In the Digital Age Live Munich Like Never Before

139 ALUMNI MAGAZINE

October-December 2015 www.iese.edu

Carlos García Pont Harvard-IESE Committee Mireia Las Heras Reflections on Good Leaders’ Key Competencies New Challenges in Recruiting: Corporate Governance for 2025 Finding the Hidden Gem

MANAGERS IN THE DIGITAL AGE LIVE MUNICH LIKE NEVER BEFORE

OCT OCT OCT 16 17 18

GUIDED VISITS ACADEMIC PROGRAM SOLIDARITY RUNNING TO INNOVATING WITH TOP-LEVEL SPEAKERS AND CULTURAL ACTIVITIES COMPANIES AND A GLOBAL AUDIENCE OF 1.000+ ALUMNI

WELCOME RECEPTION CLOSING GALA DINNER VISIT TO IESE'S AT THE BMW WELT, AT BAYERISCHER HOF MUNICH CAMPUS THE FIRM'S EXHIBITION CENTER

OCT OCT OCT 16 17 18 PUBLICIDAD 1 GUIDED VISITS ACADEMIC PROGRAM SOLIDARITY RUNNING TO INNOVATING WITH TOP-LEVEL SPEAKERS AND CULTURAL ACTIVITIES COMPANIES AND A GLOBAL AUDIENCE OF 1.000+, ALUMNI

WELCOME RECEPTION CLOSING GALA DINNER VISIT TO IESE'S AT THE BMW WELT, AT BAYERISCHER HOF MUNICH CAMPUS THE FIRM'S EXHIBITION CENTER

COVER STORY MANAGERS IN THE DIGITAL AGE 8

IDEAS CROSSROADS SEE YOU AT THE GLOBAL ALUMNI REUNION 2015

HARVARD-IESE COMMITTEE Leaders’ Key Competencies for 2025 28 INTERNATIONAL FACULTY PROGRAM Multiplier Effect: Developing Professors From Around the World 30 HARVARD AND IESE PROFESSORS WORK TOGETHER TO INCREASE BOARD EFFECTIVENESS Asking the Right Questions: The Key to Better Boards 33 REFLECTIONS ON GOOD CORPORATE GOVERNANCE GLOBAL CEO PROGRAM FOR CHINA The Board and I Chinese Companies Redefine Carlos García Pont 16 22 Their International Strategies 35

2 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE 19TH FOOD & BEVERAGE INDUSTRY MEETING Food & Beverage Consumption: CROSSROADS A Ten-Year Perspective on Change 36 ACTIVITIES COMMENCE AT IESE 21ST ICT & DIGITAL MEDIA CAMPUS IN GERMANY 24 INDUSTRY MEETING The Internet of Things: MAKING MUNICH A LAUNCH The Next Industrial Revolution 38 AGENDA 43 PAD FOR LEADERSHIP

PEOPLE RITA ALMELA (EMBA ’12), CO-FOUNDER OF ALMASHOPPING Finding a Niche in a Powerful Market 48 BRINGING IESE’S FACULTY TO 101 FULL-TIME PROFESSORS FROM 31 COUNTRIES IESE Welcomes New Professors 49

LIFE

PEOPLE

“ECONOMIC GROWTH IS NOT ENOUGH,” IBUKUN AWOSIKA (GEMBA ’04 & GCP ’13) SAID RICARDO SETÚBAL, CHAIRMAN OF THE BOARD AT ITAUTEC 44 The Second EMBA Class “WE PUNISH A LOT Graduates in Sao Paulo 50 OF PEOPLE FOR THE WORD FAILURE”

IESE MIAMI BUSINESS SUMMIT A Prescription for Economic Health 52 CHAPTER NEWS 54 EXECUTIVE EDUCATION GRADUATIONS 61

IESE & YOU ALUMNI LEARNING PROGRAM The Same Great Quality Online 62

LAST WORD

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

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 3 www.facebook.com/alumni.IESE www.twitter.com/IESEalumni 139 General Circulation October-December 37,055 2015 International Circulation ALUMNI MAGAZINE www.iese.edu/alumni 31,706 (Spanish Edition) 5,350 (English Edition)

Editor Antonio Argandoña Index of Companies Executive Editor Aïda Rueda Managing Editor 7-Eleven...... 20 Embratel...... 54 Mayoral Moda Infantil...... 41 Maria Subarroca Accenture...... 54 EMLYON Business School...... 20 MDE Business School...... 41 Senior Editor, English Edition Across Legal...... 34 Empresa de Telecomunicaciones Mennen Medical...... 34 Afterschool Graduate de Bogotá...... 52 Metrovacesa...... 49 Sally Davies Development Centre...... 44 EOS...... 22 Microsoft...... 20 Agbar...... 38 Epson...... 54 Microsoft...... 54 Contributors Airbnb...... 38 ESE Business School...... 54 Mount Sinai Hospital...... 52 Mercedes Castelló AliBaba...... 36 Euromonitor...... 36 Nautal...... 34 Lara Cummings Allianz...... 24 Evercore Partners...... 54 Neoris...... 54 Edu Ferrer Alcover AlmaShopping...... 48 Facebook...... 54 Nigerian Sovereign Amazon...... 20 Financial Times...... 22 Investment Authority...... 44 Ana Galán Bank for International Settlements.... 22 First Bank of Nigeria...... 44 NYU Stern...... 40 Joan Antoni Guerrero Barclays...... 52 FM Logistic...... 54 Onyria Group...... 54 Alejandro Lavara BASF SE...... 22 Franz Haniel & Cie...... 24 Opel...... 24 Javier Pampliega Bci...... 52 Fujitsu...... 8 Opticits...... 34 Steve Tallantyre BDO...... 54 Garrigues...... 48 Oslo University...... 22 Gemma Tonijuan Benefit Brokers...... 54 GE...... 22 PAD Escuela de Dirección...... 54 beQbe...... 34 Geenapp...... 34 Passnfly...... 34 Miquel Utset BeRepublic...... 54 Gerium...... 34 PeopleAnswers...... 64 Bertelsmann...... 24 Ghana Institute of Management Pepsi Bottling Group...... 49 Photography Birchbox...... 48 and Public Administration...... 30 Pestana Group...... 54 Victor Abreu BMW...... 22 Glassdoor...... 64 Phoenix...... 24 David Adamson BNP Paribas Fortis...... 22 Global Alumni...... 34 PwC...... 52 Madalena Aleixo Bocconi University...... 49 Google...... 52 Riga Business School...... 30 Bühler...... 36 Haniel Group...... 24 Roland Berger...... 22 Javier Arias Buyfresco...... 34 Harvard Business School...... 28 SABMiller...... 52 Pablo Candamio BuyVIP...... 54 Hella...... 54 Santander Private Banking...... 54 Jordi Estruch Cadbury...... 44 Henkel...... 24 Schneider Electric...... 38 Edu Ferrer Alcover Caixa Capital Risk...... 48 Hitsbook...... 34 Séntisis...... 34 Gazeta Views Cambridge University...... 49 IBM...... 8 Strathmore Business School...... 30 Ole Bo Jensen Carrefour...... 20 iClassics Collection...... 34 Sybari Software...... 49 Celpax...... 34 INALDE Business School...... 54 Talent Clue...... 34 Justine Kang CELSA Group...... 41 INSEAD...... 49 Telefónica...... 38 Macarena Kamal Chair Centre Group...... 44 Instacart...... 36 Tetra Pak...... 20 Ismael Martínez China Europe International Instagram...... 64 The Graduate Center...... 40 Eva Ripoll Business School...... 35 Intel...... 36 The Royal Bank of Scotland...... 33 Quim Roser Cisco...... 38 Intellimedix...... 8 Twitter...... 64 Roger Rovira ClinicPoint...... 34 Iristrace...... 34 Ubiqum...... 34 Cocunat...... 34 Itautec...... 50 University of Barcelona...... 48 Lorena Ulloa Fernández Columbia Business School...... 49 J.S. Corrugating Machinery...... 35 University of Brescia...... 49 Marion Vogel Compañía Cervecerías Unidas...... 54 Kakawa Discount House...... 44 University of Madrid...... 49 Compañía de Petróleos de Chile Klikin...... 34 Unplis...... 54 Illustrations (COPEC)...... 33 Knox Mediahub...... 34 Uvinum...... 34 Carme Baltà Compañía General de Electricidad.....54 Lagos Business School...... 30 Venture Hive...... 52 Martín Tognola Copenhagen Business School...... 49 Le Moustache Club...... 34 Volkswagen...... 24 Delivo...... 36 LG ...... 8 Wal-Mart...... 20 Ana Yael Deloitte...... 36 LinkedIn...... 64 WebEx...... 8 iStockphoto Deutsche Bank...... 22 LIS Cross-National Data Center...... 40 World Bank...... 40 DNV GL Energy...... 54 Logi-Serve...... 64 Xinjiang Yi’er High-Technique Design and Layout DouroAzul...... 54 Maersk Line...... 54 Agriculture...... 35 Enric J. Gisbert EADS...... 24 MAN...... 24 Zagreb School of Economics EGADE Business School...... 20 Marsh...... 54 and Management...... 30 Proofreader El Corte Inglés...... 36 MásMóvil...... 54 Zencap...... 54 Mary Brennan Numbers refer to the first page of the article in which the alumnus appears. Advertising M&N Consulting -Antonio Moré Tel: 93 544 12 34

Index of Alumni Printing QP Print

Alegre, Hugo (MBA ’91)...... 54 Gallach, Laura (EMBA ’15)...... 54 Oriol, Jorge (MBA ’89 / PDG ’98)...... 34 Published by Almela, Rita (EMBA ’12)...... 48 Gallart, Antonio (MBA ’88)...... 54 Peñaranda, Jaime (PDG ’14)...... 54 IESE Business School – University of Navarra Amor, Juan José (PDG ’09)...... 54 García Brusilovsky (PDG ’05)...... 34 Pérez Mackenna (MBA ’88)...... 54 Depósito legal B.23.746-1963 Awosika, Ibukun Gerber, Eyal (MBA ’12)...... 34 Perrier- Châtelain, Gloria ISSN 1138/2333 (GEMBA ’04 / GCP ’13)...... 44 Gerber, Moshe (MBA ’12)...... 34 (EMBA ’93 / AMP ’10)...... 54 Bataille, Laurence Gómez, Pablo (MBA ’89)...... 54 Quingles, Ernest (PDD ’95)...... 54 The opinions expressed in the articles published (MBA ’95 / AMP ’14)...... 54 Hickson, Steven (GEMBA ’02)...... 8 Reinhard, Ulrike in this magazine are solely those of the authors. Bunster, Jorge Alberto Humet, Esteban (MBA ’13)...... 54 (PLD Barcelona ’15)...... 61 Articles may be reproduced, provided that the (MBA ’78)...... 33 Jottar, Patricio (MBA ’88)...... 54 Riera Michelotti, Felipe original source is indicated. Cardona, Beatriz (EMBA ’09)...... 54 Kunz, Franziska (EMBA São Paulo ’15)...... 50 Carmena, Ismael (PADE ’11)...... 54 (PMD Munich ’15)...... 61 Riesgo, Juan Pablo (EMBA ’12)...... 54 Casas, Josep (MBA ’13)...... 54 Li, Liza (GCPC ’15)...... 35 Schröter, Andreas (GEMBA ’08)...... 54 Chimeno, José Gabriel (PDG ’95)...... 54 Li, Oliver (GCPC ’15)...... 35 Sierra, Francisco (MBA ’12)...... 54 Cordt, Almut (PMD Munich ’15)...... 61 Martín, Adela (PDD ’08)...... 54 Silwal, Kaushal (MBA ’14)...... 54 Corriá, Julián (MBA ’81)...... 54 Martínez, Marta (PADE ’05)...... 8 Simões de Almeida, Rodrigo Curiel, Álvaro (PDG ’14)...... 34 Marzano, Nicola (PADE ’09)...... 54 De Jaraíz, Jaime (PDG ’11)...... 8 (PLD Barcelona ’15)...... 61 Slough, Pablo (MBA ’02)...... 52 IESE/University of Navarra Delgado, Ángeles (PDD ’94)...... 8 Miralles, Santiago (PDG ’02)...... 34 Suárez-Cantón, Nicolás (MBA ’95)...... 54 Alumni Magazine Díez-Hochleitner, Eduardo Morales, Álvaro (MBA ’92)...... 52 Vizcayno, Federico (PDG ’10)...... 54 Avda. Pearson, 21. 08034 Barcelona (MBA ’82)...... 54 Muñoz, Javier (MBA ’03)...... 8 Von Boeselager, Georg Tel: 93 253 42 00 • Fax: 93 253 43 43 Duro, Miguel (EMBA ’10)...... 49 Navarro, Marcela (AMP ’09)...... 33 (AMP Munich ’08)...... 24 Cno. del Cerro del Águila, 3 Fernández, Socorro (PADE ’11)...... 54 Olavarría, Lionel (MBA ’75)...... 52 Wong, Sunny (GCPC ’15)...... 61 Ctra. de Castilla, km 5, 180. 28023 Madrid Tel: 91 211 30 00 • Fax: 91 357 29 13 Numbers refer to the first page of the article in which the alumnus appears. www.ee-iese.com

4 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE 20150826-pg-anuncio-alianza-pacifico-ing-jmf.pdf 1 28/08/15 10:43

C M 5 Y

CMY

K E D I T O R I A L THINKING ABOUT THE FUTURE

ANTONIO any years ago, when I came to work at IESE as a very ARGANDOÑA young man, our first director, Professor Antonio Vale- Editor of Alumni Magazine ro, gave business leaders some clues about how to think [email protected] about the future. He used to say that we know a lot about the immediate future, the future of next week. We know Mless 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 leaders 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 tomorrow 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.

6 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE Av Deals Finanzas Corporativas Bci rev IESE 21x29,7 ingles.pdf 1 02-09-15 16:33

C M 7 Y

CMY

K C O V E R S T O R Y MANAGERS IN THE DIGITAL AGE

8 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE MANAGERS IN THE DIGITAL AGE

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.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 9 C O V E R S T O R Y

he digitalization of all areas of human life only come if we know how to integrate technology in order is progressing very quickly, producing to achieve real competitive advantages.” more and more information and increasing the degree of connectivity. For exam- THE TRAITS OF THE DIGITAL MANAGER ple, experts say that in 2020 more than 40 Today’s managers have to transform not only their percent of the digital content in the world l basic approach to work, but also their personal traits, willT be linked to the cloud, and therefore interconnected. leadership style and ways of learning. They have to adapt In terms of business and society, the impact of this new to a different mindset, which results in the emergence of era is still difficult to predict in many areas. But, with care- the digital manager. ful handling, it can improve efficiency and productivity In the article “Three trends that will change how you and generate limitless business opportunities. manage,” published in the IESE Insight magazine, profes- Professor Javier Zamora says that the Internet of things, sors Bruno Cassiman and Fabrizio Ferraro point out big data and 3D printing “are some examples of the digital that managers face a terrain that is uncertain but rich in density in which we live. In this new era, everyone can be opportunities: “Technological change has forced com- a consumer and a producer of value. This presents many panies to completely reconsider their strategies. It has opportunities for companies and for the society at large.” favored the emergence of many competitors and allowed The fundamental change in companies occurred with the convergence of different communities that have an im- the arrival of the Internet. According to Josep Valor, pact in the creation and capture of value. In this context, “With its emergence, the potential impact of ICTs on com- managers have to stay on top of the changing rules of the panies is greater. It affects business models and the organi- game. They should also take advantage of the lower cost zation of work,” he says. “Today almost everyone interacts of experimentation; they can test new directions without using digital tools. When technology affects society in a the fear of mistakes.” With the explosion of technology, significant way, business is affected. Both our objectives new needs arise. According to Professor Evgeny Káganer, and our ways of organizing ourselves change. Success will technology today is “affordable and available, which brings

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

10 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE about a new situation: individuals can acquire latest-gen- tion or an industry. It’s a dimension that is present in the eration devices and systems that businesses have not yet entire value chain,” says Professor Zamora. had a chance to implement. This means that sometimes “Digital strategy takes on more and more importance young customers and employees have expectations that in the overall strategy of the company,” states Professor companies cannot meet.” Sandra Sieber. “It’s no longer enough to just have some- In this context, the role of the digital leader is to “turn one in the organization that understands technology. these changes into business opportunities,” says Professor Managers themselves need to have their own knowledge Káganer. To that end, the digital manager has to know how of technology in order to create value propositions. Lead- to “identify new possibilities and foster an environment in ers, therefore, will have to promote three kinds of change: a which experimenting and learning is the norm. In the fu- more open and creative personal approach, a more flexible ture, all businesses will combine online and offline modes, leadership style and the development of new structures so companies have to begin thinking about what they can and processes. That’s why it’s important to devote time offer in a world in which the physical and the digital are to understanding what’s happening and to experiment.” permanently intertwined.” According to IESE dean and professor Jordi Canals, NEW TECHNOLOGIES FOR LEARNING “Technology is bringing new benefits, but the idea isn’t to HOW TO MANAGE BETTER make everything digital, but rather to develop new ways to If managers are going through a metamorphosis with serve clients. In the end, we’ll have a lot of hybrid models l the emergence of the digital era, schools and univer- and each organization will have to discover which model sities should be one step ahead in order to respond to new works best for the customer.” needs around the globe. Offerings and methods have to Beyond the business model, these changes affect all become more flexible, innovative and personalized. areas of the company: “The digital manager has to under- “IESE is not going to become an online school, basing stand the social changes that bring about the appearance its offerings on MOOCs or other kinds of digital courses,” of new technological actors. The digital aspect isn’t a func- clarifies Dean Canals. “It’s about being aware of what’s

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 11 happening around us in order to adopt innovations that The traits of the complement and strengthen the way that students tradi- tionally learn at IESE – that is, through personal contact.” digital manager “Face-to-face discussion is important, but we can im- IESE professors Evgeny Káganer, Javier Zamora prove the experience of our students with new method- and Sandra Sieber suggest there are five key skills ologies. And that’s what IESE is doing. We see examples of the 21st-century leader: in which online learning allows you to do things that you might not be able to do in the classroom,” says Professor 1. Provides vision, but shares power. Establishes Káganer. the direction of the company and simultaneously According to Giuseppe Auricchio, director of IESE’s makes room for employee initiatives. Learning Innovation Unit, technology today is revolution- 2. Shares power, but defines options. Influences izing whole industries. For example, the distribution indus- his or her team by presenting a range of viable try has reinvented itself with an omni-channel model. “If options to make decisions. we can transform management education into omni-learning, we will be able to enrich current experiences and create 3. Is prudent but disruptive. The leader has to new ones,” he asserts. Omni-learning goes beyond merely be the bridge between the old and the new. The combining online and offline education. It should readily old makes it easier to face uncertainty; the new integrate continuous education in managers’ daily activ- guarantees the future. ities, in any place and at any time and from most devices, 4. Relies on data but trusts intuition. It’s and ensure quality learning. Having easy access to person- essential to interpret data to be able to imagine alized performance data can increase students’ motivation. what will come. Being able to offer this kind of learning experience is a huge challenge, but it brings obvious benefits. 5. Is skeptical but open-minded. Trial and error Marta Martínez (PADE ’05) president of IBM Spain, is the basic method for understanding what Portugal, Greece and Israel, says that one of the main ad- technology will allow us to do. vantages of educational technology is “the elimination of barriers of time and space. In other words, we can access

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

information at any time and from any place. In addition, very selective with education and information. We have to technology allows us to adapt our education to our own choose things that contribute a clear value.” She adds that schedules. We can stop when necessary and return when online learning “increases choice and allows us to tailor it’s most convenient.” our education to whatever we specifically need.” Jaime de Jaraíz (PDG ’11), chairman of LG Spain, also At the same time, learning outside of the classroom de- highlights flexibility as one of the main advantages of on- mands a greater effort to hold students’ attention. Profes- line learning. He notes that thanks to this approach, it’s sor Alejandro Lago reminds us that the attention span for possible “to combine work with learning, because it adapts a single topic in a video or online information exchange is perfectly to the availability and needs of managers.” no more than three or four minutes. He raises the ques- Possible innovations go even beyond overcoming con- tion: “To what extent does online learning require us to straints of time and space: “It won’t always be about im- use instant, short-lived formats that are necessarily more proving online sessions. Sometimes the improvements superficial? Each objective will require a different techno- will involve introducing advances in the classroom. For logical focus, so it’s important to match the format to the example we already have sessions in which we use smart- objective.” phone applications that enable students to interact live Professor Weber also weighs in on this issue: “We need with the professor’s presentation,” added Auricchio. to adapt the content to the media; it would be a mistake to The quantity of content available on the Internet facil- simply try to translate it. Part of the challenge of adapting itates access to education, but according to Eric Weber, to the use of new technologies is to understand which tech- associate dean and professor of IESE, the selection of nology helps us to do what.” Professor Lago concludes, content and the order and methods through which they “New technologies force us to devise more efficient teach- are taught are key to high-quality education: “Learning is ing methods. And they make us think about what adds val- a path, a journey. It’s not just a matter of consuming spe- ue, online and offline.” cific content. For that reason, much of our added value is based on our ability to design the best possible curriculum VERY REAL VIRTUAL EXPERIENCES to meet a specific objective.” In order to offer cutting-edge management education, Ángeles Delgado (PDD ’94), managing director of Fu- l for a number of years IESE has used innovative meth- jitsu in Spain and Portugal, agrees. She says, “We have to be ods and online learning initiatives in a range of programs.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 13 C O V E R S T O R Y

“IESE has adapted very well to the new digital era. We see the proof in programs such as the Global Executive MBA, Online sessions which was a pioneer in combining residential and online at a glance modules,” states Steven Hickson (GEMBA ’02), CFO of Intellimedix and member of the board of the Southern At- IESE’s online sessions are included in lantic Regional Alumni Club in the US. the curriculum of some programs. These “New technologies play an important role in manage- 90-minute events are taught through the ment education. Although face-to-face contact can never Webex platform and are synchronous; in be replaced, technology acts as a supplement. It allows ex- other words, participants connect from their ecutives who cannot attend a campus to receive first-rate computers anywhere in the world in real education. It also makes it possible to work in a way that time. In order to guarantee the quality of the is very similar to the way a lot of global teams work and experience, a maximum of 50 participants is communicate today,” suggests Hickson. permitted in each session. The method of hybrid learning, in which remote ses- The content and pace of each session is sions complement contact in the classroom, is also adopt- especially designed for each program so that it ed in programs such as the AMP, the Global CEO Program fits seamlessly with the rest of the course. or the Custom Programs, which are made to measure for companies. “Year by year we refine our course designs. On the Webex platform, participants find a This involves reflecting on the learning experience and on work area divided into different spaces: video how we can take better advantage of technological tools,” and audio, a public chat, a participant list and says Auricchio. “In what we call ‘hybrid’ or ‘blended’ learn- access to slides and other materials. ing, we find the best solution for each specific situation.” The professor teaches materials as outlined in Roberto Macció, director of custom programs at the the syllabus and participants follow lectures Madrid campus, explains that the school is designing via video and audio on their computers. mixed programs. “The idea is to create custom programs in which we integrate multiple channels and methods into LONG-DISTANCE INTERACTION a unified itinerary that encourages learning. For example, Throughout the sessions, participation and we’ll include synchronous online sessions (online learning interaction are encouraged. At any time, a in real time), asynchronous online modules (in which the participant can ask to speak or can contribute participant decides when to log on), face-to-face sessions to the parallel public chat. Students can in the classroom, and action learning with the support of communicate with each other and ask the individual mentoring. In this way, thanks to technological 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.

14 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE advances, participants will be connected from beginning NEW DIGITAL OPTIONS TO FOSTER ALUMNI to end with a flexible and innovative program,” states CONTINUOUS EDUCATION Macció. When it comes to offering continuous education to In the same vein, some Focused Programs also employ l alumni, the Alumni Association pays close attention a hybrid methodology. In 2016, “Translating Creativity to new technologies. IESE’s alumni community consists and Innovation into Results” and “Strategic Human Re- of 45,000 business leaders in 117 countries. According to lations Management: People, Growth and Results” will Javier Muñoz (MBA ’03), IESE director of Alumni and In- include synchronous and asynchronous online activities stitutional Development, these alumni are “increasingly before and after the in-person sessions. Nonetheless, face- digital. They value mobility highly and every day they are to-face classroom time will remain the key in the learning more adapted to the world of technology. It’s essential that process, with faculty leading discussions on cases involv- they have access to all of IESE’s knowledge through tech- ing complex issues. Online activities will expand learning nological means.” and allow participants to share reflections with their peers The Continuous Education Program, with 247 sessions and apply the learning to challenges in their workplace. yearly, is IESE’s principal approach to ensuring the on- IESE is also adopting two other digital formats, which going education of IESE alumni. Currently, 25 percent of will allow the school to reach more and more people these sessions are digital, in the form either of live stream- around the world. On the one hand, IESE professors offer ing lectures or prerecorded e-conferences. “One of our three MOOCs (Massive Open Online Courses) through main goals is to reach 50 percent digitalization in the next Coursera, one of the most globally recognized platforms few years,” says Muñoz. providing universal free access to quality education. “The online content that the Alumni Association already On the other hand, IESE offers a portfolio of 24 webi- offers is fantastic. Our education didn’t end when we gradu- nars per year available to any user. These free programs ated and the online content makes it possible for us to keep are based on specialized content and delivered in Span- improving and stay in touch with each other and with the ish and English. The IESE webinars allow participation school,” says Hickson. of up to 3,000 people simultaneously through the Webex “As well as increasing the number of streamed ses- application. Run by a moderator, the webinars include a sions,” adds Muñoz, “next year we expect to expand the 30-minute session with an IESE professor and a 15-minute range of online content for our members. For one thing, period for questions from participants. Those interested we will be launching the Leading Edge Management in participating in a webinar may review the schedule and Courses. Each course will consist of three modules, with register at www.iese.edu/webinars. In addition, on the face-to-face sessions that will be available online. Some same webpage you can find a selection of webinars that will include complementary materials, videos, discussion have already taken place. forums or exercises for participants.”

Learn more: 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

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 15 I D E A S REFLECTIONS ON GOOD CORPORATE GOVERNANCE THE BOARD AND I

CARLOS GARCÍA PONT ur society has be- that it gives the impression that this Professor come a culture of can be achieved with transparency, of Marketing, IESE blame. For obvious trust and the separation of functions. reasons, we tend Success, value and competitiveness to seek a “culprit” are achieved through good manage- When something goes for every mishap, ment, and the mission of the board is and companies to contribute to proper management. wrong in a company, we are no different; Transparency achieves… transparen- tend to point the finger undesired outcomes invariably result cy. But transparency doesn’t neces- Oin finger-pointing. sarily imply good management. at the board of directors. Not so long ago, when an invest- Good management involves hav- Beyond codes of good ment failed, investors would assume ing good business ideas and creating governance, what can the responsibility. Over time, we value with them. It means deploying came to blame the company’s audi- these ideas effectively and efficiently, help boards to function tors for not warning us about what thus fulfilling obligations to all stake- better is the honesty of its might happen, even when this isn’t holders. their job. More recently, and in the The problem with codes of good members. absence of anyone else to blame, governance is that sometimes we take we have begun pointing a finger at compliance with a code for good gov- the board of directors. Now, the ernance, and they are not necessarily first thing we hear is, “Who took the the same. Beyond the codes, there are money?” as if business in itself did other principles that are worth re- not involve any risk. membering, even if they may be obvi- Codes of good corporate gover- ous: the independence and honesty of nance have been developed, both board members. in Spain and in other countries, to It is not easy to define what makes reflect the duties and obligations of a board member independent. It’s board members. According to Spain’s true that if compensation for board Unified Code of Good Governance for membership is a significant part of Listed Companies (latest edition, Feb- the member’s income, he or she will ruary 2015), the goal of these codes is tend not to be independent. Rather, “to ensure the proper functioning of the member will tend to align him or the organs of governance and admin- herself with whomever has the most istration of Spanish companies in or- power in appointing board members. der to lead them to the highest levels Likewise, a member who is in the of competitiveness; generate trust “network” of board members will and transparency for shareholders also have little independence. Fac- and investors […]; improve internal tors such as these can help “measure” regulation and corporate responsi- a member’s degree of independence, bility […]; and ensure the adequate but they remain mere approxima- separation of functions, duties and tions. What makes a board member responsibilities…” really independent is honesty. We I couldn’t agree more with the set “objective” standards to be able general objective: leading Spanish to tell if we’re honest or not, but we (or other) companies to the highest forget that the rules are only a means BUSINESS ETHICS • BOARD OF DIRECTORS • levels of competitiveness. My prob- to an end. They are not ends in them- CODE OF GOOD GOVERNANCE lem with the rest of the paragraph is selves.

16 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE Respecting 8 others

1 Being honest

7 Learning

2 Clear reasoning Handing over the 6 reins

3 Listening

5 Having one’s own opinions Working 4 together

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 17 I D E A S

What we really want are honest useful rule of thumb is to begin the A BOARD board members. That is, people who response with a clarifying question; are faithful to the responsibility that this way you can be sure that you have MEMBER NEEDS our system charges them with. This understood the true meaning of a col- TO ADVANCE responsibility consists of protecting league’s remark. the interests of society in a company; 4 A change of opinion is not a THE INTERESTS society is represented by sharehold- weakness. No one arrives at a board ers, employees, customers, suppliers meeting in possession of the absolute OF ALL and the community at large. A board truth. The goal is to work together to member needs to advance the inter- decide what is best for the commu- STAKEHOLDERS, ests of all stakeholders, regardless of nity. This means exchanging ideas who proposed his or her membership and having permission to change our REGARDLESS OF on the board. And that’s why we need minds. Changing an opinion doesn’t honest people. mean losing face. Other members also WHO PROPOSED A board needs competent people have valid opinions that don’t neces- with values. People with a broad view sarily coincide with the first ideas they HIS OR HER of the world, who join a board to work expressed. It’s not about being right, hard and not merely to waste every- but rather about expressing ideas and MEMBERSHIP body’s time. And, of course, people developing them together. without conflicts of interest. It helps 5 Don’t be fickle. While flexibility ON THE BOARD. if they know something about the in- is a virtue, “flip-flopping” in order to dustry and the company, but they can keep one’s views aligned with those THAT’S WHY WE acquire this knowledge over time. of the person in power is not. Nor is With all this in mind, I would like suddenly reversing a position so that NEED HONEST to propose some standards of per- it coincides with the winning idea. Be- sonal conduct that boards of directors ing independent means having one’s PEOPLE. should keep in mind: own opinions. 1 Acknowledge your limitations. 6 You don’t have to have an opin- Being honest includes admitting our ion about everything. There is no ignorance. A board member isn’t need to dominate the meeting. There necessarily qualified to give an opin- is no reason to pontificate about all ion on every subject. On the board of the agenda items. Other members directors, we need a range of voices, might have better-formed opinions; representing different knowledge it’s a good idea to hand the reins to and skill sets. Admitting that we whomever is best suited to take them. aren’t qualified to give an opinion is 7 Learn. If a person is serving on a a valid option. board of directors, one would hope 2 Share anecdotes only when es- that it’s because he or she is quali- sential. All too often we hear “When fied for the position. Therefore, the I…” as an opening, and this sometimes views of a board member are always hides insecurity in expressing an opin- relevant. It’s important to learn from ion. As the saying goes, comparisons colleagues on the board, discover how are odious, and two sets of circum- they think, and maintain that curios- stances are never identical. That’s ity that keeps our minds open and, why clear reasoning is preferable to above all, allows us to listen. comparisons – although sometimes 8 Respect other board members. we can use comparisons effectively If you don’t, you won’t realize when to help get our point across. they’re making valuable contribu- 3 Listen. Board meetings are often tions. plagued with interruptions and a No, my intention wasn’t to reach lack of attention. Every member has the magic ten; eight is enough. Nor to be able to express an opinion and was I setting out to solve this complex be heard by the others. But listening problem in a single article. I simply doesn’t always imply understanding wanted to reflect on how we can use what has been said. We are all aware our individual professionalism and of how difficult it is to explain our responsibility to improve the boards thoughts on complex situations. A we serve on.

18 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE One day, RICOH imagined collaborating with the world’s best business schools. It imagined that students from these schools could access to the right information, in the right place and at the right time. It imagined an excellent service for thePUBLICIDAD future executives. That goal was achieved. 19 One day RICOH imagined change.

/ricohspain 900 818 302 I D E A S HIGHLIGHTS

United States, Investment Destination HEINRICH LIECHTENSTEIN, ALEXANDER GROH, KARSTEN LIESER AND MARKUS BIESINGER Which is the most attractive market for the United Kingdom, Canada, Singapore investment? Of all the countries ana- and Japan. These countries are all noted lyzed in the latest Venture Capital and for their favorable investment risk/re- Private Equity Country Attractiveness In- ward profile. The report is conducted dex, the United States tops the list for the annually by IESE in collaboration with sixth consecutive year. It is followed by the EMLYON Business School.

MORE INFORMATION: More Less Data not IESE Insight / Finance attractive attractive available

strategy with the business strategy. With CASE STUDY 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 Selling the about the uncertainty that this could Purchasing Strategy create among the management team, and its possible impact. How could he ESPERANZA SUÁREZ, CARLOS RODRÍGUEZ convince them that change was for the LLUESMA AND JOSÉ RAMÓN PIN best? In short, what is the right course In 2007, Microsoft was looking to of action to successfully reorganize the become more efficient, cut costs and purchasing structure? improve its performance. One of its main MORE INFORMATION: objectives was to align its purchasing www.ieseinsight.com/review/en

20 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE THIRD QUARTER 2015

• ISSUE 26 • ieseinsight.com/review RELEVANT BUSINESS KNOWLEDGE

PRICE PER EDITION €18/$25

DEEP INSIGHT INSIDE WHO’S THE BOSS? Managing in a matrix Leadership REPUTATION How social networks create competitive advantage AMADEUS CEO INTERVIEW “It’s not how much big data Development you have, it’s how you use it” MICROSOFT With Impact Challenges of organizational change

REDEFINE YOUR JOB & STEP UP AS A LEADER WHY CULTURAL COMPETENCE MATTERS & HOW YOU CAN ACQUIRE IT KEEP THE MODEL, HOW CORRUPTION CAN HOW DIGITALIZATION IS CHANGING THE WAY EXECUTIVES LEARN THE KEY TO GROWTH TAKE OVER THE FIRM TIMO SOHL AND GOVERT VROOM ANTONIO ARGANDOÑA Do you want to expand, but In his article “Las virtudes IESE Insight l aren’t sure in which direction? l en el directivo” (“Virtues in Leadership In a study recognized by the executives”), IESE Professor Academy of Management, IESE Emeritus Antonio Argandoña Development Prof. Govert Vroom and Timo shares his views on how corruption Sohl offer two main ideas. First, that can invade a company or, to put With Impact results improve when an expansion it another way, the reasons why plan follows a similar business values fail to take root at the heart Feel like your career is going model to that of the core business. of a company. In summary, the six adrift? The illuminating ideas And second, that the choice of reasons cited by Prof. Argandoña in Issue 26 of IESE Insight will business model may be more are: the way corporate management help you set a course to take decisive for results than the choice works, inertia in decision-making your leadership higher. The of sector in which the company processes, an insensitive corporate cover dossier contains three articles on how to build profes- operates, at least for the wholesale culture, behavior rationalization sional development into your and retail companies studied. The (messages like “it’s always been daily life. Herminia Ibarra 84 companies analyzed by the done that way”), the socialization recommends transforming researchers included several major process (“that’s how we work your job into a learning plat- multinationals, such as Wal-Mart, around here”) and of course, the form by consciously searching Carrefour, Amazon and 7-Eleven. predominant values of society. for and engaging in new activi- MORE INFORMATION: ties. IESE’s Yih-teen Lee and MORE INFORMATION: IESE Insight / Business Ethics Yuan Liao stress the impor- IESE Insight / Strategy and Corporate Social Responsibility tance of cultural competence as a basis for global leadership effectiveness. The head of IESE’s Learning Innovation Unit, Giuseppe Auricchio, Personal Ties, HR and IESE’s Evgeny Káganer explore how technology can and Latin America help make learning and professional development an every- ANABELLA DÁVILA AND MARTA ELVIRA day activity. Elsewhere, former Tetra Pak CEO Nick Shreiber “It’s not what you know, but who you know,” and IESE’s Mike Rosenberg especially in Latin America. The hypothesis that, in identify five keys for successfully managing a matrix this region of the world, having a close relationship organization, where managers is a determining factor in recruitment, is confirmed have overlapping responsibilities and frequently answer to by current research. Marta Elvira of IESE and two bosses. A case study on Anabella Dávila of EGADE Business School in Microsoft grapples with the organizational challenges of Mexico present an overview aligning global processes. And of HR management Tim Gallwey, author of The Inner Game of Tennis, offers in Latin America tips to quell those nagging from the point of doubts in your head when confronting new tasks. This view of personal issue is your beacon of relevant contacts. business knowledge.

TO SUBSCRIBE TO THE MAGAZINE: MORE INFORMATION: www.ieseinsight.com/review IESE Insight / Leadership and People Management

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 21 C R O S OS R OI A D S GLOBAL ALUMNI REUNION 2015 KNOWLEDGE IN EXPANSION Welcome reception at the BMW Welt exhibition space Glean insights from invited business leaders and reconnect with IESE colleagues in Munich.

Guided visit to EOS

he forthcoming IESE Global Alumni Reunion, taking place October 16-18 in Munich, will be an opportunity to reconnect and share and glean knowledge from a compelling roster of top professionals and business leaders. TAcademic directors Prof. Heinrich Liechtenstein and Prof. Marc Sachon have this year brought together an outstanding list of top professionals and business leaders for the reunion program, which is titled “Expanding

Guided visit to BMW 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-president of sales and distribution at IBM; Charles-Édouard Bouée, CEO of Roland Berger and María Garaña, Guided visit to GE vice-president of Microsoft Europe.

22 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE A panel of entrepreneurs and investors will debate “Entrepreneurial Impact,” and Paul Achleitner, chairman 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 The academic sessions will be complemented with a l range of guided visits and cultural activities. On Oc- tober 16, Global Alumni Reunion participants will be offered guided visits to several companies at the top of their Academic sessions at the ICM 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 Closing gala dinner at the Bayerischer Hof hotel. On October 18, participants will have the chance to visit the Transportation Museum and more active participants 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.

AN APP TO ENHANCE INTERACTION The new IESE mobile app features innovative

functions to facilitate interaction between Solidarity Run at the Maximiliansanlagen 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.

Visit to the Transportation Museum

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 23 C R O S OS R OI A D S

ACTIVITIES COMMENCE AT IESE CAMPUS IN GERMANY MAKING MUNICH A LAUNCH PAD FOR LEADERSHIP In a keynote speech at IESE’s Munich campus, Franz M. Haniel talked about the characteristics that will define the next generation of business leaders.

he theme of leadership ran through many companies.” IESE is the first international business school of the presentations at IESE’s new German to set up a permanent campus in Germany and activities at campus on June 29 – what it means, what the new Munich facilities will share its global scope. “It is it requires, and how the campus will help our aim to put IESE’s international network of campuses, make Munich an international hub for its knowledge and alumni at the service of companies across development. In his introductory speech, Germany,” added Canals. DeanT Jordi Canals said that the new campus would act as The event was part of an ongoing series of celebrations to “a focal point for executive development for international mark the 50th anniversary of IESE’s MBA program. As well

24 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE 2

as consolidating IESE’s presence in Germany, the new facil- morrow.” First, he believes, they should anticipate the next ities will also reinforce the international status of Munich change in their business model. It is essential, he says, to itself. This was emphasized by one of the guests of honor consciously spend time preparing for change and building at the event, Bavarian deputy prime minister Joachim a culture flexible enough to embrace it. To determine where Herrmann, who stated that the new campus will “help to change might come from, leaders should have a diverse net- strengthen Munich’s position in Germany and abroad as a work and be on the lookout for discontinuities. hub for innovation, research and technology.” Second, they should be brave enough to abandon the past. Herrmann told the 300 international business leaders, What has worked before might not in the future, according German executives and IESE alumni in attendance that the to Haniel, who urged leaders to dare to take a different ap- school had an “extraordinary history” in Germany. He urged proach. They should also, he believes, build an environment IESE to continue its tradition by “training many business of trust and cooperation. “No one heals himself by wound- leaders who will go on to push our world forward.” ing others,” he said. “When you treat people with respect you drive engagement and loyalty.” In times of adversity, WHAT IT TAKES TO BE A GREAT LEADER people who have been treated well are willing to get behind The role of business leader was expanded upon by their leaders, he added. l Franz M. Haniel, chairman of the Supervisory Board Great leaders also have a sense of responsibility, Haniel of Franz Haniel & Cie. and member of the IESE Interna- told the audience, and should act responsibly and ethically. tional Advisory Board, who delivered a keynote speech ti- “Not doing anything wrong is not enough – take responsi- tled “Leadership for Tomorrow’s World.” “Great leaders,” bility for the impact your business has on society,” he said. according to Haniel, are characterized by their competence, Leaders should also understand what motivates and em- character and empathy. “They don’t extrapolate, they antic- powers individual employees, said Haniel. Finally, he urged ipate; they are courageous enough to abandon a successful leaders to “Follow the three As: anticipate, adapt and act.” practice if necessary; they accept their social responsibility; Navigating uncertainty and responding to change with agil- build a culture of trust and cooperation and empower oth- ity is key to competitive advantage, he said, and underlined ers,” he said. In Haniel’s opinion, there are six key charac- that it was essential to empower workforces to respond teristics or behaviors that will define the “great leaders of to- 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.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 25 C R O S OS R OI A D S

AN INFLUENTIAL PRESENCE IN GERMANY

2005 2011 2015 2016

LAUNCH OF LAUNCH OF THE ACTIVITIES COMMENCE THE WORLD THE ADVANCED PROGRAM FOR AT THE NEW EXECUTIVE MBA MANAGEMENT MANAGEMENT CAMPUS PROGRAM STARTS PROGRAM MUNICH DEVELOPMENT MUNICH WITH A MODULE IN MUNICH EVERY YEAR, THE MBA PROGRAM HAS Switzerland MORE THAN… Germany 50 350 670 GERMAN IESE FACULTY STUDENTS INCLUDES… 1,100 ALUMNI 15 Austria 10 GERMAN 80 ANNUAL ALUMNI PROFESSORS ACTIVITIES

A PERMANENT BASE OFFERING SERVICES TO COMPANIES IESE has built a strong base in Germany over the (AMP) and the Program for Management Development last decade, providing custom programs and other (PMD). A module of the World Executive MBA will also executive education programs for companies including be held on the German campus. The new facilities will Allianz, BASF, Berterslmann, BMW, Deutsche Bank, have two research centers: one for family business EADS, Haniel Group, Henkel, MAN, Opel, Phoenix and and the other studying manufacturing and innovation. Volkswagen. Having a permanent Munich campus With over 50 German MBA students each year and over will allow the school to improve the service that the 1,000 German alumni, IESE’s connection to the country school offers to the the German and Central European continues to grow. “This new campus here in Munich markets, consolidating the current program porfolio, is just the beginning,” said Dean Jordi Canals at the which includes the Advanced Management Program ceremony.

The new Munich campus facilities are located near the Bavarian parliament. Renowned architect André Behncke was behind the redesign of the building.

26 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE ‘Leading innovation to achieve better solutions’ PUBLICIDAD

Since 1986, Venair27 Group endeavours to maintain the maximum quality and efficiencyin its products. Today, we continue to invest in our values, committed to social and economic development of our environment.

From Venair, we keep driving innovation as the incentive for change in order to achieve technological solutions adapted to the needs of our customers, in areas:

BIOTECH FOODPHARM INDUSTRIAL

www.venair.com C R O S OS R OI A D S

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

HARVARD-IESE COMMITTEE LEADERS’ KEY COMPETENCIES FOR 2025 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?

ly m n Me s o mber arvard Business School (HBS) profes- INTERNATIONAL COMPETITIVENESS sors, who came to Barcelona for the According to HBS professor Vietor, CEOs will in- Harvard-IESE Committee meeting, l creasingly need to compete abroad. They will need along with IESE professors, described to prioritize foreign investment, outsourcing, delocaliza- the profile of the sort of CEO that will tion, management of multiple subsidiaries, tax variation be leading companies in 2025. and currency exposure. This will prepare them to handle HUnder the IESE Continuous Education Program, the events such as the rise of the dollar and decline of the euro distinguished panel included HBS professors W. Carl currently impacting global trade. Kester and Richard H. K. Vietor along with IESE’s Pan- Vietor called for the CEOs of the future to be more in- kaj Ghemawat, Pedro Nueno and Associate Dean Eric volved in domestic and global government policy-making. Weber. “CEOs have a role to play in regulating labor, monetary For the panelists, globalization is set to dominate the policy and other issues,” he said. “They not only need to business landscape well into the future. Business will understand these things, but participate in defining them. continue to internationalize, and cross-cultural issues, Any CEO worth his or her salt will be proactively involved corporate governance, social responsibility and risk will in this.” remain of prime importance, as will how to address aging For HBS professor Kester, tomorrow’s CEOs need to populations, among other things. But the panelists also have a “heightened focus on global risk management.” He identified a number of consequent developments that are warned that CEOs will have to address risk directly and likely to affect the shape of the future significantly. avoid “delegating it to unit heads.”

28 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE THE DIGITAL CHALLENGE 1 Prioritize cultural sensitivity. “Leaders should Considering that Facebook and Twitter were un- make an effort to understand the cultures they operate l known only 10 years ago, IESE professor Ghemawat within, which is easier to achieve when you work with hu- believes that the changes from the impact of digital disrup- mility and respect for others”, says Prof. Nueno. tion on the next decade are almost impossible to predict, 2 Build relationships with regulators. CEOs need to and that “the upkeep of knowledge and skills is imperative participate in the policy-making process, says Prof. Vietor. for business.” 3 Understand digital. CEOs need to keep up with IESE professor Nueno agreed, and pondered how busi- advances in digitalization and understand how younger ness will feel the impact of the impending “5G scenario.” generations of digital natives interact with the world. This challenge may not affect the digital natives to a great 4 Invest in knowledge and skills.The workforce’s extent, but it will likely have significant ramifications for skills and knowledge must not be allowed to become an aging workforce. “We have an aging population and no obsolete and innovation among employees should be means to support increasing costs of pensions and health- rewarded. care,” said Nueno, adding that “a new challenge for business 5 Articulate your values. Be clear about your corpo- leaders 10 years from now will be how to manage their older rate values – not just with customers, but also with em- employees. How will we help people of 85 find a job?” ployees. Millennials have a keen sense of their social con- tract as business practitioners, and the C-Suite will need SIX PRIORITIES FOR THE CEO OF 2025 to embrace this. IESE Associate Dean Eric Weber moderated the ses- 6 Get to grips with energy. Energy is “a big deal,” ac- l sion, which took place on June 9. He asked what com- cording to Prof. Vietor. In dealings with government and petencies tomorrow’s CEO will need to develop today, and regulators, leaders will need to prioritize externalities the panelists highlighted six key areas of action: such as climate change.

HARVARD-IESE COMMITTEE The Harvard-IESE Committee was formed over 50 years terms of strategic initiatives, joint programs and many ago with the first meeting held in Boston in 1963. The other projects. “There’s a tremendous cross-fertilization Committee helped to launch the IESE MBA, the first two- of ideas,” Professor Kester said. This year its meeting year MBA program in Europe. Since then this alliance took place on June 8 in Barcelona and on June 9 some between the two schools has provided a forum to ex- of its members shared their views with IESE alumni in a change ideas, share experiences, discuss common prob- session of the Continuous Education Program. lems, offer new perspectives and facilitate collaboration MORE INFORMATION: and mutual learning. It offers invaluable support in 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.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 29 C R O S OS R OI A D S

THE INTERNATIONAL FACULTY PROGRAM SPREADS IESE’S KNOWLEDGE GLOBALLY Multiplier Effect: Developing Professors From Around the World

“The main challenge of the Inter- l national Faculty Program (IFP) is to improve the academic training of the participants. We want them to be not only excellent professors capable 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 professor should also be at the frontier of knowledge and try to push that frontier forward through his or her own Professor Juan Carlos Vázquez-Dodero, IFP faculty member (left). research.” The 24th session of the IFP, with 21 participants from 11 countries, took place for three weeks in June. The Wanjagi noted, “Before coming to such as Lagos Business School – Pan IESE faculty, composed of Prof.Ariño , the IFP program, I had taught several African University. The professors Prof. Juan Carlos Vázquez-Dodero, classes using the case method, but I benefited from exchanging ideas with Prof. Luis Palencia and Prof. Mireia was aware that I wasn’t maximizing their peers from around the world, Las Heras, presented 11 modules on its potential. I talked about it with my including Bulgaria, Croatia, Spain, methods in management education. department chair, and he suggested Ghana, Ireland, Italy, Kenya, Latvia, They also trained participants in the that I participate in the IFP. Now that Nigeria, Pakistan and Peru. case method, the preparation of new I have completed Since 1991, IESE’s business cases and curricular devel- the program, I can IFP has trained opment. see that I was right: more than 500 pro- One of this year’s students is James my method was in- “The program fessors from 70 Wanjagi, class president and profes- sufficient. The pro- has completely countries in Africa, sor at Strathmore Business School gram has complete- changed the way Asia, Europe and of Kenya. Wanjagi stated that “this ly changed the way I teach cases” Latin America. IFP program emphasizes two key con- I teach cases… and alumni teach and cepts: accuracy and relevance. Both even how I interact perform research concepts are important not only for with students.” in more than 200 research and teaching, but also for In addition to Strathmore, other business schools, economics depart- solid faculty development. The ap- institutions represented at IFP 2015 ments, and other educational insti- proach allows professors from all were Riga Business School, Zagreb tutions. For this reason, the program over the world to understand teach- School of Economics and Manage- has a recognized “multiplier effect” ing competencies better, and this has ment, Ghana Institute of Manage- in terms of disseminating IESE’s implications for improving the quality ment and Public Administration, and knowledge and expertise around the of teaching.” other schools associated with IESE, world.

30 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE In the current www.ieseinsight.com/review

Leadership Redeﬁ ne Your Job & Step Up as a Leader Why Cultural Development Competence Matters PUBLICIDAD& How You Can Acquire It With Impact How Digitalization Is Changing the Way 31 Executives Learn

Plus... Luis Maroto, • Who’s the boss? Managing in a matrix President & CEO, Amadeus IT Group • How social networks create competitive advantage “It’s not how much • Microsoft: Challenges big data you have, of organizational change • The inner game: it’s how you use it.” Tips to conquer self-doubt

FREE access with your Alumni Association user name and password!

Avance Contenidos 26 Alumni_ENG.indd 1 21/9/15 15:47 CAREER ADVISORS GAIN A NEW PERSPECTIVE TO YOUR CAREER DECISIONS

Germany, Austria and Switzerland

Lars Maydell English and German

20+ years experience with PUBLICIDADC-Suite members, business owners, senior partners and start-up entrepreneurs. 8+ years in executive search and board consulting with Egon Zehnder International. 32 Lars is one of the Career Advisors guiding IESE Alumni across the globe.

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

Alfredo Millá AMP Munich ‘14

CEO of Sonneil Homes

“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.”

Alumni 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.

What is the most important thing gram, held on IESE’s Barcelona cam- l that board members need to pus from June 29 to July 2. Launched in THE PARTICIPANTS’ learn? According to Prof. Krishna G. cooperation with HBS in 2014, the pro- EXPERIENCE Palepu, Ross Graham Walker Profes- gram focuses on improving boardroom sor of Business Administration at Har- effectiveness. It covers the design, role Marcela Navarro vard Business School (HBS), it is to ask and monitoring of boards, and delivers (AMP ’09) the right questions. actionable insight into how partici- HEAD OF CUSTOMER INNOVATION, “Board members need to be inquis- pants can enhance the value of their CORPORATE BANKING DIVISION; itive,” he explained. “It’s management contributions as board members. THE ROYAL BANK OF SCOTLAND who have the expertise and knowledge Palepu describes boards as being “The key take-home from the to come up with strategy details. But like symphony orchestras: “Each in- program for me, as the chair board members can bring to bear a lot strument contributes its own sound, of a board, is how to make of wisdom and a detached perspective but at the end of the day there’s only sure you get the best out of to debate management’s ideas and ask a single piece of music.” A similar the board members. You get questions to shape them. By asking strength-through-diversity philosophy the right knowledge, you get the direct approach, you get the right questions, board members applies to the faculty leading the pro- engagement and learning. As a can prompt management to search for gram. “There are universal elements board member, one of the key the right answers and challenge them in corporate governance but the details things was simply learning from to think deeply about the answers that are different in Europe and the US,” he my peers and colleagues in the they’re giving.” said. “The expertise of IESE and Har- class: what kind of questions Prof. Palepu was one of the faculty vard is complementary, so as we work they ask, how they operate. It members who led the 2015 Value Cre- together we are able to offer a more was really inspiring.” ation Through Effective Boards pro- global perspective,” he explained.

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.”

MORE INFORMATION: http://www.iese.edu/boards HBS professor Krishna G. Palepu in a session of the Value Creation Through Effective Boards program.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 33 C R O S OS R OI A D S

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

For an entrepreneur, funding l 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 financial boost. The support totalled €5 million, €2.3 million of which was from investors in the school’s Business Angels Network, and the rest came 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 from either venture capital funds, (www.geenapp.com), Santiago Miralles (PDG ’02, www.knoxmediahub.com), Sharif Jano institutional investors or other pri- (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 vate investors. (www.passnfly.com), Jorge Oriol (MBA ’89 and PDG ’98) (www.talentclue.com) and Octavi Uyà On July 8, representatives of (www.nautal.com). First row: Ana Izquierdo (www.talentclue.com), Jaime Ferré (www.geenapp.com) and Francisco Garriga (www.uvinum.com) 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. 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 MORE INFORMATION: (www.globalalumni.org), Carlos Ruiz (www.lemoustacheclub.com), Gustavo García Brusilovsky www.iese.edu/businessangels (PDG ’05, www.klikin.com) and César Mariel (www.iristrace.com).

SEVEN NEW PROJECTS PRESENTED Finaves Technology of Young Divests from Companies at Tech Fair Gerium

lThe IESE investment funds Finaves On July 7, the IESE seed capital Tagging, Pharmacelera, Smards and III and Finaves IV have finalized l center (Finaves) and ACCIÓ usMIMA. the sale of their stake in the Israeli hosted a new Tech Fair sponsored The event included a round- company Gerium, founded by MBA ’12 by Across Legal. This entrepreneur- table discussion on the key aspects alumni Moshe Gerber and Eyal Gerber. ial technology fair presented seven of crowdfunding, moderated by Finaves III and Finaves IV supported projects seeking funding, collabo- Prof. Alberto Fernández Terri- the launch of the project in 2012, and ration or synergies with investors cabras, director of Finaves. The with this transaction have allowed the or members of IESE: SM Genom- next Tech Fair, held twice annually, distributor Mennen Medical to enter ics, Silversafe, Genomcore, Visual will take place in November. Gerium.

34 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE A module of the Global CEO Program for China took place at IESE’s Barcelona campus May 17 to 22.

GLOBAL CEO PROGRAM FOR CHINA Chinese Companies Redefine Their International Strategies

At least three generations. of her priorities is ensuring that ticipant. His company, which sells l That’s how long Liza Li, chair- more of the vineyard’s production packaging machines, is in a transi- woman of Xinjiang Yi’er High-Tech- will be organic. “Organic shouldn’t tion period, as it shifts its focus to nique Agriculture, needs to create a be synonymous with luxury. Organ- high-end products and becomes thriving family wine business. “My ic means safe and healthy. That’s increasingly internationalized. He role is to grow the vines. My chil- the spirit of organic food and it’s enrolled in the program in order to dren develop the technology and my the only way we can learn how to face grandchildren will, I hope, grow the boost consumer these new challeng- brand. After these three generations confidence.” “Introducing es. “We have facto- we want to be able to say that our Intended for Chi- our products ries worldwide, and company has been successful,” she nese executives, that creates major says. The vineyard, with nearly two the Global CEO in developed management issues, thousand hectares in cultivation, Program for China countries is not especially in Human has a long road ahead, says Liza Li. offers participants easy for us” Resources. Also, we She sees in the Global CEO Program an experience of in- are introducing our for China the opportunity to acquire ternational learning products in devel- the skills and knowledge necessary to through modules at Harvard Busi- oped countries. That’s not easy for operate in a globalized world. “This ness School, IESE and the China Eu- us, even though we’re one of the most program, held in three different rope International Business School, international Chinese companies,” countries, is teaching me a lot about in Barcelona, Boston and Shanghai, he explained. developed economies, which have respectively. At the same time, as China’s econ- very advanced management tech- omy slows down, the experiences of niques. The concept of leadership is SELLING MACHINERY Europe and the US can be instruc- also different in the West.” TO THE WORLD tive. “I’m interested in learning how In addition to providing her com- Olivier Li, president and gener- to help a company grow even when pany with a global vision of manage- l al manager of J.S. Corrugating the economy goes down,” concluded ment and wine production, another Machinery, is another program par- Olivier Li.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 35 C R O S OS R OI A D S 19TH FOOD & BEVERAGE INDUSTRY MEETING FOOD AND BEVERAGE CONSUMPTION: A TEN-YEAR PERSPECTIVE ON CHANGE

hile consumer preferences and cooks for several others; and the idea of consumer choic- shopping habits in the food in- es as a tool to influence brands and company policies. dustry continue to change, there is a growing need to identify MILLENNIALS the products and formats that Many of these changes will occur due to the influence will be important in the future. l of the millennial generation, comprising digital na- WIn response to this issue, the 19th Food & Beverage In- tives whose consumption habits, according to Professor dustry Meeting organized by IESE and Deloitte offered Iñigo Gallo, differ from those of their parents in five key a ten-year perspective for the food production and dis- ways: they are less loyal to shops and brands; they buy tribution industry, under the banner, “The Road to 2025 fewer items but more frequently; they do more research and Beyond.” to find what they are looking for; they put less planning Daphne Kasriel-Alexander, a consumption trends into their shopping; and they eat out more. consultant at Euromonitor, talked about some of the global consumption trends that will set the tone for the A NEW PATHWAY TO THE CONSUMER next few years, including increased convenience shop- For distribution, the biggest challenge will be to “re- ping, which focuses on ease and flexibility; the rise of om- l think the pathway towards the consumer,” according ni-channel distribution; the growing phenomenon of the to Professor Sandra Sieber. The propagation of connec- collaborative economy, where, for example, one person 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

36 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE the ensuing increase in so-called digital density, are al- nology will allow us to optimize the nutritional value of ready leading to new distribution models. One example the food we eat. Another trend will be the development is the “direct to consumer” model, whether online (via of new, more efficient varieties of raw feedstocks such as market places such as Amazon and Alibaba) or offline tritordeum, a hybrid cereal developed in Spain that is de- (some brands have already opened their own concept rived from a cross between durum wheat and wild barley. stores in key locations). Other models are revolutioniz- Professor Jaume Llopis was the academic director of ing the “last mile” in distribution by offering solutions the meeting, which was held on the Barcelona campus on involving online purchasing and in-store pickup (such as May 26, 2015. The event concluded with the presentation Click & Car and Click & Collect), and same-day delivery of this year’s Food & Beverage Global Award, which went via independent drivers who deliver in their free time, as to Georges Plassat, the CEO of Carrefour. 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 THE UNITED STATES: has greatly increased,” thanks to the connectivity and in- THE MOST VORACIOUS MARKET teraction provided by smartphones, tablets, social net- The United States, China and Germany once again works and the like. The use of so-called “big data” tech- top the list of the most attractive countries for nology is already making it possible to take advantage of the food and beverage industry. However, Europe this development. “I can tell that a customer isn’t buying continues to be the most “appetizing” region for his milk from us because he’s buying it from a competitor. agribusiness, as it is home to five of the top ten And now I also know who that competitor is,” Del Pozo countries on the list: namely, Germany (3rd), the explained. United Kingdom (5th), France (7th), the Netherlands (8th) and Italy (9th). This was the conclusion THE CHALLENGES FACING THE INDUSTRY drawn from the country-based “attractiveness It is hard to know what the opportunities for the index” included in the Vademecum on Food and l food industry will be in the next decade. It is likely, Beverage Markets 2015, which was prepared by however, that we will need new technologies to improve IESE and Deloitte and presented exclusively to the consumer shopping experience and develop new those attending the Meeting. The vademecum is a industrial solutions to address future challenges. Ac- complete and practical export guide that analyzes cording to food science and technology expert Béatrice a total of 82 countries on the basis of six key Conde-Petit, from the Swiss multinational Bühler, one indicators: ease of doing business; legal safeguards; such challenge is finding alternatives to animal protein GDP per capita; spending per capita on food and sources in order to guarantee the nutritional needs of the beverages; size of population; and number of entire global population are covered. She believes that middle-class homes. in the future we will have to consume more vegetables, algae and even insects, and that protein-structuring tech-

5 6 7 8 9

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 37 C R O S OS R OI A D S

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

Connected devices, big data that can now be mass-processed showcase for the Internet of Things. profitably thanks to big data tech- Professor Joan Enric Ricart, the ac- technology, smart cities. nology. “What's really interesting ademic co-director of the meeting, The Internet of Things is about the Internet of Things is not said that in these smart cities, the predicted to lead a new so much the gadgets themselves, but technology is being used to increase the opportunity to gain access – in efficiency in service delivery, pro- industrial revolution and economic terms – to a whole uni- mote transparency in relations with it’s already here. verse of data,” Zamora emphasized. public authorities, foster innovation This data will allow companies to and develop new business models. In The experts who came togeth- optimize resources, control them his opinion, these last two items offer l er at IESE’s 21st ICT & Digital remotely, extend the features of a the greatest potential return, since Media Industry Meeting, which was product and develop new business they play the largest role in determin- held in Barcelona on June 16, ac - models. ing the city’s level of competitiveness knowledged that “we are still in Year “Besides being ‘things,’ devices and its ability over the longer term to Zero.” However, they also agreed that will also have a digital identity, with attract and retain investment, talent nothing would be the same once the everything that entails,” explained and jobs. Internet of Things became popular. David del Val, the chairman and CEO For Professor Javier Zamora, of Telefónica R&D. “A connected de- DISRUPTION IN THE MEDIA the academic co-director of the vice is also a sensor that detects when The playing field is no longer lev- meeting, “digital density is the true and how the device is used, a driver of l el in audiovisual media, as new driver of this transformation.” And communication with users and a gate forms of consumption are making it is growing exponentially, as the to access a service,” he added. unstoppable advances. “Forecasts number of connected devices rises The spread of connected devic- predict that within two years, more and the cost of manufacturing and es correlates to the population’s money will be spent on advertising in installing sensors drops, thereby concentration in large cities. This digital media than on television,” said generating a huge amount of data means that smart cities are the ideal Santiago Miralles, lecturer at IESE.

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.

38 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE www.unav.edu

PUBLICIDAD Master’s, Master, Mentor, Magister Scientiae (M. Sc.)... different ways of saying the same thing - and all at the University of Navarra 39 C R O S OS R OI A D S

More VI INTERNATIONAL CONFERENCE OF WORK AND FAMILY Education Always Connected: to Combat Pros and Cons Income Inequality Branko Milanovic, one of the l 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-economic implications of global income inequality. Milanovic, former lead economist at the World Bank’s research department and professor at the LIS Center and the Graduate Cen- ter, explained that the rapid growth Profs. Lisa Leslie (NYU Stern) and Nancy Rothbard (University of Pennsylvania). 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- Technology allows us to be acces- on the balance between work and tocracy.” l sible, and work from anywhere personal life. “We need to combat The economist concluded that at any time. It’s a change that Prof. the perception that employees’ “easier access to education and a Mireia Las Heras said “we need to commitments to their personal lives more equitable return on investment know how to manage” at the VI In- necessarily take away from their are measures open to organizations ternational Conference of Work and commitment to work, because that’s and institutions that can make a dif- Family. not true.” ference and ensure that the spoils of Also on the topic of technology, As an example, she talked about the system don’t always rest with a Nancy Rothbard, professor at the women who return to work after a self-perpetuating elite.” University of Pennsylvania, analyzed long absence: “Their experiences The 14th Symposium on Public the opportunities and drawbacks of at home improve their ability to do Service–Private Management took social networks. “There are a lot of their jobs because they now have a place June 22 on the IESE campus in potential opportunities with social different perspective,” she said. Barcelona. media in terms of our connections, The conference, organized by but it could damage our reputation IESE’s International Center for Work if we reveal too much,” she said. and Family (ICWF), chaired by Prof. Another speaker, Lisa Leslie, a Nuria Chinchilla, took place July 1-2 professor at NYU Stern, reflected on the Barcelona campus.

LAUNCH OF THE I-WILL PLATFORM A Space for Alumnae l A platform has been created for Members can participate in face-to- professional exchange between alum- face and distance activities, organized nae, the 2.0 IESE-Women in Leader- by the clubs making up the platform, Branko Milanovic, former lead economist at ship (I-WILL). It is a space for school such as mentoring, solidarity, family, the World Bank’s research department. alumnae and renowned professionals. art and culture, and so on.

40 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE Mayoral Receives Industrial Excellence Award Mayoral Moda Infantil, a textile l company with over 70 years of experience, on July 10 was awarded the 7th Industrial Excellence Award Executives of companies in Ivory Coast exchanged experiences with European businessmen 2015. On behalf of its CELSA Chair during the event hosted at IESE’s campus in Barcelona. of Competitiveness in Manufactur- ing, IESE presented the award to the THE SCHOOL PROMOTES THE EXCHANGE OF PRACTICAL KNOWLEDGE parent company Mayoral, a Spanish family-owned business. Francesc Rubiralta, chairman and CEO of A Bridge of Ideas CELSA Group, and Jordi Canals, dean of IESE, presented the award to the managing director of Mayoral, Between Africa and Manuel Domínguez de la Maza. Mayoral Moda Infantil is an international business group, a point Europe of reference and representative of African and European leaders, meeting in Barcelona, Spanish fashion around the world. It shared advice and experiences in the IESE-Africa Think Tank has a clear strategic direction for the future, which involves a changing of & Networking Event. the generational guard with tools to ensure sustainability of the family presence in the company. The com- How can you start doing busi- African industries and sectors seen pany has had a permanent upward l ness in the continent? What do as most interesting from a European trend in terms of revenues, results you need to know? The response to perspective. and volumes; its estimated income these practical questions is what The exchange of knowledge has a for 2015 is €300 million. IESE aims to address with initiatives dual function: African managers gain The jury concluded that this is due such as the IESE-Africa Think Tank & a better understanding of what their to its long-term focus, constant rein- Networking Event, which took place European counterparts want when vestment of profits, the optimization July 17 on the Barcelona campus. looking for trade partners, while Eu- of information systems developed “People are already overwhelmed ropeans obtain practical knowledge internally since its inception and its with information about the major on key operational issues in the Afri- rejection of bank financing. statistics and macroeconomic sit- can continent. uation in Africa,” says Prof. Alejan- This event was organized by The dro Lago, co-director of The Africa Africa Initiative, which has coordinat- Initiative. “Instead of doing more of ed IESE activities in Africa since 2009. that, we prefer to focus on key oper- These exchanges will be expanded ational issues.” with new events throughout the year, The event brought together Euro- taking place while participants of the pean managers with CEOs, chairmen AMP and Executive MBA programs at and other senior executives from the African schools associated with Ivory Coast, who were in Barcelo- IESE are visiting the school’s campus- na for the module of the Advanced es in Barcelona and Madrid. From left to right: Manuel Domínguez de la Management Program (AMP) at Maza, managing director of Mayoral; Fran- MDE Business School being offered MORE INFORMATION: cesc Rubiralta, chairman and CEO of CELSA http://blog.iese.edu/iese-and-africa Group, and Jordi Canals; dean of IESE. at IESE. The event focused on the

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 41 CAREER ADVISORS FIND THE ANSWERS FOR THOSE QUESTIONS YOU DIDN’T KNOW WHO TO ASK.

Alan McFarlane PUBLICIDAD15+ as HR and Change Director with world-leading Diageo plc in Europe and Latin America -- English, Portuguese and Spanish

42 Lars Maydell 20+ years experience with C-Suite members, business owners, senior partners and start-up Maite Piera entrepreneurs. 8+ years in executive search 20+ years leading and board consulting with strategic multinational Egon Zehnder International and talent projects -- and book author German and English -- English, Italian and Spanish

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

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

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

CONTINUOUS EDUCATION PROGRAM LONDON November 12, 2015 “Flourishing, fulfillment and happiness” with Professor Alberto Ribera. COLOGNE December 17, 2015 Academic session with Professor Marc Sachon. FRANKFURT January 14, 2016 “Ethical and non-ethical reasons for being a responsible manager” with Professor Antonino Vaccaro. MUNICH INDUSTRY MEETINGS February 2, 2016 Alumni session with Professor 22ND HEALTHCARE INDUSTRY 11TH BANKING INDUSTRY Christoph Zott. MEETING MEETING Barcelona, October 27, Madrid, December 10, 2015 2015 13TH ENERGY INDUSTRY 30TH IESE AUTO MEETING Barcelona, November 4-5, Madrid, February 10, 2016 2015 FOCUSED PROGRAM 2ND IESE-IPADE FOOD & TH Developing Leadership 4 TOURISM SUMMIT BEVERAGE MEETING Barcelona, December 3, Mexico City, February 18, Competencies 2015 2016 Barcelona, November 3-6, 2015

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

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

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

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 43 P E O P L E ALUMNI Ibukun Awosika (GEMBA ’04 & GCP ’13)

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

Ibukun Awosika is the CEO of the Chair bukun Awosika is one of the newest members of IESE’s International Advisory Board. She is Centre Group, a company she founded in an entrepreneur, author and TV show host. A 1989 and a market leader in the office strong advocate for ethical business, she sits on furniture sector in Nigeria. As a business the boards of many prestigious companies, including the First Bank of Nigeria and Cadbury, leader and social commentator, she strives andI founded the Afterschool Graduate Development for positive change in her community. Centre in Lagos in 2007 to address unemployment in Nigeria.

44 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 45 P E O P L E ALUMNI

You started your own manufacturing company just I think we punish a lot of smart, dynamic, hard-work- three months after starting work in a furniture sales ing people for the word failure. It’s destructive to the room. What inspired you to become an entrepreneur? passion and the drive of many people. I think you’ve only I got into university to study chemistry. Later, I decided really failed when you give up on where you want to go I wanted to be an accountant so I worked at the compa- because you’ve made one so-called mistake on the way. ny that later became Deloitte during my National Youth Service. After a year, I decided I didn’t want to be an You’re a mother, an author, a social commentator, a accountant; I’m quite a restless human being! To keep television presenter, an entrepreneur and you’re a myself busy, I took the first job I could get in a furniture member of multiple boards of directors. How do you company. When I got there, I discovered that it brought manage your time and energy? out the creative part of me but I didn’t like the value sys- I’m great at delegating. I don’t believe I’m the best at ev- tem of the company. It was really just the exuberance of erything; in fact, I have a personal principle of asset and lia- a young person wanting to change the world. I decided: bility. The things I’m best at are my assets. There are many I can do what we do here, and I can do it with a different things that I’m terrible at and those are my liabilities. But set of values. It was really an act of faith. It wasn’t a plan, there are other people whose assets are my liabilities. And it was just an accident of life that then brought out what so they have equal importance in my life. And because I I could do. consider them important, I treat them with respect, which is a simple, biblical principle: love your neighbor as your- Are there any mistakes you’ve made in your career self. In doing that I allow people to perform their roles. that you’ve learned a lot from? I don’t get in your way once I know you can do what you I don’t consider them mistakes; I consider them expe - need to do. But obviously you need to have oversight and riences. I see everything that I do that doesn’t pan out you set the parameters and the boundaries. as I planned, as something I’ve since learned not to do. In business, different people “pick up after me,” as I But I’ve also then learned lessons that take me to the next say. But they’re good at what they do. I’m good at what place. I do. What I know that I’m good at is strategy and start- The routes to some locations are not a straight line. up. I love the process of ideas, translating an idea to a You will have some detours, because there are things you business, which is why I’m a serial entrepreneur. Once need from those detours that get you to the actual place I do that and it comes alive, I’m bored, so I hand it over where you want to go to. I’ve never had the mindset to to people who love operations, which I hate. Also, if you call things ‘mistakes.’ I’ve always just said, “Okay. So this do the things you love or that are important to you, you hasn’t worked out. What can I do here? How?” And then I find time for them. move on. I’m flexible. I’m confident enough to say, “This isn’t working.” 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 social problem: we’re happy for the successes of companies, but what are we going to do with the people who can’t find work? I’VE FOUND IESE Now, more than ever, it’s an entrepreneurial world. We need to raise a whole generation of entrepreneurs 7A PARTICULARLY who will continue to create businesses that will engage people. Because when they have a place to go to in the REFRESHING AND morning, it engages their mind, their time and their life. Maybe they don’t have a luxury life, but work gives them DIFFERENT SCHOOL hope and a chance to look to the future. But look around: every single country has high unemployment, even as IN TERMS OF THE FACT the economy begins to pick up. That’s why there’s so much unrest in the world. There are too many people THAT FACULTY ARE NOT who are not positively engaged. It’s a major issue and it’s only getting bigger. BASHFUL OR ASHAMED What are your hopes for Nigeria and the rest of Africa? OF TALKING ABOUT My country is one of the most misunderstood in the world. If you watch international TV you’re going to end VALUES. up drawing conclusions, but when you come to Nigeria

46 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE WE NEED TO RAISE A WHOLE 7GENERATION OF ENTREPRENEURS WHO WILL CONTINUE TO CREATE BUSINESSES THAT WILL ENGAGE PEOPLE.

then it’s totally different. We’re over 170 million people. tal. I am also the chairman of Kakawa Discount House Li- We’re extremely dynamic and diverse. We have 250 dif- mited, Cadbury Nigeria and the Nigerian Sovereign Inves- ferent dialects and languages and we are highly multicul- tment Authority, which manages sovereign wealth funds. tural. Nigerians have a fire and a natural entrepreneurial In these different capacities, you do them a disservice if dynamism. you’re not on top of your game. If I take the assignment I have the responsibility to equip myself, to make sure that What creates that entrepreneurial mindset in Nigeria? I’ve got what I need. The way to look at it is to understand that for so many Is there a school I can trust to give me that? IESE, defi- years we haven’t had everything we’ve needed. And yet nitely. I’m comfortable. I’m confident. I’m sure of what I millions of Nigerians have created businesses. They’re will get. striving. They’re innovative. They’re creative. It’s like bringing something out of nothing. Now, when you have How do you feel that your time at IESE has helped leadership that provides an enabling environment for all shape your understanding of values in the business of that to come alive, you can just imagine what kind of a world? country you’ll have. Because leaders can set the pace, can I’ve found IESE a particularly refreshing and different set the goal, but the people have to believe in it and act in school in terms of the fact that faculty are not bashful or line with it for there to be momentum. If that happens, ashamed of talking about values. I think a lot of business which is my hope for my country and for the rest of Afri- people or business environments think it’s not cool, you ca, then I think that the world is in for a major surprise in know? It’s almost like, “It’s okay, as long as you achieve terms of the emergence. Because we have the resources. your goal.” It’s only when you fail that everybody finds something to say. Why have you consistently returned to business ed- In IESE the value part isn’t missing. There’s a lot of con- ucation? versation around it. I left IESE with one thing that shaped You’re only as good as what you know. As the Bible says, my business thinking in the years after I left IESE: ‘Doing “For lack of knowledge, my people perish.” In a situation good and doing well.’ The full-time MBAs came to make a where somebody has an advantage over you it’s usually presentation to the Global Executive MBA class and this based on what that person knows that you don’t know. was a theme. It stuck with me. And I have thereafter moved So I always go back to school. Before I came to IESE for into looking at business propositions or solution-centered the Global Executive MBA Program, I took the Chief propositions with a view to changing the community or the Executive Program at Lagos Business School and what I world around me. Profitable, but considering their impact learned there helped me a lot. But I wanted more.I was on more than just the bottom line. thirsting for the fundamentals, a wider base. I wanted to have a clear understanding of some of my decisions. How do you feel about your new role within the IESE The Global Executive MBA was a great experience. Then International Advisory Board? I saw what the Global CEO Program had to offer and I Well, first and foremost I consider it a great, great hon- choose to go. When you have a lot of smart young people or. As the first African on the board of the school I can working for you, you don’t want to tell them that what say definitely the school is doing a great job of being in- they’ve said is wrong just because you don’t understand it. clusive. When you look at the pattern of the way they’ve I work on the boards of many companies. I sit on the helped to set up business schools all around the world, board of First Bank, which is the largest bank in my country you understand the agenda of IESE is to help build a bet- and I chair the board of their investment bank FBN Capi- ter world.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 47 P E O P L E

RITA ALMELA (EMBA ’12) IS CO-FOUNDER OF THE E-COMMERCE COMPANY ALMASHOPPING Finding a Niche in a Powerful Market

It is not always about Looking to take the next step in her finding the product or secret career and gain a broader knowledge of the enterprise, in 2010 Almela de- formula that will change cided to sign up for the Executive MBA everything. Sometimes, the at IESE, a program that far exceeded her expectations: “The most import- most effective thing is to be ant thing I took away from IESE was attentive and find a niche the strength, desire, broadminded- in a powerful market. ness and knowledge to be entrepreneurial with new tools, which I was That’s exactly what Rita previously unfamiliar with. Being an Almela did when investing entrepreneur you need to know what possibilities the market can offer. You in online cosmetics in Latin realize how much you learn when you America. apply that knowledge to resolve the complex challenges of your daily en- deavors,” explains Almela. “In 2012, when we launched Al- l maShopping, 95 percent of the AN ATTRACTIVE PROJECT cosmetics brands had an online pres- AlmaShopping (www.almashop- ence in the United States and Europe, l ping.com) came to life after but fewer than 10 percent of them had watching and studying many success- an Internet presence in Latin Ameri- ful international business models. “I Rita Almela, co-founder of the e-commerce business AlmaShopping can countries.” was really interested in cosmetics, so That is what led Rita Almela I became fascinated by the Birchbox (EMBA ’12) and her partners Ignacio model, which came from two Har- Molins, Santiago Lorente and Pris- vard entrepreneurs who decided to Another “essential” factor in the cilla Maciel to create AlmaShopping, monetize the shipment of cosmetics development of AlmaShopping has “an e-commerce company that sells samples. We saw the opportunity to been the economic and strategic sup- beauty products, where we add value launch this model, and adapted it to port received from Finaves, IESE’s by generating content for our commu- the needs of Latin America to create seed capital fund. “I have not only nity of over 600,000 women,” says AlmaShopping,” she recalls. received advice and access to their Almela. In her opinion, it is very import- network of contacts, I have also been ant to build a good team of entrepre- able to create valuable synergies with IESE AS A SPRINGBOARD neurial professionals “who share the other companies that Finaves has a After earning a degree in eco- enthusiasm for turning the company stake in,” she says. l nomics from the University of into something great.” Speed is an- “Starting an entrepreneurial ven- Barcelona, Almela worked at Garri- other of the keys to becoming a bench- ture is tough and there is a lot of gues law firm and, later, Caixa Capital mark in the market. “Technology lets pressure, but when you see that your Risc: “During those years I learned a you grow your business quickly and idea is successful and the results are lot about teams, investors, customers, create separate business divisions in positive, you realize that the effort is suppliers, attracting clientele, digital different countries. It is important worthwhile. I hope this project will marketing, expansion and finance. to achieve accelerated growth to es- help encourage many more entrepre- It was a crucial stage in my develop- tablish our position as a leader in the neurs to launch their start-ups,” con- ment,” she says. region,” says Almela. cludes Almela.

48 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE BRINGING IESE’S FACULTY TO 101 FULL-TIME PROFESSORS FROM 31 COUNTRIES IESE Welcomes New Professors

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.

Miguel Duro (EMBA ’10) is as- l sistant professor in the department 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 Álvaro San Martín, Giovanni Valentini, Katerina Antonopoulou, Solon Moreira and Miguel Duro. senior management positions at Sybari Software (Microsoft), Pepsi Bottling Group and Metrovacesa. Analyzing strategies to enhance the technology commercialization, ap- He has a PhD in management from Securities and Exchange Commis- propriability strategies, and mech- IESE and a degree in management sion’s enforcement implementation anisms that enable or constrain ex- engineering from the University of are where his focus lies. He is also internal knowledge assimilation. Brescia. His research analyzes how terested in the optimality of certain Álvaro San Martín joins the firms can combine internal and ex- accounting attributes, such as fair school as assistant professor in the ternal knowledge to gain a compet- value and accounting conservatism. department of managing people in itive edge through technological With a PhD in technological in- organizations. He completed a PhD innovation and growth. His work novation, entrepreneurship and in management, specializing in or- has been published in the Journal of strategy from Copenhagen Business ganizational behavior, at INSEAD. International Business Studies, Orga- School along with an MPhil in Inno- He majored in economics at the Au- nization Science, Research Policy and vation, Strategy and Organization tonomous University of Madrid. His the Strategic Management Journal. from the University of Cambridge, research interests revolve around Katerina Antonopoulou is a Solon Moreira is assistant profes- cross-cultural and socioecological post-doctoral fellow in the Infor- sor in the department of entrepre- psychology. His work has recently mation Systems department. She neurship. His research centers on been published in the renowned has previously carried out her re- the link between innovation and scientific journalOrganizational Be- search at the University of War - firm performance, his aim being to havior and Human Decision Processes. wick. Her specialization is in the unravel the sources of persistent Giovanni Valentini is associ- areas of digital innovation and dig- cross-firm heterogeneity in terms ate professor in the department of ital transformation as well as digital of capacity to innovate and gener- strategic management and joins us business strategy in entrepreneurial ate ideas. Specifically, he studies from Bocconi University in Milan. ventures.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 49 L I F E

“ECONOMIC GROWTH IS NOT ENOUGH”, SAID RICARDO SETÚBAL, CHAIRMAN OF THE BOARD AT ITAUTEC THE SECOND EMBA CLASS GRADUATES IN SAO PAULO

or the recent IESE graduates in Sao Paulo, evolving role of the business leader. “It goes way beyond no task is impossible. The power of the hu- drafting documents,” he told the EMBA graduates. “A man spirit and the capacity to help others leader must cultivate an innovative vision, and have the are what counts. capacity to execute this vision – while controlling timings This was the message of Jordi Canals, to ensure that each project is viable. In today’s global busi- dean of IESE, as he opened the graduation ness world, this kind of leadership is what delivers a clear Fceremony for the Executive MBA Class of 2015 in Sao Paulo advantage over the competition.” on June 20. An atmosphere of optimism and celebration For Setúbal, the MBA is one stage in a long journey. He was evident at the event, held for the 37 graduates who urged the graduates to continue this journey with continu- make up only the second group to complete the new pro- ous training, with creativity, with focus on the future – and gram. always maintaining an ethical perspective. Class president Felipe Riera Michelotti also addressed “Technology is constantly changing the way we do busi- his fellow classmates, talking about their shared commit- ness,” he said, “but we must remember that Brazil is going ment to leaving the world a better place for the future. through a difficult time for having adopted a negligent -at This thought was echoed in the words of the keynote titude towards ethical matters.” speaker, Ricardo Setúbal, chairman of the board at Itautec, who told the graduates that “economic growth alone is not BUILDING COMPANIES, BUILDING COUNTRIES enough. We need a broader vision of sustainability with the Professor Canals acknowledged that in the current aim of leaving the country habitable for future generations.” l context of political and economic complexity, the task According to Setúbal, education plays an essential role ahead of the graduating class may feel impossible. But he in facing up to the challenges of tomorrow, as does the urged the new graduates to seize every opportunity to

50 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE transform challenge into opportunity to work towards they are all the result of a much more serious crisis: the change and growth. “The desire to make our world a bet- ethical crisis.” According to Carelli, a focus on technical ter place is a powerful one; one that can help us change the training at the expense of ethical education has seen too companies in which we work – as well as society around much business get into the hands of agents “who don’t us – for the better.” have the necessary qualities to lead ethically.” The Dean stressed the significance of values for the He described the graduating Class of 2015 as a source of work ahead. “We can’t build a company or help build a optimism and hope in the context of the challenges facing country if we don’t have values or references,” he said. Brazil. “This is the model we want for entrepreneurs and managers at ISE and IESE. Leaders who are fully aware of the AGENTS OF CHANGE best techniques and concepts of management, but who, at Class President Riera paid tribute to his cohort of “37 the same time, are capable of thinking about other people – l brilliant agents of change,” and the “very intense jour- contributing to their development and helping them grow ney” they had shared: “No fewer than 36 weekends, five as professionals,” he added. intensive weeks, countless hours of dedication. I don’t His comments were echoed by José Paulo Carelli, di- know how many cases and pages we have read over the past rector general of ISE, who called for the business leaders 20 months. Our professors have helped us undertake this of tomorrow to “go a step further.” journey with great professionalism.” “Our society’s true needs are not exclusively economic Riera also spoke of IESE’s role in delivering eth- or political,” he said. “We have already experienced eco- ics-based insights, tools and competencies, and its com- nomic and political crises, especially with the financial mitment to generating a more positive society. “All of our crisis that began at the beginning of the last decade, and efforts have been worth it,” he said.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 51 L I F E

ccording to the director of cardiology at IESE MIAMI New York’s Mount Sinai Hospital, Dr. Valentín Fuster, the role of public health BUSINESS SUMMIT education is often overlooked in the drive to build stronger economies. Addressing A PRESCRIPTION FOR over 200 international business execu- tivesA and alumni at the IESE Miami Business Summit on May 29, Fuster said that cardiovascular diseases have cost ECONOMIC 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- HEALTH ness leaders to take the initiative by promoting health within their own organizations. “It’s important to focus on the ly m n Me s o positive,” he said, “and try to encourage healthy habits rath- mber er than preventative measures.” Thought leaders including The health, strength and growth of economies were explored in three panel discussions at the summit. In Dr. Valentín Fuster gathered “Strengthening Business in the Americas: The Multina- tionals’ Perspective,” Juan M. Ferrón, managing partner in Miami to explore the of Hispanoamerica Advisory Services at PwC Mexico, noted that the Mexican, Colombian, Peruvian and Chilean requirements for sustainable markets are, when taken together, bigger than that of Bra- zil. If they could be connected, said Ferrón, the potential growth and economic strength benefits would be great. Interconnectivity will be increasingly important in the future, according to Saúl Kattan, in the Americas. president of ETB (Telecom), who noted that “60 percent of Internet use in Latin America comes from young people.” To forge connections that allow stronger businesses,

1 4

52 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE 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 BANKS MUST MANAGE we do? We can engage with government more. If you want THE COSTS OF A better laws, and better government, you can actually propose legislation.” CHANGING REGULATORY In “Sustained Growth in Banking: Challenges Facing a Sector Poised for Growth in Latam,” Teresa Foxx, director ENVIRONMENT” and general manager of Barclays in Miami, said that banks must “manage the costs of a changing regulatory environment, whether they’re capital related or compliance relat- Teresa Foxx, director and general ed, with a view to sustaining the ability to provide trade manager of Barclays in Miami 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- trepreneurship,” Pablo Slough (MBA ’02), head of Mobile ent?” he asked. Another IESE alumnus, Lionel Olavar- Ad Solutions at Google, looked at the revolutionary impact ría (MBA ’75), vice chairman of Bci, said that some of the of mobile on human behavior – and business. “Micromo- banking sector had lost sight of its wider role “to generate ments [of human activity] are macro-opportunities for real wealth and progress for society.” To achieve this, he us. We need to deliver solutions in the moment,” he said. said, banks would have to change the way they looked at Susan Amat, founder of Venture Hive, said that solving and used capital. problems wasn’t about throwing money at them. “It’s about In the panel, “Where Innovation Meets Entrepreneur- trust,” she said. “As corporations, you want to hire the peo- ship: The Crossroads of Innovation, Technology and En- ple who want to do innovative things – and retain them.”

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.

6 7

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 53 L I F E

New York

Miami Mexico City

Bogotá THE LATEST ON IESE’S ALUMNI CHAPTERS Lima

CHAPTER Sao Paulo Santiago (Chile) NEWS Buenos Aires

his business venture and the lessons Düsseldorf Antwerp learned in the session “Entrepreneur JUNE 2 JUNE 6 & Investor: Lessons from the BuyVIP When a company’s leadership The Regional Chapter of Alumni case.” He shared a table and the l committees work together l in Belgium and Luxembourg, conference with Prof. Juan Roure, constructively, the entire chaired by Laurence Battaille (MBA who spoke from his own experience organization benefits. Employees ’95 and AMP ’14), organized a tour in the field of entrepreneurship and see their work in a more positive of the city of Antwerp, along with a investments. light, they are more productive and group lunch. more motivated. JULY 9 In the session “Leadership: London Prof. Jaume Ribera analyzed Expand Your Horizons,” Prof. JUNE 8 l the most common causes of Anneloes Raes analyzed the key In the latest edition of the failure on a project, to help detect points to consider in the interaction l Entrepreneurs’ Breakfast and prevent them. Many projects do between different levels of Meetings, Gustavo García not deliver the expected results, or management, and how to strengthen Brusilovsky (PDG ’05), co-founder do so too late or at too high a price. the sense of team unity, especially and CEO of BuyVIP up until its Although each project is different, among senior managers. acquisition by Amazon, spoke about after years of studies on why they

54 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE In orange: events related to the 50th anniversary celebration of IESE’s MBA program

Dublin London Copenhagen Munich Düsseldorf Vienna Tokyo Amsterdam Overveen

Antwerp

Paris Singapore Lisbon

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

fail, there are patterns to suggest (volatile, uncertain, complex and Social Web,” focusing particularly that the reasons are often similar. ambiguous). This new reality requires on how the company monetizes its rapid change and an emphasis on platform and the consequences that Tokyo leadership. With things changing so its growth will have. This session was JUNE 8 fast, it is vital for companies to have made possible by the collaboration Profs. Yoko Ishikura, Hitotsubashi foresight. And, with the vast amount of Facebook and Marta Mateu, SMB lUniversity, and Pedro Videla, IESE, of information available, it becomes Partner Manager for Facebook in offered an overview of the global essential to boil it down to what is Ireland. economy, then focused on the future truly relevant. In this session, Prof. of “Abenomics,” a word that defines Franz Heukamp reviewed the skills New York the economic policies pursued by that a leader must have to adapt to JUNE 11 the Japanese prime minister Shinzõ this new environment. Activist shareholders and Abe since his victory in the general l investments in activist funds elections of December 2012. Dublin have both increased dramatically JUNE 9 in recent years. Additionally, some JULY 2 Prof. Sandra Sieber dissected traditional investment funds have The world is starting to be l the Facebook business model begun to play a more activist role l defined using the acronym VUCA in the session on “The Rise of the through the companies in which they

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 55 L I F E

Vienna JULY 6 Prof. Pedro Videla talked to the l 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 After visiting Colombia, Prof. l Estrada again gave the lecture titled “Un marco simple y efectivo para gestionar sus ahorros” (“A simple and effective framework Prof. Julián Villanueva analyzed different investment options at the meeting in Bogotá. for managing your savings”) at the offices of World Management Advisors in the Argentine capital. invest. Prof. Jan Simon analyzed organizations. Many CEOs are asking the consequences of this trend in if their teams have enough digital Sao Paulo the conference “For All the Noise, talent and many marketing managers AUGUST 6 Do Shareholder Activists Create are afraid of becoming outdated. In As he had in Tokyo a month Shareholder Value?” this session, organized at EDIME, the l earlier, Prof. Franz Heukamp business unit of INALDE, Prof. Julián traveled to Sao Paulo to give a talk Amsterdam Villanueva discussed some of the titled “Volatile, Uncertain, Complex JUNE 12 challenges facing these managers. and Ambiguous: Buzzwords or The Regional Chapter of Alumni Reality?” at the campus of ISE. l of the Netherlands welcomed Lima new alumni members by hosting an JUNE 19 Singapore informal meeting. Alumni gathered at the restaurant AUGUST 25 l ámaZ in Lima, Peru, to discuss More than half of the world’s Bogotá the case “Tía María: ¿la minería en la l population lives in cities. By JUNE 17 encrucijada?” (“Tía María: Mining at 2030 it will be two thirds, and by The Colombian capital was the the crossroads?”) along with Hugo 2050 it is estimated that the figure l meeting point of the alumni in Alegre (MBA ’91), president of the will reach 70 percent. Inevitably, this attendance for the conference on alumni chapter in Peru and professor rapid expansion is putting pressure “Un marco simple y efectivo para at PAD. on the infrastructures, ecosystem and gestionar sus ahorros” (“A simple and demography of cities. Many cities are effective framework for managing Overveen facing these changes proactively, by your savings”), led by Prof. Javier JUNE 28 improving the quality of life of their Estrada, who analyzed the most The Regional Chapter of Alumni communities. Others, however, have important issues to consider when l in the Netherlands got together neglected the needs of a growing making investment decisions. in Overveen to partake in a summer population and are now paralyzed. At barbecue. the same time, companies must adapt JULY 28 their strategies to a growing base of The digital world is transforming Paris consumers with different needs and lthe way marketing is done in JULY 6 consumption habits. In this session, almost all sectors. The old paradigms The Regional Chapter of Alumni Prof. Pascual Berrone analyzed how are becoming obsolete, although the l in France, headed up by Gloria cities are facing these challenges, new ones are not always understood. Perrier-Châtelain (EMBA ’93 and why some are “smart cities” and Today, brand building requires new AMP ’10), organized the traditional what business opportunities are capabilities not always found in Dîner du Premier Lundi. emerging from these processes.

56 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE MORE PHOTOS OF THE SESSIONS: www.facebook.com/alumni.iese www.twitter.com/iesealumni

IF YOU ARE AN ENTREPRENEUR YOU’RE IN Don’t forget there is a group on LinkedIn THE NEWS IESE Entrepreneurs & Venture Capital Hub ARE YOU IN THE NEWS? We are interested in all your latest news. Send your comments to [email protected]

EMBA-BCN-09 MBA ’89 Socorro Fernández BeRepublic Pablo Gómez, is the new co-chair of hired Beatriz head of the WomenCorporateDirectors. Cardona as distribution ______country company FM PDD-I-95 manager for its Logistic in The chairman of opening in Western Epson Ibérica, Chile. Europe, is now Ernest director of Quingles, was innovation for named CEO of ______the international group. Epson France, EMBA-BCN-15 ______and will now Laura Gallach MBA ’95 serve in both is the new Nicolás Suarez-Canton was roles. director of named director of Management ______communication Consulting at BDO. PDD-B-08 and CSR for ______Adela Martín Allianz MBA ’12 was named CEO Insurance. Francisco Sierra is the new CEO of Santander of Zencap Spain. Private Banking. ______PADE-A-09 GEMBA ’08 Rodrigo Andreas Simões de Schroeter was Almeida is the ______named new CEO of PDG-A-14 executive Marsh Portugal. NEORIS named vice-chairman Jaime of Central & Peñaranda its Mediterranean new director of Europe for DNV financial GL Energy. ______services for ______PADE-A-11 EMEA. MBA ’81 Ismael Julián Corriá is the Carmena new chairman of the has been ______Asociación de Explotaciones appointed PDG-B-09 Frigoríficas, Logística y director of Microsoft Distribución de España Western Europe Western Europe (ALDEFE). for the new named Juan ______international José Amor its MBA ’82 aftermarket new director of Eduardo Díez-Hochleitner division of the HELLA group, sales. is the new chairman of the while continuing as managing telecommunications carrier director of HELLA for Spain and MásMóvil. Portugal. ______• • • • • ______

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 57 L I F E

Santiago (Chile)

Sao Paulo Copenhagen MBA 50TH ANNIVERSARY The 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.

Skou accepted the position of CEO in 2009, was losing Miami $8 million a day. The results were outstanding: they MAY 28 went from having losses of $533 million to a profit of $461 Within the framework of the IESE Miami Business million in just 12 months. l 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 Santiago (Chile) president of the Regional Chapter of Alumni in Chile. JUNE 17 Also taking part in the event was Eric Weber, associate The event at the Chilean capital included some dean of IESE. For more information, we have published l reflections on running a company while thinking an article on the Miami Business Summit starting on of the long term offered by four MBA alumni and page 52. business leaders: Antonio Gallart (MBA ’88), CEO of the Compañía General de Electricidad (CGE); Patricio Jottar (MBA ’88), CEO of the brewery Copenhagen Compañía Cervecerías Unidas (CCU); Lionel JUNE 4 Olavarría (MBA ’75), vice chairman of Bci; and The headliner at this celebration was Søren Skou, Rodrigo Pérez Mackenna (MBA ’88), chairman of l CEO of Maersk Line, who explained how a major the Asociación de Administradoras de Fondos de change in the company’s strategy successfully put an Pensiones (AFP). IESE Dean Jordi Canals took part end to a period of three years of substantial losses, by in the session, which was moderated by Mauricio radically improving the designs of a company that, when Larraín, dean of ESE.

58 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE MORE PHOTOS OF THE SESSIONS: www.facebook.com/alumni.iese www.twitter.com/iesealumni

Miami Lisbon

Munich Mexico City

Sao Paulo Lisbon JUNE 19 JULY 2 José Formoso, CEO of Embratel, one of the largest The event commemorating the 50th anniversary l telecommunications companies in Latin America, l of the MBA program in Lisbon coincided with the was the guest speaker at this event held in Brazil, also annual meeting of the Regional Chapter of Alumni in attended by IESE Dean Jordi Canals. Formoso said that Portugal, chaired by José Gabriel Chimeno (PDG the days of the long-distance telecommunications mar- ‘95). The academic session focused on the situation of ket are numbered and encouraged executives to commit tourism in the country, with speakers including João to the change that will keep their company relevant in a Cotrim de Figueiredo, chairman of Portugal’s Board market undergoing constant transformation. The suc- of Tourism; Mário Nuno dos Santos Ferreira, CEO cess of his company, he explained, is based on three basic of DouroAzul; Nuno Ferreira Pires, administrator of pillars: positivity, connectivity and people. the Grupo Pestana; and José Carlos Pinto Coelho, chairman of Grupo Onyria. Munich JUNE 29 Mexico City Deputy Prime Minister of Bavaria Joachim JULY 16 l Herrmann was the guest of honor at the event at The permanence of values was the focus ofPedro the new campus in Munich. He was joined byFranz M. l Aspe, chairman and CEO of Evercore Partners, Haniel, chairman of the Supervisory Board of Franz during the event held in the Mexican capital, which Haniel & Cie. and member of the International Advisory was also attended by the associate dean of IESE,Eric Board of IESE, who spoke to an audience of over 300 Weber. Since change and uncertainty are the norm, it is international business leaders and alumni, giving the more important that ever to preserve values and educa- keynote address, titled “Leadership for Tomorrow’s tion, said Aspe, who asked executives to redefine suc- World.” Haniel said that the image of the leader as an cess in terms that go beyond simply economic impact. omniscient superhero is a relic of the past. The full recap He also emphasized continuous learning, encouraging of this event is included in an article starting on page 24. us to keep our mind open to everything around us.

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 59 IF YOU ARE AN ENTREPRENEUR Don’t forget there is a group on LinkedIn

L I F E IESE Entrepreneurs & Venture Capital Hub

SOCIAL INITIATIVES

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

ENTREPRENEURS

MBA ’13 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 industry, has founded Benefit Brokers, which focuses on the design and implementation of insurance solutions for Josep Casas and Esteban Humet, fellow companies operating at the local and classmates, have created their second international levels. These are special- start-up since being at IESE. The new ven- ized in insurance programs in the field of employee ben- ture is called Unplis, a mobile application efits (health, life, savings/retirement funds) with inno- that lets people buy products from small businesses vative options for people with international mobility: and franchises without leaving their home, with deliv- expatriates, missions, travel assistance, and so on.

60 OCTOBER-DECEMBER 2015 / No. 139 Alumni Magazine IESE WELCOME TO THE ALUMNI ASSOCIATION EXECUTIVE EDUCATION GRADUATIONS

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

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

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

Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 61 I E S E & YOU

ALUMNI LEARNING PROGRAM THE SAME GREAT QUALITY ONLINE

Beyond our traditional series, this year’s ith more than 300 sessions in over 50 cities, the series in this year’s Continuous Educa- Continuous Education Program presents tion Program are being launched in order three major developments to let you to offer ongoing education to IESE Alumni AssociationW members. Like every year, topical issues of access content via the Internet. 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.

BLENDED ONLINE SERIES ACCESS THE LEARNING COURSES Presenting the first fully online The Leading Edge Management Cours- Continuous Education Series, SERIES ONLINE es (LMC) use a mixed methodology. “Building up your skills,” with The three modules consist of on-cam- sessions led by professors Raes, pus sessions that are recorded and Ribera and Stein, who will reproduced online. It also includes address topical issues related to online activities for participants. strategic decision-making and The first LMC is called “Digital Funda- leadership challenges. mentals” and is taught by professors Káganer, Sieber and Zamora.

ALUMNI

SALES AROUND THE WORLD INFOGRAPHICS: Forecast In two or three decades, the online DOSES OF economy will surpass the physical one PHYSICAL STORES in size. KNOWLEDGE vs ONLINE STORES ESE faculty members have selected the subjects that will make up this 2012 Decrease of UK 2014 academic year’s Continuous Education Program. Each series consists 86% 1 in every Overview of sessions in the Marketing 2015 stores 3 Digital Series of the Alumni Continuous of several courses that, taken together, offer an overview of the subject to will 2017 disappear B2C sales Education Program. area in question. For example, there are series such as Economics, Digital 2017 will grow MarketingI and Innovation. 66% 2019 55% To ensure you don’t miss anything, Alumni Association members will have access to thematic infographics that will include the most relevant information Consequences: 2015 2012 8% MORE INFORMATION AND UPCOMING SERIES: on each discipline. of sales take Programa de Continuidad IESE Alumni place on the internet SPECIALIZED USA PHYSICAL STORES BRAND PROFILE OF 62 OCTOBER-DECEMBER 2015 / No. 139 EQUITYAlumni Magazine IESEB2C SALES Learning to MARKETS THAT WILL GROW THE MOST(BUSINESS TO CLIENT) THE ONLINE Yearly growth in % dance with SHOPPER Usually away from home By geographic zone e-commerce Educated North America Consumer 19% Europe What language of leisure should be used? and work 25% Countries that spend the most Latin America shopping online Tech-savvy By sector Young 20% 35% USA 26% Asia / Paciﬁc China UK

24 Japan Food % 24% Germany 22% WHY OPEN AN ONLINE STORE? What market Fashion should I focus on? Recreation ¥ Japan $ € 8% Other 1 billion 16% 27% potential online clients USA China It doesn’t MERGING OF ONLINE AND OFFLINE matter where the TWO MYTHS ABOUT purchase happens SHOPPING Seamless integration E-COMMERCE – it only matters of all channels On/O: Two that they “Online stores1 channels decrease oine “Online will purchase sales” kill the physical 2 and one goal REALITY store” – to sell Online more shopping User time ONLINE and pick-up spent shopping Physical at a via... stores Where physical 61 consumers point % 40% spend the most OFFLINE 25% 4% Mobile device 4% Catalogue 31% KEY CONCEPT Online O ine ONLINE Online ONLINE

HOW MANY channels 4) OMNI-CHANNEL should you have… The consumer spends 4.4 1) CONTENT and HOW to use MARKETING hours a day in front of a screen 9) LESS IS MORE them? Engagement of 4,4h companies with fewer Clean designs, with 12) RISE OF SEM than 10,000 Likes on 5) PROGRAMMATIC clear and simple messages Paid search will attract customers through Facebook = 0.96%; BUYING KEY WORDS Solution: create There is a growing content that interests tendency to mechanize people banners according to 15 trends search algorithms to reach your potential customer in digital 13) UNIVERSAL 2) REVIEWS marketing ANALYTICS 80% of users 6) ATTRIBUTION Combine data with say hotel reviews monitoring the online and increase their MODELS oine worlds to increase trust We continue blindly interaction between the following metrics 7) MOBILE-CENTRIC two areas that attribute We look at our mobile online sales to one phones 150 times a day. factor. Is this right? 10) LOCAL 150 opportunities to 14) NEW BUSINESS 3) VIDEO interact with the MARKETING REVOLUTION consumer More than 30% MODELS Home-based of internet searches Information filters: enter “YouTubers” 8) THE SUPER COOKIE have local words. the value chain to make life are the new Super cookies will permit the We look for things nearby easier for users influencers. accumulation of data about a How can they be single user from diverse 11) IMPORTANCE managed? platforms. More OF SEO information = more 4 of each 10 4/10 15) BIG DATA knowledge about visits on the Social networks = new the consumer internet are made opportunities to get to know GENERAL DATA through an organic your customers = new search business opportunities 300 REASONS FOR USING TWITTER million users 1 500 # IDENTIFY WHAT MOTIVATES 2 /per day CONSUMERS# # 3 # 4 # INTERACT WITH are between TELEVISION# 50% 67% # HUMANIZE # MEASURE 25 and 55 of users MESSAGES# THE IMPACT actively follow THROUGH years old 65% of the brands ANALYTICAL audience TV TOOLS# tweets while Twitter, an ally for they watch TV BASIC PRINCIPLE 95% of brand development conversations “What can’t be measured can’t be improved” about TV happen TV on Twitter 10 THINGS THAT WE CAN ONLY KNOW THROUGH WEB ANALYTICS TRENDS 1 How the website is used 2 How the user arrives WEB ANALYTICS Mobile 3 What device is used for access ? IN THREE STEPS revolution 4 Where the user decides to abandon the site Define 5 Habitual navigation paths 1 WHAT The success is for the 6 Most-liked content online business universalization 7 Where users are captured € of wearables 8 From what places in the world users access the site 2 Design metrics to know HOW TO 9 Return on advertising investment Hyperconnec- measure success 10 tivity to o¤er the Are targets set for the website being reached or not best services 3 Identify WHERE you DATA TAKEN FROM SPEAKERS’ CONTENT:Dña. Fuencisla Clemares, directora de Negocio Retail, Tecnologíalose ycustomers Clasificados, Google to 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. adjust your business The importance of measuring in the new digital world 2015-2016 FOR MORE ACADEMIC YEAR INFORMATION ON THE ALUMNI LEARNING 1. BUILDING UP YOUR SKILLS: What traits make a good leader? PROGRAM: Our professors will outline the most important characteristics. www.iese.edu/ alumni

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 SUMMARIES aspects at each stage of an entrepreneurial project. This year we summarize the sessions to let you follow them at home. You’ll be able to watch the 7. FAMILY BUSINESSES: This will analyze the challenges posed by family- classes taught by our professors owned firms and the governance structures and processes involved in family in 20-minute “capsules” that have businesses. been adapted to a digital-friendly format. That way you’ll have access 8. ETHICS/RTIF: The ecological issue and sustainability have gained to a more concise version of the importance in public opinion and in the field of business. How can companies content taught on campus. 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. ALUMNI 10. CORPORATE GOVERNANCE AND BOARDS OF DIRECTORS: This course SALES AROUND THE WORLD analyzes governance through boards of directors and the features that make this Forecast form of governance different from and complementary to management bodies. In two or three decades, the online economy will 11. DIGITAL MARKETING: This will look at the keys to implementing good surpass the physical one strategies in a world in which marketing is going through an expansion phase PHYSICAL STORES in size. and offers a world of opportunities. vs ONLINE STORES 2012 Decrease of 12. TOMORROW’S TECHNOLOGY: Professors from the Department of UK 2014 Information Systems will regularly analyze the latest industry trends: 86% 1 in every Overview of sessions in the Marketing 2015 stores 3 cybersecurity, sharing economy, and so on. Digital Series of the Alumni Continuous to will 2017 disappear B2C sales Education Program. 2017 will grow 66% 13. LEADERSHIP DEVELOPMENT THROUGH THE CASE METHOD: This year 2019 55% we’ll review the experience of the programs by discussing a number of cases Consequences: 2015 2012 with professors from the Marketing Department. 8% MORE INFORMATION AND UPCOMING SERIES: of sales take Programa de Continuidad IESE Alumni place on the internet SPECIALIZED USA PHYSICAL STORES BRAND PROFILE OF EQUITY B2C SALES Learning to Alumni Magazine IESE OCTOBER-DECEMBER 2015 / No. 139 63 MARKETS THAT WILL GROW THE MOST(BUSINESS TO CLIENT) THE ONLINE Yearly growth in % dance with SHOPPER Usually away from home By geographic zone e-commerce Educated North America Consumer 19% Europe What language of leisure should be used? and work 25% Countries that spend the most Latin America shopping online Tech-savvy By sector Young 20% 35% USA 26% Asia / Paciﬁc China UK

HOW MANY channels 4) OMNI-CHANNEL should you have… The consumer spends 4.4 1) CONTENT and HOW to use MARKETING hours a day in front of a screen 9) LESS IS MORE them? Engagement of 4,4h companies with fewer Clean designs, with 12) RISE OF SEM than 10,000 Likes on 5) PROGRAMMATIC clear and simple messages Paid search will attract customers through Facebook = 0.96%; BUYING KEY WORDS Solution: create There is a growing content that interests tendency to mechanize people banners according to 15 trends search algorithms to reach your potential customer in digital 13) UNIVERSAL 2) REVIEWS marketing ANALYTICS 80% of users 6) ATTRIBUTION Combine data with say hotel reviews monitoring the online and increase their MODELS oine worlds to increase trust We continue blindly interaction between the following metrics 7) MOBILE-CENTRIC two areas that attribute We look at our mobile online sales to one phones 150 times a day. factor. Is this right? 10) LOCAL 150 opportunities to 14) NEW BUSINESS 3) VIDEO interact with the MARKETING REVOLUTION consumer More than 30% MODELS Home-based of internet searches Information filters: enter “YouTubers” 8) THE SUPER COOKIE have local words. the value chain to make life are the new Super cookies will permit the We look for things nearby easier for users influencers. accumulation of data about a How can they be single user from diverse 11) IMPORTANCE managed? platforms. More OF SEO information = more 4 of each 10 4/10 15) BIG DATA knowledge about visits on the Social networks = new the consumer internet are made opportunities to get to know GENERAL DATA through an organic your customers = new search business opportunities 300 REASONS FOR USING TWITTER million users 1 500 # IDENTIFY WHAT MOTIVATES 2 /per day CONSUMERS# # 3 # 4 # INTERACT WITH are between TELEVISION# 50% 67% # HUMANIZE # MEASURE 25 and 55 of users MESSAGES# THE IMPACT actively follow THROUGH years old 65% of the brands ANALYTICAL audience TV TOOLS# tweets while Twitter, an ally for they watch TV BASIC PRINCIPLE 95% of brand development conversations “What can’t be measured can’t be improved” about TV happen TV on Twitter 10 THINGS THAT WE CAN ONLY KNOW THROUGH WEB ANALYTICS TRENDS 1 How the website is used 2 How the user arrives WEB ANALYTICS Mobile 3 What device is used for access ? IN THREE STEPS revolution 4 Where the user decides to abandon the site Define 5 Habitual navigation paths 1 WHAT The success is for the 6 Most-liked content online business universalization 7 Where users are captured € of wearables 8 From what places in the world users access the site 2 Design metrics to know HOW TO 9 Return on advertising investment Hyperconnec- measure success 10 tivity to o¤er the Are targets set for the website being reached or not best services 3 Identify WHERE you DATA TAKEN FROM SPEAKERS’ CONTENT:Dña. Fuencisla Clemares, directora de Negocio Retail, Tecnologíalose ycustomers Clasificados, Google to 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. adjust your business The importance of measuring in the new digital world L A S T O WR OI R D 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 are neither the only way nor the best way to most important decisions compa- identify talent. nies have to make. The recruiting New methods have emerged, including process is often expensive, and referrals (some of which carry economic making a hiring mistake can prove costly. In the incentives), where current employees Hdigital age, recruiting processes have changed recommend people who meet specific so much that companies must leverage online requirements. People we already know tools to find the right people. link us to others who make non-redundant Companies need employees who are mature, information flow. It’s about using talented productive, have good communication skills individuals to attract others who can contribute and are aligned with the interests, culture, and and gel with the company’s plans. values of the company. They must be flexible There are also psychometric tests, such as and able to adapt to changing environments. those offered by PeopleAnswers or Logi-Serve, If the characteristics of the worker are which go beyond personality tests by trying to essentially immutable, what has changed in actually predict behavior, decision-making and recent times? The market. Technology has compatibility with the organization’s values. made recruiting much more transparent. For Similarly, gamification uses game mechanics example, today’s companies have access to to evaluate skills such as leadership and employees’ digital footprints on LinkedIn, innovation capacity. Instagram, Facebook and Twitter. These We can also find talent among an alumni channels are blurring the line between the network or among former employees who left private and the public self. At the same time, the company in pursuit of new professional employees also benefit from this newfound challenges. Since they are already familiar with transparency. Thanks to tools like LinkedIn and the organization, they require less training and Glassdoor, they can find information on jobs can reach higher levels of commitment. and salaries. The rules have changed. Where snail-mailed Companies cannot sit idly waiting for the paper résumés once piled up to the ceiling, ideal candidates to appear, since they may never there is now an open space. We now need to come. Businesses should try to reach hidden, look beyond those who knock on our door: it is potential candidates who are not necessarily imperative to find the right people for the job, looking for a new job. Résumés and interviews wherever they might be.

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