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Trailblazers PORTRAITS of FEMALE BUSINESS LEADERSHIP in EMERGING and FRONTIER MARKETS Trailblazers PORTRAITS OF FEMALE BUSINESS LEADERSHIP IN EMERGING AND FRONTIER MARKETS Groundbreakers, Market Makers, Value Creators IN PARTNERSHIP WITH © 2019 International Finance Corporation. All rights reserved 2121 Pennsylvania Avenue, NW Washington DC, 20433 USA Internet: ifc.org The material in this work is copyrighted. Copying and/or transmitting portions or all of this work without permission may be a violation of applicable law. IFC encourages dissemination of its work and will normally grant permission to reproduce portions of the work promptly, and when the reproduction is for educational and non-commercial purposes, without a fee, subject to such attributions and notices as we may reasonably require. IFC does not guarantee the accuracy, reliability or completeness of the content included in this work, or for the conclusions or judgments described herein, and accepts no responsibility or liability for any omissions or errors (including, without limitation, typographical errors and technical errors) in the content whatsoever or for reliance thereon. The boundaries, colors, denominations, and other information shown on any map in this work do not imply any judgment on the part of The World Bank concerning the legal status of any territory or the endorsement or acceptance of such boundaries. The findings, interpretations, and conclusions expressed in this volume do not necessarily reflect the views of the Executive Directors of The World Bank or the governments they represent. The contents of this work are intended for general informational purposes only and are not intended to constitute legal, securities, or investment advice, an opinion regarding the appropriateness of any investment, or a solicitation of any type. IFC or its aliates may have an investment in, provide other advice or services to, or otherwise have a financial interest in, certain of the companies and parties (including named herein. All other queries on rights and licenses, including subsidiary rights, should be addressed to IFC’s Corporate Relations Department, 2121 Pennsylvania Avenue, N.W., Washington, DC 20433 USA. International Finance Corporation is an international organization established by Articles of Agreement among its member countries, and a member of the World Bank Group. All names, logos and trademarks are the property of IFC and you may not use any of such materials for any purpose without the express written consent of IFC. Additionally, “International Finance Corporation” and “IFC” are registered trademarks of IFC and are protected under international law. ACKNOWLEDGEMENTS This publication was prepared by a team led by Loty Salazar, Lead, IFC Women on Boards and in Business Leadership Program, IFC Environment, Social and Governance Department. Ann Moline was the lead author and Bettina Boekle provided substantial assistance with interviews, writing, research, and insight. Gro Creative designed the publication. The team gratefully acknowledges the assistance and support of Henriette Kolb, Head, IFC Gender Secretariat. We thank Kobina Aidoo, Sarah Cuttaree, Sammar Essmat, Angela Maria Fonseca Arango, Anne Njambi Kabugi, Lisa Kopp, Amy Luinstra, Ellen Claire Maynes, Bhattiprolu Balachandra Murti, Htoi Seng Ra, Laura Farrell Smith, and Rob Wright for their assistance during the production of this book. We thank Sarah Manapol-Brown for her administrative support. We also thank Professors Alexandre Di Miceli and Angela Donaggio for their guidance on data and research. A very special thanks to all the amazing women profiled in this book for sharing their personal stories. Table of Contents FOREWORD............................................................................. INTRODUCTION ......................................................................... THE GLOBAL CONTEXT ................................................................... THE GROUNDBREAKERS................................................................. Triska Alassadi: Changing Social Norms One Student at a Time....................................... 14 Iris Fang: High Finance and Gender Equality........................................................ 18 Najat Jumaan: Nation’s First Female Business Leader................................................ 22 Farida Khambata: Breaking Down Barriers in Development Finance .................................. 26 Ebru Koksal: Female Leadership in Male-Dominated Sports Industry ................................. 30 Nadia Shahin: Gender-Balanced Management and a Women-Friendly Workplace...................... 34 Minwen Zhang: Modeling Thoughtful Leadership................................................... 38 THE MARKET MAKERS................................................................... Nora Bannerman: Designing a Profitable Business Model............................................ 44 Sabrina Bouzidi: Entrepreneurial Energy and Can-Do Spirit .......................................... 48 Meena Ganesh: Health Care Pioneer and Market Disruptor .......................................... 52 Andrea Grobocopatel: Cultivating Workforce Diversity in Agribusiness................................ 56 Soula Proxenos: Agent of Change and Professional Board Director.................................... 60 Win Win Tint: Retail Visionary and Champion for Equality ........................................... 64 THE VALUE CREATORS................................................................... Rosario Córdoba Garcés: Economic Leadership to Catalyze Growth................................... 70 Anne Kabagambe: Board Director and Advocate for Women......................................... 74 Abir Leheta: Leaning into an Unexpected Promotion ................................................ 78 Wambui Mbesa: From Children’s Home to C-Suite.................................................. 82 Ana Paula Pessoa: High Finance and Olympic-Level Success.......................................... 86 Joanne Sarraf Chehab: Bold Leader in Challenging Markets........................................... 90 Sigrid Simons de Muller: Balancing Acts and Women on Boards ...................................... 94 IFC’S ROLE IN PROMOTING GENDER EQUALITY ............................................ ENDNOTES............................................................................ REFERENCES .......................................................................... i ii Foreword The profiles in this new IFC publication, Trailblazers: Portraits of Female Business Leadership in Emerging and Frontier Markets, are designed to showcase female leadership around the world. The women featured here are a remarkable group. One single-handedly untangled a web of corruption at her industry’s highest levels despite threats of violence against her and her family. One built her country’s first retail empire out of a tiny corner market with an initially all-female workforce because men refused to work for a woman boss. Another, orphaned as a baby, found educational nourishment and encouragement at the children’s home where she was raised and grew up to become CEO of a growing IT company. Yet another stabilized her family’s company even as her country and its once-thriving economy fell apart amidst a civil war. And still another, spotting a critical gap in the lack of high-quality, aordable home health services for poor and middle-income families, developed a new health care delivery model that has enabled better access to health services for millions while creating thousands of jobs. All went about living their lives, leading teams, building businesses, making tough decisions, and driving toward professional accomplishment even as they remained largely unaware that by their very acts they were blazing new trails and breaking new ground. IFC elected to undertake this project because gender is a priority for us, aligned with our overall mission to support private- sector-led development to create markets and opportunities. As investors ourselves, we understand the value of diverse boards and leadership. In fact, we have mainstreamed gender considerations into our own investment due diligence. Firms with more women at the top tend to pay more attention to environmental, social, and governance considerations. They tend to have a heightened focus on innovation, workforce diversity, and worker satisfaction. They typically place greater emphasis on collaboration, communication, and transparency. Combined, such factors contribute to better company performance. This new book is part of IFC’s multi-faceted gender strategy, which also includes building the pipeline of qualified women leaders in the regions where we work. The goal is to accelerate the pace at which women in emerging and frontier markets join boards and assume C-suite positions, strengthening companies and economies as a whole. We are continuing to build a movement that we hope will surge into a tidal wave of change. As I read the stories of these women, I was struck by their strength and perseverance and by the cumulative impact of their leadership, not just within their own businesses, but in the broader context of economic transformation. I also was struck by a single common denominator that underpinned their success. All of these women pushed to obtain education and broader exposure. In a world where access to education remains a profound challenge for girls, particularly beyond the primary grades, there is an important take-away message here, which is that education is the great equalizer. Stephanie von Friedeburg
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