MANAGERSaese.com.pt/r/E139.pdf · 2 october-decem 2 o. 39 mag ese c o n t e n t s managers 8 in the digital age cover story ideas reflections on good corporate governance the board

Harvard-IESE Committee Leaders’ Key Competencies for 2025

Mireia Las Heras New Challenges in Recruiting: Finding the Hidden Gem

Carlos García Pont Reflections on Good Corporate Governance

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MANAGERSIN THE DIGITAL AGE

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Alumni Magazine IESE2 OCTOBER-DECEMBER 2015 / No. 139

C O N T E N T S

8MANAGERS IN THE DIGITAL AGE

COVER STORY

IDEAS

REFLECTIONS ON GOOD CORPORATE GOVERNANCEThe Board and ICarlos García Pont 16

CROSSROADS

HARVARD-IESE COMMITTEE Leaders’ Key Competencies for 2025 28

INTERNATIONAL FACULTY PROGRAMMultiplier Effect: Developing Professors From Around the World 30

HARVARD AND IESE PROFESSORS WORK TOGETHER TO INCREASE BOARD EFFECTIVENESSAsking the Right Questions: The Key to Better Boards 33

GLOBAL CEO PROGRAM FOR CHINAChinese Companies Redefine Their International Strategies 35

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Alumni Magazine IESE 3OCTOBER-DECEMBER 2015 / No. 139

ACTIVITIES COMMENCE AT IESE CAMPUS IN GERMANY

MAKING MUNICH A LAUNCH PAD FOR LEADERSHIP

CROSSROADS

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IBUKUN AWOSIKA (GEMBA ’04 & GCP ’13)

“WE PUNISH A LOT OF PEOPLE FOR THE WORDFAILURE”

PEOPLE

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LAST WORD MIREIA LAS HERAS New Challenges in Recruiting: Finding the Hidden Gem 64

LIFE

“ECONOMIC GROWTH IS NOT ENOUGH,” SAID RICARDO SETÚBAL, CHAIRMAN OF THE BOARD AT ITAUTEC The Second EMBA Class Graduates in Sao Paulo 50

19TH FOOD & BEVERAGE INDUSTRY MEETING Food & Beverage Consumption: A Ten-Year Perspective on Change 36

21ST ICT & DIGITAL MEDIA INDUSTRY MEETING The Internet of Things: The Next Industrial Revolution 38

AGENDA 43

PEOPLERITA ALMELA (EMBA ’12), CO-FOUNDER OF ALMASHOPPINGFinding a Niche in a Powerful Market 48

BRINGING IESE’S FACULTY TO 101 FULL-TIME PROFESSORS FROM 31 COUNTRIES IESE Welcomes New Professors 49

IESE & YOUALUMNI LEARNING PROGRAMThe Same Great Quality Online 62

IESE MIAMI BUSINESS SUMMITA Prescription for Economic Health 52 CHAPTER NEWS 54

EXECUTIVE EDUCATION GRADUATIONS 61


ALUMNI MAGAZINE

139October-December

2015 www.iese.edu/alumni

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General Circulation37,055International Circulation31,706 (Spanish Edition)5,350 (English Edition)

EditorAntonio ArgandoñaExecutive EditorAïda RuedaManaging EditorMaria SubarrocaSenior Editor, English EditionSally Davies

ContributorsMercedes Castelló Lara Cummings Edu Ferrer AlcoverAna GalánJoan Antoni GuerreroAlejandro Lavara Javier PampliegaSteve TallantyreGemma TonijuanMiquel Utset

PhotographyVictor AbreuDavid Adamson Madalena AleixoJavier AriasPablo CandamioJordi EstruchEdu Ferrer AlcoverGazeta ViewsOle Bo JensenJustine KangMacarena KamalIsmael Martínez Eva RipollQuim RoserRoger Rovira Lorena Ulloa FernándezMarion Vogel

IllustrationsCarme BaltàMartín TognolaAna YaeliStockphoto

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Published byIESE Business School – University of NavarraDepósito legal B.23.746-1963ISSN 1138/2333

The opinions expressed in the articles published in this magazine are solely those of the authors. Articles may be reproduced, provided that the original source is indicated.

IESE/University of NavarraAlumni MagazineAvda. Pearson, 21. 08034 BarcelonaTel: 93 253 42 00 • Fax: 93 253 43 43Cno. del Cerro del Águila, 3Ctra. de Castilla, km 5, 180. 28023 MadridTel: 91 211 30 00 • Fax: 91 357 29 13www.ee-iese.comNumbers refer to the first page of the article in which the alumnus appears.

Numbers refer to the first page of the article in which the alumnus appears.

Index of Companies7-Eleven .....................................................20Accenture...................................................54Across Legal ..............................................34Afterschool Graduate

Development Centre ........................44Agbar ...........................................................38Airbnb .........................................................38AliBaba .......................................................36Allianz .........................................................24AlmaShopping ..........................................48Amazon ......................................................20Bank for International Settlements ... 22Barclays .....................................................52BASF SE ......................................................22Bci ................................................................52BDO ..............................................................54Benefit Brokers .......................................54beQbe ..........................................................34BeRepublic ................................................54Bertelsmann .............................................24Birchbox .....................................................48BMW ............................................................22BNP Paribas Fortis .................................22Bocconi University .................................49Bühler .........................................................36Buyfresco ..................................................34BuyVIP ........................................................54Cadbury ......................................................44Caixa Capital Risk ...................................48Cambridge University ...........................49Carrefour ...................................................20Celpax .........................................................34CELSA Group .............................................41Chair Centre Group .................................44China Europe International

Business School ..................................35Cisco ............................................................38ClinicPoint .................................................34Cocunat .......................................................34Columbia Business School ...................49Compañía Cervecerías Unidas............54Compañía de Petróleos de Chile

(COPEC) .................................................33Compañía General de Electricidad ....54Copenhagen Business School .............49Delivo ..........................................................36Deloitte .......................................................36Deutsche Bank .........................................22DNV GL Energy ........................................54DouroAzul..................................................54EADS ............................................................24EGADE Business School ........................20El Corte Inglés ..........................................36

Embratel ....................................................54EMLYON Business School ....................20Empresa de Telecomunicaciones

de Bogotá .............................................52EOS ...............................................................22Epson ..........................................................54ESE Business School ..............................54Euromonitor .............................................36Evercore Partners...................................54Facebook....................................................54Financial Times ........................................22First Bank of Nigeria ..............................44FM Logistic ................................................54Franz Haniel & Cie. .................................24Fujitsu ............................................................8Garrigues ...................................................48GE .................................................................22Geenapp .....................................................34Gerium ........................................................34Ghana Institute of Management

and Public Administration ..............30Glassdoor ...................................................64Global Alumni ...........................................34Google .........................................................52Haniel Group.............................................24Harvard Business School .....................28Hella ............................................................54Henkel .........................................................24Hitsbook .....................................................34IBM ..................................................................8iClassics Collection .................................34INALDE Business School .......................54INSEAD .......................................................49Instacart .....................................................36Instagram ...................................................64Intel ..............................................................36Intellimedix ..................................................8Iristrace ......................................................34Itautec .........................................................50J.S. Corrugating Machinery .................35Kakawa Discount House .......................44Klikin ...........................................................34Knox Mediahub .......................................34Lagos Business School ..........................30Le Moustache Club .................................34LG ....................................................................8LinkedIn .....................................................64LIS Cross-National Data Center ..........40Logi-Serve .................................................64Maersk Line ..............................................54MAN .............................................................24Marsh ..........................................................54MásMóvil ...................................................54

Mayoral Moda Infantil ..........................41MDE Business School.............................41Mennen Medical ......................................34Metrovacesa .............................................49Microsoft....................................................20Microsoft....................................................54Mount Sinai Hospital .............................52Nautal..........................................................34Neoris..........................................................54Nigerian Sovereign

Investment Authority.......................44NYU Stern ..................................................40Onyria Group ............................................54Opel .............................................................24Opticits .......................................................34Oslo University ........................................22PAD Escuela de Dirección ....................54Passnfly ......................................................34PeopleAnswers ........................................64Pepsi Bottling Group ..............................49Pestana Group..........................................54Phoenix ......................................................24PwC ..............................................................52Riga Business School .............................30Roland Berger ..........................................22SABMiller ...................................................52Santander Private Banking .................54Schneider Electric ...................................38Séntisis .......................................................34Strathmore Business School ...............30Sybari Software .......................................49Talent Clue .................................................34Telefónica ..................................................38Tetra Pak ....................................................20The Graduate Center ..............................40The Royal Bank of Scotland ................33Twitter ........................................................64Ubiqum .......................................................34University of Barcelona .......................48University of Brescia .............................49University of Madrid .............................49Unplis ..........................................................54Uvinum .......................................................34Venture Hive ............................................52Volkswagen ...............................................24Wal-Mart ....................................................20WebEx ............................................................8World Bank ...............................................40Xinjiang Yi’er High-Technique

Agriculture ...........................................35Zagreb School of Economics

and Management ...............................30Zencap ........................................................54

Index of AlumniAlegre, Hugo (MBA ’91)........................... 54Almela, Rita (EMBA ’12) .......................... 48Amor, Juan José (PDG ’09) .................... 54Awosika, Ibukun

(GEMBA ’04 / GCP ’13) ....................... 44Bataille, Laurence

(MBA ’95 / AMP ’14) ........................... 54Bunster, Jorge Alberto

(MBA ’78) ................................................ 33Cardona, Beatriz (EMBA ’09) ................ 54Carmena, Ismael (PADE ’11) ................. 54Casas, Josep (MBA ’13) ........................... 54Chimeno, José Gabriel (PDG ’95) ........ 54Cordt, Almut (PMD Munich ’15) ........... 61Corriá, Julián (MBA ’81) .......................... 54Curiel, Álvaro (PDG ’14) .......................... 34De Jaraíz, Jaime (PDG ’11) .......................8Delgado, Ángeles (PDD ’94) .....................8Díez-Hochleitner, Eduardo

(MBA ’82) ................................................ 54Duro, Miguel (EMBA ’10) ........................ 49Fernández, Socorro (PADE ’11) ........... 54

Gallach, Laura (EMBA ’15) ..................... 54Gallart, Antonio (MBA ’88) ..................... 54García Brusilovsky (PDG ’05) ............... 34Gerber, Eyal (MBA ’12)............................ 34Gerber, Moshe (MBA ’12) ....................... 34Gómez, Pablo (MBA ’89) ......................... 54Hickson, Steven (GEMBA ’02) ..................8Humet, Esteban (MBA ’13) .................... 54Jottar, Patricio (MBA ’88) ...................... 54Kunz, Franziska

(PMD Munich ’15) ................................ 61Li, Liza (GCPC ’15) ..................................... 35Li, Oliver (GCPC ’15) ................................. 35Martín, Adela (PDD ’08) .......................... 54Martínez, Marta (PADE ’05) .....................8Marzano, Nicola

(PLD Barcelona ’15) ............................ 61Miralles, Santiago (PDG ’02).................. 34Morales, Álvaro (MBA ’92)..................... 52Muñoz, Javier (MBA ’03) ...........................8Navarro, Marcela (AMP ’09) ................. 33Olavarría, Lionel (MBA ’75) ................... 52

Oriol, Jorge (MBA ’89 / PDG ’98) ......... 34Peñaranda, Jaime (PDG ’14) ................. 54Pérez Mackenna (MBA ’88) ................... 54Perrier- Châtelain, Gloria

(EMBA ’93 / AMP ’10) ........................ 54Quingles, Ernest (PDD ’95) .................... 54Reinhard, Ulrike

(PLD Barcelona ’15) ............................ 61Riera Michelotti, Felipe

(EMBA São Paulo ’15) ........................ 50Riesgo, Juan Pablo (EMBA ’12) ............ 54Schröter, Andreas (GEMBA ’08) ........... 54Sierra, Francisco (MBA ’12) ................... 54Silwal, Kaushal (MBA ’14) ...................... 54Simões de Almeida, Rodrigo

(PADE ’09) .............................................. 54Slough, Pablo (MBA ’02) ......................... 52Suárez-Cantón, Nicolás (MBA ’95) ...... 54Vizcayno, Federico (PDG ’10) ............... 54Von Boeselager, Georg

(AMP Munich ’08) ................................ 24Wong, Sunny (GCPC ’15) ......................... 61

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E D OOI R LT I AR I

THINKING ABOUT THE FUTURE

Many years ago, when I came to work at IESE as a very young man, our first director, Professor Antonio Vale-ro, gave business leaders some clues about how to think about the future. He used to say that we know a lot about the immediate future, the future of next week. We know

less about next month, very little about next year and almost nothing about the long term. We have to use our knowledge – be it a lot or a little – to paint a picture of the future that will help us design our strategy. The appearance of new information will obviously force us to rethink our ideas, but our plan gives us a starting point.

I am sure that Professor Valero would enjoy this issue of the Alumni Magazine, because his message appears here again and again. News about the Harvard-IESE Committee invites us to think about the lead-ers of 2025. We don’t know what will happen in the next ten years, but we need to keep those future leaders in mind. Because we ourselves may be those leaders, or they may already be in our companies or those of the competition, or they might be students in our business schools. That’s why the cover story is dedicated to the role of technology in the education of tomorrow’s managers. IESE itself is scanning the horizon and thinking about how we can use the technologies of today and to-morrow to train business leaders for 2025 and beyond.

This issue also covers a range of other important topics. Carlos Gar-cía Pont writes about boards of directors, pointing to some of the traits that make a good board member. In People we interview Ibukun Awosika, who shares her expertise on entrepreneurs and their values. And in Crossroads, you will find updated information about the Global Alumni Reunion. We look forward to seeing you in Munich from Octo-ber 16th to 18th, where you can visit IESE’s new campus in Germany. You’ll find more information about it in this issue.

ANTONIO ARGANDOÑAEditor ofAlumni [email protected]

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MANAGERS IN THE DIGITAL AGE

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The digital revolution is not merely a trend that’s influencing all industries. It’s a global shift, an ongoing shift that has permeated all aspects of society: how we communicate, how we have fun, how we get information, how we work and, of course, how we learn. In the digital world, change moves at a breakneck pace, and managers have to be more willing than ever to adapt their business model and leadership style. In this area, IESE faces a double challenge: engaging in rigorous research on these developments and adapting its services to the needs of the new digital manager, without sacrificing the hallmark of its identity – a human approach to business and leadership.

MANAGERS IN THE DIGITAL AGE


COMPANIES HAVE TO BEGIN THINKING ABOUT WHAT THEY CAN OFFER IN A WORLD IN WHICH THE PHYSICAL AND THE DIGITAL ARE PERMANENTLY INTERTWINED”Evgeny Káganer, IESE Professor

only come if we know how to integrate technology in order to achieve real competitive advantages.”

THE TRAITS OF THE DIGITAL MANAGER

lToday’s managers have to transform not only their basic approach to work, but also their personal traits,

leadership style and ways of learning. They have to adapt to a different mindset, which results in the emergence of the digital manager.

In the article “Three trends that will change how you manage,” published in the IESE Insight magazine, profes-sors Bruno Cassiman and Fabrizio Ferraro point out that managers face a terrain that is uncertain but rich in opportunities: “Technological change has forced com-panies to completely reconsider their strategies. It has favored the emergence of many competitors and allowed the convergence of different communities that have an im-pact in the creation and capture of value. In this context, managers have to stay on top of the changing rules of the game. They should also take advantage of the lower cost of experimentation; they can test new directions without the fear of mistakes.” With the explosion of technology, new needs arise. According to Professor Evgeny Káganer, technology today is “affordable and available, which brings

The digitalization of all areas of human life is progressing very quickly, producing more and more information and increas-ing the degree of connectivity. For exam-ple, experts say that in 2020 more than 40 percent of the digital content in the world

will be linked to the cloud, and therefore interconnected.In terms of business and society, the impact of this new

era is still difficult to predict in many areas. But, with care-ful handling, it can improve efficiency and productivity and generate limitless business opportunities.

Professor Javier Zamora says that the Internet of things, big data and 3D printing “are some examples of the digital density in which we live. In this new era, everyone can be a consumer and a producer of value. This presents many opportunities for companies and for the society at large.”

The fundamental change in companies occurred with the arrival of the Internet. According to Josep Valor, “With its emergence, the potential impact of ICTs on com-panies is greater. It affects business models and the organi-zation of work,” he says. “Today almost everyone interacts using digital tools. When technology affects society in a significant way, business is affected. Both our objectives and our ways of organizing ourselves change. Success will

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about a new situation: individuals can acquire latest-gen-eration devices and systems that businesses have not yet had a chance to implement. This means that sometimes young customers and employees have expectations that companies cannot meet.”

In this context, the role of the digital leader is to “turn these changes into business opportunities,” says Professor Káganer. To that end, the digital manager has to know how to “identify new possibilities and foster an environment in which experimenting and learning is the norm. In the fu-ture, all businesses will combine online and offline modes, so companies have to begin thinking about what they can offer in a world in which the physical and the digital are permanently intertwined.”

According to IESE dean and professor Jordi Canals, “Technology is bringing new benefits, but the idea isn’t to make everything digital, but rather to develop new ways to serve clients. In the end, we’ll have a lot of hybrid models and each organization will have to discover which model works best for the customer.”

Beyond the business model, these changes affect all areas of the company: “The digital manager has to under-stand the social changes that bring about the appearance of new technological actors. The digital aspect isn’t a func-

tion or an industry. It’s a dimension that is present in the entire value chain,” says Professor Zamora.

“Digital strategy takes on more and more importance in the overall strategy of the company,” states Professor Sandra Sieber. “It’s no longer enough to just have some-one in the organization that understands technology. Managers themselves need to have their own knowledge of technology in order to create value propositions. Lead-ers, therefore, will have to promote three kinds of change: a more open and creative personal approach, a more flexible leadership style and the development of new structures and processes. That’s why it’s important to devote time to understanding what’s happening and to experiment.”

NEW TECHNOLOGIES FOR LEARNING HOW TO MANAGE BETTER

lIf managers are going through a metamorphosis with the emergence of the digital era, schools and univer-

sities should be one step ahead in order to respond to new needs around the globe. Offerings and methods have to become more flexible, innovative and personalized.

“IESE is not going to become an online school, basing its offerings on MOOCs or other kinds of digital courses,” clarifies Dean Canals. “It’s about being aware of what’s


happening around us in order to adopt innovations that complement and strengthen the way that students tradi-tionally learn at IESE – that is, through personal contact.”

“Face-to-face discussion is important, but we can im-prove the experience of our students with new method-ologies. And that’s what IESE is doing. We see examples in which online learning allows you to do things that you might not be able to do in the classroom,” says Professor Káganer.

According to Giuseppe Auricchio, director of IESE’s Learning Innovation Unit, technology today is revolution-izing whole industries. For example, the distribution indus-try has reinvented itself with an omni-channel model. “If we can transform management education into omni-learn-ing, we will be able to enrich current experiences and create new ones,” he asserts. Omni-learning goes beyond merely combining online and offline education. It should readily integrate continuous education in managers’ daily activ-ities, in any place and at any time and from most devices, and ensure quality learning. Having easy access to person-alized performance data can increase students’ motivation. Being able to offer this kind of learning experience is a huge challenge, but it brings obvious benefits.

Marta Martínez (PADE ’05) president of IBM Spain, Portugal, Greece and Israel, says that one of the main ad-vantages of educational technology is “the elimination of barriers of time and space. In other words, we can access

The traits of the digital managerIESE professors Evgeny Káganer, Javier Zamora and Sandra Sieber suggest there are five key skills of the 21st-century leader:

1. Provides vision, but shares power. Establishes the direction of the company and simultaneously makes room for employee initiatives.

2. Shares power, but defines options. Influences his or her team by presenting a range of viable options to make decisions.

3. Is prudent but disruptive. The leader has to be the bridge between the old and the new. The old makes it easier to face uncertainty; the new guarantees the future.

4. Relies on data but trusts intuition. It’s essential to interpret data to be able to imagine what will come.

5. Is skeptical but open-minded. Trial and error is the basic method for understanding what technology will allow us to do.


very selective with education and information. We have to choose things that contribute a clear value.” She adds that online learning “increases choice and allows us to tailor our education to whatever we specifically need.”

At the same time, learning outside of the classroom de-mands a greater effort to hold students’ attention. Profes-sor Alejandro Lago reminds us that the attention span for a single topic in a video or online information exchange is no more than three or four minutes. He raises the ques-tion: “To what extent does online learning require us to use instant, short-lived formats that are necessarily more superficial? Each objective will require a different techno-logical focus, so it’s important to match the format to the objective.”

Professor Weber also weighs in on this issue: “We need to adapt the content to the media; it would be a mistake to simply try to translate it. Part of the challenge of adapting to the use of new technologies is to understand which tech-nology helps us to do what.” Professor Lago concludes, “New technologies force us to devise more efficient teach-ing methods. And they make us think about what adds val-ue, online and offline.”

VERY REAL VIRTUAL EXPERIENCES

lIn order to offer cutting-edge management education, for a number of years IESE has used innovative meth-

ods and online learning initiatives in a range of programs.

information at any time and from any place. In addition, technology allows us to adapt our education to our own schedules. We can stop when necessary and return when it’s most convenient.”

Jaime de Jaraíz (PDG ’11), chairman of LG Spain, also highlights flexibility as one of the main advantages of on-line learning. He notes that thanks to this approach, it’s possible “to combine work with learning, because it adapts perfectly to the availability and needs of managers.”

Possible innovations go even beyond overcoming con-straints of time and space: “It won’t always be about im-proving online sessions. Sometimes the improvements will involve introducing advances in the classroom. For example we already have sessions in which we use smart-phone applications that enable students to interact live with the professor’s presentation,” added Auricchio.

The quantity of content available on the Internet facil-itates access to education, but according to Eric Weber, associate dean and professor of IESE, the selection of content and the order and methods through which they are taught are key to high-quality education: “Learning is a path, a journey. It’s not just a matter of consuming spe-cific content. For that reason, much of our added value is based on our ability to design the best possible curriculum to meet a specific objective.”

Ángeles Delgado (PDD ’94), managing director of Fu-jitsu in Spain and Portugal, agrees. She says, “We have to be

IT WON’T ALWAYS BE ABOUT IMPROVING ONLINE SESSIONS. SOMETIMES THE IMPROVEMENTS WILL INVOLVE INTRODUCING ADVANCES IN THE CLASSROOM”Giuseppe Auricchio, director of IESE’s Learning Innovation Unit


IESE’s online sessions are included in the curriculum of some programs. These 90-minute events are taught through the Webex platform and are synchronous; in other words, participants connect from their computers anywhere in the world in real time. In order to guarantee the quality of the experience, a maximum of 50 participants is permitted in each session.

The content and pace of each session is especially designed for each program so that it fits seamlessly with the rest of the course.

On the Webex platform, participants find a work area divided into different spaces: video and audio, a public chat, a participant list and access to slides and other materials.

The professor teaches materials as outlined in the syllabus and participants follow lectures via video and audio on their computers.

LONG-DISTANCE INTERACTION Throughout the sessions, participation and interaction are encouraged. At any time, a participant can ask to speak or can contribute to the parallel public chat. Students can communicate with each other and ask the professor questions. When the professor gives the floor to a student, that student is displayed on the screen.

In addition, during lectures the professor asks participants to participate using a range of tools, such as a pointer that allows them to vote on a series of options and give their opinions. Technology makes it possible for the results of the vote to be included in real time in the lecture that’s under way. Presentations have been redesigned and are much more visual and attention grabbing, and they are adapted to each group and program.

In addition to the professor, the producer also has an essential role. The producer participates both in preparations and in live sessions in order to ensure that the experience will be as complete and enriching as possible. Finally, after the session, participants complete satisfaction surveys in order to help IESE detect areas for improvement.

Online sessions at a glance

“IESE has adapted very well to the new digital era. We see the proof in programs such as the Global Executive MBA, which was a pioneer in combining residential and online modules,” states Steven Hickson (GEMBA ’02), CFO of Intellimedix and member of the board of the Southern At-lantic Regional Alumni Club in the US.

“New technologies play an important role in manage-ment education. Although face-to-face contact can never be replaced, technology acts as a supplement. It allows ex-ecutives who cannot attend a campus to receive first-rate education. It also makes it possible to work in a way that is very similar to the way a lot of global teams work and communicate today,” suggests Hickson.

The method of hybrid learning, in which remote ses-sions complement contact in the classroom, is also adopt-ed in programs such as the AMP, the Global CEO Program or the Custom Programs, which are made to measure for companies. “Year by year we refine our course designs. This involves reflecting on the learning experience and on how we can take better advantage of technological tools,” says Auricchio. “In what we call ‘hybrid’ or ‘blended’ learn-ing, we find the best solution for each specific situation.”

Roberto Macció, director of custom programs at the Madrid campus, explains that the school is designing mixed programs. “The idea is to create custom programs in which we integrate multiple channels and methods into a unified itinerary that encourages learning. For example, we’ll include synchronous online sessions (online learning in real time), asynchronous online modules (in which the participant decides when to log on), face-to-face sessions in the classroom, and action learning with the support of individual mentoring. In this way, thanks to technological

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advances, participants will be connected from beginning to end with a flexible and innovative program,” states Macció.

In the same vein, some Focused Programs also employ a hybrid methodology. In 2016, “Translating Creativity and Innovation into Results” and “Strategic Human Re-lations Management: People, Growth and Results” will include synchronous and asynchronous online activities before and after the in-person sessions. Nonetheless, face-to-face classroom time will remain the key in the learning process, with faculty leading discussions on cases involv-ing complex issues. Online activities will expand learning and allow participants to share reflections with their peers and apply the learning to challenges in their workplace.

IESE is also adopting two other digital formats, which will allow the school to reach more and more people around the world. On the one hand, IESE professors offer three MOOCs (Massive Open Online Courses) through Coursera, one of the most globally recognized platforms providing universal free access to quality education.

On the other hand, IESE offers a portfolio of 24 webi-nars per year available to any user. These free programs are based on specialized content and delivered in Span-ish and English. The IESE webinars allow participation of up to 3,000 people simultaneously through the Webex application. Run by a moderator, the webinars include a 30-minute session with an IESE professor and a 15-minute period for questions from participants. Those interested in participating in a webinar may review the schedule and register at www.iese.edu/webinars. In addition, on the same webpage you can find a selection of webinars that have already taken place.

NEW DIGITAL OPTIONS TO FOSTER ALUMNICONTINUOUS EDUCATION

lWhen it comes to offering continuous education to alumni, the Alumni Association pays close attention

to new technologies. IESE’s alumni community consists of 45,000 business leaders in 117 countries. According to Javier Muñoz (MBA ’03), IESE director of Alumni and In-stitutional Development, these alumni are “increasingly digital. They value mobility highly and every day they are more adapted to the world of technology. It’s essential that they have access to all of IESE’s knowledge through tech-nological means.”

The Continuous Education Program, with 247 sessions yearly, is IESE’s principal approach to ensuring the on-going education of IESE alumni. Currently, 25 percent of these sessions are digital, in the form either of live stream-ing lectures or prerecorded e-conferences. “One of our main goals is to reach 50 percent digitalization in the next few years,” says Muñoz.

“The online content that the Alumni Association already offers is fantastic. Our education didn’t end when we gradu-ated and the online content makes it possible for us to keep improving and stay in touch with each other and with the school,” says Hickson.

“As well as increasing the number of streamed ses-sions,” adds Muñoz, “next year we expect to expand the range of online content for our members. For one thing, we will be launching the Leading Edge Management Courses. Each course will consist of three modules, with face-to-face sessions that will be available online. Some will include complementary materials, videos, discussion forums or exercises for participants.”

h Exclusive services for Alumni members: • Leading Edge Management Courses• Streaming sessions• Digital Continuous Education sessions

h Auricchio, G.; Káganer, E. “How digitalization is changing the way executives learn” IESE Insight Review Nº. 26 (2015)

h IESE Insight Review on “Leading the Digital Transformation” Nº. 18 (2013)

h www.ieseinsight.com. Knowledge Area: Information Technologies

h www.iese.edu/webinars

h www.coursera.org/iese

Learn more:


REFLECTIONS ON GOOD CORPORATE GOVERNANCE

I D E A S

BUSINESS ETHICS • BOARD OF DIRECTORS • CODE OF GOOD GOVERNANCE

Our society has be-come a culture of blame. For obvious reasons, we tend to seek a “culprit” for every mishap, and companies are no different;

undesired outcomes invariably result in finger-pointing.

Not so long ago, when an invest-ment failed, investors would assume the responsibility. Over time, we came to blame the company’s audi-tors for not warning us about what might happen, even when this isn’t their job. More recently, and in the absence of anyone else to blame, we have begun pointing a finger at the board of directors. Now, the first thing we hear is, “Who took the money?” as if business in itself did not involve any risk.

Codes of good corporate gover-nance have been developed, both in Spain and in other countries, to reflect the duties and obligations of board members. According to Spain’s Unified Code of Good Governance for Listed Companies (latest edition, Feb-ruary 2015), the goal of these codes is “to ensure the proper functioning of the organs of governance and admin-istration of Spanish companies in or-der to lead them to the highest levels of competitiveness; generate trust and transparency for shareholders and investors […]; improve internal regulation and corporate responsi-bility […]; and ensure the adequate separation of functions, duties and responsibilities…”

I couldn’t agree more with the general objective: leading Spanish (or other) companies to the highest levels of competitiveness. My prob-lem with the rest of the paragraph is

that it gives the impression that this can be achieved with transparency, trust and the separation of functions. Success, value and competitiveness are achieved through good manage-ment, and the mission of the board is to contribute to proper management. Transparency achieves… transparen-cy. But transparency doesn’t neces-sarily imply good management.

Good management involves hav-ing good business ideas and creating value with them. It means deploying these ideas effectively and efficiently, thus fulfilling obligations to all stake-holders.

The problem with codes of good governance is that sometimes we take compliance with a code for good gov-ernance, and they are not necessarily the same. Beyond the codes, there are other principles that are worth re-membering, even if they may be obvi-ous: the independence and honesty of board members.

It is not easy to define what makes a board member independent. It’s true that if compensation for board membership is a significant part of the member’s income, he or she will tend not to be independent. Rather, the member will tend to align him or herself with whomever has the most power in appointing board members.

Likewise, a member who is in the “network” of board members will also have little independence. Fac-tors such as these can help “measure” a member’s degree of independence, but they remain mere approxima-tions. What makes a board member really independent is honesty. We set “objective” standards to be able to tell if we’re honest or not, but we forget that the rules are only a means to an end. They are not ends in them-selves.

THE BOARD AND I CARLOS GARCÍA PONTProfessor of Marketing, IESE

When something goes wrong in a company, we tend to point the finger at the board of directors. Beyond codes of good governance, what can help boards to function better is the honesty of its members.


Being honest

Learning

Clear reasoning

Handing over the reins

Having one’s own opinions

Working together

Listening

Respecting others

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5

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I D E A S

useful rule of thumb is to begin the response with a clarifying question; this way you can be sure that you have understood the true meaning of a col-league’s remark. 4 A change of opinion is not a weakness. No one arrives at a board meeting in possession of the absolute truth. The goal is to work together to decide what is best for the commu-nity. This means exchanging ideas and having permission to change our minds. Changing an opinion doesn’t mean losing face. Other members also have valid opinions that don’t neces-sarily coincide with the first ideas they expressed. It’s not about being right, but rather about expressing ideas and developing them together. 5 Don’t be fickle. While flexibility is a virtue, “flip-flopping” in order to keep one’s views aligned with those of the person in power is not. Nor is suddenly reversing a position so that it coincides with the winning idea. Be-ing independent means having one’s own opinions. 6 You don’t have to have an opin-ion about everything. There is no need to dominate the meeting. There is no reason to pontificate about all the agenda items. Other members might have better-formed opinions; it’s a good idea to hand the reins to whomever is best suited to take them.7 Learn. If a person is serving on a board of directors, one would hope that it’s because he or she is quali-fied for the position. Therefore, the views of a board member are always relevant. It’s important to learn from colleagues on the board, discover how they think, and maintain that curios-ity that keeps our minds open and, above all, allows us to listen. 8 Respect other board members. If you don’t, you won’t realize when they’re making valuable contribu-tions.

No, my intention wasn’t to reach the magic ten; eight is enough. Nor was I setting out to solve this complex problem in a single article. I simply wanted to reflect on how we can use our individual professionalism and responsibility to improve the boards we serve on.

A BOARD MEMBER NEEDS TO ADVANCE THE INTERESTS OF ALL STAKEHOLDERS, REGARDLESS OF WHO PROPOSED HIS OR HER MEMBERSHIP ON THE BOARD. THAT’S WHY WE NEED HONEST PEOPLE.

What we really want are honest board members. That is, people who are faithful to the responsibility that our system charges them with. This responsibility consists of protecting the interests of society in a company; society is represented by sharehold-ers, employees, customers, suppliers and the community at large. A board member needs to advance the inter-ests of all stakeholders, regardless of who proposed his or her membership on the board. And that’s why we need honest people.

A board needs competent people with values. People with a broad view of the world, who join a board to work hard and not merely to waste every-body’s time. And, of course, people without conflicts of interest. It helps if they know something about the in-dustry and the company, but they can acquire this knowledge over time.

With all this in mind, I would like to propose some standards of per-sonal conduct that boards of directors should keep in mind:1 Acknowledge your limitations. Being honest includes admitting our ignorance. A board member isn’t necessarily qualified to give an opin-ion on every subject. On the board of directors, we need a range of voices, representing different knowledge and skill sets. Admitting that we aren’t qualified to give an opinion is a valid option. 2 Share anecdotes only when es-sential. All too often we hear “When I…” as an opening, and this sometimes hides insecurity in expressing an opin-ion. As the saying goes, comparisons are odious, and two sets of circum-stances are never identical. That’s why clear reasoning is preferable to comparisons – although sometimes we can use comparisons effectively to help get our point across.3 Listen. Board meetings are often plagued with interruptions and a lack of attention. Every member has to be able to express an opinion and be heard by the others. But listening doesn’t always imply understanding what has been said. We are all aware of how difficult it is to explain our thoughts on complex situations. A

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MORE INFORMATION:IESE Insight / Finance

HEINRICH LIECHTENSTEIN, ALEXANDER GROH, KARSTEN LIESER AND MARKUS BIESINGER

Which is the most attractive market for investment? Of all the countries ana-lyzed in the latest Venture Capital and Private Equity Country Attractiveness In-dex, the United States tops the list for the sixth consecutive year. It is followed by

the United Kingdom, Canada, Singapore and Japan. These countries are all noted for their favorable investment risk/re-ward profile. The report is conducted annually by IESE in collaboration with the EMLYON Business School.

United States, Investment Destination

In 2007, Microsoft was looking to become more efficient, cut costs and improve its performance. One of its main objectives was to align its purchasing

strategy with the business strategy. With a long list of issues, Víctor García, the new procurement director for EMEA, asked himself: What steps are needed to reorganize purchasing with new role assignments? He was also concerned about the uncertainty that this could create among the management team, and its possible impact. How could he convince them that change was for the best? In short, what is the right course of action to successfully reorganize the purchasing structure?

MORE INFORMATION:www.ieseinsight.com/review/en

More attractive

Less attractive

Data not available

ESPERANZA SUÁREZ, CARLOS RODRÍGUEZ LLUESMA AND JOSÉ RAMÓN PIN

CASE STUDY

Selling the Purchasing Strategy

I D E A S H I G H L I G H T S


MORE INFORMATION:IESE Insight / Leadership and People Management

HOW CORRUPTION CAN TAKE OVER THE FIRM

KEEP THE MODEL, THE KEY TO GROWTH

lIn his article “Las virtudes en el directivo” (“Virtues in

executives”), IESE Professor Emeritus Antonio Argandoña shares his views on how corruption can invade a company or, to put it another way, the reasons why values fail to take root at the heart of a company. In summary, the six reasons cited by Prof. Argandoña are: the way corporate management works, inertia in decision-making processes, an insensitive corporate culture, behavior rationalization (messages like “it’s always been done that way”), the socialization process (“that’s how we work around here”) and of course, the predominant values of society.

lDo you want to expand, but aren’t sure in which direction?

In a study recognized by the Academy of Management, IESE Prof. Govert Vroom and Timo Sohl offer two main ideas. First, that results improve when an expansion plan follows a similar business model to that of the core business. And second, that the choice of business model may be more decisive for results than the choice of sector in which the company operates, at least for the wholesale and retail companies studied. The 84 companies analyzed by the researchers included several major multinationals, such as Wal-Mart, Carrefour, Amazon and 7-Eleven.

MORE INFORMATION:IESE Insight / Business Ethics and Corporate Social Responsibility

MORE INFORMATION:IESE Insight / Strategy

ANTONIO ARGANDOÑATIMO SOHL AND GOVERT VROOM

ANABELLA DÁVILA AND MARTA ELVIRA

“It’s not what you know, but who you know,” especially in Latin America. The hypothesis that, in this region of the world, having a close relationship is a determining factor in recruitment, is confirmed by current research. Marta Elvira of IESE and Anabella Dávila of EGADE Business School in Mexico present an overview of HR management in Latin America from the point of view of personal contacts.

Personal Ties, HR and Latin America

REDEFINE YOUR JOB & STEP UP AS A LEADER

WHY CULTURAL COMPETENCE MATTERS & HOW YOU CAN ACQUIRE IT

HOW DIGITALIZATION IS CHANGING THE WAY EXECUTIVES LEARN

RELEVANTBUSINESSKNOWLEDGE

DEEP INSIGHT

WHO’S THE BOSS?Managing in a matrixREPUTATIONHow social networks create competitive advantageAMADEUS CEO INTERVIEW

“It’s not how much big data you have, it’s how you use it”

MICROSOFTChallenges of organizational change

INSIDE

THIRD QUARTER 2015 • ISSUE 26 • ieseinsight.com/review

PRICE PER EDITION €18/$25

Leadership Development With Impact

IESE Insight Leadership DevelopmentWith ImpactFeel like your career is going adrift? The illuminating ideas in Issue 26 of IESE Insight will help you set a course to take your leadership higher. The cover dossier contains three articles on how to build profes-sional development into your daily life. Herminia Ibarra recommends transforming your job into a learning plat-form by consciously searching for and engaging in new activi-ties. IESE’s Yih-teen Lee and Yuan Liao stress the impor-tance of cultural competence as a basis for global leadership effectiveness. The head of IESE’s Learning Innovation Unit, Giuseppe Auricchio, and IESE’s Evgeny Káganer explore how technology can help make learning and profes-sional development an every-day activity. Elsewhere, former Tetra Pak CEO Nick Shreiber and IESE’s Mike Rosenberg identify five keys for suc-cessfully managing a matrix organization, where managers have overlapping responsibili-ties and frequently answer to two bosses. A case study on Microsoft grapples with the organizational challenges of aligning global processes. And Tim Gallwey, author of The Inner Game of Tennis, offers tips to quell those nagging doubts in your head when confronting new tasks. This issue is your beacon of relevant business knowledge.

TO SUBSCRIBE TO THE MAGAZINE: www.ieseinsight.com/review


C R OSO R DS I AR O S

The forthcoming IESE Global Alumni Reunion, taking place October 16-18 in Munich, will be an opportunity to recon-nect and share and glean knowledge from a compelling roster of top professionals and business leaders.

Academic directors Prof. Heinrich Liechtenstein and Prof. Marc Sachon have this year brought together an outstanding list of top professionals and business lead-ers for the reunion program, which is titled “Expanding Impact. The Power of Excellence in Business.”

Keynote speakers will feature Jaime Caruana, general manager of the Bank for International Settlements and Janne Haaland Matláry, professor of international pol-itics at the University of Oslo, who will discuss “Geopo-litical & Economic Risk” in a session moderated by Tony Barber, Europe editor of the Financial Times.

Michael Heinz, member of the Board of Executive Di-rectors of BASF SE and Hans J. Langer, founder & CEO of EOS, will exchange ideas about “Competition in Man-ufacturing and Innovation.”

Digital transformation will be also a key subject, and it will be discussed by Bruno Di Leo, senior vice-presi-dent of sales and distribution at IBM; Charles-Édouard Bouée, CEO of Roland Berger and María Garaña, vice-president of Microsoft Europe.

KNOWLEDGE IN EXPANSION

GLOBAL ALUMNI REUNION 2015

Glean insights frominvited business leaders and reconnect with IESE colleagues in Munich.

Welcome reception at the BMW Welt exhibition space

Guided visit to EOS

Guided visit to BMW

Guided visit to GE


The new IESE mobile app features innovative functions to facilitate interaction between participants and speakers at this year’s Global Alumni Reunion. From your mobile you will be able to suggest questions to present to the speakers. The attendants will vote on the most interesting questions proposed and those most voted will be given to the speaker for discussion. Through this app, alumni will also be able to see the program and who else is attending the reunion and get in contact with other attendants prior to the event.

AN APP TO ENHANCE INTERACTION

A panel of entrepreneurs and investors will debate “Entrepreneurial Impact,” and Paul Achleitner, chair-man of the supervisory board of Deutsche Bank and Herman Daems, chairman of the board of BNP Paribas Fortis, will look at corporate governance issues.

The panels will be moderated by IESE professors and Dean Jordi Canals will also be taking part in the event.

OPEN DOORS TO THE CITY AND THE CAMPUS

lThe academic sessions will be complemented with a range of guided visits and cultural activities. On Oc-

tober 16, Global Alumni Reunion participants will be of-fered guided visits to several companies at the top of their fields, including EOS, a technology and market leader for 3D printing. They may also partake in a guided visit to GE featuring an innovation and technology round-table and a visit to the company’s healthcare and energy labs. Also scheduled is a guided tour of an BMW plant, which will reveal the key processes in automotive construction.

The evening reception will be hosted in one of Mu-nich’s most memorable locations. Visually, architectur-ally and environmentally speaking, the Munich BMW museum and Welt (“world”) is one of the city’s most em-blematic buildings, with its left-handed helical structure and 16,500 m2 of solar panels, the location is an architec-tural masterpiece and worth a visit, car enthusiast or not.

On October 17, after the academic sessions, the gala dinner for the event will take place in the Bayerischer Hof hotel.

On October 18, participants will have the chance to vis-it the Transportation Museum and more active partici-pants will be able to join the Solidarity Run in support of the charity Mary’s Meals. Also on the 18th, visiting alumni will find the IESE’s new Munich Campus doors opened and will be invited to look around the new facilities.

Academic sessions at the ICM

Closing gala dinner at the Bayerischer Hof

Solidarity Run at the Maximiliansanlagen

Visit to the Transportation Museum



The theme of leadership ran through many of the presentations at IESE’s new German campus on June 29 – what it means, what it requires, and how the campus will help make Munich an international hub for its development. In his introductory speech,

Dean Jordi Canals said that the new campus would act as “a focal point for executive development for international

companies.” IESE is the first international business school to set up a permanent campus in Germany and activities at the new Munich facilities will share its global scope. “It is our aim to put IESE’s international network of campuses, knowledge and alumni at the service of companies across Germany,” added Canals.

The event was part of an ongoing series of celebrations to mark the 50th anniversary of IESE’s MBA program. As well

MAKING MUNICH A LAUNCH PAD FOR LEADERSHIPIn a keynote speech at IESE’s Munich campus, Franz M. Haniel talked about the characteristics that will define the next generation of business leaders.

ACTIVITIES COMMENCE AT IESE CAMPUS IN GERMANY

1

3


as consolidating IESE’s presence in Germany, the new facil-ities will also reinforce the international status of Munich itself. This was emphasized by one of the guests of honor at the event, Bavarian deputy prime minister Joachim Herrmann, who stated that the new campus will “help to strengthen Munich’s position in Germany and abroad as a hub for innovation, research and technology.”

Herrmann told the 300 international business leaders, German executives and IESE alumni in attendance that the school had an “extraordinary history” in Germany. He urged IESE to continue its tradition by “training many business leaders who will go on to push our world forward.”

WHAT IT TAKES TO BE A GREAT LEADER

lThe role of business leader was expanded upon by Franz M. Haniel, chairman of the Supervisory Board

of Franz Haniel & Cie. and member of the IESE Interna-tional Advisory Board, who delivered a keynote speech ti-tled “Leadership for Tomorrow’s World.” “Great leaders,” according to Haniel, are characterized by their competence, character and empathy. “They don’t extrapolate, they antic-ipate; they are courageous enough to abandon a successful practice if necessary; they accept their social responsibility; build a culture of trust and cooperation and empower oth-ers,” he said. In Haniel’s opinion, there are six key charac-teristics or behaviors that will define the “great leaders of to-

morrow.” First, he believes, they should anticipate the next change in their business model. It is essential, he says, to consciously spend time preparing for change and building a culture flexible enough to embrace it. To determine where change might come from, leaders should have a diverse net-work and be on the lookout for discontinuities.

Second, they should be brave enough to abandon the past. What has worked before might not in the future, according to Haniel, who urged leaders to dare to take a different ap-proach. They should also, he believes, build an environment of trust and cooperation. “No one heals himself by wound-ing others,” he said. “When you treat people with respect you drive engagement and loyalty.” In times of adversity, people who have been treated well are willing to get behind their leaders, he added.

Great leaders also have a sense of responsibility, Haniel told the audience, and should act responsibly and ethically. “Not doing anything wrong is not enough – take responsi-bility for the impact your business has on society,” he said.

Leaders should also understand what motivates and em-powers individual employees, said Haniel. Finally, he urged leaders to “Follow the three As: anticipate, adapt and act.” Navigating uncertainty and responding to change with agil-ity is key to competitive advantage, he said, and underlined that it was essential to empower workforces to respond quickly and get things done.

1. Georg von Boeselager (AMP-Munich ’08), president of the German IESE alumni chapter; Rudolf Repgen, director of executive education at IESE Munich; Joachim Herrmann, deputy prime minister of Bavaria; Franz M.Haniel, chairman of the Supervisory Board of Franz Haniel & Cie. and Prof. Canals, dean of IESE. 2. Franz M. Haniel shared insights into what makes a great leader. 3. The speeches were displayed on screens outside the building. 4. International business leaders gathered at IESE’s new Munich campus.

2

4


IESE has built a strong base in Germany over the last decade, providing custom programs and other executive education programs for companies including Allianz, BASF, Berterslmann, BMW, Deutsche Bank, EADS, Haniel Group, Henkel, MAN, Opel, Phoenix and Volkswagen. Having a permanent Munich campus will allow the school to improve the service that the school offers to the the German and Central European markets, consolidating the current program porfolio, which includes the Advanced Management Program

(AMP) and the Program for Management Development (PMD). A module of the World Executive MBA will also be held on the German campus. The new facilities will have two research centers: one for family business and the other studying manufacturing and innovation. With over 50 German MBA students each year and over 1,000 German alumni, IESE’s connection to the country continues to grow. “This new campus here in Munich is just the beginning,” said Dean Jordi Canals at the ceremony.

A PERMANENT BASE OFFERING SERVICES TO COMPANIES

AN INFLUENTIAL PRESENCE IN GERMANY

2005

LAUNCH OF THE ADVANCED MANAGEMENT

PROGRAM MUNICH

2011

LAUNCH OF THE PROGRAM FOR MANAGEMENT

DEVELOPMENT MUNICH

2015

ACTIVITIES COMMENCE AT THE NEW

CAMPUS

2016

THE WORLD EXECUTIVE MBA

PROGRAM STARTS WITH A MODULE

IN MUNICH

The new Munich campus facilities are located near the Bavarian parliament.

Renowned architect André Behncke was behind the redesign of the building.

10 ANNUAL ALUMNI

ACTIVITIES

15 GERMAN

PROFESSORS

EVERY YEAR, THE MBA PROGRAM HAS MORE THAN… 50

GERMANSTUDENTS 1,100

ALUMNI

Germany 670

Switzerland 350

Austria 80

IESE FACULTY INCLUDES…


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Globalization, geopolitical uncertainty, emerging markets and digitization – these are a few of today’s challenges for CEOs. But what issues will business leaders face in ten years’ time?

INTERNATIONAL COMPETITIVENESS

lAccording to HBS professor Vietor, CEOs will in-creasingly need to compete abroad. They will need

to prioritize foreign investment, outsourcing, delocaliza-tion, management of multiple subsidiaries, tax variation and currency exposure. This will prepare them to handle events such as the rise of the dollar and decline of the euro currently impacting global trade.

Vietor called for the CEOs of the future to be more in-volved in domestic and global government policy-making. “CEOs have a role to play in regulating labor, monetary policy and other issues,” he said. “They not only need to understand these things, but participate in defining them. Any CEO worth his or her salt will be proactively involved in this.”

For HBS professor Kester, tomorrow’s CEOs need to have a “heightened focus on global risk management.” He warned that CEOs will have to address risk directly and avoid “delegating it to unit heads.”

LEADERS’ KEY COMPETENCIES FOR 2025

HARVARD-IESE COMMITTEE

Harvard Business School (HBS) profes-sors, who came to Barcelona for the Harvard-IESE Committee meeting, along with IESE professors, described the profile of the sort of CEO that will be leading companies in 2025.

Under the IESE Continuous Education Program, the distinguished panel included HBS professors W. Carl Kester and Richard H. K. Vietor along with IESE’s Pan-kaj Ghemawat, Pedro Nueno and Associate Dean Eric Weber.

For the panelists, globalization is set to dominate the business landscape well into the future. Business will continue to internationalize, and cross-cultural issues, corporate governance, social responsibility and risk will remain of prime importance, as will how to address aging populations, among other things. But the panelists also identified a number of consequent developments that are likely to affect the shape of the future significantly.

From left to right: Pankaj Ghemawat, IESE professor; W. Carl Kester, HBS professor; Richard H.K.Vietor, HBS professor; Pedro Nueno, IESE professor and Eric Weber, IESE professor

Mmembers only


The Harvard-IESE Committee was formed over 50 years ago with the first meeting held in Boston in 1963. The Committee helped to launch the IESE MBA, the first two-year MBA program in Europe. Since then this alliance between the two schools has provided a forum to ex-change ideas, share experiences, discuss common prob-lems, offer new perspectives and facilitate collaboration and mutual learning. It offers invaluable support in

terms of strategic initiatives, joint programs and many other projects. “There’s a tremendous cross-fertilization of ideas,” Professor Kester said. This year its meeting took place on June 8 in Barcelona and on June 9 some of its members shared their views with IESE alumni in a session of the Continuous Education Program.

MORE INFORMATION:http://blog.iese.edu/hbs-iese

From left to right: Joan E. Ricart, IESE professor of strategic management; José L. Nueno, IESE professor of marketing; Jordi Canals, IESE dean; W. Carl Kester, HBS George Fisher Baker Jr professor of business administration; Richard H. K. Vietor, HBS Paul Whiton Cherington professor of business administration and associate dean of the Asia Initiative; Eric Weber, IESE associate dean and professor of accounting and control; and Franz Heukamp, IESE associate dean for MBA programs and professor of managerial decision sciences.

HARVARD-IESE COMMITTEE

1 Prioritize cultural sensitivity. “Leaders should make an effort to understand the cultures they operate within, which is easier to achieve when you work with hu-mility and respect for others”, says Prof. Nueno. 2 Build relationships with regulators. CEOs need to

participate in the policy-making process, says Prof. Vietor.3 Understand digital. CEOs need to keep up with

advances in digitalization and understand how younger generations of digital natives interact with the world.4 Invest in knowledge and skills.The workforce’s

skills and knowledge must not be allowed to become obsolete and innovation among employees should be rewarded.5 Articulate your values. Be clear about your corpo-

rate values – not just with customers, but also with em-ployees. Millennials have a keen sense of their social con-tract as business practitioners, and the C-Suite will need to embrace this.6 Get to grips with energy. Energy is “a big deal,” ac-

cording to Prof. Vietor. In dealings with government and regulators, leaders will need to prioritize externalities such as climate change.

THE DIGITAL CHALLENGE

lConsidering that Facebook and Twitter were un-known only 10 years ago, IESE professor Ghemawat

believes that the changes from the impact of digital disrup-tion on the next decade are almost impossible to predict, and that “the upkeep of knowledge and skills is imperative for business.”

IESE professor Nueno agreed, and pondered how busi-ness will feel the impact of the impending “5G scenario.” This challenge may not affect the digital natives to a great extent, but it will likely have significant ramifications for an aging workforce. “We have an aging population and no means to support increasing costs of pensions and health-care,” said Nueno, adding that “a new challenge for business leaders 10 years from now will be how to manage their older employees. How will we help people of 85 find a job?”

SIX PRIORITIES FOR THE CEO OF 2025

lIESE Associate Dean Eric Weber moderated the ses-sion, which took place on June 9. He asked what com-

petencies tomorrow’s CEO will need to develop today, and the panelists highlighted six key areas of action:



such as Lagos Business School – Pan African University. The professors benefited from exchanging ideas with their peers from around the world, including Bulgaria, Croatia, Spain, Ghana, Ireland, Italy, Kenya, Latvia, Nigeria, Pakistan and Peru.

Since 1991, IESE’s IFP ha s t rai ned more than 500 pro-fessors from 70 countries in Africa, Asia, Europe and Latin America. IFP alumni teach and perform research in more than 200

business schools, economics depart-ments, and other educational insti-tutions. For this reason, the program has a recognized “multiplier effect” in terms of disseminating IESE’s knowledge and expertise around the world.

l“The main challenge of the Inter-national Faculty Program (IFP)

is to improve the academic training of the participants. We want them to be not only excellent professors ca-pable of teaching science produced by others, but also excellent scholars that generate new knowledge through their own research,” explained the program’s new academic director, Prof. Miguel Ángel Ariño. According to Prof. Ariño, “A university profes-sor should also be at the frontier of knowledge and try to push that fron-tier forward through his or her own research.”

The 24th session of the IFP, with 21 participants from 11 countries, took place for three weeks in June. The IESE faculty, composed of Prof. Ariño, Prof. Juan Carlos Vázquez-Dodero, Prof. Luis Palencia and Prof. Mireia Las Heras, presented 11 modules on methods in management education. They also trained participants in the case method, the preparation of new business cases and curricular devel-opment.

One of this year’s students is James Wanjagi, class president and profes-sor at Strathmore Business School of Kenya. Wanjagi stated that “this program emphasizes two key con-cepts: accuracy and relevance. Both concepts are important not only for research and teaching, but also for solid faculty development. The ap-proach allows professors from all over the world to understand teach-ing competencies better, and this has implications for improving the quality of teaching.”

Wanjagi noted, “Before coming to the IFP program, I had taught several classes using the case method, but I was aware that I wasn’t maximizing its potential. I talked about it with my department chair, and he suggested that I participate in the IFP. Now that I have completed the program, I can see that I was right: my method was in-sufficient. The pro-gram has complete-ly changed the way I teach cases… and even how I interact with students.”

In addition to Strathmore, other institutions represented at IFP 2015 were Riga Business School, Zagreb School of Economics and Manage-ment, Ghana Institute of Manage-ment and Public Administration, and other schools associated with IESE,

Multiplier Effect: Developing Professors From Around the World

THE INTERNATIONAL FACULTY PROGRAM SPREADS IESE’S KNOWLEDGE GLOBALLY

Professor Juan Carlos Vázquez-Dodero, IFP faculty member (left).

“The program has completely

changed the way I teach cases”

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How Digitalization Is Changing the Way Executives Learn

“It’s not how much big data you have, it’s how you use it.”

Luis Maroto,President & CEO,Amadeus IT Group

LeadershipLeadershipLeadershipDevelopmentDevelopmentWith Impact

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CAREER ADVISORSGAIN A NEW PERSPECTIVETO YOUR CAREER DECISIONS

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Find yours atwww.iese.edu/careeradvisors

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“We had an excellent and fruitful session. Lars gave me a lot of recommendations on how to approach the business community for start-up entrepreneurs in Germany. I am very happy with this new service for Members, which I highly recommend.”

AMP Munich ‘14


lWhat is the most important thing that board members need to

learn? According to Prof. Krishna G. Palepu, Ross Graham Walker Profes-sor of Business Administration at Har-vard Business School (HBS), it is to ask the right questions.

“Board members need to be inquis-itive,” he explained. “It’s management who have the expertise and knowledge to come up with strategy details. But board members can bring to bear a lot of wisdom and a detached perspective to debate management’s ideas and ask questions to shape them. By asking the right questions, board members can prompt management to search for the right answers and challenge them to think deeply about the answers that they’re giving.”

Prof. Palepu was one of the faculty members who led the 2015 Value Cre-ation Through Effective Boards pro-

gram, held on IESE’s Barcelona cam-pus from June 29 to July 2. Launched in cooperation with HBS in 2014, the pro-gram focuses on improving boardroom effectiveness. It covers the design, role and monitoring of boards, and delivers actionable insight into how partici-pants can enhance the value of their contributions as board members.

Palepu describes boards as being like symphony orchestras: “Each in-strument contributes its own sound, but at the end of the day there’s only a single piece of music.” A similar strength-through-diversity philosophy applies to the faculty leading the pro-gram. “There are universal elements in corporate governance but the details are different in Europe and the US,” he said. “The expertise of IESE and Har-vard is complementary, so as we work together we are able to offer a more global perspective,” he explained.

Marcela Navarro (AMP ’09) HEAD OF CUSTOMER INNOVATION, CORPORATE BANKING DIVISION; THE ROYAL BANK OF SCOTLAND

“The key take-home from the program for me, as the chair of a board, is how to make sure you get the best out of the board members. You get the right knowledge, you get the direct approach, you get engagement and learning. As a board member, one of the key things was simply learning from my peers and colleagues in the class: what kind of questions they ask, how they operate. It was really inspiring.”

HBS professor Krishna G. Palepu in a session of the Value Creation Through Effective Boards program.

HARVARD AND IESE PROFESSORS WORK TOGETHER TO INCREASE BOARD EFFECTIVENESS

Asking the Right Questions: The Key to Better Boards A focused program from IESE and Harvard Business School explored what makes a more effective board member and how best to harness the potential of boards to drive value.

Jorge Alberto Bunster (MBA ’78)BOARD MEMBER OF COMPAÑÍA DE PETRÓLEOS DE CHILE (COPEC)

“The program has shown me a number of variables of issues that must be taken into account in order to perform as a board member. It’s not about just sitting there, it’s about making a real contribution, taking into account your responsibilities to the continuity, the growth and the success of the company.”

THE PARTICIPANTS’ EXPERIENCE

MORE INFORMATION: http://www.iese.edu/boards



In Madrid, from left to right: Jorge Peñalva (www.sentisis.com), Efrén García Artero (www.iclassicscollection.com), Álvaro Curiel (PDG ’14, www.hitsbook.com), Andrés Areito (www.buyfresco.com), Michel Charro (www.beqbe.com), Marta Matute and Isabel Morera (www.globalalumni.org), Carlos Ruiz (www.lemoustacheclub.com), Gustavo García Brusilovsky (PDG ’05, www.klikin.com) and César Mariel (www.iristrace.com).

In Barcelona, from left to right: Ignasi Fontanals (www.opticits.com), Marc Montserrat and Guillermo de Barnola (www.clinicpoint.com), Nico Bour (www.uvinum.com), Javier Casares (www.geenapp.com), Santiago Miralles (PDG ’02, www.knoxmediahub.com), Sharif Jano (www.clinicpoint.com), Albert López (www.uvinum.com), Álvaro Portela (www.ubiqum.com), Sara Werner and Ignasi Faus (www.cocunat.com), Bart Huisken (www.celpax.com), Louis Tag (www.passnfly.com), Jorge Oriol (MBA ’89 and PDG ’98) (www.talentclue.com) and Octavi Uyà (www.nautal.com). First row: Ana Izquierdo (www.talentclue.com), Jaime Ferré (www.geenapp.com) and Francisco Garriga (www.uvinum.com)

Technology of Young Companies at Tech Fair

SEVEN NEW PROJECTS PRESENTED Finaves Divests from Gerium lThe IESE investment funds Finaves III and Finaves IV have finalized the sale of their stake in the Israeli company Gerium, founded by MBA ’12 alumni Moshe Gerber and Eyal Gerber. Finaves III and Finaves IV supported the launch of the project in 2012, and with this transaction have allowed the distributor Mennen Medical to enter Gerium.

Tagging, Pharmacelera, Smards and usMIMA.

The event included a round- table discussion on the key aspects of crowdfunding, moderated by Prof. Alberto Fernández Terri-cabras, director of Finaves. The next Tech Fair, held twice annually, will take place in November.

lOn July 7, the IESE seed capital center (Finaves) and ACCIÓ

hosted a new Tech Fair sponsored by Across Legal. This entrepreneur-ial technology fair presented seven projects seeking funding, collabo-ration or synergies with investors or members of IESE: SM Genom-ics, Silversafe, Genomcore, Visual

Congratulations, Entrepreneurs! RECOGNITION FROM THE NETWORK OF BUSINESS ANGELS AND FAMILY OFFICES

lFor an entrepreneur, funding is essential for the viability of

the business plan. Thanks to the support of the Business Angels and Family Offices Network at IESE, during the 2014-2015 school year, 22 young companies got that finan-cial boost.

The support totalled €5 million, €2.3 million of which was from in-vestors in the school’s Business Angels Network, and the rest came from either venture capital funds, institutional investors or other pri-vate investors.

On July 8, representatives of the 22 companies came to the IESE campuses in Barcelona and Madrid to be recognized by the network for their achievements.

IESE’s Business Angels and Fam-ily Offices Network includes more than 140 investors, has organized nearly 100 investment forums and analyzes 350 start-ups each year. Since 2003, it has helped create more than 2,200 jobs.

MORE INFORMATION: www.iese.edu/businessangels


lAt least three generations. That’s how long Liza Li, chair-

woman of Xinjiang Yi’er High-Tech-nique Agriculture, needs to create a thriving family wine business. “My role is to grow the vines. My chil-dren develop the technology and my grandchildren will, I hope, grow the brand. After these three generations we want to be able to say that our company has been successful,” she says. The vineyard, with nearly two thousand hectares in cultivation, has a long road ahead, says Liza Li. She sees in the Global CEO Program for China the opportunity to acquire the skills and knowledge necessary to operate in a globalized world. “This program, held in three different countries, is teaching me a lot about developed economies, which have very advanced management tech-niques. The concept of leadership is also different in the West.”

In addition to providing her com-pany with a global vision of manage-ment and wine production, another

of her priorities is ensuring that more of the vineyard’s production will be organic. “Organic shouldn’t be synonymous with luxury. Organ-ic means safe and healthy. That’s the spirit of organic food and it’s the only way we can b o o s t c o n s u m e r confidence.”

Intended for Chi-nese executives, the Global CEO Program for China offers participants an experience of in-ternational learning through modules at Harvard Busi-ness School, IESE and the China Eu-rope International Business School, in Barcelona, Boston and Shanghai, respectively.

SELLING MACHINERY TO THE WORLD

lOlivier Li, president and gener-al manager of J.S. Corrugating

Machinery, is another program par-

ticipant. His company, which sells packaging machines, is in a transi-tion period, as it shifts its focus to high-end products and becomes increasingly internationalized. He enrolled in the program in order to

learn how to face these new challeng-es. “We have facto-ries worldwide, and that creates major management issues, especially in Human Resources. Also, we are introducing our products in devel-

oped countries. That’s not easy for us, even though we’re one of the most international Chinese companies,” he explained.

At the same time, as China’s econ-omy slows down, the experiences of Europe and the US can be instruc-tive. “I’m interested in learning how to help a company grow even when the economy goes down,” concluded Olivier Li.

A module of the Global CEO Program for China took place at IESE’s Barcelona campus May 17 to 22.

“Introducing our products in developed

countries is not easy for us”

GLOBAL CEO PROGRAM FOR CHINA

Chinese Companies Redefine Their International Strategies



FOOD AND BEVERAGE CONSUMPTION: A TEN-YEAR PERSPECTIVE ON CHANGE

While consumer preferences and shopping habits in the food in-dustry continue to change, there is a growing need to identify the products and formats that will be important in the future.

In response to this issue, the 19th Food & Beverage In-dustry Meeting organized by IESE and Deloitte offered a ten-year perspective for the food production and dis-tribution industry, under the banner, “The Road to 2025 and Beyond.”

Daphne Kasriel-Alexander, a consumption trends consultant at Euromonitor, talked about some of the global consumption trends that will set the tone for the next few years, including increased convenience shop-ping, which focuses on ease and flexibility; the rise of om-ni-channel distribution; the growing phenomenon of the collaborative economy, where, for example, one person

19TH FOOD & BEVERAGE INDUSTRY MEETING

cooks for several others; and the idea of consumer choic-es as a tool to influence brands and company policies.

MILLENNIALS

lMany of these changes will occur due to the influence of the millennial generation, comprising digital na-

tives whose consumption habits, according to Professor Iñigo Gallo, differ from those of their parents in five key ways: they are less loyal to shops and brands; they buy fewer items but more frequently; they do more research to find what they are looking for; they put less planning into their shopping; and they eat out more.

A NEW PATHWAY TO THE CONSUMER

lFor distribution, the biggest challenge will be to “re-think the pathway towards the consumer,” according

to Professor Sandra Sieber. The propagation of connec-tivity, digital interactions, information and, ultimately,

1. Professor Jaume Llopis, academic director of the meeting.2. Fernando Pasamón, partner for the consumption and distribution industry, Deloitte Spain.3. Ira Kalish, chief global economist, Deloitte.4. Daphne Kasriel-Alexander, consumption trends consultant, Euromonitor.5. Professor Iñigo Gallo.6. Béatrice Conde-Petit, food science and technology expert, Bühler. 7. Jorge Lang, director of innovation for Southern Europe, Intel.8. Professor Sandra Sieber.9. Víctor del Pozo, consumer products manager, El Corte Inglés. 1 2 3 4


the ensuing increase in so-called digital density, are al-ready leading to new distribution models. One example is the “direct to consumer” model, whether online (via market places such as Amazon and Alibaba) or offline (some brands have already opened their own concept stores in key locations). Other models are revolutioniz-ing the “last mile” in distribution by offering solutions involving online purchasing and in-store pickup (such as Click & Car and Click & Collect), and same-day delivery via independent drivers who deliver in their free time, as offered by companies such as Deliv and Instacart.

For Víctor del Pozo, consumer products manager for El Corte Inglés, the challenge is to offer a unique, inte-grated omni-channel shopping experience. In his view, this is because “the point of contact with the consumer has greatly increased,” thanks to the connectivity and in-teraction provided by smartphones, tablets, social net-works and the like. The use of so-called “big data” tech-nology is already making it possible to take advantage of this development. “I can tell that a customer isn’t buying his milk from us because he’s buying it from a competitor. And now I also know who that competitor is,” Del Pozo explained.

THE CHALLENGES FACING THE INDUSTRY

lIt is hard to know what the opportunities for the food industry will be in the next decade. It is likely,

however, that we will need new technologies to improve the consumer shopping experience and develop new industrial solutions to address future challenges. Ac-cording to food science and technology expert Béatrice Conde-Petit, from the Swiss multinational Bühler, one such challenge is finding alternatives to animal protein sources in order to guarantee the nutritional needs of the entire global population are covered. She believes that in the future we will have to consume more vegetables, algae and even insects, and that protein-structuring tech-

nology will allow us to optimize the nutritional value of the food we eat. Another trend will be the development of new, more efficient varieties of raw feedstocks such as tritordeum, a hybrid cereal developed in Spain that is de-rived from a cross between durum wheat and wild barley.

Professor Jaume Llopis was the academic director of the meeting, which was held on the Barcelona campus on May 26, 2015. The event concluded with the presentation of this year’s Food & Beverage Global Award, which went to Georges Plassat, the CEO of Carrefour.

5 6 7 8 9

The United States, China and Germany once again top the list of the most attractive countries for the food and beverage industry. However, Europe continues to be the most “appetizing” region for agribusiness, as it is home to five of the top ten countries on the list: namely, Germany (3rd), the United Kingdom (5th), France (7th), the Netherlands (8th) and Italy (9th). This was the conclusion drawn from the country-based “attractiveness index” included in the Vademecum on Food and Beverage Markets 2015, which was prepared by IESE and Deloitte and presented exclusively to those attending the Meeting. The vademecum is a complete and practical export guide that analyzes a total of 82 countries on the basis of six key indicators: ease of doing business; legal safeguards; GDP per capita; spending per capita on food and beverages; size of population; and number of middle-class homes.

THE UNITED STATES: THE MOST VORACIOUS MARKET



showcase for the Internet of Things. Professor Joan Enric Ricart, the ac-ademic co-director of the meeting, said that in these smart cities, the technology is being used to increase efficiency in service delivery, pro-mote transparency in relations with public authorities, foster innovation and develop new business models. In his opinion, these last two items offer the greatest potential return, since they play the largest role in determin-ing the city’s level of competitiveness and its ability over the longer term to attract and retain investment, talent and jobs.

DISRUPTION IN THE MEDIA

lThe playing field is no longer lev-el in audiovisual media, as new

forms of consumption are making unstoppable advances. “Forecasts predict that within two years, more money will be spent on advertising in digital media than on television,” said Santiago Miralles, lecturer at IESE.

lThe experts who came togeth-er at IESE’s 21st ICT & Digital

Media Industry Meeting, which was held in Barcelona on June 16, ac-knowledged that “we are still in Year Zero.” However, they also agreed that nothing would be the same once the Internet of Things became popular.

For Professor Javier Zamora, the academic co-director of the meeting, “digital density is the true driver of this transformation.” And it is growing exponentially, as the number of connected devices rises and the cost of manufacturing and installing sensors drops, thereby generating a huge amount of data

Connected devices, big data technology, smart cities. The Internet of Things is predicted to lead a new industrial revolution and it’s already here.

that can now be mass-processed profitably thanks to big data tech-nology. “What's really interesting about the Internet of Things is not so much the gadgets themselves, but the opportunity to gain access – in economic terms – to a whole uni-verse of data,” Zamora emphasized. This data will allow companies to optimize resources, control them remotely, extend the features of a product and develop new business models.

“Besides being ‘things,’ devices will also have a digital identity, with everything that entails,” explained David del Val, the chairman and CEO of Telefónica R&D. “A connected de-vice is also a sensor that detects when and how the device is used, a driver of communication with users and a gate to access a service,” he added.

The spread of connected devic-es correlates to the population’s concentration in large cities. This means that smart cities are the ideal

21ST ICT & DIGITAL MEDIA INDUSTRY MEETING

The Internet of Things: The Next Industrial Revolution

Prof. Javier Zamora at the ICT & Digital Media Industry Meeting, which included speakers from companies such as Airbnb, Cisco, Indra, and Schneider Electric, among others.

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Master’s, Master, Mentor, Magister Scientiae (M. Sc.)... different ways of saying the same thing - and all at the University of Navarra

www.unav.edu



VI INTERNATIONAL CONFERENCE OF WORK AND FAMILY

LAUNCH OF THE I-WILL PLATFORM

More Education to Combat Income Inequality

Always Connected: Pros and Cons

A Space for Alumnael A platform has been created for professional exchange between alum-nae, the 2.0 IESE-Women in Leader-ship (I-WILL). It is a space for school alumnae and renowned professionals.

Members can participate in face-to-face and distance activities, organized by the clubs making up the platform, such as mentoring, solidarity, family, art and culture, and so on.

lTechnology allows us to be acces-sible, and work from anywhere

at any time. It’s a change that Prof. Mireia Las Heras said “we need to know how to manage” at the VI In-ternational Conference of Work and Family.

Also on the topic of technology, Nancy Rothbard, professor at the University of Pennsylvania, analyzed the opportunities and drawbacks of social networks. “There are a lot of potential opportunities with social media in terms of our connections, but it could damage our reputation if we reveal too much,” she said.

Another speaker, Lisa Leslie, a professor at NYU Stern, reflected

lBranko Milanovic, one of the world’s leading experts on global

income distribution, took part in the 14th Colloquium on Public Service–Private Management. His speech highlighted the alarming socio-eco-nomic implications of global income inequality.

Milanovic, former lead econo-mist at the World Bank’s research department and professor at the LIS Center and the Graduate Cen-ter, explained that the rapid growth of the middle class in Asia, along with the stagnation of some of the world’s richest countries, is driving the emergence of a “new global plu-tocracy.”

The economist concluded that “easier access to education and a more equitable return on investment are measures open to organizations and institutions that can make a dif-ference and ensure that the spoils of the system don’t always rest with a self-perpetuating elite.”

The 14th Symposium on Public Service–Private Management took place June 22 on the IESE campus in Barcelona.

on the balance between work and personal life. “We need to combat the perception that employees’ commitments to their personal lives necessarily take away from their commitment to work, because that’s not true.”

As an example, she talked about women who return to work after a long absence: “Their experiences at home improve their ability to do their jobs because they now have a different perspective,” she said.

The conference, organized by IESE’s International Center for Work and Family (ICWF), chaired by Prof. Nuria Chinchilla, took place July 1-2 on the Barcelona campus.

Profs. Lisa Leslie (NYU Stern) and Nancy Rothbard (University of Pennsylvania).

Branko Milanovic, former lead economist at the World Bank’s research department.


Executives of companies in Ivory Coast exchanged experiences with European businessmen during the event hosted at IESE’s campus in Barcelona.

lHow can you start doing busi-ness in the continent? What do

you need to know? The response to these practical questions is what IESE aims to address with initiatives such as the IESE-Africa Think Tank & Networking Event, which took place July 17 on the Barcelona campus.

“People are already overwhelmed with information about the major statistics and macroeconomic sit-uation in Africa,” says Prof. Alejan-dro Lago, co-director of The Africa Initiative. “Instead of doing more of that, we prefer to focus on key oper-ational issues.”

The event brought together Euro-pean managers with CEOs, chairmen and other senior executives from Ivory Coast, who were in Barcelo-na for the module of the Advanced Management Program (AMP) at MDE Business School being offered at IESE. The event focused on the

African industries and sectors seen as most interesting from a European perspective.

The exchange of knowledge has a dual function: African managers gain a better understanding of what their European counterparts want when looking for trade partners, while Eu-ropeans obtain practical knowledge on key operational issues in the Afri-can continent.

This event was organized by The Africa Initiative, which has coordinat-ed IESE activities in Africa since 2009. These exchanges will be expanded with new events throughout the year, taking place while participants of the AMP and Executive MBA programs at the African schools associated with IESE are visiting the school’s campus-es in Barcelona and Madrid.

A Bridge of Ideas Between Africa and Europe African and European leaders, meeting in Barcelona, shared advice and experiences in the IESE-Africa Think Tank & Networking Event.

THE SCHOOL PROMOTES THE EXCHANGE OF PRACTICAL KNOWLEDGE

MORE INFORMATION: http://blog.iese.edu/iese-and-africa

lMayoral Moda Infantil, a textile company with over 70 years of

experience, on July 10 was awarded the 7th Industrial Excellence Award 2015. On behalf of its CELSA Chair of Competitiveness in Manufactur-ing, IESE presented the award to the parent company Mayoral, a Spanish family-owned business. Francesc Rubiralta, chairman and CEO of CELSA Group, and Jordi Canals, dean of IESE, presented the award to the managing director of Mayoral, Manuel Domínguez de la Maza.

Mayoral Moda Infantil is an in-ternational business group, a point of reference and representative of Spanish fashion around the world. It has a clear strategic direction for the future, which involves a changing of the generational guard with tools to ensure sustainability of the family presence in the company. The com-pany has had a permanent upward trend in terms of revenues, results and volumes; its estimated income for 2015 is €300 million.

The jury concluded that this is due to its long-term focus, constant rein-vestment of profits, the optimization of information systems developed internally since its inception and its rejection of bank financing.

Mayoral Receives Industrial Excellence Award

From left to right: Manuel Domínguez de la Maza, managing director of Mayoral; Fran-cesc Rubiralta, chairman and CEO of CELSA Group, and Jordi Canals; dean of IESE.

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Alumni

CAREER ADVISORSFIND THE ANSWERS FOR THOSE QUESTIONSYOU DIDN’T KNOW WHO TO ASK.

Our Career Advisors across the globe will help you in your professional career.

Find yours at www.iese.edu/careeradvisorsand request an in-person or online session.

Maite Piera

20+ years leading strategic multinational

and talent projects and book author

--English, Italian and Spanish

Lars Maydell

20+ years experience with C-Suite members,

business owners, senior partners and start-up

entrepreneurs. 8+ years in executive search

and board consulting with Egon Zehnder International

--German and English

Alan McFarlane

15+ as HR and Change Director with world-leading

Diageo plc in Europe and Latin America

--English, Portuguese

and Spanish


www.facebook.com/alumni.IESE www.twitter.com/iesealumni

A G E N D A

Program dates are subject to change. For the latest information see: www.iese.edu/agenda

FOCUSED PROGRAMDeveloping Leadership CompetenciesBarcelona, November 3-6, 2015

INDUSTRY MEETINGS22ND HEALTHCARE INDUSTRY MEETINGBarcelona, October 27, 2015

30TH IESE AUTOBarcelona, November 4-5, 2015

4TH TOURISM SUMMITBarcelona, December 3, 2015

11TH BANKING INDUSTRY MEETINGMadrid, December 10, 2015

13TH ENERGY INDUSTRY MEETINGMadrid, February 10, 2016

2ND IESE-IPADE FOOD & BEVERAGE MEETINGMexico City, February 18, 2016

CONTINUOUS EDUCATION PROGRAMLONDON November 12, 2015 “Flourishing, fulfillment and happiness” with Professor Alberto Ribera.

COLOGNE December 17, 2015Academic session with Professor Marc Sachon.

FRANKFURT January 14, 2016 “Ethical and non-ethical reasons for being a responsible manager” with Professor Antonino Vaccaro.

MUNICH February 2, 2016 Alumni session with Professor Christoph Zott.

The MBA continues to celebrate its 50 years in cities all over the world.

MBA 50th Anniversary Events

SINGAPORE NOVEMBER 3, 2015NEW YORK NOVEMBER 9, 2015MIAMI NOVEMBER 10, 2015NEW DELHI DECEMBER 5, 2015


P E O P L E A L U M N I

Ibukun Awosika (GEMBA ’04 & GCP ’13)

“We Punish a Lot of People for the Word Failure”

Ibukun Awosika is one of the newest members of IESE’s International Advisory Board. She is an entrepreneur, author and TV show host. A strong advocate for ethical business, she sits on the boards of many prestigious companies, in-cluding the First Bank of Nigeria and Cadbury,

and founded the Afterschool Graduate Development Centre in Lagos in 2007 to address unemployment in Nigeria.

Ibukun Awosika is the CEO of the Chair Centre Group, a company she founded in 1989 and a market leader in the office furniture sector in Nigeria. As a business leader and social commentator, she strives for positive change in her community.



P E O P L E A L U M N I

I think we punish a lot of smart, dynamic, hard-work-ing people for the word failure. It’s destructive to the passion and the drive of many people. I think you’ve only really failed when you give up on where you want to go because you’ve made one so-called mistake on the way.

You’re a mother, an author, a social commentator, a television presenter, an entrepreneur and you’re a member of multiple boards of directors. How do you manage your time and energy?I’m great at delegating. I don’t believe I’m the best at ev-erything; in fact, I have a personal principle of asset and lia-bility. The things I’m best at are my assets. There are many things that I’m terrible at and those are my liabilities. But there are other people whose assets are my liabilities. And so they have equal importance in my life. And because I consider them important, I treat them with respect, which is a simple, biblical principle: love your neighbor as your-self. In doing that I allow people to perform their roles. I don’t get in your way once I know you can do what you need to do. But obviously you need to have oversight and you set the parameters and the boundaries.

In business, different people “pick up after me,” as I say. But they’re good at what they do. I’m good at what I do. What I know that I’m good at is strategy and start-up. I love the process of ideas, translating an idea to a business, which is why I’m a serial entrepreneur. Once I do that and it comes alive, I’m bored, so I hand it over to people who love operations, which I hate. Also, if you do the things you love or that are important to you, you find time for them.

What are the biggest challenges facing business and society?As technology becomes more efficient, jobs are lost. But every company needs to improve its efficiency so it can deliver more value to its stakeholders. So we have a so-cial problem: we’re happy for the successes of compa-nies, but what are we going to do with the people who can’t find work?

Now, more than ever, it’s an entrepreneurial world. We need to raise a whole generation of entrepreneurs who will continue to create businesses that will engage people. Because when they have a place to go to in the morning, it engages their mind, their time and their life. Maybe they don’t have a luxury life, but work gives them hope and a chance to look to the future. But look around: every single country has high unemployment, even as the economy begins to pick up. That’s why there’s so much unrest in the world. There are too many people who are not positively engaged. It’s a major issue and it’s only getting bigger.

What are your hopes for Nigeria and the rest of Africa?My country is one of the most misunderstood in the world. If you watch international TV you’re going to end up drawing conclusions, but when you come to Nigeria

You started your own manufacturing company just three months after starting work in a furniture sales room. What inspired you to become an entrepreneur?I got into university to study chemistry. Later, I decided I wanted to be an accountant so I worked at the compa-ny that later became Deloitte during my National Youth Service. After a year, I decided I didn’t want to be an accountant; I’m quite a restless human being! To keep myself busy, I took the first job I could get in a furniture company. When I got there, I discovered that it brought out the creative part of me but I didn’t like the value sys-tem of the company. It was really just the exuberance of a young person wanting to change the world. I decided: I can do what we do here, and I can do it with a different set of values. It was really an act of faith. It wasn’t a plan, it was just an accident of life that then brought out what I could do.

Are there any mistakes you’ve made in your career that you’ve learned a lot from?I don’t consider them mistakes; I consider them expe-riences. I see everything that I do that doesn’t pan out as I planned, as something I’ve since learned not to do. But I’ve also then learned lessons that take me to the next place.

The routes to some locations are not a straight line. You will have some detours, because there are things you need from those detours that get you to the actual place where you want to go to. I’ve never had the mindset to call things ‘mistakes.’ I’ve always just said, “Okay. So this hasn’t worked out. What can I do here? How?” And then I move on. I’m flexible. I’m confident enough to say, “This isn’t working.”

7 I’VE FOUND IESE A PARTICULARLY

REFRESHING AND DIFFERENT SCHOOL IN TERMS OF THE FACT THAT FACULTY ARE NOT BASHFUL OR ASHAMED OF TALKING ABOUT VALUES.


then it’s totally different. We’re over 170 million people. We’re extremely dynamic and diverse. We have 250 dif-ferent dialects and languages and we are highly multicul-tural. Nigerians have a fire and a natural entrepreneurial dynamism.

What creates that entrepreneurial mindset in Nigeria?The way to look at it is to understand that for so many years we haven’t had everything we’ve needed. And yet millions of Nigerians have created businesses. They’re striving. They’re innovative. They’re creative. It’s like bringing something out of nothing. Now, when you have leadership that provides an enabling environment for all of that to come alive, you can just imagine what kind of a country you’ll have. Because leaders can set the pace, can set the goal, but the people have to believe in it and act in line with it for there to be momentum. If that happens, which is my hope for my country and for the rest of Afri-ca, then I think that the world is in for a major surprise in terms of the emergence. Because we have the resources.

Why have you consistently returned to business ed-ucation? You’re only as good as what you know. As the Bible says, “For lack of knowledge, my people perish.” In a situation where somebody has an advantage over you it’s usually based on what that person knows that you don’t know. So I always go back to school. Before I came to IESE for the Global Executive MBA Program, I took the Chief Executive Program at Lagos Business School and what I learned there helped me a lot. But I wanted more.I was thirsting for the fundamentals, a wider base. I wanted to have a clear understanding of some of my decisions.

The Global Executive MBA was a great experience. Then I saw what the Global CEO Program had to offer and I choose to go. When you have a lot of smart young people working for you, you don’t want to tell them that what they’ve said is wrong just because you don’t understand it.

I work on the boards of many companies. I sit on the board of First Bank, which is the largest bank in my country and I chair the board of their investment bank FBN Capi-

tal. I am also the chairman of Kakawa Discount House Li-mited, Cadbury Nigeria and the Nigerian Sovereign Inves-tment Authority, which manages sovereign wealth funds. In these different capacities, you do them a disservice if you’re not on top of your game. If I take the assignment I have the responsibility to equip myself, to make sure that I’ve got what I need.

Is there a school I can trust to give me that? IESE, defi-nitely. I’m comfortable. I’m confident. I’m sure of what I will get.

How do you feel that your time at IESE has helped shape your understanding of values in the business world?I’ve found IESE a particularly refreshing and different school in terms of the fact that faculty are not bashful or ashamed of talking about values. I think a lot of business people or business environments think it’s not cool, you know? It’s almost like, “It’s okay, as long as you achieve your goal.” It’s only when you fail that everybody finds something to say.

In IESE the value part isn’t missing. There’s a lot of con-versation around it. I left IESE with one thing that shaped my business thinking in the years after I left IESE: ‘Doing good and doing well.’ The full-time MBAs came to make a presentation to the Global Executive MBA class and this was a theme. It stuck with me. And I have thereafter moved into looking at business propositions or solution-centered propositions with a view to changing the community or the world around me. Profitable, but considering their impact on more than just the bottom line.

How do you feel about your new role within the IESE International Advisory Board? Well, first and foremost I consider it a great, great hon-or. As the first African on the board of the school I can say definitely the school is doing a great job of being in-clusive. When you look at the pattern of the way they’ve helped to set up business schools all around the world, you understand the agenda of IESE is to help build a bet-ter world.

7WE NEED TO RAISE A WHOLE GENERATION OF ENTREPRENEURS

WHO WILL CONTINUE TO CREATE BUSINESSES THAT WILL ENGAGE PEOPLE.


Rita Almela, co-founder of the e-commerce business AlmaShopping

l“In 2012, when we launched Al-maShopping, 95 percent of the

cosmetics brands had an online pres-ence in the United States and Europe, but fewer than 10 percent of them had an Internet presence in Latin Ameri-can countries.”

That is what led Rita Almela (EMBA ’12) and her partners Ignacio Molins, Santiago Lorente and Pris-cilla Maciel to create AlmaShopping, “an e-commerce company that sells beauty products, where we add value by generating content for our commu-nity of over 600,000 women,” says Almela.

IESE AS A SPRINGBOARD

lAfter earning a degree in eco-nomics from the University of

Barcelona, Almela worked at Garri-gues law firm and, later, Caixa Capital Risc: “During those years I learned a lot about teams, investors, customers, suppliers, attracting clientele, digital marketing, expansion and finance. It was a crucial stage in my develop-ment,” she says.

It is not always about finding the product or secret formula that will change everything. Sometimes, the most effective thing is to be attentive and find a niche in a powerful market. That’s exactly what Rita Almela did when investing in online cosmetics in Latin America.

Looking to take the next step in her career and gain a broader knowledge of the enterprise, in 2010 Almela de-cided to sign up for the Executive MBA at IESE, a program that far exceeded her expectations: “The most import-ant thing I took away from IESE was the strength, desire, broadminded-ness and knowledge to be entrepre-neurial with new tools, which I was previously unfamiliar with. Being an entrepreneur you need to know what possibilities the market can offer. You realize how much you learn when you apply that knowledge to resolve the complex challenges of your daily en-deavors,” explains Almela.

AN ATTRACTIVE PROJECT

lAlmaShopping (www.almashop-ping.com) came to life after

watching and studying many success-ful international business models. “I was really interested in cosmetics, so I became fascinated by the Birchbox model, which came from two Har-vard entrepreneurs who decided to monetize the shipment of cosmetics samples. We saw the opportunity to launch this model, and adapted it to the needs of Latin America to create AlmaShopping,” she recalls.

In her opinion, it is very import-ant to build a good team of entrepre-neurial professionals “who share the enthusiasm for turning the company into something great.” Speed is an-other of the keys to becoming a bench-mark in the market. “Technology lets you grow your business quickly and create separate business divisions in different countries. It is important to achieve accelerated growth to es-tablish our position as a leader in the region,” says Almela.

RITA ALMELA (EMBA ’12) IS CO-FOUNDER OF THE E-COMMERCE COMPANY ALMASHOPPING

Finding a Niche in a Powerful Market

Another “essential” factor in the development of AlmaShopping has been the economic and strategic sup-port received from Finaves, IESE’s seed capital fund. “I have not only received advice and access to their network of contacts, I have also been able to create valuable synergies with other companies that Finaves has a stake in,” she says.

“Starting an entrepreneurial ven-ture is tough and there is a lot of pressure, but when you see that your idea is successful and the results are positive, you realize that the effort is worthwhile. I hope this project will help encourage many more entrepre-neurs to launch their start-ups,” con-cludes Almela.

P E O P L E


Álvaro San Martín, Giovanni Valentini, Katerina Antonopoulou, Solon Moreira and Miguel Duro.

lMiguel Duro (EMBA ’10) is as-sistant professor in the depart-

ment of accounting and control. He is a graduate of IESE’s Executive MBA program, with a PhD and an MPhil in business from Colum-bia Business School and a BSc in business administration from the University of Seville. He has held senior management positions at Sybari Software (Microsoft), Pepsi Bottling Group and Metrovacesa. Analyzing strategies to enhance the Securities and Exchange Commis-sion’s enforcement implementation are where his focus lies. He is also in-terested in the optimality of certain accounting attributes, such as fair value and accounting conservatism.

With a PhD in technological in-novation, entrepreneurship and strategy from Copenhagen Business School along with an MPhil in Inno-vation, Strategy and Organization from the University of Cambridge, Solon Moreira is assistant profes-sor in the department of entrepre-neurship. His research centers on the link between innovation and firm performance, his aim being to unravel the sources of persistent cross-firm heterogeneity in terms of capacity to innovate and gener-ate ideas. Specifically, he studies

technology commercialization, ap-propriability strategies, and mech-anisms that enable or constrain ex-ternal knowledge assimilation.

Álvaro San Martín joins the school as assistant professor in the department of managing people in organizations. He completed a PhD in management, specializing in or-ganizational behavior, at INSEAD. He majored in economics at the Au-tonomous University of Madrid. His research interests revolve around cross-cultural and socioecological psychology. His work has recently been published in the renowned scientific journal Organizational Be-havior and Human Decision Processes.

Giovanni Valentini is associ-ate professor in the department of strategic management and joins us from Bocconi University in Milan.

BRINGING IESE’S FACULTY TO 101 FULL-TIME PROFESSORS FROM 31 COUNTRIES

IESE Welcomes New Professors

He has a PhD in management from IESE and a degree in management engineering from the University of Brescia. His research analyzes how firms can combine internal and ex-ternal knowledge to gain a compet-itive edge through technological innovation and growth. His work has been published in the Journal of International Business Studies, Orga-nization Science, Research Policy and the Strategic Management Journal.

Katerina Antonopoulou is a post-doctoral fellow in the Infor-mation Systems department. She has previously carried out her re-search at the University of War-wick. Her specialization is in the areas of digital innovation and dig-ital transformation as well as digital business strategy in entrepreneurial ventures.

Four professors and a post-doctoral fellow have joined IESE. These new additions, all with doctorates from leading universities, bring IESE’s faculty up to 101 full-time professors.


For the recent IESE graduates in Sao Paulo, no task is impossible. The power of the hu-man spirit and the capacity to help others are what counts.

This was the message of Jordi Canals, dean of IESE, as he opened the graduation

ceremony for the Executive MBA Class of 2015 in Sao Paulo on June 20. An atmosphere of optimism and celebration was evident at the event, held for the 37 graduates who make up only the second group to complete the new pro-gram.

Class president Felipe Riera Michelotti also addressed his fellow classmates, talking about their shared commit-ment to leaving the world a better place for the future.

This thought was echoed in the words of the keynote speaker, Ricardo Setúbal, chairman of the board at Itautec, who told the graduates that “economic growth alone is not enough. We need a broader vision of sustainability with the aim of leaving the country habitable for future generations.”

According to Setúbal, education plays an essential role in facing up to the challenges of tomorrow, as does the

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evolving role of the business leader. “It goes way beyond drafting documents,” he told the EMBA graduates. “A leader must cultivate an innovative vision, and have the capacity to execute this vision – while controlling timings to ensure that each project is viable. In today’s global busi-ness world, this kind of leadership is what delivers a clear advantage over the competition.”

For Setúbal, the MBA is one stage in a long journey. He urged the graduates to continue this journey with continu-ous training, with creativity, with focus on the future – and always maintaining an ethical perspective.

“Technology is constantly changing the way we do busi-ness,” he said, “but we must remember that Brazil is going through a difficult time for having adopted a negligent at-titude towards ethical matters.”

BUILDING COMPANIES, BUILDING COUNTRIES

lProfessor Canals acknowledged that in the current context of political and economic complexity, the task

ahead of the graduating class may feel impossible. But he urged the new graduates to seize every opportunity to

THE SECOND EMBA CLASS GRADUATES IN SAO PAULO

“ECONOMIC GROWTH IS NOT ENOUGH”, SAID RICARDO SETÚBAL, CHAIRMAN OF THE BOARD AT ITAUTEC


transform challenge into opportunity to work towards change and growth. “The desire to make our world a bet-ter place is a powerful one; one that can help us change the companies in which we work – as well as society around us – for the better.”

The Dean stressed the significance of values for the work ahead. “We can’t build a company or help build a country if we don’t have values or references,” he said. “This is the model we want for entrepreneurs and man-agers at ISE and IESE. Leaders who are fully aware of the best techniques and concepts of management, but who, at the same time, are capable of thinking about other people – contributing to their development and helping them grow as professionals,” he added.

His comments were echoed by José Paulo Carelli, di-rector general of ISE, who called for the business leaders of tomorrow to “go a step further.”

“Our society’s true needs are not exclusively economic or political,” he said. “We have already experienced eco-nomic and political crises, especially with the financial crisis that began at the beginning of the last decade, and

they are all the result of a much more serious crisis: the ethical crisis.” According to Carelli, a focus on technical training at the expense of ethical education has seen too much business get into the hands of agents “who don’t have the necessary qualities to lead ethically.”

He described the graduating Class of 2015 as a source of optimism and hope in the context of the challenges facing Brazil.

AGENTS OF CHANGE

lClass President Riera paid tribute to his cohort of “37 brilliant agents of change,” and the “very intense jour-

ney” they had shared: “No fewer than 36 weekends, five intensive weeks, countless hours of dedication. I don’t know how many cases and pages we have read over the past 20 months. Our professors have helped us undertake this journey with great professionalism.”

Riera also spoke of IESE’s role in delivering eth-ics-based insights, tools and competencies, and its com-mitment to generating a more positive society. “All of our efforts have been worth it,” he said.


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According to the director of cardiology at New York’s Mount Sinai Hospital, Dr. Valentín Fuster, the role of public health education is often overlooked in the drive to build stronger economies. Addressing over 200 international business execu-

tives and alumni at the IESE Miami Business Summit on May 29, Fuster said that cardiovascular diseases have cost the U.S. $444 billion in health care over the last few years but that this burden could be lifted through education.

During his keynote presentation, Fuster called on busi-ness leaders to take the initiative by promoting health with-in their own organizations. “It’s important to focus on the positive,” he said, “and try to encourage healthy habits rath-er than preventative measures.”

The health, strength and growth of economies were explored in three panel discussions at the summit. In “Strengthening Business in the Americas: The Multina-tionals’ Perspective,” Juan M. Ferrón, managing partner of Hispanoamerica Advisory Services at PwC Mexico, noted that the Mexican, Colombian, Peruvian and Chilean markets are, when taken together, bigger than that of Bra-zil. If they could be connected, said Ferrón, the potential benefits would be great. Interconnectivity will be increas-ingly important in the future, according to Saúl Kattan, president of ETB (Telecom), who noted that “60 percent of Internet use in Latin America comes from young peo-ple.” To forge connections that allow stronger businesses,

Thought leaders including Dr. Valentín Fuster gathered in Miami to explore the requirements for sustainable growth and economic strength in the Americas.

A PRESCRIPTION FOR

ECONOMIC HEALTH

IESE MIAMI BUSINESS SUMMIT

Mmembers only


1. The opening keynote, Dr. Valentin Fuster, director of cardiology at the Mount Sinai Hospital. 2. Participants were invited to share their mobile phones at one of the sessions. 3. The event consisted of a full day of insights from top-level decision-makers and exchange of ideas between alumni. 4. Pablo Slough, head of Mobile Ad Solutions at Google; Susan Amat, founder of Venture Hive, and Prof. Josep Valor. 5. Prof. Mario Capizzani; Juan M. Ferrón, managing partner of Hispanoamerica Advisory Services at PwC Mexico; Karl Lippert, president of SABMiller Latin America and Saúl Kattan, president of ETB. 6. Alumni and business leaders from the Americas gathered at the IESE Miami Business Summit. 7. Prof. Javier Estrada; Lionel Olavarría, vice-chairman of Bci; Teresa Foxx, director & general manager of Barclays in Miami and Alvaro Morales, CEO of Santander Private Banking.

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BANKS MUST MANAGE THE COSTS OF A CHANGING REGULATORY ENVIRONMENT”

Teresa Foxx, director and general manager of Barclays in Miami

said Karl Lippert, president of SABMiller Latin America, would require everyone to play a role. “In a region where around 70 percent of businesses are unregistered because they can’t afford to pay taxes,” he said, “formalization must be the number one priority for finance ministers. What can we do? We can engage with government more. If you want better laws, and better government, you can actually pro-pose legislation.”

In “Sustained Growth in Banking: Challenges Facing a Sector Poised for Growth in Latam,” Teresa Foxx, director and general manager of Barclays in Miami, said that banks must “manage the costs of a changing regulatory environ-ment, whether they’re capital related or compliance relat-ed, with a view to sustaining the ability to provide trade finance to the Latin American market.” Álvaro Morales (MBA ’92), CEO of Santander Private Banking, noted that the differences between the economies and mentalities of different countries in the region presented challenges when seeking solutions. “But do we want Latin America to be a region with a bright future, or only a bright pres-ent?” he asked. Another IESE alumnus, Lionel Olavar-ría (MBA ’75), vice chairman of Bci, said that some of the banking sector had lost sight of its wider role “to generate real wealth and progress for society.” To achieve this, he said, banks would have to change the way they looked at and used capital.

In the panel, “Where Innovation Meets Entrepreneur-ship: The Crossroads of Innovation, Technology and En-

trepreneurship,” Pablo Slough (MBA ’02), head of Mobile Ad Solutions at Google, looked at the revolutionary impact of mobile on human behavior – and business. “Micromo-ments [of human activity] are macro-opportunities for us. We need to deliver solutions in the moment,” he said. Susan Amat, founder of Venture Hive, said that solving problems wasn’t about throwing money at them. “It’s about trust,” she said. “As corporations, you want to hire the peo-ple who want to do innovative things – and retain them.”


Düsseldorf JUNE 2

l When a company’s leadership committees work together

constructively, the entire organization benefits. Employees see their work in a more positive light, they are more productive and more motivated. In the session “Leadership: Expand Your Horizons,” Prof. Anneloes Raes analyzed the key points to consider in the interaction between different levels of management, and how to strengthen the sense of team unity, especially among senior managers.

Antwerp JUNE 6

l The Regional Chapter of Alumni in Belgium and Luxembourg,

chaired by Laurence Battaille (MBA ’95 and AMP ’14), organized a tour of the city of Antwerp, along with a group lunch.

London JUNE 8

l In the latest edition of the Entrepreneurs’ Breakfast

Meetings, Gustavo García Brusilovsky (PDG ’05), co-founder and CEO of BuyVIP up until its acquisition by Amazon, spoke about

his business venture and the lessons learned in the session “Entrepreneur & Investor: Lessons from the BuyVIP case.” He shared a table and the conference with Prof. Juan Roure, who spoke from his own experience in the field of entrepreneurship and investments.

JULY 9

l Prof. Jaume Ribera analyzed the most common causes of

failure on a project, to help detect and prevent them. Many projects do not deliver the expected results, or do so too late or at too high a price. Although each project is different, after years of studies on why they

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CHAPTER NEWS

THE LATEST ON IESE’S ALUMNI CHAPTERS

Sao Paulo

New York

Santiago (Chile)

Mexico City

Miami

Lima

Buenos Aires

Bogotá


fail, there are patterns to suggest that the reasons are often similar.

Tokyo JUNE 8

l Profs. Yoko Ishikura, Hitotsubashi University, and Pedro Videla, IESE,

offered an overview of the global economy, then focused on the future of “Abenomics,” a word that defines the economic policies pursued by the Japanese prime minister Shinzõ Abe since his victory in the general elections of December 2012.

JULY 2

l The world is starting to be defined using the acronym VUCA

(volatile, uncertain, complex and ambiguous). This new reality requires rapid change and an emphasis on leadership. With things changing so fast, it is vital for companies to have foresight. And, with the vast amount of information available, it becomes essential to boil it down to what is truly relevant. In this session, Prof. Franz Heukamp reviewed the skills that a leader must have to adapt to this new environment.

Dublin JUNE 9

l Prof. Sandra Sieber dissected the Facebook business model

in the session on “The Rise of the

Social Web,” focusing particularly on how the company monetizes its platform and the consequences that its growth will have. This session was made possible by the collaboration of Facebook and Marta Mateu, SMB Partner Manager for Facebook in Ireland.

New York JUNE 11

l Activist shareholders and investments in activist funds

have both increased dramatically in recent years. Additionally, some traditional investment funds have begun to play a more activist role through the companies in which they

MORE PHOTOS OF THE SESSIONS:www.facebook.com/alumni.iese

www.twitter.com/iesealumni

In orange: events related to the 50th anniversary celebration of IESE’s MBA program

Singapore

Tokyo

Lisbon

Dublin

Paris

CopenhagenLondon

Antwerp

AmsterdamOverveen

MunichDüsseldorf

Vienna


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Vienna JULY 6

l Prof. Pedro Videla talked to the alumni about the challenges

and macroeconomic trends that will shape the future in the short and medium terms, at the session titled “Macroeconomic Outlook 2015 to 2030: Where Are We Heading?” Accenture provided the venue for this event in Vienna.

Buenos Aires JULY 16

l After visiting Colombia, Prof. Estrada again gave the lecture

titled “Un marco simple y efectivo para gestionar sus ahorros” (“A simple and effective framework for managing your savings”) at the offices of World Management Advisors in the Argentine capital.

Sao Paulo AUGUST 6

l As he had in Tokyo a month earlier, Prof. Franz Heukamp

traveled to Sao Paulo to give a talk titled “Volatile, Uncertain, Complex and Ambiguous: Buzzwords or Reality?” at the campus of ISE.

SingaporeAUGUST 25

l More than half of the world’s population lives in cities. By

2030 it will be two thirds, and by 2050 it is estimated that the figure will reach 70 percent. Inevitably, this rapid expansion is putting pressure on the infrastructures, ecosystem and demography of cities. Many cities are facing these changes proactively, by improving the quality of life of their communities. Others, however, have neglected the needs of a growing population and are now paralyzed. At the same time, companies must adapt their strategies to a growing base of consumers with different needs and consumption habits. In this session, Prof. Pascual Berrone analyzed how cities are facing these challenges, why some are “smart cities” and what business opportunities are emerging from these processes.

invest. Prof. Jan Simon analyzed the consequences of this trend in the conference “For All the Noise, Do Shareholder Activists Create Shareholder Value?”

Amsterdam JUNE 12

l The Regional Chapter of Alumni of the Netherlands welcomed

new alumni members by hosting an informal meeting.

Bogotá JUNE 17

l The Colombian capital was the meeting point of the alumni in

attendance for the conference on “Un marco simple y efectivo para gestionar sus ahorros” (“A simple and effective framework for managing your savings”), led by Prof. Javier Estrada, who analyzed the most important issues to consider when making investment decisions.

JULY 28

l The digital world is transforming the way marketing is done in

almost all sectors. The old paradigms are becoming obsolete, although the new ones are not always understood. Today, brand building requires new capabilities not always found in

organizations. Many CEOs are asking if their teams have enough digital talent and many marketing managers are afraid of becoming outdated. In this session, organized at EDIME, the business unit of INALDE, Prof. Julián Villanueva discussed some of the challenges facing these managers.

Lima JUNE 19

l Alumni gathered at the restaurant ámaZ in Lima, Peru, to discuss

the case “Tía María: ¿la minería en la encrucijada?” (“Tía María: Mining at the crossroads?”) along with Hugo Alegre (MBA ’91), president of the alumni chapter in Peru and professor at PAD.

Overveen JUNE 28

l The Regional Chapter of Alumni in the Netherlands got together

in Overveen to partake in a summer barbecue.

Paris JULY 6

l The Regional Chapter of Alumni in France, headed up by Gloria

Perrier-Châtelain (EMBA ’93 and AMP ’10), organized the traditional Dîner du Premier Lundi.

Prof. Julián Villanueva analyzed different investment options at the meeting in Bogotá.




EMBA-BCN-09 BeRepublic hired Beatriz Cardona as country manager for its opening in Chile.

______

EMBA-BCN-15 Laura Gallach is the new director of communication and CSR for Allianz Insurance.

______

GEMBA ’08 Andreas Schroeter was named executive vice-chairman of Central & Mediterranean Europe for DNV GL Energy.

______

MBA ’81 Julián Corriá is the new chairman of the Asociación de Explotaciones Frigoríficas, Logística y Distribución de España (ALDEFE). ______

MBA ’82 Eduardo Díez-Hochleitner is the new chairman of the telecommunications carrier MásMóvil. ______

Socorro Fernández is the new co-chair of WomenCorporateDirectors. ______

PDD-I-95 The chairman of Epson Ibérica, Ernest Quingles, was named CEO of Epson France, and will now serve in both roles.

______

PDD-B-08 Adela Martín was named CEO of Santander Private Banking.

______

PDG-A-14 NEORIS named Jaime Peñaranda its new director of financial services for EMEA.

______

PDG-B-09 Microsoft Western Europe named Juan José Amor its new director of sales.

______

MBA ’89 Pablo Gómez, head of the distribution company FM Logistic in Western Europe, is now director of innovation for

the international group. ______

MBA ’95 Nicolás Suarez-Canton was named director of Management Consulting at BDO. ______

MBA ’12 Francisco Sierra is the new CEO of Zencap Spain. ______

PADE-A-09 Rodrigo Simões de Almeida is the new CEO of Marsh Portugal.

______

PADE-A-11 Ismael Carmena has been appointed director of Western Europe for the new international aftermarket

division of the HELLA group, while continuing as managing director of HELLA for Spain and Portugal. • • • • •

IF YOU ARE AN ENTREPRENEURDon’t forget there is a group on LinkedIn

IESE Entrepreneurs & Venture Capital Hub

YOU’RE IN THE NEWSARE YOU IN THE NEWS?We are interested in all your latest news. Send your comments to [email protected]


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MBA 50TH ANNIVERSARYThe celebrations for the 50th anniversary of IESE’s MBA program are taking place in cities around the world. Prominent business leaders and IESE professors have shared their points of view with the alumni gathered to commemorate this milestone in the program.

Miami MAY 28

lWithin the framework of the IESE Miami Business Summit, a celebration was held for the MBA’s

anniversary, organized in collaboration with Bci and its vice-chairman, Lionel Olavarría (MBA ’75), who is also president of the Regional Chapter of Alumni in Chile. Also taking part in the event was Eric Weber, associate dean of IESE. For more information, we have published an article on the Miami Business Summit starting on page 52.

Copenhagen JUNE 4

lThe headliner at this celebration was Søren Skou, CEO of Maersk Line, who explained how a major

change in the company’s strategy successfully put an end to a period of three years of substantial losses, by radically improving the designs of a company that, when

Skou accepted the position of CEO in 2009, was losing $8 million a day. The results were outstanding: they went from having losses of $533 million to a profit of $461 million in just 12 months.

Santiago (Chile) JUNE 17

lThe event at the Chilean capital included some reflections on running a company while thinking

of the long term offered by four MBA alumni and business leaders: Antonio Gallart (MBA ’88), CEO of the Compañía General de Electricidad (CGE); Patricio Jottar (MBA ’88), CEO of the brewery Compañía Cervecerías Unidas (CCU); Lionel Olavarría (MBA ’75), vice chairman of Bci; and Rodrigo Pérez Mackenna (MBA ’88), chairman of the Asociación de Administradoras de Fondos de Pensiones (AFP). IESE Dean Jordi Canals took part in the session, which was moderated by Mauricio Larraín, dean of ESE.

Sao Paulo

Santiago (Chile)

Copenhagen




Sao Paulo JUNE 19

lJosé Formoso, CEO of Embratel, one of the largest telecommunications companies in Latin America,

was the guest speaker at this event held in Brazil, also attended by IESE Dean Jordi Canals. Formoso said that the days of the long-distance telecommunications mar-ket are numbered and encouraged executives to commit to the change that will keep their company relevant in a market undergoing constant transformation. The suc-cess of his company, he explained, is based on three basic pillars: positivity, connectivity and people.

Munich JUNE 29

lDeputy Prime Minister of Bavaria Joachim Herrmann was the guest of honor at the event at

the new campus in Munich. He was joined by Franz M. Haniel, chairman of the Supervisory Board of Franz Haniel & Cie. and member of the International Advisory Board of IESE, who spoke to an audience of over 300 international business leaders and alumni, giving the keynote address, titled “Leadership for Tomorrow’s World.” Haniel said that the image of the leader as an omniscient superhero is a relic of the past. The full recap of this event is included in an article starting on page 24.

Lisbon JULY 2

lThe event commemorating the 50th anniversary of the MBA program in Lisbon coincided with the

annual meeting of the Regional Chapter of Alumni in Portugal, chaired by José Gabriel Chimeno (PDG ‘95). The academic session focused on the situation of tourism in the country, with speakers including João Cotrim de Figueiredo, chairman of Portugal’s Board of Tourism; Mário Nuno dos Santos Ferreira, CEO of DouroAzul; Nuno Ferreira Pires, administrator of the Grupo Pestana; and José Carlos Pinto Coelho, chairman of Grupo Onyria.

Mexico CityJULY 16

lThe permanence of values was the focus of Pedro Aspe, chairman and CEO of Evercore Partners,

during the event held in the Mexican capital, which was also attended by the associate dean of IESE, Eric Weber. Since change and uncertainty are the norm, it is more important that ever to preserve values and educa-tion, said Aspe, who asked executives to redefine suc-cess in terms that go beyond simply economic impact. He also emphasized continuous learning, encouraging us to keep our mind open to everything around us.

Lisbon

Mexico CityMunich

Miami


EFL I

IF YOU ARE AN ENTREPRENEURDon’t forget there is a group on LinkedIn

IESE Entrepreneurs & Venture Capital Hub

MBA ’14 Kaushal Silwal is participating in a project in support of the victims of the earthquake that struck Nepal in April this year. Silwal is part of the Global Shapers Community of Kathmandu, a community of volunteers belonging to the World Economic Forum. In recent months, Silwal and colleagues have worked on distrib-uting staples among those displaced by the earthquake, as well as providing access to health care. They have also built several educational centers for children, called Temporary Learning Centers. More information at: www.ktmshapers.org

SOCIAL INITIATIVES

MBA ’13

Josep Casas and Esteban Humet, fellow classmates, have created their second start-up since being at IESE. The new ven-ture is called Unplis, a mobile application

that lets people buy products from small businesses and franchises without leaving their home, with deliv-

ery handled via crowdsourcing. Founded in Barcelona, this fall the company will branch out to Madrid. ______

PDG-C-10

Federico Vizcayno, after more than 25 years of experience in the insurance in-dustry, has founded Benefit Brokers, which focuses on the design and imple-mentation of insurance solutions for companies operating at the local and international levels. These are special-

ized in insurance programs in the field of employee ben-efits (health, life, savings/retirement funds) with inno-vative options for people with international mobility: expatriates, missions, travel assistance, and so on.

ENTREPRENEURS


WELCOME TO THE ALUMNI ASSOCIATIONEXECUTIVE EDUCATION GRADUATIONS

PLD Barcelona 2015 - Spring Edition. President: Ulrike Reinhard • Vice president: Nicola Marzano.

Global CEO Program for China 2015. President: Sunny Wong.

PMD Munich-Barcelona 2015. President: Franziska Kunz • Vice president: Almut Cordt.


ALUMNI LEARNING PROGRAM

THE SAME GREAT QUALITY ONLINE

I E S E & Y O U

Beyond our traditional series, this year’s Continuous Education Program presents three major developments to let you access content via the Internet.

IESE faculty members have selected the subjects that will make up this academic year’s Continuous Education Program. Each series consists of several courses that, taken together, offer an overview of the subject area in question. For example, there are series such as Economics, Digital

Marketing and Innovation. To ensure you don’t miss anything, Alumni Association members will have

access to thematic infographics that will include the most relevant information on each discipline.

ONLINE SERIES Presenting the first fully online Continuous Education Series, “Building up your skills,” with sessions led by professors Raes, Ribera and Stein, who will address topical issues related to strategic decision-making and leadership challenges.

BLENDED LEARNING COURSES The Leading Edge Management Cours-es (LMC) use a mixed methodology. The three modules consist of on-cam-pus sessions that are recorded and reproduced online. It also includes online activities for participants. The first LMC is called “Digital Funda-mentals” and is taught by professors Káganer, Sieber and Zamora.

ACCESS THE SERIES ONLINE

With more than 300 sessions in over 50 cities, the series in this year’s Continuous Educa-tion Program are being launched in order to offer ongoing education to IESE Alumni

Association members. Like every year, topical issues of relevance and interest to business have been chosen. One of the new features of this year’s program is blended learning, i.e., a combination of online and offline sessions.

INFOGRAPHICS: DOSES OF KNOWLEDGE

Other

22%

B A S I C P R I N C I P L E

1) CONTENT MARKETINGEngagement of companies with fewer than 10,000 Likes on Facebook = 0.96%; Solution: create content that interests people

8) THE SUPER COOKIESuper cookies will permit the accumulation of data about a single user from diverse platforms. More information = moreknowledge about the consumer

ALUMNI

2019

2015

2014

2012

2017

2017

2012

SALES AROUND THE WORLD

PHYSICAL STORES ONLINE STORES

55%

Decrease of

to

86%

Consequences:

Forecast

B2C sales will grow

B2C SALES(BUSINESS TO CLIENT)

USA

UK

8%of sales take place on the internet

vs

2015

WHY OPEN AN ONLINE STORE?

Seamless integration of all channels

OFFLINE

ONLINEONLINE

4/10

ONLINE

Overview of sessions in the Marketing

Digital Series of the Alumni Continuous

Education Program.

TWO MYTHS ABOUT E-COMMERCE

User time spent shopping via...Where consumers spend the most

Physical stores

Mobile deviceCatalogue

15 trends in digital marketing

5) PROGRAMMATIC BUYINGThere is a growing tendency to mechanize banners according to algorithms to reach your potential customer

13) UNIVERSAL ANALYTICS�Combine data with monitoring the online and o�ine worlds to increase interaction between the two areas

15) BIG DATASocial networks = new opportunities to get to know your customers = new business opportunities

11) IMPORTANCE OF SEO4 of each 10 visits on the internet are made through an organic search

MERGING OF ONLINE AND OFFLINE SHOPPINGOn/O�: Two channels and one goal – to sell more

61%

31%Oine Online

40%

25%

4%

4%

6) ATTRIBUTION MODELSWe continue blindly following metrics that attribute online sales to one factor. Is this right? 14) NEW BUSINESS MODELS

Information filters: enter the value chain to make life easier for users

3) VIDEO REVOLUTIONHome-based “YouTubers” are the new influencers. How can they be managed?

9) LESS IS MOREClean designs, with clear and simple messages

search

10) LOCAL MARKETINGMore than 30% of internet searcheshave local words. We look for things nearby

7) MOBILE-CENTRICWe look at our mobile phones 150 times a day. 150 opportunities to interact with the consumer

4,4h12) RISE OF SEMPaid search will attract customers through

KEY WORDS

4) OMNI-CHANNELThe consumer spends 4.4 hours a day in front of a screen

GENERAL DATAREASONS FOR USING TWITTER

50%

3001

23

4 /per day

million users 500

are between 25 and 55 years old

# IDENTIFY WHAT MOTIVATES CONSUMERS#

# HUMANIZE MESSAGES#

# MEASURE THE IMPACT THROUGH ANALYTICAL TOOLS#

# INTERACT WITH TELEVISION#

65% of the audience tweets while they watch TV95% of conversations about TV happen on Twitter

##

of users actively follow brands

67%TV

TV

Twitter, an ally for brand development

The importance of measuring in the new digital world

MARKETS THAT WILL GROW THE MOST

Yearly growth in %

19%

35%

25%

20%

12

Food

26%

Fashion

24%

Recreation

24%

Asia / Pacific

By sector

Latin America

North America Europe

“What can’t be measured can’t be improved”

Define WHAT success is for the online business Design metrics to know HOW TO measure success

Identify WHERE you lose customers to adjust your business

Mobile revolution�The universalization of wearables

Hyperconnec-tivity to o¤er the best services

WEB ANALYTICS IN THREE STEPS

TRENDS

10 THINGS THAT WE CAN ONLY KNOW THROUGH WEB ANALYTICS12

345

67

89

10

How the website is usedHow the user arrivesWhat device is used for accessWhere the user decides to abandon the site

Habitual navigation pathsMost-liked contentWhere users are capturedFrom what places in the world users access the site

Return on advertising investmentAre targets set for the website being reached or not

€

?

DATA TAKEN FROM SPEAKERS’ CONTENT:Dña. Fuencisla Clemares, directora de Negocio Retail, Tecnología y Clasificados, Google España; D. Pedro Díaz Yuste, industry head, Financial

Vertical, Google; D. Luís Ferrándiz, CEO, ADN; Pablo Foncillas, Colaborador Científico de Dirección Comercial, IESE; D. Pepe López de Ayala, director general de Twitter en España; D. Luis

Marqués, responsable de Branding, Google; Prof. Julián Villanueva, Profesor de Dirección Comercial, IESE.

SPECIALIZED PHYSICAL STORES BRAND EQUITY

Japan

ChinaUK

What language should be used?Countries that spend the most shopping online

It doesn’t matter where the purchase happens – it only matters that they purchase

MORE INFORMATION AND UPCOMING SERIES:

Programa de Continuidad IESE Alumni

In two or three decades, the online economy will surpass the physical one in size.

66%

1 in every 3stores will disappear

PROFILE OF THE ONLINE SHOPPER

Learning to dance with e-commerceConsumer of leisure and work

Usually away from home

Young

Tech-savvy

Educated

potential online clients

1 billion$ €¥

Germany

USA

By geographic zone

What market should I focus on?

27%China

USA

Japan

16%

8%

K E Y C O N C E P T

and HOW to use them?

HOW MANY channels should you have…

R E A L I T Y

“Online stores decrease o�ine sales”“Online will kill the physical store”

Online shopping and pick-up at a physical point

1

2

3

Online

2) REVIEWS80% of users say hotel reviews increase their trust


FOR MORE

INFORMATION

ON THE ALUMNI

LEARNING

PROGRAM:

www.iese.edu/

alumni

SUMMARIES This year we summarize the sessions to let you follow them at home. You’ll be able to watch the classes taught by our professors in 20-minute “capsules” that have been adapted to a digital-friendly format. That way you’ll have access to a more concise version of the content taught on campus.

Other

22%

B A S I C P R I N C I P L E

1) CONTENT MARKETINGEngagement of companies with fewer than 10,000 Likes on Facebook = 0.96%; Solution: create content that interests people

8) THE SUPER COOKIESuper cookies will permit the accumulation of data about a single user from diverse platforms. More information = moreknowledge about the consumer

ALUMNI

2019

2015

2014

2012

2017

2017

2012

SALES AROUND THE WORLD

PHYSICAL STORES ONLINE STORES

55%

Decrease of

to

86%

Consequences:

Forecast

B2C sales will grow

B2C SALES(BUSINESS TO CLIENT)

USA

UK

8%of sales take place on the internet

vs

2015

WHY OPEN AN ONLINE STORE?

Seamless integration of all channels

OFFLINE

ONLINEONLINE

4/10

ONLINE

Overview of sessions in the Marketing

Digital Series of the Alumni Continuous

Education Program.

TWO MYTHS ABOUT E-COMMERCE

User time spent shopping via...Where consumers spend the most

Physical stores

Mobile deviceCatalogue

15 trends in digital marketing

5) PROGRAMMATIC BUYINGThere is a growing tendency to mechanize banners according to algorithms to reach your potential customer

13) UNIVERSAL ANALYTICS�Combine data with monitoring the online and o�ine worlds to increase interaction between the two areas

15) BIG DATASocial networks = new opportunities to get to know your customers = new business opportunities

11) IMPORTANCE OF SEO4 of each 10 visits on the internet are made through an organic search

MERGING OF ONLINE AND OFFLINE SHOPPINGOn/O�: Two channels and one goal – to sell more

61%

31%Oine Online

40%

25%

4%

4%

6) ATTRIBUTION MODELSWe continue blindly following metrics that attribute online sales to one factor. Is this right? 14) NEW BUSINESS MODELS

Information filters: enter the value chain to make life easier for users

3) VIDEO REVOLUTIONHome-based “YouTubers” are the new influencers. How can they be managed?

9) LESS IS MOREClean designs, with clear and simple messages

search

10) LOCAL MARKETINGMore than 30% of internet searcheshave local words. We look for things nearby

7) MOBILE-CENTRICWe look at our mobile phones 150 times a day. 150 opportunities to interact with the consumer

4,4h12) RISE OF SEMPaid search will attract customers through

KEY WORDS

4) OMNI-CHANNELThe consumer spends 4.4 hours a day in front of a screen

GENERAL DATAREASONS FOR USING TWITTER

50%

3001

23

4 /per day

million users 500

are between 25 and 55 years old

# IDENTIFY WHAT MOTIVATES CONSUMERS#

# HUMANIZE MESSAGES#

# MEASURE THE IMPACT THROUGH ANALYTICAL TOOLS#

# INTERACT WITH TELEVISION#

65% of the audience tweets while they watch TV95% of conversations about TV happen on Twitter

##

of users actively follow brands

67%TV

TV

Twitter, an ally for brand development

The importance of measuring in the new digital world

MARKETS THAT WILL GROW THE MOST

Yearly growth in %

19%

35%

25%

20%

12

Food

26%

Fashion

24%

Recreation

24%

Asia / Pacific

By sector

Latin America

North America Europe

“What can’t be measured can’t be improved”

Define WHAT success is for the online business Design metrics to know HOW TO measure success

Identify WHERE you lose customers to adjust your business

Mobile revolution�The universalization of wearables

Hyperconnec-tivity to o¤er the best services

WEB ANALYTICS IN THREE STEPS

TRENDS

10 THINGS THAT WE CAN ONLY KNOW THROUGH WEB ANALYTICS12

345

67

89

10

How the website is usedHow the user arrivesWhat device is used for accessWhere the user decides to abandon the site

Habitual navigation pathsMost-liked contentWhere users are capturedFrom what places in the world users access the site

Return on advertising investmentAre targets set for the website being reached or not

€

?

DATA TAKEN FROM SPEAKERS’ CONTENT:Dña. Fuencisla Clemares, directora de Negocio Retail, Tecnología y Clasificados, Google España; D. Pedro Díaz Yuste, industry head, Financial

Vertical, Google; D. Luís Ferrándiz, CEO, ADN; Pablo Foncillas, Colaborador Científico de Dirección Comercial, IESE; D. Pepe López de Ayala, director general de Twitter en España; D. Luis

Marqués, responsable de Branding, Google; Prof. Julián Villanueva, Profesor de Dirección Comercial, IESE.

SPECIALIZED PHYSICAL STORES BRAND EQUITY

Japan

ChinaUK

What language should be used?Countries that spend the most shopping online

It doesn’t matter where the purchase happens – it only matters that they purchase

MORE INFORMATION AND UPCOMING SERIES:

Programa de Continuidad IESE Alumni

In two or three decades, the online economy will surpass the physical one in size.

66%

1 in every 3stores will disappear

PROFILE OF THE ONLINE SHOPPER

Learning to dance with e-commerceConsumer of leisure and work

Usually away from home

Young

Tech-savvy

Educated

potential online clients

1 billion$ €¥

Germany

USA

By geographic zone

What market should I focus on?

27%China

USA

Japan

16%

8%

K E Y C O N C E P T

and HOW to use them?

HOW MANY channels should you have…

R E A L I T Y

“Online stores decrease o�ine sales”“Online will kill the physical store”

Online shopping and pick-up at a physical point

1

2

3

Online

2) REVIEWS80% of users say hotel reviews increase their trust

2015-2016 ACADEMIC YEAR

1. BUILDING UP YOUR SKILLS: What traits make a good leader? Our professors will outline the most important characteristics.

2. THE ECONOMIC SITUATION: Professors from the IESE Department of Economics will regularly analyze the economic situation in Spain, Europe and the world.

3. THE MAJOR SECTORS: Find out about the present and future of each sector and take the opportunity to meet up with alumni who share your interests.

4. PROFESSIONAL DEVELOPMENT: This will address topics related to long-term career planning, changing career and creating employment opportunities.

5. DIGITAL FUNDAMENTALS: This course will help participants understand why digitalization has become one of the strategic priorities of executives across the world.

6. ENTREPRENEURSHIP AND FINAVES: This series will look at the key aspects at each stage of an entrepreneurial project.

7. FAMILY BUSINESSES: This will analyze the challenges posed by family-owned firms and the governance structures and processes involved in family businesses.

8. ETHICS/RTIF: The ecological issue and sustainability have gained importance in public opinion and in the field of business. How can companies help take care of our “common home”?

9. PERSONAL FINANCE: This course will explain how to transform our life goals into financial goals and manage our personal finances sensibly and successfully.

10. CORPORATE GOVERNANCE AND BOARDS OF DIRECTORS: This course analyzes governance through boards of directors and the features that make this form of governance different from and complementary to management bodies.

11. DIGITAL MARKETING: This will look at the keys to implementing good strategies in a world in which marketing is going through an expansion phase and offers a world of opportunities.

12. TOMORROW’S TECHNOLOGY: Professors from the Department of Information Systems will regularly analyze the latest industry trends: cybersecurity, sharing economy, and so on.

13. LEADERSHIP DEVELOPMENT THROUGH THE CASE METHOD: This year we’ll review the experience of the programs by discussing a number of cases with professors from the Marketing Department.


L A OS R DT I RW O

H

New Challenges in Recruiting: Finding the Hidden Gem

MIREIA LAS HERAS Assistant Professor of Managing People in Organizations, IESE

iring a new employee is one of the most important decisions compa-nies have to make. The recruiting process is often expensive, and

making a hiring mistake can prove costly. In the digital age, recruiting processes have changed so much that companies must leverage online tools to find the right people.

Companies need employees who are mature, productive, have good communication skills and are aligned with the interests, culture, and values of the company. They must be flexible and able to adapt to changing environments.

If the characteristics of the worker are essentially immutable, what has changed in recent times? The market. Technology has made recruiting much more transparent. For example, today’s companies have access to employees’ digital footprints on LinkedIn, Instagram, Facebook and Twitter. These channels are blurring the line between the private and the public self. At the same time, employees also benefit from this newfound transparency. Thanks to tools like LinkedIn and Glassdoor, they can find information on jobs and salaries.

Companies cannot sit idly waiting for the ideal candidates to appear, since they may never come. Businesses should try to reach hidden, potential candidates who are not necessarily looking for a new job. Résumés and interviews

are neither the only way nor the best way to identify talent.

New methods have emerged, including referrals (some of which carry economic incentives), where current employees recommend people who meet specific requirements. People we already know link us to others who make non-redundant information flow. It’s about using talented individuals to attract others who can contribute and gel with the company’s plans.

There are also psychometric tests, such as those offered by PeopleAnswers or Logi-Serve, which go beyond personality tests by trying to actually predict behavior, decision-making and compatibility with the organization’s values. Similarly, gamification uses game mechanics to evaluate skills such as leadership and innovation capacity.

We can also find talent among an alumni network or among former employees who left the company in pursuit of new professional challenges. Since they are already familiar with the organization, they require less training and can reach higher levels of commitment.

The rules have changed. Where snail-mailed paper résumés once piled up to the ceiling, there is now an open space. We now need to look beyond those who knock on our door: it is imperative to find the right people for the job, wherever they might be.

Documents

MANAGERSaese.com.pt/r/E139.pdf · 2 october-decem 2 o. 39 mag ese c o n t e n t s managers 8 in the digital age cover story ideas reflections on good corporate governance the board