Business Chief US & Canada - November 2023

November 2023 | businesschief.com

US & CANADA

Exclusive Interview Yao Morin, JLL

CEOs in Canada Keeping board communication transparent Luxury pre-owned watches and their timeless appeal

Deloitte’s L&D commitment Green finance Embedded in business strategy Lifetime of Achievement Thasunda Brown Duckett

NAVIGATING THE ERA OF DISRUPTION Carsten Bruhn, CEO North America at Ricoh, on the importance

of establishing an efficient digital ecosystem

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The Business Chief Team EDITOR-IN-CHIEF

SCOTT BIRCH EDITORS

TOM CHAPMAN CHEIF DESIGN OFFICER

MATT JOHNSON

HEAD OF DESIGN

ANDY WOOLLACOTT LEAD DESIGNER

MIMI GUNN

FEATURE DESIGNERS

SOPHIE-ANN PINNELL SAM HUBBARD MIMI GUNN

REBEKAH BIRLESON JULIA WAINWRIGHT VICTORIA CASEY

THOMAS EASTERFORD DREW HARDMAN SALLY MOUSTAFA

TOM VENTURO STUART IRVING JAMES BERRY

ADVERT DESIGNERS

PRODUCTION DIRECTORS

MARKETING MANAGER

DANILO CARDOSO CALLUM HOOD ADRIAN SERBAN

VIDEO PRODUCTION MANAGER

KIERAN WAITE

SENIOR VIDEOGRAPHER

HUDSON MELDRUM DIGITAL VIDEO PRODUCERS

ERNEST DE NEVE

GEORGIA ALLEN DANIELA KIANICKOVÁ PRODUCTION MANAGERS

KAYLEIGH SHOOTER

MEDIA SALES DIRECTOR

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MANAGING DIRECTOR

PROJECT DIRECTORS

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LEWIS VAUGHAN CEO

FOREWORD

Business Chief 4.0 From Generative AI to Gen Z, green finance to black swans, Business Chief 4.0 has you covered

BUSINESS CHIEF MAGAZINE IS PUBLISHED BY

Transformation can be both a challenge and a privilege. Regular readers of Business Chief will note that this issue marks the start of a new chapter in the 100-issue history of our brand, as we expand to now include four regional editions for truly global coverage.

You are reading Business Chief US & Canada, and from today you can also enjoy insights and executive success stories from Business Chief Middle East & Africa. From next month, we switch to Business Chief Asia & ANZ and Business Chief UK & Europe.

These four editions combine into a comprehensive deep dive into the challenges and opportunities facing CEOs, founders and public sector leaders right now, and in the future.

From Generative AI to Gen Z, green finance to black swans, Business Chief 4.0 has you covered with exclusive interviews, roundtable discussions, and the latest research and reports.

Striking a work-life balance, you will also see more Lifestyle content for our executive audience, especially on our reimagined websites.

Plus, there’s more to come, with two new titles joining the Chief portfolio in November and December. Exciting times.

SCOTT BIRCH

Chief Content Officer, BizClik scott.birch@bizclikmedia.com

© 2023 | ALL RIGHTS RESERVED

businesschief.com

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CONTENTS UP FRONT

10 BIG PICTURE

10

Coconut Grove icon enjoys new lease of life

12 PEOPLE MOVES The C-suite executives on the move across North America

14 LIFETIME OF ACHIEVEMENT

Thasunda Brown Duckett, CEO of TIAA

18 MONTH IN REVIEW

Highlights from October

14

20 THE BUSINESS CHIEF INTERVIEW Yao Morin: Blazing a trail for women in technology

30 30 TOP 10

CEOs heading up Canada’s biggest companies 6 November 2023

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NOVEMBER 2023

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68

46 EY CANADA

Fostering innovation in real-time payments tech

62 LEADERSHIP

The importance of transparent communication with the board

68 PEOPLE

Deloitte’s bold Project 120 is changing the face of L&D

78 SUSTAINABILITY How green finance became essential to business strategy

86 T-MOBILE

112

Leading 5G while driving innovation and technology

104 TECHNOLOGY

How efficient digital ecosystems became business critical

112 TELUS

From traditional telco to global tech leader

132 LIFESTYLE

Timeless: The enduring appeal of the luxury watch businesschief.com

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In Association with:

CSO s THE TOP 100

OUT NOW Championing CSOs from global organisations, celebrate those who elevate the industry day in, day out.

Read now

BIG PICTURE

10 November 2023

Coconut Grove icon enjoys new lease of life Miami, US

Having reopened last year, Mayfair House Hotel & Garden remains the talk of the town in Miami.

New life has been breathed into this icon of Coconut Grove, which first opened in 1985 but later fell into disrepair. Embracing original architect Kenneth Treister’s signature work of art that has transcended time, the hotel has been lovingly transformed by New York-based studio Goodrich.

Mayfair House is truly one-of-a-kind thanks to its stunning open atrium, filled with lush plants which line the outdoor corridors. Meanwhile, an exclusive rooftop pool and bar is the ideal place to socialise under the sun and stars. businesschief.com

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Plenty of big-name companies have been busy reshuffling their leadership teams. Business Chief takes a look at some of the most significant recent movers

SALLY BRINGS SIGNIFICANT EXPERIENCE IN THE CONSUMER GOODS SECTOR

Lena Waters

Ed Morche

JOB FROM: GROUP VP, GLOBAL DEMAND AND DIGITAL BUSINESS, DOCUSIGN JOB TO: CMO, GRAMMARLY

JOB FROM: PRESIDENT – NORTH AMERICA ENTERPRISE & PUBLIC SECTOR, LUMEN TECHNOLOGIES JOB TO: CEO, GTT COMMUNICATIONS

Grammarly has a new CMO in the form of Lena Waters. She brings two decades of experience in marketing, which has seen her progress large enterprises into their next chapters. Grammarly said Waters had impressed during the recruitment process with her focus on operational excellence and commitment to building cross-functional partnerships.

GTT, a leading global provider of managed network and security services, has appointed Ed Morche as its new CEO. Morche is an accomplished business leader with an excellent track record spanning more than 30 years in the telecommunications industry. Most recently, he served as President of Lumen’s North American Enterprise.

Sally Grimes JOB FROM: CEO, CLIF BAR & COMPANY JOB TO: CEO NORTH AMERICA, DIAGEO

Diageo has strengthened its North American leadership team with the appointment of Sally Grimes as CEO for the region.

Until March 2023, Grimes was Chief Executive at Clif Bar & Company, the leading maker of organic energy bars in North America. She successfully led the development of a 10-year strategic growth plan, designed the company's purpose, created a clear portfolio strategy and ultimately completed the successful sale of the business to Mondelez International.

Previously, as Group President of the Prepared Foods segment of Tyson Foods, the US’ largest food company, Grimes ran a US$10 billion, 25,000-person organisation.

Tim Wentworth JOB FROM: CEO, EVERNORTH JOB TO: CEO, WALGREENS BOOTS ALLIANCE

Tim Wentworth has come out of retirement to take over as CEO at Walgreens Boots Alliance, one of the biggest companies in the world, following the sudden resignation of Rosalind Brewer. Wentworth previously led Evernorth, Cigna and Express Scripts, the largest pharmacy benefit manager in the US. businesschief.com

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LIFETIME OF ACHIEVEMENT

THASUNDA BROWN DUCKETT, CEO OF TIAA Influenced by her humble beginnings, Thasunda Brown Duckett has always been determined to use her power and business pedigree as a force for good

T

WRITTEN BY: TOM CHAPMAN

hasunda Brown Duckett is an executive who needs little introduction.

This leadership icon has forged her own path in a business environment where opportunity is far from plentiful for women of colour, especially when it comes to reaching positions of authority.

As one of only two Black female CEOs at the helm of Fortune 500 companies, Duckett is undoubtedly a role model for a new generation of aspiring female leaders, and has gratefully accepted the great responsibility that comes with such great power.

14 November 2023

Tenacious and talented Unlike many of her leadership peers, Thasunda Brown Duckett was not in a position to profit from a privileged upbringing.

Born in Rochester, New York, Duckett and family initially moved to neighbouring New Jersey, before settling in Texas. Her mother, a teacher, and father, a warehouse and truck driver, supported their three children to the best of their ability, but it wasn’t always easy.

Duckett has spoken in the past about not having a lot when she was a child, making her rise to the top all the more impressive. They managed to get by, however, and an eager-to-learn Duckett later graduated from Sam Houston High School.

HOW CAN MORE AMERICANS HAVE THE ABILITY TO TAKE CARE OF THEIR FAMILIES AND TRANSFER SOMETHING TO THE NEXT GENERATION? Thasunda Brown Duckett Speaking to Baylor Magazine

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LIFETIME OF ACHIEVEMENT

2022 TIAA Recruitment: Thasunda Brown Duckett

Determined to give herself the best-possible chance of succeeding in life, the budding young businesswoman attained an undergraduate degree in finance and marketing from the University of Houston, providing her with the tools necessary to step into the world of work.

By this stage, Duckett’s tenacity and talent was abundantly clear. Multiple, generous job offers came her way but, in 1996, she accepted her first permanent position with Fannie Mae, where she had already completed an internship.

During her eight years at the governmentsponsored enterprise, Duckett made it her mission to assist disadvantaged communities and increase homeownership among minority groups, while simultaneously putting in the hours to achieve her MBA from Baylor University’s Hankamer School of Business.

Having been selected as Alumna of the Year in 16 November 2023

2022, Duckett told the university magazine of her humble beginnings and determination to give something back.

“While pursuing my MBA at Baylor, every step of the way I felt connected with this inner spirit around financial insecurity,” she said.

“How can more Americans have the ability to take care of their families and ultimately transfer something to the generation after them?”

Natural born leader Duckett arrived at a crossroads in 2004, when JPMorgan Chase & Co came calling.

Ultimately, it proved too good a chance to turn down and she flew the nest to become an SVP in Emerging Markets and Affordable Lending at Chase bank, based in New Jersey.

So apparent was her ability that Duckett continued to progress through the ranks at

remarkable pace, running the home lending division for the entirety of the Northeast (2008-2012) and then managing 4,000 mortgage bankers across the US (2012-13) – all while bringing up two young children.

Almost inevitably, Duckett stepped up again to take the reins as CEO of Chase Auto Finance in 2013. She stayed in the role for three-and-ahalf years, during which time she made it her duty to build a healthy workplace culture and helped the business achieve an unprecedented level of satisfaction among auto dealers.

The final chapter of Duckett’s astronomical rise at JPMorgan came in 2016, when she was appointed CEO of Chase Consumer Banking.

Here, her eyes were opened even further to the economic strife facing millions of people in the US and, while helping the organisation expand into new markets, she also pushed continuously for financial inclusion and empowerment.

Moving to insurance giant TIAA in 2021 has allowed her to uphold these values to an even greater extent. Under Duckett’s stewardship, the company is expanding its mission beyond higher education to all Americans saving for retirement.

A true trailblazer Following the recent resignation of Rosalind Brewer from Walgreens Boots Alliance, Duckett was, for a few weeks, the only Black woman in charge of a Fortune 500 firm (she now has Toni Townes-Whitley, the new CEO of Science Applications International Corporation, for company).

Whether at TIAA or elsewhere, she seems destined to remain in the upper echelons of business for many years to come, albeit with the hope of being joined by more female allies.

Duckett’s positive influence on everything she touches means she certainly hasn’t been

US$1.2 TRILLION: TIAA’s total assets under management

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TIAA’s rank in the Fortune 500 for 2023

1996

The year Thasunda Brown Duckett accepted her first permanent position with Fannie Mae

left wanting for recognition. In fact, it’s become difficult to keep track of all her accolades, which have come from a host of respected outlets including American Banker, Forbes and Fortune.

It goes without saying, however, that Duckett has never done anything with commendation in mind.

This is perhaps reflected best by her founding of the Otis and Rosie Brown Foundation, set up in honour of her parents back in 2013. Its mission is to highlight extraordinary people, organisations and corporations who utilise ordinary resources to enhance the wellbeing of others – embodying everything Duckett stands for. businesschief.com

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MONTH IN REVI Which companies in North America are among the world’s best employers? Plus, consulting giant KPMG outlines the biggest challenges currently facing CEOs

How the biggest deal in gaming history was finally completed Following a drawn-out saga which saw it forced to negotiate a series of tricky obstacles, Microsoft has sealed the largest deal in gaming history. The tech giant has purchased Activision Blizzard, maker of many of the world's most popular games, for an eye-watering sum of US$68.7 billion.

KPMG: The biggest challenges facing global CEOs in 2023 Political uncertainty and emerging technologies are among the biggest worries facing global CEOs in 2023, according to the latest instalment of an annual study by KPMG. While pandemic fatigue and economic factors were primary concerns last year, the consulting giant’s CEO Outlook survey for 2023 has revealed significant changes to leaders’ priority lists.

Microsoft, JLL among world's most ethical companies Businesses across the globe are increasingly mindful of the environmental impact their operations are having and the importance of upholding strong moral standards. And now, IG has attempted to assess which organisations are succeeding in this space by compiling a list of the most ethical companies in the world.

18 November 2023

IEW

MONTH IN REVIEW

IBM and EY's AI-powered solution is set to transform HR

HR could be about to change forever thanks to a groundbreaking new partnership bringing together two of the biggest companies in the world.

IBM and EY have teamed up to launch EY.ai Workforce, an innovative solution aimed at helping organisations to integrate AI into their key HR business processes.

McKinsey’s eight lessons in leadership for aspiring CEOs

The question every aspiring leader desperately wants to answer: what does it take to become a CEO? The McKinsey Leadership Forum convenes an elite group of C-suite executives in an attempt to tackle this and a host of other big questions facing those near the summit of their organisations.

Which North American firms are the world’s best employers?

For today’s employers, navigating the complexities of learning and development, DE&I and workplace culture is perhaps more difficult than ever before. Forbes has partnered with Statista to create a definitive list of the World’s Best Employers, taking into account factors including remote working options, parental leave benefits and diversity.

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THE BUSINESS CHIEF INTERVIEW

YAO MORIN

Blazing a trail for women in techn As JLL’s first-ever CTO, Yao Morin is determined to be a role model for the next generation – and wants women to know they can succeed in technology WRITTEN BY: TOM CHAPMAN 20 November 2023

N:

nology

THE BUSINESS CHIEF INTERVIEW

US$500M JLLT’s estimated revenue by 2027

102K

the approximate number of employees across the JLL organisation

T

ell us a bit about yourself and your career so far I began my professional career at a law firm where I advised attorneys on innovation patterns. I started to realise that I actually liked being an innovator myself, rather than reading about and supporting other people's innovations. I wanted to do something where the impact of my work was visible every day.

At Intuit, I led the development and modernisation of their data infrastructure as the Head of Data Science and Machine Learning Engineering/Principal Data Scientist. I then served as StubHub’s CDO and Head of US Engineering, where I championed their company-wide data strategy and oversaw the execution of a complete data transformation.

Every day, I think back to about three years ago, when I decided to join JLL Technologies (JLLT). It’s one of the best decisions I’ve ever made.

How challenging have the last few years been for you and JLL given the pandemic and global economic uncertainty?

The pandemic resulted in an increased need for data, as both building managers and occupiers required a greater understanding of their surroundings from a safety perspective.

As a result, many real estate firms have only recently begun to think about how to leverage their property data, from leasing agreements to building occupancy rates.

Companies in the commercial real estate (CRE) industry and beyond are starting to recognise that becoming a data-driven enterprise provides them with valuable insights to better serve clients, maximise long-term value for investors and the broader organisation, and work towards strategic business goals – from reducing environmental impact to facilitating safer ways of working in a post-pandemic world.

At JLL, for example, we have created an easily accessible, traceable data platform from all of our data sources that anyone in JLL can use. It’s the most comprehensive, trustworthy and organised data in the CRE space, enabling us to function as a unified organisation and provide our clients with sharper market insights.

Every day, I think back to when I decided to join JLL. It’s one of the best decisions I’ve ever made businesschief.com

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THE BUSINESS CHIEF INTERVIEW

I’m thrilled to be leading the charge as we optimise our teams to continue innovating and delivering best-in-class technology products What were your biggest achievements in your previous role as CDO at JLL? As CDO, I was responsible for aligning JLL’s business lines’ approach to gathering, extracting, storing and leveraging data assets to develop new value for investors, occupiers and the broader JLL organisation.

My work here created a seamless transition to my new role as CTO, where I lead JLL's global technology development strategy and delivery, and oversee the newly-centralised engineering group within JLLT. Uniting our application engineers, data engineers, analysts and data scientists from across the organisation into our new engineering group ensures that we continue maximising business value for our clients through our technology and our talent.

What are your immediate and longer-term goals as CTO? One of my goals is to bolster our organisation and strengthen the alignment between product and data strategy, which is critical as CRE evolves into a data-driven enterprise.

24 November 2023

I'm thrilled to be leading the charge as we optimise our teams to continue innovating and delivering best-in-class technology products.

With sustainability and decarbonisation being the top priority for all of our clients, I’m also working with my team on projects that incorporate the use of data and technology to reduce energy consumption and make the building lifecycle more sustainable, from construction to building operations. Using data to make a company's real estate footprint more sustainable and efficient is one of the most effective ways to get on the path to net zero and meet long-term sustainability goals.

What’s the biggest challenge you face in your role?

Technology adoption in the CRE space is a massive opportunity, but simultaneously necessitates educating stakeholders about the value of technology and data and how it can help transform the industry.

The breadth of CRE data can be intimidating since it’s not just data about the buildings, but also about the surrounding areas, the people

Yao Morin

E XE CUTIV E BI O

TITLE: CTO COMPANY: JLL INDUSTRY: PROFESSIONAL SERVICES/ REAL ESTATE LOCATION: SAN FRANCISCO Yao Morin is a technical executive in fields including platform engineering, data analytics and machine learning. Over the years, she has designed and championed multiple platform modernisation and data migration journeys, as well as data-driven transformations. In May 2023, Yao became JLL’s first-ever CTO.

inside and their activities. This kind of data is usually cultivated manually and is more difficult to collect and analyse.

Just 8.3% of CTO roles in the US are held by women. Do you see yourself as something of a trailblazer?

I want to be someone who other women can look to as an example of creating an impact in the technology field. The importance of role models cannot be underestimated.

Women want to work where they see other women being given the opportunity to succeed. And I want other women who are interested in technology or pursuing technology to know that they can succeed, and that there is a place for them. businesschief.com

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THE BUSINESS CHIEF INTERVIEW

J L L : A P R O F E S S IO NA L S E R V I C E S L E A D E R For more than 200 years, JLL has served as a leading global commercial real estate and investment management company. Today the business is investing in its people and platform to expand its position as a leading advisor on the future of work, real estate investment and sustainability.

A key component of JLL’s success is its commitment to embracing and advancing best-in-class technology that benefits clients and business. In real estate, a traditionally conservative field where technology adoption is slow, JLL is the only major commercial real estate firm with a dedicated technology arm. JLL Technologies (JLLT) has approached technology like no-one else, with deep Silicon Valley roots dedicated to a “buy, build, partner and invest” strategy. The division is set to reach US$500m in revenue by 2027.

JLLT is a trusted partner for building occupiers and investors. For occupiers, it empowers facility managers to transition from reactive maintenance to strategic operations using AI and business analytics. For investors, it transforms property management and streamlines building operations.

26 November 2023

What can be done to increase the number of women working in technology and, more specifically, in positions of IT leadership?

There is lots that can be done. One of the biggest things is elevating female role models in technology. I believe that, when women see other women in positions of leadership and succeeding, they can begin to see it for themselves and are a lot more encouraged to try.

In addition to role models, mentors are also important. I strongly encourage women to find a mentor that can really help them grow professionally and offer them guidance as they make their way through their career.

Making sure you’re providing women with a platform and giving them space to voice their ideas is important as well. And really encouraging them to make their voices heard.

Being flexible and providing a work environment that not only works well for their needs and schedule, but really puts them in the best possible position to succeed, is also crucial.

Lastly, I think it’s important for everyone to be mindful of unconscious bias and make active efforts to become more informed.

Whether that’s through workshops or training, knowing what unconscious bias is and what it can look like is extremely important to combatting it.

What is JLL doing to improve career pathways for women in technology?

There’s a variety of things JLL is doing right now to improve career pathways, starting at the top of the funnel and being very intentional about recruiting women in tech

roles. Once they’ve been recruited, our focus shifts to retention and developing their talent to ensure their success. We provide tailored flexibility, benefits and growth opportunities.

We also have a Business Resource Group that solely exists for women in technology.

Within this group there is a mentorship programme that pairs mentees with a mentor who aligns with their interests and career development plans. The group also hosts events and panels throughout the year and encourages important conversations around women in technology and how women can grow in their careers.

I also believe having women in leadership positions throughout the organisation helps improve career pathways as well.

It empowers other women to visualise themselves in management and leadership roles and to feel more confident that they can also succeed and grow at JLL. What advice would you give to young women looking to progress through the ranks in IT/technology?

If you have ambition, talk to people about it.

Find someone who wants to mentor you and help you grow in the industry.

What's your favorite thing about working for JLL? There are so many things! We're in an industry that’s very exciting. There’s a lot of interest and ongoing investment in proptech. And, since real estate technology and industry innovation are still in infancy stages, there’s a lot of room to grow. I love innovating and every day I feel the same energy from the great people here at JLL. businesschief.com

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THE TOP 100 COMPANIES IN SUSTAINABILITY Discover the companies leading the way, setting the pace and inspiring global business change.

READ NOW

CEOs

OF CANADA’S

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November 2023

TOP 1O

S BIGGEST COMPANIES Faced with new opportunities and challenges almost every day, the CEOs heading up Canada’s biggest companies are unwavering in their pursuit of excellence WRITTEN BY: TOM CHAPMAN

I

s it more difficult than ever to lead a company?

Amidst economic uncertainty, sustainability pressures and increasing demand from employees for a better worklife balance, not to mention the rapid emergence of generative AI, CEOs have their work cut out to simply keep up.

However, against this backdrop, those in charge of Canada’s biggest companies – ranked here by revenue, according to the latest data from ZoomInfo – are working round the clock to stay ahead of the competition while meeting their ESG targets.

It’s a list occupied entirely by men, demonstrating there is still much work to be done to achieve gender equality in the upper echelons of Canadian business. businesschief.com

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TOP 1O

GREG EBEL Company: Enbridge Revenue: $34.7bn Number of employees: 12K

CREDIT: CNW Group/Enbridge

With decades of experience in the energy sector under his belt, Greg Ebel assumed the role of President and CEO of Enbridge at the beginning of 2023.

Duke Energy, Union Gas Limited and Spectra Energy are just a handful of the other corporations for which Ebel has worked.

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November 2023

CREDIT: TD Bank Group

BHARAT MASRANI

Company: TD Bank Group Revenue: $34.9bn Number of employees: 80K Bharat Masrani has been Group President and CEO of TD Bank Group for the past nine years and, overall, has three-and-a-half decades worth of banking experience.

Masrani started out as a commercial banking trainee in 1987 and has continued progressing through the ranks in admirable fashion.

Over the years he has taken on leadership roles across the globe, including in India where he was VP and Country Head, and Europe where he was CEO of TD Waterhouse. businesschief.com

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Knowledge Partners

THE TOP 100 COMPANIES IN FINTECH READ NOW

TOP 1O

JEFFREY ORR

Company: Power Corporation of Canada Revenue: $35.6bn Number of employees: 33.7K Jeffrey Orr was appointed President and CEO of the Power Corporation of Canada in 2020 having amassed extensive experience in the financial services industry, including in executive positions at Power group companies.

He has been President and CEO of Power Financial since 2005, prior to which he held the same role at IGM Financial.

Orr is widely recognised as one of Canada’s most influential businesspeople and remains active in a number of community and business organisations. businesschief.com

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TOP 1O

DAVE MCKAY

Company: Royal Bank of Canada (RBC) Revenue: $37.1bn Number of employees: 97K An RBC veteran, Dave McKay joined the business back in 1983 as a co-op student in computer programming.

In the ensuing years, McKay climbed the corporate ladder to hold senior roles across various functions, eventually becoming Group Head of Canadian Banking in 2008.

He then stepped up to take the top job in 2014.

As a champion of innovation, McKay is actively transforming RBC for the future, harnessing the power of emerging technologies to deliver more value to clients through unique partnerships and personalised experiences.

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November 2023

PER BANK

Company: Loblaw Companies Revenue: $42.3bn Number of employees: 221K Per Bank will formally take the reins as President and CEO of Loblaw from Q1 2024.

He replaces Galen Weston Jr as President, while COO Robert Sawyer is retiring at the end of 2023.

Bank’s deep expertise in both retail operations and supply chain stands him in good stead to take over at Loblaw, which runs a huge network of food stores and pharmacies.

He is the outgoing CEO of Salling Group A/S, the largest retailer in Denmark.

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CREDIT: Imperial Oil

BRAD CORSON Company: Imperial Oil Revenue: $42.9bn Number of employees: 5.3K

Brad Corson began his career with ExxonMobil in 1983 and, over the years, was assigned to various technical, operational, commercial and managerial positions around the world, including in the US, London and Hong Kong.

In 2009, Corson was appointed VP at ExxonMobil Production Company, taking responsibility for oil and gas production activities in Europe and the Caspian region.

Further promotions followed, before he joined Imperial Oil as Chairman, President and CEO in 2020, replacing the retiring Richard Kruger.

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November 2023

TOP 1O

GALEN WESTON JR

Company: George Weston Ltd Revenue: $43.6bn Number of employees: 221.3K

CREDIT: JasonParis

The Weston family’s business pedigree can be traced back to 1882, when a young George Weston bought a bread route from his employer.

By the turn of the century, George Weston Ltd was Canada’s biggest baker.

While the bakery business was sold in 2021, the organisation remains in the family and is these days led by Galen Weston Jr, who has been CEO since 2016.

George Weston Ltd is the parent company of Loblaw Companies and Choice Properties, a leading Real Estate Investment Trust.

Knowledge Partners

THE TOP 100 COMPANIES IN TECHNOLOGY READ NOW

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November 2023

TOP 1O

RICHARD KRUGER

Company: Suncor Revenue: $46.1bn Number of employees: 16.6K

CREDIT: Suncor Energy

Richard Kruger came out of retirement to join Suncor as CEO in April, replacing interim boss Kris Smith.

Remarkably, Kruger spent almost 40 years at ExxonMobil before a six-year stint in the top job at Imperial Oil from 2013 to 2019.

At the latter, he drove a strong performance culture by focusing on safety, reliability and operational excellence – enabling Imperial Oil to deliver exceptional financial results.

Following his appointment at Suncor, Kruger was lauded for his strategic and commercial aptitude.

TOP 1O

JON MCKENZIE Company: Cenovus Energy Revenue: $52.5bn Number of employees: 6K

As CEO of Canada’s largest energy company in terms of revenue, Jon McKenzie is responsible for strategic direction and delivering strong financial, operational and sustainability performance.

McKenzie, who previously served as COO and EVP, officially took the top job in April 2023 as part of Cenovus’ leadership succession plan, which saw Alex Pourbaix shift to the role of Executive Chair.

This visionary leader can boast more than three decades worth of experience in finance and operations, primarily in the Canadian oil and natural gas industry. He joined Cenovus in 2018 as CFO and was instrumental in its strategic merger with Husky Energy, where he headed up the finance function from 2015 to 2018.

McKenzie has received praise from peers for his strength in positions of leadership, financial discipline, commercial acumen and vast knowledge.

The finishing touch: drilling equipment set install complete on West White Rose Project

TOP 1O

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TOP 1O

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November 2023

TOP 1O

BRIAN HANNASCH

Company: Alimentation Couche-Tard Revenue: $52.9bn Number of employees: 128K

CREDIT: David Boyer/CNW Group/ Alimentation Couche-Tard

As the parent company of brands including Couche-Tard, Circle K and Ingo, Alimentation Couche-Tard is a big name in the convenience sector.

At the helm is Brian Hannasch, who joined the group more than two decades ago and has served in roles including COO of Circle K, one of North America’s best-known convenience store and gas station chains.

Having risen through the ranks to reach the position of President and CEO at Alimentation Couche-Tard in 2014, Hannasch has led the organisation during a time of unprecedented growth which has been punctuated by regular acquisitions. His efforts have helped ACT to become the biggest company in Canada, with revenue of US$52.9bn.

Hannasch was working as a VP at BP in the 1990s when the energy heavyweight sealed a huge deal to take over American oil giant Amoco.

Circle K - America's Thirst Stop

EY CANADA: FOSTERING INNO REAL-TIME PAYM WRITTEN BY: ALEX CLERE 46 November 2023

PRODUCED BY: JACK MITCHELL

EY CANADA

OVATION IN MENTS TECH businesschief.com

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EY CANADA

EY Canada’s Payments Practice Leader, Diana Halder, explains how the company is acting as a catalyst for real-time payments innovation

D

iana Halder is Payments Practice Leader at EY Canada, a role she has held since September 2019, becoming a full Partner in the firm three months ago. A vastly experienced payments industry executive, she previously spent six years at Accenture, as well as working in payments and global banking at Scotiabank.

48 November 2023

When she catches up with us from her office in Toronto, Canada, it’s clear that this experience has set her in good stead. But she acknowledges that, even though she’s been in the industry for over 18 years, she’s always learning new ways to become a better leader.

“Putting people first definitely matters,” she tells us. “It’s important to understand their interests and ambitions to keep them motivated and engaged.” She characterises the tenets of strong leadership as ‘four Ps’ – people, patience, persistence, and being provocative when it comes to innovation.

“You tend to get a lot of noes as a female and as a minority in a male-dominated industry. There can be a lot of ‘no you

DIANA HALDER TITLE: PARTNER, PAYMENTS PRACTICE LEADER COMPANY: EY CANADA Diana Halder is a partner at EY Canada, leading the Canadian Payments Practice. She has over 18 years of experience in payments strategy design and large-scale programme delivery. Her domain knowledge in payments spans retail and commercial segments. Diana plays an active role in influencing the payments industry trends and is currently championing the QR code payments standards work in Canada.

Halder works with Canadian and US financial institutions, fintechs and big-techs to bring them in-depth knowledge and experience to help deliver their vision.

shouldn’t do that’ or ‘no you need to wait’.”

Her message is all about being persistent and confident in your vision.

Indeed, gender equality and breaking down barriers for women are common threads woven through many areas of financial services worldwide. According to a report published last year1, women land just 21% of board seats and only 19% of C-suite roles within the sector globally. That figure falls to an astonishingly low 5% when it comes to the CEO position.

It’s an issue that matters both to EY Canada – which has developed a programme called ‘Women. Fast forward’ to address gender equity in the workplace – and to Canadians.

EY CANADA

“ Putting people first definitely matters. It’s important to understand their interests and ambitions to keep them motivated and engaged” DIANA HALDER

PARTNER, PAYMENTS PRACTICE LEADER, EY CANADA

The country currently has a genderbalanced cabinet, meaning there are equal numbers of male and female members, and the Canadian government has previously introduced disclosure requirements that bring the issue of gender parity in the workplace into the spotlight, whether companies want it there or not. In case you’re wondering, women represent 51% of the workforce at EY Canada including 45% of management roles.

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Diverse societies require cross-border solutions Canada is a vibrant and modern economy that originated well-known firms such as Shopify, Lululemon and Thomson Reuters.

But there is sentiment north of the border that Canada is often overlooked in favour of their American cousins, particularly when it comes to industries like fintech and financial services – which, traditionally, have been concentrated around Silicon Valley and Wall Street respectively.

With more than 400,000 people immigrating to Canada every year to turbocharge economic growth, we’ll likely see that influx of people begin to add extra pressure on Canadian financial institutions and payment service providers to meet the demand for cheaper, faster payments – especially with crossborder payments.

The country is already incredibly diverse, with one of the largest foreignborn populations in the world. Canada has

always embraced new cultures, right from the very beginning, Halder says. “My parents immigrated here from a country hampered with social and political challenges,” she explains.

“In Canada, I got access to free education, free healthcare, and I’ve been able to take advantage of those tools to get me to where I am today. That is one of the reasons I spend a lot of time with minorities and with females to empower and enable them – because I got that opportunity.” businesschief.com

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Modernizing cross-border payments

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How Mastercard invests in domestic and cross-border payments Darrell MacMullin, SVP Products and Platforms at Mastercard in Canada, talks to us about the pace of change within disbursements and cross-border payments.

WRITTEN BY ALEX CLERE

When we dial in virtually to speak with Darrell MacMullin, Senior Vice President for Products and Platforms at Mastercard in Canada, he’s just got off the phone with his telecom provider. MacMullin is constantly evaluating the experiences he receives as a user, and applying those learnings to his role. “I am definitely UX-obsessed,” he admits.

Over the last 5-10 years, he believes several macro trends have redefined disbursements and cross-border payments.

These include the rise of the gig economy; the emergence of new verticals in gaming and gambling that are moving into the scope of regulators; greater demand for choice in various different payment use-cases; and more exacting expectations from the general public.

“People’s expectations are on demand for almost everything now,” MacMullin says. “Whether it’s a refund from a health insurance company or a person needing to send money to family back home, they don’t want to wait days for that anymore. The expectation is that it has to happen in near real-time.”

In order to meet this evolving demand, Mastercard has placed a huge emphasis on its Mastercard Send platform, which facilitates secure, near-real time payment transfers between billions of cards, banks and digital accounts.

Mastercard has also been investing heavily into new payments infrastructure, applications and services. “We’ve completed acquisitions and integrations of a number of companies and capabilities that give us the ability to reach about 90% of the world’s population with Mastercard CrossBorder Services,” MacMullin tells us. “Together, Mastercard Send and Cross-Border Services can support payments to bank accounts, mobile wallets, cash payout locations, and any card type and scheme whether it’s debit, credit or prepaid. The platform enables banks and fintechs to be able to move money to support multiple use cases including remittances, small business and commercial payments.”

Learn more

EY CANADA

“ The future of embedded payments lies in the ability to make the movement of money seamless and contextual” DIANA HALDER

PARTNER, PAYMENTS PRACTICE LEADER, EY CANADA

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It is clear to see how much her past contributes to her passion for improving the representation of women and other underrepresented groups in the workplace.

Canadian consumers want to see more choice Canada has an annual GDP of roughly US$2tn (CA$2.7tn). Within financial services specifically, much of that activity is concentrated around Toronto, the country’s largest city. According to industry database Crunchbase, the Greater Toronto Region – which extends along the shoreline of Lake Ontario – is home to more than a quarter of Canada’s banks, financial institutions, insurers and fintechs, despite accounting for just a sixth of the national population.

Diana Halder of EY Canada Catalyzes Real-Time Payments Innovation WATCH NOW

“I believe we’re similar to California when it comes to population size,” Halder tells us.

Indeed, according to the latest estimates, the Golden State has one million more people than the Great White North. “So that’s one state in the US compared with our entire country,” she adds. Despite the smaller population Canada is ideal to pilot new technology, products or services because Canadians tend to be faster at adopting digital solutions.

From a payments perspective, Canada is in the midst of modernising its payment infrastructure and policies. Halder believes the industry isn’t as heavily regulated as other parts of the world – like the UK or Australia – and that the country is influenced

by the bigger banks. “They tend to drive the pace at which we innovate,” she says. This is similar to other geographies that have a big banking footprint.

“There is definitely innovation coming out of Canada, but the pace of this innovation and the level of competition is slower, as compared to other G7 countries.”

Oligopolies exist within sectors like telecommunications, internet service providers, hydroelectricity, and of course financial services. Though there is good infrastructure and services in those areas, competition is quite sparse.

This construct finds its roots in Canada’s origin as a country. It’s in their DNA. The country was a relative early-mover with the businesschief.com

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“ The common themes among impressive fintechs are that they’re all very provocative in the way they go to market.

They’re very forward-thinking in their solutions” DIANA HALDER

PARTNER, PAYMENTS PRACTICE LEADER, EY CANADA

implementation of email money transfer

by Interac, a form of faster peer-to-peer payments where deposit instructions and notifications are sent over email. Now the country’s payment ecosystem is moving Canada’s real-time payments into a new era.

“What we’re doing is setting up a centralised real-time payments network with centralised clearing and settlement capabilities on a more modern technology stack,” Halder says. “That would be comparable to the FedNow in the US or AP+ in Australia.”

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She says that it would be ideal if Canada had the range of choice that the US has (for example Zelle, TCH’s real-time payments and FedNow), but the lack of competition has made that challenging. “Right now in Canada, we have one option. It would be great for consumers and businesses to have more choices from public or private realtime payments networks.”

A protected financial ecosystem isn’t the only consideration for Canada’s modernisation agenda; the lack of widespread education on the benefits of

EY CANADA

modernisation and ageing technology also slow down progress.

“Another challenge is the speed at which banks can transform their ageing infrastructure to enable real-time payments.

Functions such as real-time fraud detection and real-time postings to the DDA should be in place for us to have widespread RTP offerings and therefore adoption.”

EY strives to be ‘an agent for change’ As with many sectors, the pandemic helped create an inadvertent, but welcome,

acceleration within the payments space.

There’s no escaping the impact that the pandemic had on small-and-medium-sized businesses, in particular. According to the Department of Industry, lockdowns and business failures resulted in nearly threequarters of a million job losses by the end of 2021 alone. During the pandemic, EY championed initiatives that helped small businesses get access to support and subsidies from their government. EY brought together some of the most significant players – including Canada’s largest banks, businesschief.com

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LISTEN: MAKING WAVES WITH EY – THE PAYTECHS EDITION In this episode of Making Waves with EY, our host Diana Halder explores the latest trends, innovations and challenges shaping the payments industry with Global EY leaders.

READ: HOW THE RISE OF PAYTECH IS RESHAPING THE PAYMENTS LANDSCAPE PayTechs’ relentless disruption means that only banks and payment service providers that offer “value beyond payments” can compete.

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EY CANADA

“Our mission statement in EY Canada Payments is to bring about change through provocative thinking, innovative solutioning and creative partnering” DIANA HALDER

PARTNER, PAYMENTS PRACTICE LEADER, EY CANADA

Canada’s largest merchant acquirers, networks and paytechs – to create a new open-source standard for moving money via a quick response code (QR code).

“As a result of the pandemic, there has been a spike in movement towards digital or online payments as small-and-mediumsized businesses looked for cheaper and flexible money movement options.”

She suggests that the impetus is now on everyday Canadians to maintain the pressure on their banks and financial institutions, to be relentless in their pursuit of more convenient and robust payment solutions. “As Canadians, we’re very easygoing. We don’t pound the table when we don’t get what we want. Americans demand innovation, they demand competition. In Canada, not so much. We still have some of the highest telco bills, and we still get charged for our checking accounts.”

In everything that it does, EY Canada’s objective is to be a ‘change agent’ – as demonstrated in the collaborative approach that it’s been taking in the last few years.

“Our mission statement in EY Canada is to be a ‘change agent’ within payments. We want to help bring about change through provocative thinking, innovative solutions

and creative partnering – not just with our clients but also our vendors and regulatory bodies.”

A prime example of this is the QR code work, developed during the pandemic, which will soon be recognised as Canada’s standard by its payments network owner and operator. This open-sourced standard is more accessible and cost effective to acquire and process payments, as compared to existing options. For smaller merchants, a QR code payments system opens up new possibilities because their mobile phones can be used to accept payments without having to pay for expensive infrastructure and technology, allowing financial inclusion for Canadian merchants who still cannot accept card payments.

Embedded payments will define the future One of the most promising areas of innovation, as they see it, lies in embedded payments. This API-enabled capability allows household names to offer convenient money movement experiences. It allows non-banks to offer digital wallets; nonlenders to provide credit at checkout or when budgeting; and non-insurers the ability to distribute insurance, when you’re renting businesschief.com

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EY CANADA

a car or booking a holiday for example.

Embedded payments effectively remove the need to pull out your card or toggle to a EY offices in Canada different experience or application to make a payment, but it instead seamlessly initiates the payment Global EY workforce as a part of an experience. “Think Uber,” Halder says.

Embedded payments is one of EY Canada area that EY Canada Payments is employees are women, including really focusing on, anticipating that the total addressable market for in management such services will reach trillions roles, compared to of dollars within the decade.

“You have cheaper tech average across that’s coming online, making whole of Canada it accessible and available for businesses and individuals to innovate upon.” Halder says.

“Group that with the standardisation of payment messages, the spread of openbanking and real-time payments and you have yourself the ideal conditions for embedded payments.”

This will obviously, then, be a huge area of focus for the team at EY. The company itself will be building out its assets and support services so that it can play a key programme, EY Canada will continue role in that transformation of Canada’s realto champion women in the workplace, time payments industry – and, of course, EY bolstered by those impressive figures Canada will continue to work hand-in-hand with the diverse list of clients that it already about the number of female employees numbers among its clientele. They include in management roles within its own organisation. financial institutions and credit unions, big But there is still a long way to go. According tech, entertainment and media companies, to a study by Equileap, the vast majority (81%) ecommerce platforms as well as paytechs and fintechs. of Canadian firms do not publish details of Finally, the company is big on ESG and their gender pay gap – although this number is inching down year-on-year. When it comes diversity. With its ‘Women. Fast forward’

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300,000+ 51%

45%

20%

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Use more image captions as often as possible

“You tend to get a lot of noes as a female and as a minority in a maledominated industry. It’s all about being persistent” DIANA HALDER

PARTNER, PAYMENTS PRACTICE LEADER, EY CANADA

to gender parity in the boardroom, although most metrics are moving in the right direction, only 30% of senior managers at top Canadian firms are women. The number of women in the broader workforce is lower than comparable labour markets, including the US. In fact, such is the state of gender diversity in corporate Canada, there are more CEOs at top publicly listed Canadian firms named Michael than there are women.

Interestingly, the Payments lines of business within financial services has one of the highest rates of female executives, an example that should be replicated across other areas. It’s refreshing to see the payments industry set an example in gender parity.

1. Deloitte, 2022 businesschief.com

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THE IMPORTANCE OF TRANSPARENT COMMUNICATION WITH THE BOARD Gaurav Kapoor, Co-CEO of MetricStream, outlines why improving communication with board members is essential for effective governance and decision-making WRITTEN BY: TOM CHAPMAN 62 November 2023

LEADERSHIP | BOARD COMMUNICATION

G

iven today’s unpredictable business environment, it can be easy to focus solely on core operational activities while neglecting effective communication.

But establishing a clear stream of communication with the board can often prove the difference between a company functioning effectively and slipping into a negative spiral.

It’s an ethos Gaurav Kapoor abides by in his role as Co-CEO of MetricStream, a worldleading independent provider of governance, risk and compliance products and solutions.

“The relationship between leading executives and the board is critical to the success of an organisation,” says Kapoor.

“Clear and direct communication fosters transparency, trust and accountability, ensuring the board is well-informed about the company's operations, challenges and performance.

“At a company like ours, with a seasoned investor base and independent board members who are experts and operators, getting diverse perspectives from board members is crucial.

“A transparent and streamlined communication channel also enables strategic alignment, informed decisionmaking and the ability to address risks and crises promptly, together as one team.”

Adapting to the new normal Kapoor’s professional career began in the 1990s at Citi, where he led a segment of the organisation dealing with fintech consumer payments.

In 2003 he co-founded MetricStream, armed with a mission to empower organisations to transform risk into a strategic advantage, accelerating responsible growth in the process.

Over the years, as CFO, COO, CMO and now joint-CEO, Kapoor has worked shoulderto-shoulder with leading risk, compliance, audit and cyber executives from some of the largest companies in the world.

He is well placed to judge, therefore, the extent to which board communication practices have evolved, particularly in recent times given the impact of COVID-19 on the workplace.

“Since companies had to transition to remote or hybrid businesschief.com

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LEADERSHIP | BOARD COMMUNICATION

The relationship between leading executives and the board is critical to the success of an organisation Gaurav Kapoor

Co-CEOof MetricStream

work arrangements, there have been new challenges every day,” Kapoor continues.

“Reduced in-person interaction, time zone differences and the absence of informal gatherings have added to the complexities of relationship building.”

Kapoor highlights, however, that the majority of companies have risen to the challenge, establishing new ways of working to ensure there is little to no detrimental impact on strategic planning and transparent decision-making.

He adds: “Modern-day organisations have adapted to the situation by embracing technologies, meeting virtually, enhancing reporting mechanisms, planning thoughtfully and committing to maintaining strong lines 64 November 2023

of communication between executives and board members.”

In various facets of life, communication is key.

The workplace is no different, and overcommunication can often be a useful tool for leaders looking to reinforce values or foster trust.

And yet, while some might allege there are no downsides to overcommunicating at work, Kapoor has a slightly different take.

“There is a potential danger of overcommunicating with the board, resulting in information overload that may undermine strategic focus and dilute critical messages,” he says.

“To strike the right balance, it's important to tailor communication to the board's specific needs and priorities.”

How to ensure efficient communication Plenty of work has been done at MetricStream over the past couple of decades to ensure communication between executives and board members is as efficient as possible.

Kapoor points out that the differing experience, background and interests of board members presents a whole host of challenges, and insists this must be taken into account by those in positions of leadership.

“Improving communication with board members is essential for effective governance and decision-making,” he goes on. “It is imperative that, as a CEO, one understands the value, expertise and role of each board member as an individual, while still playing the collective board role.

US$240m MetricStream’s revenue in 2022

1.1m

the number of MetricStream users across the globe

Gaurav Kapoor

Co-CEO of MetricStream

200+

the number of MetricStream global partners

LEADERSHIP | BOARD COMMUNICATION

ABOUT METRICSTREAM MetricStream is a global SaaS leader in the fields of integrated risk management and governance, risk and compliance (GRC) solutions.

Since 2003, the company’s talented team members have been empowering organisations to accelerate growth via risk-aware decisions. MetricStream’s ultimate mission is to ensure they have the necessary tools to transform risk into a strategic advantage.

The ConnectedGRC program and three product lines – BusinessGRC, CyberGRC and ESGRC – are based on a single, scalable platform that supports clients wherever they are on their GRC journey.

Headquartered in San Jose, California, the business also has an operations and R&D centre in Bangalore, India, as well as sales and operations support staff based around the world.

MetricStream Platform

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“Collective communication on corporate performance, strategy, risks, regulatory adherence and decision making is important. But, in addition, tapping individuals for their areas of expertise is also very valuable.”

Kapoor’s own playbook on improving communication with board members includes the following methods: • Regular meetings • Clear and concise reporting • Periodic email updates • Transparency on financials • Feedback mechanisms • Tailored communication that caters to the unique needs of board members

These methods are crucial in ensuring transparency is fostered and collaboration enhanced within the boardroom setting.

While additional considerations are increasingly coming into play, leaders must also realise and recognise that a significant majority of board members are primarily interested in seeing data to support growth, opportunities and risks.

“Communicating in monetary terms is critical to ensuring your message is received and understood by board members,” Kapoor continues. “This is especially true when communicating the potential risks associated with the business, so you can take a calculated risk that drives growth with your eyes wide open.”

Pressure on leaders to set example In business, the buck ultimately stops with those at the very top of the tree.

Leaders know the responsibility is on their shoulders to set a good example to the rest of their organisation in various facets, including when it comes to establishing good practice across key talking points of the day like sustainability and inclusivity.

To strike the right balance, it’s important to tailor communication to the board’s specific needs and priorities Gaurav Kapoor

Co-CEOof MetricStream

The same goes for transparency which, if recent research from companies including Deloitte and Slack is anything to go by, is being prioritised by a higher proportion of employees than ever before.

Fostering a culture of transparency works both ways between the CEO and the board. When leaders place extra weight on openness, board members are better placed to provide feedback and identify areas where there is room for improvement. On the other hand, a more transparent board often commands greater respect and public trust.

Kapoor’s belief, from the CEO’s perspective, is that

leading by example in terms of transparency sets a positive tone for the whole organisation.

“The CEO’s actions influence not only the board, but also the entire corporate culture,” he says.

“Transparency, demonstrated through open and honest communication, builds trust among stakeholders and investors, helps align the organisation around shared values, fosters accountability and upholds ethical standards – all of which are vital for the success of a company.

“Also critical to building trust is ensuring your leaders feel empowered to make decisions and have a high level of accountability.” businesschief.com

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PEOPLE | LEADERSHIP DEVELOPMENT

Deloitte’s bold PROJECT 120 is changing the face of L&D This revolutionary US$1.4 billion programme is setting new industry standards for learning and development, while moulding the next generation of leaders WRITTEN BY: TOM CHAPMAN 68 November 2023

Anthony Stephan

Chief Learning Officer at Deloitte US

PEOPLE | LEADERSHIP DEVELOPMENT

I

t wouldn’t be a stretch to suggest Deloitte’s Project 120 is a gamechanger when it comes to companies investing in their people.

This huge, US$1.4 billion programme is aimed at setting a new industry standard for learning and development (L&D) which, for decades, has either been overlooked, badly handled or neglected by big businesses.

Project 120, whose name references the top speed of thought – 120 metres per second – is curating highly personalised L&D pathways to develop critical tech and leadership skills among Deloitte’s growing workforce. The hope is that this transformative strategy will prepare employees for future demands, ensuring they stay ahead of the curve, while simultaneously developing the next generation of leadership figures.

Already, more than a million hours of training have been delivered, focusing on the future application of technology such as AI, cloud, cyber, data analytics, 5G and quantum computing – all through the Deloitte Technology Academy (DTA).

This perfectly complements the work being done at Deloitte University, which continues to grow the world’s best leaders.

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PEOPLE | LEADERSHIP DEVELOPMENT

Technology is constantly creating new demands for new skills, so we need our L&D to match that pace Anthony Stephan

Chief Learning Officer, Deloitte US

US$1.4bn the amount Deloitte initially pledged to spend on L&D as part of Project 120

PEOPLE | LEADERSHIP DEVELOPMENT

120

metres per second – the top speed of thought, from which Project 120 takes its name

Deloitte: Who We Are

72 November 2023

Deloitte betting big on its people One of those responsible for heading up Project 120 is Anthony Stephan, Chief Learning Officer (CLO) for Deloitte in the US. Stephan began his working career almost three decades ago and joined the professional services firm in 2005. After several rewarding years leading US businesses for Deloitte, he took up his current role in the summer of 2023.

Expanding on the concept of Project 120, Stephan says: “Our goal is to ensure the agility and innovation of L&D matches that of the market and our business. Technology is constantly creating new demands for new skills, so we need our L&D to match that pace.

“It’s also critical that our L&D experiences create quantifiable business impact – measuring outcomes, not just output. It’s how we’ll be able to prove the success of our efforts.”

Deloitte has previously highlighted a number of key “shifts” it is attempting to facilitate through its exciting new programme:

Deloitte Technology Academy Deloitte Technology Academy (DTA) forms part of the firm’s US$1.4bn investment in learning and development.

On offer through DTA is a host of innovative learning experiences and a comprehensive curriculum designed to help eligible professionals become techfluent market leaders.

In recent months, Deloitte announced it had teamed up with universities and technology institutions to expand its focus on AI and bring tailored generative AI training to practitioners and clients.

Courses cover everything from basic GenAI to deeper technical skills like advanced prompt engineering techniques and fine-tuning.

• A shift from upskilling for today’s jobs to equipping people to thrive in a techenabled future.

• A shift from role-based experiences to personalised experiences driven by selfdiscovery or individual agency.

• A shift from one-size-fits-all learning to experiences for more people and more channels all the time.

• A shift from focusing on business skills for performance to also focusing on human potential, helping people to thrive in life as well as at work. businesschief.com

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PEOPLE | LEADERSHIP DEVELOPMENT

Even people identified as strong potential leaders need development to bring those skills to the surface Anthony Stephan

Chief Learning Officer, Deloitte US

Personalisation remains L&D holy grail Exponential change within technology, combined with the advent of generative AI, has given L&D professionals an opportunity to personalise the learning process in a way that, up until now, they could only dream about.

To this community, personalisation has long been the holy grail, but was always agonisingly out of reach. Instead, the one-size-fits-all approach has continued to linger.

On the flipside, Deloitte’s Project 120 is aimed at tailoring development so that it takes into account an individual’s background, experiences and knowledge.

“In addition to emphasising the importance of business outcomes, we’re changing how people learn new skills and develop their careers,” Stephan explains.

“We’ve discovered in our research that Gen Z thinks differently and is much more comfortable with remote learning than prior generations. We aim to tailor our L&D experiences to each person’s individual needs and preferences.

“This means we need to add more content, to more channels, for more people, so they can learn in the way that best suits them.”

Developing the next generation of leaders A major challenge these days when it comes to education is that traditional universities are struggling to match the speed of technological change.

However, this has presented Deloitte with a golden opportunity to proudly fill that role

74 November 2023

as an educator in the marketplace and develop people in ways that didn’t exist even a few years ago.

That includes moulding the next generation of leaders. To this end, the consulting giant is partnering with major companies and creating new ecosystems of learning to ensure its L&D keeps up with the evolving market.

“Everybody has the potential to be a leader,” adds Stephan. “But even people who are identified as strong potential leaders need development to bring those skills to the surface.

“That’s why L&D programmes are important for everyone, no matter where they are in their professional journey. We believe we can help professionals develop the new skills they need at a pace that meets market demand.”

Stephan asserts that one of the more significant changes to leadership development over the past couple of decades relates to expectations around good leadership qualities and the skills with which up-and-coming leaders are being equipped.

He goes on: “Leaders now recognise the importance of wellbeing and other soft skills.

“We never used to talk about mental health or emotional agility, for example. Now we know how critical human development is – as opposed to just professional development – and leadership is increasingly committed to these priorities.”

L&D now a non-negotiable requirement In its recent ‘Welcome to Generation Z' report, Deloitte concluded that people currently entering the world of work for the first time

1 million

the number of hours of training being delivered on the future application of technologies like AI, cloud, cyber, data analytics, 5G and quantum computing

care deeply about career development, adding that first-rate L&D programmes will be essential to attracting, hiring and retaining them.

We have reached a point where L&D has become a non-negotiable requirement. Going forward, companies will struggle to attract the very best talent if they fail to offer robust, contentrich learning and development experiences.

Stephan’s belief is that this ethos should extend beyond younger generations to include all sections of the workforce.

“I’ve always had a passion for helping people reach their full potential,” he says.

“I also believe deeply that learning is a lifelong effort. Wherever we are on our journey, there are always new things to learn and new people to learn things from.

“That’s why I’m so passionate about Project 120.” businesschief.com

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COMING SOON

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ESG | GREEN FINANCE

How green finance became essential to business strategy Green finance is now a key consideration for business leaders, but aligning relevant objectives with capital allocation is far from straightforward

WRITTEN BY: TOM CHAPMAN

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November 2023

D

efined by the World Economic Forum as any structured financial activity created to ensure a better environmental outcome, green finance – also known as sustainable finance or climate finance – is firmly in the spotlight as countries across the globe attempt to play their part in the fight against global warming.

Clearly, conversation was amplified by the Paris Agreement of 2015, which reaffirms that developed nations should take the lead in providing financial assistance to those “less endowed and more vulnerable”.

From a business perspective, the pressure is on companies big and small to align financial activities with responsible practice and prioritise investments in environmentallyfriendly initiatives.

As CFO of IFS, a global leader in enterprise software development, Matthias Heiden is – needless to say – in tune with the green finance responsibilities of today.

“Green finance promotes environmentally sustainable practices and investments,” he says, offering up his own explanation.

“In essence, it’s about integrating environmental considerations into financial decision-making processes, which aligns with our commitment to delivering value while contributing positively to the environment through innovative software solutions and responsible investments.”

Describing his ongoing work in the space, he adds: “As a CFO, I support transformations like ESG reporting and the move toward green financing. I manage financial portfolios or investments in a manner that favours businesschief.com

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ESG | GREEN FINANCE

Green finance isn’t just a financial matter; it’s a strategic imperative that influences our decisions and contributes to long-term success Matthias Heiden CFO, IFS

environmentally-responsible projects and aligns with our own sustainability goals.

“I also allocate resources to develop solutions that help both our organisation and our customers monitor and reduce environmental impacts. This includes tools for energy efficiency, carbon emissions tracking, or sustainable supply chain management practices.”

Green finance: Essential to modern business strategy As ESG goals continue to gain prominence, Heiden is unequivocal when discussing the importance of green finance in the context of the modern-day business landscape.

He references a recent IDC report sponsored

by IFS, which revealed sustainability targets are top of mind for many manufacturers. Almost two in five (39%) respondents ranked ‘embedding sustainability goals in operations’ as a top 80

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priority, while 30% selected ‘developing a sustainability strategy’.

“Green finance serves as a critical tool for companies to demonstrate their commitment to environmental sustainability,” continues Heiden.

“As environmental concerns like climate change intensify, regulatory bodies tighten their grip on eco-friendly standards and various stakeholders – from consumers to investors – increasingly prioritise sustainability, businesses must adapt or risk falling behind.

“Green finance not only helps companies meet these evolving expectations, but also fosters cost savings, grants access to capital and enhances long-term resilience and competitiveness.

“In this era of heightened environmental awareness, green finance has transcended being a mere trend to become an essential component of the modern business strategy.”

The evolving role of the CFO Green finance has fast become a key consideration for the CFO of today – and not just at IFS or within the tech sector, but across all industries.

In the service sector, for example, sustainability is prioritised as the key area of focus, according to IFS’ Global State of Service 2023 report, demonstrating these firms are realising that sustainability can be a powerful competitive differentiator and something for which customers are willing to pay a premium.

Heiden goes into greater depth about the impact of green finance on his own role, his department and the wider business.

ESG | GREEN FINANCE

Matthias Heiden

EX E CUTIV E BIO

TITLE: CFO COMPANY: IFS INDUSTRY: TECHNOLOGY LOCATION: GLOBAL

Matthias Heiden is an experienced CFO with a demonstrated history of working in international environments. He joined IFS in early 2023 to become the company’s new finance chief, having previously spent time at SAP and Software AG. businesschief.com

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ESG | GREEN FINANCE

39%

proportion of respondents to IFS-sponsored survey who ranked ‘embedding sustainability goals in operations’ as a top priority

5,500 number of IFS employees across the globe

“As a business partner and steward, CFOs need to ensure the organisation’s financial strategies align with its commitment to sustainability,” he says.

“We must assess and manage environmental risks, allocate capital to eco-friendly initiatives and optimise costs through green finance practices.

“Green finance isn’t just about complying with regulations and reporting standards but also about embracing sustainability as a core part of our financial strategy.

Furthermore, it involves engaging with stakeholders and effectively communicating our environmental efforts, as this is 82

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increasingly important for building trust and resilience in today’s business landscape.

“Ultimately, green finance is not just a financial matter; it’s a strategic imperative that influences our financial decisions and contributes to our long-term success as a responsible and competitive organisation.”

How IFS is prioritising green finance IFS’ sustainability strategy is based around three key pillars: • • •

Excellence in our business Supporting our customers Making a broader impact

ESG | GREEN FINANCE

Factoring into this is the company’s 2025 carbon neutrality commitment, which involves a decarbonisation strategy focusing on the reduction of carbon emissions, as well as investment in reputable carbon credits and green energy alternatives to neutralise any remaining emissions.

Progress thus far has been impressive.

In 2022, all of IFS’ electricity usage was covered by green tariffs and energy attribute certificates (EACs).

Moreover, by partnering with a carbon offset provider, the organisation has been able to invest in a selection of vetted carbon removal projects, enabling the offset of a portion of emissions with a view to achieving the broader goal.

Heiden points out that the projects generating these credits are “additional, quantifiable, permanent, socially beneficial and externally verified”.

CFOs need to ensure the organisation’s financial strategies align with its commitment to sustainability Matthias Heiden CFO, IFS

About IFS IFS’ core activities revolve around developing and delivering cloud enterprise software solutions for global companies engaged in manufacturing, distribution, asset management and service-oriented operations. These solutions are built on a single platform, featuring industry-specific products seamlessly integrated with a unified data model.

IFS has a global team consisting of more than 5,500 employees with diverse experience and deep expertise across the sectors it serves, including manufacturing, logistics, telecommunications and aerospace and defence. The company’s footprint continues to expand at pace in the US and Canada, where clients are choosing IFS to optimise customer service and drive growth. businesschief.com

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Green finance serves as a critical tool for companies to demonstrate their commitment to environmental sustainability Matthias Heiden CFO, IFS

IFS Company Video

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He continues: “To make ourselves accountable, since 2021 we’ve had a sustainability-linked loan in place.

Financing is directly linked to our annual performance against agreed ESG objectives.

“We report and externally assure our performance against these targets, helping us drive accountability across the business and quantify the bottom-line impact of sustainability.”

Challenges aplenty for the finance department Heiden admits aligning capital allocation with green finance objectives can be challenging for businesses and their finance teams.

Complexities, he says, arise from the need to balance immediate financial priorities with long-term sustainability goals, often in the face of limited standardised metrics and resource constraints.

“CFOs must carefully assess the financial risks and returns associated with green investments, all while navigating shifting stakeholder expectations and the evolving landscape of green technologies and innovation,” explains Heiden.

“Investing in the technologies and infrastructure required to obtain and analyse data around your company’s green finance objectives is key.”

Despite facing obvious difficulties, the finance chief cannot overstate the importance of getting this aforementioned alignment right.

“In an era where environmental concerns are at the forefront of global agendas, businesses that effectively integrate green finance into their capital allocation strategies stand to gain – not only in terms of sustainability, but also in terms of resilience and competitiveness,” concludes Heiden.

“The challenge lies in finding the optimal balance between financial performance and environmental responsibility, a task that modern CFOs must undertake with a strategic and forward-thinking approach.” businesschief.com

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T-MOBILE

LEADING 5G WHILE DRIVING NNOVATION AND TECHNOLOGY WRITTEN BY: MAYA DERRICK

PRODUCED BY: MICHAEL BANYARD businesschief.com

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Erin Raney, Senior Director Network Technology Services and Innovation at T-Mobile, talks about how the brand is leading the way with 5G through innovation

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here aren’t many people that can boast that they have devoted their entire career to the growth and development of one company. But that’s exactly what Erin Raney, Senior Director Technology & Innovation at T-Mobile, has done. Since joining what was then VoiceStream in September 2000, Raney has risen through the ranks and for the past seven years, has been the founder and leading force of T-Mobile’s Tech Experience innovation programme and in 2022 opened T-Mobile’s first technology innovation centre, the Tech Experience 5G Hub. Armed with a civil engineering degree – and later earning an MS in telecommunications – she was motivated to branch out and start her working life in telecommunications by her father. “Really, the rest is history,” she jokes, although clearly proud reflecting on her career.

Now 23 years deep, she has seen a wealth of change at T-Mobile – whether that be in the company’s name, core offerings or the technology that’s driven such advancements.

Having never dreamed of working in telecommunications until the mobile phone boom during her college years, Raney’s leap of faith into the relatively unknown has no doubt paid off. All those years later, Raney has worked her way through the organisation, presented with opportunities to deploy and manage a variety of network

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“ This is really the heart of T-Mobile’s technology team and where all of the new design development comes from when we talk about T-Mobile’s network” ERIN RANEY

SR. DIRECTOR, T-MOBILE

services.“T-Mobile has evolved so much,” she details. “When I started it was right when Deutsche Telekom was about to acquire VoiceStream. We had around three million customers at the time, now we have over 116 million. We’ve grown significantly from our 90 November 2023

customer base and our network has grown significantly with it.

“Now, we have the largest 5G network and have made huge strides in investment in our network. What’s really exciting is when we think about the services,” she laughs, reflecting on her career beginnings.

“Back when I started it was just making a simple call and being able to do that maybe from your car while you’re in a major city or an urban area. Now you think about all the things that you leverage our network for from a services perspective, from just about anywhere. The technology evolution is truly fascinating.”

Seeing both T-Mobile and industry technology evolve throughout her tenure, Raney said the fact that wireless is part of all elements of life really excites her.

ERIN RANEY TITLE: SR. DIRECTOR COMPANY: T-MOBILE LOCATION: UNITED STATES Erin Raney is Sr. Director of T-Mobile’s Technology & Innovation, overseeing the Tech Experience Program and 5G Hub. She is responsible for enabling innovative solutions that leverage the latest in wireless technologies to grow the business and transform our world.

Erin has been a member of T-Mobile’s Technology team for over 22 years and holds a B.S in Civil Engineering and an M.S. in Telecommunication from the University of Colorado. Passionate about promoting girls and young women, Erin champions DE&I and STEM initiatives. She is a Seattle area native and resides in Bellevue, WA, with her husband and two children.

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How Nokia & T-Mobile are utilising the full potential of 5G In a long-standing collaborative partnership, Nokia and T-Mobile are utilising the true potential of 5G through innovation for a wide variety of use cases Nokia and T-Mobile’s partnership is one of extensive collaboration.

“Nokia and T-Mobile have been close partners for a very long time. In the case of 5G, we started working together at the very beginning,” explains Timo Naalisvaara, Customer CTO at Nokia. Now in his 30th year at the company, Naalisvaara’s responsibility is to drive strategic direction between the companies.

“Our collaboration ranges from day-to-day business – developing, deploying, and optimising networks – to exploring new industry-shaping technologies, ideas and services,” he explains. “Now, the focus is shifting from building 5G to fully utilising the potential of 5G through innovation for a wide variety of use cases.”

Earlier this year, Nokia refreshed

its company brand to reflect its new strategy. As Naalisvaara explains, part of that strategy is focused on the implementation of advanced technologies. “We use cloud-based technologies, in-house developed chipsets, analytics, automation, AI and machine learning to enhance and optimize networks.

So while, in the traditional sense, we build networks, in a wider sense we utilise new technologies to extract the best value out of those networks.”

For Nokia and for Naalisvaara, the future of the partnership with T-Mobile will explore how 5G networks can be made more consumable across consumers, enterprises, and industries.

“As more experiences are provided through AR, VR, and XR, more data is created and quality-of-service requirements get more demanding. All these experiences require that

the overall network continues to evolve.”

Recently T-Mobile launched its first ever 5G Network Slicing Beta for developers – to which Nokia has been integral.

Similarly, Nokia is working on initiatives such as Network as Code: the company’s concept of extreme simplification of network capabilities to make them part of applications for developers.

“In both of these examples, the role of developers as customers utilising the network is very important.

We are excited to see where all these new possibilities and opportunities will take us.”

Learn more

T-MOBILE

“Everything we do has connectivity or can benefit further from connectivity. And it’s beyond our smartphone - whether it’s healthcare, manufacturing, entertainment, the list goes on. That’s what excites me, that wireless can bring so much benefit to just about any business along with enriching our personal lives and our connection to our world. So the possibilities truly are endless. I love the variety and making such a positive impact.”

T-Mobile: Making strides in innovation Established as VoiceStream Wireless in 1994, T-Mobile has grown exponentially in both its customers and services. The brand was purchased by Deutsche Telekom in 2001 and renamed T-Mobile USA in July 2002, and renamed again to T-Mobile US in 2013 after merging with MetroPCS. A wireless service provider, T-Mobile provides connectivity with a core mission to be the best in the world at connecting customers to their world. Now looking beyond smartphones and traditional means of telecommunication, T-Mobile is working in bringing its connectivity to a global level and ensuring access and enabling new services both to transform and create a better world and also grow the business.

“What’s been really exciting in the last year-and-a-half or two years,” Raney adds, “is the launch of our home internet products.

We’re going beyond the smartphone and now connecting homes. I think that’s our next charter – how do we go bigger? How do we create more services? How do we connect our world and how do we enable these new solutions?”

The Tech Experience 5G Hub Around seven years ago, Raney created the Tech Experience Program and Center, and 94 November 2023

has since spearheaded the Tech Experience 5G Hub, a 24,000 sq ft technology innovation centre in Bellevue, near Seattle, next to T-Mobile’s National Technology Lab. Dubbing it an “incredible opportunity”, Raney and her team propel technology and really engage with a larger community and ecosystem.

She continues: “It’s been a fantastic ride and journey. This is really the heart of T-Mobile’s technology team and where all of the new design development comes from when we talk about T-Mobile’s network.

“ It’s about bringing those capabilities forward as quickly as possible because we really want to accelerate this innovation in addition to enabling it” ERIN RANEY

SR. DIRECTOR, T-MOBILE

Everything gets designed, validated and tested here.

“It’s just perfect to have our innovation centre adjacent to our technology labs.

Our strategy is, is anything that exits our lab we have it here available in our Innovation Centre. So our developers and our innovator community have first access to the latest capabilities.

“It’s about bringing those capabilities forward as quickly as possible because we really want to accelerate this innovation in addition to enabling it.” businesschief.com

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Remarkable outcomes start with a remarkable network.

Powering remarkable telecom Learn more now

T-MOBILE

“ What inspires me is hearing their ideas and their stories about how wireless and 5G can help them” ERIN RANEY

SR. DIRECTOR, T-MOBILE

Calling it a “new space to T-Mobile”, Raney shares how its wireless network, investment and resource available goes beyond its smartphone and consumer focus.

She highlights how creating programmes and facilities like the 5G Hub, T-Mobile’s Accelerator Program and its DevEdge Program provides accessibility for technological development, and that T-Mobile’s programmes will only grow in size and scale to enable a larger community to be able to leverage the technological revolution.

She adds: “We’ve seen some great results in terms of companies that are doing innovative cutting-edge solutions. It’s truly game changing and I’m just excited to see that momentum continue to grow.”

Raney says her main inspiration in her working life stems from the hub she helped bring to life, having a facility to engage with a large variety and community of students, startups, enterprise customers, community leaders and industry leaders.

“What inspires me is hearing their ideas and their stories about how wireless and 5G can help them. That’s what really excites me,” Raney shares, dubbing the Tech Experience Program her proudest achievement to date. businesschief.com

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“It’s been an amazing experience to see how this programme’s grown, the impact it’s had on our business, and again, our community,” she says proudly. “I would say most importantly, proud of this team – this team that has joined me on this wild ride and taken this risk.”

“When you talk about innovation, you don’t know what’s next or the path to get there. You’re in uncharted territory, it’s all about taking risks and believing in the possible. I’m very proud of what we’ve accomplished together as a team.”

Partners ‘absolutely essential’ to T-Mobile “We obviously have the connectivity, we have the nationwide 5G network, but our partners are essential to creating new transformative solutions,” Raney details. “They provide the compute, the devices and modules, and the applications that create the impact and value for our customers.”

With a similar history to T-Mobile in pursuing advanced 5G application and realising 5G’s potential, Nokia collaborates with T-Mobile on the latest in 5G technology offerings and capabilities. The pair mentor startups to develop 5G proofs of concept and go to market strategies.

By working with Dell, T-Mobile is developing solutions that make it easier for enterprise and government customers to embrace the 5G era thanks to Dell’s edge computing technologies – providing superfast speeds, ultra-low latency, and control they need to use new applications that can help to increase revenue and lower costs.

“Our partners are absolutely essential,” Raney says, singing their praises. “We cannot transform this industry, or take advantage of the full capabilities of 5G without them.

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“ When you talk about innovation, you don’t know what’s next.

You’re in uncharted territory” ERIN RANEY

SR. DIRECTOR, T-MOBILE

“It’s so important that we collaborate and work together. What’s really exciting is that T-Mobile is the leader of 5G, delivering the country’s largest, fastest and most awarded 5G network. And our 5G Standalone Architecture (SA) is the most advanced, providing optimal performance and leveraging new capabilities such as network slicing. The partner ecosystem is super excited to work with us and about what they can do with our 5G technology.”

Looking ahead to T-Mobile’s bright future Anticipating the trajectory of the future of 5G, Raney is under no illusion of how busy the next 12 to 18 months are going to be for her, her team and T-Mobile as a company.

“The joke here is we say: ‘This was the busiest year ever’, and then we have the next year, and we’re like: ‘No, no, – this was the busiest,” she laughs. “My team has been educating and showcasing the wireless capabilities of 5G for the past seven years.

We have been talking about this for so long, and now it’s incredible to have the network and ecosystem, and the potential and growth is exponential. businesschief.com

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Excited to see the fruits of their labour, she acknowledges the relief of seeing their hard work pay off, but adds how the pressure and expectation to continue to deliver cutting edge 5G and navigate unchartered territory – all while growing their business – in a saturated market still poses a significant challenge.

With that comes the AI revolution.

“You see how these new technologies trend, which can all complement wireless services.

I do believe that AI will be a pretty significant technology that we’ll see become very relevant with wireless networks and access to computing solutions.”

Recognising her responsibility and privilege of being a pioneer at the forefront of this technological shift, Raney is instilled to work smarter and not harder – although she acknowledges her continued hard work has been at the centre of bringing her work to life.

“The biggest challenge in this role is the unknown,” she concludes. “When you think about innovation, to steer a programme and to lead a team – when you really don’t know where you’re going – can be a challenge.

This is a new business for us when we think about it. Trying to make the right decisions and to lead this team in this programme in the right direction, we know we’ll make some mistakes.

You have to take those risks to do that.

“But you’ve got to believe in yourself, the capabilities of the team and the capabilities of what T-Mobile has. That will help you stay the course.”

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TECH EXPERIENCE

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HOW EFFICIENT DIGITAL ECOSYSTEMS BECAME BUSINESS CRITICAL During this unprecedented era of rapid digital transformation, establishing a well-functioning ecosystem stands to benefit both employees and customers WRITTEN BY: TOM CHAPMAN 104

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TECHNOLOGY | DIGITAL ECOSYSTEMS

H

as there ever been a more important time to establish an efficient digital ecosystem?

A significant proportion of business leaders and other stakeholders would allege the answer to be ‘no’, especially given the era of immense digital transformation through which we are living, headlined by the dawn of generative AI. That’s without even considering the impact of the COVID-19 pandemic, and the way certain working practices and expectations changed pretty much overnight as a result.

Carsten Bruhn, President and CEO at Ricoh North America, goes as far as to say the creation of a well-functioning digital ecosystem has become “critical” in the context of today’s business environment.

“The concept of the ‘office’ has changed forever and every organisation is still working out what the future looks like for them,” he continues.

“What hasn’t changed is people’s desire for engagement and connection. So, enabling a digital ecosystem and digital experience – both internally for your employees and externally with your customers – is one of the most important things you can do to sustain your business.”

Fellow CEO Clare Hart highlights the importance of a digital ecosystem to the services being provided by her own company, Williams Lea, adding that increasing use of technology and AI in business operations and processes has moved the goalposts.

“Companies must think about how they can effectively utilise technology partnerships with clients, suppliers and partners to drive streamlined, scalable and, ultimately, more competitive businesses,” outlines Hart.

“At Williams Lea, we work closely with firms in the banking, legal and professional services industries, and we’re constantly receiving feedback from clients about how they’re looking to streamline their operations to maximise efficiency.

“We support these businesses through techenabled services and help them understand

ENABLING A DIGITAL ECOSYSTEM AND DIGITAL EXPERIENCE IS ONE OF THE MOST IMPORTANT THINGS YOU CAN DO TO SUSTAIN YOUR BUSINESS Carsten Bruhn

CEO North America, Ricoh businesschief.com

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AB O UT T HE C E O: C AR STE N BR U H N Originally from Denmark, Carsten Bruhn lived in the UK for 23 years and in Japan for two before joining Ricoh North America as CEO in 2021. He says living abroad has helped to provide him with a deep understanding of global business dynamics and sincere appreciation for the importance of cultural diversity, as well as diversity of thought. Bruhn firmly 106

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believes culture is the foundation of any organisation’s success, with everyone in the business expected to play an important role in building that culture. He says: “Ricoh recently earned Great Place to Work certification, which is really a testament to our team, which embodies the attributes that underpin our culture of excellence in the workplace and beyond.”

TECHNOLOGY | DIGITAL ECOSYSTEMS

A N E F F I C I E N T D I G I TA L E C O S Y S T E M P R OV I D E S T H E K E Y T O S T R U C T U R I NG DATA A N D E X T R AC T I NG I T S VA L U E Carsten Bruhn

CEO North America, Ricoh

where they can gain efficiencies, whether that’s how best to use their workforce or provide a superior work product for their clients – something that would be impossible without having a strong digital ecosystem.”

Supporting the era of digital transformation Clearly, developments over the past few years have accelerated our need to be able to share information securely and easily.

However, a new challenge is afoot, says Bruhn, and it relates to data.

“Companies today are producing millions of pages of data each day, much of which is dispersed across multiple silos throughout the organisation,” he explains, insisting that valuable information can often be inaccessible or underutilised.

“An efficient digital ecosystem provides the key to structure this data and extract its value.”

AI and groundbreaking tools like OpenAI’s ChatGPT, which catapulted this game-changing technology into the mainstream towards the end of 2022, evidently come into this conversation.

This collective tendency toward digital adoption has motivated businesses to respond, and that urgency will surely increase as technological innovations become even more groundbreaking.

“ChatGPT and its widespread availability to consumers has been the catalyst for businesses really considering and adopting AI to transform their operations,” Hart goes on.

“Having an established network of digitised solutions that seamlessly connect with one another is vital to making sure businesses can quickly take advantage of new technologies being developed.”

Digital ecosystems: Crucial to clients and the workforce As mentioned, Williams Lea, which offers BPO to a wide variety of major companies, relies heavily on its digital ecosystem.

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H AV I NG A N E S TA B L I S H E D N E T WO R K OF D I G S O LU T I ONS I S V I TA L T O M A K I NG S U R E B US I N C A N TA K E A DVA N TAG E OF N E W T E C H NOL O G I Clare Hart

CEO, Williams Lea

Its digital client platform, ENGAGE, provides the foundation, connecting services and products to clients while also supporting a number of internal processes. Clients are given a detailed view of service activities, productivity and utilisation, allowing for real-time task and job queue management, secure job sharing and a complete chain of custody for all activities.

“Even further,” says Hart, “the analytics arm of the platform provides metrics, audit trails and service performance in real-time.

“These insights ensure resources are optimally utilised, service levels are maintained and help firms make informed decisions to meet their business objectives.”

From Ricoh’s perspective, there is huge emphasis on the positive impact an efficient ecosystem can have on the workforce, with its potential to boost motivation levels and productivity – ultimately benefitting the business.

“We see digital transformation less about technology and more about what it unleashes in our people,” Bruhn adds.

“When people are freed up to work and collaborate from anywhere – spending less time trying to sign on, searching for information or worrying about compliance and security – they can spend more time focused on what really matters: people, experiences, innovation and

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Video:

Carsten Bruhn, President and Chief Executive Officer

TECHNOLOGY | DIGITAL ECOSYSTEMS

ITISED NESSES IES

AB O UT T HE C E O: C L A R E HA R T Clare Hart started out as a technologist but has also held positions in sales, product development and more. As a cumulative result of her varied experience, Hart became President and CEO of Factiva – a joint venture between Dow Jones and Reuters – in 2000, her first

Chief Executive role. That momentum continued as she took up additional CEO and board member positions, before joining Williams Lea in 2019. Hart prides herself on fostering a high-performance culture and delivering superior client service and solutions. businesschief.com

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Carsten Bruhn CEO at Richo North America with staff

1.4 million

number of businesses across the globe benefitting from Ricoh’s services

90K

size of Ricoh’s global workforce

84%

proportion of the Fortune 500 for which Ricoh is creating a competitive advantage

20

number of countries in which Williams Lea is providing business-critical support services

1820

the year Williams Lea was founded

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agility, dramatically improving employee engagement and business outcomes.”

The key to commercial growth It’s certainly true that robust digital ecosystems have a strong correlation with commercial growth.

Bringing processes and data together in efficient fashion leaves businesses betterequipped to scale and make decisions to meet their growth needs.

Like her C-suite colleague, Hart is a big believer in employees being freed up to focus on “the things that matter”, while ecosystems

TECHNOLOGY | DIGITAL ECOSYSTEMS

FOR BUSINESSES LOOKING TO GROW, HAVING THEIR WORKFORCE FOCUS ON VALUEADD TASKS IS VITAL. DIGITAL ECOSYSTEMS CAN MAKE SURE THAT HAPPENS Clare Hart

CEO, Williams Lea

support operational and administrative tasks in the background.

Giving an example, she says: “We’ve seen that the digitisation of some legal processes helps to lighten the load for first-year associates, allowing them to grow in other areas of their careers. They’re able to focus on more billable work, which increases output – and ultimately revenue – for their firm.

“For any business looking to evolve and grow, having their workforce focus on valueadd tasks is vital to that growth, and digital ecosystems can have a huge impact in making sure that happens.”

Referring back to the difficulties faced by businesses working in silos, with disconnected information and systems, Bruhn concludes: “The risk, when we talk about digital transformation and technologies, is that companies start deploying disconnected or siloed methods of digitisation and that can lead to fragmentation. These organisations are not able to achieve their full potential.

“In a connected digital ecosystem, you’re truly able to bring together in an efficient way the systems, people and ideas for innovation, and your power to grow and deliver on customer and employee expectations just multiplies from there.

But it must be efficient.” businesschief.com

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From traditional te to world-leading te WRITTEN BY: MAYA DERRICK PRODUCED BY: MICHAEL BANYARD

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TELUS

elco ech org

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TELUS leadership deep dives into how its global team is helping create the revolutionary technology company of the future

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he modern telecommunications landscape has undergone remarkable transformations over the decades, thanks in part to significant strides in technology. Telcos, which began as providers of traditional home phone service, have transitioned into multifaceted digital communication leaders, connecting millions of people across the world and propelling the industry toward an unknown, but exciting and revolutionary future.

For some, the drive to connect people is inspired as much by a commitment to social purpose as it is by technology.

That’s certainly true for Canada-based global communications technology company, TELUS. “Connecting people is at the heart of everything we do and our goal is to drive phenomenal human outcomes and bridge digital divides to improve lives and help make the world a better place,” says Hesham Fahmy, TELUS’ Chief Information Officer. “Our

journey started many years ago, providing fast and reliable telecommunications services but, as we’ve evolved, we’ve added many other layers of transformative service offerings to our portfolio that can drive even more value for our customers and advance our social purpose.”

TELUS’ mission is to use the power of technology and network connectivity to deliver the best solutions to people at home, in the workplace and on the move. TELUS’ actions are guided by its purpose; that is, businesschief.com

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“ Connecting people is at the heart of everything we do” HESHAM FAHMY

CHIEF INFORMATION OFFICER, TELUS

using its technology and compassion to drive meaningful social change – from transforming healthcare and making the food supply more 116 November 2023

sustainable to reducing its environmental footprint and connecting Canadians in need.

The company’s purpose is a blueprint for how TELUS engages and interacts with its customers and communities. TELUS’ longstanding commitment to putting customers first fuels its business, making the brand a distinct leader in customer service excellence and loyalty.

Powered by purpose Over the years, TELUS has established itself as a dynamic, world-leading communications technology company and it remains laser-focused on continuing its journey of evolution and growth as a global technology powerhouse, enabling its over 18 million customers,

HESHAM FAHMY TITLE: CHIEF INFORMATION OFFICER COMPANY: TELUS INDUSTRY: TECHNOLOGY LOCATION: ONTARIO, CANADA As Chief Information Officer (CIO) at TELUS, Fahmy leads the team responsible for spearheading TELUS’ transformation to a fully-digital, softwarecentric and cloud-enabled organization. The CIO team manages corporate systems and team member tools, bringing humanised, digital-first experience to life for customers, and championing technology to improve capabilities, efficiency and scalability across all current and future lines of business.

An agent of transformation and an innovator with seven granted patents, Fahmy has extensive consumer, digital and cloud technology development skills and operational leadership. He approaches his product and service development strategies with an entrepreneurial spirit building highavailability cloud and enterprise systems factoring security, privacy, scalability, data warehousing and analytics, all of which centres around constantly improving the customer experience. In 2023, Fahmy was presented the CIO of the Year award by IT World Canada.

With a Bachelor of Computer Engineering from McMaster University and a Master of Software Engineering from the University of Toronto, he has innovated software products and solutions for 25 years, including 19 years of senior leadership roles, with a track record of launching disruptive products and platforms in retail, IoT, fintech and development tooling.

Before joining TELUS, Fahmy was the Vice President of Technology and General Manager, Marketplace at Loblaw Digital, where he led the technical delivery and operations of Loblaw’s omni-channel digital experiences and the transition of all of Loblaws’ digital platforms to Google Cloud.

He also led entrepreneurship and consumer product development at ecobee and is the mastermind behind ecobee’s thermostat line, currently one of the best-selling smart thermostats in North America.

Fahmy is a motivational leader with a passion for building highly productive teams and growing professional careers.

His own passion for social capitalism aligns with TELUS’ leadership in leveraging its world-leading technology and compassion to drive social change and enable meaningful outcomes for its customers, communities and team members.

TELUS

“A team with diverse skill sets and the shared values of embracing change and innovating responsibly is what will drive real transformation” HESHAM FAHMY

CHIEF INFORMATION OFFICER, TELUS

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as well as its team members, to be part of a better-connected world.

“We’re building a strong technology base as a launch pad for customer experiences that are driving peace of mind, comfort and positive human outcomes. This is the impetus of our journey from a traditional telco to a technology and platform company,” explains Fahmy.

“We have to champion engineering excellence and build our platforms on strong technology foundations because that’s what gives us the ability to launch in different directions and pivot based on where we see customer needs and demands.”

Fostering the right culture to drive TELUS’ evolution Undoubtedly, a massive evolution is on the horizon for TELUS. The company highly values its workforce, taking pride in nurturing and retaining top talent. Fahmy emphasises the importance of preparing TELUS’ team members to embrace significant change as it continues its digital transformation, all the while ensuring they consistently deliver high-quality service.

“Often when people talk about their transformation journey, they think primarily about technology. What’s even more fundamental is having the right culture and mindset. A team with diverse skill sets and the shared values of embracing change and innovating responsibly is what will drive real transformation,” he says.

Fahmy’s primary goal is to unite his teams, fostering a deep understanding and collaborative spirit throughout their shared journey. It’s crucial that every team member understands the significance of their contributions and the pivotal role they can play.

“As much as we all feel proud of great customer outcomes, we must also consider what’s in it for our people. Modernisation will certainly make our team’s job easier and more efficient. It’s equally critical to equip team members with the latest cloud technology skills so they aren’t only successful today but also thrive in the future ways of working.”

Steve Banick, TELUS Vice President of Strategy & Transformation, who has 25 years of IT and technology experience, says TELUS makes it a priority to empower the personal and professional development of its people.

“This is not the first time TELUS has navigated significant change as technology evolves, specifically with the AI revolution right now. We recognise that we are far better off if we tap into the talent, knowledge and loyalty of our team members and bring them along our journey,” he emphasises.

“Last year, we launched our Digital Talent programme, a multi-pronged initiative focused on attracting, retaining and building talent within TELUS to support us through not only this transformation but whatever comes next.”

Through this programme, TELUS has introduced career passports, which Banick says codify what talent, knowledge, skills and experience team members need to unlock for the next steps in their career journey.

“This approach not only empowers team members to grow their careers, but also enables the organisation to pinpoint strategic investments in formal and informal learning, as well as cutting-edge tools and technologies to support them on their journey. Furthermore, we’ve built robust support systems such as mentorship programs, uniting team members to synergise technical expertise with a deep businesschief.com

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Innovation-driven, technology-enabled.

Your forward-thinking payments partner.

Global Payments is a leading worldwide provider of payment technology and software solutions.

It operates both a merchant solutions and issuer solutions business to clients across the payments ecosystem — from small and medium-sized merchants to large national and multinational enterprises and financial institutions.

Innovation that delivers.

Chris Baron, senior vice president, Canada, shares how Global Payments’ four strategic pillars – tech-enabled/ software driven, e-commerce/ omnichannel, faster-growth markets and B2B – inform its approach to innovation.

According to Baron, these pillars have helped Global Payments to recognize opportunities, including the need for tailored solutions within specific industries.

“Global Payments was a first mover in owned software technologies, implementing its technology-enabled, software-driven strategy when other providers were still focused on hardware,” he explains. “This strategy paid off, enabling Global Payments to move aggressively into cloud software.”

Baron notes, “As companies digitize more of their operations, they want to engage technology companies like ours who can help them run and grow their business with comprehensive platforms. Payment processing is now just one of many ways

we help businesses. Our commerce enablement tools such as omnichannel solutions, payroll and more, also help answer their need for business efficiency and continuity.”

Geographically, the company’s recent acquisition of EVO Payments expands its presence into faster-growth, attractive markets including Poland, Germany, Greece and Chile. This latest acquisition means Global Payments now serves 4.6 million merchant accounts and 1,500 financial institutions worldwide.

Global Payments is also helping businesses of all sizes effectively compete in a digitizing, worldwide economy through innovative technologies. To do so, it has been investing in technology to maintain its leadership in the industry, spending close to US$2 billion annually.

The company continues to see the four pillars of their strategy as the biggest growth opportunity from today through the next three to five years.

TELUS

“ The most important thing is ensuring that we have a team that’s fully motivated, engaged and confidently believes that it can contribute to our future” STEVEN BANICK

VICE PRESIDENT, CIO STRATEGY & TRANSFORMATION, TELUS

122 November 2023

understanding of our business – a remarkably potent and powerful combination.”

One successful way of opening up new career paths for TELUS employees is through the revolutionary Digital Skills Fast Track program which empowers frontline agents with no prior coding experience, to step into digital careers as junior software developers through an intensive 12-week bootcamp.

“It’s hard not to get excited,” Banick champions. Even though the programme is future-focused, TELUS is already seeing results.

Digital Skills Fast Track is not only creating opportunities to add new skills and knowledge to the team, but more importantly, unlocking a whole new career trajectory for people that wasn’t available to them before.

STEVE BANICK TITLE: VICE PRESIDENT – CIO STRATEGY & TRANSFORMATION COMPANY: TELUS INDUSTRY: TECHNOLOGY LOCATION: VANCOUVER, CANADA Banick is responsible for mobilising and leading the transformation of our TELUS’ team into a fully digital and cloud native organisation. Banick is responsible for advancing the company’s cloud journey and partnerships, accelerating TELUS’ digital transformation and leading the internal technology that enables TELUS team members with new ways of working to be the most productive and highly engaged workforce globally.

A proud TELUS team member for 25 years, Banick is passionate about developing individuals, teams and organisations to be successful and sustainable for the future. An active mentor and career coach, he is known as a committed developer of potential and talent. In addition to certifications and background in technology, leadership and project management, Banick also holds an MBA from Royal Roads.

Outside of TELUS, Banick serves as a Director for Junior Achievement of British Columbia (JABC), a non-profit organisation proud to deliver a wide selection of educational programmes focusing on financial literacy, work readiness and entrepreneurship.

JABC’s purpose is to inspire, prepare and empower B.C. youth for lifelong success.

TELUS

Exploring AI in the workplace When evaluating the team’s evolution, TELUS knows they need to examine not just current technical skills, but also anticipate future technology shifts.

They emphasise nurturing a culture of continuous learning, urging both individuals and the organisation to continually improve, ensuring they are well-prepared to embrace emerging technologies.

A prime example is generative artificial intelligence (GenAI). Although this technology has existed in some form for many years, its use has exploded in the last 12 months.

“It’s not just about launching new tech like AI. We have to introduce it and allow team members to experiment, find out

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what works for their productivity and support that cultural transformation,” says Banick. “Technology is hard, but not the hardest part. The most important thing is ensuring that we have a team that’s fully motivated, engaged and confidently believes that it can contribute to our future.”

TELUS is not only investing in individual contributors and technology experts, but also its leaders, preparing them to lead the technology company of the future.

Banick explains: “The role of leadership continues to change. In today’s world, we need leaders that are at the forefron of how they use data and insights to unlock the potential and the capability of their teams.”

“ To truly unlock the tremendous potential GenAI has to offer, we must use it responsibly” HESHAM FAHMY

CHIEF INFORMATION OFFICER, TELUS

With that in mind, TELUS established Leadership Launchpad, a six-month programme to support new, as well as seasoned leaders, in building their leadership muscle, learning the latest management skills and trends and gaining the confidence needed to guide their teams to success.

Pushing the boundaries of innovation As a people-centric employer, TELUS

nurtures a culture that empowers its teams to boldly innovate.

“Culture begins with an individual’s attitude and we really focus on that cultural fit when hiring new talent,” says Hasan Jafri, TELUS Vice President, Platform Engineering & Common Services. “Are they focused on the customer? Are they looking to solve complex problems? That’s the go-getter attitude we look for when recruiting for technology roles.”

Jafri’s team is responsible for looking at the end-to-end life cycle of a TELUS project, from the beginning to when the system is live and running. Thanks to its people and their willingness to streamline operations working cross-functionally across teams, some of these processes have become drastically businesschief.com

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TELUS

HASAN JAFRI TITLE: VICE PRESIDENT, PLATFORM ENGINEERING & COMMON SERVICE COMPANY: TELUS INDUSTRY: TECHNOLOGY LOCATION: ONTARIO, CANADA Jafri is a visionary IT executive known for solving complex problems, building strategic partnerships and driving transformational change that deliver results.

He is known for building organisations and programmes with structure, direction, accountability and decisive leadership. As a strategic advisor and executive, Hasan has worked extensively with a variety of Fortune 500 companies across multiple industries.

Recently, Jafri was VP of Enterprise Platform Engineering & Architecture where he implemented the global platform and digital architecture, established DevOps & SRE process and delivered API, cloud platform, customer authentication/notification and data products delivering global efficiency and cost savings more than CA$100 million.

Previously, he was VP of Technology at TD where he built and led a billiondollar transformation program that digitised business processes and reduced significant costs.

Earlier, Jafri was VP & Chief Architect at BMO Financial Group. As the Chief Architect, he led the building of the enterprise SOA infrastructure designed to re-platform core banking systems and re-design the entire integration layer. He was also a member of the Leadership Council of the bank leading transformation initiatives.

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Leading a technology organisation has dramatically changed over the past decade.

Today’s Senior Technology executives must understand and appreciate the critical relationship between technology and the business strategy and continuously focus on integrating customer insights into the plan to implement practical solutions.

Hasan has utilised these levers to deliver major transformations in the financial services, insurance, healthcare & retail industries globally.

Jafri is a dedicated family man, a proud father of two boys and two girls, an avid reader and sportsman.

more efficient – slashed from a six-month, 47-step process to a fully-automated one.

“We have seen a 60% improvement in some of our processes,” Jafri says. “We’ve automated all kinds of different things and we’re seeing fantastic results. In fact, we recently won International Data Corporation (IDC) Canada’s CIO award for building standardised software templates and starter kits for our developers, taking their productivity and efficiency to an alltime high. It’s great to get such external recognition for our team’s technology innovation and the remarkable results they’re generating.”

Part of this growth also comes from the diverse network of partners, spanning from major corporations and hyperscale enterprises to small businesses and specialised organisations. Nurturing collaborative, cohesive and innovative relationships with these partners is part of TELUS’ approach to innovating boldly.

Prioritising a mutual understanding of each other’s distinct needs and requirements while jointly pursuing shared goals and objectives is key.

“ The social mandate associated with TELUS is something that can touch your heart. We’re transforming TELUS into a software driven organisation, eliminating toil and increasing the happiness of our hard working teams” HASAN JAFRI

VICE PRESIDENT, PLATFORM ENGINEERING & COMMON SERVICES, TELUS businesschief.com

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TELUS: KEY FACTS TELUS is steadily progressing towards its ambitious target of migrating 80% of its applications, workloads and systems to the public cloud by 2025. As of now, more than 60% of targeted applications have already successfully moved to the cloud.

The recent modernisation of these cloud-based applications has yielded significant enhancements in system reliability, manifesting as a 50% reduction in mean time to recovery (MTTR) and a complete absence of outages or severe performance degradation incidents.

TELUS was awarded the title of Canada’s fastest major internet service provider (ISP) for the fourth consecutive year in 2023 by PCMag. Since 2000, TELUS has made significant philanthropic contributions, totalling CA$1.6 billion (US$11.7 billion) and providing 2.2 million days of service.

In 2023, TELUS was named as the first North American company to receive the “Running on Open Digital Architecture (ODA)” status from the industry association, TM Forum.

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Collaborating with partners who share TELUS’ cooperative spirit and values, which align with TELUS’ objectives – and vice versa – continues to accelerate its digital transformation.

“Partners are critical to our success – and it’s not us just learning from them, but them learning from us,” Jafri shares, championing collaboration.

TELUS

charging points across Canada powered by TELUS’ world-leading network.

“We’ve also partnered with ForgeRock to build EverSafe IDs for over 30,000 Public Mobile customers on their SaaS platform,” he adds. “These secure identities are helping safeguard customer privacy and personal information with added layers of security and we’ve already seen millions of transactions.

“Another one of our partners is Global Payments, who are helping us deliver a new payments-as-a-product capability 50% faster than the previous version. What usually takes a year was completed in three months, so it’s been a great partnership with great outcomes.”

These partnerships include a 10-year strategic alliance with Google Cloud to help modernise TELUS’ core technologies and co-innovate on new service offerings. TELUS also works closely with other hyperscalers like Amazon Web Services (AWS), Microsoft, and recently partnered with JOLT, an Australian electric vehicle company, to jointly install up to 5,000 electric vehicle

AI will lead TELUS’ future transformation With all this said, the key transformer for the company will still likely be AI as the digital age continues to progress at a rapid pace.

“Generative AI is as impactful to society as the invention of the internet and as transformational as the discovery of fire,” says Fahmy. “We’re only at the beginning of where this technology is going to go and we have the opportunity to help shape where it goes and tailor it to our needs.”

“The low-barrier entry and accessibility of GenAI makes it available to nearly everyone with connectivity,” he shares. “Gen AI is like having your own 24/7 personal assistant to help you with various aspects of your life.

“GenAI can be truly transformational in what it can do – a game-changer for productivity, connectivity and accessibility.

At TELUS, we have set up our own TELUS GenAI Bot available to every team member to help them be more efficient, innovative and experiment with their work.” businesschief.com

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TELUS

“We’ve built this world-leading AI platform using large language models (LLMs) to incorporate image generation, document intelligence and multiple interfaces – equipping our team members with a safe and secure way to experiment with AI at work,” adds Jafri.

“With nearly 7,000 unique users already, our goal is to get our team fully AI-enabled and adopt these cutting edge technologies in our products and services.”

Fahmy stresses that TELUS is committed to using GenAI responsibly, while also making it fully accessible and harnessing its power.

“We’re ahead of the curve and wellversed in how GenAI can enhance both customer experiences and our own.

However, to truly unlock the tremendous potential GenAI has to offer, we must use it responsibly, ensuring we mitigate the challenges it can present and use in a way that’s friendly for all.”

Embracing the potential of GenAI’s transformative capabilities, TELUS is fully committed to leading the charge towards responsible use, all in pursuit of a brighter, more inclusive future.

Fahmy, expressing his dedication, emphasises, “Our role as pioneers in the GenAI realm is one we hold with great responsibility. We are only at the beginning of this incredible journey and we eagerly anticipate the exciting innovations and opportunities that lie ahead.”

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LIFESTYLE | WATCHES

TIMELE HOW THE LUXURY WATCH STOOD THE TEST OF TIME Rebecca Ross, VP and Head of Sale for Watches at Christie's, details the evolution of watches and shares her insight on trends in the pre-owned market WRITTEN BY: TOM CHAPMAN

ESS

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Rebecca Ross

VP and Head of Sale, Watches, Christie’s

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LIFESTYLE | WATCHES

F

ine art, wine, classic cars – just some of the categories that spring to mind when considering the world’s most collectible luxury items.

According to recent research from Market Decipher, the global collectibles market is estimated to be worth around US$462 billion in 2023 and is forecast to reach an eye-watering US$1 trillion in a decade’s time.

Clearly, demand for certain items – often at the lower end of the market – is largely dictated by pop culture trends, as has been seen in recent months with the revival of doll collecting following the release of the Barbie movie. Meanwhile, public appetite for Yeezy trainers has remained high despite Adidas severing its ties with the rapper formerly known as Kanye West.

It would be remiss, however, to explore this burgeoning market without giving weight to the trusty watch, collected for decades by enthusiasts obsessed in their pursuit of horological perfection.

Whether new or second hand, the very rarest, most sought-after timepieces continue to fetch astronomical sums, demonstrating their enduring appeal.

Early wrist watches a ‘feminine pursuit’ It seems almost hard to believe that wrist watches, worn these days with varying

regularity by hundreds of millions of people, were once secondary to pocket watches.

“Dating back to the 16th century, the first pocket watches were large, heavy and cumbersome by today’s standards,” explains Rebecca Ross, VP and Head of Sale in the watches department at Christie’s, based in New York. “But, as watchmaking skills improved, they became smaller.”

While the existence of wrist watches can be traced back to a similar point in

W H I L E MEN PROUDLY SP ORT E D P OCKET WATCHE S , I T WAS WOMEN W HO W ERE THE FIR ST TO W EA R WATCHES ON THEIR WR ISTS Rebecca Ross

VP and Head of Sale, Watches, Christie’s businesschief.com

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LIFESTYLE | WATCHES

time, wearing one was actually seen as a feminine pursuit and remained so in the ensuing centuries.

The wrist watch undoubtedly went on to become a statement piece for the modern man, but women were the first to make the statement.

“While men proudly sported pocket watches, it was women who were the first to wear watches on their wrists, primarily in the form of jewellery,” Ross adds.

“Although certainly admirable for their elegant and artistic exterior and a sign of luxury, their function was not of much consequence as it is today.”

A significant turning point came during the First World War, when officers began to appreciate that a watch on the wrist was a much more convenient way to keep time.

The rest, as they say, is history.

Having started life as what were essentially pocket watches strapped to the wrist, manufacturers were making more and more purpose-built wrist watches as the 20th century progressed.

Going, going, gone!

If anyone in the industry is well placed to assess the luxury watch market, it’s Ross, whose tenure at Christie’s began in 2014.

After achieving her master’s degree at Christie’s Education, specialising in History of Art and the Art Market, Ross’ appreciation of art was expanded to include timepieces. She had already been exposed to the artistry of clocks and watches from an early age through her father’s collection.

Her job now involves travelling worldwide to track down the rarest timepieces for inclusion in various Christie’s auctions throughout the year, while also managing client wish lists on a private sale basis.

Ross has been responsible for offering some of the most recognised timepieces in New York auction history. Her Important Watches live auction in June 2022 totaled more than US$21.7 million, setting a new record for a watches auction at Christie’s New York.

Asked to pick out some of the more notable items sold by Christie’s in recent

AB O UT C H RI S TIE ’ S Founded in London in 1766, Christie’s is a world-leading art and luxury goods retailer with a presence in 46 countries in the Americas, Europe, the Middle East and the Asia Pacific. The business is renowned for its expert live and online-only auctions, as well as bespoke private sales. Christie’s’ unparalleled network of specialists offers clients a full portfolio of global services, 136

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including art appraisal, art financing, international real estate and education. Its auctions span more than 80 art and luxury categories, at price points ranging from US$500 to more than US$100 million. Over the years, Christie’s has sold eight of the 10 most important single-owner collections in history and achieved the world-record price for an artwork at auction.

T H E D E S I G N I S S O I N T E R E S T I NG WITH 24 CITIES AROUND THE DIAL, B U T S O M E H OW I T S T I L L M A NAG E S T O K E E P I T S E L E G A NC E Rebecca Ross

– on the Patek Philippe Ref 5110

years, one of the first that springs to mind for Ross is a special edition Patek Philippe Reference 5531R depicting the Lavaux Vineyards on the shores of Lake Geneva.

With an estimated sale price of between US$1m and US$2m, it ultimately sold for US$2.22m.

Another is an extremely rare automatic triple calendar Rolex 6062 with star dial and moon phases, which had remarkably remained in completely unworn condition and even came with the original strap.

For Ross, this is a “personal favourite” due to the stunning patina on the 18k gold case, and it helped the lot fetch US$542,500.

However, her absolute favourite luxury wrist watch is the Patek Philippe Reference 5110, the first World Time complication watch to be produced by the esteemed manufacturer since the 2523 went out of production in the mid-1960s. The 5510 went out of production itself in 2006 and was replaced by the 5130.

“To me it’s the perfect size at 37mm,” Ross adds. “The complication is very useful for travel, the design is so interesting and attractive with 24 cities around the dial, but somehow it still manages to keep its elegance.”

Patek Philippe Ref 5110 (left)

Patek Philippe Ref 5531 (right)

Rolex 6062 (above)

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M A N Y O F M Y C L I E N T S A R E TA K I NG A K E E N I N T E R E S T I N 19 9 0 s WAT C H E S F R O M TOP PRODUC E R S L I K E BR EGU E T , S OM E OF W H IC H ARE STILL GREATLY UNDERVALUED IN MY OPINION Rebecca Ross

VP and Head of Sale, Watches, Christie’s

Luxury watches maintain timeless appeal Ross asserts there are four dominant factors that make luxury watches such sought-after items:

Of course, the high-end watch market is constantly evolving, but Ross points to the annual Only Watch auction – taking place this year in Geneva on 5 November – as being the perfect opportunity for • Collectability manufacturers to unveil “astounding” • Rarity – for modern watches, new creations. this is based on production Many of the biggest companies numbers including limited editions; in the industry will step outside their usual production runs to produce for vintage watches, this relates to how hard they are to find a single, unique watch specifically in good and original condition for this showpiece event.

• Provenance/history – for vintage As for emerging trends, Ross reveals watches, this can provide added clients are increasingly taking a keen interest in 1990s timepieces from top meaning to a luxury watch • Desirability – driven by the market producers like Breguet, some of which she believes are still “greatly undervalued”.

Interest in smaller watch faces is also continuing to grow, while buyers are striving more than ever for vintage watches in top condition – as they surely must if they are PATEK PHILIPPE 2023 NEW MODELS to take their collections to the next level.

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US$21.7m sales record set by Rebecca Ross at her Important Watches auction in June 2022

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