.

Boyden:  What are your thoughts on growth of renewable energy sources, such as hydro, wind and solar, as viable alternative sources of energy to fossil fuels? 

Mexia:  Globally, the demand for additional capacity has been slightly lower over the past three to four years, especially in Europe and the US. This is not the case in Asia, South America and South Africa where there is excess demand that must be tackled by new additions.

The growth of new renewables, namely wind and solar, together with gas, will vary across geographies. People are also starting to get over the misperception that renewables are an expensive solution that must be subsidized. Renewables can contribute to a stable and downward trend on energy prices especially in the US and in Europe together with shale gas, which for the moment has created almost a miracle of low energy prices.

Boyden:  What are the biggest business challenges to creation and distribution of renewable energy today (e.g., cost of production/ capital investments, grid infrastructure needs, efficiency)?

Mexia:  A lot depends on the market.  In new markets like Brazil, it’s about having the infrastructure in place because the energy resource, such as wind, is far from the grid.  In US and Europe, it’s more about visibility into the rules of the game.

In general, governments tend to be sympathetic and helpful to the energy sector whenever they need us build new energy infrastructure. When these new additions are not needed, as it was the case in Europe recently, governments typically tend to look to utilities as a source of funding and new taxes. We need to have a clear and long-term vision about what is needed from the energy sector, otherwise we will always be penalizing the consumer in the long run. Stability and visibility into energy policy is important given the long-term nature of our business.

Coordination is also key to building a common policy. For example, there are fewer connections of energy between Spain and France than there are between Portugal and Spain. Division into small regional markets in Europe prevents coordination on common policy.

Boyden:  How do EDP’s sustainability initiatives help to provide solutions to some of these business challenges, while also improving social conditions in the locations in which the Company operates?

Mexia:  EDP is the biggest corporate foundation in Portugal and also has social initiatives in Spain and Brazil. We have been a worldwide leader for the last three years in the Dow Jones Sustainability Index. The Index tracks the performance of the world’s leading companies in terms of economic, environmental and social criteria. In the last few years we have always been number one for the social criterion.

As a global utility with more than eleven million clients, we have a big impact on people’s lives and therefore need to understand how we interact with different communities. This is a key aspect of our involvement with all stakeholders, not only shareholders and clients, but everyone else.

Boyden: Can you give us an example of one of EDP’s initiatives?

Mexia:  We have been working in Kenya with the UNHCR, the UN’s refugee agency, and the Clinton Global Initiative, where we have created the first refugee camp powered by renewable energy. This project has changed the lives of 7,000 people in a country where EDP does not have clients or shareholders. It represents a benchmark for other projects of its kind.

The impact has been tremendous. Energy has to do with access to water, cooking, safety, schooling, hospitals, and even gender equality. We have increased female participation in schools from zero to 20 per cent by only charging solar lamps in the schools and decreased assaults on women by creating street lighting at night.

Angola and Mozambique are already in execution but we are just scratching the surface of a global challenge – providing energy to 1.5 billion people who currently don’t have access. At EDP, we want to lead by example. We are bringing together other stakeholders and suppliers of materials and also creating capabilities in terms of management of local facilities. Our actions not only make good business sense but also help change our internal culture as employees see what we are doing as a company. It is a key element to making us more open and efficient, with a shared global vision.

Boyden:  What do you consider to be the most important characteristics of a successful management team leading a global business?

Mexia:  A successful team should have a shared vision and values, but also be flexible enough to respond to very specific needs. As the slogan says, “Think global and act local.”

Whenever you put different nationalities around the table, you bring new ways to solve a problem. Shared vision, shared values and an enormous appreciation of diversity and insight are all important.

Boyden:  How would you describe your leadership style?

Mexia:  I like to energise people, which is a “Welch” approach (former General Electric CEO Jack Welch). To do this, you need to listen, respect, lead by example and make sure you are professional and approachable.

Boyden:  How are you energising your team?

Mexia:  Typically to energise people I like to mix freedom with responsibility – letting my team strike the first ball and then adding accountability. You should share victories and celebrations and not spend a lot of time looking for scapegoats in defeat.

In football, the players that score the goals are just as important as the coach. Today, we speak too much about the coach and not enough about players. I prefer to share the victory with the players. At EDP, we have systems of spot bonuses which compensate employees that excel in different areas. This is an unexpected reward in addition to the recognition of good performance.

Employee satisfaction is important for productivity. If you believe in something then it’s easier to feel happier at work. We allow people to allocate a set number of company hours to volunteer work. We also involve their families in their work lives as part of the overall EDP family.

Boyden:  What is your approach to management recruiting? Has the European crisis altered your priorities/approach in this regard? 

Mexia:  The importance of talent has not changed with the crisis. I like people with good lenses, wide angle and focus at the same time. In today’s economy, we need people who are more global, bring a good mixture of skills and have a world view in business, art and science. If anything I am giving importance to people with new training such as philosophy or to people who know how to write and can teach others to be more open and attentive.

Boyden:  How can young professionals differentiate themselves in an increasingly globalized market for talent?

Mexia:  I am quoting Woody Allen when I say what makes people different is courage. Courage is the difference in making a good first impression. Young professionals should provide less automatic answers in interview situations. Typically courage, honesty and global expertise are all key.

I always ask people what they are reading, what music they listen to and where they spent their last vacation. You can also tell a lot about a person from their shoes.

Boyden:  What are the best ways to motivate and nurture emerging leaders?

Mexia:  Giving young people access to good executive training programs, which they believe will improve their chances, is important. It is critical that our managers are given exposure to other international markets outside of Portugal. I also like to test the limits of my team – that they are courted by other companies and then willing to stay at EDP because they find freedom, support, responsibility and the opportunity to improve.

Boyden:  What are you passions outside the office?

Mexia:  I like music. I have always liked traveling to new cities and visiting new hotels and restaurants. Now that I’m getting old, I also like nature more than I did ten years ago. In the next five years, I will eventually become a bird watcher.

Boyden:  You recently attended the Clinton Global Initiative’s 2012 Annual Meeting. What was your biggest takeaway from that meeting? 

Mexia:  The biggest takeaway in these global meetings is that people are in a very different mood from the European mood. In fast-growing emerging economies we are talking about growth and new opportunities.

Companies play a decisive role in creating momentum where we can advance change and help create a society that depends less on political leadership and is also more open. The CEOs from top global companies that I met are truly incorporating global behaviour and sustainable focus into their vision, much more so than five or ten years ago.

We also addressed the question of co-mingling businesses from different sectors, for example in energy and telecommunications. Whenever you mix technologies you create small revolutions and new approaches.

We would like to thank Fernando Neves de Almeida of Boyden Portugal for making this edition of Boyden’s Leadership Series possible.

The views and opinions expressed here do not necessarily represent the views of Boyden; only those of Mr Mexia.

The Boyden View – Recruiting for the Next Generation

What do you consider to be the most important trends in the European and global energy sectors today?

Many aspects of the energy sector are confronted with great changes today. In the last few years, we have witnessed the emergence of new energy sources such as solar, wind and biofuels, which are increasingly likely to become competitive and create change. This holds true not only for business models, but also for questions related to geopolitics.

What is having the greatest impact on executive hiring in energy?

The paradigm shifts in the energy sector require leaders who are more open to change. They must also possess the creativity that is necessary to generate competitive advantages, whether it is at the commercial level or at the level of production and distribution. The opportunities that lie ahead in the next 20 years will be greater than those that have occurred over the last 100 years.

How has recruiting in energy shifted in recent times?

As a result of greater competition in the areas of commercialisation within the sector, it is necessary to find people with experience in more competitive markets such as telecommunications, banking, etc.  In the production sector, for example, we already see a major focus on candidates with greater experience in alternative energy.

Has there been a pickup in cross-border recruitment into Europe or sending European management to other global regions?

In a way yes, but it’s no more in energy than in other sectors of the economy. We live in a global business world and human capital mobility is becoming more and more a reality.

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Stephan Winkelmann

The newest edition of The Boyden Leadership Series, which provides insights from business and thought leaders on issues related to business and talent management, features a conversation with Stephan Winkelmann, President and CEO of Automobili Lamborghini S.p.A., manufacturer of some of the world’s most coveted super sports cars.

Regarding the future of the automotive industry, Mr. Winkelmann expresses optimism and stresses the need to act from a global perspective to lessen the impact of regional downturns. He also describes a growing trend among automotive brands, particularly within the luxury sector, of being organised into large groups. A third factor driving the industry, he says, is the trend toward greater electrification.

Mr. Winkelmann also discusses the economic challenges facing Italy, which continues to be mired in debt and recession. In an economic crisis that is far from over, he emphasizes, it is important to stay alert and take a global view.

Boyden: What is your perspective on the current state of the auto industry, and where is the industry going?

Winkelmann: I see three main drivers impacting the global automobile industry. The first and most important is the size of the total worldwide market; the second is how automobile companies and brand groups organise, and the third involves CO2 emissions issues and regulation – in short, what kind of engines cars will have in the years to come.

I am quite positive about the future of the automobile industry in general because historically the market recovers very quickly from downturns and there is still potential. Of course, it’s clear that if you’re not acting from a global perspective you will be more and more linked to regional downturns and problems that can cause disruption.

The second is how automobile companies and brand groups organise. What I
see is more brands bundled into groups, sharing common factors within brands and acting to get the maximum synergies out of the group platforms. Most luxury cars manufacturers belong today to large groups.

Finally, there is going to be a big revolution in terms of engine evolution and adaptation. These will be huge investments that are going to change the entire car industry. Nobody knows how quickly this will happen. Electrification is going slower than everybody had initially foreseen a couple years ago, but it is clear that the trend will sooner or later lead to much more electrification.

Boyden: Though these are challenging economic times, Lamborghini’s Aventador is winning lots of awards and recognition. That has to be satisfying for you and the Lamborghini team. To what do you attribute its success?

Winkelmann: We won 36 awards since the launch one year ago, and I think that this is because the Aventador really matches perfectly with the values of the brand. The car is completely new. It has no competitors worldwide. It really represents the Lamborghini brand in terms of performance, in terms of design, and in terms of the weight to power ratio. This is exactly what Lamborghini stands for.

Boyden: What is the future for the potential “Lambo” SUV?

Winkelmann: Lamborghini now has two model lines, Aventador and Gallardo. We are looking for a third model to help us increase marketability but in a way that will not dilute the values of the brand, which are extreme, uncompromising and Italian. We have always looked at some segments which could be interesting for us like a four-door sedan, a 2×2 coupe, or a high-end luxury SUV, and we think that the SUV is the best fit for us because there is no other luxury car manufacturer for the time being that has entered this market in Lamborghini’s class.

At the last Beijing Motor Show in April we presented the Lamborghini Urus, an SUV concept car with extreme performance, 600 HP, unique design, interior with carbon fibre innovations and best in class in CO2 emissions. The Urus is a very concrete idea for the future of Lamborghini – as a third model line and as the perfect complement to our super sports cars. The immediate response of the media and public after the worldwide premiere has been terrific, very positive so far.

There is also good geographical distribution to potential markets in the Americas, Europe, and even Asia-Pacific, and especially China. The strong fit with the brand and even the potential synergy within the Volkswagen Group in sharing an SUV platform are also compelling factors. There has been no decision taken yet on whether we do a third model, but if we do, this is clearly the direction we would go.

Boyden: What has been your approach to leveraging Volkswagen/Audi family technology, while maintaining Lamborghini’s unique brand and experience?

Winkelmann: We limit ourselves to having no more than 10 percent common parts of the Volkswagen group or of Audi in our cars. These have to be hidden parts and they cannot be visible to the customer. To use any of these parts, there has to be an added value in terms of quality and pricing for Lamborghini.

Boyden: In your company, how do you view merging the distinct Italian and German cultures?

Winkelmann: Of course, we have much more than just two cultures here at the company. But it is clear that you have to get the strength out of the different cultures and let them work together. To make this work well you have to have open-minded people with a multicultural mindset even if they have roots in Italy, Germany or wherever, so that they will take a brand-focused and not a regionally focused approach. They have to love the place they’re in. When we hire people this is one of the pre-conditions.

Boyden: Having both German and Italian roots, what do you most enjoy from each culture?
Winkelmann: From the Italian culture it’s pretty easy — it’s the creativity and the passion they have, as well as flexibility. For me, on the German side, it’s reliability, the level of organisation you get out of even large units, and the precision in the things they do.
Boyden: Italy remains the “style” capital of the world. What’s your perspective on how Italy has maintained its style leadership?

Winkelmann: This is a very complex question. Ultimately, it is in the DNA of the Italian people and in the history and culture of the country itself. Italians love the outside of things. They are very conscious. This is something that comes before business. It’s attention to those things which are essentially Italian – it’s inside people. It’s something you grow up with.

Boyden: Like many economies, Italy has been hit hard by the recession and concerns about debt. What is your view on the perceptions and misconceptions on Italy’s business and economic environment?

Winkelmann: This is something you may have to tell me because I am in the middle of it. I can only tell you from what I see and experience when I’m outside of Italy.

I think that a lot of perceptions are the right ones. There is a big problem here in the economy with taxes being too high, and a large bureaucracy that should be reviewed, and we have an influence of politics and the state which is widespread.

On the other hand, the Italian population is a wealthy population, which is the opposite of many other states. In many places, the economy and the debt go hand in hand with the situation of the single household. In Italy it is very different. I think that we are in the middle of a big change.

We will see if the deep cuts that Monti (Prime Minister Mario Monti) and his team are proposing are going to find positive agreement of the parties. If this happens I think it will be very good for the European Union, good for the Euro and good as a start in solving the crisis, which is linked to the debt. It’s clear that we entered a deep crisis in 2008 and we never came out of it.

Boyden: What’s the biggest lesson you learned from the most recent economic crisis?

Winkelmann: First of all I learned that it’s ongoing. It’s not over or even close to being finished. I also learned to always stay alert. Finally, there is no way of looking at the economy only locally. You have to have a global view.

Boyden: How would you describe your leadership style? And what do most people not know about your approach to management?

Winkelmann: This is a question that really should be answered by someone else, but I think I expect a lot from the people I am working with, and they know it. At the same time, I think they know that they can count on me — that I’m there, that I’m reliable when collaboration or guidance is needed. That is extremely important.

Boyden: What is uniquely required of a leader of a premier automotive brand, and also of a great luxury brand?

Winkelmann: Usually in the automotive business, it is about maximising turnover and margins – you have to only see that there is a return on investment. For a luxury car company this is very difficult because it is acting in a niche market. You cannot maximise turnover because the luxury business, combined with the car business, is not only very complex but you have a lot of front-loaded R&D time.

It could take years to produce a car and then finally sell it, and you always know there is a limit to the amount of cars you are going to sell. So you have to know the automotive industry, but also know that the nature of a luxury business is always to sell less than demand. It’s about creating a high image and mystique around everything you do because the brand always has to be much more than the product.

Boyden: In recruitment, what do you look for in managers and your direct reports?

Winkelmann: They have to be quick thinkers, and we have to have the right chemistry. I take a good look at the CV because I need to know not only who they are, for example, as a good sign-off guy, a production guy or developer. But I also need to understand which kind of company they’ve worked for and what type of experience they bring. Then, I need to know that they can be nimble and work effectively in small teams. Ultimately, it is a mixture of the character of the person, their approach to immediacy and their willingness to sacrifice themselves for the company.

Boyden: When taking a difficult decision, such as letting an executive go, what is your approach?

Winkelmann: Usually I take time to myself so I can prepare a strategy after I run through various scenarios. Once I have made up my mind, I try to find somebody close to me to share and test my thinking with. Once I’ve done these two things then I usually act very quickly.

Boyden: What is the most outlandish thing you’ve had to do to ensure a reluctant candidate accepted a role when he or she had hesitations?

Winkelmann: The short answer is that I have never done anything outside of the normal flow of business to entice a candidate. I have worked at exciting companies and at less exciting companies, and I know from experience that if you attempt to “trick” people in any way at the beginning of an employment relationship, then both they and you are never going to be happy. Therefore, I am very straightforward. I am clear about everything – work environment, terms and conditions, and everything else – from the very first day, even if something I say means that they will decline an offer.

From the outside, our jobs look shiny and glamorous. But the complexity of our global approach makes it a very complex and tough job, which can be very rewarding for the right person. But they should always know what they are getting into, so I will never paint a picture for them that is not realistic. If somebody is reluctant then I am not going to convince him or her to join us.

Boyden: What is the one piece of advice you’d give an aspiring manager trying to move up the ranks in these competitive times?

Winkelmann: For me, it is important that you have a solid education, and this comes from home as well as the university. To be an effective manager you have to make the most of your starting point. Knowing and excelling at something so well that you stand out from your peers is only a first step.

Everyone has a starting point, and if you are there you will have to compete with people who are very much like you in many ways. You need to find the thing or things that make you stand out from them and excel. You should not have to shout out loud that you are better than the others, but you have to work hard and your results will get you noticed.

We would like to thank Renato Curti of Boyden Italy for making this edition of Boyden’s Leadership Series possible.

The views and opinions expressed here do not necessarily represent the views of Boyden; only those of Mr. Winkelmann.

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This article presents a fascinating discussion with the Human Resources Director of X5, the largest retailer in Russia and employer of 90,000 people.  In the course of this interview, she discusses workforce management trends in Russia, the experience needed to succeed in human resources, and how the the human resources function has evolved.  Dr. Kozhevnikova also presents her view on repatriation.  This interview was conducted by Boyden Global Executive Search, and it is presented as a part of their continuing Leadership Series.  Please visit www.boyden.com.  (John Gude serves as a Managing Director of Boyden through their  Chicago office).

Boyden: What drew you to an HR career?

Kozhevnikova: To be honest, it was completely by chance. In 1992, around the time I finished my postgraduate study in economics at the Moscow State University, Coca-Cola had just started their business in Russia. They were looking to recruit smart people from diverse backgrounds who could help them grow the company. They had a vacancy in the training department and since I had experience teaching?at university, I was considered a good candidate for teaching “selling skills” at the Coca-Cola school. That’s how I started to develop an interest in HR.

Boyden: You’ve had important roles at other major global companies – what stands out to you as X5’s mission vis-à-vis workforce management?

Kozhevnikova: In any company that services customers, the main mission of HR is to make sure employees are treated properly. It operates as a perpetual cycle – if employees are treated well they transfer the same positive attitude to customers, who in turn feel happy and comfortable, and bring in more business through increased sales.

In our company, we interact with 3.5 million customers on an average every day and each transaction involves face-to-face contact. So we basically need to create

this magic cycle where our employees feel satisfied and in turn treat customers well. We then re-invest this money back to our employees and the business. This is the main mission of HR – to make sure that happy employees serve customers in a good way.

Boyden: Are there unique challenges or opportunities in HR at X5?

Kozhevnikova: The main challenge at X5 right now is that the company is moving from a functional model to a multi-format one. X5 operates in three formats or store sizes: hyper markets, super markets and discounters, and HR plays a key role in shifting and decentralizing responsibility, power and decision making down to each individual format.

First, we need to go through the entire organizational structure to make sure all new business processes work well. We then need to review the role of people at every level and clarify all budgetary issues. A proper remuneration policy also needs to be in place.

In addition, when people get new responsibilities and more power they also need to be trained simultaneously. Basically it is our responsibility to strategically and effectively communicate all these changes. Besides overseeing this structural overhaul, the issue of management changes is another significant responsibility for HR to lead.

Boyden: How has HR changed in the last decade?

Kozhevnikova: That would be the most important and interesting question for?me since I’ve been in HR for the last 20 years. Over the course of the last decade, in Russia and in the world as well, the most important deliverables businesses are seeking from HR include better leadership, increased productivity and improved operational excellence through key performance indicators (KPIs). And all of these areas will influence compensation and the assessment of employee performance.

In several HR positions I’ve held over the years, I was responsible for developing KPIs. I had to help business units identify what indicators should be calculated

and how they should be put together in one system to make sure they assessed all areas of performance – almost like a scorecard approach. Now, the increasing involvement of HR into organizational design, productivity and development

of KPIs means that we really need to understand business on a deeper level. This also converges into another significant trend we’re seeing now. Business leaders from operations, sales and manufacturing are now moving into HR.

Boyden: What key recruiting and workforce management trends are you seeing in Russia? And how do they differ from the rest of Europe, U.S. and fast growing developing markets?

Kozhevnikova: There are two big differences in recruiting and workforce management in Russia versus Europe or other countries. First, in the US and Europe you have a lot of cities where businesses are developing simultaneously. For instance, Atlanta is the headquarters for multinationals such as Coca-Cola and CNN, whereas Silicon Valley is concentrated

with a lot of technology companies and Houston supports the oil companies. Basically, in the US people can live in any part of the country and work at a relatively large company. The same trend is in play in India and China, which have several major megalopolises. In contrast, Russia is a more centralized country, where huge part of the business is located in Moscow, which results in intensive migration of the top level talent to Moscow. Unfortunately, our reality is that there are not a lot of companies with positions at the federal level in the Russian cities.

As a consequence, one of the limitations for business growth in the other regions, even big ones, is that other cities possess a relatively small pool of candidates with the required scale of general management competencies. Thus, it’s a real challenge to attract people from Moscow to the other regions due to high salary expectations and big differences in lifestyle. Moreover, Russians are also not very mobile, so you need to pay them more to move.

One of the options, for example, is to?find very junior-level people outside of Moscow and start training them from scratch. The downside of this, however,?is that it takes several years to prepare a decent level manager. While Russians are often relatively immobile between cities, people in Russia are highly mobile between companies. The result is we have a very, very tight supply of talent in Russia and the workforce almost always has the privilege of moving.

Boyden: With Russia’s retail market up nine percent and among the healthiest in Europe, how has the economic downturn in the rest of Europe affected Russia and the retail space?

Kozhevnikova: When we talk about factors affecting the retail industry in Russia, there are only two. Oil price is the most important factor – for the Russian economy overall and for retail and all other industries as well. If oil prices go up then the country’s budget is well balanced, salaries increase and with it spending power and sales. The boom that Russian retail witnessed from 2002 to 2008 was primarily due to very high oil prices. On the other hand, if oil prices go down due to the global economic downturn, it will certainly affect the Russian economy and retail space as well.

The second factor is the exchange rate?of the euro to the dollar and ruble. The food retail industry is heavily dependent?on imports. More than 50% of goods?are either imported or produced locally?in Russia but based on foreign, imported components. Take the case of beef, for example – Russia doesn’t produce beef?so a majority of processed meats like sausages, hamburgers, etc. are made from imported beef. So basically, if the euro becomes more expensive, in turn all food prices go up.

Boyden: What key management skills are in demand right now in Russian retail?

Kozhevnikova: There are two groups of skills in demand right now in Russian retail. The first is everything product-related: sourcing the product, which includes buying the product either internationally

or locally, and managing complex supply chain logistics. The supply chain system in Russia is the most important aspect to deal with because it’s a large country with difficult climate conditions.

The second group of skills is everything related to operational excellence – increasing productivity, reducing cost, optimizing business processes and introducing new technology. In particular, people who can manage large projects related to the implementation of new technology and business processes are very much in demand.

Boyden: What are the current challenges to management recruitment in Russia?

Kozhevnikova: There are a few challenges related to management recruitment in Russia, particularly for certain professions. Generally speaking, we don’t have specialists, so for certain jobs our management is imported from either Europe or America. For example, when looking at X5 and retail in general, most

top management in buying and operations are non-Russian. Retail has been rapidly developing in Russia only for the past 10 years. The first large retailer, Metro, started business in 2001. This means that the most experienced Russian person in retail would have 10 years of experience, which is sometimes not enough to make the right decisions.

Boyden: What is your view on repatriation and do you expect to see more Russians coming back?

Kozhevnikova: I really support repatriation and I have recruited former expatriates when I’ve had the opportunity. They’re Russian natives, so they understand the culture here. They also speak the language. At the same time, they have training in new fields and technologies from abroad

which locals don’t possess, so it all adds up to a huge advantage. I witnessed this trend while working at ROSATOM and Metro, where we’d recruit Russians who’d left the country for 15-20 years, only to return. A lot of them spent time either in the US, or in Europe and, in many cases, even held foreign passports. Many were in their 40s or 50s, having spent 20 years of their life in Russia and the other half abroad, so they really had an advantage of two diverse world views.

Boyden: What do you think are the greatest executive challenges that X5 faces as a company?

Kozhevnikova: As I mentioned, in terms of recruiting candidates, finding talent locally in the retail space is always a challenge. We have to bring in people from abroad, but that also leads to the language barrier. The people we bring from abroad often don’t speak Russian, which is a

big problem since emails, meetings and phone conversations are communicated in Russian. Thus, translators are required at every stage. But, in most cases, there’s no choice because we simply cannot find expertise locally.

Secondly, we find that local talent is quite short-term thinking in terms of career planning and compensation. People want results today and they are not willing to wait. Everything is looked at from a shorter time horizon versus international, longer- term standards. This then leads to the challenge of employee retention due to the fact that people are always on the move, either within the company itself or on to other companies. So not only is it hard to retain good talent but also very difficult to organize career and succession planning initiatives.

Another challenge we face is that sometimes due to the fact that a company is expanding very fast, often people get promoted too quickly and before they have enough experience to handle a senior-level position. But one has to take a chance on making these promotions because of the lack of options. The downside is these new managers are often not mature enough?to coach and manage their subordinates and build the right relationships with colleagues.

Boyden: You’ve moved from the professional services to energy to retail?in your career – is it fairly easy to move around from one industry to another in the HR function?

Kozhevnikova: Basically it is easy, as long as a person is flexible and willing to accept the changes that come with every new industry. It’s not a workable approach if you come with a rigid set of principles and you just replicate them in every company. For example, if I tried to implement all

the principles I learned at Metro, which is in the retail space, over to ROSATOM in the energy sector, it would fail. You also really need to inform yourself about the industry as best you can – read literature, talk to people, be a part of the professional community, attend conferences etc. Personally, I really try to observe what’s going on within the industry and the outside world as well.

Boyden: Your educational background has had a strong focus on economics–in what ways has this specific concentration added value to your HR roles?

Kozhevnikova: Economics is the key to my understanding of HR. As HR has

evolved, it’s now all about calculating productivity, optimizing organizational structures, undergoing effective benchmarking and statistical analyses, and implementing compensation and benefits, budgets and cost control. Basically, everything I do is related to economic figures and some mathematical analyses.?I believe that every top HR professional must either have a concentration in economics or at least a business education.

Boyden: What has been your biggest career challenge?

Kozhevnikova: I spent almost 15 years working at western companies, and?then I moved to a Russian, state owned company. So my biggest challenge was to successfully implement all the international best practice approaches of HR I had learned over the years in the state-owned Russian company. I faced significant organizational resistance and it took me quite a long time and a lot of effort to succeed.

Boyden: If you could highlight one significant career achievement, what would it be and why?

Kozhevnikova: My biggest achievement was the successful turnaround of the HR function at ROSATOM, one of the world’s largest nuclear energy companies. We had to manage over 280,000 people and more than 200 subsidiary companies. When I joined the company, all the HR staff was very old fashioned and composed mostly of administrative clerks. In the two years that I led the company’s HR department, we changed 90% of the management, including most of the HR directors.

We introduced a new, systemic employeeselection procedure, including a thorough assessment and professional qualification checks, to make sure new recruits fit?the job requirement. We also introduced professional development sessions for HR personnel and we developed an internal school for our HR employees

to teach them new approaches to build effective compensation and performance management systems.

The company was geographically spread?all over Russia and many of its operations were placed in secret locations, far away from the city. In this case, it was not possible for us to employ an external workforce. The only option was to recruit local talent with high potential but no professional background and train them from scratch. We had to educate all these people in new HR methods and technology. Due to the HR overhaul, the on-boarding and training changes were completed more quickly and effectively.

What companies need to realize is that the agent of change needs to come from within the organization itself. Even if they belong to an HR or finance function, as many usually do, it’s important to have the ability to view the business as a whole.

Boyden: What key metrics do you incorporate for employee evaluation and performance?

Kozhevnikova: I believe that key performance indicators should be a combination of quantitative and qualitative metrics. If you evaluate performance only based on quantitative KPIs like company growth or sales, it constitutes a limited approach. For example, an employee may perform very well on project outcomes but may have poor teamwork skills or

behavioral issues. That’s why I think that 40-50 percent of employee evaluation metrics should be qualitative as well. Factors such as how a person well works on a team, how many people he/she successfully develops as successors, etc. are important assessment factors as well. Basically I believe in a balance between the two.

Boyden: What is a “day in the life” like for you at X5?

Kozhevnikova: Typically, my day usually starts at 8:30 a.m. and lasts about 12 hours, but often not all of it is in the office. My work is all about communication, so?I’d say that 80 percent of the time I’m interacting with people. Normally, I have?at least one candidate interview every day because I personally manage projects for the board level or level below. I deal with headhunters and interview candidates and my role also involves a lot of face-to-face communication with colleagues in different departments.

Every day I have at least one or two meetings, including formal ones as well?as informal five to 10 minute chats with coworkers to see what’s going on in their department. I also make a point to go to the purchasing department and speak to buyers for updates on what new products are moving onto the shelf. Then, I’d say that at least two to three hours per day?are spent interacting with my team, either individually or in group meetings. While there are 700 people in the HR department, I directly deal with 20-30 people on a daily basis. That said, the entire department needs to hear from me on a regular basis, and not just by email. I like to engage in regular face-to-face communication.

Boyden: What would be your one piece of career advice to individuals striving to move up in senior management?

Kozhevnikova: In moving toward a specific functional expertise, it’s very important?to understand the significance of other parallel business roles. For example, if

you want to be in HR then it makes sense to work in operations or sales for some time too. It gives you a good overall idea about the business and HR’s role in other departments. In other cases, if there’s an opportunity for people to work in a different region across the same function, that’s a good idea too.

Acknowledgement

We would like to thank Elena Surmeyko of Boyden Russia for making this edition of Boyden’s Leadership Series possible.

The views and opinions expressed here do not necessarily represent the views of Boyden; only those of Tatiana Kozhevnikova.

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“The growth of the BRICs is driving the hiring of executives throughout the Americas, Europe and Asia/Pacific,” said Trina Gordon, President and CEO of Boyden World Corporation. “Boards are focused on appointing leaders who can adroitly manage the transformation of business as well as the challenges in both the emerging and developed markets.”

Consumer/Retail
“Until recently, strong global brands have always been prime movers in attracting the best executives, though ‘second tier’ companies can now land top talent by paying more and offering more upside and opportunity to grow a company,” said Dirk Friederich, a member of Boyden’s Global Consumer/Retail Practice and Managing Partner at Boyden Frankfurt.  “Additionally, big worldwide retailers are stepping up management hiring, especially in developing markets.”

Due to expected retirements in the next few years, recruitment of CEOs is increasing in the consumer and manufacturing sectors. In addition, demand is increasing for Chief Marketing Officers and Senior VPs of Human Resources, much in part to help lead new business opportunities in China and other high potential regions, according to Pasi Koivusaari, Senior Partner at Boyden Finland. He added companies are also once again appointing management for Strategy and Research & Development.

“Our clients are looking for talent that is able to quickly assess the marketplace and how it has changed,” said Doug Ehrenkranz, a Managing Director at Boyden Houston. “In addition to changed economic conditions, the acceleration of digital technologies has changed how people shop and how companies manage their businesses.”

In the US, companies are pushing up priorities to recruit VP’s and Directors in the areas of Digital Marketing, and Social Media as well as Analytics and Consumer Behavior, Mr. Ehrenkranz added.

Some positive trends are being observed by retailers and their suppliers, though in the US there is continued reluctance to increase hiring due to great concern about the pressure on retail pricing from higher manufacturing costs and cautious consumers. Nonetheless, CEO appointments and numerous senior and mid-level executive assignments in Merchandizing, Product Development and E-Commerce are moving forward, according to Howard Gross, a Managing Director at Boyden New York.

Financial Services
“Strong and big offers are coming back in financial services,” said Jeanne Branthover, Leader of Boyden’s Global Financial Services and Managing Director at Boyden New York. “While companies are willing to go the distance for the right executive, they are taking as little risk as possible when looking at a candidate’s track record.”

Companies are investing in technology, new products and their own infrastructure to remain competitive. Organizations are also hiring top Financial, Compliance and HR Officers, added Ms. Branthover.
“Financial Services are strongly re-emerging, with a very positive outlook for profits, growth and expansion in all the sub-sectors, and particularly in the wealth management business,” said Armin Meier, Managing Director of Boyden Switzerland. “Firms are increasingly looking for financial advisors.”

In Asia/Pacific, Singapore is increasingly becoming a global hub for financial companies, triggering huge needs to build banking IT operations, trading floors and new teams of professionals to manage operations, according to Roger Wilson, Managing Director of Boyden Singapore.

In private banking, the increasing regulation involved in bringing over clients to new institutions is pushing up the threshold to recruit top Private Bankers to change firms, due to the trepidation that clients will not follow, added Mr. Wilson.

In China, financial services executive hiring remains robust in Shanghai, but is moderating in Hong Kong, according to Brian Renwick, a Board Member of Boyden World Corporation and Managing Director of Boyden China.

In Latin America, many major US banks are planning to gradually pull out of the region, due to tougher US government compliance. The opening is creating new opportunities to hire first-tier Private Bankers and for companies to up their expansion in the region including Morgan Stanley, UBS, HSBC and others, according to Manuel Corsino, a Managing Director at Boyden Miami. This includes adding top Wealth Managers, Compliance Officers, Product Managers and Finance Executives.

In the Middle East, despite social/political risks, 2011 has been a revival year in financial services, both in Private Banking and Investment Banking. Expectations are for continued increased hiring in the second quarter, though the third and fourth quarters cannot be predicted due to political uncertainty, according to Magdy El Zein, Managing Director of Boyden Middle East.

Technology
“Digital media and social networking companies continue to aggressively recruit seasoned digital marketing executives who can leverage social platforms to drive revenue,” said Daniel Grassi, Managing Director at Boyden Atlanta.  “Compensation for this type of executive has increased given the high demand.”

To scale more rapidly, companies are committing to higher premiums for senior executives in General Management, Sales, Marketing and Engineering, according to Dan Grosh, a Managing Director at Boyden San Francisco. He added there has been a substantial increase in hiring by emerging growth and cleantech companies.

“Indian software services giants like TCS and Infosys continued to make strong gains to start the year,” said Dinesh Mirchandani, Managing Director of Boyden India. “We are also seeing changes in leadership at top Indian IT companies such as Microsoft India, Mindtree and Wipro with the recent spate of C-level resignations in this sector.”

The UK technology market remained buoyant in the first quarter as most technology firms saw a positive start to the year, according to Mark Soden, Partner of Boyden UK. The overall forecast for the sector in 2011 remains cautiously optimistic though, as Chairmen and CEOs continue to live with some level of uncertainty. “The general consensus among management is often that an inadequately executed strategy is better than no strategy at all,” said Mr. Soden.
Specific sectors of technology that continue to thrive are those connected with Cloud, Data Centers and companies involved with SAAS (Software as a Service). European clients increasingly conduct global searches to occupy senior management roles for Senior Vice President and Sales Director positions, according to Mr. Soden.

Board Services
Risk assessment is a top priority for boards today.  “Many boards are making time to discuss inherent risk at every board and committee meeting,” says Sarah Stewart, a Principal at Boyden Pittsburgh and a board expert. However, identifying potential risk is only part of the job. “Boards also need to make sure the company has a well-constructed and rehearsed disaster response plan in place.  The planning includes deciding who are the members of the disaster response team, how the board will be kept informed and what external resources will be used,” she added.

“As boards place new emphasis on the issue of risk, many may want to add a familiarity with crisis management to the attributes they seek in new directors.  This has as much to do with tapping director candidates whose expertise comes from first-hand experience as it does their personal leadership skills,” according to Thomas Flannery, Leader of Boyden’s Board Services Practice in North America and Managing Director at Boyden Pittsburgh.  “Every board member needs at least one director (preferably more) whose wisdom and composure help keep the panic at bay.”

In the UK, compensation for Non-Executive Directors continues to rise, to ensure attracting the right board members, according to John Ellis, Managing Partner of Boyden UK.

Mr. Ellis added the renewed push to increase placement of women directors in FTSE 100 companies in the UK follows the recent report released, led by Lord Davies, which emphasizes that more women on boards will result in better diversity and ultimately better governance. In Switzerland, there is also a drive for more female board members in publicly traded companies. The goal is to implement diversity without having formal quotas, according to Mr. Meier of Boyden Switzerland.

Industrial/Energy
“In the oil and gas sector, there’s a demand for managers who are able to facilitate and close deals,” said Andy Baggus, a Partner of Boyden UK. “Position recruitment is picking up for Regional VPs, Commercial Planners and Business Developers.”

Leadership talent is also being aggressively pursued to develop in the Middle East and other challenging regions, Mr. Baggus added.

In South America, high commodity prices are driving growth and recruitment of management in Engineering, Construction and Infrastructure, throughout Brazil, Chile, Peru and other markets, according to John Byrne, Managing Director of Boyden Chile.

In South Africa, an influx of foreign multinational companies continues as the country is perceived as an excellent springboard for growth in Sub Saharan Africa and a location that’s relatively lower risk. Talent recruitment remains steady for roles including Managing Director, Country Manager, Chief Financial Officer and Chief Technology Officer, according to Jules Kieser, Managing Director of Boyden South Africa.

In the Aerospace and Defense sector, the effect of the pressure in the U.S. and other “allied” nations’ governments to cut defense spending will mean large scale programs are being reviewed and trimmed,” according to Tim McNamara, an aerospace/defense industry expert and Managing Director of Boyden Washington DC.

“This cut in defense spending has a carryover effect of less aggressive talent recruitment by defense contractors and management consulting firms, which have in recent years been the beneficiary of huge defense spending,” explained Mr. McNamara.  “However, programs dealing with cyber security and C4ISR issues continue to expand.”

Human Resources
In the Human Resources sector in Europe, companies are currently appointing fewer new senior executives in HR.

“There’s a dearth of qualified candidates and companies are reluctant to take risks,” said Lisa Gerhardt, Leader of Boyden’s Global HR Practice and Partner of Boyden UK. “Thus, at the moment, we are seeing more business people from other sectors and more internal candidates who are being considered for HR roles.”

In the US, executives are being recruited for roles including HR Business Partner, Internal Management Development and Talent Acquisition & Retention. These executives will be able to drive revenue results and create effective development programs, according to Greg Coleman, a Managing Director of Boyden New York with extensive experience placing global HR executives.

“We are seeing strong demand for HR executives who are able to build trust and morale again among employees who became angry and frustrated during the downturn,” said Mr. Coleman.  “Most important, companies are looking for executives in HR with a strong commercial orientation.”

Life Sciences
In the Life Sciences and Healthcare sectors, companies have a strong need for executives with both international management skills and regional understanding of Central and Eastern Europe, according to Kerstin Roubin, Director of Boyden’s CEE Life Sciences Practice.

“The number of expatriates being hired is shrinking as tax systems make it more attractive to hire local experts,” said Mrs. Roubin.

Professional Services
Demand for talent in professional services is building especially for specialists focusing in financial services, energy and infrastructure. Professional services tends to staff up six to 12 months ahead of other industries and currently organizations are reinforcing teams to be ready for economic growth and new projects, according to Miguel Zuil, Managing Director of Boyden Spain.

“Companies and their professional services providers are needing global teams to work in more complex situations and experience in South America, Africa and other growing markets is highly coveted,” said Mr. Zuil.

About Boyden World Corporation
Boyden is a global leader in the executive search industry with more than 70 offices in over 40 countries. Founded in 1946, Boyden specializes in high level executive search, Interim Management and Human Capital consulting across a broad spectrum of industries. For further information, visit the firm’s website at www.boyden.com.

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“The growth of the BRICs is driving the hiring of executives throughout the Americas, Europe and Asia/Pacific,” said Trina Gordon, President and CEO of Boyden World Corporation. “Boards are focused on appointing leaders who can adroitly manage the transformation of business as well as the challenges in both the emerging and developed markets.”

Consumer/Retail
“Until recently, strong global brands have always been prime movers in attracting the best executives, though ‘second tier’ companies can now land top talent by paying more and offering more upside and opportunity to grow a company,” said Dirk Friederich, a member of Boyden’s Global Consumer/Retail Practice and Managing Partner at Boyden Frankfurt.  “Additionally, big worldwide retailers are stepping up management hiring, especially in developing markets.”

Due to expected retirements in the next few years, recruitment of CEOs is increasing in the consumer and manufacturing sectors. In addition, demand is increasing for Chief Marketing Officers and Senior VPs of Human Resources, much in part to help lead new business opportunities in China and other high potential regions, according to Pasi Koivusaari, Senior Partner at Boyden Finland. He added companies are also once again appointing management for Strategy and Research & Development.

“Our clients are looking for talent that is able to quickly assess the marketplace and how it has changed,” said Doug Ehrenkranz, a Managing Director at Boyden Houston. “In addition to changed economic conditions, the acceleration of digital technologies has changed how people shop and how companies manage their businesses.”

In the US, companies are pushing up priorities to recruit VP’s and Directors in the areas of Digital Marketing, and Social Media as well as Analytics and Consumer Behavior, Mr. Ehrenkranz added.

Some positive trends are being observed by retailers and their suppliers, though in the US there is continued reluctance to increase hiring due to great concern about the pressure on retail pricing from higher manufacturing costs and cautious consumers. Nonetheless, CEO appointments and numerous senior and mid-level executive assignments in Merchandizing, Product Development and E-Commerce are moving forward, according to Howard Gross, a Managing Director at Boyden New York.

Financial Services
“Strong and big offers are coming back in financial services,” said Jeanne Branthover, Leader of Boyden’s Global Financial Services and Managing Director at Boyden New York. “While companies are willing to go the distance for the right executive, they are taking as little risk as possible when looking at a candidate’s track record.”

Companies are investing in technology, new products and their own infrastructure to remain competitive. Organizations are also hiring top Financial, Compliance and HR Officers, added Ms. Branthover.
“Financial Services are strongly re-emerging, with a very positive outlook for profits, growth and expansion in all the sub-sectors, and particularly in the wealth management business,” said Armin Meier, Managing Director of Boyden Switzerland. “Firms are increasingly looking for financial advisors.”

In Asia/Pacific, Singapore is increasingly becoming a global hub for financial companies, triggering huge needs to build banking IT operations, trading floors and new teams of professionals to manage operations, according to Roger Wilson, Managing Director of Boyden Singapore.

In private banking, the increasing regulation involved in bringing over clients to new institutions is pushing up the threshold to recruit top Private Bankers to change firms, due to the trepidation that clients will not follow, added Mr. Wilson.

In China, financial services executive hiring remains robust in Shanghai, but is moderating in Hong Kong, according to Brian Renwick, a Board Member of Boyden World Corporation and Managing Director of Boyden China.

In Latin America, many major US banks are planning to gradually pull out of the region, due to tougher US government compliance. The opening is creating new opportunities to hire first-tier Private Bankers and for companies to up their expansion in the region including Morgan Stanley, UBS, HSBC and others, according to Manuel Corsino, a Managing Director at Boyden Miami. This includes adding top Wealth Managers, Compliance Officers, Product Managers and Finance Executives.

In the Middle East, despite social/political risks, 2011 has been a revival year in financial services, both in Private Banking and Investment Banking. Expectations are for continued increased hiring in the second quarter, though the third and fourth quarters cannot be predicted due to political uncertainty, according to Magdy El Zein, Managing Director of Boyden Middle East.

Technology
“Digital media and social networking companies continue to aggressively recruit seasoned digital marketing executives who can leverage social platforms to drive revenue,” said Daniel Grassi, Managing Director at Boyden Atlanta.  “Compensation for this type of executive has increased given the high demand.”

To scale more rapidly, companies are committing to higher premiums for senior executives in General Management, Sales, Marketing and Engineering, according to Dan Grosh, a Managing Director at Boyden San Francisco. He added there has been a substantial increase in hiring by emerging growth and cleantech companies.

“Indian software services giants like TCS and Infosys continued to make strong gains to start the year,” said Dinesh Mirchandani, Managing Director of Boyden India. “We are also seeing changes in leadership at top Indian IT companies such as Microsoft India, Mindtree and Wipro with the recent spate of C-level resignations in this sector.”

The UK technology market remained buoyant in the first quarter as most technology firms saw a positive start to the year, according to Mark Soden, Partner of Boyden UK. The overall forecast for the sector in 2011 remains cautiously optimistic though, as Chairmen and CEOs continue to live with some level of uncertainty. “The general consensus among management is often that an inadequately executed strategy is better than no strategy at all,” said Mr. Soden.
Specific sectors of technology that continue to thrive are those connected with Cloud, Data Centers and companies involved with SAAS (Software as a Service). European clients increasingly conduct global searches to occupy senior management roles for Senior Vice President and Sales Director positions, according to Mr. Soden.

Board Services
Risk assessment is a top priority for boards today.  “Many boards are making time to discuss inherent risk at every board and committee meeting,” says Sarah Stewart, a Principal at Boyden Pittsburgh and a board expert. However, identifying potential risk is only part of the job. “Boards also need to make sure the company has a well-constructed and rehearsed disaster response plan in place.  The planning includes deciding who are the members of the disaster response team, how the board will be kept informed and what external resources will be used,” she added.

“As boards place new emphasis on the issue of risk, many may want to add a familiarity with crisis management to the attributes they seek in new directors.  This has as much to do with tapping director candidates whose expertise comes from first-hand experience as it does their personal leadership skills,” according to Thomas Flannery, Leader of Boyden’s Board Services Practice in North America and Managing Director at Boyden Pittsburgh.  “Every board member needs at least one director (preferably more) whose wisdom and composure help keep the panic at bay.”

In the UK, compensation for Non-Executive Directors continues to rise, to ensure attracting the right board members, according to John Ellis, Managing Partner of Boyden UK.

Mr. Ellis added the renewed push to increase placement of women directors in FTSE 100 companies in the UK follows the recent report released, led by Lord Davies, which emphasizes that more women on boards will result in better diversity and ultimately better governance. In Switzerland, there is also a drive for more female board members in publicly traded companies. The goal is to implement diversity without having formal quotas, according to Mr. Meier of Boyden Switzerland.

Industrial/Energy
“In the oil and gas sector, there’s a demand for managers who are able to facilitate and close deals,” said Andy Baggus, a Partner of Boyden UK. “Position recruitment is picking up for Regional VPs, Commercial Planners and Business Developers.”

Leadership talent is also being aggressively pursued to develop in the Middle East and other challenging regions, Mr. Baggus added.

In South America, high commodity prices are driving growth and recruitment of management in Engineering, Construction and Infrastructure, throughout Brazil, Chile, Peru and other markets, according to John Byrne, Managing Director of Boyden Chile.

In South Africa, an influx of foreign multinational companies continues as the country is perceived as an excellent springboard for growth in Sub Saharan Africa and a location that’s relatively lower risk. Talent recruitment remains steady for roles including Managing Director, Country Manager, Chief Financial Officer and Chief Technology Officer, according to Jules Kieser, Managing Director of Boyden South Africa.

In the Aerospace and Defense sector, the effect of the pressure in the U.S. and other “allied” nations’ governments to cut defense spending will mean large scale programs are being reviewed and trimmed,” according to Tim McNamara, an aerospace/defense industry expert and Managing Director of Boyden Washington DC.

“This cut in defense spending has a carryover effect of less aggressive talent recruitment by defense contractors and management consulting firms, which have in recent years been the beneficiary of huge defense spending,” explained Mr. McNamara.  “However, programs dealing with cyber security and C4ISR issues continue to expand.”

Human Resources
In the Human Resources sector in Europe, companies are currently appointing fewer new senior executives in HR.

“There’s a dearth of qualified candidates and companies are reluctant to take risks,” said Lisa Gerhardt, Leader of Boyden’s Global HR Practice and Partner of Boyden UK. “Thus, at the moment, we are seeing more business people from other sectors and more internal candidates who are being considered for HR roles.”

In the US, executives are being recruited for roles including HR Business Partner, Internal Management Development and Talent Acquisition & Retention. These executives will be able to drive revenue results and create effective development programs, according to Greg Coleman, a Managing Director of Boyden New York with extensive experience placing global HR executives.

“We are seeing strong demand for HR executives who are able to build trust and morale again among employees who became angry and frustrated during the downturn,” said Mr. Coleman.  “Most important, companies are looking for executives in HR with a strong commercial orientation.”

Life Sciences
In the Life Sciences and Healthcare sectors, companies have a strong need for executives with both international management skills and regional understanding of Central and Eastern Europe, according to Kerstin Roubin, Director of Boyden’s CEE Life Sciences Practice.

“The number of expatriates being hired is shrinking as tax systems make it more attractive to hire local experts,” said Mrs. Roubin.

Professional Services
Demand for talent in professional services is building especially for specialists focusing in financial services, energy and infrastructure. Professional services tends to staff up six to 12 months ahead of other industries and currently organizations are reinforcing teams to be ready for economic growth and new projects, according to Miguel Zuil, Managing Director of Boyden Spain.

“Companies and their professional services providers are needing global teams to work in more complex situations and experience in South America, Africa and other growing markets is highly coveted,” said Mr. Zuil.

About Boyden World Corporation
Boyden is a global leader in the executive search industry with more than 70 offices in over 40 countries. Founded in 1946, Boyden specializes in high level executive search, Interim Management and Human Capital consulting across a broad spectrum of industries. For further information, visit the firm’s website at www.boyden.com.

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Boyden’s Leadership Series presents discussions with business and thought leaders from organizations across the globe. The series focuses on topical issues that offer executives, political leaders and the media insight into current trends in business and talent management in the global marketplace.

This issue features Michael DeNoma, President and CEO of Chinatrust Commercial Bank. He discusses building a global bank, the state of business in China, opportunities as an American CEO in Asia, and how a blind African marathoner provided the ultimate inspiration.

Michael DeNoma is currently President and CEO of Chinatrust Commercial Bank. Prior to this, from 1999 to 2009, he was CEO of the Global Consumer Bank at Standard Chartered as well as a Main Board Director, and most recently, Vice Chairman of Asia.

Before joining Standard Chartered, Mr. DeNoma was the Founder and CEO of two nationwide companies in China. He previously held senior executive positions with Hutchinson Whampoa, Citibank and PepsiCo. He started his career at Procter & Gamble.

In addition, Mr. DeNoma is a Director for the International Centre for Missing & Exploited Children, on the Board of Trustees for Singapore Management University, and President of the Singapore Wrestling Federation. He is an American citizen and holds a BA from Ohio University and an MBA from The Wharton School of Business.

Boyden: What challenges do you think are unique to your role as an American CEO of a Taiwanese company?

DeNoma: I’m fortunate to be the first foreign CEO of a dominant family-originated company in Taiwan. The Koo family has been running Chinatrust Bank since its founding 45 years ago. The family was quite visionary in that they had an aspiration early on to make Chinatrust a global bank. They brought me in to transform the bank from a leading Taiwanese player to the first truly international Chinese bank. The challenge is to take what is a strong and vibrant local player and turn it into a global financial institution.

Boyden: Was that the main reason you took the role?

DeNoma: Yes, to take Chinatrust to the next level, transforming it into the first truly international Chinese bank in history. I have always believed that there should be Asian global financial institutions, especially Greater Chinese. As the world shifts and Asia continues to develop, I think it is inevitable that there will be. When I first met with Dr. Koo, he told me that becoming a leading international bank has always been his dream. It is a perfect match between ambitions, for the institution and for me.

Equally important is that I need to work in a place where the culture and the values match my own. Chinatrust has a culture of wanting to lead, but they also have a big heart. Thousands of Chinatrust employees volunteer weekends to help orphaned children in Taiwan. They have been doing charity work for kids for 25 years. Helping children is important to me as well.

Boyden: How would you describe the state of business in Taiwan?

DeNoma:  Taiwan is a fascinating story. It’s effectively been frozen out of the world psyche for 50 years. Because of this, Taiwan’s been forced to be resolutely entrepreneurial, and in this crucible, powerful global companies have been born. For example, 80% of the smart phones in the world are now produced by Taiwanese companies. Taiwanese companies dominate the Top 10, Top 30, and probably the Top 50 high tech exporters in China. In 2008, Taiwan had more patents per million population than any country in the world, and it has consistently been the fastest in patent growth per capita over the last decade.

Taiwan’s well positioned. The debt-to- equity ratio of its companies is among the lowest in the world. The country is liquid and its companies are financially strong. The Taiwan Stock Exchange is the one stock exchange in the world that most closely mirrors NASDAQ, in terms of its information and technology company composition. Interestingly, we IPOed a Silicon Valley company here last summer, which is probably surprising to a lot of people. The Taiwan stock market has not moved significantly in 20 years. However, with the Economic Cooperation Framework Agreement between China and Taiwan I think that’s going to change.

Boyden: How would you describe the state of business in China?

DeNoma:  China’s a juggernaut and the genie’s not going back into the bottle. China has a massive percentage of the world’s manufacturing capacity. They certainly have the latest technology factories. A country that grows this fast will have corrections, as demand struggles to keep up with capacity and vice versa. China is a strong force in the world economy. It’s trying now to grow into what will be a more global role.

Chinese companies are starting to internationalize. At the same time, its domestic market is now significant in size. What used to be predominantly export-oriented industries are now also producing for domestic consumption. What this means is that China is now the largest cell phone market in the world, the largest automobile market in the world, and so on. I think that will continue. What we also see now is a phase of massive infrastructure building — what the US went through probably 50 years ago. While the US is coming to the end of the useful life of much of its infrastructure, in many cases China is just starting off with the rapid building of new high-speed rails, airports and highways.

Boyden: In your view, why is the US falling behind?

DeNoma: I don’t think the US is falling behind as much as the rest of the world is catching up. I think the US is in a maturing phase of growth. The USA was the first large population country in history to go through industrial revolution puberty. As India and China now experience the same growth spurt, with much larger population bases, they’ve become major world economies. I think the issue for the US is not falling behind as much as it is learning how to compete in a world where other large population countries have also transformed. When you’re no longer the biggest kid in the class you have to adjust.

Boyden: Did the global financial crisis affect your bank?

DeNoma:  We weren’t really affected by the crisis except that there was pressure on some of our export-oriented customers and we were impacted by western wealth management products that defaulted. Overall, Taiwan felt less pressure on the economy and on corporate and personal balance sheets than the West.

Our US operations followed the community bank problems in the United States. We had significant exposure to commercial real estate, which is a community banking issue. We moved rapidly to restructure it.

Boyden: You announced reorganization plans last year. What has been your philosophy in this plan?

DeNoma: The role of a new CEO is to work with the Chairman and the Board to set a direction for the organization and then to enroll the entire organization in that direction. The latter can be the more difficult in many cases. What is also important is that the new direction reflects the essence and culture of the company. When I first came to Chinatrust, I tried to listen for the heartbeat of the institution. I wanted to be sure we set an ambition that responded to that heartbeat.

For Chinatrust to achieve our vision of becoming the first truly international Chinese bank in history, we agreed that we needed to do three things: Solidify our position as a Taiwan champion, become a Greater China and Asian leader, and become a North American innovator.

Next we agreed on our mission – what good would we do for whom in society.  We agreed that we would protect and build our customers’ savings and wealth – be they individuals, companies or communities. This is the constant dilemma and challenge of being a banker – to both protect and build. Finally, we agreed on our values. The first two values are trustworthy and professional – two very good ones – and the third, the most interesting and distinctive, is caring.  Something the employees of the bank believe deeply in. It’s a great reflection on the institution that caring is one of our three values.

Boyden:  What do you think is most critical for the reorganization plans to have success?

DeNoma: Probably ownership and buy-in all the way down to the front lines. To that end, we took our new mission, vision and values as well as our 10-year goals on the road to all our employees. By the end of the road shows, virtually all 10,000 employees of the bank had stood up and pledged their support for the new 10-year direction.

Reorganization of our management model was also quite critical. We wanted to be organized in a way that was distinctive versus our competitors. We put a global structure in place and now have global CEOs of both wholesale and retail as well as global product heads within each of these businesses for key customer and profit streams. The job of a global product head is to be at the leading edge, at the sharp end of the stick in terms of the latest innovations in their product or service area.

We moved from six to 65 profit accountable general managers – a tenfold increase in the number of people lying awake at night trying to figure out how to double economic profit as well as value for the customer every three to five years. This has created a dynamism and speed to market within the organization — and a willingness to listen and learn.

So, rather than having the normal way a bank works, with a pilot and co-pilot up front and everyone else shoved on top of each other back in the passenger seats, this is more like fighter pilots in formation. These GMs, with their teams, build business agendas to grow and expand their businesses. These agendas go through intensive review and challenge; but then, the teams have the authority and resources to execute them.

Interestingly, from an all-employee survey we just completed, in terms of speed and efficiency of decision-making at the general manager level, we got the highest rating of any company surveyed, not just against all Taiwanese norms, but also against all global high-performing companies.

Obviously there are many, many things we need to improve on, but this area came back better than expected. Ultimately, the reorganization’s purpose is to make the organization distinctive so that we can make better decisions faster than our competitors.

Boyden: Is it harder for an Asian executive to operate in Europe or the US, or is it harder for a Western executive in Asia?

DeNoma:  There may not be much of a difference. In both cases, you need to adjust to cultural norms. And, there will be language issues on both sides – which are solvable. The biggest challenge for both is to remain enthusiastic and energetic when inevitable difficulties arise.

Boyden: Can you talk a little bit more about the cultural aspect of communications?

DeNoma:  It can be tough to be effective sitting in an office issuing memos in a language that isn’t your native tongue. So, it’s probably best to get out there in front of your employees and your customers. If, as they say, a majority of communication is non-verbal, then you need to show up. There’s no better substitute.

Of course, there are subtle differences you have to be sensitive to. For example, Asians can be less confrontational, so you need to be aware that not speaking up in a meeting does not mean everyone agrees with you, whereas in a some Western companies that would be more the case. One way to address this is to have more one-on-one meetings before the meeting.

Boyden: So there is more to it than culture?

DeNoma:  There is a saying that I agree with – that the key factor for success in any significant change management effort is the intention of the intervener. I think that’s true in any culture. If employees think that your intention is for the good of all and has integrity, then you’ll be okay. Anything less and you will face challenges.

Boyden:  Did you know Mandarin before you started with Chinatrust?

DeNoma:  I knew a bit.  It’s an extraordinary and humbling language. But I have done some speeches in Mandarin now. Simultaneous translation can also be very effective and accommodates everyone. Frankly, if you want to be an international company, nobody speaks every language. So there are always going to be markets where, no matter who you are, you won’t speak the native tongue.

Boyden: Is Chinatrust run a little bit differently in the US versus Taiwan?

DeNoma: All of our countries are run with slight differences in culture and operating style. But the whole company is now on the same mission, vision, and values. So as we go forward, I think there will be even fewer differences. Many companies that are not global have a dominant local business and everything else is called international. What we want is a global organization in which Taiwan is just one of our countries. That shift in thinking is very important. Many companies don’t internationalize well because everything is viewed with reverse binoculars from their home country.

Boyden: How would you describe your leadership style?

DeNoma: Probably not much different from most, but with a skew toward the entrepreneurial.

Boyden: What is most critical in recruiting management talent?

DeNoma: I love to work with diverse teams. I have an interest in recognizing differential strengths in people and I prefer eclectic teams because if everyone has the same strengths, you can get blind-sided. When recruiting, I look for people with different yet complementary talents. Having drive is non-negotiable, but otherwise, I look for a range of talents.

Boyden: What would be your most important advice to a manager moving up the ranks today?

DeNoma: Run to the crossroads of either opportunity or pain — learning to recognize both. Growth opportunities will allow you to make a lot of mistakes and recover from them. And, when an organization is in pain, nobody expects you to do well, so when you do, you will get recognition and further opportunity. Also, get significant people management experience as soon as you can. Make it a priority to lead a large team as early in your career as possible. Finally, and maybe most important, make sure you are working toward living a life you’ll be proud of.

Boyden: What drives you?

DeNoma: Adventure.

Boyden: You’re a CEO, you have a large family, and you regularly compete in ultra-endurance triathlons. So what’s your view on work-life balance?

DeNoma: People say I don’t sleep, but there is an interesting story about challenges here. I drove the sponsorship of marathons around the world for Standard Chartered and one was in Nairobi, Kenya. I was at the starting line of the 10k race when I saw a young blind man who was tied with a leather strap around his wrist to another young man. I was behind them, trying to protect them in the crowd. The starting pistol went off and when I got to the finish line I found out he had won the race. It turns out that he had lost his sight when he was 19 years old from river blindness and someone suggested he start running as an antidote to the severe depression that followed. As time passed, he got better and faster. We sent him all over the world to run marathons. Long story short, he is now the fastest blind marathon runner in the world.

When I met him that day, I was inspired. I thought, “I’m going to sign up to do something that I think is impossible, and I’m going to raise money for blindness in the process.” So I signed up to do an Ironman Triathlon. The thing is that I had never run a marathon, had not ridden a bike since I was a child, and really couldn’t swim. When I first started out, my trainer signed me up for a sprint triathlon and I was the last to come out of the swimming pool. My son was watching and he said, “Dad, you are unbelievably bad at swimming.” He was right. I was pathetic. But I wanted to show him that if you’re willing to be a beginner and stick with something, not giving up when it looks impossible, but fighting and persevering, you can achieve much more than you ever imagined in life. Fortunately, I finally did learn how to swim and now have finished a number of Ironman and other races.

When you start doing ultra-endurance sports you realize that the biggest challenge is mental, not physical. You learn to overcome that. So I do get up at five in the morning to train, which is not something I necessarily love to do. But there is a psychological benefit to knowing that you made your lazy body get out of bed to work out before your day begins.

Boyden: If you were to look forward in three years, where do you want to see Chinatrust?

DeNoma: Well, not three, but perhaps in five to 10 years, it would be the first truly international Greater Chinese bank in history. And, it will be seen as one of the best-managed banks in the world. The team here is outstanding. When I came in, it was like an injured great horse running on a small track. It’s injured no more. We’ve put it on a larger track. It’s a hell of a horse.

The views and opinions expressed here do not necessarily represent the views of Boyden; only those of Mr. DeNoma.

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My firm, Boyden Global Executive Search, has operated in Brazil since 1968, and I would venture to say that we know this market very well.  We have just published The Boyden Report: Brazil for our friends and clients, and I just could not resist talking to you about the information that you can find in this extensive document. There has been a significant shift in Brazil’s global stature, and Boyden presents the views and insights of seven senior business executives to hear why they believe that this country is now walking on the ‘big stage’.

Who are some of these people?  For the most part, they head Brazilian subsidiaries of global companies, and they are noted drivers of key businesses and other organizations that are prominent in Brazil.  They include people ranging from the Presidents of Abbott Laboratories and Caterpillar in Brazil to the Chairman of CleanStar Brazil Bioenergia.

Brazil is moving and growing fast on the world stage, and if you question this, look at some of these facts:

Brazil had the world’s best-performing major current against the US dollar last year, with a 36% advance according to Bloomberg.

Brazil was home to the worl’s largest IPO in 2009.  Santader Brazil’s IPO valued the bank’s Brazilian subsidiary was valued at more than the whole of Deutsche Bank worldwide.

Sao Paulo is among the world’s top five futures and options markets.

Brazil was home to the world’s fastest growing car market in 2007-2009.

Brazil was a major source of stability for many multinationals in the global recession that started in 2007.

32 out of the 50 largest companies in Brazil are foreign multinationals.  But there are also 5 fast growing, Brazilian companies that have achieved recognition as serious multinational competitors in markets ranging from food to aircraft.

The World Bank predicts that if Brazil continues on its current path, it will move from being the tenths largest economy in the world to the fifth largest by 2016. As such, Boyden reports that the FTSE Group  positions Brazil as an ‘Advanced Emerging Economy’ along a different level of the development curve than the other so-called BRIC countries.

Given its stage of development, the contributors to this report provide a compelling case for the solid foundations of the ‘new’ Brazil.  They point to the political system, where the country has apparently achieved stability in the form of a robust, established democratic republic.  In terms of infrastructure, they talk to the banking systems and financial markets as large, stable, and relatively mature.

Brazil, it is pointed out, has new opportunity drivers that are unique in Latin America.  One driver is the consumer market, with millions of people who suddenly have purchasing power.  This shift is said to be dramatic, as people are moving from Class D to Class C or Class C to Class B.  By some estimates, over 30 million people have been lifted out of poverty and given discretionary income.

A second energy driver is the country’s emergency as an energy superpower based on its oil production and reserves.  But it has also taken a lead in on the energy stage through its growing renewable energy credentials including hydro-electric power generation and its well-known investment in the production of ethanol fuels.

Our people ‘on the ground’ tell us that there is an optimism and a pulse of positive activity and growth that is pulsating throughout the country.  One of our long-term partners in Sao Paulo says “I have never before witnessed such optimism here as I do today.”  Another long-term Boyden partner states “Brazilians always used to joke that they lived in the ‘eternal country of the future’ but it seems that our ‘future’ has now arrived”.

Would you like to know more about Brazil? Would you like to know our view on hiring in Brazil as a major executive search firm? Simply download the entire Boyden report on Brazil by clicking here.

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By Gunnar Branson

It is a common mistake to believe that innovation happens when someone comes up with a new idea.  New ideas are a common occurrence – every day, people all over the world come up with great new ideas, new solutions and brilliant potential inventions that could possibly end poverty, build a successful company, or make peeling an orange much easier.

Experiments, though crucial to discovering what is possible and how something might be innovated, aren’t innovation.  Prototypes and inventions aren’t innovation either, though they are an important step towards proving how innovation could happen.

Innovation doesn’t happen in the lab, the skunkworks or the strategy off-site.  It doesn’t happen in the garage of a genius, nor does it happen when a government task force comes up with an innovation blueprint.  Innovation might happen afterwards when the products of everyone’s labors are used by others, but there are quite a few good projects and initiatives that are easily forgotten in a few years.

What about all the patents?  According to the U.S. Patent office, over 350,000 new patent applications are filed every year with less than 200,000 patents secured – but a patent is no guarantee of innovation.  U.S. registered Patents in the last few years for the “Insect Death Ray”, the “Beerbrella”, (illustrated above), the “Flush Toilet for Dogs”, and the “Electro Shock Game”, are interesting, but can they be described as innovations?   They may be useful as entries in the Museum of Obscure Patents, but I question if they are innovation.

According to Richard Maulsby, director of the office of Public Affairs for the US Patent and Trademark Office, “There are around 1.5 million patents in effect and in force in this country, and of those, maybe 3,000 are commercially viable.” (Karen E. Klein, “Avoiding the Inventor’s Lament,” Business Week, November 10, 2005)

If someone invents something that no one buys, did innovation occur?

A good analogue to that question, surprisingly, can be found in metaphysics.  In the early eighteenth century, the philosopher and developer of “subjective idealism” George Berkeley introduced the idea of “To be is to be perceived”.  His ideas are usually introduced with the question,   “If a tree falls in the forest and no one hears it, did it really fall?”

Rephrased by Charles Riborg Mann and George Ransom Twiss in their 1910 book,Physics, the question became easier to answer, “When a tree falls in a lonely forest, and no animal is nearby to hear it, does it make a sound?”  When addressed as a physics question versus a metaphysical question, the answer is straightforward:  Sound, as explained by Mann and Twiss, is made up of three things:

1. A source of waves – such as a tree falling and creating vibrations as it hits the ground.
2. A medium for those waves to travel – such as the air
3. A receiver – such as an ear, which translates changes in air pressure into what animals perceive as “sound”

Without any animals around to hear the sound, there are only rippling changes in air pressure – no actual sound has been created.

Much like sound in a forest, innovation requires three things:

1. A source of innovation – a person or a team that is motivated enough to not only to come up with good ideas – but to develop them and influence others to follow.
2. A medium for their ideas to travel – such as the marketplace, writing, broadcasting, the Internet, classrooms, churches or any other gathering of people.
3. Receivers – People pay for the innovation, who will change their lives, collaborate with the source, give up something in order to innovate. The more people who receive it, the more innovative it becomes.

And just like the theoretical forest with no animals to listen – if no one adapts the new idea, process, concept or machine – innovation has not occurred. Put another way, “If someone doesn’t pay for it, then it didn’t happen.”

Innovation then, happens when others do it.  When customers buy a new technology, when a community stops doing what they did before and begins using a new rule of behavior, when an old paradigm is abandoned for a new one…when people make an invention their own – then innovation happens.

Innovation occurs, not when a new idea or invention is discovered, but when everyone else innovates.  The great innovators, whether it was Thomas Edison, Steve Jobs or Henry Ford, were not necessarily the greatest inventors – but they were the most effective at getting others to innovate their lives around a new invention.

So how do they get everyone else to innovate?

Consider the notion of “Desire Lines”.  Originally described by Gaston Bachelard in his 1958 book, The Poetics of Space, a desire line is a path left by people’s use of space.  A particularly graphic example is the erosion created in the ground as people and animals walk over vegetation towards their destination.  Most parks and college campuses have desire lines etched in the grass lawns – areas where people took short cuts off the carefully designed, planned and constructed concrete footpaths.  Frustrated landscapers have long tried to keep people from destroying the grass and flowers by creating fences and other obstacles – but they rarely work, as people tend to simply walk around those obstacles, creating new desire lines.

Most of the roads in older communities were built on top of desire lines created by horses, people and carts as they made their way from destination to destination.  Never a perfect geometric grid, these roads responded directly to the actual needs and behaviors of those who used them.  Instead of fighting desire lines – it is possible to put them to use.  Many designers will intentionally delay the building of walkways for several months and instead just plant grass around and between buildings.  After a few months, the natural traffic of students will create desire lines in the grass that can be “read” as a plan for final concrete walkways.  A wider path is built in the deeper areas of erosion and a smaller path in the light areas because the desire lines illustrate where more or less people walk.

By building on the desire line – it is possible to outsource the design to the hundreds of people who use the paths every day and unconsciously improvise their own course.

Desire lines can be found everywhere – not just on the ground.  Whenever people move through their lives, interact with others, buy things, change things and improvise things, they leave a path.  Everyone doesn’t always follow precisely the same path, but the desire lines can be read and understood.

A company that sells products to customers can often find desire lines right in their own balance sheet. A clear customer desire line was found when accounting discovered that one of their most profitable and steadily growing areas of business, despite falling new bike sales, was their after-market parts business.  In other words, customers were changing their Harley Davidson motorcycles themselves, using parts provided by the company.

Up until the 1970’s, Harley Davidson focused primarily on supplying transportation to military and police organizations.  The motorcycle gangs and tough guys that were modifying surplus bikes to their own needs were seen as an annoyance, and perhaps even a threat to their core business. Much as an eroded path through a field could threaten the beauty of a college campus.

Harley Davidson followed the desire line.  They started to sell more customization, club membership and the romance of an old-fashioned, rebellious, and incredibly loud experience that had been developed by their customers.  Motorcycle sales moved upwards, along with branded clothing, accessories, tattoos, and of course, after-market parts.

Harley-Davidson built their new business model on the desire lines laid down by their customers.  Despite some difficulties in recent years, this remains one of the more innovative re-inventions of a company in great part because, instead of trying to stop the desire lines, they followed them and strengthened them.

Finding desire lines should not be confused with typical customer research or focus group work.  Whenever a customer is asked, “what do you want?”  the answer is always a version of “what I have, but cheaper, easier, or more.”  As valuable as customer research is, it should never be relied upon solely to help companies and leaders chart an innovative path – largely because it reflects what exists today versus what could exist tomorrow.

One way to find a desire line in research is to ask customers or voters to fix something that bothers them.  Here’s an idea for a new product – how would you make it work better?  Here’s a new idea, how would you make it more attractive to others?

But even more powerful than asking questions is to watch behavior.  The Internet in particular has become a very good tool for finding desire lines – by aggregating data on what people look at, how they interact with it, how they change it, how they talk about it and ultimately, how they make it their own.

The desire lines are even easier to find and harness on the Internet.  Google, Wikipedia, Netflix, and now Twitter are all examples of on-line businesses that have figured out ways to harness the power of desire lines.  As Eric von Hippel, author of “Democratizing Innovation” (NYT Monday October 26, 2009) put it,  “Twitter’s smart enough, or lucky enough, to say, ‘Gee, let’s not try to compete with our users in designing this stuff, let’s outsource design to them.’”  The same thing can be said of many newer on-line businesses.  In an environment of transparency, where the behaviors of millions of people can be tracked and translated into data, the strange attractors become easier and easier to understand.

And if you can find the desire line – you can build new products, new services, new ideas that have already been “bought” by everyone else…that have already been innovated for you.

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Leadership Beyond the Crisis:

An interview with Professor Robert Reich

In this issue the legendary US cabinet member, Robert Reich, discusses best practices in corporate leadership, CEO compensation, motivating global teams, and the advantage of women in the corner office.

Robert B. Reich has served in three US national administrations, most recently as US Secretary of Labor under Bill Clinton. He also served President-Elect Obama’s Transition Advisory Board.

He has written twelve books, including The Work of Nations, which has been translated into 22 languages; the best sellers The Future of Success and Locked in the Cabinet; and his most recent book, Supercapitalism.

Interview with Robert Reich

Boyden: Professor Reich, what do you believe is most important for corporate leaders in the future?

Reich: Context. They need to understand the environment of the companies they’ll be working in. This means the structural changes that are going on in the US and global economy include the changing needs and wants of consumers and the changes in the political environment as well.

Boyden: In Supercapitalism you write that CEOs are not overpaid, but that their compensation is too far removed from pay of average workers. In addition to your suggestion for a more progressive tax structure, does executive compensation need further evaluation?

Reich: Yes, there should be a say on pay. Shareholders, including large institutional shareholders, should have much more input. I didn’t say, by the way, that CEOs are not overpaid. I said that there is a very ready economic explanation for why they earn what they do. But explanations are not justifications.

Boyden: How can better pay for average workers be fixed other than changing the tax structure? Is it just a matter of the companies understanding there’s a return on investment for paying workers more?

Reich: Basically, the [US] tax structure does have to be altered, but beyond that workers need more opportunities for continuously upgrading their skills. And companies need to get beyond the quarter-by-quarter mentality that makes it so difficult for them to invest in their workers long-term.

Boyden: Today, if CEOs do not bring results in four or five quarters, in many cases they may believe they and their executive teams will be shown the door. Is there too much pressure too soon for results, which could alter better long-term corporate strategy?

Reich: This has been going on for 25 to 30 years. The stock market and investors are extremely myopic. One way to change that would be to change tax laws, and particularly, as they apply to capital gains so that the longer a share of stock is held, the lower the capital gains rate.

Boyden: Speaking of gains, what do you think of Goldman Sachs awarding CEO Lloyd Blankfein a 2009 bonus of “only” $9 million in stock? Was it just a smart PR move or was there more to it?

Reich: There is nothing more to it. It was public relations pure and simple. As soon as the American public calms down, Goldman will be back to awarding much larger compensation.

Boyden: What was your view of Britain’s move to heavily tax bonuses of financial company executives?

Reich: It’s completely justifiable if taxpayers are going to bear the burden of bailing out these companies. These measures are often necessary until we get the tough financial reforms that prevent a repeat of the kind of risky behavior that we saw leading up to the 2007 and 2008 crash. It’s entirely justifiable for governments to take a whack at the pay of the big bank CEOs.

Boyden: Many observers believe that in the case of the UK bonus tax, companies are just going to move their operations or transfer their executives to New York, Singapore or wherever to avoid the extra taxes. Does it just come down to responsibility?

Reich: There has to be international coordination. The most important players are the UK and the United States. If a big bank wants to move its executives to Singapore, and executives are willing to effectively lose their citizenship with the UK or the United States for the sake of some more bucks, then, let them lose their citizenship.

Boyden: You once said pay is usually not the most important motivator for employees. Does that still hold true and what’s changed?

Reich: It still holds true by and large. Employees want to feel a degree of autonomy and power over their work. They want to be part of a team and a company that is doing something meaningful, that they can feel proud of. And employees want to learn on the job and they also want a job that allows them to be good parents and good spouses. These are all vitally important, and employees, especially talented employees, are willing to sacrifice some pay at the margin for the sake of these other qualities.

Boyden: Is motivation different for CEOs?

Reich: It’s different for CEOs and top executives in the sense that they are competing for power and prestige with other CEOs. You know, it’s a testosterone contest.

Boyden: And that includes women as well.

Reich: Yes, but, interestingly, less so.

Boyden: Is that because female executives, by and large, are better suited to face today’s economic challenges?

Reich: The new economy depends upon relational skills and empathy. I hate to generalize, but women clearly have the edge.

Boyden: Would you say women have an advantage because of their empathy, relationship skills, and better instincts?

Reich: Absolutely.

Boyden: And sometimes not letting testosterone get in the way?

Reich: Well, you know, testosterone is a poison. And men are (pausing) . . . you only have to look at foreign policy. Much of the history of the world and much of the bloodshed in the world is due to testosterone poisoning.

Boyden: So like a politician that puts his personal interest ahead of the city or state; in the corporate world, men often prioritize their egos instead of the best interests of the company?

Reich: Right. Women are not immune to this kind of small-minded competitiveness but if you look at the bell curve with regards to the qualities that women and men both possess, clearly the median executive woman is better able to put the company, the workforce and the shareholders ahead of her own individual ambition. And a woman is probably also better able to understand the motives and the drive behind many of the people who work for her and around her.

Boyden: What do you think of corporate rating systems for executives and employees?

Reich: Well, 360 degree rating systems in which feedback comes from everyone who deals with a particular employee can be very helpful. Also, managers have got to look at the help that employees provide to their colleagues, what I call the “relational capital” that employees build up with suppliers and with customers. All of these may not show in the bottom line but they are critically important. And should, and deserve, an acknowledgment.

Boyden: Many believe that board members are at least partially culpable, and in many cases, very culpable for the financial crisis and companies’ underperformance. Do you agree?

Reich: I agree. The only reason for having a board is to look over CEOs’, top executives’ and managers’ shoulders and prevent the kind of short-sightedness that we saw on Wall Street. Boards need to be headed by chairmen who are different from CEOs. Boards need to have an opportunity to meet without CEOs. And boards need an opportunity to get the information they want, not just the information that CEOs are willing to give them. Most important, boards need to develop their own metrics of success, corporate success and analyze those metrics for themselves.

Boyden: A number of experts believe the best corporate leadership opportunities even for Western executives will be in the developing world. What can Western executives learn from the emerging markets?

Reich: First of all, “developing” is a misnomer. India and China are rapidly joining the ranks of the developed. And the main thing that Western leaders can learn is the narrowness of Western thinking. Boards as well as executive teams need to be comprised of some people who are Asian, Latin American, perhaps African, who see the world in different ways.

Boyden: So while many US multinational companies are diverse within US ranks, are we not seeing enough directors who are Asian or Latin American or African nationals?

Reich: Exactly. Given the size of the Asian markets and Brazil as well as other Latin American countries, executive teams need to be much, much more broadly-based than merely European and US-based teams.

Boyden: Are there companies that stand out and have it right in the leadership department and the people management department?

Reich: At different times, different companies have done it right. For example, ten years ago I would have said Starbucks, fifteen years ago I would have included Levi Strauss, but times change. Companies that at one time were leading the pack in terms of leadership skills have stopped paying attention maybe because they’ve had so much success that they feel it’s no longer necessary.

Boyden: Are there other companies that are interesting to watch in management?

Reich: IBM right now is doing some interesting things. Eaton is doing some interesting things. And Google is enormously interesting, but only time will tell.

Boyden: Are these companies that are simply a little more aggressive to try new areas, or what makes them interesting?

Reich: The one benefit from this terrible recession is that it gives top managers the opportunity to try fundamentally new things. The biggest barrier to innovation when it comes to leadership in management is past success. Now that almost everybody is being stressed, it’s possible to exert a different kind of leadership that says essentially, ‘Let’s at least try this . . . we don’t have to be bound by the past.”

Boyden: If you had just a few minutes to give advice to a first-time CEO, Country Manager or Division Head, what would you tell him or her?

Reich: Listen, listen, listen, listen. And then evaluate what you are hearing instead of cramming your calendar full of meetings in which you tell people things. Calm down, take some time, and learn as much as you can.

Boyden: What would be your final thoughts on leadership?

Reich: Just this: We still tend to think of leaders as lone individuals, kind of “cowboy types,” who come in to situations and rough up everyone and push everyone into shape – a kind of John Wayne or Jack Welch. That is not real leadership. Leadership is the art of creating a fabulous team of people who can come up with innovative solutions and spot new problems and opportunities quickly, and no individual can do this alone.

To learn more from Robert Reich’s public commentary, visit his blog atrobertreich.org.

The views and opinions expressed here do not necessarily represent the views of Boyden: only those of Professor Reich.

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