LEADERS Magazine October, November, December 2024 Volume 47, Number 4
PURPOSE
BILL
LEADER TO
“The task of the leader is to get their people from where they are to where they have not been.”
Henry Kissinger
On the Cover
John E. Schlifske
Northwestern Mutual
Lois Pope
Lois Pope LIFE Foundation
Wilbur Ross
Monique Rodriguez
Mielle Organics
Dr. James S.C. Chao
Foremost Group
Janet Truncale
EY
Anthony E. Malkin
Empire State Realty Trust
Cathy Engelbert
WNBA
John S. Koudounis
Calamos Investments
LEADERS Magazine is published quarterly and circulated to distinguished leaders of the world. Circulation is strictly limited. To receive LEADERS Magazine, one must be a leader of a nation, an international company, a world religion, an international institute of learning, or an international labor organization; or a chief financial officer, a major investor on behalf of labor or corporate pension funds, a chief information officer or a Nobel laureate. LEADERS Magazine was founded by Henry O. Dormann (1932-2018).
Making Finance Work For Women Mary Ellen Iskenderian, President and Chief Executive Officer, Women’s World Banking 74
Impact Through Innovation And Technology Mike Gianoni, President, Chief Executive Officer, and Vice Chairman of the Board of Directors, Blackbaud 78 A Game-Changer In The Hospitality Sector Andro Nodarse-Leon, Founder and Chief Executive Officer, LionGrove 80
Exceeding Expectations
Dr. Calvin Choi, Founder of AMTD IDEA and AMTD Digital; Global Chairman of L’Officiel and The Art Newspaper 82
Authentic And Innovative Australian Designs David Woollcott, Chief Executive Officer, King Living 84
A Revolutionary Way To Explore The World Ric Roth, Co-Founder and Director, Apogee Rewards, Inc. 86
“I think leadership is just influence, and I think that we make it way too complicated. I think we want to attach position with it or title with it. You know, Mother Teresa was an incredible leader, a great influencer worldwide. But she never had a title. She worked in the slums of Calcutta.”
John Maxwell
For The Caribbean
Executive Chairman, Sandals Resorts International 200
The Pink Paradise Sarah Wetenhall, President and Owner, The Colony Hotel 204
Suite
CHINA GENERAL CHAMBER OF COMMERCE - USA 182
Energy Transition And Sustainability
George S. Niculescu, President, Romania Energy Regulatory Authority 196
A Global Vision For Real Estate And Green Infrastructure Sorin Preda, Founder and Chief Executive Officer,
198
The Upside-Down Pyramid Roger Woolsey, Owner and Chief Executive Officer, Million Air 206
A New Standard Of Mountain Adventure Anthony Duggan, General Manager, Grand Hyatt Deer Valley 208
A Sense Of Place Eric Jenkins, General Manager, Estancia La Jolla Hotel & Spa 212
The Spirit Of Austin Larry McGuire, Co-Founder and Partner, MML Hospitality 214
Convenience, Comfort And Community Nicholas Allen, General Manager, Sheraton Grand Nashville Downtown 216
Bordeaux-Style Wines From Sonoma Jesse Katz, Founder and Head Winemaker, Aperture Cellars and Devil Proof Vineyards 222
A Conversation with Bob Wright 224
A Cornerstone Of The Community Sherry Hicks-Buckles, General Manager, Hyatt Regency Greenwich 218 Il Giglio Tribeca 180
Ambassadors
Adam Stewart, CD, Hon. LLD,
Hôtel Plaza Athénée
The Key Ingredients For Leadership A Conversation between Nido R. Qubein, President, High Point University and John C. Maxwell 88
GLOBAL LEADERSHIP PERSPECTIVES
Thoughts From Ambassadors On Trade, Investment, Security, And The Future
I am pleased to collaborate with LEADERS Magazine on another important feature focusing on the trade opportunities of seven countries: Brazil, Japan, Mexico, Morocco, Saudi Arabia, Ukraine, and the United Kingdom. This feature is presented as a special section highlighting Global Leadership Perspectives in the October 2024 issue.
Ambassadors from these countries share their thoughts on important topics and highlight the interests of their countries in the global business world.
I am sure you will find the insights of these Ambassadors to be of great value. If you would like to be in touch with any of the Embassies, please feel free to contact me directly at aa@arsht.com, and I will connect you with the appropriate people.
Adrienne Arsht Executive Vice Chair Atlantic Council
GLOBAL LEADERSHIP PERSPECTIVES GLOBAL LEADERSHIP
A Diversified And Sustainable Economy
An Interview with H.E. Maria Luiza Ribeiro Viotti, Ambassador of Brazil to the United States
EDITORS’ NOTE Ambassador Maria Luiza Ribeiro Viotti presented her credentials to President Joe Biden on June 30, 2023. Before assuming her duties in Washington, Ambassador Viotti served as Chef de Cabinet to the Secretary-General of the United Nations (2017-2021); Under Secretary General for Asia and the Pacific at the Brazilian Ministry of Foreign Affairs (2016); and Ambassador of Brazil to Germany (2013-2016). Ambassador Viotti served on multiple occasions at the Mission of Brazil to the United Nations in New York and as Permanent Representative to the UN from 2007 to 2013. During her tenure, she led the Brazilian Delegation to the UN Security Council (2010-2011) and presided over the Council in February 2011. In addition to multilateral affairs, Ambassador Viotti worked in Brasilia and abroad in areas such as political affairs, trade and investment promotion, public diplomacy, and regional cooperation. She served as counselor at the Embassy of Brazil in La Paz (1993-1996). Ambassador Viotti holds a degree in economics and joined the Brazilian foreign service in 1976 after graduating from the Rio Banco Institute (Brazil’s diplomatic academy).
This journey has been marked by continuous learning, adaptation, and a commitment to public service. I am grateful for the opportunities I have had and for being able to count on extraordinary people who inspired and supported me along the way.
How critical is Brazil’s role in the global economy?
Brazil is the world’s eighthlargest economy – the second largest in the Americas – with dynamic agricultural, industrial, and service sectors and the capacity to contribute to solving global challenges such as climate change, the energy transition, and food security. Brazil plays a crucial role in international efforts to fight climate change and protect biodiversity. The country is home to 60 percent of the Amazon – the world’s largest tropical rainforest – and hosts approximately 20 percent of the world’s biological diversity. With the rate of deforestation in the Amazon on a consistent decline, Brazil sees itself on a clear path towards the goal of zero deforestation by 2030.
Brazil boasts the cleanest energy mix among the G20 countries. Approximately 49 percent of our energy and 90 percent of our electricity come from renewable sources. Strong growth in solar and wind power generation, together with the potential to become a major producer and exporter of clean hydrogen and sustainable aviation fuel, place Brazil in a privileged position in the global efforts to decarbonize the economy.
The agriculture sector in Brazil has seen decades of strong growth driven by increased productivity through technology and innovation. Brazil now ranks as the world’s largest producer of sugar, coffee, orange juice, and soybeans, the second largest producer of beef, and the third largest producer of poultry and corn.
Brazil’s manufacturing base is large and sophisticated, boasting both traditional and high-technology sectors, including pharmaceuticals, bionanotechnology, electronics, semiconductors, automobiles, agroindustry, and chemicals. Aircraft, pharmaceutical products, electrical machines, and IT services are a growing share of our exports.
As the current chair of the G20, and host to COP30 in 2025, Brazil has been working to
Will you highlight your career journey and what led to your role as Ambassador?
My career in foreign service has been a fulfilling journey marked by progressive responsibilities and the opportunity to work on global challenges. Each step has been a building block. I was driven by a deep-rooted passion for international relations and a desire to effect positive change. Over the years, I have had the privilege of serving in various capacities – working in trade promotion, regional political issues, sustainable development, and multilateral diplomacy, each offering invaluable experiences and insights. This experience was instrumental in my role as Brazil’s Permanent Representative to the UN, where I engaged with the international community on pressing global issues.
As Ambassador of Brazil to Germany, I worked to foster stronger bilateral ties between Brazil and Germany. The demanding role of Chief of Staff to the Secretary-General of the United Nations afforded me a unique perspective on the intricacies of multilateral diplomacy and the enormous challenges faced by the global community.
H.E. Maria Luiza Ribeiro Viotti
GLOBAL LEADERSHIP PERSPECTIVES GLOBAL LEADERSHIP
advance the agenda on major global issues, such as fighting hunger and poverty, promoting food security, and accelerating the transition towards sustainable energy.
What do you see as Brazil’s strengths in attracting foreign investment?
The size and diversification of Brazil’s economy and its good performance over recent years; a large and growing consumer market; the country’s steadfast commitment to macroeconomic stability; and progress in economic reforms that improve the business environment are vital strengths enhancing Brazil’s attractiveness as an investment destination.
Another significant advantage is Brazil’s wealth of natural resources, including critical minerals essential for various high-tech applications, and an abundant clean energy supply.
Driven by the demand for advanced medical technologies and services, the country’s healthcare sector also offers substantial opportunities. Investors can count on a vast workforce of talented professionals essential to innovation and productivity.
“Brazil is the world’s eighth-largest economy – the second largest in the Americas – with dynamic agricultural, industrial, and service sectors and the capacity to contribute to solving global challenges such as climate change, the energy transition, and food security.”
Brazil benefits from a highly digitized economy, with advanced telecommunications infrastructure and widespread internet penetration. The digitalization of financial services in Brazil has been remarkable. Our country boasts a robust Fintech sector and universal adoption of digital banking, which enhances financial inclusion and streamlines financial transactions.
What message would you want business leaders to hear about the opportunities that Brazil offers?
According to an OECD report released last May, Brazil ranked only behind the United States
as the world’s leading destination for foreign direct investment (FDI) in 2023. This remarkable performance is a testament to the opportunities already mentioned and the Brazilian government’s efforts to provide adequate macroeconomic and regulatory conditions for investment. One of President Lula’s top priorities has been to create the conditions for economic growth combined with environmental sustainability, fiscal responsibility, and social inclusion. Efforts are underway to establish regulatory frameworks for the clean hydrogen industry, sustainable aviation fuels, offshore wind energy, and programs to strengthen the semiconductor ecosystem. They will enhance the attractiveness of investments in those sectors. Additionally, initiatives have been undertaken to promote the critical minerals industry and attract investments in Brazil’s traditional automotive sector so that it can compete in the field of fleet electrification.
To investors, macroeconomic factors, business environment, and fiscal policies are crucial considerations for capital allocation. At the same time, geopolitical and public health considerations have highlighted the importance of reliable suppliers and a diversified supply network.
For these reasons, Brazil stands out as a stable and attractive alternative for businesses seeking nearshoring strategies.
Will you discuss the importance of a strong relationship between the United States and Brazil?
A strong and close relationship between Brazil and the United States benefits our societies and has a positive impact on our region and beyond. Brazil and the United States are the largest democracies and economies in the Americas. We share values and the priorities of strengthening democracy, promoting and respecting human rights, and combating climate change. Our multifaceted and long-lasting
relations cover a variety of areas, including trade and investment, energy, health, science and technology, defense, education and culture. High-level contacts and the convergence of public policy objectives have strengthened our cooperation on sustainable development, renewable energies, and workers’ rights.
The private sector is fully engaged in exploring opportunities for expanding trade and investment in traditional as well as new areas, such as clean hydrogen, sustainable aviation fuels, and carbon and methane management. Our countries are coordinating efforts to protect forests, combat environmental crimes, and promote sustainable agriculture and the bioeconomy. We are also working to advance a new Brazil-U.S. Energy Transition Partnership.
This year marks a significant milestone in our bilateral relations as we commemorate 200 years of friendship and collaboration between Brazil and the United States. In this bicentennial year, Brazil and the United States have before them a unique opportunity to leverage their shared values and interests in order to build an even stronger partnership, with tangible, longterm results for both societies and a positive impact on our region and beyond.
What would you say to young people in Brazil about the importance of public service?
Public service is essential to the functioning of society, by promoting the common good and ensuring that the needs of the citizens are met. Working in public service is a source of personal fulfillment that comes from the opportunity to make a positive impact on the lives of others.•
For more information regarding Brazil and business opportunities, please visit https://investinbrasil.com.br
The skyline of São Paulo, Brazil’s vibrant financial center and most populous city
GLOBAL LEADERSHIP PERSPECTIVES
A Global Partnership For The Future
An Interview with H.E. Shigeo Yamada, Ambassador of Japan to the United States
EDITORS’ NOTE Ambassador
Shigeo Yamada assumed his post as the Ambassador of Japan to the United States of America in December 2023. He is a long-time veteran of the Japanese Ministry of Foreign Affairs. His very first posting was as a Second Secretary in Washington, DC in 1989. In 2012, he returned to Washington as Political Minister. Prior to assuming his current post, he served as Senior Deputy Minister for Foreign Affairs. In that capacity, he was Political Director for Japan’s 2023 G7 Presidency, supporting the G7 Summit in Hiroshima and the G7 Foreign Ministers’ Meeting in NaganoKaruizawa. His previous positions in Tokyo include Deputy Minister for Foreign Affairs for Foreign Policy, Deputy Director General for North American Affairs, Director for Northeast Asia, Director for Southeast Asia, and Director for the Status of U.S. Forces Agreement. He also served as a Cabinet Councilor in the National Security Secretariat in the Prime Minister’s Office. In addition to his postings in Washington and Tokyo, over the course of his career he was in charge of the public and culture affairs at the Embassies of Japan in London and Beijing. Ambassador Yamada earned a BA degree in law from Keio University and a BA degree in political science from Carleton College in Minnesota.
H.E. Shigeo Yamada
aggression. Japan also continues to deepen our ties with Global South countries by promoting cooperation rather than division and confrontation.
We will continue to work to protect a free and open international order based on the rule of law, and to ensure peace and prosperity in the Indo-Pacific region and beyond.
What do you see as the strengths of your country for foreign investment?
There are five main reasons to invest in Japan:
1. Japan offers a rich and reliable free market. It is ranked first globally in the Economic Complexity Index. If economies are like restaurants, then Japan is equipped with all the supplies that are needed in the kitchen to provide a diverse menu.
2. Japan has an abundance of intellectual assets. Our country is ranked first in the world in terms of the number of Patent Cooperation Treaty (PCT) applications as a percentage of GDP and fourth in the world in terms of R&D expenditure as a percentage of GDP.
“As the international community stands at a historic crossroads, the importance of the Japan-U.S. alliance has never been greater.”
Will you discuss the importance of a strong relationship between the United States and your country?
As the international community stands at a historic crossroads, the importance of the Japan-U.S. alliance has never been greater. Our relationship has evolved from one focused on bilateral issues to a regional partnership for a free and open Indo-Pacific, and, as Prime Minister Kishida and President Biden stated in their joint declaration, it is now a “global partnership for the future.” Examples include the “mini-lateral” cooperation among like-minded countries, including the Republic of Korea, Australia, India, and the Philippines, as well as cooperation through the G7 and with ASEAN. It is extremely important for Japan to address global issues hand in hand with the United States, including, for instance, supporting Ukraine against Russia’s unprovoked war of
3. Japan has an excellent human capital base. In the OECD PISA survey, Japan ranked first in mathematical literacy, first in scientific literacy, and second in reading comprehension among OECD member countries.
4. Japanese infrastructure offers an excellent business environment. The National Strategic Special Zone system and other initiatives have created an environment that supports the introduction of new businesses and technologies. Moreover, Japan provides reliant and convenient transportation infrastructure that extends throughout the country for daily commutes, as well as business trips with Shinkansen bullet trains, without delay or trouble.
5. Japan is a society that offers a high quality of life. It is home to the world’s highest stan-
AI Process was launched, which led to the development of the Comprehensive Policy Framework encompassing the International Guiding Principles and the Code of Conduct for AI Developers. As such, Japan will continue to actively engage in international rulemaking and discussions in a multitude of crucial areas.
Will you highlight your career journey and what led to your role as Ambassador?
This is my third time being posted in the United States. The first time was 35 years ago, right after joining the Ministry of Foreign Affairs of Japan. I studied abroad at Carleton College in Minnesota and then began my career as a diplomat. The second time was about 10 years ago, when I served as a political minister at the Embassy. Then I returned to Washington, D.C.
dard medical system and has a safe and secure living environment. Furthermore, Tokyo, Kyoto, and Osaka are the world’s top gourmet cities, ranked as three of the top five cities with the most Michelin-starred restaurants worldwide.
How critical is your country’s role in the global economy?
As the world’s largest net external asset country, Japan creates employment all over the world. In the United States, Japanese companies have invested nearly 800 billion dollars, making Japan the largest foreign investor for five consecutive years, contributing to the creation of nearly one million jobs. Additionally, Japan demonstrates leadership across multiple fields, including international trade, politics, and interregional cooperation. In this context, Japan has been an advocate on the concept of Data Free Flow with Trust (DFFT), which aims to promote the free flow of data across borders while ensuring trust in privacy, security, and so forth. To achieve this, Japan has been actively working on establishing international rules through forums such as the WTO and various FTAs. Similarly, under Japan’s leadership at the G7 Hiroshima Summit, the Hiroshima
as an Ambassador last December. At each stage, I have been blessed with amazing friends and colleagues within the U.S. government, with businesses, journalists, and so on. I believe that all these truly indispensable connections contribute to the foundation of our strongerthan-ever bilateral relationship because, ultimately, international relations are about human relationships. As Ambassador, I would like to further strengthen our people-to-people exchanges.
What do you tell young people in your country about the importance of public service?
I have so much hope for young people in Japan! The world is changing all the time, and young people have so many exciting opportunities ahead of them. When I was a student, I read a novel called “Ikari-no-nai-fune” (English title: Riding the East Wind) by Otohiko Kaga, which was about a Japanese diplomat trying to pursue peace in the 1940s. Looking back, I think this book gave me the inspiration to become a diplomat and contribute to the peace and prosperity of the international community.
For almost 40 years, I’ve had the incredible opportunity to engage in a variety of positions in amazing places, including the United States, Tokyo, London, and Beijing. In each position, I have felt a sense of accomplishment, knowing that I played my small part to contribute to the international community as I dreamed when I was young.
I truly believe the connections I have made in public service, the incredible work I have been able to accomplish with my colleagues and friends, and the knowledge I have gained cannot be measured in monetary terms. I wholeheartedly hope that young people in Japan will consider public service as one of their career options. Whatever path they choose, I hope that they will represent Japan and nurture friendships with people around the world.•
The Toyota Commemorative Museum of Industry and Technology in Nagoya, Japan
Twenty-Four Eyes Movie Studio in Shodoshima, Japan
GLOBAL LEADERSHIP PERSPECTIVES
Fostering Positive Social Change And Development
An Interview with H.E. Esteban Moctezuma Barragán, Ambassador of Mexico to the United States
EDITORS’ NOTE Ambassador Esteban Moctezuma Barragán was appointed Ambassador Extraordinary and Plenipotentiary of Mexico to the United States of America by Mexican President Andrés Manuel López Obrador, and was ratified by the Senate of the Republic with 115 votes in favor out of 116 attendees in February 2021. Among his previous governmental positions are Secretary of Public Education (2018 – 2021); Secretary of Social Development (1998-1999); Senator of the Republic (1997-1998); Secretary of the Interior (1994-1995); Undersecretary of Planning and Educational Coordination (19931994); Chief Administrative Officer of the Ministry of Public Education (1992-1993); Chief Administrative Officer of the Ministry of Programming and Budget (1988-1992); and Secretary of Administration for the Government of the State of Sinaloa (1988-1989). Additionally, he was responsible for implementing the autonomy of the Supreme Court of Justice of the Nation (1994-1995). Ambassador Barragán earned a bachelor’s degree in economics from the National University; a master’s degree in economic development at the University of Cambridge, United Kingdom; received a diploma in regional development in Tokyo, Japan; and holds an honorary doctorate from the University of Sciences and Arts of Chiapas.
role in implementing the autonomy of the Supreme Court of Justice of the Nation, furthering judicial independence and integrity.
Beyond my public sector contributions, I have been deeply involved in civil society. As President of the Board of Trustees of the National Institute of Public Health and Executive President of Fundación Azteca, I championed initiatives like the Esperanza Azteca System of Children’s and Youth Symphony Orchestras and conservation programs such as “Long Live the Lacandon Jungle!” based on a deep commitment to fostering cultural enrichment, environmental conservation, and educational excellence. With this knowledge of Mexico’s public sector and firsthand experience with the country’s main issues, I came to Washington, D.C. to explore how to jointly address our bilateral challenges through cooperation with the American government. I am convinced of the importance of fostering social development through education, dialogue, and diplomacy. This has been the focus of my work for the past two years and
it has been an immense privilege to represent my country and work towards a prosperous and collaborative future in North America.
What do you see as the strengths of Mexico for foreign investment?
With its sound macroeconomic policies, extensive trade agreements, and investment opportunities, Mexico is an ideal location for businesses looking to grow and succeed.
Its strategic location provides direct access to the U.S. market, Central and South America, and the Caribbean, with an extensive coastline spanning over 11,000 kilometers linking Asia-Pacific and European markets. Mexico has a strong network of international trade agreements, beyond USMCA, that include 14 Free Trade Agreements with 50 countries, providing market access to two-thirds of the world economy and one billion consumers, and 30 Reciprocal Investment Promotion and Protection Agreements (RIPPAs) with 31 countries strengthening investment certainty.
Mexico’s economy is robust, with GDP growth of 3.2 percent in 2023, matching the U.S.’ growth rate, and headline inflation decreasing from 8.7 percent in August 2022 to 5.5 percent
Will you highlight your career journey and what led to your role as Ambassador?
I began my career more than 40 years ago in public service, always driven by a desire to enact social change. My journey has been marked by a dedication to both the public sector and civil society, aiming to foster positive social change and development in Mexico. I’ve had the honor of serving in various capacities, including Secretary of Public Education in Mexico, where I led numerous initiatives to improve educational standards and access for all. As Secretary of Education, I promoted significant initiatives to advance educational equity, such as the “La Escuela es Nuestra” program to enhance school infrastructure and “Vida Saludable” to improve students’ health and well-being. My career also includes roles such as Secretary of Social Development and Secretary of the Interior, where I was involved in crucial policy implementation and social programs that directly impacted the well-being of communities. Additionally, I played a pivotal
H.E. Esteban Moctezuma Barragán
in 2023. The country’s fiscal policy has a strong track record, with public debt representing 46.8 percent of GDP and international reserves reaching $212 billion. The domestic market is attractive, with 126 million consumers, domestic consumption expanding by 5.0 percent in 2022, and unemployment at a historic minimum of 2.6 percent in April 2024. Mexico’s young and skilled workforce, with an average age of 29 and nearly half part of the active labor force, is a significant asset, with almost 1 million students enrolled in STEM fields annually.
As a result, Mexico is a magnet for global investment, attracting record levels of FDI with $170 billion received since 2019, including $36 billion in 2023, primarily in manufacturing, automotive, aerospace, and electronics.
What message would you want business leaders to know about the business opportunities that Mexico offers?
At this pivotal moment in history, Mexico stands as a beacon of stability and opportunity for investment. Various incentives and development programs attract investment, including:
• Tax incentives for regional development on the northern border and Southeast, such as a 50 percent value-added tax credit and a tax credit equivalent to one-third of income tax
• Fiscal incentives for the Southeastern region, including a complete income tax exemption for the first three years and 50 percent in the next three years
• Chetumal free trade zone, offering tax incentives for companies trading certain goods or services
• Decree granting tax incentives to ten key export industries, including an immediate deduction for investment in new fixed assets
and an additional 25 percent deduction for training expenses
• Country-wide development programs, offering benefits for companies importing goods temporarily and producing specific products.
Mexico also offers a one-stop shop for investors, VUIMX, providing a step-by-step guide on procedures and relevant information to facilitate investment.
How critical is Mexico’s role in the global economy?
Mexico, a key player in the global economy, is home to an almost 130-million-person population,
“At this pivotal moment in history, Mexico stands as a beacon of stability and opportunity for investment.”
a strategic location, and vast cultural diversity and natural resources. This unique combination positions Mexico as a leader in the global economy, offering significant potential for foreign investment. As the 12th largest economy, Mexico’s GDP reached $1.8 trillion in 2023, up from $1.2 trillion in 2018. Its total trade stands at $1.2 trillion, making it the world’s ninth-largest exporter and importer. Over 90 percent of Mexico’s exports are manufactured goods, primarily medium and technologically advanced.
Mexico’s 30-year-old free-trade agreement with the U.S. and Canada (USMCA) provides duty-free access to the North American market, driving economic integration and making it an attractive location for global companies. In fact, Mexico has surpassed China as the largest supplier of goods to the U.S. With a long-term perspective, Mexico is committed to further integration to address 21st-century challenges and ensure the region’s prosperity.
Will you discuss the importance of a strong relationship between the United States and Mexico?
The United States and Mexico share a profound and multifaceted relationship, one that extends far beyond the headlines and misconceptions that often dominate the narrative. In reality, our two nations are deeply intertwined, with a level of integration that has a significant impact on both our economies and societies. This interconnectedness is rooted in our shared history, culture, and geography, with one in five U.S. citizens boasting Hispanic origins, highlighting the personal bonds that transcend our border. Moreover, our trade relationship is a cornerstone of this integration, with Mexico being the top trading partner of the U.S. in the world. Mexico buys 16 percent of everything the U.S. sells to the world.
Through cooperation and collaboration, we can harness this integration to address shared challenges, such as migration and international security threats, more effectively. By working together, we can strengthen our regional capabilities and create a more resilient, innovative, and humanistic North America.
As we look to the future, our joint efforts and shared vision can pave the way for a North American region that stands as a beacon of hope and prosperity on the global stage. This is North America’s moment, and together, we can seize it.
What do you tell young people in Mexico about the importance of public service?
Public service is an impactful pursuit, offering individuals a unique chance to make a tangible difference in their communities and contribute to social improvement.
What I usually tell young people interested in working for the government is that public service represents an opportunity to work towards the betterment of Mexico, setting an example for others to follow and creating a virtuous circle.•
For more information regarding Mexico and business opportunities, please contact the Embassy of Mexico - https://embamex.sre.gob.mx/eua/
The Angel of Independence overlooking Reforma Avenue, a key landmark in Mexico City now surrounded by tall, modern buildings
GLOBAL LEADERSHIP PERSPECTIVES GLOBAL LEADERSHIP
A Compelling Value Proposition
An Interview with H.E. Youssef Amrani, Ambassador of Morocco to the United States
EDITORS’ NOTE A native of Tangier, Ambassador Youssef Amrani’s distinguished diplomatic career spans over 44 years. Before assuming his current role as His Majesty the King of Morocco’s Ambassador to the United States, he held a series of distinguished positions both domestically and internationally. He served, most recently, as the Ambassador of His Majesty the King of Morocco to South Africa, with non-resident accreditation to Eswatini, Botswana, and Malawi. Prior to this assignment, he served in various other roles, including Chargé de Mission in the Royal Cabinet, Minister Delegate for Foreign Affairs and Cooperation, and Secretary General of the Union for the Mediterranean. Throughout his tenure as Ambassador, he has represented Morocco in Mexico, Guatemala, El Salvador, Honduras, Costa Rica, Nicaragua, Belize, Chile, Colombia, Ecuador, and Panama. Within the Moroccan Ministry of Foreign Affairs, Ambassador Amrani has undertaken pivotal responsibilities, serving as Secretary General and Director General of Bilateral Affairs. He is fluent in Arabic, his native language, and also has mastered English, Spanish, Italian, and French. Ambassador Amrani holds a bachelor’s degree in economics from Mohammed V University of Rabat and a degree in Management from the Boston University School of Management.
H.E. Youssef Amrani
Morocco is a vibrant and evolving nation, one that has chosen progress and modernity while always preserving its rich history, unique traditions, and culture. In this sense, Moroccan diplomats are a reflection of our nation’s path and choices. We are bridge builders, messengers of trust and solidarity, mediums of cooperation, and, I would like to believe, agents of peace and stability in this world.
Those parameters, as enshrined in His Majesty King Mohammed VI’s Vision, have been at the forefront of my actions in Africa, Europe, and the Americas. We live in an ever-changing world, but diplomacy is an anchor that provides stability in the most turbulent times. Every nation plays a significant role in maintaining global equilibrium. Morocco and the United States are definitely instrumental as they share this responsibility. I just happen to be part of this unique story we build together.
What do you see as the strengths of Morocco for foreign investment?
The experiences on the ground speak louder than words. Foreign investors are coming to Morocco not because we are convincing them to do so; they are coming for a simple reason: all records and analyses point out that investing your capital in the Kingdom is a safe, lucrative, and convenient way to take full advantage of both a vibrant national market and even greater growth opportunities across the continent of Africa and neighboring Europe.
What message would you want executives to know about the business opportunities that Morocco offers?
I think that we have passed the stage of presenting our business opportunities. We are today competing in some domains with so-called heavyweight countries, specifically in niche and highly technical domains of expertise. From aerospace to automotive, we’ve developed specialized industrial ecosystems supporting global supply chains. These clusters offer investors plug-and-play solutions with established suppliers and logistics. Morocco thus presents a unique platform that combines African and European dynamism and standards, creating an ideal launchpad for international expansion. Also, and very importantly, Morocco’s highly skilled, multilingual workforce conjugates youthful energy with international expertise. Our education system, focused on technical skills and languages, produces talent tailored to global business needs. Our automotive sector is a shining example of this progress. We currently produce 700,000 vehicles annually and aim to reach one million units by 2025.
Will you highlight your career journey and what led to your role as Ambassador?
I don’t think that the word “career” reflects the true meaning of being a diplomat. It has nothing to do with status, but rather commitment and genuine love for the nation you represent. I have been doing this for almost 45 years now, and I still feel the same excitement as on day one. Being an ambassador is a tremendous honor, but it doesn’t mean you have figured out everything in diplomacy. I have been a former minister delegate for foreign affairs, secretary general of UMF, member of His Majesty’s Cabinet and Ambassador several times before my tenure in Washington. Every single part of this journey was nothing but a lesson, a learning opportunity, and a tremendous honor to represent my country in different contexts and different continents.
Morocco offers a compelling value proposition for foreign investors, combining strategic location, political stability, and economic dynamism. Our Kingdom isn’t just a market of 37 million; it’s a gateway to over 2.3 billion consumers across Africa, Europe, and beyond. Between 2021 and 2024, the Moroccan Government signed over 170 investment agreements totaling approximately $21 billion, expected to create more than 115,000 jobs.
Morocco capitalized on its strategic position by developing world-class infrastructure, including Africa’s largest port in Tangier and the upcoming Dakhla Atlantic port, which will facilitate trade between Sahel countries and the Atlantic Ocean. Our political stability provides a secure environment for long-term investments, complemented by ongoing economic reforms and business-friendly policies that have earned recognition from international financial institutions.
The country offers competitive corporate tax rates, as low as zero percent in specific free zones, creating a favorable environment for businesses. Casablanca Finance City, Africa’s leading financial hub, provides sophisticated services and acts as a gateway for investment across the continent. Not to forget that with $50 billion invested in infrastructure since 2010, Morocco boasts world-class facilities. We position ourselves strategically in a series of crucial and sensitive domains. We think for the long run; as a matter of fact, Morocco is emerging as a leader in renewable energy, demonstrated by the Noor Ouarzazate complex, the world’s largest concentrated solar power plant. This commitment to sustainable energy aligns with global priorities and provides investors with lucrative opportunities in green energy projects. Additionally, the upcoming Nigeria-Morocco gas pipeline positions Morocco as a central player in the Atlantic energy landscape, further enhancing its strategic importance in the global energy sector.
I could mention so many more examples, but rather leave it to everyone who is interested to make up their own mind about the opportunities and discover what Morocco is all about. More often than not, people tend to fall in love with the country and invest in the Kingdom after making this first step.
How critical is Morocco’s role in the global economy?
Morocco’s role in the global economy is multifaceted and rapidly expanding. As a nexus between Europe, Africa, and the Middle East, Morocco has cultivated a unique position that extends far beyond geography. Our status as Africa’s second-largest continental investor underscores our commitment to driving SouthSouth cooperation. From banking to telecommunications, we actively shape Africa’s economic landscape, fostering development and creating new markets.
Morocco’s stability amid regional challenges makes us an indispensable partner for global economic security. Our proactive approach to counter-terrorism and migration management contributes to a secure business environment, crucial for international trade and investment. In key industrial sectors like automotive, aerospace, and food security, Morocco has become an integral part of global supply chains. The Tangier Med port serves as a vital logistics hub connecting Europe, Africa, and the Americas.
Morocco’s progressive policies and strategic investments ensure that we remain a key player in the global economy, driving innovation and sustainable growth while fostering international collaboration and security.
Will you discuss the importance of a strong relationship between the United States and Morocco?
The U.S.-Morocco alliance, rooted in our Treaty of Peace and Friendship from 1787,
stands as a testament to enduring diplomatic ties. This historic relationship has evolved into a multifaceted strategic partnership that is crucial for both nations in the 21st century. In today’s geopolitical landscape, Morocco serves as a vital anchor of stability in North Africa and the Middle East. Today, Morocco is a strategic ally in combating terrorism, managing migration, and promoting regional security and stability.
Economically, our Free Trade Agreement has fostered robust commercial ties. Morocco offers U.S. companies a gateway to emerging African markets, leveraging our strategic location and extensive continental networks. Sectors like renewable energy, aerospace, and automotive present particularly promising opportunities for U.S. investment. Our military cooperation, exemplified by joint exercises like African Lion, enhances regional security and interoperability. Morocco’s non-NATO ally status further cements our defense and security partnership, which is crucial for addressing transnational threats. In the realm of cultural and educational exchange, numerous programs strengthen people-topeople ties, fostering mutual understanding and long-term relationships between our nations. Morocco’s progressive stance on issues like interfaith dialogue and women’s rights aligns with U.S. values, making us natural partners in promoting stability and moderation in the Islamic world.
As Africa gains global significance, Morocco’s role as a gateway to the continent becomes
increasingly valuable to U.S. strategic interests, both diplomatically and economically. Our partnership in addressing global challenges like climate change through initiatives in renewable energy and sustainable development highlights the forward-looking nature of our relationship.
The Atlantic Initiative of His Majesty King Mohammed VI reflects Morocco’s unwavering commitment to providing concrete solutions focused on impactful results for African populations, highlighting the significance of connectivity projects. For American policymakers and businesses, Morocco represents not just a friendly nation, but a strategic hub offering stability, growth opportunities, and a shared vision for regional and global progress. Our enduring relationship serves as a model of international cooperation, more relevant than ever in navigating the complexities of our interconnected world.
What do you tell young people in Morocco about the importance of public service?
Public service is undoubtedly a rewarding but also very intense and demanding professional path. Committing your time and life to the best interests of your country requires a certain degree of selflessness. With the honor of serving a nation often comes the great responsibility of making the right choices and sometimes the necessary sacrifices. Our youth in Morocco has undoubtedly displayed very strong and unique commitments in shaping our nation’s future. I have always been so proud to see how skillful, smart, and brilliant our Moroccans are across a wide range of strategic competencies and domains. Of course, being a public servant is not the only way to contribute to the development of one’s country. But since your question is phrased that way, I want to emphasize that public service is not about dusty bureaucracies. It’s about innovative solutions, pioneering digital governance, and crafting policies that uplift millions of lives. It’s about representing your country on the world stage. It is also about embracing new technologies, artificial intelligence strategies, leading the green energy revolution, or spearheading diplomatic initiatives that bring peace to troubled regions. These aren’t just jobs; they’re callings that demand your creativity, resilience, and unwavering commitment to progress.
The public domain requires fresh perspectives. Your generation, native to technology and global in outlook, is uniquely positioned to tackle these issues. And let me tell you that there is nothing more fulfilling than seeing your efforts transform communities, foster international cooperation, and drive national progress – it’s an unparalleled reward.
The key is your commitment to the greater good. As you stand at the threshold of your careers, I challenge you to think big, at least as much as your country does.•
For more information regarding Morocco and business opportunities, please contact the Embassy of Morocco – https://us.diplomatie.ma
Ambassador Yousef Amrani addressing the United Nations
GLOBAL LEADERSHIP PERSPECTIVES
Vision 2030
An
EDITORS’ NOTE Her Royal Highness Princess Reema Bandar Al-Saud was appointed the Kingdom of Saudi Arabia’s Ambassador to the United States of America on February 23, 2019, by the Custodian of the Two Holy Mosques King Salman bin Abdulaziz. She is the first woman in the country’s history to serve in the role of Ambassador. She presented her credentials to President Donald Trump on July 8, 2019. HRH has dedicated her career to the advancement of women in both the public and private sector. In the private sector, she was the Chief Executive Officer of Alfa International Company Limited – Harvey Nichols Riyadh, a multi-brand luxury retail company from 2007 until 2015. During her time in the private sector, HRH commissioned a study on “Obstacles for Women in the Workplace.” The study set the tone for female inclusion in retail and resulted in the opening of the first workplace nursery in Saudi Arabia. In 2016, HRH left the private sector to begin a career of public service as Vice President of Women’s Affairs at the Saudi General Sports Authority. She focused on developing policies and programs that benefited women and children throughout Saudi Arabia. After a successful year, HRH became the Deputy of Development and Planning. In 2018, she was appointed President of the Mass Participation Federation, making her the first woman to lead a multi-sports federation in the Kingdom, a role that HRH occupied until her appointment as Ambassador. As part of her philanthropic work, she became a founding member of the Zahra Breast Cancer Association in 2007, increasing access to women’s health throughout the Kingdom. Zahra Breast Cancer Association set a Guinness World Record by forming the World’s Largest Human Awareness Ribbon at Princess Noura University in Riyadh in 2015. In 2013, HRH founded Alf Khair, a social enterprise organization aimed at elevating the professional capital of Saudi women through a curriculum developed to enable financial self-sufficiency. HRH is the President of the Women’s Committee and a member of the Board of Directors for the Saudi Olympic and Paralympic Committee. She serves as the Honorary President of the Saudi Special Olympics and is a board member for the Sports for All Federation in the
Kingdom. HRH is a member of the International Olympic Committee (IOC) and serves on several commissions including the Gender Equality, Diversity & Inclusion commission; the Sustainability & Legacy commission; and the Coordination for the Games of the XXXV Olympiad Brisbane 2032 Commission. HRH currently serves as the Head of the Executive Committee for the Fashion Commission at the Ministry of Culture. She is a Board Member for Panthera’s Conservation Council and the Future Investment Initiative (FII). Princess Reema is the Founder of Catmosphere, an organization focused on interconnected well-being and big cat conservation. She is the Chair of Kayanee, a PIF lifestyle company focused on female well-being. Most recently, HRH founded WAVE, an initiative powered by FII focused on ocean regeneration within a human generation. HRH received a BA degree in Museum Studies from George Washington University and an honorary doctorate from Marymount University.
to the United States
Will you highlight your career journey and what led to your role as Ambassador?
I guess you could say that public service is in my DNA. My father was also the Saudi Ambassador to the United States. He is one of the most renowned and influential diplomats in history. From him, I learned about the importance of diplomacy, the critical need for strong international alliances, and the power of ideas and policies to make the world better, safer, and more prosperous. I have been fortunate to have worn many different hats throughout my career. I’ve worked in both the public and private sectors. I would say the one common thread in my career is that I wholeheartedly believe in the advancement of women. Each role I take, I try and ensure that principle is at the soul of my role.
I started in the private sector and was the CEO of Alfa International, a multi-brand luxury retail company. A large part of our company’s mission was the advancement of women, and we took several important steps to fulfill that mission, including a study on “Obstacles for Women in the Workplace” which set the tone for female inclusion in retail and resulted in the opening of the first workplace nursery in Saudi Arabia.
HRH Princess Reema Bandar Al-Saud
Interview with Her Royal Highness Princess Reema Bandar Al-Saud, Ambassador of the Kingdom of Saudi Arabia
HRH Ambassador Reema Bandar Al-Saud at the International Olympic Committee Session giving a presentation on Saudi Arabia for the ESports Olympics
In 2016, with the launch of the Crown Prince’s Vision 2030, our national transformation program, I answered the call to public service and began as Vice President of Women’s Affairs at the Saudi General Sports Authority. I was so fortunate to join public service at a time of so much positive momentum. I focused on policies and programs that benefited women and children throughout Saudi Arabia. In 2018, I became the Deputy of Development and Planning, followed by becoming President of the Mass Participation Federation, the first woman to lead a multi-sports federation in the Kingdom, before being named Ambassador in 2019, and proudly serve as the first woman in Saudi Arabia’s history to serve as Ambassador. We now have several female ambassadors and women diplomats serving in our diplomatic corps.
There has been a lot of change in Saudi Arabia in recent years. Will you highlight what is happening in the Kingdom?
Today, change in Saudi Arabia is a constant. There has been more change and reform over the past eight years than in the previous eighty. Our transformation began with Saudi Arabia’s Vision 2030, the Kingdom’s roadmap to the future. Launched by Crown Prince Mohammed bin Salman in 2016, Vision 2030 is a bold and ambitious plan to transform and modernize Saudi Arabia economically, socially, and culturally. It is a plan to unlock the Kingdom’s vast potential by creating a diversified, innovative and world-leading nation – and it is working. In the eight years since the Vision’s launch, Saudi Arabia has witnessed both
unprecedented change and remarkable growth. Vision 2030 builds upon Saudi Arabia’s rich history, heritage, and culture, its strategic location and economic strength. Designed to free the Kingdom from its dependence on oil exports, the Vision has ushered in a new era of economic diversification and opportunity, driven by investment into
key strategic sectors. It has delivered a wave of reforms that have transformed society empowering women and youth. And it has opened Saudi Arabia to the world by creating an environment in which businesses and investors can thrive and by transforming the way Saudi citizens live, work, and play with sweeping social reforms.
Equality and inclusion lie at the heart of Vision 2030, which is building a vibrant society able to offer new opportunities, especially for women. Today, Saudi women are in charge of their personal and financial futures. Saudi women own more than 300,000 businesses. Every door is open to women, including the traditionally male-dominated sectors, such as the military, firefighting, law and law enforcement. There are even women astronauts. Women in Saudi Arabia now enjoy equal pay. While there’s still work to be done, the recent progress for women is truly profound.
What do you see as the strengths of Saudi Arabia for foreign investment?
Under Vision 2030, Saudi Arabia is evolving from an economy dependent on oil revenues to one powered by diverse industries and global investment. Saudi Arabia is delivering on the promises of Vision 2030. New industries are emerging and thriving such as tourism, sports, advanced manufacturing, mining, and technology – sectors that are generating the jobs of the future for our youth. Tourism is poised to become a key driver of the Kingdom’s diversified economy. Last year, Saudi Arabia welcomed more than 100 million tourists, and we expect that number to grow to more than 140 million by 2030.
There are more than $1 trillion of investment opportunities for foreign investment in Saudi Arabia today. International companies are attracted to the opportunities that exist in downstream hydrocarbons, mining, clean energy, transportation and logistics, financial services and other areas. And they are further encouraged by recent policy changes such as allowing 100 percent foreign-company ownership and a clear, codified dispute settlement framework as well as existing incentives such as a 20 percent corporate tax – the lowest in the G20. And companies are responding with a growing number of investments in the Kingdom.
There are so many reasons to be optimistic about Saudi Arabia and to tap into the incredible opportunities in a new Saudi economy.
What message would you want business leaders to know about the business opportunities that Saudi Arabia offers?
Simply put, there is no better time or place to invest in Saudi Arabia, and the business world is taking note. In the fourth quarter of last year, foreign direct investment was $3.5 billion, up 16 percent from the third quarter. And we expect to attract tens of billions more in foreign direct investment by 2030.
Al Balad, the historical district of Jeddah, the second largest city in Saudi Arabia located in its Western Province
Riyadh, the capital of Saudi Arabia
Saudi Arabia stands at the crossroads of Europe, Asia, and Africa – at the heart of global trade and in a part of the world blessed by natural resources. Beyond petroleum, we offer major sources of critical minerals from tin to tantalum of which we have about a quarter of the world’s reserves – and that is only the beginning. Entire new sectors are taking flight including tourism, entertainment, sports, and more. Saudi Arabia is expanding and growing sustainably in many directions and fast.
We are a young nation – with 60 percent of our nation under the age of 30. Huge numbers of talented young Saudis are entering the labor market, including tens of thousands each year who studied in the United States. And large numbers of women, more than 34 percent of the workforce, are now realizing their full potential in the economy. Our GDP is over $1 trillion now, making us the world’s 17th largest economy. And our non-oil sector reached 50 percent of GDP for the first time last year, a landmark in our diversification from fossil fuels. This will only accelerate as our vast investments in infrastructure, new technologies, and economic transformation bear fruit. Thanks to Vision 2030, our transformation is not only a success for Saudi Arabia, but also for our partners and investors. Saudi Arabia now ranks 17th in global competitiveness, jumping up seven places over the prior year. The Tadawul, our stock exchange, is attracting billions of dollars in foreign investment, in part because of the sweeping reforms that have made it more attractive for foreign investors to be a part of our future.
It’s never been easier to do business in Saudi Arabia.
How critical is Saudi Arabia’s role in the global economy?
Saudi Arabia plays a critical role in the global economy, primarily due to its significant oil reserves and production capacity. With around 17 percent of the world’s proven petroleum reserves and as
the largest producer in the Organization of the Petroleum Exporting Countries (OPEC), Saudi Arabia has a special role in helping balance energy markets and ensure supplies are adequate. Over the years, time and again, the Kingdom has lived up to that responsibility by steering through times of crisis and ensuring that markets remain stable and fair for both producers and consumers.
One of the critical ways that Saudi Arabia has sought to protect and support the world economy is by continuing to be a force for peace and stability in the Middle East region. First and foremost is combating terrorism and extremism. With our partners, we have significantly degraded Al Qaeda and ISIS as terrorist threats. Working with our international partners, we have pursued the men, the money, and the mindset that supports or foments international terrorism. And we continue to work with the international community to bring about an end to conflict that threatens the stability of the region and the world, which is so critical to the global economy.
Beyond energy, Saudi Arabia plays an important role in growing the world’s economy. For example, the Kingdom is playing a leadership role in combating climate change. Vision 2030 is a focus on climate action both domestically and internationally. The Kingdom is leading the development of a circular carbon economy as a means to both promote growth and reduce emissions towards its commitment to work to achieve net zero by 2060. And the Kingdom is charting a pathway to a greener tomorrow through the Saudi Green and Middle East Green initiatives –which act to combat climate change – and projects that reduce land and coral reef degradation and protect wildlife. The Kingdom is stepping up to restore and preserve our global environment for future generations.
Overall, Saudi Arabia’s multifaceted role in the global economy extends beyond oil
production and encompasses areas such as finance, trade, infrastructure, technology, and human capital development. The country’s continued efforts to diversify its economy and engage with the global community positions it as a key player in shaping the future of the global economy.
Will you discuss the importance of a strong relationship between the United States and Saudi Arabia?
The founder of the Kingdom of Saudi Arabia, King Abdulaziz, and President Franklin Roosevelt met in 1945 and laid a foundation for U.S.-Saudi relations that would forge an important bond lasting generations. It has been a relationship critical to global economic security, peace, and stability. Over the past 80 years, the relationship has seen the breaking and passing of many storms. But through every phase, it has only grown, deepened, and widened because we are always stronger when we work together, safer when we work together, and more prosperous when we work together.
The relationship is going through an important and historic phase as we try to institutionalize it and lay the foundation of the partnership for decades to come. Today, we are expanding our partnership beyond security and defense cooperation to include technology, sustainable energy, and space, among other areas. More broadly, our strategic visions are aligned. Both the Kingdom and the United States want a secure, stable, and prosperous region. Each is committed to confronting the forces of extremism and destruction, and to advancing stability and prosperity globally.
What do you tell young people in Saudi Arabia about the future?
Saudi Arabia is a youthful nation, with more than 70 percent of the population under the age of 35. They are our single greatest asset. Young people in the Kingdom are welleducated, ambitious, and eager to engage with the world. They are among the biggest users of social media and early adopters of technology. This is a population that is very excited about its future – excited about the incredible changes taking place in Saudi Arabia today because the transformation and changes taking place are really about them. It is about unlocking their incredible potential, about having the opportunities to excel and contribute. So, when I talk to young people about Vision 2030 and the transformation that is taking place, I encourage them to not only take advantage of the changes, but to be part of it – to be agents of change – to make their mark – because no part of our society can have a greater impact on the future than the enthusiasm, creativity, and power of our youth. •
For more information regarding Saudi Arabia and business opportunities, please contact Saudi Arabia’s Ministry of Investmenthttps://misa.gov.sa.
For tourism information see the Visit Saudi official website - https://www.visitsaudi.com/en
Salwa Palace at Diriyah’s At-Turaif UNESCO World Heritage Site
GLOBAL LEADERSHIP PERSPECTIVES GLOBAL LEADERSHIP
At The Frontlines Of Democracy
An Interview with H.E. Oksana Markarova, Ambassador of Ukraine to the United States
EDITORS’ NOTE Ambassador Oksana Markarova has been Ambassador of Ukraine to the United States since February 2021, Permanent Observer of Ukraine to the Organization of American States since May 2021, and Ambassador of Ukraine to Antigua and Barbuda since July 2023. Before she arrived in Washington, DC, she served in Ukraine’s Ministry of Finance from 2015-2020 as First Deputy Minister and Government Commissioner on Investments and then since 2018 as Minister of Finance. During her time at the Ministry, she was a co-author of Ukraine’s macroeconomic revival program, has conducted unprecedented fiscal consolidation leading to deficit to GDP of 2 percent and debt to GDP reduction to below 50 percent, introduced midterm budgeting, gender oriented budgeting as well as negotiated, structured, and coordinated successfully two IMF programs and other IFI cooperation programs. During her tenure, she and her team also created UkraineInvest government promotion agency, Ukrainian Startup fund, and an eData ecosystem of government public finance portals including spending. gov.ua, openbudget.gov.ua, and analytical instrument BOOST, which opened the majority of the public finance data to the public and increased Ukraine in all major international data transparency ratings. Prior to her career in public service, Ambassador Markarova spent 17 years working in private equity and financial advisory having leadership roles in ITT investment group, Western NIS Enterprise Fund, Chemonics and The World Bank, as well as founded Archidata startup electronic archive company in between service positions in 2020. Ambassador Markarova serves on the Boards of UkraineHouse DC Foundation in Washington DC, Kyiv-Mohyla Academy, Ukrainian Development Foundation, and supports Ukrainian Catholic University and Ukrainian Press Museum-Archive. She holds BS and MS degrees in Environmental Science from Kyiv-Mohyla Academy in Ukraine and an MPA in public finance from Indiana University with academic excellence and best international student awards.
revolutionary events in my country – the re-birth of an independent, democratic Ukraine as a result of the many generations of Ukrainians fight for freedom and the demise of the Soviet Evil Empire. The U.S. government created numerous academic opportunities for young people in the newly independent Ukraine. Eager to bring Western know-how back home and apply it for modernization and reform, I applied for the Edmund S. Muskie Graduate Fellowship program and then spent two transformative years at Indiana University in Bloomington.
Looking back, I understand that my character, leadership style, and core values had been formed by my parents, as well as during those student years. I was fortunate to meet several lifelong mentors and receive academic guidance from exceptional professors. Skills and knowledge acquired at Indiana University impacted my future work in private and public sectors. In our public finance class, for example, we always went beyond theoretical, examining specific issues and exploring the public policy process in both U.S. and international contexts. Upon graduation, I went back to the private sector and held positions in U.S. and Ukrainian private equity firms as well as financial advisory. We helped the young democratic Ukraine to develop the open market, create investment opportunities, and establish economic partnerships with international companies. After the Revolution of Dignity of 20132014, I got a phone call from my long-time colleague
and friend, Natalie Jaresko, a Ukrainian-American, who was named Ukraine’s minister of finance. Natalie encouraged me to serve my country and join the ministry as her deputy.
My initial plan was to work for the government for one year, help with implementation of most difficult and much-needed reforms, and go back to the private sector, but I spent five years being the deputy minister, first deputy minister and ultimately the minister of finance. So when President Zelensky asked me to serve as Ukraine’s Ambassador to the U.S., it was a big honor to accept his proposal. To a large extent my appointment as Ambassador was closely linked to my government experience, good understanding of international financial organizations and American business culture. Russia’s brutal second and now full-fledged invasion in 2022 has turned me into a wartime ambassador. My current diplomatic portfolio is vast and challenging, something that I could never tackle alone without support of a strong diplomatic team here at the Embassy and at home.
What do you see as the strengths of Ukraine for foreign investment?
Ukraine undoubtedly has enormous economic potential. At the time of gaining independence in 1991, it was widely considered to have the best prospects among all former Soviet republics. Our well-educated people, abundant natural resources, developed industry and agriculture, strategic geographical location in Europe, while at the same time at the crossroads of major commercial routes, make Ukraine a very attractive partner and destination for foreign investment. Even today, in its third year of war, despite daily
Will you highlight your career journey and what led to your role as Ambassador?
My journey to the world of diplomacy has been somewhat unexpected. I am a political appointee, not a career diplomat, yet my background in public finance and international private equity helped to define my success as Ambassador. Born to a family of chemical engineers, I was encouraged to pursue education in science. As a student I witnessed truly
H.E. Oksana Markarova
In the presence of Ukraine President Volodymyr Zelenskyy, Ambassador Oksana Markarova and Utah Governor Spencer Cox signed a Memorandum of Understanding between the Kyiv Regional Military Administration and the State of Utah in July 2024
Russian missile attacks and bombings, our people and economy demonstrate remarkable resilience and the economy grew 5 percent in 2024. We are still one of the world’s largest producers of grain and sunflower oil. Our significant reserves of critical minerals and natural gas provide opportunities in the energy and mining sectors, as well as food processing, bioenergy, and metallurgy. It is important to remember that Ukraine has a strong tradition in science, technology, engineering and mathematics education, producing a steady stream of human talent. Ukraine is a hotspot for IT outsourcing, software development, and other high-tech industries.
I am confident that after the war Ukraine’s economy will change dramatically and the IT sector will be one of the key elements of our future economic leapfrogging. The reconstruction of Ukraine will be based on the principle of “Build Back Better,” with the innovation and cutting-edge technology being the driving force of our large-scale re-building effort.
What message would you want business leaders to know about the business opportunities that Ukraine offers?
As I said, despite Russia’s full-scale invasion, the Ukrainian economy is growing and offers great opportunities for international investors. I understand that there is an elephant in the room which is Russia’s missile terror, but there are a few things that have to be taken into consideration. First, according to the analysis of the National Security and Defense Council, three quarters of Ukraine’s communities have been targeted by Russia’s missiles. Second, Ukraine air defense is adding capacity every single day. Unfortunately, Russia can still produce high precision missiles and is not shy of using them against civilian targets, as was evidenced on July 8 when Russia destroyed a children’s hospital in Kyiv, but we are confident that together with our partners we will soon be able to cover all of our industrial centers. And finally, one of the most promising sectors of the Ukrainian economy is the defense industry complex, including the production of combat-proven UAVs powered by sophisticated IT solutions, including AI elements. This sector represents a significant growth area with high potential for innovation and technological
advancement, as well as the transfer of innovations to other industries.
Ukraine has a vibrant and rapidly growing IT and high-tech industry. The country is home to a large pool of talented software developers, engineers and IT specialists. Many global companies have already set up R&D centers and outsourcing operations in Ukraine, taking advantage of the high level of expertise and competitive costs. As the world moves towards sustainable energy, Ukraine’s nuclear and renewable energy sector is gaining momentum. The country has significant potential in wind (one of the largest in Eastern Europe), solar and bioenergy, supported by favorable government policies and incentives for green energy projects. This presents an excellent opportunity for companies focused on sustainable development. Known as the “Breadbasket of Europe,” Ukraine has some of the most fertile agricultural land in the world. Investing in Ukraine’s agribusiness sector offers opportunities in food production, processing and agricultural technologies.
Through various trade agreements and partnerships, including the Deep and Comprehensive Free Trade Area (DCFTA) with the European Union, Ukraine offers businesses preferential access to a wide range of international markets. This facilitates market entry and reduces barriers for companies wishing to export or import goods and services. The time to put Ukraine on your investment radar is now. How critical is Ukraine’s role in the global economy?
Ukraine’s importance to the world economy is now a fact. Unfortunately, it took the experience of the global economic shock waves of the full-scale Russian war to finally realize the key role played by Ukraine for global food security. Disrupted trade flows, food shortages in Africa, Latin America, and Asia as a result of the reduced supply of Ukrainian agricultural products, proved that an independent Ukraine is an indispensable part of the global economy.
Ukraine also offers answers to many global challenges. It can become a showcase of a successful net-zero economy. We have one of the largest untapped potentials for solar and wind energy in Europe, as well as many unexplored capacities for bioenergy and wind energy production. Combine it
with existing nuclear installations, developed gas transit network plus a domestic market for energy, and you have potentially the brightest example of an effective transition towards a flexible green energy system in the world. Historically, the Ukrainian agriculture and mining industry, coal-mining in particular, were the ones driving our economy. The future economic model of Ukraine will have the roles of these industries reimagined with the focus shifted to sustainable production and development of critical rare-earth resources, playing a key role in the global economy.
What do you tell young people in Ukraine about the importance of public service?
Thank you for this question. As millions of Ukrainians selflessly serve their country today, I am absolutely honored and proud to work for the betterment of society and apply all my energy and skill towards broadening the circle of Ukraine’s international friends and strengthening the foundations of our alliances. Russian dictator Putin and his criminal regime brought enormous suffering to our nation, and so serving Ukraine, fighting for its freedom and democratic future, giving yourself for a cause that is higher than yourself – has become the driving force of all Ukrainian people.
I am deeply moved by the spirit of service shown by our brave soldiers who made the ultimate sacrifice to their country, and by our volunteers, who tirelessly provide humanitarian support to the people in need. They are my role models today and untapped source of inspiration. Here in the United States, I am also deeply moved by the numerous examples of outstanding public service of deeply patriotic American diplomats and government officials dedicated to serving the American people and helping America’s many friends and allies around the world. Public servants make the backbone of this great country, and it is an honor to work side by side with such formidable leaders.
Will you discuss the importance of a strong relationship between the United States and Ukraine?
There are more than 5,500 miles between our countries, yet we are very similar. We are close in spirit and national character, united by our shared ingenuity, entrepreneurship, unbreakable love for freedom, respect for human dignity and readiness to defend them against bullies. We are deeply grateful for America’s support. Today, Ukraine defends its very existence as an independent state against the Russian aggression and our success in this fight will define the future of Europe, Trans-Atlantic Alliance, and world security. We are truly at the frontlines of democracy, and no one should take these words lightly.
The leader of the free world, the United States, leads by example and is our strategic ally and friend #1. It is a shining city upon a hill that inspires us and so many people across the globe by its moral, civic, and intellectual virtues that together form the American character. It is a privilege to serve as Ukraine’s Ambassador to the United States at these challenging and historic times, and I am forever grateful for the opportunity to serve my nation here and now. Together, we can do miracles, bring lasting peace, prosperity and above all – freedom. •
For more information regarding Ukraine and business opportunities, please contact the Embassy of Ukraine – https://usa.mfa.gov.ua/en
Ukraine First Lady Olena Zelenska and Ambassador Markarova with President Joe Biden and First Lady Jill Biden and Vice President Kamala Harris and Second Gentleman Douglas Emhoff in July 2022
GLOBAL LEADERSHIP PERSPECTIVES
The Global Destination For Inward Investment
An Interview with Dame Karen Pierce, DCMG, Ambassador of the United Kingdom to the United States
EDITORS’ NOTE Prior to arriving in DC as the Ambassador of the United Kingdom to the United States, Dame Karen Pierce was the United Kingdom’s Permanent Representative to the United Nations in New York since March 2018. Prior to this role, she served as the Director General for Political Affairs and Chief Operating Officer of the Foreign and Commonwealth Office in London. She joined the Foreign & Commonwealth Office in 1981. Her first role was in Tokyo between 1984 and 1987, after which she returned to the U.K. to work in the Security Policy Department. Ambassador Pierce worked in Washington as the Private Secretary to the British Ambassador to the United States between 1992 and 1995. Between 1996 and 2006, she held several positions in London including Team Leader for Ukraine, Belarus and Moldova; Deputy Head of Eastern Adriatic (Balkans) Department; Head of Newsroom; Head of EU Department (Bilateral) and concurrently Head of Afghanistan Political Military Unit after 9/11 before returning to the Balkans as Balkans Coordinator from 2002 to 2006. In 2006, she moved to New York for the first time to be the Deputy Permanent Representative and Ambassador at the U.K. Mission to the UN. In 2009, she returned to London to become the Director of South Asia and Afghanistan Department and the U.K.’s Special Representative for Afghanistan and Pakistan. In 2012, she started her second multilateral role, this time in Geneva, where she was the Ambassador and Permanent Representative to the U.K. Mission to the United Nations, World Trade Organization and other international Organizations until 2015. Between 2015 and 2016, Ambassador Pierce was the U.K.’s Ambassador to Afghanistan.
work with our partners and allies across the globe to uphold the values of freedom and democracy.
What do you see as the strengths of the U.K. for foreign investment?
The Prime Minister has made securing economic growth a fundamental mission of the U.K. government. Global trade and investment sit at the heart of that, and we are committed to ensuring that the U.K. retains its reputation as the global destination for inward investment. Our language, legal system, highly skilled and diverse workforce, competitive tax environment, education system, business-friendly regulation and lack of red tape make the U.K. one of the easiest markets to set up, scale and grow an innovative, creative business.
Britain’s economic history is characterized by being pro-international investment and competition. We want the world’s best companies to set up and do business here.
What message would you want business leaders to know about the investment opportunities that the U.K. offers?
The U.K. is Europe’s most popular investment destination and a global leader in tech, AI, financial services, creative industries, clean growth, and life sciences. Our start-up culture, open regulations, low tax burden, and worldleading capital markets make it possible to scale innovation fast. The U.K. has established a network of Investment Zones, providing businesses with access to a range of support services, from funding and mentoring to networking opportunities and infrastructure development. We offer investors not only a significant market, but also one of the simplest countries in the world to set up a business.
How critical is the U.K.’s role in the global economy?
The U.K. plays a crucial role in the global economy. We are the number one globally connected economy in the G20, the sixth largest economy in the world, third in the world for
Will you highlight your career journey and what led to your role as Ambassador?
I was inspired to pursue a career in the civil service at a young age, when I saw a photo of an African American diplomat Eleanor Hicks in a magazine. I then joined the British Diplomatic Service when I was 21 and have served in a variety of roles over my career. From Afghanistan to Tokyo, from London to Washington, I’ve always been interested in working on the most pressing global issues of the day. And now more than ever, it’s key to
Dame Karen Pierce
humanity. The U.K. holds a globally recognized higher education system which allows business to have access to transferable, critical thinking skills that drive innovation and business growth.
As we look to the future, have confidence that the U.K. will be at the forefront of invention, devising new products, services and technologies.
Will you discuss the importance of a strong relationship between the United States and the U.K.?
The special relationship between the U.K. and the U.S. is our most important diplomatic partnership. The people of the U.K. and the U.S. have shared values, shared ambitions, and shared challenges. We are fervent believers in freedom and democracy and the benefits they bring.
This special relationship makes Americans safer, richer, and happier. The U.K.-U.S. defense and intelligence partnership is the strongest in the world. We are each other’s biggest investors, and the U.K. is the U.S.’ largest trade partner; the U.K. supports more jobs in America than any other country in the world, with more than 1.2 million people in America working for British businesses.
What do you tell young people in the U.K. about the importance of public service?
“The U.K. is Europe’s most popular investment destination and a global leader in tech, AI, financial services, creative industries, clean growth, and life sciences.”
inward investment stock, and home to a worldleading financial services center. We are the world’s second largest services exporter, and global firms have created more subsidiaries in the U.K. than anywhere else outside of China and the U.S. A third of Europe’s biotech startups are in the U.K. – creating the technology and innovation that will shape the next chapter of
Without public servants, governments cannot function. I did not come from a background typical of those who join the foreign service, so I would encourage anyone who is interested to pursue this career path. We need smart, driven young people to succeed – people who will bring fresh perspectives and new ways of thinking to the world of policy and international relations.•
For more information regarding the United Kingdom and business opportunities, please contact the Embassy of the United Kingdom https://www.gov.uk/world/organisations/ british-embassy-washington
The U.S. Deputy Commandant for Aviation invited Dame Karen Pierce to be the guest of honor for the Marines Sunset Parade at the Marine Barracks in Washington, DC on June 17, 2024
The Defining Enterprise Software Company Of The 21st Century
An Interview with Bill McDermott, Chairman and Chief Executive Officer, ServiceNow
EDITORS’ NOTE Bill McDermott was named Chairman in 2022 and has served as a member of the Board of ServiceNow since 2019. Previously, he was Chief Executive Officer and a member of the Executive Board of SAP. Before joining SAP, he served in senior executive roles with Siebel Systems and Gartner, Inc. He launched his business career at Xerox Corporation, where he rose to become the company’s youngest corporate officer and division president. McDermott got his start as a young entrepreneur running a small delicatessen business on Long Island, New York, at age 17. He received his bachelor’s degree from Dowling College and his MBA from the Kellogg School of Management at Northwestern University.
McDermott
What have been the keys to ServiceNow’s industry leadership and how do you define the ServiceNow advantage?
ServiceNow’s purpose is the ultimate advantage. It’s what inspires us to transform the world’s greatest challenges into our greatest opportunities. We’re making the world work better for everyone. It’s more than a tagline, it’s who we are.
cloud, and iPhone moments combined. In meeting with over 500 CEOs in the last year, they are all excited about the transformational opportunity moving from AI fascination to execution of AI led business strategies.
COMPANY BRIEF ServiceNow (servicenow.com) is putting AI to work for people. The company moves with the pace of innovation to help customers transform organizations across every industry while upholding a trustworthy, humancentered approach to deploying its products and services at scale. As the AI platform for business transformation, ServiceNow connects people, processes, data, and devices to increase productivity and maximize business outcomes.
How do you describe ServiceNow’s culture and values?
It all began with the visionary genius of our founder, Fred Luddy. What makes ServiceNow truly exceptional is that over the last 20 years –12 years as a public company – we’ve remained hungry and humble to the core. ServiceNow thrives on our “WE” culture. We act together. All 25,000+ members of Team ServiceNow are united under one dream: to become the Defining Enterprise Software Company of the 21st Century (DESCO21C). Our culture isn’t defined by an individual, but rather the magic we all create together.
Our customers are the North Star guiding our DESCO21C destiny. Every day we’re focused on elite-level execution in service to our customers. This unmatched devotion, along with our unbreakable commitment to integrity, accountability, and trust, is how we help our customers win.
To honor our purpose, we are building a legacy that will endure for generations. It’s anchored by five key elements: brand, product, team, storytelling, and ecosystem. We’re building an iconic brand that captures the essence of who we are. We’re engineering products to be the best in the universe. We’re developing a world-class team committed to the customer as our only boss. We’re listening and telling stories in the eyes of our customers. We’re driving an ecosystem where the network effect acts as a powerful force multiplier.
These five elements allow ServiceNow to not only meet the demands of today, but also set the standard for tomorrow. We don’t just adapt. ServiceNow is leading the way.
Will you highlight ServiceNow’s relevance as the AI platform for business transformation?
The AI revolution is a once-in-a-generation opportunity bigger than anything we’ve ever gone through before including the internet,
Enterprises are recognizing that the technology strategy is the business strategy. CEOs are looking to ServiceNow as the AI platform for business transformation to achieve limitless growth, simplification, and digitization. ServiceNow is the intelligent “platform-of-platforms” for the enterprise. It’s a single pane of glass acting as the control tower connecting people, process, data, and devices. ServiceNow creates a beautiful experience layer that cleans up the enterprise mess it took more than half a century to build.
In September, we unleashed 350+ net new innovations as part of our GenAI platform release. We already had Now Assist AI firing on all cylinders across every workflow making our GenAI portfolio ServiceNow’s fastest-selling new product in history. The time for exponential thinking is now. Our commitment to AI doesn’t stop there. Agentic AI is driving a whole new era of collaboration between AI and humans. AI Agents will work with people, not just for them. Agentic workflows will power 24/7/365 productivity with infinite use cases for full decision-making transparency and as much or as little human approval as a business wants. As we continue to innovate, we’re honored to partner with world-class customers like AI
“We act together. All 25,000+ members of Team ServiceNow are united under one dream: to become the Defining Enterprise Software Company of the 21st Century (DESCO21C).”
Bill
“We recently came together to celebrate our 20th anniversary. It was a moment where we honored our past, reflected on our achievements, and dreamed even bigger for our future. In five years ServiceNow will have realized our dream of becoming the DESCO21C.”
leaders Microsoft, NVIDIA, Dell, IBM, and more. We’re unlocking 1 billion hours of productivity as the AI platform for business transformation. We’re putting AI to work for people.
How is ServiceNow reinventing every workflow, in every company, in every industry with GenAI at the core?
ServiceNow’s first mover advantage enables us to execute on the most ambitious GenAI roadmap in the enterprise software industry. For more than seven years we’ve been building large language models (LLMs) into the Now Platform so we can run faster, reduce costs, and provide a more secure platform. We provide choice. We’re not competing with anyone. ServiceNow integrates with everyone, making new and legacy investments finally work together in harmony.
With the power of AI plus new high-performance data features, customers will be able to get data from any lake or source that will seamlessly integrate into the way work flows. Access to real-time data delivers breathtaking return on investment capitalizing on this once-in-a-generation opportunity. In fact, our early adopter customers are experiencing 53 percent increases in overall transaction times, 27X faster analytics, and 3X faster workflow throughput. Our new AI Agents are already serving as a digital brain with human-level comprehension and customizable human oversight. This is the next leap we will all take together. It’s the enterprise and inter-enterprise workflows that strengthen ecosystems, build new networks, and uncover innovative ways to serve customers.
GenAI isn’t a bolt-on, it’s built in. We’re putting AI to work for people by transforming end-to-end business processes. Only ServiceNow can do this.
What are your views on the AI revolution and how AI will impact jobs?
In 1966, TIME Magazine boldly predicted that computers would fill the roles of everyone but high-level executives, leaving 90 percent of the population depending on state subsidies. As we know now, millions of new jobs were created, fueling the global economy. Naturally, people fear what they don’t understand. GenAI
is democratizing access to knowledge regardless of age, socioeconomic background, and education. All it takes is the ability to ask questions to unlock the immense potential of GenAI.
Think about it, we’re facing the most significant skills gap in the last two decades. It’s reported that over three out of four employers struggle to fill roles. Yet GenAI stands ready to transform human productivity adding $7 trillion to global GDP in the next decade. The intelligence revolution is about people. AI is elevating human potential to enable people to do exciting, positive things for the world. Make no mistake, there is no artificial intelligence without natural intelligence. It takes humans to make AI work better. It is our duty to enable people to join the intelligence revolution and Put AI to Work for People.
What will ServiceNow look like five years from now?
We recently came together to celebrate our 20th anniversary. It was a moment where we honored our past, reflected on our achievements, and dreamed even bigger for our future. In five years ServiceNow will have realized our dream of becoming the DESCO21C. Our momentum on that journey is undeniable. We were $3.5 billion in revenue not long ago and $10 billion now with $20 billion in the backlog. In the software business, once you hit a scale inflection point the hockey stick takes over. We’ve passed that inflection point with flying colors sustaining the rule of 50+ (combined revenue and free cash flow). ServiceNow is the first enterprise software company ever to hit $10 billion+ without buying revenue, without layoffs, while also preserving our inspired culture. That’s why I’ve never been more bullish in my belief that ServiceNow will continue to deliver for our shareholders in the next 5, 10, 20 years and beyond.
When you look back to when you joined ServiceNow in 2019, has the journey been what you had expected?
I came to this company five years ago with a dream: for ServiceNow to become the DESCO21C. That dream is becoming a reality because of our innovative customers, strategic
partners, and an exceptionally talented team. I’m fortunate to stand on the shoulders of giants. ServiceNow leaders before me set the stage for the explosive growth we’ve achieved since I joined. We’ve more than doubled our team in just five years from less than 10,000 to more than 25,000. We’re executing at a level that’s nothing short of extraordinary, more than quadrupling our market capitalization from $39 billion to $176 billion. Our $275 billion total addressable market is evidence of our unlimited opportunities. We’re the only enterprise software company to do all of this with a 99 percent retention rate.
While we don’t exist to win awards, we’re humbled by the recognition: two consecutive years on the Fortune 500, a Glassdoor Best Place to Work, one of Fortune World’s Most Admired Companies, Kantar BrandZ Most Valuable Global Brands, and more. These acknowledgements inspire us to raise the bar higher than ever before. The last five years have been exactly what I dreamed and we’re only just getting started.
You worked three jobs when you were a teenager. How did your early years impact your views on business and leadership?
Early on I learned that people are the soul of every great business. Whether it was a paper route, the grocery store, bussing tables, or pumping gas, the customer was the only boss. When I traded in those jobs and bought my delicatessen, that lesson shaped me to be the leader I am today. To my customers, the deli may have been a small part of their day. To me, that small part was everything. Personalized service became a priority. Finding ways to do that meant knowing my customers. It meant delivering to the local senior citizens; offering credit to blue collar workers like my dad; or providing video game experiences along with great food to treat teenagers with dignity, respect, and full trust when others wouldn’t.
Putting people first is the foundation of everything. Being in service to our team, my family, friends, community, and faith is my highest purpose. The best leaders show people that they are there to serve. Leading with generosity builds trust. People do not care how much you know until they know how much you care.
With all that you have accomplished in your career, are you able to enjoy the process and celebrate the wins?
To be the champion, you have to do the work. No one gets out of bed to win a silver medal. Every day is a reminder that winning is not just in the score itself, it’s how you play the game. That journey to success is the reward. Not only do you have to want it more, but you have to be able to win as a team. That’s what energizes me the most. My grandfather, Bobby McDermott, was a Hall of Fame pro basketball player. He won championships as a player-coach who led by example. He called plays as he ran up and down the court, sweating alongside his teammates rather than barking orders from the sidelines. From his legacy I learned the true value of teamwork. I celebrate the wins by developing great players in the action, getting my high by helping others live their dream.•
A Lasting Legacy
An Interview with John E. Schlifske, Chairman and Chief Executive Officer, Northwestern Mutual
EDITORS’ NOTE John Schlifske is Chairman and Chief Executive Officer of Northwestern Mutual. He is also a member of the company’s Board of Trustees. After joining Northwestern Mutual in 1987 as an investment specialist, Schlifske moved from portfolio manager to senior executive overseeing a variety of the company’s investment operations. He later headed different parts of the company’s business operations. Schlifske is a director on the board of Kohl’s Corporation. He is also a member of the Executive Committee of the American Council of Life Insurers’ Board of Directors and, in the greater Milwaukee community, he serves on the board of the Metropolitan Milwaukee Association of Commerce. A Milwaukee-area native, Schlifske received a bachelor’s degree in economics from Carleton College and a master’s degree in finance and accounting from the Kellogg Graduate School of Management at Northwestern University.
What drove you to build a career in financial services, and what attracted you to Northwestern Mutual?
Growing up, my first job was doing manual labor at my dad’s trucking company. It taught me a lot about discipline, humility, and the importance of financial security. During the recession of 1973 and 1974, my dad was frequently worried about being able to meet payroll, as many small business owners can understand. Candidly, experiencing that anxiety ignited my interest in working for a large and strong company.
COMPANY BRIEF Northwestern Mutual (north westernmutual.com) has been helping people and businesses achieve financial security for more than 165 years. Through a comprehensive planning approach, Northwestern Mutual combines the expertise of its financial professionals with a personalized digital experience and industry-leading products to help its clients plan for what’s most important. With more than $655 billion of total assets being managed across the company’s institutional portfolio as well as retail investment client portfolios, more than $36 billion in revenues, and $2.3 trillion worth of life insurance protection in force, Northwestern Mutual delivers financial security to more than five million people with life, disability income and long-term care insurance, annuities, and brokerage and advisory services. Northwestern Mutual ranks 110 on the 2024 Fortune 500.
Fast forward a few years – I was a grad student at Northwestern University’s Kellogg School of Business attending a lecture by the Founder, Chairman and CEO of Berkshire Hathaway, Warren Buffett. During the fascinating speech, I vividly remember him telling the room of emerging investment professionals this: “If you really want a great investing career, you should consider working at a life insurance company.” Warren believed that insurance companies have strong investment principles and processes, exposure to a wide array of investment opportunities, and talented teams who make rational, analytical decisions with the long-term in mind. Those remarks opened my eyes to something that I had never truly considered – and sent me down a path to join Northwestern Mutual as an investment specialist and junior analyst in 1987.
When you took the helm as CEO 14 years ago, what was your vision for the company and how have you executed on that vision?
I am a business analyst by trade. I built a career researching organizations, understanding how they work, and predicting if they were
well-positioned to rise or fall. Before I became CEO, I sought to evaluate Northwestern Mutual the same way I appraised companies in our investment portfolio. And after taking a long look under the hood, I knew we had outstanding components to work with: a noble mission, client-centric values, world-class insurance products, industry-leading product values, exceptional financial strength, and an exclusive and highly skilled field of advisors and teams. What we lacked was real growth. Our organization was growing on paper, but our drivers for future growth were flat – especially in our recruitment and retention of expert advisors. We exist to help more Americans build financial security, and to do it, I knew that we needed to invest in our advisors. Very few Americans get out of bed one day and decide to buy life insurance. It’s not because they think they don’t need it – they’re just not sure if they need it today. Our products must be sold to clients. To grow, we needed even more sophisticated, empathetic, and mission-driven advisors encouraging people to pause, plan, and protect what they’ve already built, and create future prosperity.
Today, our field force of financial advisors has never been larger, more diverse or more productive. Over the past 14 years, it grew from approximately 6,000 to nearly 8,000 advisors. Our company has more than five million total clients and reported all-time high revenue in 2023 of $36 billion – an increase of more than 50 percent from $23 billion in 2010 when I became CEO. And we’ve accelerated our evolution from a world-class insurance company into a sophisticated provider of comprehensive financial planning. Northwestern Mutual remains number one in individual life insurance sales and we increased our industry-leading market share. Our wealth management business also experienced significant growth during this time, expanding from
“To grow, we needed even more sophisticated, empathetic, and mission-driven advisors encouraging people to pause, plan, and protect what they’ve already built, and create future prosperity.”
John E. Schlifske
“We’ve accelerated our evolution from a world-class insurance company into a sophisticated provider of comprehensive financial planning. Northwestern Mutual remains number one in individual life insurance sales and we increased our industry-leading market share.”
$53 billion in total client assets in 2010 to $282 billion last year, a 532 percent increase. We’re also the one company that’s ranked among the top 10 for customer satisfaction in both life insurance and wealth management – a distinction we are deeply proud of. In sum, these are incredible accomplishments delivered by our talented employees, advisors, leaders, and teams. Our comprehensive approach to financial security – combining life insurance, investments, and annuities – is resonating with people because it is delivering superior outcomes to clients for the long-term, and sets us apart.
How did you decide what needed to change at Northwestern Mutual and what needed to remain the same?
When I started as CEO, our company was the best in the industry in many ways. Northwestern Mutual had exceptional financial strength, world-class insurance products, and an industry-leading dividend for policyowners. It would’ve been easy to rest on our laurels. In fact, a lot of people felt comfortable with our pace and place, not seeing a need to push the gas pedal down. But many other employees, including me, believed we needed to have a conversation about the disruptors in our midst, our business strategy, and our urgency to achieve it. At our company, every decision is rooted in this question: “Is this in the long-term best interest of our policyowners?” If the answer was, “yes,” we did it, and if the answer was, “no,” we didn’t. That simple question made it much easier to decide what to keep, what to disrupt, and what to protect.
Over time, we’ve discovered ways to drive real growth – and in my view, the most direct way we do that is by investing in our company’s crown jewel: our field force of financial advisors. Their success ignites the ultimate circle of success – one that helps our clients get the best
outcomes, helps our advisors deliver on their promise, and ensures that Northwestern Mutual’s approach to financial security is unrivaled in the marketplace.
Our talented employees have also worked hard to ensure we offer exceptional digital financial planning capabilities. Our proprietary platform provides our clients with an exclusive planning experience that is modern, personalized, easy to understand, and action-oriented. Uniquely, it connects our clients’ investments for growth, life insurance for protection and guaranteed growth, and annuities for retirement income. Even better, the experience is specifically designed to help alleviate the fear and financial anxiety Americans face by simply displaying all the information and insights they need to make intelligent financial decisions.
At the same time, what has not changed are the core pillars that have fueled Northwestern Mutual’s success over 167 years. We prioritize unmatched financial strength, superior product values, prudent expense management, and always taking the long-term view. As a mutual company with no shareholders, we’re not forced to spend time satisfying short-term needs. We can always do things in the longterm best interests of policyowners, driving consistent and steady performance year after year. Our goal is to earn the loyalty of clients throughout their life, and we do it well – an incredible 97 percent of our clients stay with us year after year.
You have had a 14-year run as CEO, twice as long as the average Fortune 100 CEO. What helped you to sustain success?
I encourage every emerging senior leader to become an anthropologist, sociologist, and student of your company. Know why you are in business. Understand your core competency and the technical aspects of every part of your
enterprise. Get familiar with every division, how each fits and drives the company’s value proposition. Talk with people inside and outside the organization to assess its strengths, weaknesses, opportunities, and threats.
Once equipped with that analysis, CEOs then have to move hearts and minds. Leadership is an action, not a noun. Demonstrating managerial skills is not enough. You have to articulate, “Here’s where I want to go,” and inspire people to believe in it. Some people think that entire organizations will fall in love and fall in line with the new chief executive’s beliefs. They are mistaken. In the beginning, there may not be as many early adopters of your vision as you expect. In fact, the majority of your people might be fence-sitters who will not be sold on it. Others may be afraid and reluctant. And there will be some who just aren’t interested in going where you want to. Leaders have to work hard to bring people with them. It starts by motivating talent, helping them see the impact they’re making in the world, and providing the opportunity to play for a winning team aspiring to become a dynasty.
Building a team that believes in your vision also does not mean elevating, “Yes people.” It means proactively recruiting leaders you can trust, identifying and reinforcing bold goals –and at times, saying goodbye to some who don’t share that vision – even top performers. Don’t seek to be liked, seek to be understood. Lastly, long-time CEOs can’t be one-trick ponies. After I was CEO for several years, we were making significant progress toward reaching the “real growth” goals that our board and I believed were possible. At that time, I spoke to several other CEOs of large companies who had been in the job for longer periods of time, and they all said the same thing: you need a second act. You can’t just
“Over time, we’ve discovered ways to drive real growth – and in my view, the most direct way we do that is by investing in our company’s crown jewel: our field force of financial advisors.”
“It starts with our people. I am deeply grateful for the way our employees, advisors, leaders, and teams have come together to co-create an even better future for our five million clients today – and those we will serve in the future.”
do the same thing. Continue assessing the organization, analyzing its present state, imagining its ideal future, contemplating the disruptors that could stop you from delivering a dynasty, and taking calculated risks that are in the longterm best interest of the company. You’ve got to come up with something new that energizes you, inspires the team, and outpaces the outside disruptors who aim to take every hill before you do.
What is one leadership lesson you would share with any new CEO to help him or her thrive in their new role?
There’s a reason that the National Football League has a draft each year. It’s an opportunity to attract and develop talent in the organization. It’s easy to get comfortable with the talented people who you’ve always worked with. Resist – and always keep upgrading at every position – especially the specialized positions. Few people may know if my Green Bay Packers have hired the wrong locker room attendant, but if they hired the wrong quarterback, everyone will know.
When you’re a CEO, you’re not the star quarterback. You’re coaching the coaches. You have to build your team of coaches and work as one cohesive unit that believes in the same vision and values. I always looked for high performers, but I also prioritized people who wanted to change things for the better. If I had two leaders – one who could keep the trains running on time and one who could also transform aspects of the operation – I’d pick the latter every time.
What would you tell those who are just starting their professional journey about the types of careers the financial services industry offers?
Number one, I would say, “be open.” Find opportunities in places you may not have thought to look. Young talent should engage with the people whose careers they admire and look to other industries and people for skillsets and ideas. Number two, “dig in.” One of the best pieces of advice I received early on was this: “Work as hard as you can in your 20s and 30s, because it can exponentially accelerate your career potential later on in life.” Looking back, I couldn’t agree more. Young professionals who work hard, network, remain curious, and take on new challenges tend to advance more than others. Number three, “find your mission.” Look for
a company with a mission that aligns with your own and allow that mission to guide you throughout your career journey. That’s why the financial services industry is a perfect fit for many. Our employees, advisors, leaders, and teams help people enjoy today, plan for their dreams tomorrow, and protect what they’ve built from the unexpected. Today’s talent, especially young talent, wants to add value and make a difference in people’s lives.
Will you discuss the CEO transition taking place at Northwestern Mutual, and how you have worked to ensure a seamless transition?
Northwestern Mutual has long had a policy that the CEO retires once they turn 65, handing the baton off to someone else. That policy engenders good governance and a sense of stability. It allows us to plan for that inevitable date years in advance, which we did. It also ensures every decade or so someone with new experiences and new perspectives gets an opportunity to make their vision a reality. Northwestern Mutual isn’t defined by who’s in the CEO’s office – it’s about service to our policyowners.
Fortunately, we are also spoiled with an abundance of talent within Northwestern Mutual. I didn’t need to look far for a successor. Early on, we identified potential candidates –all tenured, internal leaders who had made a big impact on the business. They knew our company well, but more importantly, they admired and understood our unique culture and why it’s so important to preserve. Our Board of Trustees elected Tim Gerend to be our President and future CEO. Tim has a terrific track record of accomplishments. In particular, he played a significant role in the growth and evolution of our field force of financial advisors. He’s a strategic, principled, and mission-driven leader with the vision and experience to lead Northwestern Mutual for years to come. I’ve encouraged Tim to hit the ground running and use this transition year to get his leadership team in place, establish his vision, and begin taking the reins across the organization. It is something I wished I had done during the transition phase of becoming the CEO 14 years ago, and Tim has embraced the opportunity.
As you reflect on your tenure leading Northwestern Mutual, what are you most proud of?
It starts with our people. I am deeply grateful for the way our employees, advisors, leaders, and teams have come together to co-create an even better future for our five million clients today – and those we will serve in the future. Our work is recreating the way Americans experience and build financial security over the long-term. I have always prioritized consistent excellence. There are a lot of business books about ways to build good companies, and history books about leaders who met a moment. I think we need more books that talk about sustaining and growing excellence over generations. We need to have a larger business community conversation around stewardship.
Strong leadership extends beyond a given quarter or a year. To me, it must be viewed through a multi-generational lens, transcending fads and market cycles. At Northwestern Mutual, we believe in something that we call the intergenerational compact. It’s a shared belief that this great company was built by the policyholders who came before us, and it is our duty to strengthen it for the generations to come. It also means that we treat all of our clients the same. We have a 167-year habit of attracting new clients by taking exceptional care of the existing clients we proudly serve.
One of my favorite things I do as CEO is respond to letters from policyowners who have been with us for 40 or 50 years, and now their kids and grandkids are policyowners. I regularly receive handwritten letters from people who are so appreciative for the positive impact that our company has made across the arc of their lifetimes and across generations.
What is something you will miss when you retire from Northwestern Mutual and begin your next chapter?
Candidly, I will miss all of it. Being able to lead one of the world’s great companies – one that’s based in my hometown of Milwaukee – is a gift. I feel nothing but fortunate to have spent the vast majority of my professional career here, building relationships with extraordinary people across the country – our employees, advisors, clients, and community leaders alike. But, with an exceptional leader like Tim Gerend in line to become Northwestern Mutual’s next CEO, I know our company and our more than five million clients are in good hands. I’m fully confident our mission and vision will endure for generations.•
47 YEARS OF INVESTMENT INNOVATION
Calamos Investments has been at the forefront of alternative investing and wealth management for almost four decades. Lead by the pioneering spirit of founder John P. Calamos, Sr., our rich heritage of innovation, investment expertise and unwavering commitment to delivering service and performance excellence to our clients has solidified our position as a premier global investment management firm.
John Koudounis President & CEO
Calamos continuously optimizes its product offerings with innovative and high demand investment strategies, such as private credit, 100% downside protection ETFs * , and sustainable Investment solutions, while elevating our wealth planning capabilities to meet the needs of our wealth management clients.
ABOUT OUR PRESIDENT & CHIEF EXECUTIVE OFFICER
John Koudounis assumed the position of Calamos President & CEO in 2016 and has more than 35 years of experience on Wall Street. He was also once recognized as the youngest CEO on Wall Street, when serving as President & CEO of Mizuho Securities USA, Inc. Under his leadship, Calamos has more than doubled its assets under management from roughly $18 billion to almost $40 billion to date. He expanded Calamos’ executive talent with key hires in personnel and investment teams with innovative strategies to enable firm growth.
Visit calamos.com to learn more about Calamos Investments.
*There are no assurances the Fund will be successful in providing the sought-after protection. The outcomes that the Fund seeks to provide may only be realized if you are holding shares on the first day of the Outcome Period and continue to hold them on the last day of the Outcome Period, approximately one year. There is no guarantee that the Outcomes for an Outcome Period will be realized or that the Fund will achieve its investment objective. If the Outcome Period has begun and the Underlying ETF has increased in value, any appreciation of the Fund by virtue of increases in the Underlying ETF since the commencement of the Outcome Period will not be protected by the sought-after protection, and an investor could experience losses until the Underlying ETF returns to the original price at the commencement of the Outcome Period. Fund shareholders are subject to an upside return cap (the “Cap”) that represents the maximum percentage return an investor can achieve from an investment in the funds’ for the Outcome Period, before fees and expenses. If the Outcome Period has begun and the Fund has increased in value to a level near to the Cap, an investor purchasing at that price has little or no ability to achieve gains but remains vulnerable to downside risks. Additionally, the Cap may rise or fall from one Outcome Period to the
Defining Leadership
An Interview with Wilbur Ross
EDITORS’ NOTE Wilbur L. Ross, Jr. was sworn in by Vice President Mike Pence as the 39th Secretary of Commerce on February 28, 2017. Secretary Ross was the principal voice of business in the Trump Administration. Ross is the former Chairman and Chief Strategy Officer of WL Ross & Co. LLC and has over 55 years of investment banking and private equity experience. He has restructured over $400 billion of assets in the airline, apparel, auto parts, banking, beverage, chemical, credit card, electric utility, food service, furniture, gypsum, homebuilding, insurance, marine transport, mortgage origination and servicing, oil and gas, railcar manufacturing and leasing, real estate, restaurant, shipyard, steel, textile and trucking industries. He has been chairman or lead director of more than 100 companies operating in more than 20 different countries. Named by Bloomberg Markets as one of the 50 most influential people in global finance, Ross is the only person elected to both the Private Equity Hall of Fame and the Turnaround Management Hall of Fame. He previously served as privatization adviser to New York City Mayor Rudy Giuliani and was appointed by President Bill Clinton to the board of the U.S.-Russia Investment Fund. President Kim Dae-jung awarded Secretary Ross a medal for helping South Korea during its financial crisis and, in November
Wilbur Ross
2014, the Emperor of Japan awarded him the Order of the Rising Sun, Gold and Silver Star. As a philanthropist, Ross has served as Chairman of the Japan Society, Trustee of the Brookings Institution and Chairman of its Economic Studies Council, International Counsel Member of the Musée des Arts Décoratifs in Paris, Trustee of the Blenheim Foundation, President of the American Friends of the Rene Magritte Museum in Brussels, and Director of the Palm Beach Civic Association. He also was an Advisory Board Member of Yale University School of Management. Ross is a graduate of Yale University and Harvard Business School (with distinction).
What have been the keys to your success in business?
A willingness to take calculated risks; thinking outside of the box; resilience when faced with setbacks; constant, detailed research; and expending as much effort as may be needed to achieve objectives.
Did you always know that you had an entrepreneurial spirit and desire to build your own company?
Investment banking and private equity are entrepreneurial activities, but I became a late-blooming, full-time entrepreneur at age 63 when I bought from Rothschild the private equity business I had started for them.
What interested you in serving in government as Secretary of Commerce?
It is the most complex conglomerate in the federal government with its role in trade policy, making economic development grants, operating 17 space satellites and more than 200 domestic and 73 foreign offices, and running the Patent and Trademark Bureau. In my case, it also required having to hire and equip 400,000 parttime census takers during the pandemic, overseeing all of our offshore fisheries, managing the National Institute of Standards & Technology, the Minority Development Agency, the administration of certain disaster recovery relief funds, the National Travel and Tourist Agency and the National Weather Service, and acting as the President’s telecom policy advisor. It is widely viewed as the voice of business in the government and originates 40 percent of all of the economic statistical data issued by the U.S. Government.
What do you feel are the characteristics for effective leadership and how do you approach your management style?
Leaders delegate authority but retain ultimate responsibility and coach immediate subordinates so they can ultimately replace the present leadership. This involves publicly crediting them for their successes and only privately discussing their missteps so that they don’t repeat them. Leaders must give subordinates increasingly important tasks as they perform earlier initial ones well. Assignments and the
“Leaders delegate authority but retain ultimate responsibility and coach immediate subordinates so they can ultimately replace the present leadership. This involves publicly crediting them for their successes and only privately discussing their missteps so that they don’t repeat them.”
related deadlines must push your subordinates but should be just within reach if they apply themselves. The hardest thing to get over is that you could probably do their jobs better than they can, but your real task is developing them to the point where they can do your job better than you can. That defines successful leadership. If you don’t make yourself obsolete, you have not done your job properly. Notwithstanding my definition of leadership, I am very hands-on and detail-oriented. I believe that the
only dumb question is the one you failed to ask. I also believe in detailed quantification of everything – “if you don’t measure it, you can’t manage it” is my mantra.
You are heavily involved in philanthropic work and support many causes. How do you approach your philanthropy and decide where to focus your efforts?
My approach has two elements: small amounts, such as buying tables at or co-chairing benefits which is mostly a function of who asks.
Just about every charity has some appealing aspects, but I don’t have enough money to fund everyone, so the key is whether the request comes from a close business or social relationship, especially if he or she responds to my charitable requests; more substantial amounts depend on the extent of direct structural involvement by me or my wife.
What interested you in writing the book, Risks and Returns: Creating Success in Business and Life, and what are the key messages you wanted to convey in the book?
The sale of my business and the end of my government service gave me time to reflect on my prior life. Lots of interesting anecdotes popped up, many of which contained messages that could be useful to others at various stages in their evolution or suggest public policy changes that could benefit everyone, so I started to write them down. I had created some 260 pages of individual squibs when Ian Hyland, an Irish publisher I knew from turning around the Bank of Ireland, offered to publish a book if I did one. As a sanity check, I submitted a fairly final draft to a group of my peers, asking them to consider whether they liked it well enough to provide a written review that we could put on the cover. I knew they would only agree to a public endorsement if they thought it had real merit. What I did not tell them was that if they were not willing to stand behind it, I planned to scrap the whole project – no one declined. Steve Schwarzman, Ken Griffen, John Paulson, Bret Baier, Larry Kudlow, Leonard Lauder, Deborah Norville, Thomas Peterffy, and Richard LeFrak each wrote enthusiastic reviews. That made the dozens of prior revisions seem worthwhile. Now, I pray that the broader public will find the book interesting and useful. If so, it will fulfill my long-discarded college-age dream of becoming a writer. Yale’s very strict Daily Themes course had used up all my material in two weeks, thereby saving me from a life of poverty.
What advice do you offer to young people beginning their careers?
The only one who can hold you back is yourself, so get out of the safe room and reach out every day for a new opportunity. Stop whining about your dumb boss or how boring the work is. Focus on how you can improve yourself and ignore distractions from that goal. Make yourself indispensable to your boss by always being there and always being prepared, but don’t act like you think you are indispensable. Indispensability is not a self-bestowed accolade. In short, don’t settle for doing just enough to keep your job which is such a loser’s mentality and simply guarantees that you will never succeed in your career or in life. Yes, this will mean you occasionally will have to postpone self-gratification, but so what? Society does not owe you success just because you exist. Most people probably will not fully accept this advice and that will make it easier for you to succeed. Remember Rudyard Kipling’s saying, “In the kingdom of the blind, the one-eyed man is the king.”•
The City Of Earth
An Interview with Gerard “Jerry” J. Inzerillo, Group Chief Executive Officer, Diriyah Company
EDITORS’ NOTE LEADERS Magazine
talks to Jerry Inzerillo, a native New Yorker who has taken his career from the streets of the Big Apple to leading the development of Diriyah, The City of Earth, on the outskirts of Riyadh, the capital of Saudi Arabia. In his role as Group CEO of the Diriyah Company (diriyahcompany.sa), the 70-year-old business veteran still lives by the motto of his hometown – The City That Never Sleeps. We dug deeper into why this project has captured his imagination like no other and how a relentless global schedule in meeting investors, business partners, and promoting the opportunities Diriyah presents means sleep always remains a luxury.
You are back home in New York for a few days, but your schedule seems relentless. What are the main priorities you have when you are promoting Diriyah?
The size, scale, and sheer diversity of what we are creating in The City of Earth is shown by our ongoing and evolving priorities. These vary depending on the events we attend and the stakeholders we engage with. In the past 18 months you have found the Diriyah team at major tourism events, including Virtuoso in Las Vegas, global investor events in the U.S., Brazil, and Riyadh, and real estate fairs like MIPIM in Cannes, the World Retail Congress in Paris, and the World Retail Summit in Dubai. We are progressing well on our development journey and 2024 has seen a rapid acceleration of development progress, both on infrastructure and in building many of our assets – from hotels, to offices, residential homes, and sporting venues. The response we have received worldwide has been extraordinary. At every event, people are amazed at the vision we have for Diriyah in creating a new urban environment where people can live and play – and welcome 50 million visits a year.
Not many in the U.S. have heard of Diriyah or know where it is. Why do you believe it represents such an opportunity for both U.S. and international investors?
One of our primary goals is telling the world about the investment opportunities we have on offer. That is why we are here in New York once again and why we had participated at the Milken Global Conference in Los Angeles earlier in the year. You have to remember that we are in
effect building a city within a city on the outskirts of Saudi’s capital city, Riyadh.
The opportunities for investors are as wide-ranging as you would expect from a development covering 14 square kilometers; creating homes for 100,000 people; building over 40 global hotels and resorts, office buildings, retail precincts, as well as cultural, entertainment, and sports venues, thereby becoming a vibrant global arts and cultural center. Investors have the confidence of partnering with a $63 billion project fully funded by one of the world’s largest sovereign wealth funds – the Public Investment Fund (PIF).
How is the investment drive going, and do you have many U.S. brands and partners on board or other major global names already signed up to Diriyah?
Everywhere we go, it is clear the world wants to do business in Diriyah. We have over 100 international firms already on board as both vendors and business partners. These include brands such as the Ritz-Carlton, Hyatt Hotels, and Marriott Group. Other global hospitality brands like Aman, Six Senses, and Capella are developing hotels, and we
have recently announced that Dolce & Gabbana is opening their second café outside of Portofino in Italy alongside a flagship new boutique in Bujairi Terrace, our international dining destination. These are among the global brands that will call Diriyah home in the years to come.
But there are so many additional investment opportunities at Diriyah, and this is the reason I am traveling the world to meet with potential investors and new business partners. These opportunities include the chance to get involved in some of the world’s biggest infrastructure construction projects, as well as our hospitality portfolio which includes over 40 global hotels and resorts, a variety of retail districts, events arenas, sporting venues, museums, galleries, and residential homes for 100,000 people.
The scale of Diriyah is enormous as a $63 billion urban development project. What is the size of some of the bigger contracts being awarded to build The City of Earth?
The continued acceleration of the project received another boost in June and July when we signed our two biggest contracts to date totaling $4.2 billion. These included a second major contract granted to the world’s biggest construction
Gerard “Jerry” J. Inzerillo
company, China State Construction Engineering Cooperation (CSCEC), in a joint venture with El Seif Engineering Contracting Company to build the $2.08 billion Northern District that includes educational, cultural, and hotel assets. Our largest single contract to date was then awarded to Urbacon Saudi Co. and Al Bawani Co., valued at $2.13 billion for the construction of the Royal Diriyah Equestrian Center and Polo Club and four hotels in Wadi Safar.
Earlier this year you became a UN Tourism Ambassador, a role often connected with sustainable development strategies. How does this role fit in with what the Diriyah Company is doing?
I was enormously proud to have received this honor that celebrates over 50 years of working in the hospitality and entertainment industry. A global accolade like this also helps to further raise awareness of Diriyah among global audiences. We also recognize that it is vital to adopt a sustainable approach to urban development as Diriyah creates a major international visitor destination for heritage, arts and culture, sports, and entertainment. This strategy involves using new renewable energy sources as well as incorporating sustainable building systems. At Diriyah, we are reducing our carbon footprint by using innovative building techniques and materials. In doing this we are also learning from the past, taking the best of Najdi architectural design methods which used natural cooling systems and pioneering sustainable mudbrick technology. Further, we have signed an agreement with carbon-negative concrete maker Partanna in which we are actively exploring the use of their building materials throughout our project.
All over the world, developers are changing their approach to ensure a sustainable approach –indeed many investors today will only support projects that have these principles enshrined in how they operate. A development like ours must also tap into our local communities as an invaluable
resource. We know their pride, knowledge, and innate skills and understanding of Diriyah will make our project even more sustainable.
You have led companies and organizations all over the world. How have you approached leading the Diriyah team, and what leadership principles are you applying to manage your team there?
I see it as a privilege to lead such an enthusiastic, committed, passionate team of over 2,500 people – 83 percent of whom are Saudi nationals. A total of 36 percent of these are women – many in senior positions within the organization. For
me, there are five key principles in my own style of leadership. You need to always remember your roots and stay humble; know that being enthusiastic about what you do fuels excellence in delivery and outcome; never be afraid of embracing change, innovation, and sustainable strategies; recognize that collaboration is a business imperative, and you can learn so much from your team. And finally – make sure you talk to everybody; whoever they are in your organization, every individual can make a valuable and positive contribution to what you do and what Diriyah can achieve collectively.
If you were to sum up what Diriyah means to you as a leader, and as a career opportunity, what would you say?
I have been privileged to have been in this business for more than five decades. I’ve worked on extraordinary projects worldwide including, for example, launching the Atlantis resort and brand in Sun City, South Africa – a time when I was honored to call Nelson Mandela my close friend. But in 2018, I had the privilege to meet His Royal Highness Prince Mohammed bin Salman, Crown Prince and Prime Minister of the Kingdom of Saudi Arabia. When you spend time with HRH the Crown Prince, you get to experience his dynamic personality, his vision, his passion, his ideas, and determination to transform Saudi Arabia. When he explained to me the size and scale of Diriyah and its global ambition, I was amazed. There was simply no way I could pass up the opportunity to contribute my knowledge and experience towards realizing that vision. This is without doubt the biggest, the most challenging, and the most rewarding part of my career. I have never been involved in anything of this scale and ambition and I am enormously proud to have been entrusted with the responsibility to lead the Diriyah Company in creating The City of Earth.•
An arial view of Bujairi Terrace, the Middle East’s latest premier dining destination
Diriyah City
Giving Voice To The Voiceless
An Interview with Lois Pope, Founder, Leaders In Furthering Education (LIFE) and the Lois Pope LIFE Foundation
EDITORS’ NOTE One of America’s leading philanthropists, Lois Pope is recognized as the country’s foremost advocate for veterans and especially disabled veterans, earning the moniker, “The Pope of Disabled Veterans.” Combining her unparalleled commitment to disabled veterans with her ardent support of animal welfare, Pope advocated for Congress to pass legislation requiring military working dogs to be brought back to U.S. soil so they can reunite with their human soldiers and continue to support and serve each other. With the impact of the COVID-19 pandemic on her mind, and especially how it has affected needy children close to home, Pope made a $1 million donation to the Palm Beach County Food Bank to endow its meal program for food-insecure kids in the county. Spurred by the heart-wrenching images of Ukrainian refugee children fleeing their homeland, Pope donated $1 million to Save the Children, the global humanitarian organization working to meet the needs of children and families fleeing the escalating violence in Ukraine. Pope is the driving force behind the establishment of the Lois Pope LIFE Center at the University of Miami School of Medicine, home to the Miami Project/Buoniconti Fund to Cure Paralysis, the world’s foremost center for research, treatment, and services for paralysis and other neurological diseases. Pope has given $12 million to Bascom Palmer Eye Institute to create the Lois Pope Center for Retinal & Macular Degeneration Research at Bascom Palmer’s Palm Beach Gardens, Florida campus. Her beneficence has also provided scholarships to low-income teens who aspire to be community medical doctors, a clean water system for a village in Guatemala, support for African women who were victims of female mutilation, and many other initiatives helping the voiceless and vulnerable in society. Moreover, she has donated 17 ambulances to Magen David Adom, Israel’s emergency response service. Many organizations have bestowed honors and awards on Pope in recognition of her generosity and humanitarian endeavors including Florida Atlantic University, Greater Miami Chamber of Commerce, Ellis Island Foundation, Rabbinical College of America, Magen David Adom, Veterans of Foreign Wars, and Albert Einstein College of
Medicine. She was also honored by the Miami Project/Buoniconti Fund to Cure Paralysis with the prestigious Outstanding Humanitarian Award at the 37th Annual Great Sports Legends Dinner in 2022; a Woman of Distinction by Palm Beach Atlantic University; and an inductee into the Golden Baton Society of the Palm Beach Symphony. In recognition of her unparalleled philanthropic endeavors in the region, the Palm Beach County Commissioners issued a proclamation declaring April 4, 2023, as Lois Pope Day. Earlier in 2023, Families First awarded her The Harriet Goldstein Award, which annually recognizes an individual who has made an outstanding contribution to helping Palm Beach County’s most underserved children and families. As American Humane’s foremost champion, she was the Inaugural Recipient of the organization’s Betty White Legacy Award in 2022. Most recently, Lois Pope was awarded the Lifetime Achievement Award in Philanthropy by the Executive Women of the Palm Beaches Foundation at its 40th Annual Women In Leadership
Awards luncheon. Pope was named a Daily Point of Light recipient by President George W. Bush, and former Secretary of State Colin Powell appointed her to the board of the Colin Powell Center for Policy Studies at City College of New York (now the Colin Powell Center for Civic and Global Leadership). She also serves or has served on the boards of the Foreign Policy Association, University of Miami, Palm Beach Opera, Armory Arts Center, and Florida Atlantic University.
FOUNDATION BRIEF Since 1993, Leaders in Furthering Education (LIFE) and the Lois Pope LIFE Foundation (life-edu.org) have been dedicated to helping and improving the lives of the voiceless and vulnerable in our society – those who are disadvantaged, marginalized, or forgotten because of disabilities, socio-economic status, neglect, age, abuse, and other barriers. Founded by Lois Pope, one of America’s most committed and creative philanthropists and humanitarians, the two nonprofit organizations provide aid, assistance, and awards for disabled veterans, medical research, college scholarships, humanitarian relief, the performing arts, and animal welfare.
Lois Pope
Will you discuss your life journey and what has made philanthropy so important to you?
I grew up in Philadelphia amid the Great Depression. My grandfather owned a small auto parts store, and my father worked there; my mother was a teacher. Times were tough, and we didn’t have much. But I can still vividly recall my mother saving coins in a jar so that when people came to our door looking for a donation to the Salvation Army or other charity, she would have a little change to give them. That life lesson – that we have a responsibility to give to those less fortunate than ourselves, even if we ourselves don’t have a lot – laid the foundation for my own philanthropic endeavors.
What was the vision for creating Leaders in Furthering Education (LIFE) and the Lois Pope LIFE Foundation?
My husband Gene (Generoso Pope, the founder and publisher of the National Inquirer) and I were committed to helping improve the lives of others and supported quite a few charities. We also supported arts, children’s, animal welfare, and health organizations in our community. As but one example, we sponsored the largest Christmas tree in the country, and each year, people in the Palm Beach community and others far and wide would come to celebrate the season. When he passed away, he entrusted me to continue and even further our humanitarian endeavors. So, in 1993, I founded two nonprofit organizations, Leaders in Furthering Education, Inc. (LIFE) and the Lois Pope LIFE Foundation, to give voice to the voiceless and to strengthen the most vulnerable in our society. And for the past 31 years, LIFE’s Annual Lady in Red Gala in Palm Beach has raised millions of dollars to help the less fortunate, including those who are disadvantaged or forgotten because of disabilities, socio-economic status, neglect, age, abuse, and other barriers. These
include giving more than 125,000 underserved children a summer camp experience; providing college scholarships to students who aspired to become primary care physicians in their home communities; building a clean water system for a village in Guatemala; and securing freedom for women in Sudan who were being subjected to female mutilation.
For the past two decades, I’ve focused on four primary areas: hunger in children, medical research, animal health and well-being, and disabled veterans. Regarding the latter, the effort for which I’m proudest and most privileged to have spearheaded is the American Veterans Disabled for Life Memorial in Washington, DC, the nation’s first and only permanent public tribute to America’s four million-plus disabled veterans. While that was 10 years ago, the idea for the memorial actually dates back to the 1960s, when I was a Broadway performer and was asked to entertain at a holiday benefit for patients at the Rusk Rehabilitation Hospital in New York. I chose to sing the iconic song “Somewhere” from the hit show “West Side Story.” As I got to the lyric, “Hold my hand and I’ll take you there,” I reached down to a man in the front row to grab his hand. He was laying down on a hospital gurney with no hands to hold. I was so overcome I could barely finish the song. After the performance, I went over to talk to him. He shared with me that he had lost his arms from fighting in the early days of the Vietnam conflict. In fact, everyone in the audience was a disabled Vietnam veteran – some had no legs, some were horrifically burned, some had lost their eyesight and hearing. That was my introduction to the lifelong plight of disabled veterans. I promised all of them that if I ever had the resources, I would do something big and memorable for them, to honor their service and sacrifice.
Fast forward to the early 1990s and a visit to the Vietnam Memorial in Washington, DC. A cousin had been killed in the war and, like countless others, I went to trace his name on the wall. Suddenly there was a loud bang and a man in a wheelchair became overwhelmed – he was shaking and crying. My thoughts immediately turned to those men at the Rusk hospital and my promise to them. So, I approached a U.S. Park Ranger on the National Mall and said, “I’ve seen all the monuments and memorials, but I can’t find the one for disabled veterans.” He told me that there wasn’t one, and I boldly and innocently proclaimed, “Then I’ll build one.”
Boy was I naïve. I had no idea that it would take two decades of bureaucratic red tape, many starts and stops, having to raise more than $80 million since no federal money could be used to build it, and other obstacles. But it was finally completed and dedicated in a beautiful and moving ceremony presided over by President Obama on October 5, 2014.
You would think I would have stopped there – it was my personal “masterpiece,” what I thought would be the culmination of my philanthropic life. But there is always so much more I can be doing. So, I immediately rolled my sleeves back up and got to work. And I’m still going strong.
How has the Foundation evolved, and will you highlight how the Foundation approaches its work and the areas it supports?
As I mentioned, there are four central areas I’ve been addressing with my philanthropy most recently: hunger in children, medical research, animal health and well-being, and disabled veterans, all with a particular emphasis on Florida, where I live. That’s reflected best in my efforts on behalf of American Humane, the Palm Beach County Food Bank, Bascom Palmer Eye Institute, Tri-County Animal Rescue, and Magen David Adom.
For example, I conceived and created my involvement with the Pups4Patriots initiative, within the Lois Pope Center for Military Affairs at American Humane. This program primarily takes dogs from shelters and provides specialized training as certified service dogs. They are then given free of charge to veterans suffering from PTSD and other traumatic brain injuries. And, among other endeavors, I’ve also been the presenting sponsor of the organization’s Annual Hero Dog Awards, and a benefactor of its legendary Red Star mobile hospitals that rescues, shelters, and treats animals that have been injured, lost, or displaced by hurricanes, tornadoes, wildfires and other extreme weather incidents or those who have been victimized by animal abuse.
Speaking of vehicles, I’ve also donated 17 ambulances to Magen David Adom, Israel’s national emergency services. I’m extremely proud to be the largest non-Jewish individual donor of these ambulances because the organization’s mission transcends religious, ethnic, gender, and other boundaries. Its 35,000 EMTs, paramedics, nurses and other first responder first aid professionals serve Arabs, Israelis, and anyone else who needs treatment during natural disasters, attacks, and medical emergencies. It doesn’t matter which God you worship, or if
Lois Pope is congratulated by President Barack Obama for spearheading the creation of the American Veterans Disabled for Life Memorial at its dedication
you even worship. It doesn’t matter where you live in the country. Maybe if we all stop determining the worth of an individual by their race, sex, ethnicity, gender preference, religion, age, or socio-economic status, and started realizing that we are all human beings, the world would be a far better, safer, and saner place.
When the COVID-19 pandemic struck, the disease didn’t just hit one type of person. No one was immune and far too many died. And far too many had their lives completely upended, including children. In fact, I was spurred into action with the Palm Beach County Food Bank at the outset of the pandemic, when I read how many children were going hungry because their parents lost or were laid off from their jobs and couldn’t afford to put enough food on the table. Also, many kids who received free or reduced cost breakfast and lunches in school had no access to those meals because schools were forced to close. So, I gave a sizeable donation to the food bank to create Lois’ Food4Kids, which provides backpacks filled with healthy, nutritious meals, food, and snacks to children when they are not in school – on weekends, summers, holidays, vacations, and school breaks. Together, we’ve distributed many thousands of these backpacks, in addition to doing a special holiday meal give-away each year. Plus, I donated a refrigerated tractor-trailer to allow the food bank to store and distribute more perishable food.
After all, when children are hungry, they can’t learn correctly. And if they can’t see, they also can’t learn. This leads to my newest initiative with Bascom Palmer, where I had previously endowed a Center for Retinal and Macular Degeneration Research in memory of my mother, who suffered for years with macular degeneration that profoundly impacted her life. I also gave a gift to spur the development of the world’s first Whole Eye Transplant; the eye
is one of only four organs that has yet to be successfully transplanted, with the others being the ear, spine and brain. So, when I heard from Bascom Palmer how many children had undiagnosed vision problems, I created Lois’ Vision4Kids, through which doctors, nurses and eye specialists there conduct free vision screenings for children ages 2-17 from throughout Palm Beach County. If they are determined to need them, they get two pairs of prescription eyeglasses and a pair of sunglasses for free.
Just as there are far too many underserved children, there are also far too many dogs, cats, and other pets who are not being properly served; they need health and medical care, but their human families can’t afford it. So, I established the Lois Pope Pet Clinic at Tri-County Animal Rescue as the only such center in Palm Beach, MiamiDade and Broward counties to provide low-cost and often completely free care to pets whose families don’t have the financial resources to access such care, from spaying and neutering to x-rays and other diagnostic tests to surgeries. By the way, Tri-County Animal Rescue is also home to the American Military Hero Dog Monument, which I created to honor those thousands of courageous canines who have served in our nation’s Armed Forces dating back before World War I.
You’ll notice there is a theme that ties these, and all my philanthropy, together. I do my homework; in other words, I don’t just write a check because somebody or some organization asks. I do research into the organizations to make sure they are being run effectively and efficiently and not spending all their donated money on overhead and exorbitant CEO salaries. I also need to learn of their most pressing needs and how any contribution I make is going to make a difference on-the-ground in people’s lives. And I get involved – after I donate, I don’t just walk away. I meet recipients. I meet those on the front lines
of providing care. I ask questions to see how their lives are being transformed. Remember that my foundations are all about giving voice to the voiceless and strength to the most vulnerable. I can’t do that in a vacuum.
What do you feel are the keys to being effective and making an impact in philanthropic work?
Again, it’s all about doing your homework. Sure, you can write a check, and thank goodness enough people do just that because when it comes to solving societal problems like childhood hunger and veterans’ suicide, nonprofits play a pivotal role. That’s their very mission. For me, though, donating money is only part of how to make a real difference. You can also lend your professional expertise and experience, which can be extremely valuable to an organization. You can also give your time and energy, as a board member, as a volunteer, as a mentor. All that requires understanding of what the organization does and what it is striving to accomplish. And that is about doing your homework.
With the impact that you have made and lives that you have touched over the years with your philanthropic work, are you able reflect and take moments to appreciate what you have accomplished?
Being able to accomplish what I have through my philanthropy brings me great joy and satisfaction. It has been my life’s privilege to have the resources and the passion to do this. It inspires me to want to do more, especially when I receive emails and letters from people thanking me for helping them in some way. But I do take time to appreciate my life, my family, and my friends. In fact, many of my friends join me in my philanthropic endeavors. They serve on the boards of my foundations, they support the charities I support – and I support their charities. And we enjoy each other’s company. During the pandemic when it became a little safer for in-person get-togethers, I started a weekly and sometimes bi-weekly game night. We play cards, board games, eat, and have a ton of fun. That, and going to the gym almost daily, keeps me youthful and energetic. That’s important because I still have lots to do and people to help.
What do you tell young people about the importance of philanthropy and community service?
I remember reading that Warren Buffett once told a journalist that he wanted “to give my children enough money so they would feel they could do anything, but not so much that they could do nothing.” When I read this, it quickly reminded me of the life lesson my mother taught me early on about the responsibility we have to help those less fortunate. No act of kindness and compassion, no matter how small, is ever wasted. Plus, philanthropy and community service are beneficial – not just to the recipients of your generosity, but to yourself. There are numerous studies that have found that philanthropy and volunteering make you happier and healthier.
So, I say to young people, find your purpose and pursue it. Yes, you want to do well in life, but it is equally, if not more important, to do good in life.•
Lois Pope created Lois’ Food4Kids at Palm Beach County Food Bank. The program provides free healthy and nutritious meals and snacks to children throughout the county when they are not in school – weekends, holidays, vacations, and winter, spring and summer breaks.
Own it.
For over 95 years, Alliant has been home to some of the most dynamic and entrepreneurial producers in the business hailing from across the nation and serving in a broad range of industries.
Alliant is the premier place to propel your career to new heights, and the reasons are simple. We give you the resources to succeed. We surround you with outstanding people. Then we get out of your way.
At Alliant, we take ownership seriously and even offer our producers an opportunity to own equity in the company.
Why? Because we believe you should own your success.
A Relentless Pursuit Of Innovation
An Interview with John S. Koudounis, Chief Executive Officer, Calamos Investments
EDITORS’ NOTE John Koudounis joined Calamos Investments in April 2016. Previously, he was President and Chief Executive Officer, Mizuho Securities USA Inc.; Managing Director, ABN AMRO Inc; and Vice President, Merrill Lynch. He graduated from Brown University with a degree in international diplomacy, foreign affairs, and economics.
FIRM BRIEF Calamos Investments (calamos.com) is a diversified global investment firm offering innovative investment strategies including alternatives, multi-asset, convertible, fixed income, and equity. The firm offers strategies through ETFs, mutual funds, closed-end funds, interval funds, and UCITS funds and separately managed portfolios. Clients include financial advisors, wealth management platforms, pension funds, foundations and endowments, and individuals, globally. Headquartered in the Chicago metropolitan area, the firm also has offices in New York, San Francisco, Milwaukee, Portland, and the Miami area.
John S. Koudounis
Our culture is defined by a relentless pursuit of innovation and a deep commitment to the success of both our clients and employees. Additionally, our status as a firm with 350+ highly tenured associates contribute powerful benefits to our culture, including the ability to retain talent, innovate with speed, and maintain a collective, long-term perspective.
While the average tenure is eight years, it’s not uncommon to find 20 to 25 years of service with Calamos – a testament to our culture and the prioritization of our people.
Calamos is a pioneer in the world of alternative investing. What has this delivered to Calamos clients?
downside protection to the U.S. equity markets of an investor’s choice – S&P 500, Nasdaq-100, Russell 2000 – over one year outcome periods. These products are changing the way investors mitigate volatility in their portfolios without inhibiting their ability to participate in market upside. All our ETFs have been thoughtfully designed to offer our clients innovative ways to manage risk and capitalize on market opportunities and to further diversify their investment options.
We remain focused on innovation, it’s in our DNA – we’ll continue to take the alternatives business to the next level and dominate in this competitive space.
How do you define Calamos Investments’ culture and values?
Our commitment to innovation and rigorous risk management practices is at the core of everything we do. These values are not just abstract concepts; they are actively emulated through our strategic decision-making process and inform the way we design products, wealth management capabilities, and service our clients.
Calamos Investments has been at the forefront of alternative investing for over four decades. Over several years, we’ve found ways to innovate and push boundaries that move our legacy forward. Developing competitive product offerings, such as a private credit interval fund, was a natural next step for the firm. In 2023, we partnered with Aksia, a global leader in private credit funds, to launch Calamos Aksia Alternative Credit and Income Fund (CAPIX). This collaboration allows us to provide our clients with access to a solution that invests across the full spectrum of private credit assets, extending beyond the conventional U.S. direct lending focus.
We’ve also made tremendous strides in the ETF space, introducing new products that leverage our firm’s investment and risk-management expertise and reimagine investors’ access to varying markets. This year alone, we’ve launched eight ETFs – a monthly series of Structured Protection ETFs that for the first time deliver 100 percent
As you mentioned above, Calamos introduced a revolutionary new suite of funds called the Calamos Structured Protection ETFs. Will you highlight these funds?
On May 1, 2024, Calamos proudly launched the first of our groundbreaking 20-part series of Structured Protection ETFs, with subsequent launches scheduled monthly through 2025. These ETFs offer 100 percent capital protection and defined upside participation to major indices over a one-year outcome period.
The power of Calamos’ Structured Protection ETFs is truly remarkable. They are designed to perform and protect in any market scenario, whether a flat market, a bull market, or even a market downturn. They deliver 100 percent downside protection and offer upside capture potential to compelling caps, delivered over one year outcome periods. These ETFs can be an ideal choice for investors nearing or at retirement age who seek to shield their investments from market volatility but are still interested in some upside potential. They are also ideal for individuals looking to move cash off the sidelines while limiting their risk.
“The power of Calamos’ Structured Protection ETFs is truly remarkable. They are designed to perform and protect in any market scenario, whether a flat market, a bull market, or even a market downturn. They deliver 100 percent downside protection and offer upside capture potential to compelling caps, delivered over one year outcome periods.”
“Our culture is defined by a relentless pursuit of innovation and a deep commitment to the success of both our clients and employees.”
At Calamos, we are committed to delivering innovative investment solutions that meet our clients’ evolving needs. The Structured Protection ETFs exemplify our dedication to engineering products that democratize access and allow our clients to confidently pursue their financial goals.
What values and traits are most important to you as a leader when selecting your executive team?
As CEO, my primary focus has always been on building a team of exceptionally talented individuals united by a shared commitment to innovation. Our team comprises people who not only possess the skills and expertise to execute our strategic vision, but are also driven by a deep sense of motivation and determination. We remain focused on being aligned to our strategic, long-term goals, creating a sense of unity and purpose. In such a competitive industry, having a clear vision is crucial. Together, we are navigating the complexities of our business landscape with a clear and focused strategy, ensuring that we remain at the forefront of innovation and excellence.
Private credit is one of the fastest growing areas in investing and Calamos has an already strong footprint in the private credit space. Do you have plans to expand Calamos’ capabilities beyond credit?
Since the launch of the Calamos Aksia Alternative Credit and Income Fund (CAPIX) in June 2023, the fund has garnered more than $240 million in assets as of July 31, 2024. CAPIX has opened doors for investors, providing them access to a breadth of opportunities in private credit, an asset class once reserved for institutional investors, to invest in today’s private credit offerings.
While we’re not able to divulge future offering plans, I can assure the markets that Calamos will not stop there. Let’s not forget our roots. Calamos Investments began as a firm dedicated to innovation and risk management. That’s in our DNA and will continue to shape our strategic and product development plans as we move our 47-year firm forward.
Calamos Founder and Global CIO, John P. Calamos, Sr. has led a very interesting life. Will you highlight his background and how it has influenced you and the firm?
Our Chairman and Founder, John P. Calamos, Sr., has indeed led a fascinating life that has shaped both the firm’s approach to investment management and my personal perspective. His military background has profoundly influenced our risk management strategies. He served in the United States Air Force as a Forward Air Controller during the Vietnam War, logging more than 400 missions in combat, where meticulous planning and risk assessment were crucial.
These core values were seamlessly translated into his investment strategies when he began his financial journey in the challenging 1970s – a period marked by high inflation and interest rates. Shortly after establishing Calamos Investments in 1977, John became renowned for his expertise in managing convertible securities and launched one of the first convertible funds in 1985 to manage risk for clients in volatile times.
We continue this heritage of risk management in everything we do, from product manufacturing to our sophisticated wealth management capabilities. It’s this relentless pursuit of excellence that makes Calamos the premier alternative investment and wealth manager it is today.
How would your executives describe your leadership style?
My executives would likely describe my leadership style as visionary and results oriented. I’ve focused on setting a clear vision for Calamos, ensuring that each leader understands their long-term goals and the steps needed to achieve them. This fosters a culture of innovation and creativity at all levels. I believe in the power of diverse perspectives and collaboration which enables us to tackle challenges more effectively and leads to better decision-making.
I also prioritize performance and results from each goal that is set by the individual teams. Setting high standards and holding ourselves accountable ensures that we consistently deliver exceptional results.
You have twin daughters who will be entering into the workforce in the coming years. What advice do you have for them as they start to form their career paths?
I often tell them to embrace learning with enthusiasm and to take pride in their hard work. The knowledge gained in the beginning of their careers will serve as a crucial building block for future endeavors. I also tell them to surround themselves with people who share their values and that the company you keep will significantly influence your growth and career path. Aim to work for organizations that not only align with your principles, but also foster your development and aspirations. And finally, find causes and organizations that ignite your passion. Regardless of the field of their choosing, doing what you love will naturally lead to success. Work diligently towards your dreams, and fulfillment will follow.•
“Calamos Investments began as a firm dedicated to innovation and risk management. That’s in our DNA and will continue to shape our strategic and product development plans as we move our 47-year firm forward.”
Transforming Pain Into Purpose
An Interview with Monique Rodriguez, Chief Executive Officer, Mielle Organics
EDITORS’ NOTE Mielle Organics is one of the fastest-growing hair care brands in the multicultural category. In 2021, Rodriguez became the first Black woman to raise a non-controlling nine-figure investment, over $100 million, in a deal with Berkshire Partners. In 2023, she made history again when Mielle Organics was acquired by Procter & Gamble in an unprecedented acquisition, the largest exit ever for a Black female beauty founder, in which she continues to serve as CEO of the company. As part of her deal with P&G, she also established Mielle Cares, the nonprofit arm of her company, with a $10 million donation that was matched by P&G.
COMPANY BRIEF
like me, were longing for products that enabled their natural texture and curls to thrive. When I saw how engaged and inspired my social media followers were during my healthy hair journey –commenting on the look and texture, and asking about the concoctions I was making at home and if they could buy it – I had the lightbulb moment to create Mielle Organics.
How do you define Mielle Organics’ mission and purpose?
of the scalp as part of your skin, but what we use on our hair and scalp affects us. I felt like that knowledge was missing, especially in the African American community, and I wanted to provide this education through my social media platforms.
Founded in 2014 by Monique Rodriguez, Mielle Organics (mielleorganics.com) is a popular Black-founded, woman-led global beauty brand that is rooted in natural ingredients. With a heavy emphasis on incorporating healthier ingredients as its “root to results,” Mielle Organics’ collection of beauty products is designed for Black women. The company began with one product, the Almond Mint Oil, a unique proprietary blend of herbs, amino acids, and minerals to support healthy hair, skin and nails, and the immune system. Since then, Mielle Organics has scaled to become a global brand for consumers with textured hair and is distributed in over 90 countries and 100,000 retail locations across the globe.
What was your vision for creating Mielle Organics?
I’d always wanted to work in beauty, but my mother pushed me towards a more stable career, so I became a nurse – I worked as a nurse for eight years, but never felt fulfilled. Then, in 2013, I experienced a devastating loss when I lost my son during a high risk pregnancy – when you go through those traumatic life experiences, it leads to a lot of self reflection, and I made the choice to transform my pain into purpose.
I began to use social media as a creative outlet to express myself and talk about my passion, which was haircare. I made my own concoctions and documented the process on social media, and I quickly found a vibrant community of African American women who,
When I was growing up, I felt that the beauty space did not have a lot of representation of diversity – everything showed a very European, straight-haired look. There was rarely anything for Black women and our community that showed how to care for and appreciate our natural curls. That void in the market inspired me to provide empowerment to help women feel good about themselves and be confident while rocking their natural curls. I also wanted to provide education around scalp care – as a nurse, I noticed that people didn’t always realize that what we put on our skin is just as important as what we put in our bodies. Skin is our largest organ in the body, and people don’t always think
We founded Mielle Organics on the belief that healthier ingredients encourage healthier hair. We’ve created natural hair products specifically for the needs of the textured hair community, and each natural ingredient used in our hair care products is chosen with delicate care to meet the needs of our customers. We provide education and empowerment to help women feel good about themselves and their natural hair, and be confident while rocking their curls.
How do you describe the Mielle Organics customer?
We’ve always aimed to serve the textured hair consumer – at Mielle, we blend nature and science to create innovative, affordable, and high-quality haircare products that are carefully crafted to solve their needs. We’ve naturally built a strong community by listening to their needs, and continuing to provide education and empowerment to help women feel good about themselves and their natural hair.
Monique Rodriguez
Mielle Organics products (above and opposite page)
“I know I have a bigger purpose, bigger than Mielle, to serve our community and our youth, and I am proud to know that the historic things we’ve done with Mielle Organics will continue to open the door for other Black women to do the same.”
Will you provide an overview of Mielle Organics’ collections?
Mielle is one of the fastest growing hair care brands in the multicultural category. We have 10 ingredient-focused collections, including:
• Essentials – As our very first collection of products launched, this line features daily essentials to help moisturize, seal and define waves, curls and coils for a reliable, low maintenance routine.
• Rosemary Mint – As our #1 best seller, the Rosemary Mint collection transforms a stressful routine into a labor of love that flips the script on the cycle of breakage and encourages holistic hair health from root to tip. It’s about more than managing your curls; it’s about empowering them to reach their full potential so your hair doesn’t just survive, it thrives.
• Pomegranate & Honey – Formulated for thick, curly Type 4 hair, our Pomegranate & Honey collection isn’t just about looking good –though, trust us, you will. It’s about saving you time, energy, and frustration. With an innovative Prep, Prime, and Define styling system, you can simplify your hair routine, giving you the freedom to unleash your curl creativity and achieve superior curl definition, styling, and hold.
• Avocado & Tamanu – Launched in 2023, this collection gives you the freedom to rock your curls even when the heat and humidity are on high; the freedom to move around without sweating out your blow-outs. As the first line of products from Mielle specially formulated to target frizz triggered by dryness and humidity, this silicone-free line features an exclusive, refrigerate-to-activate Cold Application Technology™ to achieve up to 70 percent less frizz when you use the full 4-step system.
• Mango & Tulsi – Discover the perfect balance of nourishment and control with our Mango & Tulsi collection, crafted specifically for loose waves and curls. This collection provides hydration and lightweight hold that enhances your texture while giving you those pillow soft curls.
• Rice Water – Designed to revolutionize your protective style journey from start to finish, our Rice Water collection ensures your hair remains nourished and resilient with your favorite low manipulation styles. Providing solutions from install to take down, it’s your time to shine with styles that let your creativity and the curls underneath flourish.
• Sea Moss – Crafted to combat shedding due to breakage, this collection is your secret weapon to maximizing hair retention and reaching your ultimate hair goals.
We’re excited about a forthcoming collection launch slated for early 2025.
Where do you see the greatest opportunities for growth for Mielle Organics?
As Mielle just marked its 10-year anniversary this May, we’ve been reflecting on where we have been and where we want to continue to grow. We’re focused on innovation and new product offerings, expanding production and access, and increasing community-driven work through the Mielle Cares nonprofit that will provide resources and support to advance education and economic opportunities in Black and Brown communities. I also see us expanding into new categories – not just on hair, but also into skincare, and continue having the foresight to anticipate the needs of our consumers to remain ahead of the curve, innovative, and a solution-oriented brand.
What do you feel are the keys to effective leadership and how do you approach your management style?
One of our mottos is that slow and steady wins the race – when you’re building a brand, it can be difficult when you see your competitors going faster than you, but an important quality of leadership is to have tunnel vision. Do not let what others are doing or saying overshadow your ultimate goals of where you want your brand to go. Silence the naysayers.
It is also important to shift your mindset –feed your faith, not your fears. I’ve read countless stories of other entrepreneurs and none became successful without failure, so when you’re facing these challenges and underestimating your abilities and vision, know you’re not the only person going through them and with God, you can get through and accomplish your wildest dreams.
Did you always know that you had an entrepreneurial spirit and desire to build your own business?
I always had the passion to work in the beauty industry, and I always knew I wanted to be a business owner. I wanted to be independent, and I tried selling everything from Mary Kay to cable subscriptions. However, I did not realize the level of entrepreneurial success I could reach – growing up, I didn’t have any examples of women who ran their own companies, but I went out to find my inspiration.
I’ve always said you cannot be what you don’t see, and it’s important to me that we show others that it is possible to become successful. That’s why I’m so passionate about giving back and being a role model for the next generations so they can see that there are possibilities and they can be whatever they set their mind to. I know I have a bigger purpose, bigger than Mielle, to serve our community and our youth, and I am proud to know that the historic things we’ve done with Mielle Organics will continue to open the door for other Black women to do the same.
Are you able to take moments to reflect on the success and impact of Mielle Organics?
I am constantly grateful for the success we’ve had – I am so proud of what we have accomplished in 10 years. Mielle is now distributed in 90+ countries and 100,000+ retail locations across the globe, and just last year in 2023, we were acquired by Procter & Gamble with the largest acquisition ever for a Black female beauty founder, in which I will continue to serve as CEO of the company.•
A Professional Dreamer
An Interview with Dominik Senn, President and Chairman, Panther National
EDITORS’ NOTE Dominik Senn
is a former professional alpine ski racer from Switzerland. Senn is the founder of the international sports agency 4sports & Entertainment AG, and Centaur Golf International AG which is the development company of Panther National, and serves as its President and Chairman. 4sports is one of the world’s leading integrated sports marketing agencies and talent representation companies. Since 1995, Senn’s companies have represented world class athletes in skiing, tennis, hockey, soccer, and golf. As a sports agent, Senn represented numerous tennis champions, NHL players and PGA Tour golfers, among them major champions and multiple PGA Tour winners. Senn is the founder and visionary behind Panther National, the first ultra-modern contemporary golf, lifestyle, and country club in North America located in Palm Beach Gardens, Florida.
Will you discuss your career journey?
Dominik Senn
Jupiter and Palm Beach, I was surprised to see how dated the golf clubs, restaurants and homes were and I started believing that there was a market for the first modern golf and country club in Florida. This was the genesis for Panther National – to fill a void that I believe existed in the luxury real estate and golf markets, both in South Florida and across the U.S.
How do you describe the Panther National experience?
There are many golf clubs and golf club communities in South Florida, so we wanted to differentiate Panther National in almost every aspect. Panther National is the first golf community to be built in Palm Beach County in over 20 years, so it appeals to an entirely new generation of buyers and members looking to invest in a modern, lifestyle-driven golf gated community. The golf course was designed after my vision and landform planning in partnership with golf legend Jack Nicklaus and current PGA Tour star Justin Thomas. This project is Justin’s first course design. The ability to combine Jack’s traditional design style
with the modern approach of Justin bridges the generational divide and offers an unmatched new golf experience. We brought together the perspectives of two generations of leaders in golf to create Panther National.
The course design is open and links-like with steep elevation changes, dramatic vistas, and includes features unlike any other course in Florida. It can play over 8,000 yards from the JT tees down to 4,500 yards, which provides a diversity in length for the course to be challenging for the top golfer, while also enjoyable to play for members of all skill levels. In addition, Panther National further differentiates itself by offering custom modern estates, designed by world-renowned Miami-based architect Max Strang, and premium community amenities including The Clubhouse and Lifestyle Club for a true luxury experience.
We also wanted to create a relaxed atmosphere where you can go into a Michelin-inspired restaurant in our community with shorts and a t-shirt and feel comfortable. Similarly, you can wear shorts or a sweatshirt to play golf. We have built an atmosphere where as long as you treat other people well and act properly, you are able to be yourself.
I was a professional alpine ski racer from Switzerland, and was later in my career represented by IMG, an American company. This was around 1995 which was at the very beginning of the sports management world development. I felt that I had the knowledge, the contacts and the personality to build my own sports management company. Soon after I was approached by fellow skiers who wanted me to represent them. We started with skiing, and then moved into hockey which is also a very popular sport in Switzerland and the surrounding countries. In the following years, we brought many players from Europe to the NHL. This led organically to becoming involved with other sports such as tennis, soccer and many others. In 2006, I created a golf division because I was convinced that we would have a great chance to bring the Swiss luxury goods industry to the international golf market.
In 2013, I moved our golf office from London to Jupiter, Florida, because the PGA Tour was the dominating pro tour in golf, and many European players began playing on the PGA Tour and moved to Florida. When I was looking for a home in the Jupiter/Palm Beach County area, I also wanted to find a golf club with a great golf course since I was a golf enthusiast myself. With all the money in the areas of
Dominik Senn in a downhill skiing competition
When you reflect on your initial vision for Panther National, was the final product what you had expected?
This is probably the first project in my life that came out better than I had envisioned. I think this is because of the process of working together with Jack and Justin, along with our golf team, to create something that is new in the market. Panther National appeals to people who want to be a part of a dynamic community and who are looking for a healthy, active lifestyle.
Did you know at an early age that you had an entrepreneurial spirit and desire to build your own business?
I always knew that I was an ambitious person. I would not necessarily say that I am an entrepreneur, but rather that I am a professional dreamer. When I was three years old and I started skiing, I could envision myself winning medals and I programmed myself to achieve it. That’s what I still do today. I think it was also important that I was never money-driven. I was focused on ideas, dreams, and on the quality process to achieve the highest goals. The product has always been my priority, and if you create the right product, then financial success will follow.
How do you approach your management style?
I am a motivator and I like to lead by example. I give people a lot of responsibility and let them do their jobs.
Do you get the same exhilaration from your businesses successes as you did from winning medals as a professional alpine skier?
It is very similar in both a positive and a sad way. In a positive way, to put in the work and achieve your goals is challenging but also
joyful, so when it happens it is an amazing feeling. This is fulfilling your purpose. On the other hand, it is also kind of sad because when you achieve it, there is a moment of quietness and emptiness when you start to think about what is next.
It is important to enjoy the journey and to be in the moment. There are times at Panther National when I will play two or three holes and then take a moment to stop and sit in the cart, enjoy the nature, and appreciate what we created. •
Dominik Senn, Chris Cochran (Nicklaus Design Senior Designer), Justin Thomas (PGA Professional/Panther National Co-Designer) and Jack Nicklaus (Golfing Legend and Panther National Co-Designer), during the early stages of course development
Hole 12 at Panther National
Dominik Senn at Panther National
Setting The Standard
EDITORS’ NOTE Entering his 40th season in 2024-25, Geno Auriemma has redefined the meaning of success as head coach of the University of Connecticut women’s basketball program. During his illustrious tenure, Auriemma has transformed the Huskies into an unmatched program of excellence. Arriving at Storrs, Connecticut prior to the 1985-86 season, Auriemma has taken a program with just one winning season to its current state, which includes 11 NCAA Championships, 22 Final Fours, six perfect seasons, and 57 conference championships. A 2006 inductee to both the Naismith Memorial Basketball Hall of Fame and the Women’s Basketball Hall of Fame, Auriemma became just the fourth women’s basketball coach to reach 1,000 career wins on December 19, 2017. He was the fastest coach to reach the mark, doing so in his 1,135th career game, and owns the best win percentage in the sport (.883). Auriemma has been named Naismith National Coach of the Year eight times, AP National Coach of the Year nine times, WBCA National Coach of the Year seven times, and conference coach of the year 16 times. Off the court, the Huskies boast a perfect 100 percent graduation rate among four-year student-athletes while regularly participating in community service and outreach. As members of the American Athletic Conference from 2013-20, UConn won the league’s regular season and tournament titles in each season while not dropping a game in conference play. UConn has swept both conference titles in the same year 22 times under Auriemma and a total of 25 Huskies have been named conference player of the year. Auriemma served as head coach of the U.S. Women’s National team for eight years, leading Team USA to the 2012 and 2016 Olympic gold medals. He also led the United States to gold in the 2010 and 2014 FIBA World Championships. Auriemma is a 1981 graduate of West Chester with a BA degree in political science.
When basketball season came around and I started playing in ninth grade, I fell in love with the practices and the grind of the game. Basketball is a game where all five players need to be engaged at all times, which was different from baseball, and I was drawn to the connection that it takes for the team to work together to be successful. My interest in basketball grew and I wanted to learn more about it each and every day.
What have been the keys to the strength and leadership of the women’s basketball program at University of Connecticut?
When I got the job, and Chris Dailey came on board to coach with me, we set a standard for how we were going to do things and what was important to us. We were going to build a culture with a clear set of values. We were going to run it like it was a Catholic high school basketball program where everyone is held accountable every day and you have certain obligations, whether that be to your schoolwork or to your basketball team. We had to go out and find the types of kids that would fit into this culture, and at the beginning they
may not have necessarily been the best players, but they had a commitment to playing smart and playing hard and competing as a teammate.
We have not wavered in 40 years in regard to the types of kids we want to bring into the program – we look at their values and how they mesh with our values. We have never taken a kid who did not have those values just because they were a really talented player and may be able to help us win games. That doesn’t mean we have not come up short at times where we thought a player may fit and it didn’t work out, but for the most part we have been very effective at finding the same sort of kids that have the values and commitment we look for, and who have high expectations for themselves since we are going to put high expectations on them.
How do you go about finding those types of players, and is it harder to know what you are getting today?
It is much harder today. It reminds me of what Chris Rock said, “When you meet somebody for the first time, you’re not meeting them. You’re meeting their representative.” The best way to learn about a person is to watch them on the court and see them play – when they are on the court, they can’t hide
Where did your passion for sports develop?
When I came to America at seven years old, sports were a great way to meet kids and, in many ways, I was able to learn the language being on the playground playing games. Sports and teams gave me a sense of belonging, so whether it was in school or outside of school, it was important to me to be a part of a team. Baseball was my first true love and I played baseball every chance I could.
Geno Auriemma
An Interview with Geno Auriemma, Head Coach, Women’s Basketball, University of Connecticut
Head Coach Geno Auriemma and Associate Head Coach Chris Dailey (far right) celebrate UConn’s victory over the University of Southern California at the 2024 NCAA D1 Women’s Basketball Tournament
or pretend to be someone else. You can tell a lot about an individual by how they carry themselves on the court, how they act on the bench, and how they interact with the coaching staff, teammates, and officials.
One reason it is hard to get to know a kid off the court is that you can’t have a conversation with them when their parents are around since their parents want to answer every question for them. We try to get them one-on-one. At the end of the day, you go on instinct and we are pretty good at knowing when a kid is being honest with us.
What are your views on the transfer portal?
The idea that you can transfer is fine, but now you are going to tell me that you can transfer four times and you can leave whenever you feel like it. I think this has opened up a situation where every kid, every day, every year is a free agent. This leads to people tampering with your players and there is no longer a contract. The fact that kids can move from place to place and do it over and over again is the worst thing that has happened to college basketball. I don’t mind if you want to transfer –if you don’t like it and are not happy, then you should go. But transferring three or four times – it can’t always be the school.
What are your feelings about NIL?
I am fine with NIL, except there are no rules. The reality is that public opinion drives society, and sports is no different, but whoever said that the public has common sense. I am fine with the way NIL was intended to be – if you sell jerseys with my name on them, I should get compensated; if you want to run your own basketball camp, you should be able to do it; if you are using me to promote the program or sell more tickets for the school, I should be compensated; if you want to work out a deal with a clothing company or a car company, you should be able to do it. The problem is that the people who came up with NIL and are making the rules are not as smart as the coaches. The reality is that as soon as they tell you what the rule is, the coaches have already figured out how to break it. They said that you can’t use NIL for recruiting. They must be out of their minds if they think schools can’t find a way to pay a kid, or to get someone to pay them. This was being done when it was illegal, and now you are saying it is legal, but that you still can’t do it.
I am in favor of NIL, but not the way it is set up now. Smaller schools are going to get bankrupted out of existence since they will not be able to compete at the highest levels. We need to get a commissioner who says that we are going to get a salary cap and end free agency, and that we are going to treat the players as professionals since, if we are paying them to come to school, then we might as well have them sign contracts like the pros do.
Are you surprised to see the spotlight on women’s college basketball today and has the quality of the game changed?
I may be in the minority, but I would ask how the quality of the game has changed. The quality of the game has not changed. There is still no point guard out there like Sue Bird. There are very good big players out there today like Breanna Stewart and A’ja Wilson, but wasn’t Lisa Leslie just like that;
wasn’t Cheryl Miller just like that. Who is the new Diana Taurasi? People may say Caitlin Clark or Angel Reese, but are they? What makes them that right now, other than that somebody said they are? Is the game that much better, or are people being told that the game is that much better?
The media has decided that this is a story worth following because there are some compelling people out there, and social media has said they are important. I am all in favor of that, but the idea that the game is so much better than it was 5-10 years ago is just not true.
How important has it been for you as a coach to keep the relationship with your players after they are done playing for you?
When you think about it, you ask yourself who you are trying to affect. I am working with a 17-year-old who basically just put their life in my hands and said, “Coach, help me go from here to there.” This is during the most formative years of their lives. As a coach, you spend the next four years doing your best to make an impression. You are working with these kids at a time when what you do stays with them, either good or bad. I think the way we treat our
Point guard Nika Muhl and Coach Auriemma during a 2023 game at XL Center
kids while they are here, and the things we try to instill in them, makes them feel that the coaching staff at UConn has really prepared them for when they leave the school to begin whatever is next.
Another part is that they really get to know me and our coaching staff, whether that is Chris (Dailey, Associate Head Coach), Jamelle Elliott (Assistant Coach), or any other member of our staff. This takes the relationship to another level. So, while they know we coached them, they also feel that they know us and are friends with us. They can call us and ask for anything, and they know we will do it for them. The relationship evolves from being a teacher and a mentor, to becoming a friend. It is very much like raising a family.
How critical has it been to build such a strong and talented coaching staff?
I knew when I first took the job that this was going to be critical, and that my first hire was going to set the tone. That first person on my staff was going to be hands-on with everything and would be the first one to talk to a kid or meet a parent. I got it right when I was able to get Chris to join me, and since then we have been very fortunate that when someone gets a job here, they rarely leave. This indicates to me that we are not only creating an environment where players want to come to play, but also where coaches want to come to coach. Our coaches know that they do not work for me, but rather that they are my partners.
How do you evaluate the success of a season when the expectation is to always win a national championship?
You start to think that this is what we do at Connecticut – you come here and you win national championships. It almost became expected, but since 2016 we have been without a national championship which I think has made people realize that what we had accomplished was pretty amazing. The reality is that it is hard as hell to win a national championship, and it is only after you look back and reflect that you realize how special it is. If I would have known how hard it was, I would have had more fun and appreciated it more at the time.
What do you think your former players would say when asked what it was like to play for Coach Auriemma?
This did come up at practice one time when we were discussing some of the things you hear from the outside, and I asked one of my players if she felt I was tough to play for. She said yes, and when I asked why, she told me that I was very demanding. I asked her if that was hard on her, to which she said yes. When I then asked her if she would want me to be different, she said no and that she wanted me to be exactly how I was. I guess what I took from that is that while I am very demanding – of myself, my staff, my players – it is about demanding that they be their best and not to cut any corners. I am demanding that they put their heart and soul into whatever they are doing.
I am not demanding that I get what I want from you; I am demanding that you get what you need to get from you in order for you to get the things you want.
Do you ever think about slowing down?
I think about it a lot. I spent the past weekend playing some great golf courses and thought to myself, why the hell am I going back up to school on Monday to run practice. Guys my age don’t do that. Then, when I was at practice, I was complaining about every pass and every cut and every shot – like it was my first time ever at a practice. As long as I still get that feeling and have the patience to teach, and as long as I think the players still respond and want it, then I am going to keep doing it.
Going back to what we talked about earlier, with the rules that are being set, it is making it harder to enjoy it. The only time I really enjoy it is when I am on the floor with my players.
Are you able to take moments to reflect and appreciate what you have accomplished?
It is like when you are playing golf. You hit two or three great shots, make a putt, and get a birdie on a tough hole. People get excited for you, but that is the reason you play golf – to have moments like that when you hit the putt. The same thing goes for basketball. I have a character flaw in that if we go undefeated and win a national championship, the first thing I am thinking about is how we could have been so much better if I would have done certain things differently. I do think I need to step back and appreciate it more, and sometimes when I am walking through our building and there is no one else there, I walk on the court, look at the banners, and think, holy crap, we did it, and it will never ever be done like this again. Those moments make me feel pretty damn good.•
Coach Auriemma celebrates with UConn’s cheerleaders following their victory over the University of Southern California at the 2024 NCAA D1 Women’s Basketball Tournament
Contributing To The Public Good
EDITORS’ NOTE Dr. James S.C. Chao is a much respected leader in the shipping industry and in the world of philanthropy. The company he founded, Foremost Group, celebrates its 60th anniversary this year and is one of the most environmentally friendly, green fleets in the world. Dr. Chao grew up in an educated family in a small farming village of eight families outside Shanghai. Now an American citizen, he left China at the height of the Civil War to Taiwan. There, he advanced rapidly through the ranks to become one of the youngest oceangoing captains at the age of 29. He took the four-day national Master Mariner Examination and scored the highest grade ever recorded. This accomplishment provided the opportunity to further his education in the United States. After earning his MBA in Management from St. John’s University in New York City, Dr. Chao founded the company that later became Foremost Group. For his outstanding contributions to the maritime industry, Dr. Chao was inducted into the International Maritime Hall of Fame at the United Nations. Remembering his own difficulties accessing education, Dr. Chao and his late wife, Mrs. Ruth Mulan Chu Chao, have been dedicated benefactors to championing education in their philanthropy. Scholarships from their foundations have benefited thousands of students. To commemorate Mrs. Chao’s legacy of faith, family, and philanthropy, generous gifts have been made toward the construction of many institutions including the Ruth Mulan Chu Chao Center at Harvard University, the first building named after an Asian American and the first building named after a woman in Harvard’s history. Dr. Chao is the subject of two recent best-selling biographies entitled: Fearless Against The Wind , a complement to the bestselling biography of his late wife, Mrs. Ruth Mulan Chu Chao, Calm Amidst The Storms, and Riding The Waves: Shipping Magnate Dr. James S. C. Chao & Mrs. Ruth Mulan Chu Chao’s Philosophy Of Life And Legacy. The recipient of innumerable honors and awards, Dr. Chao was bestowed the Ellis Island Medal of Honor as well as the Horatio Alger Award of Distinguished Americans at the United States Supreme Court. The U.S. Department of Homeland Security recognized Dr. Chao as an Outstanding American
by Choice. The Museum of Chinese in America honored him with its Inaugural Outstanding Lifetime Achievement Award in its 130-year history. He was also presented the Distinguished Lifetime Achievement Award by the Chinese American Academic and Professional Society. Dr. Chao and his charitable foundations were honored with the International Leadership Foundation’s inaugural Organizational Award and American Legion Post 1291 presented their Outstanding Service Award. The U.S.-China Education Trust awarded Dr. Chao with its Leadership and Achievement Award in recognition of an inspirational leader who made a difference for his community, country, and the world. St. John’s University, Niagara University, Nyack University, Fu Jen Catholic University, National Chiao Tung University, National Taiwan Ocean University, and Massachusetts Maritime Academy bestowed Honorary Doctorate Degrees on Dr. Chao. In recognition of his outstanding leadership in the maritime community, the Seamen’s Church Institute conferred upon Dr. Chao its highest honor, the Silver Bell Award. The Chinese Institute of Engineers, USA presented its Centennial Medal to Dr. Chao for his leadership in adopting energy efficient and eco-friendly ship design and technology. The Organization of Chinese Americans awarded Dr. Chao the Dynamic Achiever Award. Columbia University awarded Dr. Chao its inaugural EPIC Achievement Award. SUNY Maritime College awarded Dr. Chao its Admiral’s Award for his inspiring leadership. Lloyd’s List presented the
Lifetime Achievement Award to Dr. Chao. For the outstanding mentorship and inspiration he has given to others, International Leadership Foundation and New York Young Entrepreneurs Roundtable awarded Dr. Chao the Distinguished Mentor Award.
COMPANY
BRIEF Foremost Group (foremost groupusa.com) is an American shipping company with offices in the United States and Asia. Founded in New York in 1964 by Dr. James S. C. Chao and his late wife, Mrs. Ruth Mulan Chu Chao, the company today is a global leader in the dry bulk shipping industry and has earned a worldwide reputation for its commitment to exceptional service and performance while always holding itself to the highest ethical standards. One of Foremost’s greatest strengths, and an essential part of its Founder’s strategic vision, was the commitment more than 40 years ago to pioneering green shipping techniques and incorporating advanced, environment-friendly designs into its fleet. That’s why today, Foremost enjoys the competitive advantage of having one of the most eco-friendly dry bulk shipping fleets in the world. For more than 60 years, Foremost Group has maintained its core values – Honor, Integrity, and Performance – as the ingredients for success. It has earned its stellar reputation from partners, including charterers, banks, shipyards, and others, for its faithful devotion to Foremost Group’s mission statement: “Our mission is to remain a premier provider of ocean transportation services and a model of excellence for our industry.”
Congratulations on the 60th anniversary of the founding of Foremost Group.
“Foremost’s unique culture is an essential ingredient in the trust we engender with our stakeholders. Our culture is rooted in the principles upon which Foremost was founded: Honor, Integrity, and Performance.”
Dr. James S.C. Chao
An Interview with Dr. James S.C. Chao, Founder and Chairman, Foremost Group
How do you define Foremost Group’s mission and purpose?
My goal when I founded Foremost Group in 1964 with my late wife, Mrs. Ruth Mulan Chu Chao, was to provide outstanding service to help first-class charterers ship their cargoes safely, efficiently, and in an environmentally sensitive way, thus contributing to the public good. We aimed to be the foremost company in our field, hence the company’s name, Foremost. From the beginning, we were determined to become a model of excellence for ocean transportation services, and to live up to our company’s motto – honor, integrity, and performance – every single day. Those values are the core of everything we do. Today, Foremost has earned its place as a global leader in dry bulk shipping and a well-deserved reputation for its commitment to exceptional service and performance, while maintaining the highest ethical standards.
By doing our job to the best of our ability, we not only serve the shipping industry and our customers, but the common good, as well. That’s more important than ever before, because while there is ground transportation and air transportation, ocean shipping still remains the most effective and affordable way to transport the huge volume of commodities that sustain the world’s economies. It’s very rewarding to work in a field that is so essential to improving the quality of life for people around the world.
How do you describe Foremost Group’s culture and how important has it been to maintain culture as the company has grown in size and scale?
Foremost’s unique culture is an essential ingredient in the trust we engender with our stakeholders. Our culture is rooted in the principles upon which Foremost was founded: Honor, Integrity, and Performance. Those principles translate surprisingly well across the diverse, worldwide team that Foremost has
put together. As everyone knows, the customs and cultures of countries can vary significantly. That’s why we focus on the company’s three major objectives and the big picture. This works out quite well because everyone is focusing on the same goals: to better serve ocean shipping, our customers, and global economies. But we also keep an eye on implementation. We strive for operational excellence through attention to
details, innovation, and being proactive. We are resourceful problem-solvers. But, most important, we aim to prevent problems from occurring in the first place.
What have been the keys to Foremost Group’s strength and leadership in the industry?
It all starts with our commitment to service and the principles on which Foremost was
Dr. James S.C. Chao greeted warmly by the U.S. Coast Guard Academy Superintendent and Captain of the U.S. C.G. EAGLE
Dr. James S.C. Chao with eldest daughter, Elaine Chao, who has served as U.S. Secretary of Labor and U.S. Secretary of Transportation
founded. We have established long-term relationships with most of the largest, most highly regarded companies in the world because we continue to provide exceptional service to the biggest dry-bulk charterers. From the beginning, we aspired to be the best shipping company in the world, not the biggest. We ensure the highest-quality service by exclusively managing ships that have been built to the charterers’ and our high standards and specifications. To maintain rigorous quality control, the company does not own second-hand or manage third-party vessels. Our word is our bond, and we never waver in our commitment to our blue-chip charterers to enhance their operations and reputations.
Our strength also comes from working together as a family. After all, shipping is really a people business, and at Foremost, we are a big family. We are focused not only on growing earnings, but cultivating the careers and loyalty of our team members. We strive to build an organization in which our team members cooperate smoothly and easily with each other, so they can increase their skills and performance and stay with us for the long term.
Foremost Group has a long commitment to having environmentally friendly designs and technology in its fleet. Will you discuss this commitment and Foremost Group’s history of supporting the environment and sustainability?
As many in the industry know, I studied at a well-known university, majored in navigation, worked as a cadet and later as acting master at the age of 29. Then I took the National Marine
Master Examination, which I passed with a #1 ranking, breaking all records at the time. This gave me the opportunity to study in the United States. So, my life has been devoted to ocean shipping, an industry I love.
Running a shipping company is much more than a job to me. It’s my mission in life. Today, I think the right way to ensure that the shipping industry thrives in the long term is to go with decarbonization devices or sustainable energy as much as possible. I encourage my colleagues to focus on sustainability, in both ship building and ship management. That’s why Foremost builds its own ships. For example, we recently took delivery of two new capsize vessels built in Japan which are among the most eco-friendly in the world.
Our company started to explore green shipping and environmental-friendly shipping techniques more than 40 years ago, beginning in the 1980s, well before it was a popular concept. Today, Foremost has one of the most advanced, eco-friendly fleets in the world. That’s a result of our early and longterm commitment to protecting the ocean environment and reducing carbon emissions. We approached these issues with unique thinking and advanced planning. Now, our featured technologies – such as various energy saving devices, bio-fuel, eco-friendly paints, etc. –have made us not only one of the greenest ship owners in the world, but also gives us a competitive advantage with charterers who want to improve their environment and sustainability performance. Foremost, as a shipping
industry leader, continually strives to make a meaningful contribution to a better and more sustainable future. I am particularly grateful to my colleagues, and for the trust that charterers, shipyards, and even banks have placed in us in this respect.
You devote your time and resources to many philanthropic causes. What has made this work so important to you and how do you decide where to focus your philanthropic efforts?
The inspiration to contribute to society comes from the example set by my parents. I was born in a small village in what is now the suburbs of Shanghai. During my youth, my village was a very long distance away from Shanghai by walking. My father, Mr. Yi-Ren Chao, was the principal of the only primary school for nearby villages, while my mother, Mrs. Yu-Chin Hsu Chao, was a hard-working farmer and housewife. They emphasized education and cultivated in me a love of learning. They imbued me with the knowledge and proper study habits to successfully take the exam so I could be admitted to a well-known university. Education changed my life and was the foundation upon which I built my career. My parents were not wealthy; they were frugal, but generous. They always helped our neighbors and relatives when they were in difficulties. So, when Ruth and I achieved a little success of our own, we wanted to not only honor them, but to follow their example by sharing what we have with those who are in need. Our family chose to focus our philanthropic projects on
Dr. James S.C. Chao at the 60th anniversary celebration of the founding of Foremost Group at Harvard Club, New York City
education because we believe that education has unlimited power to change a person’s life, like it changed mine, and we believe that it is the right way to give back to society. We also want to give others the hope that with education and hard work, they too can change their lives and make a positive contribution to society. For example, the Dean of the Harvard Business School asked for our help, and we contributed by funding a new, multi-purpose building – the Ruth Mulan Chu Chao Center – that provides a dynamic environment for over 10,000 executives, students, scholars, and professionals from all over the world annually to come together, study, exchange best practices and learn from one another. It’s the first building named after a woman and an Asian American on campus. I have so many daughters who attended Harvard Business School, and this was my way of expressing my appreciation for the education they received. In addition, more than 5,000 students have already benefited from the Mulan Education Foundation, which provides scholarships to help students who could not otherwise afford an education to build a better future for themselves and their families.
What do you see as the keys to effective leadership and how do you approach your management style?
The keys to effective leadership are to be practical, to progress steadily – step by step – and to learn continuously. Always keep learning. In Foremost, we are like a big family who learn continuously from each other, from our stakeholders, and the outside world. This
concept is also stressed in traditional Chinese philosophy. As Confucius said, “When three are walking together, I am sure to find teachers among them. I will select their good qualities and follow them, select their bad qualities and avoid them.”
So, at Foremost, we encourage our team to keep learning, to keep cooperating, to keep growing, and to show their appreciation for one another. My personal thinking revolves around the concept of working for a good cause, which contributes so much to living and enjoying life to its fullest. Simply put, I enjoy my life fully, regardless of whether it is a good day or a bad day, easy or difficult. I believe profoundly that every difficulty is an opportunity to improve and to grow. Without difficulties, there are no incentives to do better. As a result, I always look at problems as opportunities. Turning difficulty into success is another core principle of our company.
Our company also emphasizes the longterm point of view, as well as relationships that are mutually beneficial. Sixty years after the founding of our company, Foremost still maintains long-term relationships with the same top tier bankers, charterers and suppliers, classification societies, and other institutions, all of whom came from around the world to celebrate our 60th anniversary at a special gathering in New York this past May. Our management team is strong. We believe the company’s future is bright and look confidently ahead to continuing to serve the industry and the public good.
What factors have contributed to your ability to work for so long, and to keep pace with the latest developments in shipping and the worldwide economy?
I practice a very simple and healthy lifestyle, which keeps me in good shape both mentally and physically. I eat lots of fresh vegetables, fish, and fruits. I walk a minimum of one hour daily. I used to swim one hour each day, but COVID shut down the public swimming pool I frequented. I am also very fortunate and grateful that I sleep very well.
In addition to keeping up with the shipping industry, I do a lot of other reading – especially biographies of well-known leaders in all industries, as well as inspirational and informative books that offer insights into how to live well. I very much enjoy going into the office to see my colleagues, and to share with them ideas on new and innovative ways to keep Foremost a leader in shipping. It gives me such pleasure and satisfaction that I can never imagine retiring. I like to think that I am living another ancient Confucian wisdom: a benevolent person loves people, and knowledge brings happiness.
I am also very blessed by the Lord in so many ways, especially with having wonderful daughters, including my eldest, Elaine L. Chao, who as you may know served our country as the 24th U.S. Secretary of Labor and the 18th U.S. Secretary of Transportation. She has always been a filial daughter and comes back to visit me and helps the family when needed, when she is out of government. So, I am very optimistic and grateful.•
Dr. James S.C. Chao greeting the hundreds of guests who came from all over the world to celebrate the 60th anniversary of Foremost Group
Delivering An Unparalleled Sleep Experience
An Interview with Jan Ryde, Chief Executive Officer, Hästens
EDITORS’ NOTE Jan Ryde is the fifth-generation family member to lead the powerhouse bed manufacturer that has been operating since 1852. Ryde studied industrial engineering and management at Sweden’s Linköping Institute of Technology, where he received a Master of Science degree before commencing doctoral studies in business. As an Associate Professor, he earned among the highest student rankings at Linköping University, where he taught business for several years prior to taking the helm at Hästens. As with every employee – regardless of their ultimate role in the company – Ryde began as an apprentice, learning and contributing to each step in the process of hand-making a Hästens bed. Ryde is honored not only that the sixth generation has joined the family business, but that multiple generations of other families continue to spend their careers at Hästens, dedicated to improving people’s lives by helping them sleep beautifully.
Jan Ryde
In 1978, the Hästens Blue Check was first introduced together with the 2000T bed, and it immediately created emotional reactions. My father, Jack Ryde, the fourth generation family owner and CEO, was dedicated to creating a distinct, bold, and timeless pattern to represent the Hästens brand, where the bed becomes a centerpiece in the bedroom. This year, we have launched the new Hästens 2000T, which is a testament to pursuing mastery in creating the finest sleep experiences, showcasing key improvements that elevate our craftsmanship, the comfort for our customers, and our aesthetics to new heights. This launch represents a significant evolutionary step beyond our continuous enhancements, delivering an unparalleled sleep experience.
What have been the keys to Hästens’ industry leadership decade after decade?
At Hästens, we have a singular mission: to make our world a better place by creating the most wonderful beds in the world. We sell our
beds in more than 50 countries on five continents. We believe that our name is synonymous with the utmost levels of mastery and craftsmanship, and we find this in continuously perfecting the art of handmade craftsmanship. Hästens holds a unique place in people’s hearts and minds because our vision, passion, and intense devotion to quality result in beds that are like no others – gorgeous beds designed for peaceful, restorative sleep that can create health and happiness.
How do you describe Hästens’ culture and values?
Love and abundance choose those who are focused on helping others have a better life, and that is the culture and values at Hästens. At Hästens, there is no limit to what a team member can become, what we can make together, or how much joy, love, abundance, and gratitude we can create. We hire for life because we’re on a mission. It is vital for us to bring people on board who want to share that mission. At the same time, we don’t compare ourselves to other companies because we’re not remotely like
COMPANY BRIEF Six generations of master craftsmen have led Hästens (hastens.com) to where it is now – a family company still driven by the virtues of sleep and humble pride over its craft. Each generation has played its part in shaping Hästens, overcoming challenges on the way. From humble, honest beginnings, Hästens has grown into one of the world’s most prestigious brands.
Will you highlight the history of Hästens and how the company has evolved?
Hästens has a rich history running back through six generations and was founded by Pehr Adolf Janson in 1852. He started the company because he noticed that people who were the best at serving others and people who can produce and make the best products were the most successful. We use the same values today and focus on creating the best possible products and experiences for our customers. Through this, we are convinced that by making our customers’ lives better, we make the world a better, more joyful and loving place. For Hästens, we are proud to be a world-class international family-run business operating in over 45 countries and a Purveyor to the Royal Court of Sweden. We have over 250 independent resellers in Europe, Asia, America, and Africa and continue to enter new markets.
Hästens bedding (above and opposite page)
them, and we don’t want to be like anyone else. As soon as we start comparing ourselves to the kinds of factories that operate in other parts of the market, then we become them. You can’t make such comparisons without using their metrics. This is also why we don’t consider ourselves to be in competition with those other companies. We don’t wish to get pulled away from our own metrics of quality craftsmanship, mastery, love, service, and making the best bed we can to enrich our customers’ lives. This philosophy of love is the cornerstone, guiding us to create not just the best products, but experiences that embody care, quality, and a deep commitment to the well-being of all we touch, ensuring our journey is always driven by the heart. Where do you see the greatest opportunities for growth for Hästens?
As CEO, I facilitate the growth of the company by bringing together the right people at the right time, allowing them to bring their talents and gifts to the table in order to serve and lift up others, and to grow the company. For Hästens, we realize more people have increased their attention to the value of sleep and having the best bed benefit from great sleep over the past years. This makes it more important than ever that we give our customers their best sleep possible – it’s a priority for them. Numerous studies have shown that sleep has a significant impact on the immune system, health, and quality of life. Hence, we are truly relentless and absolutely focused on never compromising in our pursuit to create the best products, so we continuously evolve and improve our products. The population’s general awareness of the importance of sleep for overall well-being and one’s own performance has also increased, so now it’s more important than ever that we support our customers’ best sleep possible. This is the greatest opportunity for growth for Hästens.
How important is it for Hästens to build a diverse and inclusive workforce?
For Hästens, building a diverse and inclusive workforce is important. Hästens is an English-speaking company, both in our offices and on the production floor. That decision was made in the 1990s, when we first began to export our beds, because we can’t have two cultures within the organization. If we were only Swedish speaking, we couldn’t have easy conversations with visiting vendors and customers from abroad. There would always be the need for someone to translate, which would interfere with the flow of spontaneous conversation. Also, we hire people from all over the world.
What are your views on Hästens’ responsibility to be engaged in the communities it serves and a force for good in society?
At Hästens, we are on a mission of making the world a better, more peaceful, joyful, loving place and making people’s lives better by providing the best beds and adjacent products for sleep. We want the whole world to wake up well-rested and truly be awake for the first time in their lives. In this sense, we love to be perceived as a contributor to the well-being and performance of our esteemed customers. For our beds, we only use what we consider to be the finest natural materials, sustainably produced and ethically sourced, so that those materials can be given a new life one day.
What interested you in writing the book, When Business Is Love, and what are the key messages you wanted to convey in the book?
The intention of this book is to spread love, joy, peace, and abundance to serve,
guide, and support humanity so we may all have better lives, enjoy more love, experience more joy, and feel more peace. My purpose is not just to make your life better. My purpose is to make the entire world a better place. When love, joy, peace, and success are abundant, everything is easier. I encourage people to read the book because it’s meant to be transformational. When you go buy and read the book, When Business is Love , you will find the answers to all your questions.
What do you feel are the keys to effective leadership and how do you approach your management style?
Hästens is an international matrix organization that operates, to some extent, on consensus. This is one of the keys to our effective leadership. At the same time, we’re still a private, family-owned company, which provides us with all the flexibility we need. In a dynamic, living matrix organization like ours, there is synergy. My role is not so much to be a steward or a guardian as to be a guide. I am here, obviously, to protect, to guard, and to guide Hästens, as well as to feed and nourish it, because we are a living company, a living organization.
What advice do you offer to young people beginning their careers?
I would like to share the Hästens family’s greatest legacy to young people beginning their careers which is, “To learn and master a profession of your choosing that will let you give people something they need. And by doing so, you will always be able to look after the ones you love.”•
Developing Great Leaders
An Interview with David Novak
EDITORS’ NOTE David Novak is Co-Founder and retired Chairman and CEO of Yum! Brands, one of the world’s largest restaurant companies with over 45,000 restaurants in more than 135 countries and territories. After retiring in 2016, he became Founder and CEO of David Novak Leadership (davidnovakleadership.com), a leadership development company that teaches Novak’s proprietary method of modern team leadership through online courses, books and live workshops. Novak is also the host of the top-ranked business podcast, How Leaders Lead with David Novak. Novak’s passion is to make the world a better place by developing leaders at every stage of life through David Novak Leadership, How Leaders Lead, his family’s Lift a Life Foundation, Lead4Change, Global Game Changers and the Novak Leadership Institute at the University of Missouri. A renowned expert on leadership and recognition culture, Novak is also a bestselling leadership book author. His highly referenced and critically acclaimed books include The New York Times bestseller Taking People With You: The Only Way to Make Big Things Happen; O GREAT ONE! A Little Story About the Awesome Power of Recognition; and Take Charge of You: How Self-Coaching Can Transform Your Life and Career . During his tenure as CEO, Yum! Brands became a global powerhouse, growing from $4 billion in revenue to over $32 billion. Novak has been recognized as “2012 CEO of the Year” by Chief Executive magazine, one of the world’s “30 Best CEOs” by Barron’s, one of the “Top People in Business” by FORTUNE, and one of the “100 Best-Performing CEOs in the World” by Harvard Business Review. He received the Horatio Alger Award for his commitment to philanthropy and higher education, and the 2012 United Nations World Food Program Leadership Award for Yum! Brands World Hunger Relief.
David Novak
a reputation as a learner, an energetic and collaborative leader, and a problem solver. PepsiCo owned Pizza Hut at the time, and my active learning and relationship-building skills helped me leapfrog from one opportunity to the next at the company. I became Executive Vice President of Marketing for Pepsi-Cola (PepsiCo’s beverage division) and then Chief Operating Officer. I was asked to become President of KFC when I was 42, and then both KFC and Pizza Hut.
My successful transformation of these companies led to my eventual position as Co-Founder and President (and eventually CEO) of Yum! Brands in 1997. When I left about two decades later, I knew I wanted to help more people become great leaders, so I created David Novak Leadership, invested more in the Lift a Life Novak Family Foundation, and launched my podcast, How Leaders Lead. All along the way, it was my effort to learn as much as possible as fast as possible from the people who knew the most about how to tackle challenges and win that made a significant difference.
What were the keys to the success of Yum! Brands under your leadership?
I believe our growth, domestically and globally, was a result of our culture which was defined by our How We Win Together principles and our focus on recognition. Too many companies create a list of values that are vague, hard to apply, and hard to recognize and reward. Instead, we created a list of behaviors based on a deep analysis of how the
most successful stores were winning and how the best companies out there became dynasties. Then we focused on recognizing those behaviors in big and small ways every time we saw them in action. They were the foundation for all our training. We built them into our financial rewards. For instance, a behavior we added as we grew and developed was “build know how.” We wanted people to be open to new ideas, spread best practices, and find breakthroughs with innovative thinking. For instance, we gave bonuses to store leaders who developed successful new ideas, and we gave bonuses to other leaders who adopted and adapted those ideas to work in their stores.
What interested you in writing the book, How Leaders Learn , and what are the key messages you wanted to convey in the book?
The project began because I wanted to share lessons from the work I’d been doing over the last 15 years to develop more great leaders in the world, especially through our family’s philanthropic work. As we discussed my approach to work and life, the core theme of being an active learner emerged. I’ve written about the importance of learning before, but I’m not sure I realized how fundamental it is or how it defined my career trajectory, my relationships, and what I’ve been able to accomplish until writing this book. It’s my go-to for everything I do. And I started to recognize that all of my podcast interviewees were active learners, too. I had heard so many great stories from some of the most successful leaders in the world that we had a tough time choosing which to include.
Will you discuss your career journey?
Out of college, in the mid-1970s, I became a copywriter for a local ad agency, but I was ambitious and pursued bigger opportunities until I was leading a large team serving the Frito-Lay account at a national agency. From there, I was recommended for the role of senior vice president of marketing for Pizza Hut – even though I was only 34 years old and didn’t have the MBA that many corporate VPs had. But I built
“Obviously, it’s important to keep growing and learning as a leader, but it’s just as important to make people feel valued.”
What all the stories come back to is this: Active learners hunt for ideas and insights and then pair them with action and execution. They learn from anybody and any experience that has something new, interesting, or valuable to offer. They learn to maintain an open, curious mind and positive relationships, because we learn the most from and with other people. And they learn by doing the things that need doing or that will make the biggest difference. They learn with purpose, and along the way, they create greater possibilities for everybody.
What do you feel are the keys to effective leadership and how do you approach your management style?
Obviously, it’s important to keep growing and learning as a leader, but it’s just as important to make people feel valued. Our need to be recognized for our contributions is universal, whether you’re a highly ranked executive or someone washing dishes in a restaurant. And when you use recognition to let people know that they’re doing the right things well – the
things that can help the team win – it can transform an organization. I’ve seen it happen over and over again.
I became known for handing out rubber chickens to people when I saw outstanding performance in our stores and restaurant support center. I always took a picture with the person, which I hung in my office. My walls and ceiling were covered with them. I’ve written about other important elements of leadership in my book, Taking People With You – be your best self, believe passionately in the ability of your team to make great things happen, create a clear and simple vision that can’t be misunderstood, overcome the barriers to successful transformation, and more. But without recognition, the rest of the behaviors won’t deliver the same impact.
Where did you develop your passion for philanthropy and how do you decide where to focus your efforts?
My parents were incredibly giving people, even though we didn’t have much growing up. I was raised with the idea that my success was up to me and my work ethic – being willing to do hard work and do it well. And I was raised to believe that I should give back to my community when and where I could. My wife, Wendy, was a firm believer in the same ideal. We felt fortunate that we could do so on a fairly major scale.
The Lift a Life Novak Family Foundation has two major points of focus: The first is diabetes care, because Wendy was a type 1 diabetic her whole life, and we know how difficult it can be, especially for children. The second is developing more great leaders in the world, from pre-school all the way through college and beyond. I believe that too few people have the opportunity to develop strong leadership skills – and that there’s very little in the world that can’t be fixed or made better with great leadership,
With all that you have accomplished in your career, are you able to enjoy the process and take moments to celebrate the wins?
Absolutely. Celebrating wins is baked into my leadership approach. I believe that work should be fun, and I’m a positive, energetic guy. Celebrating wins big and small with your team is an important part of making work fun. There’s no point in celebrating successes alone, because you didn’t make them happen alone. Wins happen through the effort of a team. This is why I became focused on recognition even before I fully understood its power.
What advice do you offer to young people beginning their careers?
I really like to win, but you don’t win for long if the people who make the winning possible or who have supported you on your way to a win don’t know how much they count. Make people your priority and show them they’re a priority through your actions. After that, learn as much as you can, as fast as you can, and you’ll find yourself on a surprising and exciting career trajectory.•
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A Cornerstone For The Wisconsin Community
An Interview with Andrew J. Harmening, President and Chief Executive Officer, Associated Bank
EDITORS’ NOTE Andy Harmening joined Associated Bank in 2021 as President and Chief Executive Officer. He also serves on the company’s Board of Directors and as the President of Associated Trust, N.A. Harmening has more than 25 years of industry experience in consumer, small business, and commercial banking. Prior to joining Associated Bank, he served as Senior Executive Vice President, Consumer and Business Banking Director for Huntington Bank. Earlier, Harmening was Vice Chairman of the consumer banking division of Bank of the West. He also spent nine years with U.S. Bank in several roles of increasing responsibility within its small business and commercial banking divisions. He serves on the boards of directors of Metropolitan Milwaukee Association of Commerce (MMAC) and the Boys and Girls Clubs of Greater Milwaukee. He also serves on the board of trustees for Northwestern Mutual. He previously served on the board of directors of the Consumer Bankers Association for 12 years. Harmening earned a bachelor’s degree from DePauw University and an MBA from the University of Cincinnati.
COMPANY BRIEF
Andrew J. Harmening
many progressive roles: branch manager, small business banker, finance, product, commercial banking, and ultimately, executive management. In each of these roles, the approach was similar. Understand what problems you are trying to solve. Bring energy to determining that solution by talking to co-workers (at multiple levels), getting data, understanding trends, and analyzing customer feedback. My journey involved growing in several different roles that took me around the United States, and across Europe and Asia.
What excited you about the opportunity to lead Associated Bank and made you feel it was the right fit?
It started with the Associated Bank Board of Directors knowing what they wanted, and them saying they unequivocally wanted to remain an independent bank that is a cornerstone for the Wisconsin community. You want to go to a company with some foundation. Associated Bank was strong in regard to risk management, both credit and operational risk,
with a clean balance sheet. This gave us the ability to focus on growth. It would allow us to create a plan to grow our customer base and grow the balance sheet profitability. There was a foundation to succeed that then required a plan and execution.
How do you describe Associated Bank’s mission and purpose?
Associated Bank is about people. When I say it’s about people, it’s about colleagues, satisfied colleagues – which is what we call our team members – providing good customer service. When I say it is about people, it is also about our customers. If you know what they want from a process or a product, if you take the time to understand their viewpoint, then you know the problem that needs to be solved. You build satisfaction, and that ultimately leads to growth. And finally, it’s about communities. You know what you need to invest in by asking key members of the communities what matters to them. Our purpose is about people: colleagues, customers, and communities. Centering on that makes good business sense and we are seeing the results in our performance.
Associated Banc-Corp (associatedbank.com) has total assets of $42 billion and is the largest bank holding company based in Wisconsin. Headquartered in Green Bay, Wisconsin, Associated is a leading Midwest banking franchise, offering a full range of financial products and services from nearly 200 banking locations serving more than 100 communities throughout Wisconsin, Illinois, and Minnesota. The company also operates loan production offices in Indiana, Michigan, Missouri, New York, Ohio and Texas. Associated Bank, N.A. is an Equal Housing Lender, Equal Opportunity Lender and Member FDIC.
Will you discuss your career journey?
My career started with parents who taught me to be a problem solver, act with integrity, and treat people with respect. With that as a backdrop, I started as a teller during college. After completing a liberal arts degree, I began my career in banking. That path took me through
What have been the keys to Associated Bank’s strength and leadership in the industry, and how do you describe the Associated Bank difference?
We are really pleased that this year Associated Bank was ranked #1 in Customer Satisfaction with Retail Banking in the Upper Midwest Region by J.D. Power. That happens when you listen to people. When we build a product, we leverage many channels to source feedback and input to build what people want. We survey our colleagues and our customers to know we are going about this the right way, by listening and solving problems. “Winning spirit” is one of Associated’s core values. We are driven to win with the highest integrity, to learn, adjust, and move forward. In a world filled with process, operations, and technology, at the core we are listening to build something people want. Those kinds of industry acknowledgments and awards are indicators we are on to something, and people are noticing. It’s also validation that your business is succeeding.
How is Associated Bank investing in technology while ensuring it does not lose the human touch and personal relationship with its customers?
We are people first and technology enabled. You don’t start with technology; you use it to solve problems people need solved. You start with what matters to a person. There’s a quote that resonates with me: “Listen to the business, it will tell you what it needs.” One of our values is “relentless focus on people” and it makes good business sense. It’s how we achieve success like our JD Power award. We also “listen then act” because listening is where you get valuable information you can transform into business growth and customer satisfaction. For example, when Associated Bank launched our digital products, we listened to customers and knew, for example, that ease-of-use in a fast-paced world mattered significantly. It had
to be easy. Our research and engagement with our customers told us this, so we designed for it. And our digital products have been embraced and contribute to the growth Associated is experiencing. If you can combine these things, centering on people and viewing technology as an enabler of solutions, then you’ll have success.
How important is it for Associated Bank to build a diverse and inclusive workforce?
We want to build the best company we can, and to do that we have to understand individual differences and what drives people. It’s always about the people, and understanding age groups, backgrounds, experiences, how they grew up – all these things matter when building a workforce. Those individual experiences help to shape our direction and connect with communities and customers.
When I think of a diverse workforce, you can only be inclusive if you understand people and that fits with everything else that is important to our company. As a regional bank, understanding our customers in the array of markets we serve is possible because we have colleagues who understand their neighbors. Another Associated Bank value is “achieving together” because we know collaboration across and within our lines of business is critical to our success and how we build trust and commitment in our communities.
What do you see as Associated Bank’s responsibility to be engaged in the communities it serves and a force for good in society?
People are communal. Interaction with other people can fill them up. Because getting involved and giving back to our communities is meaningful to our colleagues, volunteerism has been wildly popular with them. In 2023, 81 percent of Associated Bank colleagues volunteered in the communities we serve, recording more than 71,100 volunteer hours. It was a
record-breaking year for volunteerism, and it showed us in leadership that this is meaningful to our colleagues.
Community volunteerism also helps Associated engage with and learn about the communities we serve. When you think about what many people do in their spare time, and what makes a community attractive and vibrant, many of the organizations colleagues volunteer for are represented. As an example, people enjoy the arts and Associated is a proud sponsor of the Milwaukee Repertory Theater. It’s a center for thousands of people to get together to enjoy the arts and be among their community. As a sponsor, we enable that creative economy. The arts are one example, but we ask what else matters to our customers and colleagues. Then we try to serve that need, whether it be food insecurity, housing, transportation, getting to a job, doing things that are basic human needs. It feels good to help. When we help as a for profit, we have seen that the reward comes back to us in many ways.
What do you feel are the keys to effective leadership and how do you approach your management style?
I would say a couple things are critical to effective leadership. I talk about people, but there is also being able to solve problems for your customers. If you think about how to solve a problem and you see the problem and envision a solution, you move things forward. I am a competitive person, but I like to win as a team. Having a leadership team and colleagues that share that problem-solving lens means you are probably going to have a good company because problems don’t stop you. When you are in that mode of solving problems for people, and solving what matters most to them, you are showing you care, that you understand, and you create an internal and external culture that is focused on solutions. We think that makes the foundation of a growth company.
What advice do you offer to young people beginning their careers?
There are a few things I would tell people beginning their careers. To start, be cognizant of how you treat other people. If you are doing things the wrong way, then it will come back to you. Treating people well will lift you up. This becomes your reputation, and it can take you far. Master problem solving. Identify how to solve issues and be ahead of the game. You won’t think about how difficult it is, and you’ll start to see problems as opportunities to solve and grow. That is a mindset that will help you along throughout your career.
Do a little bit more than asked. Growth can be hard but it’s exciting, so don’t be afraid to grow. Looking at challenges and complexities as opportunities create a growth mindset and this will provide career experience. You also become a valuable asset to your organization. Have people, problem-solving and growth as your foundation. Before you know it, you’ll look back on a 30-year career appreciating the relationships you’ve built and professional goals you have achieved.•
Uniting Atlanta
An Interview with The Honorable Andre Dickens, Mayor, Atlanta
EDITORS’ NOTE Andre Dickens is the 61st Mayor of Atlanta. A proud native of Atlanta and a product of Atlanta Public Schools, Dickens is focused on bringing opportunity and equity to the city that he loves. Dickens was sworn in as Mayor in January 2022. Prior to his election as Mayor, Dickens served eight years as an at-large City Council member. He was an entrepreneur for over a decade in both the private and nonprofit sectors and a leader in Atlanta’s tech sector. During his time as a City Council member, he served as the Chairman of the Transportation Committee, providing oversight to city streets, bridges, sidewalks, paths, and Hartsfield-Jackson Atlanta International Airport, the world’s busiest airport. Dickens previously served as the Chief Development Officer for TechBridge, a nonprofit that drives community impact by bringing affordable technology and business expertise to other nonprofit organizations. In 2018, he co-founded the Technology Career Program, a free program designed to prepare unemployed and individuals experiencing disadvantage in the work field for a career in the growing technology job market. Dickens also previously served as the Assistant Director of Outreach Initiatives for Georgia Tech’s Office of Institute Diversity. Early in his career, Dickens worked as a sales engineer for DSM Engineering Plastics and became the youngest and first Black salesman of the year. At the age of 28, he co-founded City Living Home Furnishings, which grew into a multimillion-dollar retail business with two locations. Dickens ran the company for nine years until 2011. Dickens has been a member of the Georgia Tech Alumni Board of Directors and is an alumnus of Leadership Atlanta, Diversity Leadership Atlanta, United Way VIP, and Regional Leadership Institute. He is a member of Kappa Alpha Psi, Fraternity, Inc., deacon of New Horizon Baptist Church, and has served on the boards of the Atlanta BeltLine, Invest Atlanta, TechBridge, and the Center for Civil and Human Rights. Dickens is a graduate of Mays High School and holds a bachelor’s degree in chemical engineering from the Georgia Institute of Technology as well as a Master of Public Administration from Georgia State University.
Where did your passion for public service develop?
I am a native of Atlanta and was born when Maynard Jackson was the mayor. He was the first Black mayor of Atlanta and as a young kid, I was able to see what he was doing for Atlanta even though at the time I may not have been able to understand it all. When I was in high school, Andrew Young was the mayor and I watched him advocate for Atlanta as an international city and prioritize the need to invest in our children and our communities. I took it all in and since I was attending Atlanta public schools at that time, I would see Mayor Young’s picture on the wall as I entered school each day and realized how his leadership was impacting my life. I wanted to pursue a path where I could make a difference in the lives of the people of Atlanta.
I knew that Atlanta was special with its civil rights history, and I wanted to be a part of its future. I wanted to serve as mayor of Atlanta from the time I was 16 years old.
Will you discuss the priorities for your administration?
My first focus was on unity, as the city was just coming out of COVID at the time of my inauguration and our residents had a difference of opinion about how government was performing. I wanted to communicate that we were going to be one city with one bright future. Atlanta was a city that was going to be connected, was going to be healthy, and was going to be safe coming out of the pandemic. We wanted to get everyone to participate in government – we were building a group mentality in order to empower upward mobility for every resident in every community.
I have learned in my life, and even more during my time as mayor, that we do not have to be unanimous to be united. There are going to be decisions that people may disagree with, but it is critical for everyone to be engaged in the process to move Atlanta forward.
How important has it been for your administration to be transparent in order to build trust with the citizens of Atlanta?
It is paramount because trust in government is not where it needs to be and is way too low. We are
The Hon. Andre Dickens
Mayor Dickens joins the Nature Gurlz – a group of senior women dedicated to promoting physical and mental health – for a walk at the Cascade Springs Nature Preserve in Southwest Atlanta
more connected now than ever with technology, which is both good and bad. The bad part is that skepticism and negativity have a big microphone with social media, and it is difficult to separate the truth from opinion. This erodes public trust. My mission statement for our administration includes ethical government which is built on integrity and trust, but this needs to be earned every single day. Will you highlight your administration’s efforts around public safety?
We have been very effective with our public safety efforts. We have used a “whole of government” approach to public safety where every part of government has a role to play, and we have used policing and non-policing programs to drive change. There is no question that throughout the country police went through a difficult time during the social justice movement which was a very necessary movement to have. We had an awakening in this country about police use of excessive force, and it caused many people to leave the profession and new people were not entering the profession. We needed to boost morale in the Atlanta Police Department which we have done with retention bonuses and pay raises. We also started a take-home vehicle program which was a major concern and need for our officers. Officers voiced a desire for a take-home vehicle program, and it doesn’t just benefit the officers – seeing vehicles parked around the community brings people a sense of safety and security. We also created recruit housing so now our recruits have a place to live. Another major change was bringing in a new police chief, Darin Schierbaum, who I believe is the best police chief in the nation. He is a community policing strategist and has done an amazing job of communicating and engaging with our officers and the community.
On the non-policing side, I believed that if we brought down youth-related crime, we would bring down overall crime. We had the
year of the youth which made a huge difference. We gave a lot of funding to nonprofits that were servicing our youth in order for them to expand their services and their reach. We also prioritized summer youth employment programs which has grown each summer. This provides our youth with the chance to learn and earn, and keeps them from getting into trouble.
How critical has it been for your administration to build a strong public-private partnership in Atlanta?
Atlanta has the fourth highest concentration of Fortune 500 companies in the nation. We have
some of the biggest companies headquartered here, and have small and mid-size companies that will be our future leaders. Our business leaders know that they need to play a role in our civic engagement and in our community outcomes –their companies are located in these communities and their employees live in these communities.
We have the Atlanta Committee for Progress (ACP) which was created by Mayor Shirley Franklin in 2003. The ACP’s mission is to provide leadership on key issues important to economic growth and inclusion for all citizens in the City of Atlanta. The ACP provides me the opportunity to gather input and collaborate with C-suite level business, civic, philanthropic, and academic leaders on issues of critical importance to the city. The ACP’s key focus areas have been public sector fiscal accountability; economic development; infrastructure and transportation; K-12 public education; technology and innovation; and culture/quality of life.
With the impact and accomplishments that your administration has achieved for Atlanta, are you able to enjoy the process and celebrate the wins?
I celebrate often, but I do not spike the ball. We still have a lot more to get done, but it is important to take moments to reflect on what you have accomplished and to acknowledge the work of the team.
With the many challenges the country is facing, are you optimistic about the future?
I am an optimist by nature. When you are someone who at the age of 16 wanted to become mayor, and then eventually got there, it takes a lot of belief and optimism. I am a person who rolls up their sleeves and does the work, and with effort comes optimism. If you do not believe in the future being brighter, then you have not assembled the right people around you, or you have not worked hard enough. You need to be a part of creating the future.•
Mayor Dickens joins 100 Black Men of Atlanta, Inc. and Emerging 100 to welcome students at The B.E.S.T. Academy on the first day of school in August 2024
Mayor Dickens is joined by Atlanta Fire Rescue Department Chief Rod Smith as he greets public safety officials at the 2024 Operation Heatwave Summer Safety press conference
Fascinated By The Airlines
An Interview with Frank Lorenzo
EDITORS’ NOTE Frank Lorenzo is the son of Spanish immigrants who came to New York in the early 20th century speaking no English and looking for a better life. Growing up in the shadows of New York’s LaGuardia Airport, he became enamored with airlines at a young age. With some help from his parents and working as a delivery truck driver and other jobs, he put himself through Columbia College and Harvard Business School. Then, after working office jobs at TWA and Eastern Airlines, he partnered with a business school classmate to create an aviation advisory firm, eventually purchasing a small regional carrier, Texas International Airlines (TIA). With a successful bid to acquire Continental Airlines, TIA would eventually become the largest airline group in the free world. In 1990, at age 50, Lorenzo decided to move on from the hectic life of running airlines and founded Savoy Capital, Inc. to foster his investment and charitable interests.
Frank Lorenzo
some tough days, we turned the airline around and made it a success.
For the next 20 years, my colleagues and I built a fleet that would come to include – in addition to TIA –New York Air, Continental, Eastern Airlines, People Express, Frontier and several other small carriers. During that time, there were several significant milestones, such as TIA’s introduction of “Peanut Fares,” the first unrestricted low fares approved by the Civil Aeronautics Board (CAB) as an “experiment,” a year before deregulation was legislated. The fare program proved highly successful and provided the inspiration for the title of my book, Flying for Peanuts
Of course, going toe-to-toe with Donald Trump during the Eastern Airlines Shuttle negotiations in the late 1980s was a memorable deal for me, given Trump’s dealmaking, the publicity and a union strike that nearly sunk it. In the end, he met our price – despite a protracted play-by-play I cover in the book – and we sold the shuttle for $365 million.
team. I also found it important to develop a clear strategy and staying riveted to its execution and, hopefully, accomplishment. Importantly, I also believe that I was willing to take strategic risks, even though I knew some might not work out – and some didn’t.
In addition, and very importantly, I believe Texas was a great home for building a business and was important to us in many ways. All in Texas rose to support the effort, which probably would have been more difficult or impossible in many other states.
What do you see as the traits to effective leadership and how do you approach your management style?
Will you discuss your career journey?
I grew up in Rego Park, Queens, in New York City, where I watched the airplanes overhead coming and going from LaGuardia. I attended a city high school before largely putting myself through Columbia College and later Harvard Business School. In my mid-20s, after having only spent a few years working at TWA and Eastern Airlines, I launched an airline advisory business with an HBS alum. I’m told it was a leap, based on little more than bravado, yet 20 years later, we controlled the largest airline holding company in the free world.
From the beginning, we could see the airline industry was going through a liberalization, well before formal deregulation was actually legislated. One of the first deals with our little firm, Lorenzo, Carney & Co. Inc, was arranging for the acquisition of Zantop Air Transport, a supplemental carrier – the charter carriers of their time –by buyers that we brought into the picture. Our firm would go on to create an aircraft leasing company, Jet Capital Corporation, which we transitioned into an airline acquisition firm, and were successful in acquiring a modest control piece of the equity of the small and near-bankrupt Texas International Airlines, based in Houston. I became its president and chief executive officer, and after
There were many successes and challenges that I experienced while managing TIA and Continental, including many of the deals that made headlines at the time, sometimes because of novel or bold moves we took, or because of labor disputes, union strikes, and other challenges. For instance, we had a difficult time on the Eastern Airlines acquisition, which ultimately proved unsuccessful because the unions bitterly fought the necessary changes to save the rapidly failing airline, leading to bankruptcy and eventual dismantling.
After more than 25 years in the airline industry, I sold our position and launched an investment management firm, Savoy Capital, in September 1990, which was always a long-term goal and operates today.
What do you feel were the keys to your business success?
Both my parents were Spanish immigrants who arrived in the United States in 1920 with nearly nothing, but both had an entrepreneurial mindset that they instilled in me and my brother from an early age. After working for years and saving their money, they opened the Larian Beauty Salon in 1937, named after their first names (Larry and Ana) and successfully ran it for 40 years.
In my career, perhaps the most basic key to my success was identifying excellent managers, bringing them in and organizing them into a
An effective leader inspires a team and creates a bond among the members, as well as lays out clear, common goals. My management style depended on the circumstances. I could be a hands-on manager, often at very critical turning points, such as steering Continental through bankruptcy – the first for an airline –and the subsequent creation of the new Continental. I also could be a manager who stood back, as I often did during critical promotional moves, relying on the expertise held by the marketing stars in our ranks who I respected, and who were more sensitive to the consumer.
What made the airline industry so special for you?
I had long been fascinated by the airlines, though early on I had also considered other industries for my career. Still, as a teen, I recall following airline industry news and sending requests for annual reports from some of the commercial aviation giants. My hero in my younger days was Howard Hughes, who controlled TWA, which may have been, in part, why TWA also was my favorite airline. Another factor about airlines that has always attracted me is the opportunity set that I have felt that airlines offered. This has been punctuated by the leverage inherent in the business, both debt leverage and, even more striking, operating leverage – an additional passenger can be added, if there are empty seats, at virtually no increase in operating costs.
What interested you in writing the book, Flying for Peanuts , and what made you feel it was the right timing for the book?
I started the book more than 25 years ago, but it was in fits and starts, although a lot of research was accomplished then. It wasn’t until about four years ago that I really decided to
finish the book. I wanted to write a book about the difficult period of airline deregulation transition and how we had to adapt to it to succeed. Much had been written about it from the outside, but no one had written about it from the inside, having actually lived through it. I also wanted to counter the enormous PR effort of the airline unions, which made me into a monster so that they could distract the public and their members, and avoid speaking of the realities of deregulation’s impact. I wanted to help counter the
anti-union and union-buster labels the unions had successfully pinned on me, with the facts of what we went through which would lead to a different view. Finally, I wasn’t getting any younger, and I needed to take advantage of the opportunity to get the book across the finish line – certainly a worthy project in my eighties. What are the main messages you wanted to convey in the book?
We are fortunate to live in a country where entrepreneurs with limited resources can be
successful. That’s something I learned from my parents and throughout my career. I thought my story would help with that message. If you follow your calling or passion, you can often be successful. Each day heading to work wouldn’t feel like work. In my case, I felt I had two passions – airlines and, in later years, investment – a calling that continues today.
What are your views on the state of the airline industry today?
Today’s airline industry is amazing, in terms of scope, safety record, and outlook. Meanwhile, research and development efforts are helping to shape the industry’s future. We see environmental efforts, such as the use of sustainable aviation fuel (SAF), as well as increased consumer convenience, such as a potential new era of supersonic travel. Too often, airlines are the favorite fall guy for the press and politicians. President Biden and Vice President Harris, for instance, has recently criticized baggage fees charged by the airlines, calling them junk fees, which sounds good but isn’t the full story. These fees are a critical part of the lower fares that exist today and are an integral part of the economic structure of airlines. When you unbundle services, you can create different fees that offer consumers choices. If someone is traveling light, they may enjoy a lower fare. If they want to bring more bags, they pay more. In many ways, it’s similar to some gym membership structures or streaming services. Pay more for your membership and you can gain access to more locations; pay less and you may have less options. Similarly, you can choose a streaming subscription with ads or without – each reflecting a different price.
Of course, some criticism of the airlines can be deserved, such as in cases of safety issues, mismanaged scheduling or other controversies. But, too often, the media and politicians are quick to criticize and develop a “whipping boy” before getting the full story.
With all of the success that you had in your career, were you able to enjoy the process and celebrate the wins?
I pride myself on looking at work as something that’s typically enjoyable, rather than a major chore. My family is also a major part of my story. My family was always a basic part of my day, as I was always home for dinner and enjoyed spending time with my family on weekends, which was made possible by not accepting the many golf, etc. invites that came from bankers, suppliers, and the like.
What advice do you offer to young people beginning their careers?
You should follow your calling, as I’ve said, if you feel you have one, and if you have the opportunity and it financially fits with your present or future needs or those of your family’s. Also, don’t expect that a diploma from an “elite” university is the ticket to a fortune. If those days ever existed, they are over. But, importantly, do get a good education, whether in a community college, vocational school or a college. And don’t be afraid of a career that requires some manual labor and doesn’t necessarily require a four-year college degree. Plumbers and electricians are some of the steadiest, well-compensated positions to have today.•
FINDLAY GALLERIES
THREE CENTURIES IN ART
Exhibition of Recent Works
Recognized today as one of Britain’s leading artists, Hugo Grenville served as a soldier and then an art dealer before dedicating himself full-time to painting in 1989. He has had many solo exhibitions since his first in London in 1974, and his work can be found in many public and private collections internationally.
Grenville refers to himself as a romantic but acknowledges a fascination with pattern and color that places him in the tradition of Matisse. The figure subjects and the everyday objects that surround them in his paintings express joy in life, light and color. Less evident, but equally important, is a feeling of intimacy that recalls Matisse’s contemporaries, Bonnard and Vuillard. It is here that we see Grenville being influenced by the principles of “Les Nabis” - a group of young post-impressionists, avant-garde Parisian artists of the 1890s who influenced the fine arts at the turn of the century. Pierre Bonnard, Edouard Vuillard and Maurice Denis became the best-known of the group. One of “Les Nabis’ “ goals was to integrate daily life into their paintings as we see Grenville doing with such grace and sensitivity. The Nabis approach to cover a flat surface with colors assembled in a certain order is another principal Grenville follows. Layers of feeling peel back to disclose a spiritual intensity. In the artist’s words, “the world around us becomes a poem revealing something about how it feels rather than how it looks.”
“As with all my work, the paintings seek to convey a spirit of contemplation, reflection and gentle joy, to be found in the world around us...I am much moved by looking through windows, and many of the room interiors are designed to lead the viewer’s eye through the careful arrangement of shapes and into the outside world; sometimes this device has the effect of cloaking the ordinary in a sort of other-worldliness, so the mind can wander freely into the pastures of the imagination. And there is a similar effect where a mirror is used to reflect the figure: the interior space presented to the viewer presents an alternative version of reality, a kind of dreamworld, an Alice through the Looking-Glass experience.” – Hugo Grenville, 2024.
Findlay Galleries invites you to visit our New York location to explore Hugo Grenville’s most recent collection of works which will be on view from September 25th.
Challenge By Choice
EDITORS’ NOTE Willie Ford serves as Chief Executive Officer of the National Ability Center, steering its mission to offer adaptive recreation for those with disabilities. His extensive background includes leading POC in North America and founding Givego, connecting over 1,500 experts with numerous brands. Formerly President at POC, Ford navigated its acquisition and sale, demonstrating significant leadership. His dedication extends to the nonprofit sector as Vice Chair of the High Fives Foundation and a board member at UNH Skiing. An NCAA All-American Ski Racer, Ford’s leadership is marked by optimism and a commitment to impactful change.
Our purpose is to enliven the human spirit, honoring each participant’s unique abilities and potential. By creating inclusive environments and fostering personal growth, we aim to inspire confidence, build lasting skills, and transform lives. We believe that everyone, regardless of ability, deserves the chance to live a vibrant, active, and rewarding life.
Will you discuss the National Ability Center’s impact?
found a way to empower individuals of all abilities by building self-esteem, confidence, and lifetime skills through sport, recreation, and education.
What interested you in becoming involved with National Ability Center?
ORGANIZATION BRIEF The National Ability Center (NAC) provides world-class adaptive recreation and outdoor adventures for individuals, families and groups with varying physical, cognitive, and developmental disabilities. Rooted in Park City, Utah for nearly 40 years, with a satellite location in Moab, the NAC (discovernac.org) empowers more than 5,500 competitive athletes, children, active-duty, veterans, and others yearly. Through on-campus and community-based programming, with individual and group activities, participants build self-esteem, confidence, and lifetime skills. The NAC hosts over 30,000 experiences and lessons each year including alpine and Nordic skiing, snowboarding, horseback riding, cycling, swimming, rafting, archery, among others. In 2023, the 9,400 square foot McGrath Mountain Center opened to serve the NAC’s adaptive ski and snowboard programs, made possible by a historic 50-year land lease donated by Vail Resorts. With Vail’s EpicPromise as the National Ability Center’s largest annual community partner, the NAC is globally recognized as a leader in adaptive sports.
How do you define the National Ability Center’s mission and purpose?
At the National Ability Center, our mission is to empower individuals of all abilities through adaptive sports, recreation, and adventure. We provide opportunities for those with disabilities and their families to experience the outdoors in ways that many once thought impossible.
The National Ability Center is turning 40 this fall. The history, impact, and legacy of the organization is remarkable. Since day one, NAC has focused on positively impacting the lives of people with disabilities. Through the legacy of NAC, thousands of individuals have been able to experience the thrills of outdoor recreation. NAC offers over 20 different programs including whitewater rafting, skiing, equestrian, biking, and so much more. No matter how difficult the adventure is, NAC has always
The impact. My family is passionate about outdoor recreation – we spend a lot of time in the mountains. The ability to help others do what we love is a dream. NAC is unique in that we bridge the gap between perceived limitations and what is possible. We call it “challenge by choice.” For instance, we offer weeklong rafting trips, we ski some of the most beautiful and intense mountains in the country, we have a herd of 12 horses and provide incredible equestrian training and facilitate equine assisted therapy. What we do at NAC is not easy, but it’s important and impactful. We lead with “yes,” and we think creatively to find solutions to bring the same opportunities that we love to do to so many others who may not have been able to explore, adventure, and play the way we have.
Willie Ford
An Interview with Willie Ford, Chief Executive Officer, National Ability Center
Father biking with his son in NAC’s annual Summit Challenge fundraising ride (top); Woman with above the knee amputation alpine skiing with NAC instructor (above)
Will you provide an overview of the National Ability Center’s work and programs?
The National Ability Center offers worldclass adaptive recreation and education programs for individuals of all abilities. Our year-round programs include skiing, snowboarding, Nordic skiing, fat tire biking, snowshoeing, equestrian activities, indoor climbing, and pickleball in the winter. During the summer, we provide opportunities for cycling, mountain biking, indoor and outdoor climbing, water and paddle sports, archery, whitewater rafting, and more. Approximately 30 percent of our participants are service members, veterans, and their families. Another 30 percent are individuals with intellectual disabilities, and the remaining 40 percent includes those with various other disabilities, such as amputees, spinal cord injuries, cancer survivors, cerebral palsy, and individuals with rare and undiagnosed diseases.
Beyond our recreation programs, NAC is dedicated to promoting accessibility and inclusion in recreation and outdoor spaces through our educational initiatives. Recognized as the leading adaptive recreation organization in the United States, we serve individuals nationwide and make a global impact through our education and training programs.
Will you highlight the National Ability Center’s events?
The National Ability Center hosts five signature fundraising events throughout the year: Red, White & Snow in early March; Barn Party in early June; Summit Challenge at the end of August; MOFO in late September; and Saluting Our Heroes in October or November. Each event is unique, but all are designed to support the remarkable programs and participants at NAC. Our events range from high-end wine and culinary experiences to an equestrian-themed BBQ dinner and live auction. We host an 800-person cycling event and a 100-person day of mountain biking, culminating in a dinner honoring our service men and women. There’s truly something for everyone at NAC.
These events wouldn’t be possible without the incredible support of our corporate sponsors, the generous donors and community members who attend, and the hundreds of dedicated volunteers who help make each event a success.
How valuable has it been to put together such an engaged and committed board of directors for the National Ability Center?
The value that the board of directors brings to NAC is remarkable. The board is engaged, energetic, and is one of our most important support systems. Each board member is involved
because they genuinely care about our mission and the impact we have on thousands of individuals annually. They contribute their unique experiences, providing us with a comprehensive range of resources in areas such as legal, finance, marketing, and operations.
What are the priorities for the National Ability Center as you look to the future?
We are excited to be celebrating our 40th anniversary this fall. As we look to the future, NAC is focused on expanding our reach and enhancing our programs to better serve individuals of all abilities. Our priorities include increasing the accessibility and inclusivity of our programs, investing in state-ofthe-art adaptive equipment, and extending our educational initiatives to promote greater understanding and support for adaptive recreation. Additionally, we want to broaden our impact through national and international partnerships, ensuring that more individuals can benefit from our programming.
However, achieving these ambitious goals requires significant funding. While we have made great strides, the continued support from donors and sponsors is essential to fulfilling our mission and meeting the growing needs of our community. With more than 40 percent of our participants coming from out-of-state and having served individuals and groups from 18 countries, we are poised to significantly increase our impact. With 40 million people –about twice the population of New York – in the U.S. living with a disability, we have an immense opportunity and responsibility to grow brand awareness, expand our programming, and extend our mission to more people both domestically and globally.•
Youth participant laughing with NAC challenge course instructor
Willie Ford engaging with a teen indoor climbing participant
Simplifying Healthcare Operations
Interview with BJ Schaknowski, Chief Executive Officer, symplr
EDITORS’ NOTE BJ Schaknowski is a seasoned software industry executive with over 20 years of experience in leadership roles across a wide variety of operating functions. Before joining symplr, Schaknowski served as the Chief Sales and Marketing Officer at Vertafore, the world’s leading provider of insurance technology. Prior to that, he spent four years at LexisNexis Software Solutions in progressively ascending roles, culminating as its SVP Marketing, Sales and Services. He held numerous senior and global leadership roles earlier in his career at CA Technologies, Intuit, and Sage Software. Deeply committed to philanthropic efforts, Schaknowski was recently appointed to the Susan G. Komen Board of Directors, joining an elite group of nearly two dozen executives from various industries who help govern and advise Komen, which is the world’s leading nonprofit breast cancer organization. He is a Fellow of the American College of Health Data Management. Schaknowski earned a BA in Communications from the State University of New York at Geneseo and an MBA at the University of Georgia – Terry College of Business. He also served in the United States Marine Corps infantry as an enlisted reservist for eight years.
spending eight years with the Marine Corps and finding my way into several technology sales jobs post-college, I then went on to get my MBA at the University of Georgia’s Terry College of Business. The most important things I did at Terry were rounding out my business acumen and really doubling down on my focus on go-to-market in software. The rest of my career has been an exercise in learning more and more about how every part of a software company functions, how those processes and products can be improved, and how those systems can create both meaningful outcomes for customers and financial success for your business.
I’ve had the benefit of working with and learning from leaders in several world-class software companies, including Sage, Intuit, LexisNexis, and Vertafore. Many of my colleagues in those organizations have risen to the “upper tier” in software and continue to be a resource and sounding board for me. I’ve been lucky to not only work under amazing software leaders, but beside fellow operators who are now CEOs of Fortune 100 companies, Operating Partners
at some of the biggest Private Equity firms in the world – and some who cashed out and are enjoying their time reading on the beach.
One of the things I’ve learned as CEO is that no matter what your original skillset or specialization may be, once you reach the executive level, you need to have a working understanding of every function of your business to truly lead from the front and build sustainable and successful results. Every role I’ve had has contributed to my ability to think holistically about the business, and it’s my belief that this perspective has been invaluable in leading symplr during this phase of its evolution.
How do you describe symplr’s mission and purpose?
At symplr, our mission is to simplify healthcare operations in order to help healthcare providers focus on delivering quality care to patients. That sounds simple – no pun intended – but in an industry as complex and regulated as healthcare, realizing our mission is no small feat. At the same time, we see firsthand the tireless work that healthcare providers do to keep our communities, our families and ourselves healthy, and we feel honored to play a part in making those providers’ jobs easier.
COMPANY BRIEF symplr (symplr.com) is a leader in enterprise healthcare operations software and services. For more than 30 years and with deployments in 9 of 10 U.S. hospitals, symplr has been committed to improving healthcare operations through its cloud-based solutions, driving better operations for better outcomes. Its provider data management, workforce management, compliance, quality and safety, and contract and supplier management solutions improve the efficiency and efficacy of healthcare operations, enabling caregivers to quickly handle administrative tasks so they have more time to do what they do best: provide highquality patient care.
Will you discuss your career journey?
I’ve technically been working since I was 14 – I actually started doing odd jobs for my aunt’s businesses for $2.75 an hour when I was 12. In college I joined the Marine Corps Infantry as an enlisted reservist, and I really consider that to be the start of my official career journey. After
“At symplr, our mission is to simplify healthcare operations in order to help healthcare providers focus on delivering quality care to patients. That sounds simple - no pun intended - but in an industry as complex and regulated as healthcare, realizing our mission is no small feat.”
BJ Schaknowski
An
“We offer a comprehensive suite of software solutions for healthcare organizations. Our products are designed to streamline and automate the complex operational processes inherent in modern healthcare systems.”
Well-designed healthcare technology should enable and empower healthcare workers to do what they do best – care for patients. From a software perspective, that means that if we’re able to streamline workflows, enhance compliance, and improve efficiency across the ecosystem, we can give providers the time and energy they need to improve outcomes.
At the end of the day, our work at symplr is outcomes-oriented. We succeed when healthcare systems see us as a trusted partner that helps them achieve their ultimate mission of providing quality care for their patients.
Will you provide an overview of symplr’s services and solutions?
We offer a comprehensive suite of software solutions for healthcare organizations. Our products are designed to streamline and automate the complex operational processes inherent in modern healthcare systems. Our provider data management, workforce management, compliance, quality and safety, and contract and supplier management solutions improve the efficiency and efficacy of healthcare operations. Beyond those four main categories, we also offer analytical insights that help our customers better understand the flood of data they’re creating on a daily basis and enable the use of that data to make informed decisions that improve their organizations.
What have been the keys to symplr’s growth?
When I came to symplr in 2020, my strategy was to find a way to preserve company culture and accelerate the growth of the business at the same time. Coming in as CEO for a healthcare technology company during the peak of the COVID-19 pandemic, I was immediately driven by the critical nature of our work, and I wanted to ensure that our teams had the support they needed to deliver for our customers. As we moved past the pandemic, the healthcare industry
has had to wrestle with the cracks in healthcare systems that were exposed by COVID. We saw a real need across healthcare systems to improve their operations. To address those needs, we made some strategic acquisitions that I’m truly proud of, while at the same time making sure that in-house innovation and a customer-centric approach remained a priority.
People come to work here because they’re passionate about improving healthcare operations; our customers come to us for software solutions because they’re passionate about improving their organizations to better deliver for their patients. Our shared passion and commitment and our partnership approach with our customers has helped us to define our strategic growth in a way that makes a real, tangible difference in healthcare operations.
How important is it for symplr to build a diverse and inclusive workforce?
Healthcare is a complex and dynamic industry, and we need every team to understand the wide range of experiences and perspectives that are inherent in our industry. Innovation is a key part of what we do at symplr, and diverse ideas help drive that innovation. It’s not just about innovation, though. It’s an acknowledgement that everyone receives healthcare at some point in their life, and that the healthcare industry itself is incredibly diverse. It doesn’t matter what your culture or background is – you interact with the healthcare industry throughout your life, and we want to make sure that every patient and every healthcare professional can build stronger connections and foster trust through our software. For us to be impactful across all the different populations we serve, we need to be a diverse workforce. Within our company, we want every employee at symplr to feel valued and empowered to contribute their best work. When people feel heard, they’re more motivated to deliver on our mission.
How did your time in the Marine Corps impact your leadership style and management philosophy?
Being in the Marine Corps Reserves for eight years instilled in me a deep sense of duty, discipline, and self-accountability. Leadership isn’t just about top-down orders; it’s about earning respect and trust from your team. The way I try to earn that respect and trust is by being mission-focused and understanding the work that each of my teammates provides. I’ve found that being cruel has no place in leadership, but at the same time you must be transparent and direct. Otherwise, you risk your team not being aligned, which is a recipe for disaster.
Beyond that sense of discipline and self-accountability, the recognition of the value that diverse and cohesive teams bring to achieving outcomes is fundamental to the military. That recognition has grounded me in the missionand-people framework I’ve relied on throughout my career.
You devote your time and energy to philanthropic causes. How do you decide where to focus your efforts?
I’m a big believer in giving back to organizations and causes that are very personal, whether that’s working with my alma mater, the University of Georgia; with transitioning our injured Veterans; or through my board membership with Susan G. Komen. My wife and I have decided to focus our efforts on organizations that have directly impacted us and our loved ones, and organizations that we know have the structural capability to truly impact others on a significant scale. We’re lucky enough to have found several organizations that combine good intentions with real impact, and I encourage others to do the same.
What advice do you offer to young people beginning their careers?
My advice to young people starting their careers is to be curious, stay humble, and work your butts off. Never, ever underestimate the value of putting in the hard work that most others are unwilling to do. Early in your career, it’s important to explore different roles, industries, and opportunities to find what truly excites you and that at which you are really, really good. That intersection is where you will find your growth path. Sometimes you’ll find out that something isn’t for you, and that’s completely okay – in fact, it’s more than okay, it’s a success in and of itself.
Be curious about everything, ask questions, and seek out mentors who can offer guidance and share their experiences. Never assume you know everything – but don’t worry if you do, it’s a classic trap we all fall into when we experience early career success.
Beyond that, don’t be afraid to take on challenges that push you outside of your comfort zone, because those are the experiences that will help you grow the most.
Finally, and perhaps most importantly: the business world is a relationship-oriented place. People who maintain sight of that will have success throughout their careers.•
Making Finance Work For Women
An Interview with Mary Ellen Iskenderian, President and Chief Executive Officer, Women’s World Banking
EDITORS’ NOTE Mary Ellen Iskenderian is the President and CEO of Women’s World Banking, a global nonprofit dedicated to serving the nearly one billion women excluded by the formal financial sector. She joined Women’s World Banking in 2006 and leads its global team in partnering with financial institutions and policymakers around the world to design and develop solutions and programs that facilitate systemic change for women. Additionally, she oversees Women’s World Banking’s for-profit asset management business that makes direct equity investments in financial services providers as a means to advance women in the workplace and as customers. Iskenderian has spoken widely and published extensively on topics ranging from equality of economic opportunity, women’s financial inclusion, climate resilience, and financial abuse. In April 2022, her first book, There’s Nothing Micro About a Billion Women: Making Finance Work for Women, was published by MIT Press. Before joining Women’s World Banking, Iskenderian worked for 17 years at the International Finance Corporation, the private sector arm of the World Bank, and had previously worked for the investment bank Lehman Brothers. She is a permanent member of the Council on Foreign Relations, serves as a Director on the Board of the William and Flora Hewlett Foundation, and is a member of the World Economic Forum’s Global Future Council and of Milken’s Africa Business Leaders Council. A 2017 Rockefeller Foundation Bellagio Center Fellow, Iskenderian holds an MBA from the Yale School of Management and a BS degree in international economics from Georgetown University’s School of Foreign Service.
Mary Ellen Iskenderian
How do you define Women’s World Banking’s mission and purpose?
Women’s World Banking is dedicated to serving the one billion women excluded by the formal financial sector. We aim to expand the economic assets, participation, and power of low-income women and their households by helping them access financial services, knowledge, and markets. By expanding our presence and partnerships on the ground with financial services providers and policy makers to advance global policies that impact women’s economic empowerment we are on track to reach 100 million women by 2027. Our mission through gender lens investing is to make direct equity investments in inclusive financial institutions and to create value through advocacy and technical assistance to reach more women as customers and attract female talent, thereby achieving higher returns on investment while helping to close the financial inclusion gender gap. As an NGO, we partner with financial institutions and policymakers to design and develop solutions and programs that facilitate systemic change for women. As an investor, we advance women in the workplace and as customers by making direct equity investments in inclusive financial services providers.
Our purpose is to ensure women are included in the economy and have access to the right products and information to make informed financial decisions.
How does Women’s World Banking partner with financial institutions and policymakers?
capabilities and aspirations at every step, from marketing to onboarding and product experience. Our focus goes beyond extending access to financial services to ensuring that solutions are designed and marketed in such a way that women can make meaningful use of them. Our partnerships with 205 institutions across 59 countries have allowed us to reach 56 million women in the last six years with financial products and services that foster measurable positive changes in their lives and those of their families and communities.
Governments play a central role in breaking down barriers to financial inclusion by implementing laws and policies that reduce inequalities and boost economic growth. At the country level, we work directly with governments and regulators to design and implement policies and initiatives that promote women’s financial inclusion. At the global level, we are the only credentialed NGO working on financial inclusion at the G20. As of 2024 Q2, Women’s World Banking has engaged 83 financial policy and regulatory institutions across 47 countries, creating enabling environments for more than 5 million women.
ORGANIZATION BRIEF For over 45 years, Women’s World Banking (womensworldbanking.org) has been dedicated to serving the nearly one billion women excluded by the formal financial sector. As an NGO, it partners with financial institutions and policymakers to design, develop, and implement solutions and programs that facilitate systemic change for women. As an investor, it advances women in the workplace and as customers through direct equity – to bring them security, prosperity, and independence. Since 2018, Women’s World Banking has reached more than 56 million women helping to change not only their lives but also those of their households, communities, and countries.
The barriers to women’s full economic participation are complex and multi-faceted and will only be eliminated through efforts across the financial system at the global and local levels. Partnerships are critical to driving the necessary changes at a systemic level. We partner with financial services providers, investors, and donors to bring women-centered products, services, and marketing practices to market. Likewise, we collaborate with both global and local policymakers and regulators to ensure the enactment of inclusive policies that are responsive to women’s needs and experiences.
We work directly with financial services providers to design solutions with women in mind. This means thinking about women’s
Through our policy advocacy work, we are channeling insights and knowledge from our research and advisory services to government ministries, regulatory and supervisory bodies, and individual policymakers seeking to advance women’s financial inclusion in their countries. For example, promoting gender-disaggregated data has been a significant part of our work in recent years: we advocate for the mandatory collection of this data by financial regulators and encourage the use of this data once collected to improve policy and promote products that meet the needs of women.
What excited you about the opportunity to lead Women’s World Banking and made you feel it was the right fit?
From day one, I have been inspired by the opportunity to make finance work for women. Prior to Women’s World Banking, I worked for 17 years at the International Finance Corporation, the private sector arm of the World Bank. Before that, I worked as an investment banker at Lehman Brothers. While I loved working in banking, I felt myself moving further away from the groups I wanted to serve. In order to make an impact, I wanted my day-to-day work to be much closer to the communities that had been sidelined or ignored by the formal financial system. Since joining Women’s World Banking,
I have traveled around the world and seen firsthand the disparities in opportunity that exist, as well as how critical women are to the growth and resilience of economies.
What are the implications of a lack of women’s financial inclusion?
Financial inclusion plays an essential role in building a secure future for women and their families. A lack of women’s financial inclusion impedes the response to numerous macroeconomic challenges and shocks, including climate change. For example, a woman at risk of displacement by a climate emergency needs access to the full range of financial products to plan for and respond to these shocks for her family and her business. She needs everything from reliable payment systems for emergency relief to loans to replace lost inventory, livestock or crops; to insurance to mitigate risks and cover losses. Likewise, our response to issues such as the burdens of the care economy, women’s unique health concerns, and their roles in the labor force are all closely connected to the breadth and depth of their inclusion in the financial system.
For Women’s World Banking, recognizing the direct connection between financial inclusion and broader economic issues opens up the possibility for new partnerships and the potential for even deeper positive impact on the lives of the women we aim to serve.
As companies continue to adopt AI at increasing rates, how do algorithmic biases impact critical financial systems and decision-making, and how is Women’s World Banking addressing this?
Gender-neutral data is a myth. Women have historically been subjected to unconscious bias in the financial world. As AI systems learn, they perpetuate and even amplify social inequalities and biases, exacerbating unequal financial systems. Even if gender isn’t a direct input, data can still be biased. For example, digital credit companies base lending decisions on data such as GPS, phone specs, and network information. This may contribute to the gender gap in disparities in technology access – a significant likelihood given the 15 percent gender gap in smartphone ownership reported by the GSMA.
Women’s World Banking is addressing AI gender bias by working with financial institutions to enhance their lending processes through a gender-intentional approach and encouraging the collection and use of gender-disaggregated data. We are conducting research to build the evidence and develop tools that address biases to enable financial services providers to design solutions that meet the needs of women. Our research provides critical evidence that can be built into solution design. For example, we created a scorecard tool that helps financial institutions check for gender balance, fairness, and opportunities throughout the lending process. This tool helps to identify and mitigate biases, fostering internal discussions on how to better serve women customers and close the credit gap. We are focused on bias mitigation strategies including de-biasing data, creating algorithm audits, and setting up internal reviews at institutions with bias.
What is gender lens investing and how can it be used to enhance women’s economic empowerment?
In the mid-2000s Women’s World Banking noted a disturbing trend: the percentage of women served by microfinance institutions that attracted external capital from commercial investors dropped precipitously and women’s leadership within these organizations all but disappeared. To demonstrate the continued value of serving women clients through gender diverse organizations, Women’s World Banking put our money where our mission is. We launched Women’s World Banking Asset Management (WAM) alongside our first $50 million gender lens investment fund, WWB Capital Partners, in 2012. In 2020, we further developed this investment thesis, expanding our investments to a broader range of financial institutions with the $103 million WWB Capital Partners Fund II. To date, WAM has invested in 21 inclusive financial institutions across 20+ countries, serving more than 10 million women customers.
“We hold ourselves accountable to determining whether a woman has been empowered through her engagement with financial services providers.”
For most investors, gender lens investing has come to mean investing in women-owned companies. For Women’s World Banking, gender lens investing has a broader meaning that extends to financing gender-diverse companies that serve women as a proven strategy for financial outperformance. Allocating capital to companies that focus on women as customers and as workforce and leadership talent leads to stronger institutions, better returns, and a more equitable world. WAM leverages our technical assistance capabilities through a range of value creation services for portfolio companies to improve the gender diversity of their workforce and their outreach to the addressable market of female clients. An example of this combination of investment and value creation
is a portfolio company in India that provides housing loans to low-income households and requires the woman’s name to be on the title to the property being financed. This practice not only protects the legal rights of women, but has resulted in improved loan repayments as well. As part of its value creation contribution to this company, WAM noted that female loan officers were more effective than their male counterparts at making credit recommendations. By highlighting the good performance of their female loan officers, WAM encouraged the company to hire more women into those roles, creating jobs for rural women, while increasing the company’s productivity.
How does Women’s World Banking measure the impact it makes through its work?
In 2018, we launched a ten-year strategy to elevate our organization’s scale and impact, setting a goal of reaching 100 million women with financial products by 2027. Reflecting on our progress to date, it’s clear that the strategic adjustments we’ve made to our business model, such as establishing robust local teams in priority markets and broadening our advocacy efforts, have yielded remarkably positive outcomes. Six years into the strategy and with 56 million women reached, we’re more than halfway to reaching our goal through a combination of advisory services to financial services providers, advocacy to policymakers, and direct investments.
While the numbers are important, our impact is not just about statistics. We hold ourselves accountable to determining whether a woman has been empowered through her engagement with financial services providers. Through rigorous quantitative and qualitative research, our women’s economic empowerment framework measures material and cognitive change that a woman might experience, enabling her to build resources. We also assess perceptual and relational changes that contribute to her agency, power, and participation. Outcome studies on several of our projects have shown, for example, that women with access to financial products participate more in household financial decisions and report feeling greater confidence in handling financial shocks.
How is Women’s World Banking highlighting the connection between climate change and financial inclusion?
The scientific community has developed a strong body of evidence quantifying the impacts of climate change on the environment as well as the disproportionate effects on historically marginalized groups, including women. Yet there is still a large gap in the evidence base on how climate change will impact individual-level finances and financial health among low-income women, households, and small businesses. We are eager to help close this gap and identify evidence of climate realities specific to low-income women.
It’s important to remember that while women may bear the biggest burden of the consequences of climate change, they also represent a largely untapped source of solutions to address climate change. Women’s traditional roles as stewards of water and other natural resources make them uniquely qualified to conserve those resources,
to respond to natural disasters creatively, and to ensure the community’s resilience. In fact, there is growing evidence that women’s presence in local climate change responses is associated with better resource governance, conservation outcomes, and disaster readiness.
Our aim is to support women as they adapt their financial lives in the face of these climate-related impacts and ensure their voices are heard in designing climate readiness and response. Our work is currently focused on building resilience
against climate shocks and creating greater economic opportunities for women through climate mitigation and adaptation solutions.
What interested you in writing the book, There’s Nothing Micro About a Billion Women: Making Finance Work for Women, and what are the main messages you wanted to convey in the book?
The fact that nearly one billion women have been completely excluded from the formal financial system shocked me and moved me to
raise awareness of this injustice. Without even a bank account in their own names, these women lack the basic services that most of us take for granted – secure ways to save money, pay bills, and get credit. While microfinance has been hailed as an economic lifeline for women in developing countries, I had seen its limitations firsthand. Throughout my book, I detail how it takes more than microloans to empower women and promote sustainable, inclusive economic growth. I also provide numerous case studies and examples for the financial services industry to follow. Financial services providers should view these one billion “unbanked” women not as charity cases, but as a business opportunity. They are a lucrative market of small business owners, heads of households, and purchasers of financial products and services.
It is my hope that through this book, readers come to understand that financial inclusion can be transformative for the lives of women in developing countries. I also wanted to make a clear business case for financial inclusion and note the ways that financial institutions can adapt to help women build wealth, access capital, and manage risks. Banks can do the right thing – and make money while doing so – and all of us can benefit.
Considering the significant barrier to women’s economic empowerment posed by the lack of women in leadership roles, how does this influence your own leadership approach?
Greater women’s representation has been correlated with higher returns, lower risk, and greater impact. Prioritization of gender diversity in many institutions can be a proxy for other positive determinants of financial performance, such as innovation, employee satisfaction, customer loyalty, and an inclusive and supportive work environment. Gender diversity alone is not a cause for an improved bottom line, but rather a symptom of a healthy, vibrant organization.
The power of gender diversity to drive business results is clearly evident among our investment portfolio companies. Our data shows a strong positive correlation between client and staff gender diversity and key financial performance indicators, including ROE and revenue growth. We also observe a positive correlation between women loan officers and outreach to women clients. Simply put: if you want to reach more women, hire more women.
I am honored to lead Women’s World Banking – an organization where diversity has emerged as a genuine strength, maybe even a “superpower.” Our organization advocates for women’s leadership not just in the board room and C-suite, but at all levels of an organization. As a female leader of a woman-focused organization, diversity takes on a different, but no less urgent importance. I have been extremely fortunate to have male colleagues from all over the world in our senior leadership, board, and programmatic teams who have made enormous contributions to our mission. These men are not just “allies” –rather, they bring an invaluable perspective to our work, underscoring the importance of women’s financial inclusion to economic growth and the creation of a more just society.•
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Impact Through Innovation And Technology
of Directors,
EDITORS’ NOTE Mike Gianoni (mike-gianoni.com) is the President, Chief Executive Officer and Vice Chairman of the Board of Directors of Blackbaud, the leading provider of software for powering social impact. Gianoni leads efforts to deliver unparalleled innovation and value to social impact organizations and those committed to making the world a better place, focusing on customer-first solutions that offer unequaled quality and speed. Through a career in technology spanning multiple decades, Gianoni’s leadership philosophy is marked by a dedication to fostering corporate cultures where employees thrive both personally and professionally. In the community, Gianoni is deeply committed to veterans’ initiatives, animal welfare, and other causes. He serves as co-chair of the Generosity Commission, a cross-sector initiative of the Giving Institute and Giving USA Foundation. He serves as chairman of the board for Teradata and is also a board member for the International African American Museum, and on the CEO advisory board for the Medical University of South Carolina (MUSC).
COMPANY BRIEF Blackbaud (blackbaud.com) unleashes the potential of the people and organizations who change the world. As the leading software provider exclusively dedicated to powering social impact, it expands what is possible across the nonprofit and education sectors, at companies committed to social responsibility, and for individual change makers. Built specifically for fundraising, nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management, Blackbaud’s essential software accelerates impact through unmatched expertise and powerful data intelligence.
Will you discuss your career journey?
I started my career at an exciting time in tech. Companies like Microsoft and Apple were just starting up, and the possibilities seemed endless. I came from a somewhat non-traditional background, having just completed a two-year engineering degree. I threw myself into the scene and got an early start as an engineer with a few different tech companies before moving more towards product management and later engineering leadership. Throughout my early
years, it was energizing to see how tech and software solutions could be scaled with speed and quality across industries and across the globe. After spending several years in the industry, I decided to go back to school. I got my MBA from the University of New Haven in the early ’90s and started working at DST Systems, where I stayed for the next eleven years. At DST, I was responsible for the telecoms, mutual fund, and healthcare divisions. This was my first real experience in corporate management, and it taught me the importance of teamwork and empathetic, decisive leadership for producing high-quality results. We were at the forefront of a lot of new technology, including much of what powered the back-office operations of the mutual fund industry at the time. I left DST in 2005 for CheckFree, as President of the Investment Services Group, which was subsequently acquired by Fiserv the year after I got there. We provided fintech solutions to brokers, dealers, banks, credit unions, and global asset managers. During my time at Fiserv, I served as Executive Vice President and Group President of the Financial Services group. I was intrigued by the chance to work at Blackbaud when I was approached, and was particularly attracted by the opportunity to use what I’d learned in the tech industry and apply it to such an important field serving the nonprofit and social impact space. I joined as CEO in 2014 and have been here ever since. It’s been an incredible ten years.
How do you describe Blackbaud’s mission and purpose?
The core of our mission is simple: we power social impact. We unleash the potential
of the people and organizations who change the world. As the leading software provider exclusively dedicated to powering social impact, we expand what is possible across the nonprofit and education sectors, at companies committed to social responsibility, and for individual change makers. We do this by building products that allow our customers to harness the power of data, cloud computing, artificial intelligence, the latest in online fundraising, and much more.
Will you provide an overview of Blackbaud’s services and solutions?
Millions of people across more than 100 countries connect, give, learn, or engage through Blackbaud platforms. Blackbaud’s products are built specifically for social impact organizations, powering everything from fundraising to nonprofit financial management, digital giving, grantmaking, corporate social responsibility and education management. Our essential software accelerates impact through unmatched expertise and powerful data intelligence. Our tools enable social impact organizations to find and identify new donors, raise more funds, streamline operations, and focus more on what really matters: making a concrete difference through their vitally important work.
One of our most well-known products, Blackbaud Raiser’s Edge NXT®, is an industry-leading platform built for fundraisers that’s proven to help social impact organizations increase the number of donors, gifts, and dollars raised. On average, Raiser’s Edge NXT users see a 44 percent increase in total dollars raised. Many fundraising professionals have even built their careers around this platform, becoming certified experts that their organizations rely on.
“The core of our mission is simple: we power social impact. We unleash the potential of the people and organizations who change the world.”
Mike Gianoni
An Interview with Mike Gianoni, President, Chief Executive Officer, and Vice Chairman of the Board
Blackbaud
As a 40-year leader in the social impact space, we also developed the Blackbaud Institute, a research lab that draws from Blackbaud’s robust data set – the most comprehensive in the social impact community – and convenes expert voices to equip the community with knowledge, insight, and confidence, all free of charge.
What have been the keys to Blackbaud’s growth and how do you describe the Blackbaud difference?
Blackbaud’s culture is the driving force behind our growth. Not only do our teams care about innovation and creating the best products possible for our clients, we’re also passionate about what those products are used for. Outside of work, many of our people are extensively involved in charitable boards and nonprofit initiatives in their communities. Since we’re a remote-first company, we benefit from how ingrained our team members are in different communities across the country and globe. We encourage this type of involvement, and I’m proud that Blackbaud continues to be recognized with honors like being one of TIME’s Best Mid-Size Companies of 2024.
This culture of involvement and generosity unites us, and inspires us to design innovative products that transform what’s possible for social impact organizations. Combined with our deep industry insights, our culture helps us learn from our partners, integrate flexible and low-code modifications to optimize functionality, and deploy other best practices to help users unleash their full potential.
Will you elaborate on the role of the Blackbaud Institute, Blackbaud’s research lab?
Our vision when we founded the Blackbaud Institute was simple: we wanted to create a single venue where we could simultaneously explore and create the future of nonprofits, corporate social responsibility, and foundations. The Institute facilitates public research studies to drive original qualitative and quantitative insights. We are guided by our commitment to the social impact sector to provide timely, transparent, and well-rounded research that is free to access. From how organizations run to how donors give, we’re 100 percent focused on research and resources for this sector. Furthermore, our research agenda is grounded in a commitment to topics that social impact organizations can apply immediately to better understand, benchmark, and improve their essential business operations. Our recent “Gen Z at the Table” report is a good example of this dedication in practice. When we created the Institute, we wanted to prioritize the practical applicability of any research. Resources like these are really at the heart of what we do.
How important is it for Blackbaud to build a diverse and inclusive workforce?
A diverse workforce allows companies to gather multiple perspectives, promote learning and understanding, and create products that work for more people. We aim to promote diversity not just as a corporate strategy or a set of buzzwords, but as an integral part of
“Our tools enable social impact organizations to find and identify new donors, raise more funds, streamline operations, and focus more on what really matters: making a concrete difference through their vitally important work.”
Blackbaud’s community and culture. We’ve taken several steps to ensure that Blackbaud’s workforce reflects our diversity and inclusion aspirations. When I first joined Blackbaud in 2014, we introduced a formalized diversity and inclusion initiative, and today we are proud to have nearly equal gender balance in our workforce – a stark contrast to most of the tech industry. We have employee affinity groups that meet regularly, and we hold workshops addressing diversity and inclusion-related issues. We take these steps because we know that with a diverse workforce that feels included, we are a more innovative, collaborative, and creative company.
You also serve as co-chair of the Generosity Commission. Will you highlight the work of the Commission?
The Generosity Commission is an independent project of The Giving Institute and Giving USA Foundation, made up of CEOs and social impact leaders from across sectors. The Commission’s work culminated in a final report released in September of this year, synthesizing our findings and offering pathways for leaders, individuals, and organizations from all segments of society to promote generosity in all forms, including charitable giving, volunteering, and civic engagement more broadly. I’ve had a number of conversations with my peers in the business community since the report launched at the Aspen Institute, and am enthusiastic about how the private sector can leverage this new tool.
Since its founding in October 2021, the Commission has aimed to survey the current donation landscape in the United States, and use that information to explore how to best support and enable everyday giving and volunteering. We approached this goal in a number of ways: from publishing academic studies on contemporary trends, to making clear recommendations to promote generosity in whichever form it takes.
Business has an essential role to play in fostering a generous society, and I’ve been proud to partner with the Commission and my fellow members to promote these ideals. From my career in tech, I’ve come to understand that effectively confronting big challenges like these often requires two things: lots of data and lots of perspectives. The Generosity Commission has both, and it’s an important time for American civil society to be equipped with these latest resources.
What do you feel are the keys to effective leadership and how do you approach your management style?
Three things: vision, empathy, and action. As a leader of a company like Blackbaud, my job is to create an environment in which employees can thrive and flourish, so the company can grow and best serve its customers. The most effective way to create an environment of this kind is to listen to each member of the team, and genuinely make everyone feel like they have a voice. You’re going to have disagreements, sometimes passionate disagreements, and that’s only natural. But being able to work through those disagreements, to channel those disagreements into productive, substantive progress requires active, empathetic listening.
Equally important to leadership is commitment to action, and I always try to be decisive with every choice I make as the CEO of Blackbaud. If you’re the leader, you’re the captain of the ship. It’s up to you to have confidence in the course you’re charting, including knowing how and when to make necessary adjustments. What advice do you offer to young people beginning their careers?
Get involved in something that makes you intellectually excited. I started working in tech at a time of unparalleled transformation in the industry. It was the age of the PC, of Apple, a moment of tremendous innovation. That was such an exhilarating environment, and the passion that moment inspired within me has been a guiding force in my career. It’s also critical to approach any problem or obstacle you face from a variety of different perspectives. Obstacles are a natural part of life; if you don’t encounter any, you’re not doing very much that challenges you. If you’re single-minded in your approach to a problem, those obstacles seem insurmountable. That’s why it’s essential to take a step back, talk to other people, and learn to value different perspectives. Finally, whatever you do, always strive to do good and make a difference. Blackbaud is a remarkable company not only because of the products we create, but because we genuinely believe that what we are doing has a positive impact on the world. That belief manifests itself in our culture and ethos as a company, and is a key factor in our success. When you find a purpose, when you find something that you truly believe in and see how it positively impacts others, that’s when you’ll know what true success feels like.•
A Game-Changer In The Hospitality Sector
An Interview with Andro Nodarse-Leon, Founder and Chief Executive Officer, LionGrove
EDITORS’ NOTE Over the course of a successful 20-year career, Andro Nodarse-Leon has completed acquisition, financing, and divestiture transactions totaling over $85 billion in value and has been involved with hundreds of transaction processes across multiple sectors, including hospitality, education, real estate, consumer products, media, entertainment, finance, business services, energy and infrastructure. NodarseLeon began his career in investment banking at Goldman Sachs & Co. and, subsequently, as a private equity professional at KKR in New York City. Immediately prior to founding LionGrove in 2018, Nodarse-Leon was Founder and Managing Partner for LEON, MAYER & Co. (LM), a successful Miami and New York City based investment banking and private equity firm which he founded in 2005. From 2012 to 2018, Nodarse-Leon led LM’s efforts in connection with the founding, ownership, financing, investment and operational oversight of its portfolio company, Endeavor Schools, a successful roll-up of pre-k to 12th grade private schools throughout the United States. In 2015, LM formed a joint venture to acquire El San Juan Hotel from Blackstone. Subsequently, LionGrove purchased the interests of LM in El San Juan Hotel. Nodarse-Leon previously served on the Owners Advisory Council for Hilton Corporation and the Board of Trustees for the Oliver G. Scholars Program in New York City. He is the co-author of Cuba: From Economic Take-off to Collapse Under Castro. He currently serves as Vice President of the Board of Directors of the Cuban American National Foundation, a nonprofit that supports the development of democracy in Cuba. Nodarse-Leon received a BS, cum laude, from The Wharton School of the University of Pennsylvania and a BSE, cum laude, from the School of Engineering and Applied Sciences of the University of Pennsylvania.
blue-chip, Wall Street professionals with the eye for creating great environments and the passion for service of worldleading hoteliers. LionGrove acquires hotels ranging from midscale to luxury and from limited service to full service located in fundamentally strong markets across the United States. The LionGrove team has operated hotels across the U.S., the Caribbean, and Latin America from upscale to luxury properties under the Marriott, Hilton, Intercontinental Hotels Group, Accor, Wyndham, and sbe family of brands, as well as independent properties ranging from small boutique hotels to some of the largest and most operationally complex properties in the world. LionGrove currently owns the Fairmont El San Juan Hotel in San Juan, Puerto Rico and the Wyndham Palmas Beach and Golf Resort in Palmas Del Mar, Puerto Rico.
What was your vision for creating LionGrove and how do you define its mission?
LionGrove is a game-changer in the hospitality sector, transforming hotels that are fundamentally sound, but are underperforming due to varying strategic, operational, or capital dynamics. Core to our mission is acquiring properties that are rich in potential and revitalizing them into vibrant destinations that touch
souls and enrich lives through awe-inspiring experiences and spaces. We want our hotels to be great local citizens, both delighting guests with local authenticity, and uplifting our team members and local communities. Our careful selection of investment opportunities, together with our thoughtful development and execution of a bespoke business plan for each hotel, is what drives the industry leading returns that we are focused on delivering for our investors. How do you describe LionGrove’s culture and how critical is culture to the success of the firm?
LionGrove’s culture is underpinned by a drive to be a worldwide leader in the hospitality industry. That means taking seriously the commitment to excellence, level of intensity, and the discipline that requires. At the same time, central to our culture is the understanding that we achieve more together when we care for each other, enjoy our daily interactions, and have fun while growing together. We are obsessed with driving robust results for our investors and, accordingly, we align our team’s interests with theirs. We have each other’s back, we treat each other with care and respect, we hold ourselves to high ethical standards, and we have a passion for creating award-winning profitable hotels that outperform their peers and deliver great investor returns.
FIRM BRIEF LionGrove LLC (liongrove.com), together with its affiliates, is a leading hospitality investment firm whose professionals have over 190 years of combined investment, financing, and operational experience forged at some of the most prestigious private equity, investment banking and hotel companies in the world, including KKR, Goldman Sachs, UBS, Greenhill, Marriott, Starwood, Intercontinental Hotels Group, The Ritz-Carlton Hotel Company and sbe, among others. LionGrove brings together the investment acumen of seasoned,
Andro Nodarse-Leon
Wyndham Palmas Beach & Golf Resort (above and opposite page)
Will you discuss LionGrove’s investment strategy?
Our investment strategy targets primarily upscale to luxury hotels across the sunbelt of the U.S. and its territories. We focus on hotels that, while fundamentally strong, have hit a performance plateau and stand to gain from a new vision, capital improvements, a brand repositioning, and enhanced management oversight and execution. With a team that combines hundreds of years of world-class investment and hotel operational experience, we do a great job of selecting strong assets, in growing markets, and unlocking substantial value through physical upgrades, growing the hotel’s penetration of attractive market segments, and the creation of additional revenue streams through improved food and beverage, entertainment, and wellness programming.
Where do you see opportunities for growth for LionGrove?
We recognize significant growth potential across the U.S. sunbelt, including in the U.S. territory of Puerto Rico. We are fundamentally interested in markets with population and GDP growth, with environments that are friendly to business formation and growth, and where there is growing interest from U.S. and international travelers. Within the continental U.S., we are currently pursuing hotel acquisition opportunities across multiple markets including Florida, Texas, and Arizona, among others. In Puerto Rico, we are encouraged by the island’s economic progress, fueled by attractive tax benefits, a strengthening
manufacturing industry that represents approximately 50 percent of GDP, and a vibrant cultural resurgence that is driving global interest in visiting the island. We are working on new full-service hotel acquisitions in these markets, as well as follow-on investment opportunities to expand some of our current hotels in Puerto Rico with additional key count and branded residential product. Our objective is to expand our hotel portfolio to over $1 billion in asset value in the next five years.
Will you highlight the strength of LionGrove’s team?
LionGrove’s strength lies in our diverse and experienced team that brings together world leading investment, hospitality operations expertise and creativity and passion for what we do. My background in investment banking at Goldman Sachs and private equity at KKR, combined with my experience in previously building and exiting successful operating real estate businesses, provides a strong financial and strategic foundation for our firm. We are also privileged to have on our team world class hoteliers, such as our COO, Chris Sariego, who brings extensive luxury hospitality experience from brands like Ritz-Carlton, sbe, and Atlantis.
Our firm’s blend of financial acumen, creativity, eye for design, and operational expertise allows us to identify undervalued assets and to implement effective strategies to transform and optimize these properties. Our team’s integrated approach, combining dealmaking skills with hands-on operational
knowledge, has been the key to our success selecting great properties and executing our vision for each one of them.
What do you see as the keys to effective leadership and how do you approach your management style?
Effective leadership is about fostering a culture of excellence, innovation, empowerment, accountability, and shared joy from seeking to execute on our firm’s mission and being industry leaders. We hire the brightest and most creative minds that are committed to professional excellence and are passionate about LionGrove’s vision, mission, core principles, and culture.
It is my role to delineate and keep us focused on a vision and mission for our firm. However, I am a firm believer that real magic happens when each of our team members realizes they are the CEO of their role. We believe in distributed leadership. Each team member at our firm is expected to delineate a vision and mission for their area and role that supports our broader vision and mission, and they are each expected to innovate, take ownership, collaborate, and execute.
It is essential for me to create an environment where the best ideas always rise to the top and are adopted and implemented, where speed of execution is valued, and where our team feels a deep sense of responsibility for the success of each hotel that we own.
Did you always know you had an entrepreneurial spirit and desire to build your own firm?
I have had an entrepreneurial spirit since I was very young. I had my first company while at Penn. It was a nightlife company. After graduating, I knew I wanted to go to the best finance and investment firm in the world so that I could learn the fundamentals of business and investing from the incredible colleagues that I knew I would have there.
It was an incredible privilege to have been able to work at Goldman Sachs and KKR. Both are amazing firms with incredible cultures and unbelievable track records of success that I admire tremendously. All along, I knew that I wanted to apply what I learned along the way to go out on my own to create new businesses. It is very fulfilling to create and grow a company that would not otherwise exist if it were not for a new team of people coalescing around a vision and a mission and turning it all into a reality.
What advice do you offer to young people beginning their careers?
Focus on the things that you are viscerally passionate about. Listen to those instincts. Develop expertise there. Build a strong base of foundational knowledge at the best places that you can get into – both academically and professionally. Along the way, accumulate some start-up capital and foster strong capital relationships. Then, go out on your own or join a small group of like-minded friends and colleagues to create and to give shape to new visions and ideas that move industries forward and make the world a better place.•
Exceeding Expectations
EDITORS’ NOTE Dr. Calvin Choi is the founder of AMTD IDEA and AMTD Digital, and the Global Chairman of L’Officiel, and The Art Newspaper He is also the Founder and Chairman of AMTD Charity Foundation. He is a globally recognized entrepreneur and philanthropist as well as a pioneer and contributor in promoting global digitalization. Dr. Choi is currently appointed by the HKSAR Government as a member of HKSAR Pris oners’ Education Trust Fund Investment Advisory Committee, a member of Hong Kong SAR Central and Western District Fire Safety Committee, and a member of HKSAR Brewin Trust Fund Committee. He serves as the Vice Chairman of China Young Entrepreneurs Association, being the first ever appointed nationwide Vice Chairman representing Hong Kong and Macao. He is a member of the Executive Committee of All-China Federation of Industry and Commence; serves as the President of Hong Kong Islands Federation; Vice Chairman of Greater Bay Area Homeland Youth Community Foundation; Chief President of the Hong Kong Youth Association; and the Honorary President of the Hong Kong Federation of Journalists. He also serves as the Board Director of ASEAN Financial Innovation Network, which was founded by the World Bank, Monetary Authority of Singapore, and ASEAN Bankers Association. Choi was awarded “Knight – Order of Arts and Letters” by the Ministry of Culture of France in 2022. He was named “Asia FinTech Leader”, “Singapore FinTech Leader” and “Top 10 FinTech Leader” respectively in 2019-2021 by the Singapore Fintech Association; granted “Outstanding Contribution Award (Individual)” by the conference of “Pilot 9+2: First Guangdong-Hong Kong-Macau Greater Bay Area Development Forum” held by Hong Kong Ta Kung Wen Wei Media Group in 2021; named “Asia’s Most Influential” by the Tatler in 2021; “Young Global Leader” by the World Economic Forum in 2017; and honored by Institutional Investor magazine as one of the global “Fintech Finance 35” in 2016. He was granted the degree Doctor of Laws honoris causa, and the “International Alumni Achievement Award” by the University of Waterloo in 2021 and 2019, respectively.
education and training; and premium assets. AMTD IDEA Group represents a diversified institution and digital solutions group connecting companies and investors with global markets. Its comprehensive one-stop business services plus digital solutions platform addresses different clients’ diverse and interconnected business needs and digital requirements across all phases of their life cycles, as well as hospitality and VIP services. Through its unique eco-system – the “AMTD SpiderNet” –AMTD IDEA Group is uniquely positioned as an active super-connector between clients, business partners, investee companies, and investors, connecting the East and the West. AMTD Digital Inc. is a comprehensive digital solutions platform headquartered in France. Its one-stop digital solutions platform operates four main business lines including digital media, content and marketing, digital investments as well as hospitality and VIP services.
Will you discuss your career journey?
I started as a professional accountant upon graduation to advise many clients, and later transformed to become an investment banker to plan for the capital market strategies and future fundraising options for clients. Finally, I started my entrepreneurship journey in 2016. Time flies – eight years have gone by and I feel thankful to have a lot of support and encouragement from my network to build a conglomerate with one duallisted company on NYSE and SGX, and another NYSE listed company along with diversified businesses to span across financial services, media and entertainment, education and training across many countries in Europe, Asia, and the U.S. What is your vision for AMTD and how do you define its mission and purpose?
more than (simply) delivering” – we exceed expectations.
Where do you see the greatest opportunities for growth?
We embrace the influence and value adds of the media industry to provide relevant information and viewpoints to readers for their interest and references, as well as enriching the day-to-day experience of people by learning about history and culture, and touching on the evolution and trends of developments of local communities in terms of many areas including art, entertainment, fashion and sports. As of today, AMTD owns globally L’Officiel with over 100 years of history as a global fashion media brand, as well as The Art Newspaper, the art bible and authoritative voice of the industry across major art exhibitions and festivals globally.
Did you always know that you had an entrepreneurial spirit and desire to build your own company?
I had a strong mission in my heart from a very young age with a clear aim to become a useful person to the world. I must acknowledge that I have worked very hard throughout the years – I enjoy working and embrace every path of my entrepreneurship journey, the ups and downs, the good and bad.
What advice do you offer to young people beginning their careers?
COMPANY BRIEF AMTD Group (amtdgroup.com) is a conglomerate with a core business portfolio spanning across digital solutions; media and culture;
My vision is to build a corporation with relevance and contribution of values to society. I want my company to provide the seeds of learning, happiness, and sustainable use to our clients and we work hard on continually building and nurturing the platform to consistently transform and exceed our clients’ expectations. In my mind, AMTD is about “always
Continuous learning, whether from textbooks or school or day-to-day context, alongside a humble mind and curiosity to learn every day will give you the right mindset to start and pave the way for success. Enjoy whatever path you choose and embrace every journey, no matter if it results in failure or success, since it will better equip you for your next adventure.•
Dr. Calvin Choi
An Interview with Dr. Calvin Choi, Founder of AMTD IDEA and AMTD Digital; Global Chairman of L’Officiel and The Art Newspaper
AMTD Group’s subsidiary AMTD IDEA’s fifth listing anniversary at NYSE
INTRODUCING SERVICENOW AI AGENTS.
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Authentic And Innovative Australian Designs
An Interview with David Woollcott, Chief Executive Officer, King Living
EDITORS’ NOTE David Woollcott, who is British-Australian, took over the role of Chief Executive Officer of King Living in late 2022. He previously held leadership roles in Fisher & Paykel, Miele Australia and New Zealand, as well as BMW Group. He is an experienced executive having served in senior roles across the premium and luxury automotive, appliances, and most recently, furniture industries, in a global context. Woollcott is an affiliate member of the UK Institute of Directors (IOD) and the Australian Institute of Company Directors. He is the founder of the concept not-for-profit, SaddleUp! supporting people recently made redundant. Woollcott holds a Bachelor of Engineering degree from the University of Bath and has participated in the Advanced Development Program at London Business School and another Advanced Management Program at Deakin University, Melbourne.
embodies sustainable, adaptable living – a philosophy that continues to drive us today. Given our scale, it is incredible that we remain vertically integrated and privately owned. What have been the keys to King Living’s industry leadership and how do you define the King Difference?
At the heart of the King Difference is how our customers experience our products today and in the future. Every aspect of a King Living design – from modular configurations to removable covers and integrated technology – offers tangible lifestyle benefits, ensuring our furniture provides enduring comfort. Our in-house design team, dedicated to creating authentic and innovative Australian designs, continuously push the boundaries of what furniture can achieve. We are committed to evolving and refining our designs, a principle of continuous improvement that underscores our dedication to
enhancing our customers’ lives. These unique points of difference and the advantages of our vertical integration are key to our marketleading position. Our agility allows us to move rapidly from prototype to final design, maintain full end-to-end control, and deliver products of the highest quality.
How do you describe the King Living’ culture and values?
Though we’ve grown into a global company, we’ve remained true to our roots as a family owned business, fostering a family-like atmosphere throughout the organization. Our team challenges the status quo, and we’re fortunate to have a culture that encourages innovation and creativity at all levels of the business. At the core is a relentless pursuit of excellence and a customer-first approach.
Where do you see the greatest opportunities for growth for King Living?
We envision King Living as a 100-year brand with a philosophy that we’re here to stay. As we look to the future, we see significant opportunities to expand further in Europe and
COMPANY BRIEF Since 1977, King Living (kingliving.com) has been at the forefront of Australian furniture design. Established in Sydney, Australia, King Living now operates in New Zealand, Singapore, Malaysia, China, Canada, the United Kingdom and the United States. With a reputation built on steel, King Living designs and manufactures contemporary award-winning furniture that’s made to last. King Living ensures the highest quality of craftsmanship is maintained. All aspects of design and manufacturing are controlled by the in-house design team, supported by dedicated engineers within state-of-the-art manufacturing facilities.
Will you highlight the history of King Living and how the company has evolved?
King Living began with founder David King and his mother, Gwen, crafting simple foam chairs at their family home in Sydney in the ’70s. Today, we are a global brand with showrooms in eight countries and manufacturing operations in three. The true vision for King Living sparked when David noticed discarded, broken furniture piled up on Sydney’s streets. David was determined to create furniture that would stand the test of time and adapt to the changing needs of its users. He set out to design furniture that
David Woollcott
the U.S. Our focus is on securing properties in prime locations that align with our brand and meet our customers’ needs. Sustainable growth is essential to us, and as a privately-owned company, we have the flexibility to scale at a pace that suits us. Integral to this growth is our commitment to investing in our people, IT, and systems, and ensuring that our culture continues to attract and retain top talent.
Will you discuss King Living’s commitment to sustainability?
King Living has been committed to sustainable design from the very beginning. Our products are built to last, starting with a durable steel frame foundation that offers strength and flexibility, accommodating endless configurations. Our modular sofas can be rearranged to suit our customers’ evolving lifestyles, and the removable covers are designed for easy washing, repair, or replacement through our King Care service. In line with our sustainability efforts, we recently launched an online outlet in Australia, furthering our commitment to divert as much furniture as possible from landfill. We will increase our advocacy for a circular economy by measuring the amount of repurposed, reused, and donated product to minimize landfill impact. Additionally, we plan to closely examine our global CO2 footprint and comprehensively review all packaging to reduce waste.
How important is it for King Living to build a diverse and inclusive workforce?
Diversity of lived experience and perspective is incredibly important if we are to offer world-class products to a growing global audience. We have always been an employer of choice and have a strong track record of embracing gender, ethnicity, belief, political persuasion, and sexuality. We ensure diversity of access to our wide array of roles across
the world, but we also ensure that merit wins through high-performing teams, and our customers expect this. We want the best experiences for our teams and customers, which means recruiting and developing the best talent. The makeup of modern-day Australia is alive and well at King Living. In fact, our Support Centre in Sydney, which has around 200 employees, has first- or second-generation family origins from more than 30 nations.
What are your views on King Living’s responsibility to be engaged in the communities it serves and a force for good in society?
Long before I joined the company, King Living had been an active participant in our communities, and it was one factor that attracted me to the company. We have a thriving King Foundation, which donates globally to causes where we know we can make a change in a sustainable and long-lasting way. The King family drives this with strong support from our teams in the showrooms, manufacturing centers, and our design and support center in Sydney. We also ensure that our furniture, which is used for photoshoots or for display purposes if unsold, is donated. As we manufacture our products in our own plants, we know the source materials and ensure that repair, reuse, and recycling are designed into our furniture as a policy.
What do you feel are the keys to effective leadership and how do you approach your management style?
I believe in leading as a servant of the organization on behalf of our customer. This means investing time and energy ensuring that many of the obstacles to success are removed for our team of specialists to deliver the next product or the next process. I also believe in getting the basics right; this means setting a clear vision and building a strategy with the leadership, as well as insisting that our teams take an active role in designing their own outcomes against the long-term goals.
What advice do you offer to young people beginning their careers?
Gain breadth of experience before depth. Try as many different roles as you can, particularly in your 20s and 30s. Combining travel and work (if you can) before settling down will also add another layer of experience and opportunity for some fun along the way.•
Myco Side Table – ideal for small spaces, the minimalistic form
The Jasper Coast is tailored for relaxation with expansive deep seating that invites true comfort
A Revolutionary Way To Explore The World
An Interview with Ric Roth, Co-Founder and Director, Apogee Rewards, Inc.
EDITORS’ NOTE After graduating from Boston University, Ric Roth directed the operations of RMR Advertising Inc., a media planning and buying organization founded by his father, Robert Roth. He later formed IGT Media Holdings and The IGT Charge Card (now Primecard, primecard.com). His most recent venture is Apogee Rewards, Inc.
COMPANY BRIEF Apogee Rewards, Inc. (apogeeindigo.com) is a Miamibased company that was developed by the founders of Primecard, a membership-based discount program. The mission of Apogee is to provide travelers with a revolutionary way to explore the world. Through the Apogee Indigo app, travelers can plan their adventures with a virtual sherpa that offers curated dining, entertainment, attraction, shopping, and experiences, while taking advantage of great savings at their upcoming destinations. In development since 2022 and launched in 2024, Apogee Indigo also helps promote local businesses that are looking to tap into the travel industry. Apogee Indigo pre-purchases products from merchant partners and provides industry-leading marketing practices to drive customers through their doors.
Ric Roth
competency to build an app-based, data-driven, travel tech platform that would offer consumers great savings benefits and curated content when traveling to Apogee Indigo destination markets.
Our mission is relatively simple; we want to offer all of our stakeholders, including merchant partners, distribution partners, and travelers (we call them explorers), an opportunity to equally benefit from engagement with Apogee Indigo.
Merchant Partners: Drive incremental sales from travelers heading to their markets through Apogee Indigo’s robust marketing to these travelers both pre-arrival and throughout the traveler’s stay.
Distribution Partners: Provide a no-cost benefit to the travel and hospitality industry through an app-based platform that will provide their customers with a no-cost benefit and their businesses with a rich and ongoing revenue share in categories not endemic to their existing revenue streams.
Travelers: Provide them with a no-cost benefit that will offer them savings and cash back of up to 40 percent at 100 to 200 restaurants, attractions, experiences, and entertainment locations in each Apogee Indigo destination market.
savings and cash back opportunities that greatly incentivize them to engage with our merchant partners.
In the absence of Apogee Indigo, it is almost impossible for a merchant partner to connect with travelers pre-arrival at the destination or for the distribution partners to generate revenues on their customers’ dining, attraction, experience, and entertainment spend.
As previously mentioned, we have a wealth of experience through our Primecard business. This experience includes many successes as well as some less-than-stellar experiments. All of this knowledge provided us with a great base from which we have spent almost three years and millions of dollars to develop a robust tech platform with all of the latest geolocation, data management, and AI functionality that will allow us to best serve our stakeholders. Apogee Indigo is also committed to giving back, and we do this through our partnership with Feeding America. Apogee Indigo provides one meal to America’s food challenged for every Apogee Indigo transaction at our Merchant Partners.
Where do you see the greatest opportunities for growth for Apogee Indigo?
What was the vision for creating Apogee Indigo and how do you define its mission?
Having conceptualized, developed, and managed Primecard, which has generated over 12 million transactions and over $550 million in revenue from over one million members, we believed we had a very good understanding of the space and truly felt that we could leverage our experience and core
Will you provide an overview of how Apogee Indigo works and discuss its capabilities?
Apogee Indigo develops a Merchant Partner Network in each destination market. We connect with travelers through our Distribution Partner Network and market our merchant partners to these travelers who are heading to that market. The traveler is provided with
“Apogee Indigo develops a Merchant Partner Network in each destination market. We connect with travelers through our Distribution Partner Network and market our merchant partners to these travelers who are heading to that market.”
In the short term, Apogee Indigo will roll out to 20 destination markets – a destination market is defined as a particular city, county, or region where tourists travel. These markets will generate roughly $100 million of sales and $20 million of EBITDA. If we then look at 100 markets, we’re looking at $1 billion in revenue and $200 million in EBITDA. There are thousands of destination markets worldwide, so Apogee Indigo’s scalability is practically limitless.
In addition, there are some additional verticals developed within our business plan and platform that will allow for growth beyond the travel and tourism sector.
What are your priorities for Apogee Indigo as you look to the future?
The major priority of our team is to constantly test new offerings and utilize the data from these tests to offer the most robust and rewarding experience for our stakeholders.
What have been the keys to Primecard’s ability to stay relevant and grow over the years?
Flexibility, creativity, tight controls over expenses, and the willingness to take calculated risks if the potential reward is there.•
LEADER TO LEADER LEADER TO LEADER
The Key Ingredients For Leadership
EDITORS’ NOTE Nido Qubein rose to prominence as an internationally known author and consultant who has given more than 7,500 presentations worldwide. He has served on the corporate boards of several Fortune 500 companies including Truist – the sixthlargest bank in the nation, La-Z-Boy, and Savista Healthcare. Qubein is also executive chairman of the Great Harvest Bread Company. Qubein became the seventh president of High Point University in January 2005. Since that time, enrollment has quadrupled, the campus has expanded from 90 to 520 acres, and academic schools have grown from three to fourteen. Among numerous honors and recognitions that he has received, Qubein is an inductee of the Horatio Alger Association for Distinguished Americans, along with Oprah Winfrey and Colin Powell. Qubein converses with some of the world’s most influential thought leaders and change agents, many of whom are drawn to HPU’s innovative campus. Their conversations focus on leadership, life skills and values that prepare HPU students to lead lives of success and significance. Below is a transcribed excerpt, edited for clarity and brevity, of Qubein’s 2021 conversation with Dr. John C. Maxwell, a renowned leadership expert and coach who has sold nearly 40 million copies of his books on leadership and life.
Qubein: My goodness. Your influence has been felt from border to border, coast to coast, countries around the world. You have written so many books – 80 plus books – that sold almost 40 million copies. You’ve coached people. You’ve planted seeds of greatness everywhere you’ve been. And you began as a minister of a church in Indiana.
Maxwell: I did so with three people the first Sunday, and two of them were my wife, Margaret, and me. Honestly, it was an elderly lady named Maude who lived right beside the church. So, it was Maude, Margaret, and me the very first Sunday in a small church in Hillham, Indiana. People will say to me today, “You must love your life and love what you’re doing,” and I’ll say, “Well, I do, but I loved what I was doing in southern Indiana with three people.”
So many times, we get Destination Disease. We think we’re going to be fulfilled out there and find the answer for us. But I think when you love what you do and you do what you love, it doesn’t matter how big you are, how small you are - you just enjoy the journey. And I can honestly say that I’ve had a wonderful
journey, but it isn’t like it’s gotten wonderful in the last 10 years. It’s been wonderful for 50 years.
Qubein: Then you built churches in California and Ohio, and these were mega-churches.
Maxwell: By the time I was 29, I had the 10th largest church in America. People would ask me how that happened, and I’d say, “Well, we worked hard.” I didn’t quite understand why they couldn’t build a great church, and it took me about three years to really understand why. I realized I was a good leader, and when I saw how everything rises and falls on leadership, that was the moment when I wanted to give my life to helping people learn how to lead. If I can help people learn how to lead, no matter what profession they’re in, I knew they were going to do better. Fifty years later, I believe that even more now than I did in the beginning.
Qubein : John, you’ve been named the number one leadership speaker in the world for a reason because you have indeed shown people how to lead. What is your definition of leadership?
Maxwell: I think leadership is just influence, and I think that we make it way too complicated. I think we want to attach position with it or title with it. You know, Mother Teresa was an incredible leader, a great influencer worldwide. But she never had a title. She worked in the slums of Calcutta.
As for me, I try to be a communicator. I take things complicated, make it simple and share it with people. When they ask me, “How do I increase my influence?”, I say, “By intentionally adding value to people on a daily basis.” The moment you begin to intentionally add value to people, they begin to influence you. I tell young people all the time, “If you really want to be a great leader, just start by intentionally adding value to people on a daily basis.”
Qubein : If leadership is influence, not every leader is doing well.
Maxwell : Leadership at its best brings the best out of people. Leadership at its worst brings the worst out of people. And so, the rising of leadership is all about competence
Nido R. Qubein and John C. Maxwell
A Conversation between Nido R. Qubein, President, High Point University and John C. Maxwell
“I think leadership is just influence, and I think that we make it way too complicated. I think we want to attach position with it or title with it. You know, Mother Teresa was an incredible leader, a great influencer worldwide. But she never had a title. She worked in the slums of Calcutta.”
and values. When you show me a leader that is competent and has great values, they’re going to rise, and people are going to rise with them.
Qubein : What would be the top three ingredients for a good leader to develop?
Maxwell: I think number one is humility, and that doesn’t mean self-depreciation. Humility is not thinking less of yourself, but is thinking of yourself less. That means you have the ability to get beyond yourself and really care for people and be interested in them, about who they are and what they do. And humility makes us teachable, and I think the core to growth is having a teachable spirit, always wanting to learn, always believing that everybody is your teacher, and every experience has something to teach you. The second ingredient for being a good leader is authenticity - just being real. I think success tends to create a gap between the successful person and the people, and that’s one of the things I’ve never liked about success. So, how do you remove that gap? Well, you want friends, not fans. When you have fans, you have a tendency to show them what you think they want to see. But friends know who you really are.
Qubein: That’s a really powerful point.
Maxwell: I think it is, too. The person who is successful has the responsibility to remove that gap and not allow people to be fans of yours, but to be friends of yours.
Qubein: How do you do that?
Maxwell: Well, you do that by caring and valuing people. You walk slowly through the
John Maxwell
crowd to let people know that you care for them and that you value them. You do that by being very honest about not only what you do well, but about what you don’t do well.
I tell people all the time that I have a few real gifts, but I’m really average in so many areas of my life. When I was 29 and pastored the 10th largest church in the country, I had a mentor who really helped me in this area. One Sunday after church, he took me to lunch. We had a three-hour lunch and he said to me something that just changed my life. He said, “John, you’re highly gifted, but your gifts are greater than you. You’re not amazing, John. I know you really well, and you’ve got some real faults.”
Qubein : Did you ask him to leave the congregation at that point?
Maxwell: No, he was my mentor. I couldn’t. In fact, I was afraid he was going to ask me to leave the congregation. But the point is that what he taught me that day was very important. He said, “When people say you’re amazing, they’re really confusing the giftedness that you have. You need to always understand that you have a gift, and it was God-given. God is amazing. He gave you the gift. But remember it’s a gift. You didn’t earn it, and you didn’t deserve it. He just created you with a purpose and gave you that gift to really help and add value to people. Just be grateful to God that you have that gift.”
Qubein: And that creates authenticity.
Maxwell : I think it does. When people say, “You’re amazing,” I tell them, “You saw me in my sweet spot. Come home with me and see me every day, and you won’t think I’m too amazing at all.”
Qubein: So, the three ingredients of leadership are authenticity, humility and the third?
Maxwell : Having great values. I’m passionate about a person embracing and living out good values because I feel that when people learn good values and they live with good values, they become a plus and an asset to everybody who’s around them –family, community, whatever their work is. When they do things for the right reasons, they begin to really bless people. It’s like they’re better on the inside than they are on the outside.
Qubein: John, this is interesting. I asked you what are the three most important traits a leader should have, and you did not say skills or communication. You said humility, authenticity, and values. At some point, you have to say skills and competence and experience are important.
Maxwell: Yes. But when you have the inner part right, the skillset just begins to be enhanced. A skillset will allow you to go only so far. What sets people apart is that they have good skills, and they’re competent and they use those skills for the right reasons. That’s the difference maker, and that’s what gets us out of what I call the “Talent Pile.” There are a lot of talented people out there, but what is it that allows some people who are talented to have an influential life and others crash and burn? It wasn’t a skill problem. It was an inner issue problem. They had the wrong values, they lacked humility, they thought they were more important than they really were. They lacked good values. I think if you’re bigger on the inside, you will become bigger on the outside.
•
“Humility is not thinking less of yourself, but is thinking of yourself less. That means you have the ability to get beyond yourself and really care for people and be interested in them, about who they are and what they do.”
John Maxwell
“All In”
Janet Truncale, EY Global Chair and Chief Executive Officer 92
A Shared Purpose
Philip O. Ozuah, MD, Phd, President and Chief Executive Officer, Montefiore Medicine 110
David L. Reich, MD, President, The Mount Sinai Hospital and Mount Sinai Queens 120
Meeting The Needs Of Customers Across Borders Wei Hu, President and Chief Executive Officer, Bank of China U.S.A. 132
A World-Class Entertainment And Sports Destination
Laurie Jacoby, Executive Vice President and Chief Entertainment Officer, BSE Global 136
Tackling The World’s Toughest Problems
Shelley Stewart III, Senior Partner and Global Leader, Reputation and Engagement, McKinsey & Company and Chair, McKinsey Institute for Black Economic Mobility 138
A New Kind Of Development Company
MaryAnne Gilmartin, Founder and Chief Executive Officer, MAG Partners 140
Cultivating A Better Future For The Bronx Eileen Torres, Chief Executive Officer, BronxWorks 144
Transforming Communities
William Elder, Executive Vice President and Managing Director, New York City Leasing, RXR 146
A Trusted Advisor
James W. Crystal, Vice Chairman, Alliant Insurance Services 148
C.I.V.I.L.I.T.Y
Robert L. Dilenschneider Chairman and Founder, The Dilenschneider Group 150
The Pursuit Of Excellence
Kelly Kennedy Mack, President, Corcoran Sunshine Marketing Group 152
Creating Meaningful Relationships
Jim McCann, Founder, Chairman, and Chief Executive Officer, 1-800-Flowers.com, Inc. 154
Meeting The Moment
Khary Lazarre-White, Executive Director and Co-Founder, The Brotherhood Sister Sol 158
The World’s First Air Quality Ecosystem
Frederik Hendriksen, Co-Founder and Chief Executive Officer, Rensair 160
Transforming The Housing Industry
Neil Rubler, Founder and Chief Executive Officer, Vessel Technologies, Inc. 162
A Relationship Business
Claudio Mambelli, General Manager, Il Mulino 164
A New York Experience
Laurent Ebzant, Area Vice President and General Manager, Park Hyatt New York 166
A Seamless Blend Of Heritage And Luxury Rushil Shah, Vice President of Marketing, Scully & Scully 168
Inspiring Exploration
Alex Ohebshalom, Founder and Chief Executive Officer, Flâneur Hospitality 170
Historic Charm With Modern Luxury Stephanie and Lisa Karvellas, Co-Owners, Cedar Lakes Estate 174
Interactive Service
Octavia Marginean-Tahiroglu, General Manager, The St. Regis New York 176
Reflecting The Dynamic Spirit Of New York City Chintan Dadhich, General Manager, Conrad New York Downtown 178
“All
In”
An Interview with Janet Truncale, EY Global Chair and Chief Executive Officer
EDITORS’ NOTE Janet Truncale is the EY Global Chair and Chief Executive Officer, leading one of the world’s largest professional services organizations with 400,000 people across 150 countries. Prior to her election, Truncale served as EY Vice Chair and Regional Managing Partner of the EY Americas Financial Services Organization (FSO), where she led a diverse team of over 14,000 professionals across 90 offices. Throughout her career, Truncale has provided assurance and consulting services to leading Fortune 500 companies, and has worked closely with boards, audit committees, and senior management to resolve the most complex business issues. She has served as the Global Client Service Partner and Senior Advisory Partner to many of EY’s largest clients. Truncale joined EY as an intern, and has served in a wide variety of roles, including as EY Americas FSO Assurance Managing Partner, Banking and Capital Markets Co-Sector Leader and Initial Public Offering Leader. She is a certified public accountant in New York and a member of the American Institute of Certified Public Accountants. She has been named by the Financial Times as one of the “25 Most Influential Women.” Truncale co-chairs the EY Global Diversity, Equity and Inclusiveness Steering Committee, which works to provide access to inclusive and equitable experiences
across the organization. As a member of the EY Global Social Equity Task Force, Truncale has played an important role in the development and launch of the EY ‘Uplift’ campaign and of other social equity initiatives across the organization. In addition, she has served as the executive sponsor of the EY US Veterans Network. Outside of the EY organization, Truncale serves as a Board Chair for Women’s World Banking, and is on the board of UNICEF USA, and the US-China Business Council. She also serves as one of the co-chairs of the New York Jobs CEO Council. She is a member of the Washington DC-based US Business Roundtable and of the World Economic Forum International Business Council. Truncale received her BSE from The Wharton School of the University of Pennsylvania and has an MBA from Columbia University.
COMPANY BRIEF EY (ey.com) exists to build a better working world, helping to create long-term value for clients, people, and society and build trust in the capital markets. Enabled by data and technology, diverse EY teams in over 150 countries provide trust through assurance and help clients grow, transform, and operate. Working across assurance, consulting, law, strategy, tax and transactions, EY teams ask better questions to find new answers for the complex issues facing our world today.
Will you discuss your career journey at EY?
Who would have thought when I joined EY as an intern that one day I’d be doing this interview? Over my 30 years at EY, I have provided assurance and consulting services to leading Fortune 500 companies and worked with boards, audit committees, and senior management to resolve complex business issues. In an organization of nearly 400,000 people doing $50 billion in revenue of work across an array of businesses and sectors, there’s endless opportunity to learn and grow. Every role I had was preparing me for the next one. I was always focused on doing my best and being “in the moment.”
Last year, when our organization began the Global Chair and CEO selection process, EY was at an inflection point. I was humbled that our partners thought my skills and experiences fit the moment in time and elected me to the role. I’m often reminded that I am the first woman to lead a Big Four firm globally. I have heard from many around the world – men and women – that the appointment gives them confidence in their own career opportunities. I am moved by these sentiments.
How did you approach the transition to your new role as EY Global Chair and Chief Executive Officer?
I was fortunate to have a robust transition period alongside my predecessor, Carmine Di Sibio. We share a passion for client service and being with our people. On the client side, we transitioned hundreds of relationships with CEOs and other senior executives across the
“Through ‘All in,’ we’re launching our new employee value proposition, ‘Shape YOUR future with confidence.’ It will build upon a robust foundation and focus on new ways to grow professionally, support wellbeing, and further drive a culture of inclusiveness and belonging.”
Janet Truncale
“EY’s longtime support for entrepreneurs is part of our legacy. Our work with entrepreneurs changes lives, a poignant example of our purpose of Building a Better Working World.”
world’s largest, most influential organizations. Those discussions inevitably end up on similar topics – volatile geopolitics, pace of technology change, and the evolving dynamic of the workforce – all market disruptions that we at EY are focused on as well. Internally, I wanted to get “under the hood” of our business and understand how best we could leverage EY’s globally connected teams to help our clients capitalize on the opportunity these disruptive forces can also bring.
How do you define EY’s culture and values?
In my conversations with EY people at all levels, there is a clear passion to succeed in the market and a belief in the strength of our organization. I’ve always felt our clientcentric and driven culture was one of EY’s principal strengths. Our people live our values by demonstrating integrity, respect, and inclusiveness. It’s the groundwork for strong teams where our people trust each other and have each other’s backs. In this type of teaming environment, our people are empowered to challenge the status quo. They are encouraged to reach across service lines and sectors to bring
thoughtful, holistic solutions to our clients’ complex challenges.
We are at our best when we bring together our diverse talent to solve the most complex and interconnected issues. As a result, EY is known for collaboration. It’s a strength and differentiator that I have always been proud of. Clients have noticed our remarkable teams and even asked me how they can replicate our success in their own organizations.
What do you attribute EY’s industry leadership to and how do you describe the EY difference?
EY has had an extraordinarily successful period of market leading growth – roughly doubling in size over the last ten years. But as the landscape around us changes, our clients need the combination of our highly skilled, multi-disciplinary workforce and expansive global footprint to help them address increasingly complex challenges. Our people deliver our services with speed and efficiency –augmented by the EY.ai platform – to help our clients shape the future. To maintain our leadership in the industry, it is also vital that we make intentional, disciplined choices. We have
to stay future-focused, which means leaning into new areas in which we are seeing clear client demand. This includes transformation, managed services and sustainability, all fueled by investments in technology. Of equal importance, we will continue to place an unwavering commitment to audit quality. I take our responsibility to uphold confidence in capital markets seriously. It will help ensure we continue to capitalize on our competitive advantages while focusing on the future.
What does EY’s new strategy, “All in” mean inside/outside the firm and how is EY delivering on its purpose to shape the future with confidence?
The best way to predict the future is to create it, and that takes confidence. We are not the same organization that we were ten or even five years ago. Neither are our clients. We will harness the capabilities, skills, and advice of our teams to create new value for our clients, people, and society – all against the backdrop of unprecedented complexity and speed of change. Since we launched the new strategy, “All in” quickly became part of the vernacular. The concept was highly resonant with our people at a time when they wanted something to galvanize around. I have received hundreds of positive messages from colleagues around the globe – EY people say they are excited, committed, and empowered. One example is from a partner who was on his way to a new client pitch when his flight was cancelled. He drove eight hours to be with the team on time. A picture of his road trip and his “All in” commitment made its way to me. That was inspiring to see. I hear stories like that all the time now.
EY has been a leader in supporting entrepreneurs and fostering entrepreneurship. What has made this focus so important for the firm?
EY’s longtime support for entrepreneurs is part of our legacy. Our work with entrepreneurs changes lives, a poignant example of our purpose of Building a Better Working World. A few months after my appointment, I had the privilege of attending our annual EY World Entrepreneur Of The Year™ (WEOY) event for the first time. WEOY convenes founders, transformative CEOs and business leaders in the ultimate global competition for entrepreneurs. The WEOY 2024 class represented combined revenues of $27.4 billion and 105,000 collective jobs. They all had inspiring stories of perseverance,
Janet Truncale toasting with women entrepreneurs at the EY World Entrepreneur of the Year event
“The best way to predict the future is to create it, and that takes confidence. We are not the same organization that we were ten or even five years ago. Neither are our clients. We will harness the capabilities, skills, and advice of our teams to create new value for our clients, people, and society – all against the backdrop of unprecedented complexity and speed of change.”
reliance, and innovation. Seeing their collective impact was very powerful.
Entrepreneurs are the ones taking risks. As one finalist said at the gala, “We are the square pegs in round holes.” That may be true, but they are also creating jobs and building the future.
You championed EY’s latest push on social mobility. Why did you choose to prioritize this topic?
At EY, we view diversity, equity, and inclusiveness as business imperatives. We seek to maximize the power of all differences, which drives innovation and creates competitive advantages. Socio-economic background is often overlooked as a dimension of diversity at work. We recognize that our people come from a variety of starting places that shape the experiences and barriers we might face. I want everybody to feel they have the
same potential. Our social mobility campaign is about driving awareness, so our people see inequity and actively open doors for people across all backgrounds.
One of our most senior partners, Josh, talks about his upbringing in a campaign video. He describes his childhood in a poor farming community in Iowa, never meeting his father and grappling with a mom who struggled with addiction. He had an internal drive that led him to go to college and change the trajectory of his life. He views his past as an asset at work. Josh said, “When I interview people now, I see different things because I know there is potential there for solving the problems and being able to manage a lot of complexity.” I think about Josh’s story a lot –and I’m happy we have him to help us identify great future talent.
Artificial intelligence is being adopted at an increasing pace. Where do you see the greatest opportunity for the technology?
Again, many of the issues facing our clients are ones we face as well. We want to enable our businesses with AI, so we think of ourselves as “Client Zero.” This requires confidence in the possibilities and use cases for AI – and will continue to help us lead our clients through their own transformation journeys. We believe the greatest opportunity for AI is when it is working hand in hand with people. That’s why we’re taking a skills-based approach to learning, rolling out AI training to all EY people, which has been completed by over 250,000 to date. As leaders, we also need to understand the consequences of AI adoption and collaborate to address them. We need to understand impact to the workforce, how best to keep upskilling people, while also working with stakeholders to ensure the right guardrails are in place so that AI is being employed for good.
A significant part of EY’s work on AI to date has been helping clients drive transformation while embedding responsible practices. This means considering how AI is being used while assessing ethical and security risks, and regulatory compliance. Additionally, EY has adopted its own AI Principles, which take into account our experience working with the technology for many years – including accountability, data protection, and transparency.
AI will continue to supercharge our ability to serve our clients. Last year, we rolled out EY.ai, which brought all of EY’s AI efforts under a single platform, and today is being actively used by over 80,000 clients.
With nearly 400,000 people across 150 geographies, how are you adapting EY’s talent strategy to meet the changing needs of the workforce?
Our people shut down each day, and we want them to want to come back every morning. We’re constantly evaluating what today’s EY professional needs to thrive. Through “All in,”
Janet Truncale joined by the Class of 2024 EY World Entrepreneur of the Year finalists
“At EY, we view diversity, equity, and inclusiveness as business imperatives. We seek to maximize the power of all differences, which drives innovation and creates competitive advantages.”
we’re launching our new employee value proposition, “Shape YOUR future with confidence.” It will build upon a robust foundation and focus on new ways to grow professionally, support well-being, and further drive a culture of inclusiveness and belonging. We will always have a strong point of view on talent because our business is our people. Whether it is our approach to learning and development, the benefits we provide or our focus on values, we pride ourselves on being market-leading and plan to stay that way.
Having started at EY as an intern and progressed to the top leadership role, what is your advice on building teams and leading through times of uncertainty?
First, consider who is in your immediate circle. I have always sought out people who challenge me to raise my game and bring new perspective. I have always valued my “truthtellers” and as my career has advanced, those relationships have become even more important. These are ones who I trust to help me see my blind spots and challenge my thinking, especially in tough times.
When it comes to building teams, strive for complementary, not “cookie cutter.” When I reflect on the teams I have led at EY, the most productive – and fun – were the ones where we could have lively debate across different opinions. As a leader, my decisions don’t need consensus – it’s impossible to always get there –but they do need alignment. I believe an open and engaging process is critical to getting the team aligned behind the choices you make. And ultimately, the best outcomes are when we are all executing together.•
Janet Truncale and Carmine Di Sibio, former EY Global Chairman and CEO, at the EY Innovation Realized Global Summit
A Rich And Vibrant History
An Interview with Anthony E. Malkin, Chairman and Chief Executive Officer, Empire State Realty Trust
EDITORS’ NOTE Anthony Malkin is Chairman and Chief Executive Officer of Empire State Realty Trust. He joined its predecessor entities in 1989. Malkin has been a leader in existing building energy efficiency retrofits through coordinating the team of Clinton Climate Initiative, Johnson Controls, JLL, and Rocky Mountain Institute in a groundbreaking project at the Empire State Building. He led the development of standards for energy efficient office tenant installations which is now known as the Tenant Energy Optimization Program at the Urban Land Institute. Malkin is a board member of APi Group, the Real Estate Roundtable and Chair of its Sustainability Policy Advisory Committee, a member of the Climate Mobilization Advisory Board of the New York City Department of Buildings, a member of the Urban Land Institute, a member of the Board of Governors of the Real Estate Board of New York, and a member of the Partnership for New York City’s Innovation Council. Malkin received a bachelor’s degree cum laude from Harvard College.
second mortgages made by my greatgreat grandfather on residential buildings during the early 1900s. The resilience of these investments during the Depression prompted my grandfather, Lawrence A. Wien, to create real estate syndication, a method by which small investors could pool together to have the same flow-through, single level taxation enjoyed by wealthy individuals, in 1934. ESRT was formed out of a consolidation of New York City centric office and retail properties which had syndicated ownerships created by my grandfather, my father Peter L. Malkin, and me. With a consolidated balance sheet and modern, public company governance afforded by our NYSE listing in 2013, we completely modernized, amenitized, and made energy efficient our portfolio and have been beneficiaries of the flight-to-quality movement of tenants to landlords with strong balance sheets and a reputation for service. It all started with a silk manufacturer’s second mortgage investments more than 100 years ago.
ESRT upholds its reputation in the delivery of unparalleled service, exceptional experience, sustainability leadership, and financial stability for its tenants, visitors, and shareholders. We have recycled our balance sheet to focus more on New York City, expanded our retail holdings, and added residential properties to our portfolio.
How do you define Empire State Realty Trust’s culture and values?
Our guiding principles focus on integrity, excellence, a deep commitment to exceptional experiences for our colleagues and those we serve, teamwork, knowledge sharing, service, and a value of the pursuit of the right answer over an individual’s desire to be right. We commit to innovation, sustainability, and community engagement every day, and deliver a positive impact to our employees, tenants, guests, investors, and our community. Our employees are encouraged to volunteer and engage with community service as we strive to foster a culture of diversity, inclusion, and empowerment within our organization.
FIRM BRIEF Empire State Realty Trust (ESRT) is a New York City-focused REIT that owns and manages a well-positioned property portfolio of office, retail, and multifamily assets in Manhattan and the greater New York metropolitan area. Owner of the Empire State Building –the “World’s Most Famous Building” – ESRT (esrtreit.com) also owns and operates its iconic, newly reimagined Observatory Experience. Empire State Realty Trust’s fully modernized, energy-efficient spaces provide exceptional value to its current and prospective tenants and residents, and serve as a competitive advantage for the firm. As the leader in sustainability and energy efficiency with a focus on ROI-driven investment, ESRT’s commitment to indoor environment quality is unmatched.
Will you highlight the history of Empire State Realty Trust and what have been the keys to its strength and leadership in the industry?
Our rich and vibrant history is deeply rooted in New York City. We trace our heritage back through predecessor Malkin Holdings, whose leadership in real estate goes back to
Anthony E. Malkin
Will you provide an overview of Empire State Realty Trust’s portfolio?
Empire State Realty Trust is a New York City-focused REIT that owns and operates a portfolio of modernized, amenitized, and welllocated office, retail, and multifamily assets. Our portfolio is comprised of approximately 7.9 million rentable square feet of office space, 0.8 million rentable square feet of retail space owned and under contract, and 727 residential units primarily located in Manhattan. We have had 10 consecutive quarters of positive
“We commit to innovation, sustainability, and community engagement every day, and deliver a positive impact to our employees, tenants, guests, investors, and our community.”
Manhattan office building leased rate growth –as of June 30, 2024, our office portfolio is 93.3 percent leased, our retail portfolio is 93.5 percent leased, and our multifamily portfolio is 97.9 percent occupied, and we have had 12 consecutive quarters of positive new Manhattan office rent growth over expired leases.
ESRT’s flagship Empire State Building, the “World’s Most Famous Building,” features its iconic Observatory that was declared the #1 Attraction in the U.S. for the third consecutive year and the #1 Attraction in the World in Tripadvisor’s 2024 Travelers’ Choice Awards: Best of the Best Things to Do. The $165 million reimagination of the Empire State Building Observatory Experience created an all-new experience with a dedicated guest entrance, an interactive museum with nine galleries, and a redesigned 102nd Floor Observatory with floorto-ceiling windows in addition to the iconic, outdoor 86th Floor Observatory.
Where do you see the greatest opportunities for growth for Empire State Realty Trust?
At ESRT, we are laser-focused on our priorities to lease space, sell tickets to the
Observatory, manage the balance sheet, achieve our sustainability goals, and intelligently grow our company during this period of credit excess created disruption. These actions together will drive growth and enhance shareholder value. ESRT is the pure play NYC REIT, and we have four diverse ways to play it: an office portfolio that is the top of our tier and targets the deepest market segment, our #1 ranked Observatory that continues to perform, and our growing everyday street retail and multifamily platforms. Since 2022, the company has been active in capital recycling and has disposed of five noncore assets in Westchester and Connecticut and recycled into nearly $650 million of high-quality New York City multifamily and retail assets that have great growth prospects and less capital expenditure requirements. As a result of this capital recycling, we have improved our sector diversification.
We have a future-ready portfolio and an opportunity-ready balance sheet. We take advantage of opportunities created through market disruptions and capital dislocation. We are confident in the company’s ability to execute on our goals and drive further growth in 2024.
Will you highlight Empire State Realty Trust’s focus and commitment to sustainability?
Empire State Realty Trust is a global leader in energy efficiency, sustainability, indoor environmental quality, and healthy buildings. This work began close to two decades ago with the deep energy retrofit of the Empire State Building that was ahead of its time in its showcase of the importance and business case for decarbonization of existing buildings. Our sustainability strategy is grounded in science-based initiatives aimed to reduce the environmental impact of our buildings and the businesses and residents within them. We prioritize accountability, financial performance, and the well-being of our employees, tenants, and the communities where we operate. These efforts not only enhance the competitive position of our properties in the marketplace, but also protect and increase stakeholder value.
Since January 2022, Empire State Realty Trust has maintained carbon neutrality through a combination of operational emissions reduction and offsets. We are committed to achieve Net Zero emissions by 2030 at the Empire State Building, and by 2035 for 100 percent of our commercial and multifamily portfolio. We collaborated with NYSERDA and the Clinton Global Initiative to create the “Empire Building Playbook,” a comprehensive guide to low carbon retrofits that enables landlords, tenants, and service providers to target Net Zero emissions with measurable payback. We have reduced emissions by 57 percent at the Empire State Building since 2007 and by 47 percent across our commercial portfolio since 2009. These achievements reflect our dedication to sustainability and our ongoing efforts to lead the way and create a healthier, more sustainable built environment. We were ranked number one of all
listed companies in the Americas for GRESB and were the first commercial portfolio to receive the WELL Health-Safety Rating in the Americas.
What are your views on the future of work and the importance for employees to be in an office to build culture and collaborate?
As Samuel Clemens once wrote, “the report of my death was an exaggeration.” The same can be said of the many articles and opinions which stated that in-office work was over. This has been proven to not be true, as evidenced by our office lease activity and occupancy rates. Our leasing trends are an indicator of tenants’ demand for office space – we leased over 641,000 square feet of commercial space in the first half of 2024, we have had 10 consecutive quarters of positive leased rate absorption, and our leased rate has increased by 690 bps since 4Q21.
People who show up do better over time than people who do not – it is that simple. There is no substitute for face-to-face conversation, employee development, a creative process possible by immediacy and unscheduled interaction, and the sense of belonging and inclusion that is crucial to build a cohesive team and a positive work environment. Many employers have shifted from indecision about work from home and hybrid work and have decided that employees need and deserve a dedicated desk. The office continues to serve as an unmatched hub for creativity, innovation, socialization, and teamwork that fosters connections and drives engagement and productivity for their employees.
What do you feel are the keys to effective leadership and how do you approach your management style?
Remember you are mortal and better ideas than yours crop up every day. My grandfather once said that very little new is created; the trick is to work with smart people who put knowledge broadly shared into new combinations to create a new approach, a new outcome. I have had my time of sole leadership and transitioned to team with special emphasis to move away from command and control and towards delegated authority with accountability. That said, someone has to take responsibility for a team, and I do that for all of ESRT’s activities. Also, someone has to control the deployment of the balance sheet, and I take that responsibility – sometimes ultimately, and sometimes absolutely.
What advice do you offer to young people interested in building a career in the real estate industry?
Show up, learn, and find yourself a place where your creativity can be matched with an environment that offers logical wisdom derived guardrails so you can avoid “own goals” in the great competition of life. Remember that success is at the root of succession – be a part of succession, and as you grow more powerful never miss the opportunity to learn and benefit from those around and under you. “Once in a while you can get shown the light in the strangest of places if you look at it right” –thank you Robert Hunter.•
Exterior of One Grand Central Place
MICHAEL RODRIGUEZ CEO & PRESIDENT
ALLIANCE BUILDING SERVICES
Turning Challenges Into Opportunities
An Interview with Michael Dowling, President and Chief Executive Officer, Northwell Health
EDITORS’ NOTE Michael Dowling is one of healthcare’s most influential voices, taking a stand on societal issues such as gun violence and immigration that many health system CEOs shy away from. His leadership has been invaluable to Northwell’s consistent expansion and prominence. In March 2020, he successfully navigated the health system through the first COVID-19 epicenter in the U.S., detailing Northwell’s experiences in a book titled, Leading Through a Pandemic: The Inside Story of Humanity, Innovation, and Lessons Learned During the COVID-19 Crisis Overall, Northwell treated over 300,000 COVID patients – more than any other U.S. health system.
He also serves as a board member of the Long Island Association. He is past chair and a current board member of the National Center for Healthcare Leadership (NCHL), the Greater New York Hospital Association, the Healthcare Association of New York State, and the League of Voluntary Hospitals of New York. Dowling was an instructor at the Center for Continuing Professional Education at the Harvard School of Public Health. He earned his undergraduate degree from University College Cork (UCC), Ireland, and his master’s degree from Fordham University. He also has honorary doctorates from the prestigious Queen’s University Belfast, University College Dublin, Hofstra University, Dowling College, and Fordham University.
employer in New York State, caring for more than two million people annually through a vast network of more than 900 outpatient facilities, including 220 primary care practices, 52 urgent care centers, home care, rehabilitation, and end-of-life programs, and 21 hospitals. Northwell also pursues pioneering research at the Feinstein Institutes for Medical Research and a visionary approach to medical education highlighted by the Zucker School of Medicine, the Hofstra Northwell School of Nursing and Physician Assistant Studies, and one of the nation’s largest medical residency and fellowship programs.
What was your childhood like and how did it impact your life journey?
Prior to becoming CEO in 2002 and joining Northwell in 1995, Dowling served in New York State government for 12 years, including seven years as State Director of Health, Education, and Human Services and Deputy Secretary to the Governor. He was also Commissioner of the State Department of Social Services. Earlier, he was a Professor of Social Policy and Assistant Dean at the Fordham University Graduate School of Social Services and Director of the Fordham campus in Westchester County. Dowling has been honored with many awards and recognitions over the years, including the Ellis Island Medal of Honor, the Presidential Distinguished Service Award for the Irish Abroad, the Alfred E. Smith Award from the American Society for Public Administration, the National Human Relations Award from the American Jewish Committee, and the Foreign Policy Association Medal Award. In 2017, he was selected to serve as the Grand Marshal of New York’s St. Patrick’s Day Parade. In 2022, he was named the most influential leader in healthcare by Modern Healthcare , ranking number 1 in its annual list of the “100 Most Powerful People in Healthcare,” making it the 16th consecutive year he was featured.
Dowling is past Chair of the Healthcare Institute and the current Chair of the Institute for Healthcare Improvement (IHI). He is a member of the Institute of Medicine of the National Academies of Sciences and the North American Board of the Smurfit School of Business at University College, Dublin, Ireland.
INSTITUTION BRIEF Northwell Health (northwell.edu) is a clinical, academic, and research enterprise with a workforce of more than 87,000 and annual revenue of $18 billion. Northwell is the largest healthcare provider and private
I have written extensively about my background in a memoir published in 2020 entitled After the Roof Caved In. One night in a rainstorm the roof of the thatched, mud-wall house that I grew up in collapsed on us as were sleeping. Fortunately, no one in the family was hurt – just wet and dirty. We lived in a farming community in West Limerick, Ireland, although we were too
Michael Dowling
Michael Dowling with a replica of his childhood home in Ireland
poor to have our own farm. As kids, we worked milking cows and doing chores for neighboring farmers. My father was a hard-working laborer but suffered terribly with arthritis, forcing him to stop working at age 41. My mother – a terrific, caring individual – was deaf but never would consider it a disability. The house we lived in had no running water, electricity or a bathroom – not even an outhouse. I was the oldest child and at age 16, I left home during the summer to work in a steel factory in Crawley, South London. I wanted to support the family and dreamed of someday being able to go to college. Reflecting on my upbringing in later years, I came to realize that growing up in this environment had many positives: the benefits of hard work, grit, and resilience, and the importance of never playing victim or feeling entitled. It also provided perspective – the understanding of knowing and experiencing what tough times are like. Poverty can also be a wonderful motivator. I never regretted or whined over my childhood experiences – they helped and shaped me. I consider myself very fortunate.
What influence did your parents have on your career path?
I learned the importance of discipline and hard work from my father. With him, you avoided making excuses. He was a tough taskmaster and parent – with many characteristics that would not be tolerated today. He had a tough life and never had the opportunity to pursue more than a basic education or display his many talents.
My mother was a wonderful, loving and caring individual who inspired me my entire
life. She had a love affair with books, history, and education. Reading was her pastime and her periodic respite from the daily grind of a difficult life. My love of books and passion for learning came directly from her. She was an optimist – always seeing the good in every person and feeling positive about the future. She held the family together and each of us give her much of the credit for any success we have had. She did not like it when I left home, but understood its necessity. She gave oxygen to hope, decency, and kindness. I remember her continuing advice – “don’t ever let your circumstance, however difficult, limit your future potential. Everything is possible.” After my father passed, I brought her to the U.S. every year. She would stay for up to a month each time. She would go to church – she was very religious – read, take walks, and relax. She loved her visits but always looked forward to going home.
How do you approach your leadership style?
My personal and work lives are guided by a number of key values and principles: decency, honesty, respect, integrity, kindness, and trust. As a leader, I consider these the foundations of success. Relationships matter – personal contact, getting to know and understand people, being able to appreciate various points of view, giving people the opportunity to be engaged and contribute, and be part of the solution. I believe strongly that most individuals don’t just want to work for an organization; they want to belong to a cause, to something important, something greater than themselves. Leadership is about having a positive influence on people, inspiring them and allowing them to dream
about what’s possible, so they aim high and stretch themselves. Organizations are like a mosaic – multiple components, each with its own personality and culture, but it’s the beauty and uniqueness of the whole that is extra special. That is why I see a similarity between a leader and an orchestra conductor. The latter does not need to know how to play each instrument, but he/she has to make sure there is harmony when they all play together, producing a consistent, quality product that benefits the consumer.
This, of course, requires talent, and the responsibility of the leader is to create the environment and the structures to optimize each person’s individual capabilities and personal growth. This is a core strategy at Northwell and has been a key to our success. This is also a component of why I meet all new employees –about 300 each week – and have been doing so for the more than 22 years that I’ve been CEO – building relationships and explaining the possibilities.
What do you look for when hiring talent at Northwell?
The recruitment of the best talent is one of the most critical decisions that leaders can make. While it may be a well-worn expression, employees are the greatest asset in any organization. The values they hold, the behaviors they display, and the competence and passion they exude are key to a business’ long-term success. As noted earlier, I meet weekly with all new employees at an all-day orientation program called “New Beginnings.” As CEO, I spend the first two hours with them, answer their questions (and there are many), and provide an overview of Northwell’s history, our scope of services, and other background.
A young Michael Dowling with his mother
Michael Dowling has initiated numerous gun violence prevention initiatives, including engaging with employee advocates during National Gun Violence Awareness Day, in honor of gun violence survivors
I discuss the strategy, the vision, the mission, the organizational structure and characteristics of the employee guidelines we are looking for: an optimistic attitude, an addiction to customer service, and team players who are innovative, competitive, and have a passion for the business of healthcare. I explain that there is no entitlement, that hard work is a fundamental requisite, and that they have an obligation and responsibility as healthcare professionals – not just a job.
Health, especially the direct provision of care, is special. People’s well-being and health is dependent on what we do each day. It requires special people – and that’s who we attempt to recruit each week.
What do you feel are the biggest challenges CEOs face?
I don’t view things through the lens of challenge – each challenge, in my view, is an opportunity to excel, to be proactive, to avoid playing victim, and to succeed. As the late selfhelp author and motivational speaker Wayne Dyer stated, “If you change the way you look at things, the things you look at change.” All CEOs continuously face a multitude of issues: financial, supply chain, personnel, competition, etc. The responses and the answers continue to evolve as circumstances change. There is never one right answer. That understanding is key as it requires a perpetual attitude of flexibility and adaptability. This will be especially relevant as AI accelerates and we try to come to grips with its benefits and risks.
One other point worth noting is the danger of complacency, which is the greatest peril for CEOs, especially those who believe their organizations are successful. Leaders should never take their foot off the accelerator or believe their
own press releases. Maintaining your organization’s competitive edge necessitates continuous grit, hard work, resilience, entrepreneurship, and that competitive spirit on which many businesses were founded. And, of course, we all need some amount of luck.
How broadly do you define health?
I am an advocate of defining it very broadly. A person’s health is affected by almost everything – much more than just the provision of medical care. The ability to have a job, the opportunity to pursue education, the neighborhood you live in, your family’s circumstance and dynamics, the food you eat, etc., all impact a person’s well-being. That is why I believe that healthcare leaders have a special responsibility to do as much as they can to influence those
circumstances while also ensuring the provision of top-quality medical care. This is why we at Northwell have focused on tackling issues such as gun violence (the leading cause of death for children and adolescents), climate change (including the healthcare industry’s impact on the environment), the care of veterans, and how we prepare young people for future career opportunities. On the latter, we are working in partnership with the City of New York and the Bloomberg Foundation to open the Northwell High School of Health Sciences in the fall of 2025. The curriculum for this first-of-its-kind school will focus on nursing, radiation medicine, mental health, and physical therapy. By more closely connecting students to the world of work and dramatically increasing their opportunities for rewarding, well-paying jobs, we are improving their health and the health of their families.
We all need to broaden our perspective –not just healthcare leaders, but leaders in all industries.
What has made Northwell an industry leader?
I appreciate the compliment, but I believe that, despite our successes to this point, we still have a long way to go. As an organization, we continuously aim high and look at every challenge as an opportunity. We are innovative and competitive, optimistic, resilient, and have a strong team-oriented, collaborative culture. We are not a collection of isolated, individual entities – we are highly integrated as a corporation, yet we maintain close ties with all of the communities we serve. We are also more than just hospitals, which now comprise only 47 percent of our overall business. Throughout the region, we have more than 900 locally based outpatient locations and the most-comprehensive, post-acute set of clinical services. We are growth-oriented and continue to expand, geographically and programmatically. We serve everyone who walks through our doors, irrespective of their ability to pay, because we understand that our core commitment is improving the health of the communities we
A rendering for the Northwell High School of Health Sciences, slated to open in fall 2025 – the curriculum for this first-of-its-kind school will focus on nursing, radiation medicine, mental health and physical therapy
Michael Dowling hosts an annual leadership retreat for several hundred of Northwell’s top executives and physicians, offering a vital opportunity to build and deepen relationships and invites guest speakers like Stephen Squeri, Chairman of American Express, to share insights related to Northwell’s core cultural attributes
serve, providing excellent care and being addicted to customer service. As noted earlier, we also recognize our responsibility to tackle gun violence, climate change, and other social issues that impact community health.
What are your views on the future challenges in healthcare?
Being positive and optimistic is essential. As mentioned earlier, all challenges are opportunities. As we ponder the future, it’s also important to reflect on the dramatic successes and advances over the past 50 years or so in increasing life expectancy and improving the quality of life for all Americans. Think about the medical care we provide today that was almost unimaginable decades ago – in pediatrics, heart disease, cancer, orthopedics, etc. Our entire nation is benefiting from ongoing medical and scientific innovations and discoveries. In 2018, I published a book entitled Healthcare Reboot: Megatrends Energizing American Medicine, that looks at the powerful trends leading the nation’s healthcare system toward greater quality, safety, access, and affordability. As an organization with a renowned research entity, the Feinstein Institutes for Medical Research, I marvel at the innovations I see and the subsequent benefits that future generations will enjoy.
Of course, these are still many complex issues that we must respond to, such as:
• Expanding access and the provision of more-equitable care to the most-vulnerable individuals and communities that have experienced health disparities;
• Optimizing the benefits of artificial intelligence without losing the human interaction that is such an essential element in the provision of care;
• Reversing the growing disrespect for science that was so evident during the COVID-19
pandemic and has been accelerated by the growing anti-vaccine movement;
• Continuing to broaden the definition of health by focusing on the many non-medical, social determinants that impact personal health and well-being;
• Educating policymakers that quality and access cannot be fully achieved as long as government – the nation’s single-largest health insurer through Medicare and Medicaid – fails
to reimburse providers at levels that cover their cost of delivering care; and
• Adequately addressing the growing problem of mental health and the many problems associated with social media.
What was the vision for launching Northwell Studios and how do you define its mission?
Contrary to what some believe, we are not building a studio. The studio is virtual; it’s all our hospitals and facilities. The goal is to harness the power of storytelling and entertainment to humanize healthcare, spark meaningful conversations, and educate the public and policy makers on the reality of what occurs each day in healthcare facilities. It will continue to expand and build upon what we have been doing for several years. During the COVID pandemic, for example, we allowed a documentary film crew into one of our tertiary hospitals (LIJ) to film the experience. The resulting documentary, called First Wave , was critically acclaimed, receiving many awards. We also were the focus of two documentary TV series on Netflix, Lenox Hill and Emergency NYC, that provide an intimate portrait of the lives of medical professionals, including their triumphs and the complications they face every day. This summer, HBO Max released a riveting, two-part documentary, One South, about the growing mental health problems facing college students and the work we are doing on suicide prevention.
Stories like these are not only educational, but spark dialogue about important social issues. The Studio initiative, organized as a separate entity within our marketing communications department, will continue this effort by collaborating with established and emerging filmmakers. It’s an exciting endeavor.•
In keeping with his penchant for recognizing the organization’s top performers, Michael Dowling honors Northwell physicians who go “above and beyond” for patients and colleagues with Northwell’s annual “Truly Awards”
Making Financial Lives Better
An Interview with José L. Tavarez, Managing Director and Vice Chair, Bank of America Private Bank; President, Bank of America New York City
EDITORS’ NOTE José Tavarez is Managing Director, and Vice Chair, Bank of America Private Bank. In addition to his Private Bank responsibilities, Tavarez also serves as Bank of America’s New York City President. He joined Merrill Lynch in 1996 and has led businesses in both Global Markets and Wealth Management in the United States and Latin America. He began his financial services career as a management consultant for Hewitt Associates and KPMG in New York City. He is the National Co-Executive Sponsor of Bank of America’s Hispanic/Latino Organization for Leadership and Advancement (HOLA), a group committed to helping attract, engage, develop, and retain Hispanic/Latino talent. Tavarez serves on the Board of Directors of the Partnership for New York City, the Board of Trustees of the Spence School, the Board of Trustees of the NYC Police Foundation and the Board of Trustees of Children’s Aid. He is also a James Brister Society Member of the University of Pennsylvania and Executive Committee Member of the University of Pennsylvania Athletics/JBS Partnership. Tavarez earned an undergraduate degree in economics from the University of Pennsylvania’s Wharton School and an MBA from Columbia Business School.
José L. Tavarez
investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,800 retail financial centers, approximately 15,000 ATMs (automated teller machines), and award-winning digital banking with approximately 58 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange.
Will you discuss Bank of America’s culture and values?
us apart as an organization and unites us as teammates.
What have been the keys to Bank of America’s industry leadership and how do you describe the Bank of America difference?
Bank of America is committed to being a great place to work. As a result, we continue to attract and retain exceptional talent from across the industry – creating an incredible competitive advantage. Our investments in our employees focus on supporting teammate’s mental, physical and financial well-being. We also work hard to foster career growth opportunities and the professional development of all talent across the bank, while creating a culture of inclusion. This workforce and these shared values ensure that our eight lines of business are exceptionally well positioned to serve the core financial needs of people, companies, and institutional investors.
Will you highlight your role and areas of focus?
COMPANY BRIEF Bank of America (bankof america.com) is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking,
Bank of America has an intentionally designed culture that is founded on asking the question – to both clients and our employees –What would you like the power to do? Our purpose is to help make financial lives better through the power of every connection and our values include a focus on delivering the entire bank, trusting our team, and delivering responsible growth. I believe this culture sets
As President of Bank of America New York City, one of my core responsibilities is integrating the delivery of capabilities across our eight lines of business, whether that is to individuals, institutions, or corporations across New York City and Westchester County. I also lead the bank’s efforts to create an inclusive, collaborative, and engaged environment for our New York City teammates. Finally, as President, I spearhead the bank’s local initiatives to help address some of our community’s most pressing challenges – from hunger relief to job training – to create lasting economic impact in this community. In addition to my responsibilities for the New York City market, I also serve as Vice Chair in the Private Bank,
“Our purpose is to help make financial lives better through the power of every connection and our values include a focus on delivering the entire bank, trusting our team, and delivering responsible growth.”
where I lead our strategic client partnerships across the Investment Banking, Global Markets and Wealth Management businesses.
Will you provide an overview of Bank of America’s New York operations?
Our geographic footprint across the New York City market is quite large with the majority of our more than 12,000 teammates occupying the Bryant Park neighborhood in midtown Manhattan. Across the market, we have 140 financial centers, nearly 630 ATMs, more than 1.5 million active digital users, and have extended nearly $20 billion in loans to medium and small businesses. On the personal banking and investing side, we have more than 600 advisors across Merrill and the Private Bank in addition to being the headquarters for our Global Banking and Global Markets businesses.
How important is it for Bank of America to build a diverse and inclusive workforce?
Diverse perspectives allow us to better meet the needs of our diverse clients and the broader community that we serve. Both personally and
professionally, I find that forming relationships and building understanding with people from different backgrounds affords me the opportunity to learn, grow, and succeed as a leader. This belief led me to become the National Co-Executive Sponsor of Bank of America’s Hispanic/Latino Organization for Leadership and Advancement (HOLA), a group committed to helping attract, engage, develop, and retain diverse talent within the bank. Employee networks like HOLA, in addition to comprehensive benefits and talent pipelines, are vital to building a workforce that represents the clients and communities we serve.
What do you see as Bank of America’s responsibility to be engaged in the communities it serves and a force for good in society?
As a native New Yorker, I am proud to be part of an organization that helps local individuals, families, and businesses achieve their financial goals. Bank of America also partners with nonprofits across the five boroughs and Westchester County to support New Yorkers’ basic needs and increase economic opportunity.
Since 2019, we have invested more than $70 million in health, jobs, and community vitality through partnerships with local nonprofits, colleges, and cultural institutions.
A key tenet of our approach to business and responsible growth is connecting with and investing in the communities we serve. Our clients and teammates are members of our community – it is imperative that we not only understand the local landscape, but help address challenges like food insecurity and barriers to economic mobility. Investing in organizations like the Hispanic Federation, DREAM, Baruch College, and Repertorio Español is vital to creating positive change and long-term solutions so that our communities and local economies continue to thrive.
Bank of America employees are also deeply involved in their communities and local organizations both as volunteers and helping financially. Since 2019, our New York City teammates have contributed more than 286,000 volunteer hours and made personal donations of more than $16 million to support local nonprofits and community needs.
What do you feel are the keys to effective leadership and how do you approach your management style?
Communication and transparency are essential for any working relationship, especially for those in leadership positions. Communication goes both ways, but I find the most effective approach is to model clear communication and set expectations early. It may not be comfortable to share that level of transparency, but those insights will ultimately allow for greater understanding and success. As for my management style, I engage in open dialogue with my teams, set ambitious goals, and focus on how we can have an impact on the overall success of the entire market. I also embrace challenges as opportunities to learn and grow as they can yield big results over time.
What advice do you offer to young people beginning their careers?
Take risks and be curious. The trajectory of my career has not been linear. However, I was able to learn and grow from each of my different work experiences and my curiosity helped ensure that could happen. That is what has enabled me to define my own professional path. •
“Our clients and teammates are members of our community – it is imperative that we not only understand the local landscape, but help address challenges like food insecurity and barriers to economic mobility.”
One of Bank of America’s new financial centers in Brooklyn
Bringing Inspiration And Joy Into People’s Homes
An Interview with Erika Ayers Badan, Chief Executive Officer, Food52
EDITORS’ NOTE Currently the Chief Executive Officer of Food52, Erika Ayers Badan was the first CEO of Barstool Sports, one of the most influential sports, lifestyle, and entertainment media brands on the internet. From 2016 to 2024, Badan led the company from a regional blog with 12 employees to a national powerhouse with over 300 employees. She has been named one of Forbes’ Most Powerful Women in the U.S. in Sports. Badan also held leading roles at Microsoft, AOL, Demand Media, and Yahoo. She currently hosts a daily 1:1 series on social media answering work related questions. Badan is the author of NOBODY CARES ABOUT YOUR CAREER She has been interviewed in national media outlets including CNN, MNBC, Forbes, Vanity Fair, and top podcasts. She currently serves as a board member on Malaria No More, a nonprofit organization that seeks to eradicate malaria. Baden earned a BS degree in Sociology and Philosophy from Colby College.
Erika Ayers Badan
or artists. My first job was at Fidelity Investments in the legal department. I hated it. My next job was also at Fidelity in the creative department. I loved it. Then I got laid off. I made my way across a bunch of ad agencies in Boston, then jumped to work at Microsoft, and after that a combination of start-ups and big media enterprises (Demand Media, BKSTG, AOL, Yahoo). I had small jobs and big jobs in well-run companies –and poorly run ones too. I was ambitious and always tried to learn and do as much as I could. I came from the school of thought that said take on as much as you can possibly handle and figure it out. I knew I wasn’t the smartest person in the room, but I tried to work the hardest and be the most curious and communicative.
I would describe the experience of working at Barstool Sports as exhilarating, wild, intense, consuming, creative, and, ultimately, life changing. It was a once in a lifetime job. We grew a company and a brand in our own way and on our terms and in our own style. The people who work at Barstool Sports are some of the finest people I’ve ever worked with. Regardless of whether you love or hate Barstool Sports, it’s hard not to appreciate what we did with it, growing from $5 million in revenue to more than $250 million in revenue in eight years, growing from a regional blog to national powerhouse, launching some of the biggest stars in sports and entertainment, becoming a top 10 fastest growing brand in the world on social, and exponentially diversifying our audience and business. What interested you in joining Food52 and made you feel it was the right fit?
COMPANY BRIEF Food52 (food52.com) is a next-generation cooking and home company that was named one of the world’s most innovative companies by Fast Company in 2022, with a monthly reach of more than 30 million people. From the beginning, the brand challenged the models of traditional companies and retailers, combining content, commerce, and community around the belief that the kitchen is the heart of the home and food is the center of a well-lived life. Food52 connects a global community of experts and amateurs, supporting them with inspirational, useful content – recipes, videos, podcasts, cookbooks, and more – and outfitting them with products that make them happy. In addition to a highly curated shop representing hundreds of makers, the Food52 community of brands includes its in-house product line Five Two, lighting and lifestyle goods company Schoolhouse, and the heritage home brand Dansk.
Will you discuss your career journey?
I didn’t set out after college with any grand plan for a career. I still don’t have any grand plans. I always looked at my career and the jobs I’ve had the same way I look at any given day of the week or any given opportunity: make the most of today and try to open new opportunities for tomorrow.
I was the first person in my family to have “corporate” jobs. Most of my family are teachers
On paper, I would say my career journey has mostly been spent in digital media, marketing, content, and revenue. Practically speaking, I’ve always followed interests and opportunities and pursued places and people where I could do two things: learn as much as possible and do as much as possible in the most accelerated and compressed timeline possible. I’m not sure this is the right path; it’s definitely not the only path – but it’s the one I chose.
What led you to Barstool Sports and how do you describe that experience?
I read Barstool Sports as a paper on the subway in Boston and later it became the fodder for most of my guy friends’ group chats. I always admired how ballsy they were. I stumbled on the opportunity via a chance meeting with Barstool’s new investor, The Chernin Group, in 2015. From the minute I heard they were looking for a CEO, I knew I wanted the job to be mine. I wanted the job so badly because I knew Barstool had something most companies didn’t – true fans, a rabid audience, a point of view, and a willingness to work at the pace of the internet. I was coming off jobs in music and in media where it was hard to find productmarket fit, even harder to make audiences and fans care, and even harder yet to teach people how to keep pace with the internet in terms of production, distribution, and monetization. Barstool had all of those things. I also liked that I “got” Barstool and I knew that most other people in my shoes – people with corporate jobs, from big media companies, or who had pedigreed careers – wouldn’t see it. I felt this gave me a sliver of a chance to actually get the CEO job. And it did.
After nearly a decade at Barstool Sports and selling the company twice in 2023 – first for $550 million and then back to the founder for $1 – I really felt I had accomplished what I set out to do there. I also was craving a change – a new industry, a new consumer, a different business model. I had been an advisor to Food52 since 2019 and on the board since 2023. I liked that the brand speaks to women and is centered around food and home as the epicenter of a well-lived life. I liked that it was a predominantly design, product, and commerce driven business but had potential for content, storytelling, and advertising. I liked that it appeals to predominantly female customers. I liked that it was female founded. And I liked that there is a big challenge ahead of this company in a space and a sector that has a lot of headwinds, but where there is also great room for disruption.
I am probably an unexpected choice for CEO of Food52 – and some people would probably argue this is an unexpected choice for me. I think I’m a good fit for this company because I’m coming off a job where I spent a decade rapidly growing, monetizing, and scaling brands in a highly costeffective manner.
How do you define Food52’s mission and purpose?
Food52 is a company that contains three brands: Food52, Schoolhouse, and Dansk. Our mission is to create and curate incredible design, to build communities of makers, designers, and home enthusiasts, and to tell stories about people, places, and products. We are striving for distinction across all three. Our purpose is to bring inspiration and joy into people’s homes – through stories, connections, and products.
Why did you decide to write a book, NOBODY CARES ABOUT YOUR CAREER, and what are the keys messages you wanted to convey in the book?
I wrote NOBODY CARES for three reasons. One, we had just sold a majority stake in Barstool Sports to a far bigger corporation than our own and I found my job changing and my creativity at work zapped. Writing a book was a creative outlet. Two, I made a podcast about work while at Barstool Sports and I was starting to get hundreds
of DMs a week from people asking questions about careers and work. Writing a book felt like a more efficient and cohesive way to answer those questions. Three, I went to a bunch of bookstores and looked at the business books and it made me feel depressed. The books were either about people who had done it all and seemed perfect or they were about having some formula or habit or the discipline to follow some multi-step process that would guarantee me to be great – sidenote: I have no discipline for multi-step processes and
I’m uninterested in perfection. I wanted to talk to people in the middle of their career as someone who herself is in the middle of her career and I wanted the book to be a conversation, spoken and written in a way that’s relevant and relatable, and I wanted it to be an honest and unfiltered take on what it takes to be great at work. The key themes of the book are as follows:
•Work is tuition you get paid for. Make the most of this education.
•You have to get over your ego and your insecurity to be great at anything, especially work.
•Stop caring about what everybody else has to say about everything you do. It’s important to do what makes you happy and for reasons that fulfill you.
•You aren’t perfect, and work isn’t either, but you can both be great.
What do you feel are the keys to effective leadership and how do you approach your management style?
Effective leadership involves a few things in my experience. You have to care, and you have to be willing to dig in and do the hard work yourself; you have to listen, and you have to be open to feedback and other people’s opinions; you have to always communicate, because the more consistent and communicative you are as a leader, the better the chance you have of people being willing to join you; and you have to have a vision beyond yourself. You can get comfortable being uncomfortable and you can be yourself and be successful.
My management style is pretty high-energy and pretty fast-paced. I’m curious. I’m very direct. I can be tough, but I also have a lot of love for the people I work with as well as a lot of love and passion around what we are trying to achieve. I value people with initiative. I am impatient with inertia, and intolerant of complaining.
Do you feel that there are strong opportunities for women in C-suites and on corporate boards?
Yes. There are tons of opportunities for women everywhere. I sit on a public company board that’s 50 percent female. It’s awesome. My last two companies have had mostly women in the C-suite. If you’re asking if it’s harder to get to these jobs and positions as a woman, the answer is yes, but getting easier every day. If you’re asking if there are enough women in these positions, the answer is resoundingly no.
With the success that have achieved in your career, are you able to enjoy the process and take moments to celebrate the wins?
My friend Barbara Corcoran coined a phrase – successfully insecure. Meaning, you’re doing good work but you’re still worried about it. I’m successfully insecure. I love the wins and I live for the process. I’m not great at celebrating because it makes me nervous. I do like to celebrate other people’s wins.
What advice do you offer to young people beginning their careers?
Just start somewhere. It doesn’t matter where you start. Get into your chapters and give yourself to learning and growing. Take a few risks. Remember that it’s your career and your life and nobody else’s. Don’t worry so much about not knowing what you are doing. Nobody else does either.•
A Shared Purpose
An Interview with Philip O. Ozuah, MD, Phd, President and Chief Executive Officer, Montefiore Medicine
EDITORS’ NOTE Dr. Philip Ozuah is the President and CEO of Montefiore Medicine, the umbrella organization for Montefiore Health System and Albert Einstein College of Medicine. A nationally recognized physician, leader, executive, researcher, teacher and author, Dr. Ozuah previously served as President of Montefiore Health System. A National Institutes of Health (NIH) funded researcher and award-winning educator, he also served as Professor and University Chairman of Pediatrics at Albert Einstein College of Medicine and Physician-in-Chief of the Children’s Hospital at Montefiore. Dr. Ozuah has been recognized locally and nationally for excellence in teaching and patient care, including as an inductee into the Alpha Omega Alpha Honor Medical Society and a two-time recipient of the Academic Pediatric Association’s prestigious Helfer Award for Innovation in Medical Education. Along with his various awards for teaching and clinical excellence, Dr. Ozuah has also been recognized by Modern Healthcare as one of the “100 Most Infulential People in Healthcare.” Dr. Ozuah earned his medical degree from the University of Ibadan, Nigeria, a master’s degree in education from the University of Southern California, and a PhD in educational leadership and administration from the University of Nebraska-Lincoln. He completed his Pediatric Internship and Residency at Albert Einstein College of Medicine and Montefiore, and his Post-Doctoral Fellowship in Medical Education at the University of Southern California School of Medicine.
Dr. Philip O. Ozuah
Montefiore Einstein is a purposedriven organization with a long history of supporting its employees, patients, and communities. How do you define Montefiore’s purpose and how is purpose at the foundation of Montefiore’s culture?
At Montefiore Einstein, our purpose is deeply rooted in the mission to improve the health of the communities we serve, with a particular focus on those who are most vulnerable. We define our purpose as not just delivering exceptional healthcare, but also addressing the broader social determinants of health that impact our patients’ well-being.
Montefiore’s culture is one where purpose and action are inextricably linked, creating a work environment where every team member understands the profound impact they can have on the lives of others. This shared sense of purpose unites us and propels us to continuously strive for excellence in all that we do.
What have been the keys to Montefiore’s strength and leadership in the industry, and how do you define the Montefiore difference?
For over a century, Montefiore has distinguished itself by not only providing top-tier clinical care, but also by advancing medical research and education through our partnership with the Albert Einstein College of Medicine. This synergy between clinical practice and academic research has enabled us to stay at the forefront of medical breakthroughs and provide cutting-edge treatments to our patients.
What do you see as the biggest challenges facing leading health systems and hospitals as you look to the future?
The demand for healthcare professionals continues to outpace supply. Recruitment, retention, and burnout have been a central focus. These challenges also contribute to the rising cost of healthcare delivery which are exacerbated by inflation and the rising cost of pharmaceuticals. Technology, as always, poses both opportunities and challenges. As we increasingly rely on telemedicine and AI to meet the changing needs of our patients, we must remain singularly focused on the protection of our patients’ privacy against the mounting challenges to our cybersecurity. And, of course, the challenges that we must address outside of our walls from climate change and the role we must play in reducing waste and our carbon footprint to the social determinants impacting our patients’ health from housing and food insecurity to transportation and education access.
Montefiore is deeply engaged in the communities it serves. Will you discuss Montefiore’s commitment to community and population health?
INSTITUTION BRIEF Montefiore Medicine (montefiore.org) is the umbrella organization overseeing both Montefiore Health System and Albert Einstein College of Medicine. Montefiore Health System is comprised of 11 hospitals, including the Children’s Hospital at Montefiore and Burke Rehabilitation Hospital, employs nearly 40,000 people, and has nearly 8 million patient interactions a year throughout four New York counties: the Bronx, Westchester, Rockland and Orange. In addition, Montefiore recently ranked among the top 1 percent of hospitals in seven specialties by U.S. News & World Report. For more than 100 years, Montefiore has been nationally recognized for innovating new treatments, procedures and approaches to patient care, producing stellar outcomes and raising the bar for health systems around the country and around the world.
Our leadership is also driven by a deep understanding of the communities we serve. Health is influenced by a myriad of social determinants, and we have taken a holistic approach to address these challenges. This includes initiatives that go beyond traditional healthcare, such as programs to combat food insecurity, improve housing conditions, and enhance education and employment opportunities in the communities we serve. By focusing on these broader issues, we can have a more profound and lasting impact on the overall well-being of our patients. Our teams are driven by a shared purpose to make healthcare more equitable and accessible, and this dedication is reflected in the outcomes we achieve and the trust we have earned from the communities we serve.
Montefiore Einstein has long recognized that true healthcare extends beyond the walls of our hospitals; it encompasses the broader social, economic, and environmental factors that influence the health and well-being of the communities we serve. We are deeply embedded in the neighborhoods we serve, and we see ourselves as a vital partner in addressing the unique needs of these communities. We work closely with local organizations, schools, and public health agencies to develop programs that promote health and wellness, prevent chronic diseases, and address social determinants of health. Our community-based initiatives include everything from mobile health clinics and food distribution programs to educational workshops and job training opportunities.
We understand that factors like housing, education, employment, and access to healthy food play a crucial role in determining health outcomes. That’s why Montefiore has taken a holistic approach, integrating social services with medical care to address these underlying determinants. For example, our partnerships with local housing organizations help secure stable living conditions for patients, while our collaborations with food banks ensure that no one in our community goes hungry.
Montefiore’s approach to population health is proactive and data driven. We use advanced analytics to identify health trends and disparities within our communities, allowing us to tailor our interventions to meet the specific needs of different populations. This means focusing not just on treating illness, but on preventing it in the first place. Whether it’s through managing chronic conditions, reducing hospital readmissions, or promoting healthy lifestyles, we aim to improve overall health outcomes and reduce the burden of disease.
To reach as many people as possible, we’re also innovating in the way we deliver care. Montefiore has embraced telemedicine and mobile health solutions to ensure that even those in the most underserved areas can access the care they need.
How critical is it for medical schools to transform their curriculum to best prepare the future leaders in medicine?
The healthcare landscape is evolving rapidly, driven by advancements in technology, shifting patient demographics, and the increasing importance of addressing social determinants of health. The next generation of physicians must possess the skills and temperament to navigate this complex and dynamic environment. Modern medicine is increasingly interdisciplinary, requiring collaboration across various fields, from data science to public health. Future leaders need to be comfortable
working alongside experts in technology, policy, and community health, and this starts with a curriculum that breaks down traditional silos.
Medical education must also go beyond the biological sciences to include training in the social, economic, and environmental factors that impact patient health. By embedding health equity into the curriculum, we ensure that future leaders are not only skilled clinicians, but also advocates for social justice and policy change.
What do you see as the keys to effective leadership and how do you approach your management style?
Successful leaders in healthcare must have the ability to navigate the inevitable challenges and crises they may encounter on a daily basis while maintaining a clear vision for the future of their organization. And they must be clear and definitive in their strategy to achieve that vision. Clear, consistent, and transparent communication is crucial in healthcare leadership. Leaders must be able to articulate their vision, expectations, and decisions to a wide range of stakeholders, including staff, patients, and the community. Leaders in healthcare must be decisive, capable of making informed, timely decisions even in complex or uncertain situations. Strong problem-solving skills are essential, as leaders must navigate the many challenges that arise in a healthcare setting, from clinical dilemmas to operational issues.
I came to my leadership role at Montefiore Einstein with a clear vision for the institution’s future. I built a team with the skills to move us collaboratively forward and I have empowered them to thrive individually and as a part of a cohesive team. Ultimately, I have used Montefiore Einstein’s mission, vision, and values as our guide and have challenged my team to do the same.
What do you tell young people about the types of careers the medical profession offers?
Whether you’re passionate about patient care, research, technology, or community service, the healthcare field has something for everyone. There are exciting opportunities in clinical research, public health, healthcare administration as well as rewarding paths in mental health and social services. Medicine is an instrument of social justice and a calling that allows you to make a real difference in the lives of others. Every day, you’ll have the opportunity to heal, to comfort, and to bring hope to those who need it most.
Studying medicine requires dedication, resilience, and a deep desire to help others. The path is challenging, but it’s also incredibly fulfilling. Along the way, you’ll gain knowledge and skills that will not only transform your own life, but also the lives of countless others. You’ll be at the forefront of science and innovation, working to solve some of the most pressing health issues of our time.•
Montefiore Hospital Moses Campus in the Bronx
Leading With Unity: The Framework And Freedom For Success
An Interview with Richard A. Rosenbaum, Executive Chairman, Greenberg Traurig, LLP
EDITORS’ NOTE Richard A. Rosenbaum is the Executive Chairman of Greenberg Traurig, a unified international law firm of more than 2750 attorneys in 48 locations around the globe. He has long been considered a thought and change leader in the broader legal profession. He joined the firm in 1985 as its 90th lawyer and has since been integrally involved in forming and successfully executing the strategies that have led to the firm’s growth and unique culture across the United States, Europe and the Middle East, Latin America, and Asia. He closely guards the firm’s long-term core values while still aggressively navigating ever-changing times. Rosenbaum has always put the firm’s clients and people first, understanding that a law firm leader works for them, first and foremost. He is proud of his work in founding the firm’s renowned and wideranging “commitment to excellence” program, which ensures that all these values remain core to the firm’s daily practice and global brand for many years to come.
Richard A. Rosenbaum
At Greenberg Traurig, we fiercely protect our culture and core values of respect for the individual, integrity, commitment to excellence, diversity, and collaboration. The key to achieving this lies in our unity. By operating as one united firm, we ensure that our foundational principles remain intact. We never merge or create a verein. Instead, we grow organically by hiring laterals or teams that align with our values and strategies.
Unity strengthens, unity diversifies, and unity allows us to be our authentic selves and work together with common goals. Unity is the framework that gives us the freedom to “win.”
How did your leadership style develop?
Perhaps most important, we created an environment of mutual trust and collaboration – rare in a global Big Law firm. Wherever we open our doors – across the United States or the world – we seek out respected regional attorneys who not only enhance our capabilities, but also share our core values, and this makes all the difference. These principles transcend borders, cultures, and customs, anchoring us as a global force with a shared purpose.
FIRM BRIEF Greenberg Traurig, LLP (gtlaw.com) has more than 2750 attorneys in 48 locations in the United States, Europe and the Middle East, Latin America, and Asia. The firm is a 2022 BTI “Highly Recommended Law Firm” for superior client service and is consistently among the top firms on the Am Law Global 100 and NLJ 500. Greenberg Traurig is Mansfield Rule 6.0 Certified Plus by The Diversity Lab. The firm is recognized for powering its U.S. offices with 100 percent renewable energy as certified by the Center for Resource Solutions Green-e® Energy program and is a member of the U.S. EPA’s Green Power Partnership Program. The firm is known for its philanthropic giving, innovation, diversity, and pro bono.
What is the key to your effective leadership as executive chairman of a top-tier global law firm?
“Where there is unity, there is always victory.” Latin moralist Publilius Syrus wrote these powerful words more than 2,000 years ago. Two millennia later, we live in a hyper-connected, yet polarized world plagued with geopolitical, ideological, and economic upheaval. We are at an inflection point. The need for unity has never been greater.
In 1985, I joined the firm in Florida as a young associate and our 90th lawyer. I am honored that Mel Greenberg, one of the firm’s founders, saw a special quality and drive in me and took me under his wing. Mel often spoke about the value of collaboration: “I really believe that the strength and character of Greenberg Traurig was created because of our relationship, and mutual respect and interdependence.” This concept of unity as integral to success resonated deeply and still guides me today. We have grown into a leading global Big Law firm with more than 2750 attorneys working together as one united firm across 48 locations in the United States, Europe and the Middle East, Latin America, and Asia.
How do you empower those you lead in many locations, practices, industries, and cultures?
We believe in our attorneys – both as talented professionals and entrepreneurs. In an increasingly complex world, Greenberg Traurig attorneys operate as resilient problem-solvers with the adaptability, strength, and capacity to successfully navigate evolving challenges. We invest in our attorneys’ personal and professional growth. Our award-winning mentoring and training programs further empower our attorneys to achieve their highest potential and deliver unparalleled service to our clients worldwide. Greenberg Traurig is a meritocracy where everyone has the freedom to shape their own success through the power of their drive and their unwavering commitment to client satisfaction.
The result is a multidisciplinary global platform where our attorneys fluidly collaborate across locations, exchanging deep knowledge of practice areas, industry-specific insights, and regional nuances. A common sentiment I hear among our professionals is, “I haven’t yet seen a client issue arise that someone, somewhere at Greenberg Traurig can’t address.” We can count on each other. We are all stronger, and better equipped to service our clients and their industries holistically and seamlessly, when we work together across the globe as one united firm.
What core aspects of Greenberg Traurig’s business model have led to consistent leadership in the industry and long-term client relationships amid so many other changes in the world?
It is essential to define what Greenberg Traurig stands for: exceptional client service, a collaborative and respectful environment, diversity, sustainability, the responsible adoption of emerging technologies, and a unified global perspective. It is also imperative to note what differentiates us. First and foremost, we are client-driven. This commitment to exceptional client service, along with our sound fiscal management, drives our sustained financial growth. We have historically increased our year-over-year revenue for a decade.
Our secret sauce is in our unique business model. We grow by strategically targeting locations poised for expansion and hire regionally respected and connected professionals who share our values. This allows us to operate as one collaborative, unified global firm and offer the agility and geographic and practice diversity required to meet evolving client needs worldwide. Clients stay with us because our flexible and vast global platform enables us to provide industry-focused teams well-versed in relevant practices, align fee structures with client needs and market conditions, and adapt to any economic climate. In short, we meet clients where they are in terms of proximity, budgets, and legal requirements. One more intangible
asset: at Greenberg Traurig we genuinely like each other and clients enjoy working with us. In fact, over the years, many clients and attorneys on the other side of a matter have joined our firm.
By staying true to our foundational principles, we attain success through unity, and our attorneys have the freedom to pursue their entrepreneurial dreams and provide a better way forward for the legal profession and for those we serve.
Greenberg Traurig’s New York headquarters is located at One Vanderbilt in New York City. As the world continually evolves, why does New York remain so central to business and law in the U.S. and worldwide?
New York’s importance to business and law around the world is driven by its legal influence, financial strength, global reach, and cultural diversity. Therefore, to become a premier global law firm, we had to build a formidable New York presence. Our renowned New York attorneys collaborate around the globe both as team leaders and team members sharing knowledge with talented peers around the country and the world.
Almost 30 years ago, Larry Hoffman and Cesar Alvarez asked me to grow the newlyformed New York office as its managing shareholder. Staffed with only 30 attorneys in the world’s largest and most competitive legal market, I was honored and humbled. Today, our New York office has more than 300 attorneys comprising all the firm’s major practices including corporate, real estate, litigation, white collar, restructuring, intellectual property, tax, entertainment and media, labor and employment, and government law and policy. Our clients – ranging from Fortune 100 companies to startups – conduct business locally and around the world. Our Long Island, Westchester, and New Jersey offices enhance and support the New York City office. We are the only global Big Law firm with offices in all these locations. And, of course, I am Brooklynborn, and Queens-raised. New York is my hometown.
Greenberg Traurig places a major emphasis on building a diverse and inclusive workforce. Will you discuss these efforts and how critical this is to the continued strength of the firm notwithstanding the changes we are all living through?
Our origin story and core values reflect our unwavering commitment to fostering an inclusive environment. Founded by three attorneys who themselves faced discrimination, Greenberg Traurig was established as a firm where everyone is welcome. We take pride in our long-standing, comprehensive, and award-winning diversity, equity, and inclusion (DEI) initiative. By building teams of attorneys from diverse backgrounds, worldviews, and approaches, we can provide more well-rounded and creative solutions for our clients and the communities we serve. We are privileged to have Senior Vice President and Litigation Shareholder Nikki Lewis Simon, an internationally recognized thought leader, as
our chief DEI officer. Under her guidance and with support from other firm leaders, we develop programs that address inclusion and diversity in all its definitions.
A rise in divisiveness and hate crimes only embolden us at Greenberg Traurig to accelerate our efforts to actualize meaningful change. Recently, there has been an alarming increase in antisemitism on our campuses, across our nation, and globally. As attorneys, we have a moral obligation to combat hateful rhetoric that incites violence or intimidation whenever and wherever it arises. We must not remain silent.
almost 40 years since I was first welcomed into the firm. I am incredibly grateful for the unbelievable opportunity I have been blessed with at Greenberg Traurig. I have grown, I have led, and I have witnessed the firm experience tremendous expansion while holding fast its core values, the highest ethical standards, and commitment to excellence. I always remember that the successes in my own career are the result of the combined investment of many others – both those who have mentored me as well as those I continue to lead and serve. They make me proud to be at Greenberg Traurig every day. I continue to work hard to honor that investment.
“Unity strengthens, unity diversifies, and unity allows us to be our authentic selves and work together with common goals.”
Reflecting on the countless hours over more years than I care to remember, I know in my heart that the sacrifices have been well worth it, not just for me personally, but also for the more than 5,000 members of our Greenberg Traurig family. I remain ever ready and nimble for both the predictable and the unforeseeable changes that await our noble legal field. Looking to the future with optimism, I am eager to witness the unimagined efficiencies and democratization of law that emerging technologies promise. I see opportunities to further influence the practice of law on a global scale. Moreover, it is our responsibility as lawyers to continue to work diligently to create a more diverse, just, and unified society.
What advice do you give to young people interested in a career in law?
My daughter entered law school this August. I tell her what I have told many before: Embark on this journey with passion. This career is not simply about financial rewards or prestige; it requires a deep commitment to making a difference, advocating for others, and upholding the law. Earn your clients’ trust by maintaining the highest ethical standards. As Abraham Lincoln once said, “The best way to predict the future is to create it.” Let your passion be the foundation upon which you build your future.
Remain nimble, keep learning, and stay informed. The legal landscape is constantly changing, influenced by new legislation, technological advancements, and global events. Your ability to adapt will make you a more effective and resilient lawyer. The lives you touch – whether a powerful CEO or a vulnerable individual in need – can be transformed for the better. In all the long hours, keep in mind that success is not a destination; it is a journey that must be earned every day. But also find time for your family, your friends, and yourself. Network and work collaboratively. Success is found in unity.
Greenberg Traurig has achieved robust growth and success under your leadership. Are you able to enjoy the process and take moments to reflect on what the firm has achieved?
This may seem trite, but time really does go by so fast. I can’t believe that it has been
My advice to future lawyers mirrors the principles that have driven our firm’s success. Hard work and teamwork yield remarkable results. As an Ethiopian proverb states, “When spiders unite, they can tie down a lion.” At Greenberg Traurig, three Miami attorneys came together years ago, and our united efforts have transformed our firm into a leading legal global powerhouse.•
Growing The Game
EDITORS’ NOTE In July 2019, Cathy Engelbert was named the first-ever Commissioner of the WNBA and is charged with bolstering visibility for the sport of women’s basketball and leading the business through transformation. Since she stepped into the role of WNBA Commissioner, she has executed a historic player-first Collective Bargaining Agreement in 2020; built and socialized a new economic framework to drive league revenue growth and stakeholder success; led the longest tenured women’s professional sports league in the U.S. through its 25th anniversary season and through the COVID-19 pandemic; and, raised $75 million capital from outside investors to fund league transformation projects. Prior to the WNBA, Engelbert retired as the CEO of Deloitte in June 2019, after 33 years with the firm. Engelbert is a member of the Board of Directors of McDonald’s Corporation, Royalty Pharma, and the USGA Executive Committee. She also serves as the Vice Chair of the Partnership for New York City and is a member of the Business Council, Council on Foreign Relations, and Catalyst, a global nonprofit organization that promotes inclusive workplaces for women. She has been listed as one of Fortune’s Most Powerful Women for four consecutive years, was ranked on Glassdoor’s annual Employees’ Choice Awards honoring the 100 Highest Rated CEOs, and is one of Fast Company magazine’s Most Productive People. In 2021, Engelbert was listed on the Forbes’ “50 Over 50” list and Adweeks “40 Women to Watch.” She has two children – earning her the recognition as one of Working Mother magazine’s 50 Most Powerful Moms for three years. Engelbert received a BS degree in business and economics (accounting) from Lehigh University.
ORGANIZATION BRIEF
culture around it. In 2020, the WNBA and the Women’s National Basketball Players Association (WNBPA) signed a groundbreaking CBA that has charted a new course for women’s basketball –and women’s sports overall – with a focus on increased player compensation, improvements to the player experience, expanded career development opportunities and resources specifically tailored to the female professional athlete. Key elements of the agreement are supported through the league’s partnership platform, the WNBA Changemakers Collective, with AT&T, the WNBA’s Marquee Partner and inaugural Changemaker, as well as fellow inaugural Changemakers Deloitte and NIKE, Inc., and subsequent additions Google, U.S. Bank and CarMax. During the 2020 season, the WNBA and WNBPA launched the WNBA Justice Movement forming the Social Justice Council with the mission of being a driving force of necessary change and continuing work regarding women’s and maternal health and voting rights, among other important societal issues.
When you look back five years ago when you were presented with the opportunity to lead the WNBA, what excited you about the opportunity and made you feel it was the right fit?
When my term as CEO of Deloitte was ending, I wrote down three things I wanted in my next role. I wanted something different, something with a broad women’s leadership platform, and something I had a passion for. Sports have always been part of my upbringing; my dad was drafted into the NBA in 1957, and I played both basketball and lacrosse in college. The opportunity to be the Commissioner of the Women’s National Basketball Association truly checked all three.
The WNBA was looking for someone at the time to transform the economics of the league so my experience as the first female CEO of a Big 4 accounting firm and over three decades in the business world gave me experience and capabilities to help the WNBA transition from surviving to thriving. I also saw the opportunity to be a part of something truly special and impactful. As a fan, I knew the WNBA’s product was top-notch and the players were the best in the world, and I was so excited to join the WNBA and help take it to the next level.
The Women’s National Basketball Association (WNBA) is a bold, progressive basketball league that stands for the power of women. Currently in its 28th season in 2024, the WNBA (wnba.com) is a unique sports property that combines competition and entertainment with a commitment to diversity, equity, and inclusion and social responsibility. Through its world-class athletes, the in-game fan experience, TV and digital broadcasts, digital and social content, and community and youth outreach programs, the league celebrates and elevates the game of basketball and the
Cathy Engelbert
An Interview with Cathy Engelbert, Commissioner, Women’s National Basketball Association (WNBA)
Cathy Engelbert rings
“The WNBA has an immense responsibility to be engaged in its communities and act as a force for good. WNBA players are powerful advocates for social justice, equality, and community service.”
How did your experience as a business leader help prepare you for the role of commissioner?
I was brought on to lead the WNBA because the skills and expertise I brought on as a CEO are highly transferable because, after all, sports is big business and big business is about relationships. The 30-plus years I spent working in the corporate world, including as a professional services partner and then CEO, prepared me to help transform the WNBA’s business and economic model. These decades of experience taught me the importance of building relationships, fostering innovation, navigating complex challenges, deploying capital, crisis management, hiring a strong team, and building strong stakeholder relationships. These skills have been instrumental in driving the growth and success of the WNBA.
What have been the keys to the success that the WNBA has achieved in bolstering visibility for the sport of women’s basketball?
The keys to our success in increasing visibility for women’s basketball include strategic partnerships, innovative media deals, and a focus on engaging, authentic storytelling. But it also was about getting more WNBA games on
national platforms, signing on more corporate sponsors who have in turn endorsed WNBA players and placed them in advertising spots, and the raising of outside capital so we could hire a strong team to effect the multi-dimensional transformation of the league. We’ve signed significant media rights agreements, including groundbreaking ones this summer with Disney, Amazon, and NBC. We have also made significant investments in digital media and technology to amplify the league’s presence through digital platforms, social media, and our WNBA app. Additionally, our significantly enhanced marketing efforts have centered on compelling storytelling around the incredible on-court talent and off-court impact of the players. This has clearly resonated with fans, as our players and the league are cultural touchpoints for people across age, gender, and demographic lines, and we have driven recordbreaking viewership and engagement during the 2024 season to date.
You have placed a major focus on empowering the players in the WNBA. Will you discuss this effort?
We have never shied away from taking a stand and empowering the players to do
the same. Since its founding, the WNBA and the players have been outspoken on issues including civic engagement and voting rights, LGBTQ+ rights, racial justice, reproductive rights, and more. The players are role models in their communities and committed to making an impact beyond the court. We recognized this and knew our job as a league is to empower them to amplify this impact. Not only do we encourage our players to be pillars of their communities, but we provide resources and platforms for them to engage in social justice initiatives, community outreach, and personal development programs. Initiatives like the WNBA’s Social Justice Council and league-wide community service projects enable our players to advocate for causes they are passionate about.
How has the WNBA approached its focus on enhancing fan engagement?
Enhancing fan engagement has been a multifaceted effort. Our guiding principle is to make it easier to be a fan of the WNBA. Central to this work has been a significant investment in creating more interactive and accessible experiences for our audience. We’ve expanded our digital footprint with a total overhaul of the WNBA app, increased our social media presence, and hosted innovative in-season competitions like the Commissioner’s Cup to generate excitement. Additionally, we’ve worked to bring fans closer to the game. This year, fans were able to attend the draft, and we executed preseason games in new markets.
How important has it been for the WNBA to build a diverse and inclusive workforce to mirror the diversity of its players and the communities it serves?
Building a diverse and inclusive workforce is crucial for the WNBA, reflecting our commitment to equity and representation both on the court and beyond the game. Our league thrives on the diversity of the players, and it’s imperative that our staff and leadership embody the same values. This approach not only fosters a more inclusive environment, but also ensures that we can connect authentically with our diverse fan base and drive meaningful impact within the communities we serve.
While there is always work to be done, the WNBA has continued to post top-tier grades in an annual report studying diversity hiring throughout the league. The Institute for Diversity and Ethics in Sport (TIDES) at the University of Central Florida issued an A for the league’s
Caitlin Clark poses for a photo with Cathy Engelbert during the 2024 WNBA Draft on April 14, 2024
overall racial and gender grades for the 2023 season. This year’s report card marked the 19th straight year that the league earned at least an A in all three categories. The league also posted an A in racial hiring and an A+ in gender hiring for roles in the WNBA headquarters, along with an A+ for diversity-hiring initiatives.
What do you see as the WNBA’s responsibility to be engaged in its communities and to be a force for good in society?
The WNBA has an immense responsibility to be engaged in its communities and act as a force for good. WNBA players are powerful advocates for social justice, equality, and community service. Sports are a convening and unifying force, bringing together diverse groups of people and fostering a sense of community and shared purpose. The WNBA leverages this power to address critical social issues, promote justice, and inspire positive change. Through leaguewide initiatives, partnerships, and community engagement programs, we aim to empower the next generation of leaders and athletes, ensuring they see the possibilities within themselves and in their communities. By supporting our players in their advocacy and outreach efforts, we help amplify their impact, creating a ripple effect of positive change throughout society.
Players also have immense capacity to make a profound impact on gender equality. They serve as critical role models for young girls, inspiring them to participate in youth basketball or other sports, and demonstrating the strength, resilience, and determination that come from participating in competitive sports. Speaking from both personal experience and backed up by research, we know that girls who play competitive sports are more likely to be successful later in life, as athletics instill valuable life skills such as teamwork, leadership, and confidence. It’s our duty to continue expanding our players’
platforms and visibility so they reach as many young people as possible.
What do you feel are the keys to effective leadership and how do you approach your management style?
Effective leadership hinges on vision, authenticity, empathy, and resilience. I believe in leading by example, fostering a culture of collaboration, and being open to new ideas and perspectives. My management style is rooted in empowering others, providing clear direction while also giving teams the autonomy to innovate and excel. Building strong relationships and maintaining transparent
communication are essential to navigating challenges and driving success.
With all of the growth and success that the WNBA has experienced under your leadership, are you able to enjoy the process and take moments to celebrate the wins?
Absolutely, celebrating our wins is essential to appreciating the journey and staying motivated. The rapid growth of the WNBA is the direct result of hard work, dedication, and passion from everyone involved – the players, the teams, the league, our partners, and our fans. Taking moments to reflect and celebrate these milestones not only fosters team spirit, but also inspires us to aim even higher. Whether it’s a new viewership record, a runaway success in the All-Star Game, or an impactful new partnership, each victory is a testament to our collective effort and vision for the league.
What are you most excited about when you look to the future of the WNBA?
I am incredibly excited about the WNBA’s expansion from 12 teams to 16 teams by 2028, and the growing visibility of, and demand for, women’s basketball. The future holds immense potential as we reach new markets, increase our media presence, and enhance fan engagement globally. The talent pool in women’s basketball has never been deeper, and we are committed to creating more opportunities for more players to showcase their skills and thrive. The next few rookie classes show amazing talent and promise, and we look forward to welcoming in these players who continue to change the game through their incredible skills and appeal to a broad audience. Additionally, our ongoing efforts to globalize the game, and innovate and lead the way in how women’s sports can drive equity and inclusion, make me optimistic about the WNBA’s role in shaping not just the future of sports, but of our society.•
Arike Ogunbowale of Team WNBA receives the 2024 AT&T WNBA All Star Game Most Valuable Player trophy after the game against the USA Basketball Women’s National Team
Cathy Engelbert attends WNBA Changemaker Day on July 18, 2024 at The Parsons Leadership Center for Girls and Women in Phoenix, Arizona
NEW YORK NEW YORK
Trust And Integrity
An Interview with Yesenia Scheker Izquierdo, New York Office Managing Partner, KPMG US
EDITORS’ NOTE Yessi Scheker
Izquierdo is the KPMG New York Office Managing Partner and New York Market Hub Leader, responsible for developing and implementing the firm’s strategic direction in its largest market. She provides leadership oversight of the four offices in the metro New York area including New York, Short Hills, Stamford, and Long Island across Audit, Advisory, and Tax. She is a Tax partner with more than 20 years of experience serving clients in the asset management and private equity real estate industry, providing tax and advisory services to global asset managers and various real estate, construction, hospitality and infrastructure clients. An advocate for diversity, equity, and inclusion, Scheker Izquierdo formed the KPMG Women in Real Estate Steering Committee in 2017, partnering with the KPMG Board Leadership Center to develop board readiness programs for industry executives. She serves on the board of directors of the United Way of New York City and is a member of the Partnership for New York City. She has been active in the American Heart Association and KPMG Family for Literacy. She is also a member of the Development and Advancement Committee for the KPMG Accelerate 2025 Taskforce. Scheker Izquierdo was named one of Crain’s New York Business 2023 Women of Influence, 2018 Notable Women in Accounting and Consulting, and New York Real Estate Journal’s 2019 Women in Real Estate. Scheker Izquierdo earned a BS degree in accounting from the University of Florida – Warrington College of Business and a master’s degree in accounting and taxation from the University of Florida.
FIRM BRIEF KPMG LLP (kpmg.com) is the U.S. firm of the KPMG global organization of independent professional services firms providing audit, tax, and advisory services. The KPMG global organization operates in 143 countries and territories and has more than 273,000 people working in member firms around the world. Each KPMG firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients. KPMG is widely recognized for being a great place to work and build a career. The firm’s people share a sense of purpose in the work they do, and a strong commitment to community service, inclusion and diversity, and eradicating childhood illiteracy.
How do you describe KPMG’s culture and values?
At KPMG, our culture is built on a set of values – Integrity, Excellence, Courage, Together, For Better – rooted in empathy, and fostered by accountability. An ethical, collaborative, and inclusive culture is key to our success and our professionals are the driving force behind the high-quality services we provide for our clients. They come to and stay at KPMG because we make a difference for our clients, communities and each other. I am proud to work at a firm that is dedicated to developing a culture that encourages innovation, growth and development, and teamwork – all of which contribute to driving business outcomes.
What have been the keys to KPMG’s strength and leadership in the industry?
KPMG has long embraced innovation and emerging technologies to help our clients address their greatest opportunities and challenges, improve operational efficiency, and drive growth, making us a leader in our industry. Digital transformation is not a choice, it’s a necessity in today’s fast-changing business environment. That’s why we’re strategically integrating generative AI (GenAI) into our work to better support our people and our clients. Trust and integrity are at the core of our GenAI strategy, whether it’s with clients, in the solutions we are creating with our alliance partners, or within
our own firm. We are helping clients to identify the greatest opportunities to create value for their organization with GenAI. This includes opportunities to increase efficiency and save costs, but we believe a narrow focus on productivity gains alone is shortsighted. We’re advising clients to assess how GenAI will disrupt their business and their competitive landscape; the work is needed now to innovate and develop new business models and new revenue streams. In essence, we’re helping them to identify their gamechanger.
Earlier this year, we launched KPMG aIQ, a comprehensive program that has accelerated and expanded the firm’s efforts to prepare our workforce for an AI-forward approach to our daily work and serving clients. Through aIQ, KPMG aims to enable 100 percent of KPMG’s partners and employees to integrate generative AI into their everyday work by the end of 2024. Will you provide an overview of your role and areas of focus?
As the KPMG New York Office Managing Partner and New York Market Hub Leader, I am responsible for developing and implementing the firm’s strategic direction and growth in our largest market. In this role, I oversee the delivery of high-quality client service, guide marketplace strategy and drive cross-functional quality growth. I also advance KPMG’s culture with a focus on ethics and integrity, innovation, and inclusion. In addition, I represent the firm and the New York office in the business and
“Trust and integrity are at the core of our GenAI strategy, whether it’s with clients, in the solutions we are creating with our alliance partners, or within our own firm.”
Yesenia Scheker Izquierdo
philanthropic communities. I provide leadership oversight and support the career development of our partners and professionals across the four offices in the metro New York area including New York, Short Hills, Stamford, and Long Island across our Audit, Advisory and Tax functions. In addition, I am also the Global Tax Industry Leader for our Building Construction and Real Estate practice with more than 25 years of experience serving clients in the asset management, private equity, and real estate industries.
Will you highlight KPMG’s presence in the metro New York area?
With a strong foothold in the metro New York area, our largest geographical market and location of our U.S. headquarters, KPMG has established itself as a leading professional services firm here, serving a diverse range of clients across all industries. Our New York hub serves as a center of excellence, housing a talented team of professionals who bring deep industry knowledge and expertise to our clients. The New York market offers unique opportunities and challenges, and KPMG is committed to providing tailored solutions to meet the specific needs of our clients in this dynamic region. Our extensive network of professionals in the metro New York area enables us to deliver innovative insights and strategies that drive business growth and success. We take pride in our longstanding presence in the metro New York area and remain dedicated to supporting the local community through our long-standing work with area nonprofits and civic organizations.
What sets KPMG’s Tax practice apart from its competitors?
KPMG’s Tax practice distinguishes itself through several key factors. We continuously invest in and implement cutting-edge technologies to enhance our service delivery and efficiency. Our best-in-class tax professionals span multiple service lines and disciplines, offering holistic solutions to complex tax challenges. A standout feature is our premier Washington National Tax practice, composed of unparalleled experts from Treasury, the OECD, Capitol Hill, and other governmental and legal backgrounds.
This team provides invaluable insights on tax legislative and regulatory changes. We also set ourselves apart by fostering a culture of inclusion, which helps us attract and retain a workforce that reflects the future of corporate tax departments. A prime example of this commitment is our KPMG Tax Scholarship Program, supporting students pursuing master’s degrees in Accountancy/Taxation. This initiative offers up to $40,000 in funding, mentorship, and a full-time role upon graduation. These elements combine to create a tax practice that not only excels in technical expertise and client service, but also leads the industry in innovation and inclusive talent development.
How important is it for KPMG to build a diverse and inclusive workforce?
As a values-driven organization, KPMG has a long-standing commitment to supporting a diverse, inclusive workforce and equitable workplace and it continues to be a strategic priority. We intentionally educate our people on how to meaningfully foster a sense of belonging, respect, fairness, and civility. At KPMG, we celebrate the unique perspectives, experiences, and backgrounds that all partners and professionals bring to engage with each other, our clients, and our community collaborators. As a firm that relies on intellectual capital, we prioritize attracting top talent with a broad range of skills and experiences, ensuring that our diverse workforce can serve our clients with the innovative thinking and solutions expected, and build rewarding and collaborative relationships with their colleagues.
Do you feel that there are strong opportunities for women in leadership roles in the industry?
At KPMG, we take pride in proactively supporting women in the workplace through a combination of employee engagement opportunities, inclusive benefits, and external partnerships that raise awareness across the firm and throughout the communities where we live and work. One of the primary avenues is through the KPMG Network of Women (KNOW) business resource group, which includes over 10,300 members across 64 chapters throughout the U.S. Through the KNOW BRG, we have implemented
“Our New York hub serves as a center of excellence, housing a talented team of professionals who bring deep industry knowledge and expertise to our clients.”
a plethora of programs that empower women to nurture their leadership aspirations. This includes our Rising Stars program, designed for a select group of senior managers and directors across the firm who have been identified as high performers. We also offer our Executive Leadership Institute for Women (ELIW), a yearlong professional development series for KPMG managing directors, partners, and their peers in the marketplace with the necessary skills to become effective leaders.
What do you see as KPMG’s responsibility to be engaged in the communities it serves and a force for good in society?
At KPMG, we have a long-standing history of strengthening the communities where we live and work, as it’s embedded in our culture and values across the firm. The KPMG U.S. Foundation seeks to create a world with equity and access to opportunity for all. Through KPMG and the KPMG U.S. Foundation, we have trusted collaborations to improve equity and access in our communities. We mobilize our resources, including the unique skills of our people, and support organizations focused on increasing access to education and opportunity, advancing mental health and creating community vitality.
In 2022, KPMG celebrated its 125th anniversary with a day of service and a $125 million commitment from the KPMG U.S. Foundation over five years to support programs that will improve equity and access in our communities. Following the success of the 125th anniversary, we decided to make Community Impact Day an annual event. We just celebrated our third annual Community Impact Day, where employees nationwide came together to volunteer their time and skills to support more than 400 local nonprofit organizations, programs, and initiatives.
To further support the firm’s place-based approach, the KPMG U.S. Foundation will also contribute an additional $1 million in grants over the next three years to nonprofit organizations in both New York and Orlando. These markets are significant to the firm, with New York as our national headquarters and Orlando as the location of KPMG Lakehouse, our cultural home and state-of-the-art learning, development and innovation center. Community vitality grants will also support various nonprofits in the greater metro New York area.
What advice do you offer to young people beginning their careers?
Embrace opportunities, work hard, stay humble, and never forget your roots. I grew up with a single mom who worked tirelessly to raise my sister and me. I learned the meaning of hard work and sacrifice early, and I have a strong work ethic as a result. I always remember to embrace every opportunity given to me and to help others along the way. I am so grateful and appreciative for the opportunities I have been given at KPMG and to all that took an interest in me along the way. I don’t ever take for granted that not everyone has the same opportunities. When others are in need, when I can help, I always remember my roots and make it a point to always pay it forward.•
Safety, Quality And Access
An Interview with David L. Reich, MD, President, The Mount Sinai Hospital and Mount Sinai Queens
EDITORS’ NOTE David L. Reich, MD, the Horace W. Goldsmith Professor of Anesthesiology, Professor of Artificial Intelligence and Professor of Pathology, has been President of The Mount Sinai Hospital and Mount Sinai Queens, both part of the Mount Sinai Health System, since 2013. Reich was chairperson of the Department of Anesthesiology from 2004-2014 and also served as President of the Medical Board in 2011-2012. Prior to his anesthesiology training, Reich completed two years of residency in general surgery at Harbor/ UCLA Medical Center in Torrance, California. He received his BS degree with highest distinction from Pennsylvania State University and his medical degree from Jefferson Medical College in Philadelphia. After arriving at Mount Sinai in 1984, Reich completed a residency in anesthesiology and a fellowship in cardiothoracic anesthesia. His honors include the 2011 Physician of the Year from Mount Sinai Nursing, the 2014 Mount Sinai Alumni Association Jacobi Medallion, the 2021 Heart of Gold Award from the NY Heart Association, the 2021 August Heckscher Founder Award for Community Service from CIVITAS, the 2021 Empire Whole Health Heroes Award from Empire BlueCross BlueShield and Crain’s New York Business, and Pace University’s 2022 Changemakers in Healthcare Award. Reich’s research interests include neurocognitive outcome following cardiac surgery, medical informatics, and hemodynamic monitoring. An academic cardiac anesthesiologist, he has published more than 200 articles, editorials and book chapters. As a hospital executive, he has enhanced safety and quality by forming an institute for critical care medicine, rapidly deploying AI-enhanced clinical decision support, and leading in COVID-19 care and diagnostics.
Dr. David L. Reich
How do you describe Mount Sinai Health System’s culture and values?
Mount Sinai Health System comprises a leading medical school, eight hospital campuses and hundreds of outpatient practices. Our culture and values are linked to our intense focus on improving the safety, quality, access, and experience for our patients. Leading edge science is translated into better medical care at the bedside. We serve our communities, including those with limited resources, to promote long and happy lives.
What have been the keys to Mount Sinai’s industry leadership?
The meteoric rise in the scientific accomplishments of the Icahn School of Medicine at Mount Sinai, combined with the scope and scale of the patient care enterprise, has been critical to developing the platforms that drove our movement into a leadership position. The other important factor is that we are a health sciences-only organization, so can focus exclusively on healthcare, as opposed to broader university systems.
Will you discuss your role and areas of focus?
As President of the flagship hospital and an additional community hospital, my role is to innovate to improve the ways we administer healthcare. The Mount Sinai Hospital is continually striving to provide the most complex care with the best outcomes and experience. At Mount Sinai Queens, we perform the first implementations of information systems and workflow improvements within the health system. At the highest level, my role is programmatic development that drives improvements in the triple aim of access, value-based care, and experience of care.
How important is close coordination between the presidents of the hospitals within Mount Sinai Heath System to ensure seamless service and consistent quality across the health system?
The hospital presidents, chief medical officers and chief nursing officers meet often to review our KPI’s and to implement system-wide quality innovations. For example, we synchronize policies for perioperative care across the health system.
INSTITUTION BRIEF Mount Sinai Health System (mountsinai.org) encompasses the Icahn School of Medicine at Mount Sinai and eight hospitals, as well as a large and expanding ambulatory care network. The eight hospitals – The Mount Sinai Hospital, Mount Sinai Beth Israel, Mount Sinai Brooklyn, Mount Sinai Queens, Mount Sinai Morningside, Mount Sinai South Nassau, Mount Sinai West, and New York Eye and Ear Infirmary of Mount Sinai – have a vast geographic footprint throughout the New York metropolitan region. The Mount Sinai Hospital has been listed in the U.S. News & World Report Honor Roll for the last nine years. The New York Eye and Ear Infirmary of Mount Sinai is also ranked nationally in ophthalmology.
“The Mount Sinai Hospital is the laboratory for validating and implementing artificial intelligencedriven clinical decision support to improve hospital safety, quality, and economics.”
Will you highlight your focus on enhancing safety and quality across Mount Sinai, and how are you deploying digital innovation tools including AI-enhanced clinical decision support to achieve this goal?
The Mount Sinai Hospital is the laboratory for validating and implementing artificial intelligence-driven clinical decision support to improve hospital safety, quality, and economics. Once validated, we deploy the models across the health system. We have many deployed tools, but the most impactful include predictive analytics for identifying malnutrition, clinical deterioration, falls, pressure injuries, delirium, and violence. Our digital innovation team works on improving access to care by helping patients to make appointments. Another module is an AI chatbot module to assist with triaging patients to the correct type of care, such as a telehealth visit or recommending a visit to an emergency room.
How important is it for Mount Sinai to build a diverse and inclusive workforce to mirror the diversity of the communities it serves?
Making efforts to attract and retain the best talent is core to our mission. As the largest health system in New York City, we see strong evidence that better outcomes emerge when the workforce is diverse and representative of our patient population. Therefore, diversity, equity, and inclusion are an essential part of our workforce recruitment strategy. We have seen great improvements in diversity, but still have a journey ahead of us to see more diversity at the senior leadership level. I am very hopeful we are on a good track, due to the natural advancement of our diverse mid-career faculty within the organization through leadership succession planning.
What do you see as Mount Sinai’s responsibility to be engaged in its communities and a force for good in society?
Mount Sinai has always held community service, both locally and globally, as a key value. We serve patients of all socioeconomic status since our founding in the 19th century. Our scientific discoveries advance science and medicine and serve to improve health worldwide.
Did you know at an early age that you had a passion to pursue a career in medicine?
As a teen, I realized that I was best suited for a career in science. My family encouraged and supported me through the journey.
What advice do you offer to young people interested in pursuing a career in healthcare?
Find mentors in healthcare through personal, family or school connections or by taking a job or volunteering in a healthcare facility or research lab. See yourself in your mentors’ shoes in the decades to come so that you choose your career pathway wisely.•
EDITORS’ NOTE Chairman of the firm since 2008, Brad Karp is one of the country’s leading litigators and corporate advisors. Karp has successfully guided numerous Fortune 100 companies, global financial institutions and other companies and individuals through “bet the company” litigations, regulatory matters, internal investigations and corporate crises.
Global Growth
FIRM BRIEF Paul, Weiss, Rifkind, Wharton & Garrison LLP (paulweiss.com) is a premier firm of more than 1,000 lawyers with diverse backgrounds, personalities, ideas and interests who provide innovative and effective solutions to their clients’ most complex legal and business challenges. The firm represents many of the world’s largest and most important public and private corporations, asset managers and financial institutions, and clients in need of pro bono assistance.
Brad Karp
they will work on the most important matters for the biggest companies in the world and that they’ll do so alongside the leading lawyers in their field. Finally, what sets us apart is our ability to identify opportunities and pursue investments that will strengthen the firm and allow us to better serve our clients as their needs evolve. It’s never been more critical than it is now to be agile and open to making bold decisions as we solve our clients’ increasingly complex issues.
How does Paul, Weiss’ culture contribute to this success?
Our culture is critically important to our success, and we take steps every day to safeguard it. We are an elite law firm and we thrive on the high-stakes nature of our work. Our standards are incredibly high, but we truly love what we do and we enjoy working together. While our work is fast-paced, we maintain a supportive, collegial environment where everyone is rooting for each other’s successes and is generous in offering mentorship.
premier capabilities across private equity M&A, public M&A, insurance M&A, debt finance, highyield capital markets, tax, antitrust, funds, restructuring and IP. In our new Los Angeles office, we have the nation’s top private equity team and recently brought over a nationally preeminent product liability litigator.
We also just opened an office in Brussels, the epicenter of EU competition law and policy. With our global antitrust team, we can provide strategic advice to our clients on global antitrust issues at a time when they face increasingly complex and challenging cross-border antitrust and regulatory issues.
Have there been any big changes in Paul, Weiss’ New York office?
What drives Paul, Weiss’ success as a leader in the legal industry, and what sets the firm apart?
First and foremost, we deliver exceptional results for our clients, which include the world’s most important public and private corporations, asset managers and financial institutions. Our commitment to client service is unparalleled; we handle our clients’ most complex matters and always strive to exceed their expectations by delivering extraordinary results. Another key to our success is our focus on hiring the most talented lawyers in the world and providing them with unmatched training and professional opportunities so they can rise to the top of their field. We attract the very best talent because potential recruits know
Our historic commitment to pro bono and inclusion are integral parts of our professional culture and distinguish us in the industry.
The firm has experienced significant growth over the past year. Will you highlight these recent developments?
Over the past year, we reshaped the firm’s geographic footprint in an effort to meet our clients’ global needs. Last August, we had the opportunity to bring over a best-in-class team of private equity-focused lawyers in both London and Los Angeles, a truly transformative move for our firm. We created – virtually overnight –London’s leading advisory team for global private equity and, since then, we have brought in 27 of London’s highest-profile partners, building
Paul, Weiss was founded in New York nearly 150 years ago, and our New York office has played a critical role in landmark transactional, litigation and pro bono matters for generations. We are proud to call this dynamic, diverse city home, and New York continues to be our largest office, with more than 800 lawyers. We have been extremely busy on the M&A front, and our New York office is a hub for much of that activity. In fact, we earned 35 top-five rankings in Bloomberg, Mergermarket, Dealogic and London Stock Exchange Group in the value of deals we advised on during the first half of 2024.
We’re continuing to expand our ranks in New York. On the corporate side, we were thrilled that Jim Langston, Nick Bogdanovich, and and Chelsea Darnell, two truly stellar dealmakers, joined us recently in New York, as well as two talented asset management M&A partners, David Hepp and Matthew Collin. On the litigation side, we brought over Mike Holston, who joined us from General Electric, where he was longtime general counsel.
“We are an elite law firm and we thrive on the high-stakes nature of our work. Our standards are incredibly high, but we truly love what we do and we enjoy working together.”
An Interview with Brad Karp, Chairman, Paul, Weiss, Rifkind, Wharton & Garrison LLP
“Over the past year, we reshaped the firm’s geographic footprint in an effort to meet our clients’ global needs.”
We are also excited about our move to a new office in a couple of years to a space just a few blocks north of our current location. In addition to supporting our strategic growth, our new offices will also foster collaboration and offer high-tech features to bolster our worldclass work, all while keeping us in the center of this incredible city.
Inclusion is an integral part of Paul, Weiss’ culture. Will you discuss this culture of inclusion and how it bolsters the firm’s work?
Inclusion is part of our DNA at Paul, Weiss. There is no doubt that we are more effective counselors to our clients when we bring a diversity of perspectives to our matters. Fostering an inclusive environment has always been one of the firm’s greatest strengths, and it is one of the reasons I was drawn to Paul, Weiss. This commitment begins with increasing the pool of talent available to the legal industry as a whole. For example, last year we partnered with Harvard Law School to create the Future Leaders in Law Fellowship, a new program for high-achieving students – primarily individuals from first-generation and less advantaged socioeconomic backgrounds – interested in law school and pursuing careers at the highest levels of the legal profession. The fellowship began with a week-long residency for the 35 inaugural Fellows, and we hosted our second cohort this summer.
Last year, following the Supreme Court’s decision barring race-conscious university admissions policies, my partners Loretta Lynch, the former U.S. Attorney General, and Jeh Johnson, former head of the Department of Homeland Security, and I were asked to co-chair a New York State Bar Association blue-ribbon task force on the future of legal
strategies for a diverse and inclusive profession. The task force released a report that serves as a detailed blueprint for law schools, corporations, law firms and courts to maintain and advance these goals. The report was widely covered by the media, and I am personally very proud of the task force’s work and its continuing influence.
Paul, Weiss has long been committed to high-impact pro bono efforts. Will you share some of the firm’s recent pro bono efforts, including those in New York?
Every day, we bring the top strategists and legal minds together to take on complicated global challenges on behalf of our corporate and pro bono clients. One of those global challenges is the escalation of hatebased extremism and violence. In May, we launched the Center to Combat Hate, dedicated to partnering with civil rights organizations and educational institutions to bring impact litigation to confront and redress hate-driven violence and intimidation. Our goal is to safeguard vulnerable communities and foster a more just and equitable society. Given that this is the 70th anniversary of the seminal Brown v. Board of Education decision, a case in which our firm worked closely with Thurgood Marshall, it felt very appropriate to formalize this critical work we are doing to combat hate-based extremism.
In New York specifically, I want to highlight the critically important pro bono work our lawyers have been doing with the Robin Hood Foundation, New York City’s largest povertyfighting organization. Partnering with Robin Hood, scores of corporate, tax, benefits, real estate and other attorneys have been providing legal support to myriad small communitybased organizations and nonprofits over the
past two years. This past spring, we launched a new partnership with Robin Hood’s Catalyst Program, which supports mission-driven startups that use AI to improve the lives of lowincome New Yorkers. Our work included developing tools and advice for under-resourced, mission-driven for-profits, with a focus on governance, operations, intellectual privacy and data privacy.
Last year, you were honored as a “Pioneer in Legal Practice” by the World Jurist Association at its 28th World Law Congress in New York City. What did it feel like to be part of this important event?
We worked closely with WJA to bring the World Law Congress to New York City last year. We thought it was very important to bring the platform here, where so many important global companies and law firms are headquartered. The mission of the Congress – promoting a just global society and respecting the rule of law – has never been more important and it was a tremendous honor to be recognized by the organization.
What advice do you have for rising leaders in the legal industry?
Be bold. Be courageous. Be empathetic. Today’s world is changing faster than ever before. The most effective leaders embrace change and make smart decisions to move their firms forward and deliver the very best for their clients. This means keeping abreast of how the world and the legal industry are evolving and making the right investments to keep pace and stay competitive.
Also, don’t underestimate the power of empathy. It is an essential leadership tool. When you take time to try to understand other people’s perspectives, you forge stronger bonds and open the door to more effective collaboration.•
“In May, we launched the Center to Combat Hate, dedicated to partnering with civil rights organizations and educational institutions to bring impact litigation to confront and redress hate-driven violence and intimidation.”
Making A Mark On The City’s Skyline
An Interview with Robert Schiffer, Executive Vice President, Development, SL Green Realty Corp.
EDITORS’ NOTE Robert Schiffer is Executive Vice President, Development, and has been with SL Green since 2004. He is responsible for the development of One Vanderbilt and One Madison, SL Green’s signature transformational office developments. He is also responsible for executive management of the SUMMIT as well as new development opportunities for the company. Additionally, he is responsible for the origination of new investments for SL Green’s structured finance platform as well as other corporate initiatives. Schiffer has either led or has been a senior team member in the execution of more than $15 billion in equity and debt investments during his tenure. Schiffer is an active participant in the Columbia University MSRED Mentorship Program, teaches a MSRED seminar entitled “Careers in Real Estate,” and is the 2004 Alumni Class Representative. He is an advisory board member to Spuni and serves on the board of Legal Information for Families Today. Schiffer holds a MS degree in real estate development from Columbia University and a BS degree in civil engineering from Cornell University.
goals and objectives. Our management team boasts an average tenure of 20 years under the leadership of our CEO, Marc Holliday. The shared accountability of each individual in support of each other is one of the cornerstones of our success.
As a company comprised of New Yorkers, we value the city of New York. Whether making a mark on the city’s skyline through the formation of a first-of-its-kind public-private partnership to develop One Vanderbilt or educating stakeholders and elected officials on the need for an incentive program to spur office-to-residential conversions that create affordable housing, we are dedicated to the consistent improvement and revitalization of our city.
What have been the keys to SL Green’s industry leadership?
Continuity of a team that practices passionate indifference to investing while maintaining a deep fundamental understanding of the market cycle has underscored our leadership in the industry. While each of us is a specialist in our respective
functions, we work together as generalists, offering our insights to guide our decision-making. It’s an inclusive management style that further fosters shared accountability.
What are your views on the current state of the New York commercial real estate market?
Marc’s strategic guidance through the last cycle to harvest gains from non-core assets through dispositions and to build a world-class portfolio along the Park Avenue corridor has led to outperformance, visible both in our core metrics and in our share price. Based solely on the performance of our portfolio, we continue to believe the New York City commercial real estate market is extremely healthy.
Tourism is expected to reach over 68 million people in 2025, surpassing the pre-pandemic record. Residential occupancy rates are close to 98 percent in Manhattan. Retail is booming once again. Office-to-residential conversions could remove 40 to 50 million square feet of obsolete office space. With expectations of a lower interest rate environment in 2025 and beyond as evidenced by the forward curve, we’re not only bullish on our portfolio, but also on the entire
COMPANY BRIEF SL Green Realty Corp. (slgreen.com), Manhattan’s largest office landlord, is a fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing the value of Manhattan commercial properties. As of December 31, 2023, SL Green held interests in 58 buildings totaling 32.5 million square feet. This included ownership interests in 28.8 million square feet of Manhattan buildings and 2.8 million square feet securing debt and preferred equity investments.
How do you describe SL Green’s culture and values?
We are a lean organization that owns, operates, leases, invests, develops, builds, lends, and asset manages in one single market. Our portfolio is the largest in New York City, and we manage it all with a professional team of approximately 260 hard-working individuals. Our success is based on the strength of the individuals in each department and on the teams those employees form to achieve the company’s
Robert Schiffer
market. That said, dislocation remains in the credit markets and we expect that to continue to impact certain parts of the commercial sector with near-term debt maturities.
You were responsible for the development of One Vanderbilt and One Madison. Will you discuss these two signature transformational office developments and how they are impacting the future of New York City?
The development of One Vanderbilt was a 20-year odyssey. It took almost 12 years to assemble the full block site immediately adjacent to Grand Central Terminal. We overcame a failed attempt at entitlement by forging a first-ofits-kind public-private partnership with the City of New York and the MTA, which resulted in the agreement to complete $220 million of transit and public realm improvements in exchange for the right to build a building 50 percent larger than was otherwise permitted. We broke many of the unwritten rules of commercial development: we developed largely on spec, spent money on high design, and underwrote rents that had never before been achieved. At the same time, we took on the construction of transit improvements in one of the busiest subway stations in the city and agreed to tie our ability to open the building to the opening of those improvements. We opened the building in September 2020 through the tireless efforts of our construction team who delivered the building ahead of schedule and under budget –despite the pandemic. The result of this calculated risk is that we, along with our partners Hines and NPS, developed what has been called the best building in the United States and among the best in the world. We’ve won prestigious awards, most recently including an AIA Architecture Award for KPF’s “Masterclass in Commercial Architectural Design” for adding an instant landmark to New York City’s skyline. With all of the acclaim and great financial success, what I’m most proud of is that One
Vanderbilt embodies SL Green’s culture and values: it’s a gift to the city of New York built by an incredible team of New Yorkers.
We are equally proud of One Madison, which is, although perceived as a ground-up development, an adaptive re-use of a 70-yearold structure. Once home to the original offices of the Metropolitan Life and Limb Company,
we preserved the 900,000-square-foot podium of the third “home office” building Met Life built in the 1950s. We demolished the upper floors of the building and cored the podium down to the bedrock before constructing a new core and a new glass-and-steel 500,000-square-foot addition on top of a reimagined and highly amenitized podium. We applied all of the lessons learned from the development of One Vanderbilt and involved many of the same key team members. Just like One Vanderbilt, we finished construction ahead of schedule and under budget. The results so far are outstanding: we’re ahead of our underwriting on leasing and the building has drawn a world-class mix of tenants, including IBM and Franklin Templeton, who have consolidated their New York office footprints. We’re incredibly excited about the new Chelsea Piers facility that recently opened, in addition to the new food and beverage offerings including La Tête d’Or and Le Jardin sur Madison operated by Chef Daniel Boulud. Designed by KPF, One Madison stands as a stunning neighbor to the limestone facades that surround Madison Square Park and represents a blueprint for adaptive, thoughtful, and sustainable development.
What do you feel has made the SUMMIT such a leading destination for visitors to New York City and how do you describe the SUMMIT experience?
The moment we knew we might be able to develop a 1,401-foot tall building, we knew it needed to have an observatory. So, I was
tasked with devising the business plan for the observatory. I set out and did an incredible amount of due diligence on existing observatories, in New York and around the world. What I found is that observatories are static, passive, and non-participatory experiences. We wanted to do something different. We toyed with the idea of a technologically focused experience but ultimately grew uncomfortable with the idea of all of our guests staring at their devices instead of the view. So, we took a different path and partnered with the artist Kenzo Digital who, ironically, created what has become one of the most Instagrammable places in the world.
As with the development of One Vanderbilt, we took a risk, but SUMMIT has disrupted the observation deck industry. The experience is a journey that is never the same – it varies by time of day, day of the year, season, and who is in the space with you. You are the protagonist of a story that unfolds as you move through the rooms and it’s a shared experience that is enhanced by all the other people that are in the space. It’s an emotional experience – I toured a woman from Tokyo recently who lived in New York for a few years. When she walked into the Transcendence room she burst into tears. We have hosted over 500 wedding proposals in our close to three years of operation.
The team that operates SUMMIT, led by Managing Director Michael Williams, draws on its vast location-based entertainment and tourism experience to expertly guide you through that journey.
SL Green recently announced the expansion of the SUMMIT to Paris. How did this project come about and what is the vision for the Paris expansion?
SUMMIT’s expansion to Paris is two and a half years in the making. We’ll be
sharing more detail about the location in the fall, but we could not be more excited to bring our first SUMMIT expansion to the City of Light.
Do you see opportunities to expand the SUMMIT in additional markets?
Paris is just the beginning. We formed a partnership with Kenzo Digital, SUMMIT Entertainment Venture, to not only expand SUMMIT to the top global cities but also to develop new and alternative concepts that we
can deploy in a wide range of locations. We are in active discussions with property owners and real estate developers for both global and domestic expansion.
You joined SL Green 20 years ago. What has made the experience so special for you?
I joined the company in 2004 as an intern in the Investments group. Throughout my career at SL Green, Marc has continually entrusted me to push boundaries and expand SL Green’s core business. In only my eighth year at the company, he gave me the opportunity to lead the entitlement process for One Vanderbilt. Over the past 20-plus years his leadership and mentorship have allowed me to grow into my current role as Executive Vice President of Development tasked with largescale office development, office-to-residential conversions, and, of course, SUMMIT and its global expansion.
What advice do you offer to young people interested in pursuing a career in real estate?
I teach a seminar for the Master of Real Estate Development program at Columbia University entitled Careers in Real Estate. I think the key for a young person is to understand the relationship between four things: geography, asset class, deal flow, and proximity to “bricks.” If, for example, a young person wants to work on all asset classes, globally, and with a lot of deal flow, then likely that person should think about global commercial lending or investment banking. On the other hand, if someone wants to develop a mixed-use skyscraper in Manhattan, then that’s likely a very different path. I also tell the students to treat the first few years in your career as a learning experience. •
One Madison commons
WHERE THE SHADOWS TELL TIME
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People call it paradise, we call it home.
Built On Trust
An Interview with Robert Wotczak, President and Chief Executive Officer, Freedom Capital Markets
EDITORS’ NOTE Prior to Freedom Capital Markets, Rob Wotczak was the founding partner of the Wotczak Group, a capital markets advisory firm for small-cap public issuers and IPO candidates. During his career he has operated as president of a Nasdaq-listed environmental solutions company and a senior executive at the New York Stock Exchange within the listings group. In addition to serving as an NYSE Institutional Floor Brokerage Firm senior trader, during his tenure at the Exchange he was responsible for the oversight of over 600 issuers, new listings, strategic planning, and a $40 million revenue base that involved over 200 listings of OTC up-listings, SPACs, and IPOs. In conjunction with his duties at Freedom Capital Markets, Wotczak is the Chairman of the Board of Directors of ITS, an international equities liquidity hub operating in Central Asia, and is a member of the board of directors of the Green Impact Exchange (GIX), a new U.S. equity exchange expected to serve as the nexus between sustainably-minded companies and investors. During his career he has also formed a broker-dealer inside a private bank and served as its securities principal and Compliance Registered Options Principal (CROP). His 30 years in the capital markets space have made him a much sought after financial markets advisor and international subject matter expert, guest speaker, and panelist, appearing at global financial conferences. Wotczak earned his bachelor’s degree and a bachelor of business administration in management and finance at Baruch College.
Robert Wotczak
FIRM BRIEF Freedom Capital Markets (freedomcapmkts.com) is a full-service investment banking and capital markets advisory firm. With a team boasting over 500 public listings to their credit in the past 25 years, Freedom Capital Markets offers a comprehensive range of services, including initial public offerings, mergers and acquisitions, debt and equity financing, corporate banking, trading, hedging, and research. The firm prides itself on partnering closely with clients to understand their unique requirements and customize strategies that best address their needs. Its expertise spans various industry sectors, including clean energy, healthcare and life sciences, technology, and consumer goods. Freedom Capital Markets is committed to providing creative, compliant financial solutions that clients can rely on, leveraging the rich experience and dedication of its leadership team.
What interested you in the opportunity to lead Freedom Capital Markets and made you feel it was the right fit?
I initially worked as an advisor to Freedom Capital Markets’ parent company, Freedom Holding Corp., as they sought to list the company’s shares on Nasdaq. With Freedom Holding’s decision to establish a beachhead in the U.S., my advisory roles for the parent were diverse, but primarily, taking the company from an initial listing application through to the bell ringing of a successful listing on Nasdaq under the ticker symbol FRHC, was the goal. During this process, I began to learn more about the company’s principal, Timur Turlov, the vision he wanted to achieve, and his company’s operations overseas.
The primary objective was to become an international, diversified financial services organization with a universe of products, including investment banking and capital markets advisory services. The more I thought about this, the more I realized how in synch I was with the company and how much of my 30-year career in the capital markets business could positively influence its plans. Having spent over a decade at American stock exchanges, overseeing hundreds of issuers, and creating and leading a broker/dealer organization myself, I gained a deep knowledge base of the processes required to become publicly traded and to stay listed. As all parties came to the table after Freedom Holding Corp.’s debut on Nasdaq, we recognized how valuable we could be to one another in helping the company establish its U.S. footprint. It was the right fit for me, for the company, and it all happened at the right time.
How do you define Freedom Capital Markets’ mission and values?
Our mission is to empower our clients to achieve their corporate growth goals. Whether through providing a better understanding and access to the capital markets, or through advising them on their corporate governance and compliance infrastructure, our mission remains the same. Our values are encapsulated by the words trust, experience, patience, collaboration, and delivery. To succeed in this business, you need to establish trust with your clients, your team, and the overall network of partners you deal with. To achieve this, you have to appropriately manage expectations and consistently deliver credible and actionable advice that clients and team members can count on. In thinking about these relationships, we’re a “big picture” kind of organization
“Our mission is to empower our clients to achieve their corporate growth goals. Whether through providing a better understanding and access to the capital markets, or through advising them on their corporate governance and compliance infrastructure, our mission remains the same.”
“To succeed in this business, you need to establish trust with your clients, your team, and the overall network of partners you deal with. To achieve this, you have to appropriately manage expectations and consistently deliver credible and actionable advice that clients and team members can count on.”
that takes a long-term, patience-based view conducting business in a way that brings diverse pieces of the capital markets puzzle together to create a win-win environment. The foundation behind all of this is the hard-earned experience of our expert team of bankers, advisors, and administrators, all working to achieve the common goal of creating the best client experience possible.
Will you provide an overview of Freedom Capital Markets’ business?
We deliver a comprehensive suite of investment banking, research, and capital markets advisory services to our clients. The experience of our team members and their commitment to client service are our most significant differentiators when dealing with issues relating to equity capital markets, mergers and acquisitions, debt capital markets, and corporate access and research. We operate in various industry verticals with team experts in clean energy, healthcare and life sciences, industrials, and technology to name just a few. Our specialty lies in enterprise value creation by increasing access to capital markets –finding the right investors, for the right client, at the right time. Our long-term vision is to be a bespoke middle-market investment bank, and we get there by forging trusted strategic partnerships with our clients throughout the entire life cycle of their capital markets journey. From early-stage financing to executing complex transactions, we aim to provide seamless end-to-end solutions that adapt to our clients’ ever-evolving needs.
What have been the keys to Freedom Capital Markets’ industry leadership, and how do you describe the Freedom Capital Markets difference?
I know that it might sound cliché, but the differentiator for us is in our people and our
corporate culture. Investment banking is often considered cutthroat, both inside and outside an organization. We’ve learned that by hiring the right kind of team members who buy in to our corporate culture of client service and teamwork, we’re better able to retain good people and gain and retain good clients. There are many ways to get across the finish line; we prefer to get there together, intact, and with the best interest of our clients in mind. We’ve learned that hiring right, and by the same token, firing right, is the key to our success and what sets us apart from the pack. We want our team members and our clients to enjoy being engaged with each other.
How important has it been to continue to build the Freedom Capital Markets team?
I mentioned patience a little earlier in our discussion. This is a critical factor in a highly competitive talent market. Don’t get me wrong, we never lose sight of the sense of urgency in hiring the right people to deliver on our promises and our financial advisory services and products, but we’ve also learned the lesson behind the adage, “haste makes waste” when selecting the right individuals to join our team. It’s for this reason that not everyone makes the cut in our hiring process. We’ve passed on some very seasoned individuals to ensure we have the right combination of team members to deliver on the client experience. In addition, we have a robust internship program here at Freedom Capital Markets that allows us to identify talented individuals at an early stage of their careers. It’s essential to build the kind of cohesive structure like the one we have here, and we believe it will continue to be the key to our success in the future.
What do you feel are the keys to effective leadership and how do you approach your management style?
It’s my belief that there are several keys to effective leadership, and they are all based on the foundation of integrity. Leaders with integrity are trusted to do the right thing, even when no one is watching, setting the tone for a team. Leading in this way is a kind of silent communication that underlies an individual’s ability to generate trust, gather information, create strategy, and communicate effectively in providing direction. Good leadership also requires a certain degree of empathy which helps a leader connect with their team members by identifying and understanding their challenges and motivations, and providing them the tools they need to elevate their strengths and face their challenges head on. This sort of thing takes a self-aware individual who can turn the lens on themselves to evaluate their own strengths, weaknesses, and blind spots, which ultimately helps them make better decisions and build stronger relationships. It’s not complicated but it requires thoughtful and consistent effort. With this kind of managerial posture underpinning your activities, you can motivate employees, generate innovation, and foster a high-caliber working environment, without micromanaging which can be the death of a working relationship. It’s this sort of leadership style that brings into focus a common goal, and for Freedom Capital Markets, it’s satisfied clients who come back to us for their next transaction and who refer their associates to us for their capital markets’ needs. When a leader creates this kind of internal authenticity centered around trust, patience, and ultimately, gratitude, their organization almost automatically transmits this attitude to the client relationship, which is good for everyone.•
“The experience of our team members and their commitment to client service are our most significant differentiators when dealing with issues relating to equity capital markets, mergers and acquisitions, debt capital markets, and corporate access and research.”
Market Expertise
EDITORS’ NOTE Pamela Liebman began her career as an agent at Corcoran. She became a partner in 1990 and was appointed President and Chief Executive Officer in 2000. Liebman studied at the University of Massachusetts, Amherst, and at the European Business School in London. She is recognized as a leading real estate expert by top domestic and international media outlets such as The Wall Street Journal , The New York Times , and Financial Times and, since 2007, has consistently been recognized as one of the most powerful women in New York by Crain’s New York Business
How do you describe Corcoran’s culture and values?
Corcoran’s tagline is “live who you are,” an ethos that remains incredibly relevant and showcases a shared focus on inclusivity and authenticity. After launching our affiliate network in 2020, this high-minded concept also emphasizes how Corcoran can help you find the home that’s just right for you – whether that’s in an urban, suburban or resort market.
What have been the keys to Corcoran’s industry leadership?
bring their businesses to the next level is exactly why we are leaders in the industry.
What are your views on the state of the New York residential real estate market?
FIRM BRIEF Founded in 1973, Corcoran (corcoran.com) is one of the largest residential real estate firms in New York. After acquiring leading firms in the Hamptons and South Florida, in addition to launching the Corcoran Affiliate Network in 2020, the Corcoran brand stretches across more than 100 offices and has achieved sales of over $23 billion annually.
What really sets Corcoran apart is our market expertise, neighborhood fluency, and our agents’ ability to forge strong relationships with their clients. We’ve based our entire business model around prioritizing relationships over transactions and earning and keeping clients’ trust through our unwavering commitment to integrity and innovation. I’ve always reinforced the importance of bringing value to every conversation which is why we were the first New York City brokerage to release a market report and the first to launch a dedicated business development and training center, Agent Studio. At Corcoran, we prioritize developing our agents’ skills and our ability to
Manhattan’s second quarter wrapped up on a promising note, with slight increases in both supply and demand compared to last year. As we close out the first half of 2024, attractive prices are drawing in buyers. Savvy sellers have adjusted their expectations by offering more value, and buyers are responding enthusiastically. While it’s too soon to declare a full recovery, these positive trends are encouraging and when rates eventually drop, I expect eager buyers will jump back into the market. Similarly, Brooklyn is also showing signs of a market starting to normalize. For any prospective buyers out there, I wouldn’t wait too long to make a move.
Will you highlight Corcoran’s commitment and leadership in research?
Corcoran has long been a trailblazer in the real estate industry. In 1981, The Corcoran Report – the first real estate market report – began covering New York City real estate trends, setting a new standard for transparency and informed decision-making in one of the world’s most dynamic real estate markets. This pioneering effort reflects Corcoran’s dedication to providing unparalleled insights to
“What really sets Corcoran apart is our market expertise, neighborhood fluency, and our agents’ ability to forge strong relationships with their clients. We’ve based our entire business model around prioritizing relationships over transactions and earning and keeping clients’ trust through our unwavering commitment to integrity and innovation.”
Pamela Liebman
An Interview with Pamela Liebman, President and Chief Executive Officer, The Corcoran Group
“Corcoran’s tagline is ‘live who you are,’ an ethos that remains incredibly relevant and showcases a shared focus on inclusivity and authenticity.”
clients and underscores the firm’s ongoing leadership in shaping the future of real estate. To date, we still deliver the industry’s most comprehensive data across all of our company-owned regions. What are the key traits you look for when hiring a new broker?
In a relationship-driven business like real estate, the qualities I look for in a broker go beyond just market knowledge and product expertise. At Corcoran, empathy and personality are essential traits for our agents. Connecting with clients on a personal level is crucial, as it fosters trust and longterm relationships. For those just starting out, I look for a strong sense of drive – they need to be hungry and willing to put in the hard work. However, I also emphasize the importance of balance. It’s vital for agents to find ways to recharge and stay focused, whether that’s through exercise, hobbies, or other means. Personally, when I was an agent in my 20s, I found clarity and renewal by biking through Central Park or playing a round of golf. We take pride in nurturing and developing talent from within, and many of Corcoran’s top agents have been with us for years. However, we’re always open to bringing in experienced brokers from other firms who align with our values and culture. It’s about finding the right mix of skill, character, and a commitment to excellence that defines our team.
How important is it for Corcoran to build a diverse and inclusive workforce to mirror the diversity of the communities it serves?
Inclusivity is woven throughout all that we do. Along with our parent company, Anywhere Real Estate, we strive to cultivate and sustain a diverse, equitable and inclusive culture that represents the shared experiences of our clients, affiliate brokers/owners, agents, and staff. Not only do we have mandatory unconscious bias training, Corcoran’s Diversity & Inclusion Executive Committee works to ensure that we’re celebrating important holidays and key milestones throughout the year. When looking at talent recruiting, we are also committed to attracting a diverse slate of candidates to consider for open roles and we require externally posted positions at the leadership level to be kept open until a diverse slate of candidates have been reviewed. We also work to ensure that our commitment to equal employment opportunity is evident in all employment practices, from promotional decisions to talent reviews.
What do you see as Corcoran’s responsibility to be engaged in its communities and will you highlight the work of Corcoran Cares?
Corcoran Cares is our firm’s philanthropic arm and was developed as a way for our agents and employees to be able to directly support
our local communities in the areas that matter most. All of the charities and organizations that we work with come to us via personal recommendation from our team and they are vetted by the Corcoran Cares Executive Committee to ensure they align with our overarching goals. Ultimately, Corcoran Cares’ mission is to positively impact the communities where we live and work and I’m proud of our success so far. All companies, regardless of their size, have a responsibility to their communities. With our philanthropic efforts, we prefer to focus on smaller, local organizations to ensure our dollars have the most significant impact on the ground. What has made the real estate industry so special for you?
I love this industry because it’s different every day. I really enjoy working with our agents and as someone who started out as an agent myself, I’ve never taken that hat off. I love to get involved in the deals and see the properties and be a part of the transaction where I can help. I love the action. I don’t get rattled by crisis. I can stay pretty cool, and I think that’s developed more with the longevity of my career. They say that time flies when you’re having fun, and that’s certainly been true for me. I work alongside the best of the best, and I’m reminded of that every day.•
“All companies, regardless of their size, have a responsibility to their communities. With our philanthropic efforts, we prefer to focus on smaller, local organizations to ensure our dollars have the most significant impact on the ground.”
Meeting The Needs Of Customers Across Borders
An Interview with Wei Hu, President and Chief Executive Officer, Bank of China U.S.A.
EDITORS’ NOTE Wei Hu was appointed President and Chief Executive Officer of Bank of China Limited, United States Branches (BOC U.S.A.), in April 2022. As President and CEO, he is responsible for managing the Bank’s operations across its United States branches, providing strategic, financial, and operational leadership for the New York, Queens, Chicago, and Los Angeles branches. From December 2018 through March 2022, Hu served as an Executive Vice President of BOC U.S.A. Prior to joining BOC U.S.A., he held several management positions within Bank of China Group, including serving as Assistant General Manager, Deputy General Manager at the Sydney Branch, and in the Executive Office of Bank of China’s head office in Beijing as the executive assistant to the then CEO and President of Bank of China Group. Hu began his banking career in 2000 as a risk management specialist in the Bank of China Head Office Risk Management Department. Hu received a master’s degree in economics from the Central University of Finance and Economics, majoring in international finance, and a PhD in management from Central South University, majoring in management science and engineering.
Wei Hu
Will you provide an overview of Bank of China U.S.A.’s history, growth and impact on Wall Street and throughout the U.S. market?
Bank of China entered the U.S. market in 1936, establishing itself as one of the earliest Chinese financial institutions in America. After resuming operations in 1981, it has marked over four decades of continuous service and built a strong reputation on Wall Street and across global markets. Since reentering the U.S. market, BOC U.S.A. has experienced significant growth, with branches in key locations such as Manhattan, Queens, Los Angeles, and Chicago. Our presence spans both the East and West coasts, strengthening our service network and expanding our capabilities across the country. By the end of 2023, we reached $62 billion in total assets under management, ranking 20th among 164 foreign-funded banks and 50th among 4,026 commercial banks in the U.S. Initially focused on China-U.S. crossborder businesses, BOC U.S.A. has expanded our customer base with over 90 percent of our clients being leading American companies, including several U.S. and Global Fortune 500 firms. In the first half of 2024, we ranked 19th for investment-grade syndicated loans in the U.S., the highest position for any Chinese bank. We proudly work with companies like Tesla,
Verizon, and Blackstone, helping them achieve their business objectives both domestically and internationally. Recent significant projects include One Vanderbilt Avenue, The Eugene multifamily high-rise with an affordable housing component, 50 Hudson Yards, and the restoration of Terminals 1 and 6 at JFK International Airport.
We are also deeply committed to sustainable development, issuing $500 million in Green Bonds last year – the largest by any Chinese financial institution in the Americas. Our involvement in transformative green finance projects, such as the SunZia Wind & Transmission project, the largest green renewable energy project in U.S. history, and the Champlain Hudson Power Express (CHPE), which won IJGlobal North America’s “ESG Award-Transmission of the Year,” highlights our dedication to environmental responsibility. Beyond green finance, BOC U.S.A. has invested over $2 billion in lowto-moderate-income housing, local nonprofits, and small business initiatives, supporting our communities through the bank’s Community Reinvestment Act program.
What are the core services and capabilities of Bank of China U.S.A.?
The Bank of China Group operates in over 60 countries and regions worldwide. As a key part of this global network, BOC U.S.A. offers a comprehensive suite of financial services designed to meet the needs of
“The Bank of China Group operates in over 60 countries and regions worldwide. As a key part of this global network, BOC U.S.A. offers a comprehensive suite of financial services designed to meet the needs of customers across borders.”
customers across borders. Over the past four decades, BOC U.S.A. has evolved from a midsized trade finance institution primarily serving Chinese companies expanding internationally into a full-service commercial bank catering to global Fortune 500 corporations and local businesses alike, many of which are based here in the United States. Today, BOC U.S.A. provides a broad range of financial services, including corporate lending, trade services, treasury operations, U.S. dollar clearing, and retail banking. Our solutions are tailored for various client segments, including Chinese companies with global expansion plans, Fortune 500 firms, U.S.-based enterprises, financial institutions, and high-net-worth individuals.
BOC U.S.A.’s business lines cover corporate banking, commodities finance, financial institutions, trade services, and global markets. This diverse range allows us to offer an extensive array of financial products and services, such as financing, deposits, clearing house activities, letters of credit, and other foreign exchange and derivatives trading. A notable feature of BOC U.S.A. is our global RMB clearing network and cross-border financial products. BOC is designated as an official RMB clearing bank in 15 of the 33 RMB centers worldwide. At BOC U.S.A., we benefit from Bank of China’s network of over 1,400 RMB clearing accounts with correspondent banks globally, establishing us as a leading institution for RMB services in the U.S. market. Earlier this year, we successfully priced CNH 1 billion 2-year and CNH 2 billion 3-year dual-tranche fixed-rate Reg S senior unsecured notes as part of Bank of China Limited’s $40 billion MTN Program. This transaction showcased our ability to harness our global service network for major financial operations.
How is BOC U.S.A. investing in technology to continue to evolve and adapt to the needs of its customers in the U.S. and across the globe?
BOC U.S.A. is deeply committed to leveraging technology to evolve and meet the needs of its customers both in the U.S. and globally. Our vision is to enhance our global service network and facilitate bilateral economic and trade exchanges, continuing to serve as a bridge between China and the U.S. Technology is a key driver of this mission, and we are continuously adopting cutting-edge solutions and innovations. In recent years, we have embedded innovation and data-driven analytics into our corporate culture, responding to increasing competition in the fintech space and the changing U.S. operating environment. To stay ahead, we have focused on hiring professionals with strong data and quantitative backgrounds, while integrating advanced analytics tools. For instance, we apply machine learning and artificial intelligence to automate complex compliance analyses, strengthening our risk management and ensuring higher standards of regulatory compliance.
Additionally, BOC U.S.A. uses technological advancements to provide comprehensive services to both local businesses and
global corporations. Our diverse operations, including corporate banking, commodities finance, trade services, and global markets are supported by a robust tech infrastructure. This enables us to offer a wide range of financing products, deposit services, clearinghouse activities, letters of credit, and capital markets services. Our commitment to technology ensures we can meet the evolving needs of our clients and support their growth in this ever-changing environment.
By continuously enhancing our technological capabilities, BOC U.S.A. not only upholds its mission, but also strengthens its position
as a vital link between the U.S. and Chinese economies.
How important is building a local team at Bank of China U.S.A., and is there a focus on diversity and inclusion?
Building a local team is crucial to BOC U.S.A. as “a global bank with a local heart,” as it underscores our commitment to diversity and inclusion, which are fundamental principles in our workforce and community initiatives. We believe that a diverse team brings a wide range of perspectives and ideas, fostering innovation, and enhancing the service we provide to our clients. Our efforts in financing low-and
The headquarters building for Bank of China U.S.A. in Manhattan
“Through partnerships with local organizations and active participation in community events, we address the unique challenges and financial burdens faced by the populations we serve.”
medium-income real estate projects and supporting small and medium-sized businesses reflect our inclusive approach to economic development. Moreover, our mentorship program with Big Brothers Big Sisters of New York exemplifies our dedication to fostering a diverse future workforce by providing opportunities and guidance to young individuals from various backgrounds.
Our commitment to diversity and inclusion is also evident in our internal practices. We cultivate an inclusive workplace culture where every employee feels valued and supported. This involves implementing policies and programs that promote diversity in hiring, career development, and leadership roles. By fostering an environment that respects and celebrates individual differences, we enhance our ability to meet the needs of a diverse client base and contribute positively to the communities we serve.
Additionally, our community initiatives are designed to reflect and support the diversity of the neighborhoods in which we operate. Through partnerships with local organizations and active participation in community events, we address the unique challenges and financial burdens faced by the populations we serve. We are committed to supporting financial literacy education, affordable housing, and small business growth, aiming to create inclusive economic opportunities that benefit everyone. This comprehensive approach not only strengthens our community ties, but also aligns with our core values of social responsibility, social impact, and community development.
You also serve as Chairman of the China General Chamber of Commerce USA (CGCC). How do you describe CGCC’s mission and what role does the bank play in achieving their goals?
As Chairman of the China General Chamber of Commerce USA (CGCC), I am proud to highlight CGCC’s mission of creating value, generating economic growth, and fostering cooperation between the U.S. and Chinese business communities. Established in 2005, CGCC has become the largest and most influential nonprofit
organization representing Chinese enterprises in the U.S. Its mission is realized through extensive research, diverse programs, and resources that promote mutual understanding, trust, and engagement between the U.S. and China.
Bank of China plays a pivotal role in supporting CGCC’s mission by leveraging its talent, resources, and expertise. We actively participate in CGCC’s meetings, committees, webinars, and events, helping to create platforms for open dialogue and collaboration between the U.S. and China. Given the current uncertainties in China-U.S. relations, these exchanges are more critical now than ever. We believe that fostering people-to-people and culture-to-culture exchanges is essential for enhancing trust, transparency, and mutual understanding, which are vital for a stable and strong U.S.-China relationship. In this evolving era of China-U.S. relations, the CGCC is taking proactive steps to advance its mission. For example, the annual gala, a key event celebrating achievements in cooperation and friendship, attracts top leaders from the U.S.-China business communities and supports CGCC’s ongoing expansion and dynamic future. By providing opportunities for engagement and perspective exchange at every business level, CGCC continues to bridge the U.S. and China, fostering a more collaborative and prosperous future. As the Chair company for CGCC for nearly a decade, Bank of China has been intensely committed to supporting these initiatives. As we will celebrate CGCC’s 20th anniversary next year, we remain aligned with CGCC’s mission and values, believing that improving business relations will yield significant benefits for businesses, consumers, and overall market stability.
What are Bank of China U.S.A.’s strategic priorities for the future?
Looking ahead, our priorities at Bank of China U.S.A. center on becoming a preferred foreign bank in the U.S. by focusing on reliable operations and creating value for our customers, communities, and the local economy. A primary focus is enhancing our competitive advantages in globalized operations. This includes tailoring solutions for technology finance, particularly for U.S. tech firms expanding into China, and improving services for Chinese tech
companies in the U.S. In the realm of green finance, we plan to support clean energy projects and assist traditional companies in their transition to green energy. Digital transformation is another priority, with efforts directed at digitizing operations, enhancing online services, and implementing smart risk control measures.
As a staunch advocate of strong U.S.China relations, Bank of China U.S.A. remains committed to facilitating bilateral economic exchanges and trade. We have supported various economic and exchange programs, including high-level engagements, business roundtables, and cultural exchanges. Our involvement extends to assisting Chinese provincial and municipal governments with U.S. roadshows and providing services for national expos.
Looking forward, we aim to align with the Bank of China Group’s goal of highquality development and becoming the bank of choice for green finance services. This involves leveraging our unique position in the world’s two largest economies and our global network to provide high-quality financial solutions to corporates, financial institutions, SME, and retail clients.
We recognize the importance of adapting to the current environment marked by high digital engagement, geopolitical uncertainties, and elevated ESG standards. Our focus will be on high-quality development, maintaining robust compliance programs, managing risks effectively, and ensuring high data quality. Reflecting on our long-standing history in the U.S., we view ourselves as witnesses to the evolving U.S.-China relationship and China’s financial advancements. Our commitment to developing long-term relationships with local clients remains strong.
As we navigate upcoming market developments, such as potential Fed rate cuts, the forthcoming U.S. presidential election, and ongoing global economic and geopolitical challenges, Bank of China U.S.A. is focused on adapting to new competitive dynamics, executing our strategy with resolve, and continuing to deliver value to our clients, employees, and our community across the United States.•
A New York Legacy
For nearly 150 years, Paul, Weiss has been known for legal excellence and active engagement in New York. We partner with the world’s most influential companies, investors and business leaders to unravel business-critical challenges in private equity, strategic M&A, litigation, white collar & regulatory defense, and restructuring, while maintaining our unwavering commitment to aiding the city’s most vulnerable communities.
NEW YORK NEW YORK
A World-Class Entertainment And Sports Destination
An Interview with Laurie Jacoby, Executive Vice President and Chief Entertainment Officer, BSE Global
EDITORS’ NOTE Laurie Jacoby is the Executive Vice President and Chief Entertainment Officer of BSE where she oversees programming and marketing for Barclays Center, including the booking of concerts, non-tenant sporting events, family shows, and award shows. Additionally, she is responsible for the development of other premier live events at the venue. Prior to joining BSE, Jacoby spent 22 years with Madison Square Garden Entertainment, where she held the position of Senior Vice President of Concerts and Entertainment. In her more than two decades of experience, she was responsible for hundreds of high-profile concerts and events at Madison Square Garden and Radio City Music Hall. Prior to joining The Garden, Jacoby held various entertainment positions in Washington and Virginia with companies such as Wolf Trap Foundation and One Reel. Jacoby is a talented and widely respected leader in the entertainment industry. She is a Pollstar Award winner for Venue Executive of the Year, an honor she has earned a total of three times. Other accolades include being named to Billboard’s 2019 Women in Music Executive list and 2019 Power 100 List, and most recently was named Venue Executive of the Year for 2023 by the International Entertainment Buyers Association. Jacoby earned a BS degree in telecommunications from the University of Oregon.
before coming to the largest stages in the world. I then made the move back home to New York where I spent 22 years at Madison Square Garden Entertainment, ultimately in the role of Senior Vice President, Concerts and Entertainment, overseeing the programming at Radio City Music Hall and Madison Square Garden. In my more than two decades there, my team and I oversaw hundreds of concerts and events, bringing new and different types of talent to multiple venues and greatly expanding the portfolio of the company. After 22 years, I was excited for the opportunity to take on a new challenge with Barclays Center – a newer arena at the heart of a culturally diverse borough that sits at the epicenter of music, fashion, food, and sports. What interested you in the opportunity to join BSE Global and made you feel it was the right fit?
Barclays Center is a world-class entertainment and sports destination, but at the time I knew it was an underutilized venue and that so much more
could be done to bring top global artists to the arena and diversify the shows and performances being offered. When I considered joining BSE Global, I was struck with the versatility of the arena and the opportunity to create programming to complement the diversity of Brooklyn. I was excited to bring my knowledge and strong industry relationships to a new home. There is a definitive vibe associated with being in Brooklyn and I was ready to take on a new challenge.
Will you provide an overview of BSE Global’s business?
BSE Global is a renowned sports and entertainment organization with a rich history in basketball and community engagement. We own Barclays Center, the Brooklyn Nets, the Long Island Nets (G-League) and the New York Liberty. We also have a minority investment in the operations of the Brooklyn Paramount theater. As we continue to grow and evolve into a platform company, we will expand our business to include additional entertainment and hospitality opportunities to contribute to the culture and vibrancy of the borough.
ORGANIZATION BRIEF BSE (bseglobal.net) is an entertainment platform committed to creating elevated, innovative and unforgettable experiences inspired by Brooklyn. Through its state-ofthe-art venues, professional sports franchises and emerging businesses, BSE delivers dynamic content and memories for its fans and audiences.
Will you discuss your career journey?
I started my career in entertainment during my college years as the head of the concert committee at the University of Oregon. It was a great way to learn the business, collaborate with many stakeholders, and make your mistakes on a smaller scale before moving into the “real world” of the entertainment business. From there I worked at companies such as the Wolf Trap Foundation in Northern Virginia and One Reel in Seattle, learning the ins and outs of how to plan cultural and artistic events, book artists, and troubleshoot live shows. It was helpful to gain experience in smaller markets
Laurie Jacoby
Barclays Center in Brooklyn, New York (above and opposite page)
Where do you see the greatest opportunities for growth?
In my area of the business, we still have opportunity to engage up and coming international artists, non-tenant sports shows, additional family shows, and private rentals. From hip-hop, to Asian pop, to LatinX concerts, our first-ever Greek performer, new family shows including Hot Wheels Monster Trucks, our programing at Barclays Center continues to reflect the diversity found within the borough of Brooklyn. We also host boxing and, for the first time, Professional Bull Riding (PBR). This year, Bad Bunny became the highest grossing artist in arena history, surpassing Drake who had set the record the previous year.
How important is it for BSE Global to build a diverse and inclusive workforce to mirror the diversity of its fan base and the borough it serves?
We represent one of the most diverse boroughs in the world. That’s why our employees also reflect the diversity of our borough, and we are committed to developing homegrown talent with 40 percent of our full-time employees currently residing in the borough of Brooklyn. We are also proud that 51 percent of BSE Global’s full-time employees identify as BIPOC and that 40 percent of our employees are women. But our commitment to diversity doesn’t start and end with our own employees. We are proud of our supplier diversity program at the arena and our Brooklyn Market which showcases talented small business owners from across the borough.
What do you see as BSE Global’s responsibility to be engaged in the community and to be a force for good in society?
Our commitment to the community runs deep. We view Barclays Center as a convening place for the community and we encourage
Brooklynites and others to take advantage of all the free programming we offer including art exhibits, music festivals, speaker series, and more. In addition to the programming within the arena, we also support community organizations across the borough with a particular emphasis on programs that focus on the health, education, and well-being of our neighbors. Our signature program, Brooklyn Basketball, operates in more than 200 public and charter schools across the borough as well as in community centers and after-school programs, and
we have refurbished several basketball courts in communities across the borough. Our plaza acts as a community “town hall” space where we welcome all.
What do you feel are the keys to effective leadership and how do you approach your management style?
I think to be a successful leader you need to be connected and hands-on with your team, which is similarly how I’d describe my management style. I would never ask someone to do a task that I wouldn’t do myself. I also think it’s important to impart institutional knowledge with my team and feel a responsibility to create new leaders by continuing to identify and provide learning and development opportunities for up-and-coming talent.
Did you know at an early age that sports and entertainment was where you wanted to build your career and what has made the industry so special for you?
Sports and entertainment provide the opportunity to foster connections and create lasting memories for everyone regardless of age, race, gender, etc. and I knew after attending my very first concert what I wanted to pursue as a career. Growing up in a household of tennis players, I learned the value of being involved in sports and understand the pivotal role sports played in my personal development on and off the court. I count myself very lucky to have the job I’ve always dreamt about.
What advice do you offer to young people beginning their careers?
Be willing to start anywhere that you can learn an applicable skill, make authentic connections, and leave a good impression as you never know who may be able to help you down the road. Throughout my career, I’ve approached every role, regardless of title or responsibilities, with curiosity and a willingness to learn. It’s important to ask questions and be a team player – willing to do the work no matter the task or level of that assignment.•
Tackling The World’s Toughest Problems
An Interview with Shelley Stewart III, Senior Partner and Global Leader, Reputation and Engagement, McKinsey & Company and Chair, McKinsey Institute for Black Economic Mobility
EDITORS’ NOTE Shelley Stewart is a leader within McKinsey’s Private Equity & Principal Investors Practice, where he serves a range of clients on growth, marketing, and sales topics. He has worked with companies across the industrial and technology sectors, helping them identify opportunities for accelerated growth, design go-to-market models, improve the effectiveness of sales forces, and leverage digital routes to market. In addition, Stewart leads the McKinsey Institute for Black Economic Mobility, a think-and-do tank focused on catalyzing cross-sector action to build a more inclusive, dynamic economy. Stewart is a member of the Economic Club of New York and is on the board of directors of the National Black MBA Association (NBMBAA) and the Brooklyn Community Foundation. Before joining McKinsey, he worked in the financial services industry in a variety of roles at an investment banking firm, and subsequently cofounded a private investment firm. Stewart earned a BA in economics from Boston College, an MPA in political economy from Harvard University, and an MBA in finance and management from Columbia University. He holds an honorary doctorate from the University of New Haven.
Shelley Stewart III
positive change for all its stakeholders. The firm combines bold strategies and transformative technologies to help organizations innovate more sustainably, achieve lasting gains in performance, and build workforces that will thrive for this generation and the next.
How do you define McKinsey’s mission and purpose?
As we approach our 100th anniversary, our mission remains clear and driven by three core principles: partnering with clients to boost performance; creating an unrivaled environment for exceptional people; and adhering to the highest professional standards. These principles shape our long-term strategy and daily operations. We strive for distinctiveness in everything we do, provide unparalleled opportunities for our team, and maintain a globally engaged partnership. Our goal is simple yet ambitious: to deliver unmatched ideas and execution, fostering sustainable and inclusive growth through our work with clients and our contributions to society.
You lead McKinsey’s Reputation & Engagement function. What have been the keys to the strength of the function?
and stakeholders across diverse industries and more than 40 regions. We leverage multiple channels, from public events to strategic media engagements, driven by our team’s dedication to maintaining and enhancing our reputation and establishing significant global connections. For example, McKinsey Global Publishing has received 273 external awards in the past five years, including notable recognitions such as “magazine of the year” for McKinsey Quarterly in 2022 and “best business/finance website” for McKinsey.com in 2023. These awards highlight our commitment to publishing valuable insights that foster societal understanding and stimulate global conversations.
The team has also enhanced the accessibility of McKinsey.com, elevating our ranking from the 37th percentile in 2020 to the top 1 percent in WebAIM’s accessibility ranking this year. This is a reflection of our firm’s dedication to inclusivity and making a substantial difference.
You also Chair the McKinsey Institute for Black Economic Mobility. What was the vision for creating the Institute?
FIRM BRIEF McKinsey & Company (mckinsey. com) is a global management consulting firm committed to helping organizations accelerate sustainable and inclusive growth. It works with clients across the private, public, and social sectors to solve complex problems and create
Our reputation is a cornerstone of our legacy, carefully nurtured through nearly a century of dedicated client service, impactful initiatives, and unwavering commitment to our values. As the Global Leader of McKinsey’s Reputation & Engagement, I’m all in on advancing and safeguarding our reputation. My role focuses on increasing awareness of our impact and capabilities, engaging with clients
My family is deeply rooted in the relentless pursuit for greater economic opportunity for Black Americans. My grandfather, a machinist and union leader in the aerospace industry, fought for equal rights in 1960s corporate America and worked toward desegregating schools on Long Island. My mom, who holds degrees in criminal justice and public administration, has always been a passionate advocate for the underprivileged and marginalized. My father, with his experience as a supply chain and procurement executive, was a pioneer in supporting
“Our reputation is a cornerstone of our legacy, carefully nurtured through nearly a century of dedicated client service, impactful initiatives, and unwavering commitment to our values.”
“Our goal is simple yet ambitious: to deliver unmatched ideas and execution, fostering sustainable and inclusive growth through our work with clients and our contributions to society.”
and expanding opportunities for diverse and women-owned businesses, fostering their growth and inclusion.
This family legacy has left an indelible mark, profoundly shaped my own mission, and I see my work in this area as a vocation. With support from McKinsey’s leadership, we founded the McKinsey Institute for Black Economic Mobility. This think-and-do tank is dedicated to accelerating research, forging strategic partnerships, and developing innovative tools that promote racial equity and inclusive growth, aiming to improve the lives of Black individuals worldwide. Our efforts at the Institute continue my family’s long-standing commitment to racial equity, focusing on expanding economic opportunities for Black Americans, striving for a future marked by sustainable and inclusive growth.
Will you discuss the work of the Institute?
Tackling economic challenges for Black Americans seeds solutions to uplift all Americans near the poverty line. Our efforts focus on current challenges to spark change and open real opportunities for everyone. Through deep analysis and insight, we help leaders identify actions that can meaningfully improve Black economic mobility. For example, the United States is not on pace to eliminate overall disparities for either Black or Latino residents over the next century. Our latest research shows Black and Latino U.S. residents experience different levels of prosperity and parity depending on where they live. It takes a place-based view on the theory that many of the issues holding back progress for racial and ethnic minority groups are influenced by local conditions, and some of the solutions may be best designed and
delivered at the local level. It highlights where the need is greatest – and where action from the public, private, and social sectors can help to narrow the gaps.
What do you see as the role of inclusive economic growth in the future of consulting?
Our commitment to diversity and inclusion runs deep – it’s not just part of what we do; it’s at the heart of how we think. We believe that great ideas can come from anywhere, and this belief pushes us to attract, retain, and develop top talent from all walks of life. We’re dedicated to building teams as diverse as the clients and communities we serve, which boosts our creativity, innovation, and ability to solve problems. In recent years, we’ve broadened our recruitment efforts to include a wider variety of educational institutions, coding boot camps, tech apprenticeships, and we’re putting a stronger emphasis on hiring mid-career professionals.
We look for individuals who are critical thinkers, curious, principled, and ready to lead challenging projects. Sure, academic achievements are important, but they aren’t everything. Our initiatives like the BUILD program for students from New York’s public colleges and the First Year Leadership Academy for women and underrepresented groups are proof of our commitment to inclusivity. These programs help us connect with a diverse pool of talented individuals, ready to make a difference.
How important is it for leading organizations to build diverse and inclusive workforces?
Building diverse and inclusive workplaces is more than just ticking boxes for compliance or ethics – it’s a smart business move. Why?
Well, diverse teams bring enhanced innovation, sharper decision-making, and increased engagement and productivity. They offer a wealth of perspectives, experiences, and ideas, which leads to more creative solutions and effective problem-solving. In today’s fast-paced business world, having a variety of viewpoints isn’t just nice to have – it’s essential for sparking innovation, boosting performance, and ensuring lasting success.
What has made working at McKinsey so special for you?
At McKinsey & Company, we are uniquely positioned to tackle the world’s toughest problems, driving transformative impact across all sectors of the economy. This role allows us to unleash the power of human capital, particularly within historically underinvested communities, yielding significant economic and social returns. My journey at the firm underscores the importance of these principles, guiding us to have meaningful impact that transcends geographical and sectoral boundaries. As we continue this mission on a global scale, the profound privilege of our work remains clear: solving the hardest problems to help create positive, enduring change in the world.
What do you tell young people about the keys to being successful in building a career in the consulting industry?
Our message is straightforward: join us, and you will have the potential opportunity to learn more and faster than you could elsewhere. Sure, it’ll be tough, you’ll be pushed to your limits, and perfect scores won’t be handed out easily. But being part of our team opens up endless possibilities – just look at the incredible achievements of our alumni.•
“Tackling economic challenges for Black Americans seeds solutions to uplift all Americans near the poverty line. Our efforts focus on current challenges to spark change and open real opportunities for everyone.”
EDITORS’ NOTE
A New Kind Of Development Company
An Interview with MaryAnne Gilmartin, Founder and Chief Executive Officer, MAG Partners
MaryAnne Gilmartin is the Founder and Chief Executive Officer of MAG Partners, a real estate development company she founded in 2018. She previously served as President and CEO of Forest City Ratner Companies. She also served as Chair of the Board of Directors and interim Chief Executive Officer of MackCali Realty Corporation. Gilmartin is a civic leader in the New York metropolitan area, serving as Chair Emeritus of the Downtown Brooklyn Partnership, member of the Board of Trustees of The Brooklyn Academy of Music, member of the New York Public Radio Board of Trustees, and a member of the Executive Committee and Board of Governors of the Real Estate Board of New York. At Columbia University, she is part of the Industry Advisory Board of the MS Real Estate Development Program as well as a member of the real estate advisory board in the Center for AI in Business Analytics & FinTech. In addition to her civic and industry board service, Gilmartin was appointed a member of the board of directors of the global investment banking firm Jefferies Group LLC in 2014. Gilmartin graduated summa cum laude, Phi Beta Kappa from Fordham University, where she also completed her master’s degree.
MaryAnne Gilmartin
over seven million square feet of office, residential and mixed-use projects, including over 2,000 units of housing, with a total value of over $5 billion. The MAG Partners multi-million square foot development portfolio includes three multifamily rental buildings and a master plan redevelopment in Baltimore:
• 243 West 28th Street, or Ruby, is a thoughtfully designed, 480-unit multifamily project open in the highly coveted Chelsea neighborhood. Designed by celebrated architects COOKFOX Architects, the exterior of the building is contextual masonry inspired by the rich historic architectural fabric of the neighborhood, while the residences incorporate biophilic design strategies that connect its residents to nature. The building is 95 percent leased.
• 300 East 50th Street is a 194-unit multifamily building under construction with ground floor retail at the corner of East 50th Street and 2nd Avenue. The mixed-income building will have 30 percent of the units built as affordable under the Affordable NY program. Designed by BKSK Architects, the building’s strong corner presence and verticality is created by detailed masonry that melds the traditions of the solid masonry corner towers of Manhattan’s Midtown East and Upper East Side neighborhoods. Apartments start leasing in summer 2025.
• MAG Partners was selected by Penn South, the affordable housing cooperative in Chelsea, to develop 335 Eighth Avenue into a mixed-income apartment building with ground floor commercial space, including a grocery store operated by Lidl. The new 190-unit building broke ground in October 2023 and will be developed under the
What was your vision for creating MAG Partners and how do you define its mission?
MAG Partners is a woman-owned, WBE-certified, urban real estate company with decades of experience developing impactful, iconic, largescale projects. We believe and have proven that principles of beauty, diversity, inclusion and sustainability create great places with lasting value for our partners, investors, and communities. My vision is to build a new kind of development company, built by people who look like the cities we build in. I am deeply committed to generating diversity in the industry, particularly mentoring and serving as a role model to non-traditional real estate professionals like myself.
Will you provide an overview of MAG Partners’ projects and development pipeline?
Together the MAG Partners team has successfully designed, built and operated
Affordable NY program with 30 percent of its units reserved for low- and middle-income New Yorkers. Apartments start leasing in summer 2025.
• MAG Partners and MacFarlane Partners joined an expanded development and investment team of a 177-acre master plan at Baltimore Peninsula, a post-industrial waterfront peninsula in South Baltimore. The 1.1 million square feet of mixed-use development is currently open with the sponsorship of Sagamore Ventures, the family office of Under Armour founder and CEO, Kevin Plank, and the Urban Investment Group within Goldman Sachs Asset Management. Baltimore Peninsula will ultimately create a new ground-up, 14 million-square-foot, $5 billion master-planned neighborhood. Last year it opened the first new buildings, with over 1 million square feet of new residential and office space across five buildings, and 40 acres of waterfront parks. To date, more than $1 billion has been invested, the residences are more than 80 percent full, and new office tenants are opening their doors.
Where do you see the greatest opportunities for growth?
We tackle the hardest projects and don’t shy away from complexity. Our DNA is public-private partnerships and that’s why we were invited to Baltimore to execute an ambitious project for Goldman Sachs and Kevin Plank. The team has looked at other national projects that are complex in nature, including sports and entertainment uses. In New York City, the mixed-income multi-family market finally has some clarity thanks to a new state tax deal. There is unbelievable demand for quality rental housing, but the U.S. continues to suffer from a serious lack of product which is why we have worked hard to develop not only new housing, but with an emphasis on creating new affordable housing alongside market rate. Our plan is to identify strategic capital around our growing multifamily platform to advance our goals and create new residential opportunities where they are most compelling.
How important has it been to build the team at MAG Partners, and will you highlight the expertise and experience of the team?
When you’re leading a high performing team, as CEO you’re really the Chief Talent Officer – you have to resist the temptation to do, and instead, build the great people that will build and design the great buildings. Running a firm is all about the talent you find and cultivating a culture of excellence and possibilities for the people around you. That is why I started the company alongside seasoned professionals with whom I’ve worked with for a decade at Forest City – I knew I could build a company around them.
Today, MAG Partners has nearly 30 employees in Baltimore and New York, and over 50 percent are women. Collaboration is a really big part of our profession and women tend to be really good at that. I have worked to create a company that makes it possible to have a career and a family without needing to sacrifice one for the other.
Recently, Jeff Rosen was promoted to Managing Principal and Chief Investment Officer of the firm and is supervising development, construction and capital markets. Jeff is a founding member of MAG Partners and has been a stalwart partner and friend to me since he joined Forest City almost 20 years ago. We have done some of the hardest and most complicated deals together and I trust Jeff completely to help me take our incredible group of people and projects to new heights. In 2023, Jeff singularly spearheaded three complex, multifamily closings with the looming expiration of the 421-a program. His unique skill set and determination allowed MAG Partners to secure over $547 million in new multifamily investment in 2023.
What do you feel are the keys to effective leadership and how do you approach your management style?
As an entrepreneurial company, the connections between leadership and entry-level
roles are constant. We pride ourselves on transparency and run management meetings and project meetings that include teammates at all different levels of the organization. As we are all working towards the same mission – to build cities that are more diverse, inclusive and sustainable – I feel it’s tremendously important and valuable to have everyone bought in and advancing their own goals toward the greater goals.
Above everything, it takes great people to do great things, so my primary duty is to act tirelessly to find and nurture great talent. MAG Partners is all about fostering and unleashing a culture of excellence and creating endless possibilities for the people around you.
What do you see your role is as CEO?
When I first became CEO, I realized that my first job was as talent officer. Suddenly people manager. My role was to lead, not to manage. It was to nurture and protect people. I love the deal. I love complicated transactions and putting buildings together. The tougher it is, the more attracted to it I am, but my role as CEO is to empower people so they can do those great things. Running my own company has been about harnessing and channeling my energy into developing people.
What are your views on the current state of the New York real estate market?
It is meaningful that after just five years of building a pipeline, we will have nearly 1,000 units of housing in prime Manhattan neighborhoods where very few projects will be opening. That said, the regulatory atmosphere and capital markets for building ground-up development are challenging. To develop multifamily in the current environment, it is imperative that we find and leverage strategic capital effectively and efficiently. We know there is a need – no one questions if we need more housing – so the question then becomes, how?
Did you always know that you had an entrepreneurial spirit and desire to build your own company?
Certainly not. But after over 20 years at a public real estate development firm, I wanted to harness the lessons learned and experience I had cultivated to build a firm with the characteristics I valued most. I knew that with top talent and a pristine reputation for making the impossible happen, we could build something remarkable in the private markets. I’m really proud to say that I think we’re well on our way.
With all that you have accomplished during your career, are you able to enjoy the process and take moments to celebrate the wins?
I find it hard to stop and recognize the wins, but it’s gratifying that we have established ourselves as the most successful woman-owned development startup in the country. We are the trusted developer for very serious capital partners and consistently outperform expectations. •
300 East 50th Street
EVERYONE LOVES A COMEBACK
Paul Rivera got a new lung and a new life.
Paul was one of those hardworking citizens who keep our fair city going. But then he got struck with pulmonary fibrosis, probably as a result of chemical exposure on the job. It was untreatable; his only hope was a lung transplant. And only one hospital, Montefiore Einstein, showed up to help. They got Paul a new lung, and they gave him a new life. See Paul’s Story at MontefioreEinstein.org/PaulRivera
Cultivating A Better Future For The Bronx
An Interview with Eileen Torres, Chief Executive Officer, BronxWorks
EDITORS’ NOTE As the leader of the BronxWorks agency, Eileen Torres serves as the ultimate advocate for the more than 60,000 residents of the Bronx that receive services from BronxWorks as well as the nearly 1,000 employees across the organization. Torres has been with BronxWorks since 1995, starting in administrative roles, serving as Admin Counsel and General Counsel, and interim Executive Director/COO in 2013. Torres was appointed Executive Director in 2014. Her education and background as an attorney have been invaluable in guiding BronxWorks in the highest standards of nonprofit governance and as an implementing partner for many New York City government programs. In 2023, the Board of Directors named Torres the Chief Executive Officer of BronxWorks. Torres is on the board of United Neighborhood Houses (UNH) and serves as the chair of the UNH Executive Directors Council. She is also on the board of the Human Services Council (HSC), the Council of Family and Child Caring Agencies (COFCCA), and Lyft’s New York Racial Justice Alliance. A graduate of Cardinal Spellman High School, Torres earned a BS degree from Pace University and a JD from the Northeastern University School of Law.
the agency would expand its services to address core community and social needs, providing HIV/AIDS prevention and education at the height of the AIDS epidemic in the 1980s, operating senior centers, providing homeless services and shelters, offering services for immigrants and more. In the early 1990s, we joined United Neighborhood Houses of New York and became a settlement house. Settlement houses provide many programs including community events, childcare, and services for the elderly, many of which we already offered. A few years later, BronxWorks merged with the Girls Club of New York and secured our flagship building at 1130 Grand Concourse, known today as the Carolyn McLaughlin Community Center, a beacon of community programming for Bronx youth.
In 2009, we rebranded and changed the agency’s name to BronxWorks. Today,
BronxWorks operates over 60 locations around the borough where our Bronx neighbors seek a breadth of social services and programs. Our 1,000+ staff are from the Bronx community and reflect the communities we serve. BronxWorks staff are extremely dedicated to providing services to the underserved and most vulnerable.
How do you define BronxWorks’ mission?
Our mission is evident in the work we do every day, and we strive to live our mission in all ways. BronxWorks helps individuals and families improve their economic and social well-being. From toddlers to seniors, we feed, shelter, teach, and support our neighbors to build a stronger community. BronxWorks is committed to helping break the cycle of poverty while providing a vital safety net to those that seek assistance.
Will you provide an overview of the services and programs that BronxWorks offers?
As mentioned previously, BronxWorks is a settlement house; a full service, social service
ORGANIZATION BRIEF BronxWorks (bronxworks.org) helps individuals and families improve their economic and social well-being. From toddlers to seniors, the agency feeds, shelters, teaches, and supports its neighbors to build a stronger Bronx community. In all aspects of its work, BronxWorks strives for the highest ethical and performance standards. It is guided by the belief that people must be treated with dignity and respect, regardless of their present situation or past experiences.
Will you highlight the history of BronxWorks and how the organization has evolved?
BronxWorks first opened its doors in 1972 as the Citizens Advice Bureau (CAB) during the height of the welfare rights movement. Beginning with just one location, assisting seniors with housing and public benefits were the two key issues CAB dealt with during the organization’s early days. The innovative model was based on an organization in Great Britain. Over the years,
Eileen Torres
BronxWorks CEO Eileen Torres visits students at a BronxWorks Early Childhood Learning Center
agency that provides an array of programs to our Bronx neighbors. Most of our program participants live at or below the poverty line. We provide enriching opportunities for growth for people in every stage of their lives. We maintain a network of low-threshold safe haven programs for the unhoused; we support people and families in achieving permanent and affordable housing; we provide skills and career development; we address food insecurity in the borough to improve health outcomes; we provide childcare and after-school programs for children and youth; we provide adult education and literacy classes for non-English speakers; and we offer no-cost legal assistance for housing cases, immigration, and domestic violence. In addition, BronxWorks is committed to addressing the health disparities in the borough and offers nutrition and wellness through our community health initiatives. We also provide emergency food, programs for older adults, and college search and prep for young adults. It would be impossible to name the multitude of programs and services we offer. We strive to be a place where our neighbors can learn how to address challenges they are facing. Many of our resolute staff are bilingual so we can ensure there is always someone on our team who can communicate with the diverse populations we serve.
How critical are metrics to measure the impact of BronxWorks’ efforts?
Metrics are a tool used to provide critical results to our stakeholders illustrating the progress we are making. Metrics help to show funders that their investments in our work are
providing real outcomes. And while metrics are a vital part of the story of the impact of our work, BronxWorks finds it equally critical to connect with and build strong trust and relationships with our neighbors. We closely follow our clients to monitor their progress and provide encouragement and additional resources to keep them on track. BronxWorks staff also actively participate in local community boards, government, and other civic meetings to listen directly to our neighbors. Through our close relationships with the communities we serve, BronxWorks remains nimble and flexible. It is critical to adapt quickly to changing needs and that is what makes us so unique.
How valuable is it for BronxWorks to have such an engaged and committed board of directors?
We are truly fortunate to have an engaged board of directors, led by the chair and executive team. The BronxWorks board is comprised of a committed group of leaders who are dedicated to our mission and the Bronx community. While a few board members have served the organization for three or more decades, we have been fortunate to also attract new members with diverse backgrounds and skill sets. The board is charged with governance and oversight as the organization considers the next 10, 20, and 50 years ahead. The BronxWorks Board of Directors is committed to cultivating a better future for the Bronx.
You have been with BronxWorks for almost 30 years. What has made the experience so special for you?
It certainly is an honor to be a part of BronxWorks for so many years. I have had a unique opportunity to witness firsthand the organization’s and, more importantly, the borough’s growth and progress. There has been profound change and great strides made to offer a comprehensive network of services for people who are seeking them. During my tenure, I have seen and heard countless stories from individuals whose lives we have touched in some way. It is always rewarding to hear how our work has impacted our neighbors, some in smaller ways and some in significant ways. I genuinely believe we are changing the trajectory of many of our program participants, and witnessing those changes is deeply meaningful. And while we share in the progress, we are also there in times of crisis. The borough suffered immeasurable challenges during the pandemic and the years that followed. My BronxWorks colleagues stood front and center during these dark times to provide support in countless ways. Those days were undoubtedly the most challenging we have all experienced.
It has also been a great privilege to watch our participants grow up within the organization. Watching a young person who first came to BronxWorks in our early childhood center, then participated in summer camp, go off to college is just awe-inspiring. Sharing the joy of a family who was unstably housed establish their own home is extremely fulfilling. And to experience this with our staff, who may have joined BronxWorks in the early days of their career and are now in a leadership role, is so rewarding. I am equally proud and humbled by my role as CEO. To see how our organization has evolved to serve more than 65,000 Bronx residents annually is truly an honor.
What are your priorities for BronxWorks as you look to the future?
As I said, BronxWorks is an organization that evolves as unique needs arise and grow. In the short term, we are focusing on addressing vital needs and high-demand services. Demand for emergency food continues to grow, exacerbated by current economic conditions. In addition, workforce development is a continued priority. We want to ensure that job seekers in the Bronx can find viable career paths and establish personal financial growth. Addressing the continued need for affordable and vibrant childcare and after-school programs is also part of our imminent priorities. These three areas are truly intertwined and dependent upon each other for Bronx families.
Long term, we are looking at the housing crisis and ensuring our participants, including the homeless, have the resources they need to secure a stable home. We continue to follow the Housing First model, which is the understanding that progress for underserved communities is impossible when people are not stably housed. Permanent, affordable housing is a vital step to breaking the cycle of poverty. Investing in our physical plant and capital projects is also a long-term priority for BronxWorks.•
A BronxWorks food pantry, serving Bronx residents in need
Transforming Communities
An Interview with William Elder, Executive Vice President and Managing Director, New York City Leasing, RXR
EDITORS’ NOTE William Elder is the Managing Director of RXR’s New York City division. Elder is responsible for the oversight and management of the company’s New York City office. Previously, he worked with RXR’s senior management in expanding and managing Reckson Associates Realty Corp.’s six-building, 5.5 million-squarefoot New York City portfolio before Reckson was sold to SL Green Realty Corp. in 2007. He most recently was Senior Managing Director in the strategic agency services group at Cushman & Wakefield. Before that, he served as Executive Vice President of leasing at Ruben Co. Elder has also held senior positions at SL Green and Shorenstein Co. He is a board member and treasurer of the East Side House Settlement, an educationally focused charity located in the Mott Haven section of the Bronx. He is also a member of the Real Estate Board of New York (REBNY). He holds a BS degree from Wagner College.
William Elder
How do you describe RXR’s culture and values?
It’s a privilege to work at RXR because the environment is so amazing. If you look back at the history of RXR, it is a company that has made a meaningful impact on New York. This starts with Scott Rechler, who is a special leader and visionary who sees things before others. He is always pushing us to be out in front and to lead. The fabric of RXR is best encapsulated by our operational ethos of “Doing Good and Doing Well Means Doing Better.” This means that when we enter a market, we engage with the local community and build a partnership with all constituencies involved, which leads to building trust and creating meaningful, long-term relationships.
RXR has a strong and clearly defined set of values that are part of our DNA: we believe in doing the right thing; we believe in leading with
bold ideas; we believe in striving for excellence; we believe in staying humble and hungry; we believe in cultivating trusted relationships; and we believe in acting like an owner. When we bring new team members into RXR, we look for people who want to be a part of a company that operationalizes these values, and we have been fortunate to have built a strong culture based on these values.
How has RXR maintained a family feel as it has grown in size and scale?
We have approximately 450 people on our team at RXR, and as a company grows, there will always be a concern about diluting the culture. This has not been an issue at RXR, where we continue to have a family feel, and our leadership team is always accessible. Scott and his partners, Mike Maturo, Jason Barnett, and Todd Rechler, are vocal leaders who continually engage our people at all levels of the company. We have regular town halls where our leadership team talks to our people about what is happening and where we are going.
COMPANY BRIEF RXR (rxr.com) is an innovative real estate investment manager, operator, developer, and place-maker committed to applying a customer and community-centered approach to acquiring, operating, and building properties and to providing services and products that create enduring value for all stakeholders. Headquartered in New York with a nationally scaled platform, RXR is an approximately 450 person, vertically integrated investment manager with expertise in a wide array of value creation activities, including acquisitions, asset and portfolio management, property operations, development, construction, leasing, and technological innovation. RXR is an active investor in real estate credit, rental housing, commercial property, and property technology through value-added and opportunistic investment strategies. The RXR platform manages 107 commercial real estate properties and investments with an aggregate gross asset value of approximately $17.1 billion, comprising approximately 30.5 million square feet of commercial properties, a multi-family residential portfolio of approximately 9,800 units under operation or development, and control of development rights for an additional approximately 3,000 multifamily and for sale units.
What are your views on the importance of employees being in an office to build culture and collaborate?
While I am not sure that a five-day work week in the office will ever come back, we do see people returning to the office and occupancy bouncing back. I do not think that businesses can function properly when people are working remotely all the time. Face-to-face collaboration and group ideation, seeing people in the hallways and stopping to learn what they are doing and what they need, finding mentors who will help you and provide advice on your career journey – these are all critical components to one’s work and can only be done physically in an office.
Business is about building relationships, and people need to be together to build relationships. They also need to be together in environments that offer opportunities for greater levels of productivity and growth. At RXR, we are focused on delivering the highest quality space with hospitality and programming that employers need to attract, nurture, and retain talent to stay successful.
What do you feel will be the impact of RXR’s development at 175 Park Avenue on the future of New York?
I believe this will be one of the greatest buildings ever built since it has so many critical and unique components to it. We have spent months designing this building from the inside out, and it will have one of the best floor plates ever built. 175 Park Avenue will yield 2.3 million square feet of Class A office space; a 200-key ultra-luxury hotel developed in coordination with Hyatt Hotels; and an elevated, 25,000-square-foot publicly accessible plaza space populated with artwork and views overlooking the surrounding Midtown streets. There is also a major emphasis on sustainability and a commitment to the health and wellness of the people who will be working and visiting the building.
The project is a true public-private partnership with the City and State of New York and the MTA. In addition to building a new all-electric, state-of-the-art office tower that will have the highest office floor, restaurant, and hotel in the Western hemisphere, we are creating new entry sequences into Grand Central and a new subway station that will make millions of New Yorkers’ lives easier and more accessible. There is clearly a desire for companies and employees to be in buildings that are close to public transportation, and it doesn’t get much better than 175 Park Avenue.
There has been a major transformation taking place around Grand Central with buildings such as One Vanderbilt and 270 Park Avenue, and we believe that 175 Park Avenue will play a critical role in this ongoing transformation.
What has made the real estate industry so special for you?
Like many people, I did not know what I wanted to do when I was in high school and college, other than make money. I fell into an opportunity where a friend offered me a job in real estate, and while at the time I did not know anything about real estate, my journey has been more than I could have ever dreamed of. The people I have been able to work with and the relationships I have formed are what have made it so special.
In real estate, every day is different, and you need to be creative, innovative, and solution-oriented. When you are involved in development, you get to leave a legacy, such as when I had the opportunity to work with RXR on the redevelopment of 75 Rockefeller Plaza. The opportunity to play a small part in developing buildings that are changing communities for the better is quite an adventure and a true privilege.•
Rendering of 175 Park Avenue
A Trusted Advisor
An Interview with James W. Crystal, Vice Chairman, Alliant Insurance Services
EDITORS’ NOTE After joining his father, Frank Crystal, at Crystal & Company in 1961, James Crystal was named President in 1963. Crystal serves as Vice Chairman and Member of the Board of Alliant Insurance Services. He is also Vice Chairman, Trustee, and Member of the Executive and Finance Committees and Co-Chairman of the Audit Committee of Mount Sinai Medical Center, along with serving on the board of Congregation Emanuel.
James W. Crystal
COMPANY BRIEF Alliant Insurance Services (alliant.com) is one of the nation’s leading distributors of diversified insurance products and services. Operating through a national network of offices, Alliant offers a comprehensive portfolio of services to clients.
Will you discuss your role as Vice Chairman of Alliant and how you focus your efforts in the role?
My role as Vice Chairman of Alliant is divided into several parts. Primarily, as a Vice Chairman and Director of the company, I am involved in overall company procedures, balance sheet discussions, and business unit reviews.
You are known as a trusted advisor to many of the nation’s foremost entrepreneurs, executives, and investors. Do you feel this approach of being a trusted advisor has been a key to your success?
I believe you have to be a trusted advisor to your clients. Any good broker can sell insurance, but it is incumbent on my part to help in any area that my clients are seeking advice or looking for introductions to people that could be helpful either in their personal or professional careers. Furthermore, I believe that if you are trusted in your insurance transactions and dealings with your clients, you will therefore become an advisor in other areas, and there is nothing more enjoyable than bringing two close parties together so that they can do business on a one-to-one basis. What do you feel are the key attributes of a leading insurance company today?
I believe that leading insurance companies today must provide a multitude of services – not only underwriting, but looking at risk potential for the client, as well as for themselves. The complexity of today’s insurance exposures is constantly changing and as such, a thorough
review by brokers as well as insurance companies must be continually transmitted to the various parties involved. I further think that it is imperative for insurance companies to expand their offerings with more than one suggested choice, and the more coverages a single insurance company can write for each client, the more the premiums are spread over the most difficult of risks. I believe without this latter structure it will become too prevalent that premiums will be raised disproportionately for the areas of high risk and the lower risks will be expected to carry some of the premiums for the high risks.
When you look back to 2018 when your predecessor company, Crystal & Co., was acquired by Alliant, what made you feel Alliant was the right company at that time, and looking back over the past six plus years, has the relationship been what you expected?
When we sold our company in May 2018 to Alliant it became very clear that Alliant was emerging as not only a great company, but with a particularly unique structure. The structure would enable various Crystal verticals to be integrated into Alliant, whereby Alliant could expand upon them, and also grow them through their connections and their clientele. The relationship over the six plus years has expanded to not only an insurance sales capacity, but as a direct relationship for Alliant with various insurers, as well as the larger clientele that Crystal had at the time. These last two attributes have allowed Alliant and me to expand to even to a larger degree, and that expansion is on almost a continual basis.
How do you define Alliant’s strengths and what has made Alliant an industry leader?
Alliant’s foremost strength is its people. Alliant has become the broker of choice for so many high-quality employees at other firms that the growth has been exponential. In addition, Alliant’s strategy is having numerous verticals where the client has the expertise of people who are dedicated to that particular client’s exposures and business, rather than just a group of people brought together from various locations. This ensures that the client is the recipient of a more personal, knowledgeable, and hands-on experience. Time and time again, Alliant’s teams in their respective vertical who provide advice, coverage, and claims handling
for particular clients have won the day because they are totally absorbed in the client’s business, not trying to be salesman to all people.
How has technology impacted the insurance industry, and do you worry that it will take away some of the human touch and personal relationships?
Technology is a continuous growth portion of the insurance industry today in all capacities, both as a company and a broker. This will probably continue for the foreseeable future, but the worry I have is that the human intellect is being pushed into the background, which at times forces the various underwriters and salespeople to lose touch with what is going on in that particular area as well as lessoning the importance of personal relationships. This latter exposure in my opinion could lead to movement of many clients because they have lost the personal relationship with the people at their broker.
Where did your passion for philanthropy develop and how do you approach your philanthropic efforts?
I have always had a serious interest in philanthropy because I believe I have been extremely fortunate in my business career and life cycle. I believe that it is incumbent on all individuals with fortunate experience to give back to their community and to those who are less fortunate and more in need. We need to see more of this in the United States and in my belief, with certain exceptions, it is a bi-coastal phenomenon that dominates the United States. Obviously, there are pockets that are well versed in philanthropy, but it certainly does not permeate the entire country.
What do you tell young people about the keys to building a successful career in the insurance industry?
I believe one of the keys to a successful career in insurance is learning the fundamentals. In my early career, I started out as an engineer doing loss prevention and a claims adjustor. I believe this ultimately led me to believe that sales and management were more interesting careers and one that I could develop more successfully, but without the basic training, it is impossible to learn what one’s desires are as far as a career within the insurance industry. Insurance is very much like finance and banking. You must know about your clients, their needs, their interests, and careers and then formulate those findings into one’s own strengths. This will provide better and long-term relationships.•
Our nation is now engaged in what will be the most intense and bitterly fought presidential election in modern history. This year’s election will be fraught with misinformation, misgivings, and polarizations, yet one aspect that will surely be missing is a crucial element of a healthy society – civility. Knowing that, we at The Dilenschneider Group thought this would be a good time to re-issue a pamphlet on civility that we put out several years ago (as you will see when you read the Foreword). We don’t kid ourselves that this is going to change how the politicians behave. But we hope it will serve as a useful reminder for others about how important civility is to us all, as well as a useful guide on making it a regular part of our lives. As always, we welcome your thoughts and comments.
Robert L. Dilenschneider Chairman and Founder, The Dilenschneider Group
C.I.V.I.L.I.T.Y
FOREWORD
1. Courtesy, Politeness; 2. A Polite Action or Expression
There is much that is deeply troubling to all of us these days: the worst economic crisis in decades, two overseas wars, the continuing threat of terrorism, a dangerously unstable Middle East, and much more. But another unsettling development is the appalling lack of fundamental civility and simple courtesy in our time. Angry people are striking out in every area of life. One writer labeled ours “the age of rage” – road rage, workplace rage, Internet rage, airplane rage, political rage, national rage. Rude, arrogant public displays are everywhere. The rules of fair play are ignored. The decline of civility is starting to take its toll. So, at this moment, please consider the following points, which both have been shared through the ages and which we believe are even more timely and relevant today. We hope you find these thoughts helpful and would appreciate hearing from you about any ideas you might have on this important issue.
WHO’S RIGHT?
Civility, at its core, means respecting the other person’s point of view, no matter how wide of the mark, bizarre, or even ignorant you may think it is. You will rarely, if ever, convince adversaries to see things your way or moderate their position if you express contempt, disdain, or ridicule for an opposing point of view. That approach may score debating points, but it won’t make a convert. Don’t question motivesdiscuss policies. Listen - ask questions.
Too many, today, take their cues from a polarizing, attack-oriented political culture. Help your adversaries understand they are as reasonable, thoughtful, and perhaps as smart as you are, but just simply off-base on a particular issue, whatever it may be. You might even change a few minds in the process. “My way or the highway” has never been the best way to win friends and influence people. Hard as it may be, use responses such as “I understand why you hold that position…There may be merit in what you say...I respect your beliefs…Let’s discuss an alternative.” You get the idea.
DID
I SAY THAT?
No matter how balanced you may be, recognize that these are unsettling times. Tensions are high. Tempers can flare. People are edgy, anxious, confused, frustrated, and frightened. Some are downright nasty. At a business meeting or in a one-on-one encounter, persons you have held in high regard for a long time as associates or friends, under stress and great pressure, may say, or do, things totally out of character. Let them be; let them sound off.
We all stumble now and then, doing and saying what we may later regret. Keep that in mind. Don’t retaliate if insulted. Don’t overreact. If you strike back you will probably exacerbate an already tense situation. If insulted or abused, “turn the other cheek” and recognize that in time people generally realize the error of their ways.
TRUE DIVERSITY
A hallmark of civility is respect for diversity and difference in the workplace, in the executive suite, in the boardroom and in society generally. This applies to such basic human demarcations as gender, sexual orientation, race, religion, and ethnicity. Genuine inclusion is a goal we must all aspire to. Recall the late Brooklyn Dodger shortstop, Pee Wee Reese, who was born in Louisville, Kentucky. In 1947, when Jackie Robinson was introduced in Ebbets Field as the first African American in the major leagues, he was met with boos and catcalls. Reese ran from the dugout to stand with his teammate. This story has been one for the ages.
Yet some still give only lip service to that ideal and harbor, and occasionally express, subtle, and not-so-subtle, prejudices. True civility demands that we try to rise above this, help others understand the importance of respect, and recognize our common humanity.
EMPATHY – IT’S GOOD FOR YOU!
Empathy – “the ability to share in another’s emotions, thoughts, or feelings” – is the single quality that assures one will act towards others with civility. In the classic, “To Kill a Mockingbird,” Atticus Finch teaches his daughter, Scout, to be sure she sees things from the point of view of others. Today, tectonic shifts are battering the financial landscape. People are deeply troubled, uprooted, and confused in these parlous times. To some, the world seems to be spinning out of control. Jobs lost, dreams deferred, 401Ks and 529s decimated, fortunes disappearing, leaders failing, old beliefs imploding, the future being all but certain. Even those on top may suddenly find themselves holding on for dear life and not quite understanding what to do, unable or unwilling to address these issues. If you sense that someone wants to talk - listen! Lend a sympathetic ear to those who have been dealt a bad hand by circumstances often beyond their control. Speak a kind word. Offer reassurance. Make a thoughtful gesture. Show that you care. Offer an idea if you can. You’ll feel better about that person - and yourself - if you do. Generosity of spirit, sooner or later, will be rewarded.
THE ART OF NEGOTIATION
Negotiation is, willingly or not, something we all do in life all the time, but too often not very well or skillfully. It undergirds modern civil society and a working civilization. Whether in the business arena, the public square, or one’s personal life, differences are realfrequently serious. They have to be sorted out and compromised. Cavemen instinctively settled disputes violently. One hopes we have come a long way since. On the larger world stage, we call this diplomacy. The objective always is the promotion of harmony and agreement to avoid the alternative of harsher, more drastic responses. Adopting a positive, solution-driven approach to resolving conflicts represents a good start. In fact, the ability to negotiate successfully is something of an art which can be taught and learned. Small wonder, then, that dozens of “how-to” books have been published on the subject and that seminars and courses on skillful negotiating are readily available. It behooves any leader, or aspiring leader, to sharpen his, or her, negotiating talents using whatever mode and means is most accessible.
TRUST – CONFIDENTIAL AND PERSONAL
Civility demands mutual trust as well as respect. A key to this, especially in today’s digital era where so much information is out there and easily available, is to honor another’s privacy.
IN THE WORKPLACE
Workplace rules have been relaxed considerably, but a sloppy, careless, too casual and informal approach often provides a context conducive to incivility. Foul language, now used openly by both sexes, is offensive to many and is inappropriate in the workplace. One can make a hard point even tougher with proper language and add to a climate of civility at the same time. Try it. You’ll like the result. It’s not old-fashioned to emphasize courtesy, thoughtfulness, simple good manners, and decorum in the workplace. Such behavior will lead to a more profound civil experience.
TAKE A BREAK
It’s almost certain that someone will seriously insult you in the next few days. It will be unfair. You may feel hurt. The immediate reaction of all of us is to respond. Don’t do it. The late President Kennedy used to say, “Don’t get angry, get even.” We sure agree with the first part of the Kennedy statement. With respect to JFK’s second point, take a break – a few hours, or maybe even a day – and think about what happened and why it occurred. Chances are you will just forget it and move on. But if the insult does deserve a response, the time you take to consider it will be well spent and enable you to formulate a constructive way to resolve or mitigate the indignity.
TRENDY AND TOXIC
“Snark” is a new and trendy term that defines an unnecessary tone of teasing, snide, subtle abuse, nasty and knowing, that is just unnecessary. “Snark” attempts to annihilate someone’s reputation. “Snarkers” like to think they are witty, but mostly they are exposing the seethe and snarl of an unhappy moment, often releasing savage gossip, bad feeling, and forced laughter. Indeed, some feel the lowest, most insinuating and insulting side, wins the day. When you meet a “snarker” be silent or just say “Is it that bad?” to dismiss the offender. And then follow with a positive discussion. Left unaddressed, “snarkers” will continue to destabilize and erode a civil society.
TECHNOLOGY IS GREAT, BUT…
Improper use of constantly advancing technology is partly to blame for incivility. The ubiquitous cellphone, however useful and practical, has its downside. Telephone calls and messages are routinely ignored. Thoughtless individuals carry on loud, annoying conversations in public places. Automated teller machines, telephone prompt systems, where an actual human being is never to be heard, and the like, are all costefficient, but they do not do much to humanize, and thus civilize, daily life. E-mail too, though invaluable, often goes unanswered and can be equally uncivil and dehumanizing: we’ve all read about employees learning they no longer had a job via an e-mail. People collect hundreds of so-called “friends” on social networking sites, but only if one employs a very broad definition of friendship.
We are all connected these days, but prudence and respect for others when using the latest breakthrough communications device is a civil exercise you will never regret.
A FINAL THOUGHT
Before anyone starts ventilating, urge them to take a few minutes to think and recognize how fortunate they are compared with others in the world. We still live in a free country, enjoy economic security, and experience many pleasures others do not. Yes, times are tough, but this writer still gets up every morning and counts, with civility towards others, his blessings. You might too.
The Pursuit Of Excellence
An Interview with Kelly Kennedy Mack, President, Corcoran Sunshine Marketing Group
EDITORS’ NOTE Kelly Kennedy Mack is president of Corcoran Sunshine Marketing Group, the new development arm of The Corcoran Group. Mack has worked with some of the most distinguished leaders in luxury real estate, including renowned developers, architects, and designers. As President, Mack has preserved Corcoran Sunshine’s legacy of innovation while significantly building its industry presence, and today Corcoran Sunshine is New York’s market share leader. Mack joined Corcoran Sunshine as Vice President of Business Development in 2002, was named Executive Vice President in 2004, and became President of Corcoran Sunshine in 2006. She serves on the NYU Board of Trustees, and in her free time supports the Hassenfeld Children’s Center, an outpatient treatment center for pediatric oncology and blood disorders. In October 2009, Mack was named NYU’s first-ever Distinguished Young Alumna. Mack graduated from Georgetown University in 1996 and holds an MBA from the Leonard N. Stern School of Business at New York University.
Kelly Kennedy Mack
record-breaking developments in New York City and beyond – and doing so in some of the most complicated moments in the market’s history. We maintain longstanding relationships with many of the world’s most established developers, architects, and designers, all of which gives us a powerful platform from which to provide the guidance that moves our clients toward their goals. Another major component of that expertise is our Market Research team, which includes many of the industry’s foremost experts on real estate in New York City and South Florida. They are constantly analyzing an unbelievable amount of information on inventory, transactions, and pricing, which allows us to advise our clients in real time based on current market conditions.
From an innovation standpoint, we are always looking forward and exploring the intersection of real estate and luxury brands while working to introduce exclusive experiences into our portfolio for both our buyers and the brokerage community. We have recently
partnered with brands like Fendi and Loro Piana and institutions including the Whitney Museum of American Art, all in the service of keeping the attention on our developments from the audiences that matter most.
Finally, we take tremendous pride in doing the right thing and in making decisions and recommendations that prioritize the health and integrity of our clients, their developments, and our industry at large. It’s a position we take very seriously, and one we extend within our organization as well. We empower our employees to play to their strengths and interests, to evolve their careers as they see fit, and to be the best and most productive versions of themselves for the benefit of both the company and our clients – and to have fun while doing it. We grow together and celebrate each other’s strengths, and as a result, people stay here for a very long time – sometimes for an entire career –and our culture lives, breathes, and evolves on an ongoing basis.
Will you provide an overview of Corcoran Sunshine’s services and capabilities?
Corcoran Sunshine’s hundred-plus employees are distributed across four
COMPANY BRIEF With more than 30 years of experience in marketing and collective sales of $60 billion, Corcoran Sunshine Marketing Group (corcoransunshine.com) is the country’s premier organization for the planning, design, marketing, and sale of luxury residential development. Corcoran Sunshine has marketed the decade’s biggest condominium housing projects including Hudson Yards, 30 Park Place, 220 Central Park South and 56 Leonard. The Real Deal magazine has named the company New York’s #1 new development marketer every year since it began conducting rankings in 2009.
How do you describe Corcoran Sunshine Marketing Group’s culture and values?
I would say that Corcoran Sunshine’s culture and values are based on excellence, innovation, integrity, and mentorship. The pursuit of excellence guides everything we do, and our ability to achieve it consistently is a testament to our people. Our team has unparalleled experience and has set standards in this industry for over two decades, while launching and selling out dozens of
departments: Market Research, Planning & Design, Marketing, and Sales. These four departments collaborate in pursuit of one common goal: creating value for our clients. In the ideal scenario, we partner with our developer clients from day one – when they are first conceiving of a project or acquiring a development site, for instance – and work together to develop a conception of what the project should be. Each of our departments participates in this process and offers guidance on every aspect of the development life cycle. That may mean our Market Research team advising on unit mix and finely tuning pricing for velocity that meets a developer’s goals, or our Planning & Design team recommending an architect or designer that is aligned with the aesthetics of a given neighborhood or buyer profile – and then scrutinizing every layout to ensure they will resonate with buyers. It might mean our Marketing team overseeing the brand development process and deciding on a property’s name, and it certainly means staffing sales offices with the industry’s most reliable, professional, and successful salespeople. And it works: Corcoran Sunshine has been #1 in new development sales for the past 20 years running, with cumulative sales volume exceeding $60 billion. Our portfolio includes some of the highest-profile and most significant residential properties in the city – 220 Central Park South, Hudson Yards, Waterline Square, and One High Line, among dozens of others – and properties in our portfolio routinely achieve a 15 percent premium above competing developments.
What have been the keys to Corcoran Sunshine’s industry leadership?
It’s all about taking the excellence and innovation that are such an essential part of the way we work and making recommendations we believe in – and doing so with conviction. Whether our team is advising on pricing or conducting showings, we consistently hear from developers and brokers across the industry that doing business with Corcoran Sunshine is simply different than working with any other sales and marketing agency. People who know our team understand that we are the industry leaders for a reason, and they work with us because they know they are in good hands when they do.
Will you highlight one or two of Corcoran Sunshine’s current developments?
We’ve been making a big push into the South Florida market lately, and one development that we’re most excited about is South Flager House. This is a trophy property in West Palm Beach that is developed by Related Ross with an overabundance of features that resonate specifically with the most elite buyers in that market: a classic design by Robert A.M. Stern Architects, gracious layouts that suit every lifestyle, views over Palm Beach and Lake Worth, and an amenity collection that is among the most comprehensive we’ve ever seen. This property has achieved unprecedented success at every price point and with every type of inventory and has single-handedly cemented West Palm Beach as one of the most desirable new residential destinations in the world.
One of our biggest recent successes in New York City is 520 Fifth Avenue, which launched sales this spring and sold over half
of its inventory in just a few months. It’s a great case study for what happens when a developer – in this case, Rabina – simply does everything right. Buyers have responded positively to every aspect of this property: a graceful KPF design that complements its landmark surroundings, views that encapsulate just about every notable tower in the city, thoughtful layouts that make sense for contemporary living, finishes that feel considered and warm, and pricing that is aligned with the reality of today’s market. This is a special development and it’s been gratifying to see the market’s positive response to it.
How critical is it for Corcoran Sunshine to build a diverse and inclusive workforce?
As a company, we understand that maintaining an inclusive team is the best way of ensuring that the next generation of leaders reflects the diversity of our city and our country. And while it’s unquestionably the right thing to do, we go beyond just incorporating diversity and truly celebrate it. We are simply at our best when we consider a wide range of experiences and perspectives from a team that comes from a variety of backgrounds.
You have spent most of your career at Corcoran Sunshine. What has made the experience so special for you?
When you’re involved with something for such a long time and from such a young age, it truly becomes part of you. This company and my incredible team are woven into the fabric of my life in a way that’s hard to separate out, and I can look back at my life and, at just about any moment, connect it to people and the work Corcoran Sunshine was doing at that time. It’s that connectedness and those relationships that make it feel rare and special.
As Corcoran Sunshine Marketing Group celebrates its 20th anniversary in 2025, are you able to reflect on the impact that Corcoran Sunshine has made and celebrate the past two decades?
It is definitely a cause for celebration, and we’re developing some programming around the anniversary that we aren’t prepared to discuss quite yet. But we’re grateful for the incredible ride we’ve had and understand that it is both a cause to come together and celebrate, and an opportunity to plant seeds for an ongoing evolution that will ensure we continue to lead the industry for another 20 years.
What advice do you offer to young people interested in building a career in the real estate industry?
My advice to young people is to recognize that every moment on the job, no matter how small or menial it may seem, is an opportunity to gain experience, to grow, and to perfect the way you work. You can learn important lessons by listening carefully in a meeting, by taking a few minutes to research something you have questions about, or simply by paying attention to what buyers are saying when they walk out of an appointment. It’s a fast-paced and competitive industry, and the people who succeed are the ones who are constantly looking to learn.•
South Flagler House in West Palm Beach, Florida
Creating Meaningful Relationships
An Interview with Jim McCann, Founder, Chairman, and Chief Executive Officer, 1-800-Flowers.com, Inc.
EDITORS’ NOTE In 1976, Jim McCann bought his first of many retail flower shops in the New York metropolitan area. As his company expanded, McCann focused on innovation and being an early adopter of new technologies that enhanced customer engagement to grow his business. As a result, 1-800-Flowers.com, Inc., was among the first to offer 24-hour service through an 800 phone number and to use the Internet for direct sales to customers, becoming AOL’s first merchant partner of any kind in 1994.
COMPANY BRIEF 1-800-Flowers.com, Inc. is a leading provider of gifts designed to help customers express, connect and celebrate. The company’s e-commerce business platform features an allstar family of brands, including: 1-800-Flowers. com®, 1-800-Baskets.com®, Cheryl’s Cookies®, Harry & David®, PersonalizationMall.com®, Shari’s Berries®, FruitBouquets.com®, Moose Munch®, The Popcorn Factory®, Wolferman’s Bakery®, Stock Yards® and Simply Chocolate®. The company also operates BloomNet®, an international floral and gift industry service provider offering a broad-range of products and services designed to help members grow their businesses profitably; NapcoSM, a resource for floral gifts and seasonal decor; and DesignPac Gifts, LLC, a manufacturer of gift baskets and towers. 1-800-Flowers.com, Inc. was recognized among the top 5 on the National Retail Federation’s 2021 Hot 25 Retailers list, which ranks the nation’s fastest-growing retail companies.
How do you describe 1-800-Flowers’ culture and values?
Our culture is all about fostering innovation and inspiring others. We encourage our employees to think big, take risks, and experiment without the fear of failing. It’s a collaborative environment where giving is at the heart of what we do. We believe that giving is the gift, and that inspiring others is our superpower. Our goal is to make gifting easy, engaging, and enjoyable for everyone.
Our values guide everything we do. We create moments by empowering our customers to deliver just the right sentiment for every occasion. We build relationships by finding unique
ways for customers to meaningfully engage and connect with us and each other. Innovation is key for us; our culture of constant reinvention helps us continually find impactful new ways to elevate the experience of both the giver and the receiver. It’s this spirit of innovation and collaboration that drives us forward and helps us create meaningful experiences.
We celebrate the uniqueness of everyone, embracing diversity and different perspectives to become a more inclusive company. And we believe in the power of community, whether it’s our community of customers and employees, or the communities where we live and work. We strive to listen, care, and contribute every day.
What have been the keys to 1-800-Flowers’ strength and leadership in the industry?
Our strength comes from our deep focus on building relationships with our customers and finding ways to inspire them to connect with others and build more meaningful relationships. 1-800Flowers started as a single floral shop in Manhattan, where I developed one-on-one connections with customers on the shop floor. As we’ve grown, we’ve prioritized recreating those personal interactions at scale through deep consumer engagement and personalization. I remember when customers would approach me, struggling to find the right words for sympathy cards. They’d tell me their friend was experiencing a loss or a close family member had passed away, and they didn’t know what to say. In those difficult moments, it can be tough to find the words. We’re there for our customers, providing guidance based on the situation, religion, and more. We create content to help them express their feelings during these important moments.
We’re focused on understanding what our customers want and need throughout their journey with us, and we build content and experiences around that. Listening to our customers and delivering personalized experiences has been key. We’re building a community where customers feel empowered to connect with others in meaningful ways. By supporting them at every step, we ensure they have the tools and resources to nurture their relationships, helping us maintain our leadership in the industry.
Jim McCann
What are the keys for a brand to stay relevant and current with all the disruption taking place across all industries?
Innovation and adaptability are at the heart of what keeps us relevant in today’s fast-paced world. At 1-800-Flowers, we’ve transformed from a collection of specialty brands into a unique e-commerce platform that inspires our customers to give more, connect more, and build meaningful relationships. Since starting this company, we’ve always been committed to innovation. We want to be there for our customers whenever and wherever they need us, and we stay ahead of the curve by understanding that technology drives consumer behavior. We keep a close eye on new innovations to better engage with our customers. AI plays a big part in personalizing the customer experience, and helping people to connect and build better relationships. For instance, our automated reminders ensure customers never miss important milestones like birthdays and anniversaries. We’ve also introduced fun AI tools like MomVerse and DadJoke GPT, which let customers create personalized songs, poems, verses, and jokes for Mother’s Day and Father’s Day.
As we look to the future, we’ll keep exploring new opportunities to leverage innovative technologies, always focusing on how they can bring more value to our customers.
Our commitment to innovation, understanding customer behavior, and using technology helps us stay ahead of industry changes, ensuring we continue to meet and exceed our customers’ needs.
1-800-Flowers has continued to broaden its product offerings. Will you provide an overview of these offerings and where you see opportunities to expand into new product categories?
Our mission is to help our community of customers create better and more meaningful relationships. We’re always looking for ways to help people express themselves with their loved ones. Giving is the gift, and we’re creating a platform that inspires connection and meaningful relationships. We’ve been expanding our offerings in many exciting ways.
We’ve introduced curated bundles like Blossoms & Wine, Gourmet Drizzled Strawberries & Wine, and Cake Pops with Drizzled Berries. We
also offer gifts at varying price points to make gifting accessible for everyone, with options ranging from free e-cards and Cheryl’s Cookie Cards starting at $8.99 to custom bouquets and gourmet meals, such as the Pumpkin Sampler from The Popcorn Factory at $24.99, custom bouquets from 1-800-Flowers.com starting at $39.99, embroidered backpacks from PersonalizationMall.com for $59.99, and Gourmet Prepared Meals from Harry & David with USDA Prime meat for $399.99.
Our relationship marketing capabilities are expanding through exciting collaborations with brands like LoveShackFancy, Lionsgate, Barbie, NFL, and NCAA. We’re experimenting with new formats like live shopping events and leveraging emerging technologies such as AI. We see great potential in positioning ourselves as a 365-day gifting destination and continuing to educate consumers about our multi-brand offerings.
Long-term, we’re focusing on growing our Gourmet Food & Gift Baskets and personalization businesses as everyday gifting options. On the floral side, we continue to lead the market and seek to grow our share. We’re also excited about the potential in our cross-brand purchasing capabilities on our platform, which will continue to be a key driver of growth moving forward.
Would you discuss 1-800-Flowers’ investment in its workforce and focus on customer service?
Investing in our workforce and prioritizing customer service are fundamental to our success. I’ve recognized the profound impact of the loneliness epidemic among our community of customers as well as within our own workforce – and I’ve made it my mission to help address and combat this issue. One significant initiative we’ve implemented is providing our employees access to a virtual mental health provider. This decision stemmed from comprehensive employee feedback through an anonymized survey, which highlighted mental health, particularly loneliness and connection, as a critical area needing attention. The data revealed a significant need for enhanced mental health support and resources.
About a year and a half ago, we also launched a program where “emeralds” – employees with promotion potential – lead small groups of around 6-10 workers from different areas of the company.
Products from across the 1-800-Flowers family of brands (all pages)
These “emeralds” serve as designated hosts during lunchtime, encouraging employees to sit with people they don’t know in common areas and engage in conversations with suggested topics. This initiative aims to foster a sense of community and connection among our staff. Additionally, we introduced a salad bar gathering on Mondays, where employees bring different ingredients to create a collective lunchtime salad bar and sit and chat with colleagues they don’t know well. This simple yet effective activity helps break down barriers and build stronger relationships within the company. Earlier this year, we increased our in-office days from three to four per week to boost a sense of connectivity and purpose among our workers. This change aims to enhance collaboration, foster stronger connections, and create a more cohesive work environment.
Our commitment to our employees’ wellbeing and our focus on customer service go hand in hand. By investing in our workforce and ensuring they feel connected and supported, we can provide the best possible experience to our customers.
1-800-Flowers has a long commitment to giving back and supporting the community. How deeply ingrained is corporate responsibility in the culture of the company?
Giving back and supporting our community is truly part of our DNA. We’re dedicated to being good corporate citizens by fostering inclusion, supporting local communities, and embracing sustainable practices. You’ll see this in our partnerships with various charitable organizations and our ongoing efforts to reduce our environmental footprint. We believe in breaking barriers to employment, which is why we partner with organizations like Smile Farms to create job opportunities for adults with developmental disabilities, and First Step Staffing to help homeless individuals find work and support. We’re also proud to support the
LGBTQ+ community through our collaboration with the Point Foundation, earning us a high score in the 2023 Corporate Equality Index by the Human Rights Campaign.
Fighting hunger is another passion of ours. We make regular donations to food banks across the country, including monthly contributions of non-perishable items to the Ronald McDonald House in New Hyde Park. Sustainability is key for us, so we’re converting food waste into energy, participating in demand-response programs, and powering our facilities with renewable energy. Our BloomNet scholarship and research underwriting program supports the floral industry, and the Teresa McCormick Center on our Harry & David campus helps those in need in Oregon’s Rogue Valley.
We also address the loneliness pandemic by connecting with our community of customers weekly through my Celebrations Pulse newsletter. These letters aren’t about selling anything; instead, they focus on sharing ways for our customers to build better relationships. I offer tools, advice, and ideas to bring communities together and combat loneliness. We regularly invite readers to share their own stories, and I often highlight many of them in subsequent letters. Over the past three years, we’ve built a community that’s growing stronger and stronger.
Being committed to corporate responsibility isn’t just about programs; it’s about making a positive impact every day. We’re proud to be a part of our communities and help make a difference.
Did you always know that you had an entrepreneurial spirit and the desire to create your own business?
Entrepreneurship runs in my blood. My father and grandfather were both entrepreneurs, so you could say I grew up surrounded by the spirit of innovation and the drive to create something of my own. I’ve also channeled this entrepreneurial spirit into writing. My latest book, Lodestar, is a onestop shop for ultimate self-help.
What advice do you give to young people beginning their careers?
I wrote it with George S. Everly Jr., PhD, FAPA – an esteemed Johns Hopkins clinical psychologist – and we researched what we consider to be the most impactful self-help books ever written, based on their sales, originality, potential for gamechanging impact, and scientific credibility. We then distilled the common themes into 10 Timeless Pillars of Success. These pillars range from harnessing the power of optimism, cultivating resilience, and building a strong and supportive community, to improving time management, embracing happiness, and more. Our goal is to help readers implement these tenets in their own lives.
Entrepreneurship has always been a part of who I am, and I’m grateful for the journey it has taken me on.
I often tell young people starting their careers about my first job in social services and how much it taught me. I worked at St. John’s Home for Boys in Rockaway, New York, helping underprivileged kids deal with the challenges of their environment. As a night counselor, I’d come in at four in the afternoon, help the house mother get the boys fed, and then get them to bed and ready for school in the morning. To be honest, I felt pretty useless and even scared at first. After a few months, I decided I was going to quit. I told Brother Tom, a mentor at the home, that I was no good at the job and was thinking of moving on. He could sense my frustration and told me, “You’re not doing much good because you’re just reacting.” When I asked him how he did it, he said, “I try to engage the kids, get them interested, establish contact.” Those words changed my life. Brother Tom also told me to stop just reacting all the time and to come up with a plan, not for the rest of my life, but just for the day. He shared his unique approach of challenging the boys to memorize poetry for cash prizes – prizes that were tough to win but got the kids interested. Inspired, I asked my mom for some extra tomato plants she had grown. I brought them to the group home and planted them in the backyard. One boy, Norman, took an interest, and together we planted rows of tomatoes. Just like Brother Tom advised, I had made contact and formed a relationship.
From that first tomato plant, a whole philosophy for 1-800-Flowers emerged: First, develop a relationship, then do business. Show people you care about their problems and about them. This way, you don’t just make a sale – you create a loyal customer.
So, my advice to young people is to focus on building genuine relationships. When people feel you truly care about them, everything else falls into place.•
Jim McCann’s latest book
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Meeting The Moment
An Interview with Khary Lazarre-White, Executive Director and Co-Founder, The Brotherhood Sister Sol
EDITORS’ NOTE Born and raised in New York City, Khary LazarreWhite is a social entrepreneur, novelist, educator, activist, and civil rights lawyer whose work centers on the intersection of race, class, gender, education, organizing, and the law. In 1995, at the age of 21, Lazarre-White co-founded The Brotherhood Sister Sol (BroSis), a now nationally renowned, Harlem based, comprehensive social justice youth development and educational organization that works on issues of education, organizing and training the field to advance justice. The organization provides direct service and political education to young people, trains educators across the nation on its model, and organizes to advance social change. Over the last 27 years, LazarreWhite has been recognized for his leadership in providing some of the most innovative and highly successful practices in the nation. His awards include the Oprah Winfrey’s Angel Network Use Your Life Award, as well as from institutions that include Ford Foundation, Black Girls Rock, Andrew Goodman Foundation, Union Square Awards, Brown University, National Recreation Foundation’s Robert W. Crawford Achievement Prize, African American Literature Awards, National Guild for Community Arts Education, the national NAACP Legal Defense and Educational Fund/Shearman & Sterling Law Scholarship Award that supported his legal studies, and a Resident Fellowship Award to the Rockefeller Foundation’s Bellagio Center. Lazarre-White has extensive experience as a speaker across the country and has been featured widely on national media sites as well. He has edited three publications of BroSis and contributed assorted curriculum workshops and pedagogical writings to these collections. He has written opinion pieces and essays for publications that include the Huffington Post, Nation Books, Essence Magazine , MSNBC, and New York University Press. In September 2017, Seven Stories Press published his first novel, Passage , which is distributed by Penguin Random House. Reviewed widely, and named among “Best New Fiction” by The Wall Street Journal , the paperback edition was released in January 2019. Lazarre-White serves on the Board of Trustees for the Community Service Society and also serves on the Dean’s Advisory Council for the
CUNY School for Public Health. He is a member of the Bar in the States of New Jersey and New York. Lazarre-White received his BA degree in Africana Studies, with honors, from Brown University, and his Juris Doctorate from Yale Law School where his focus was international human rights law and constitutional law.
ORGANIZATION BRIEF
For more than 25 years, The Brotherhood Sister Sol (BroSis) has been at the forefront of social justice, educating, organizing and training to challenge inequity and champion opportunity for all. With a focus on Black and Latinx youth, BroSis (brotherhood-sistersol. org) is where young people claim the power of their history, identity, and community to build the future they want to see. Through unconditional love, around-the-clock support, and wraparound programming, BroSis makes space for Black and Latinx young people to examine their roots, define their stories, and awaken their agency. Through the organizations comprehensive educational programs, it is helping young people develop a critical understanding of their history, identity, and role in society. Together with its members, alumni, and partners, BroSis is building on a legacy of youth-led activism to realize a more just and equitable future. Through its innovative training models, BroSis is empowering educators and organizers to spark young agents of change across the nation. Founded and headquartered in Harlem, BroSis offers far-reaching opportunities for young people across the country to transform their lives and communities.
What was your vision for creating The Brotherhood Sister Sol?
Our vision was to create a space where all young people feel supported, guided and able to be themselves and be free to explore and discover. All children need such spaces in their lives. Ours is a formed community based on our themes of positivity, knowledge, community and future. We seek to create a community for young people that each and every day centers them and that tells them that they matter – that holds them. We work to educate young people so that they develop a life-long love of learning, so that they come to understand the conditions they face and were born
into, and so that they become social changemakers working for a better and more inclusive world. All children deserve access and opportunity.
How do you define The Brotherhood Sister Sol’s mission and purpose?
The Brotherhood Sister Sol is an organization founded and developed to meet the moment that we are in as a city and as a nation. Our vision is a big, grand vision – the kind of expansive thinking and intersectional approach that is needed. This vision derives from almost 30 years of being unafraid to struggle with the complicated issues of our time that are interwoven with the pervasive inequalities that are as old as this nation. This vision is based on almost 30 years of seeking solutions. The reason our work is so comprehensive and multi-faceted is due to the issues our youth face being so comprehensive and multi-faceted. One out of three residents in New York City live below or near the federal poverty line and one in four children live in deep economic poverty without access to basic necessities. In the community we serve, nearly one in five families have an income below $10,000. Just one in three New York City
Khary Lazarre-White
Unforgettable day at Yankee Stadium with Aaron Judge and Anthony Rizzo who spent time playing catch and sharing their stories and wisdom
public school students graduate college ready without the need of remedial support to attend a community college. We provide comprehensive support, guidance, education, and love to young people to counter all of these realties. The range and diversity and depth of our services is unique. The focus on organizing and change work is unyielding.
Will you discuss The Brotherhood Sister Sol’s “Theory of Change” and provide an overview of this transformative youth development model?
Our “Theory of Change” is to provide multi-layered support, guidance, education, and love to our membership; to teach them to have self-discipline and form order in their lives; and to then offer opportunities and access so they may develop agency. It is so vital that youth feel supported, guided, and loved. It is also essential that they learn self-discipline and consistency. In the end, a young person who has agency is one who will be able to advocate for themselves and handle our difficult and complicated world.
And opportunities? Opportunities are the pathways to successful lives. We help young people claim the power of their history, identity, and community to build the future they want to see. Through unconditional love, around-the-clock support, and wraparound programming, we make space for Black and Latinx young people to examine their roots, define their stories, and awaken their agency. They learn to develop a critical understanding of their history, identity, and role in society. We build on a legacy of youth-led activism to realize a more just and equitable future. Through our innovative training models, we’re empowering educators and organizers to spark young agents of change across the nation and world. We are currently partnering with groups
in Boston; Washington DC; San Francisco; Lisbon, Portugal; and Salvador de Bahia, Brazil to implement our model.
Will you provide an overview of The Brotherhood Sister Sol’s programs?
For nearly 30 years, we have been at the forefront of social justice, educating, organizing, and training to challenge inequity and champion opportunity for all. We are helping youth develop their minds, bodies, and spirits in a healthy manner, ensuring their development into strong and stable adults. We help young people to break cycles of poverty, to develop agency, to become changemakers. BroSis is a formed community – one that helps youth to define an ethical and moral code, and to live up to these ideals. In a time of deep disconnection, we seek to establish connection. Our approach is based on ideals of humanity and interconnectedness that are as old as time. We are a part of the long legacy of freedom movements in this country – the legacy of efforts to work tirelessly to make this city, this nation, more just, more equitable. The U.S. Surgeon General, Vivek H. Murthy, recently called the youth mental health crisis “the defining public health issue of our time,” saying that it threatens “the foundation for health and well-being for millions of our children.” This is, in part, why we focus so much on wellness and mental health. Last year, Nicholas Kristoff wrote in The New York Times: “Loneliness crushes the soul, but researchers are finding it does far more damage than that. It is linked to strokes, heart disease, dementia, inflammation, and suicide; it breaks the heart literally as well as figuratively.” Loneliness is as deadly as smoking 15 cigarettes a day and more lethal than consuming six alcoholic drinks a day, according to the surgeon general of the United States, Dr. Vivek Murthy. “Loneliness is more dangerous for health than obesity,” he says – and, alas, “we have been growing more lonely.” And so, we at BroSis build connection and community. For youth, we offer four-to-sixyear rites of passage programming, after school care, counseling, summer camp, job training, college preparation, employment opportunities, activist training, community gardening, mental health support, intensive arts programming, and international study programs to Africa, South America, and the Caribbean. For our recent alumni members, we provide support to ensure they remain in college or employed and they continue to make healthy and productive choices in their lives.
How crucial are metrics to measure the impact of The Brotherhood Sister Sol’s work?
Metrics are essential at BroSis. We look to the metrics of inequity that our young people face – and we respond. We, as a society, allow 10 percent of the children in New York City public schools to be homeless. Nearly 100,000 children – each and every day – are without a home. There are many framings that seek to explain inequality. What are the necessary interventions? The wealthiest fifth of Manhattanites earned an average household income of $545,549, or more than 53 times as much as the
bottom 20 percent, who earned an average of $10,259, according to 2022 census data. Nearly 20 percent of public housing residents in New York City reported making less than $10,000. In response to these realities, 95 percent of BroSis alum have graduated from high school and 95 percent of BroSis alum, ages 18-25, are in college or working full time. We have no alum incarcerated and have greatly reduced the rate of teenage pregnancy. We are ensuring they have the foundation and time to build long-term stable lives.
What do you feel are the keys to effective leadership and how do you approach your management style?
In my role, I have to ensure that I meet a high level of achievement in the non-negotiable areas of management – mission alignment and the highest standards of excellence and expectation. I approach management through a focus on an unwavering commitment to mission; to practice consistent, and when necessary, inspirational leadership for staff; to guide and also inspire our Board of Directors as these volunteer agents of BroSis are so important to advancing our mission; to lead the efforts to raise funding and resources to advance, and to be a strong spokesperson, for our specific programming, but also the larger societal issues with which we are engaged. I believe in hiring strong leaders with deep subject matter expertise. I seek to listen to others when we are facing crucial decisions and ask for their input and to know when it is essential to form consensus – but to also know when the time calls for efficient and quick executive decision-making. I think it is crucially important to invest in staff with regards to professional development and coaching and external opportunities. It is also so vitally important to lead in a mission-aligned manner, and so, as a social justice focused organization, how do we take care of our staff? We ensure competitive salaries that allow for a professional longtenured staff; we provide extensive benefits that allow for high-quality healthcare for staff and their families; we provide robust time off from work so staff can restore and live full lives; we seek to treat staff in the same way we all seek to support our young people. We want to live our mission – mission alignment in all that we do here. Mission is the word that guides my management and leadership.
What led you to nonprofit work and has made the work so special for you?
I feel my work is a calling. It doesn’t feel like “nonprofit work,” but instead part of the legacy of working to ensure America becomes the nation of its stated ideals, its aspirations. My parents were involved in the Civil Rights Movement, the Women’s Movement, the AntiVietnam War Movement, the Labor Movement. I come from a deeply engaged family, one that is unafraid to struggle with the complicated issues of our time, and to work, even if sometimes frustratingly slowly, towards a better world. It isn’t a platitude or a fallacy – but it is the necessary and most essential work to be done. To know that we are participating in that effort here at BroSis inspires me each day.•
BroSis summer day camp – seven weeks of growth, nurturing, and fun
The World’s First Air Quality Ecosystem
An Interview with Frederik Hendriksen, Co-Founder and Chief Executive Officer, Rensair
EDITORS’ NOTE Frederik Hendriksen is Co-Founder and CEO of Rensair, a company specializing in advanced ventilation and energy efficiency management solutions. With a strong background in sales and business development, Hendriksen has driven Rensair’s growth across international markets, helping the company establish a significant presence in sectors like healthcare, hospitality, and real estate. His expertise in strategic partnerships and market expansion, combined with a deep commitment to decarbonizing commercial real estate while improving indoor air quality, makes him a key figure in the ongoing innovation within the commercial ventilation industry.
when you look at energy efficiency, it comes at the cost of something else – doing less of something else to deliver it – but with our solutions, we not only lower the energy needed for ventilating buildings, but we also improve the health and well-being of occupants. We are able to create real impact without sacrificing elsewhere.
Our mission is to hack HVAC (Heating, Ventilation, and Air Conditioning). By that we mean to challenge the existing HVAC industry where innovation happens slowly. With our technology we are cutting carbon, costs, and pollutants in buildings. Installing our combination of hardware and software in buildings is able to lower energy consumption and carbon footprint for HVAC by 40 percent while delivering cleaner indoor air.
COMPANY BRIEF Rensair (rensair.com) is a solutions provider for safe and healthy indoor environments while improving energy efficiency and reducing carbon emissions. The company is a pioneer in the proptech space, creating sustainable ventilation solutions for the built environment. Rensair’s new and patented “Smart Demand Controlled Ventilation” (SDCV) solution is proven to reduce ventilation energy consumption and carbon emissions in commercial buildings by more than 40 percent while simultaneously improving indoor air quality (IAQ). This is enabled by patented air cleaning technology, realtime air quality monitoring and AI driven optimization. Rensair’s award-winning air purifiers are independently validated by world renowned scientific laboratories, removing risk as well as polluted air. The company’s air purification technologies – HEPA filtration and UVC light – trap and deactivate a minimum of 99.97 percent of pathogens and are recommended by the world’s leading health authorities as effective and safe. With operations in the U.K., Europe, the U.S., and Asia, Rensair provides for every space – from hospitals and universities to hospitality venues, corporates, or any organization striving to decarbonize their buildings and meet their Scope 1 and 2 targets.
What was the vision for creating Rensair and how do you define its mission?
Our vision is to build a new leader in delivering energy efficient commercial buildings with better air quality than exists today. Oftentimes,
Will you provide an overview of Rensair’s products and solutions?
We work within three different verticals today: HVAC energy solutions in commercial real estate; clean air solutions, primarily for healthcare; and clean air in transportation
which includes a development project to deliver cleaner air in trains. Our HVAC energy efficiency solution consists of IoT enabled hardware that circulates and filters the air inside a building, connected to our software platform Rensair Cloud. Installing this in a building allows for taking in less outside air through the existing central HVAC system, thereby lowering energy consumption while improving the air quality. We are working with a number of Fortune 500 companies to decarbonize their portfolios and improve employee health and well-being. Providing clean air in healthcare is our background. I founded Rensair with my twin brother Christian in 2020, but the core technology that we use in most of our products was developed by our father almost 20 years ago for use in Scandinavian hospitals. My brother and I grew up with this technology and one of the first prototypes sat in my brother’s bedroom to help alleviate his asthma. Today, we work with hospitals around the world to improve air quality and lower the risk of airborne disease transmission. Finally, we are deploying some of our patented technology in transportation. The
Frederik Hendriksen
pandemic highlighted the poor air often experienced in public transportation and we are currently working with one of the world’s largest train manufacturers to change this.
How do you describe the impact and value that Rensair provides to its clients?
We deliver three things to our clients: reduced HVAC energy consumption by 40 percent; reduced carbon emissions by a similar amount; and improved air quality. Many are unaware that HVAC accounts for 40-60 percent of a building’s total energy consumption so installing our solution can reduce total operating costs by 16-20 percent. From a clean air perspective, all our solutions are centered around delivering optimal indoor environments. This not only keeps occupants safe from pollutants such as viruses and bacteria, but clean air is also directly correlated with performance and cognitive function.
Where do you see the greatest opportunities for growth?
The biggest opportunity we have right now is helping organizations, landlords, and commercial tenants reduce their carbon emissions and reduce energy costs. This is particularly true in the context of ongoing regulatory changes that are requiring building owners to reduce their carbon emissions – for example, Local Law 97 in New York. Here we have a quick,
efficient, and scalable solution that addresses that need. Rensair is headquartered in London, and our U.S. offices are in New York. Both markets are major opportunities for us as we help some of the world’s largest organizations take meaningful steps towards net zero.
How valuable has it been to build a strong advisory board for Rensair?
We have learned that the world of commercial real estate is small and from a business development perspective, we are very targeted in who we want to get in front of and work with. Throughout the Rensair journey we have
been able to bring onboard some very experienced professionals who have been instrumental to the trajectory we are on today. As a rapidly growing business, receiving outside perspective and experience from senior business leaders has been invaluable. We are very grateful for the impact that they have had and are excited to continue bringing on further advisors who support this mission.
Did you always know that you had an entrepreneurial spirit and desire to build your own business?
I come from a family of entrepreneurs, so I guess I was destined to end up as one myself. Post university I had the opportunity to work for large organizations including Morgan Stanley, but I also worked with and invested in growing companies in Japan, China, Zambia, and Europe. There is something fundamentally exciting about developing a company from the ground up that I think can be hard to find elsewhere. With Rensair, I love the industry we are in as we can differentiate ourselves through knowledge and science while tackling some of the largest issues of our time. While it is hard work, I think the process is incredibly rewarding.
How do you and your brother focus your efforts leading Rensair, and what has made the working relationship between the two of you work so well?
As I mentioned, Christian and I are twin brothers and we grew up in a small place in Denmark. We ended up in the same class throughout our school and this continued through university where we achieved the same bachelor’s and master’s degrees. We always found that we worked well together in various settings which included working for a venture capital fund in Zambia and our time at a late-stage growth company in China and Japan. I have found that our skills complement each other really well. Christian is more operationally focused while I lead our sales and business development efforts. In terms of running the company, it is invaluable to have a close partner that I can discuss and agree on strategy with. I think it gives us a unique advantage that we have known each other our whole lives.
What are your priorities for Rensair as you look to the future?
I am very excited for the coming years. In the short term, we are very focused on growth as we deploy our solutions with clients. We have seen that our energy-efficiency solution clearly meets our clients’ needs as lowering operational expenses and reaching decarbonization goals remain top of the list for most organizations today. Linking this with improved employee health and well-being is where I really see us differentiating ourselves in the market. Over the past year, we have been fortunate to land some major clients and our expansion across their portfolios are set to accelerate the growth of Rensair. On a longer time horizon, I am excited to make our vision a reality. As we continue to innovate and develop our product offerings, I can see us becoming a new leader in the sustainable HVAC space.•
Transforming The Housing Industry
An Interview with Neil Rubler, Founder and Chief Executive Officer, Vessel Technologies, Inc.
EDITORS’ NOTE Neil Rubler founded Vessel Technologies, Inc. in 2017, and currently serves as the company’s CEO. Prior to founding Vessel, Rubler founded and served as the President and CEO of Candlebrook Properties, (and its various affiliates), a developer, owner, and operator of a wide variety of multifamily assets, from luxury to affordable, urban to suburban, and conventional to student housing. Candlebrook’s assets spanned seven states and comprised tens of thousands of apartment units with an aggregate value in excess of $3 billion. Prior to founding Candlebrook, he was the Chief Operating Officer and an Executive Vice President of The Olnick Organization, Inc., a privately held, New York-based real estate development company. Before joining The Olnick Organization, Rubler was an Associate at Donaldson, Lufkin and Jenrette, and prior to that was a Vice President of Republic National Bank of New York. Rubler has served as a Board Member of Safe Horizons and the Real Estate Board of New York, as an Executive Committee member of the Real Estate Center at The Wharton School, and remains actively engaged in various philanthropic endeavors. He earned an MBA from The Wharton School with degrees in real estate and finance, and graduated with a BA degree, magna cum laude , from Cornell University.
Neil Rubler
opportunity for an extraordinary life which depends upon access to a dignified, high-quality, and safe place to call home. The company intends to achieve this mission by designing, manufacturing, and distributing transformative housing products that are delightful, sustainable, and attainably priced.
What was your vision for creating Vessel Technologies, and how do you define its mission?
I founded Vessel to tackle the severe housing challenges faced by America’s middle class. Hardworking individuals, who could once have faith in the American Dream, now find quality housing unattainable. New developments are either priced beyond reach or sacrifice quality. My goal was to revive the American Dream by adopting a productized approach to housing creation which would allow us to build higher-quality homes at a better price and at a faster pace. Our first model, which we call the V1, is already achieving that goal, and we intend to deliver hundreds of new homes within the next year. But this is just the beginning.
Will you highlight Vessel’s innovative housing solution for the public?
or even thousands of hours to maximize its utility, manufacturability, and cost. This type of investment would never make sense if we were designing a small apartment building, but does make sense if we apply our approach to thousands of homes.
Sometimes, our innovation is in the use of unconventional materials. For example, Vessels have no paint. Other innovations might involve the way we manufacture parts or create subassemblies for easy installation. And, of course, the design of our product itself is revolutionary. Our onboard opening system, vOS, is already much better than any off-the-shelf solution, and I assure you that no one who visits a Vessel will confuse it with any apartment building they’ve previously experienced. It’s distinctive in every way.
The world is in desperate need of a small apartment building that can be mass-produced and delivered quickly, can be manufactured and operated sustainably, and can be priced attainably. So that’s exactly what we built.
What led to you launching Vessel’s franchising initiative in 2023?
COMPANY BRIEF Vessel Technologies (vesseltechnologies.com), founded by Neil Rubler, believes that everyone deserves an equal
For over a century, the housing industry has been constrained by limited capital and tight timelines, stifling innovation and leaving development practices unchanged. At Vessel, we are breaking this cycle by offering an approach that reimagines both the resident and owner-operator experience through the eyes of a product development company. Every detail of a Vessel has been engineered over hundreds
To serve our mission, we needed to ensure that Vessel’s would be operated in conformity with our values. A Vessel that is mismanaged or, perhaps, overpriced, would damage the experience of its residents and the value of the Vessel brand. We don’t want to see that happen, and so we borrowed from the strategies employed in the vast franchising economy where the setting of brand and operating standards is commonplace. Our goal is to identify franchisees who believe in Vessel’s mission and see our product as a way to achieve their ultimate business objective, like being a multifamily operator,
“My goal was to revive the American Dream by adopting a productized approach to housing creation which would allow us to build higher-quality homes at a better price and at a faster pace.”
“The world is in desperate need of a small apartment building that can be mass-produced and delivered quickly, can be manufactured and operated sustainably, and can be priced attainably. So that’s exactly what we built.”
without the headaches, risk, and uncertainty of conventional development. With Vessel, they get a guaranteed product at a guaranteed price within a guaranteed time-line that will get them in business faster.
Where do you see the greatest opportunities for growth for Vessel?
Vessel started in the Northeast, but we know that of the over 100,000 cities and towns in the country, every one of them could use a Vessel. There are the big cities, with rising populations and severe housing shortages. There are also the suburbs, where the rising cost of homeownership puts even an entry-level home out of reach for kids returning home from school or young couples looking to put down their own roots. In those same communities, we find seniors who are looking to downsize and simplify, but have no multifamily option available to them. My own mother reminds me of this weekly. Rural communities are fighting a loss of population due to a lack of quality housing options and see Vessel as a way to create a bit of urban vibe to revitalize their downtowns. Universities, hospitals, and even large employers can’t find housing for their teams and see Vessel as a dependable, mission-aligned and expedient solution. The list goes on and on.
Will you discuss Vessel’s commitment to sustainability and green building?
Sustainability is at the core of everything we do, from inception to completion. By prefabricating our components, we are able to deliver an entire building using just a handful of trucks. This approach significantly reduces the number of deliveries, minimizes traffic congestion, and curtails emissions. Unlike traditional construction sites, you will not find dumpsters overflowing with
waste at a Vessel site. Once a Vessel is completed, our commitment to sustainability continues with a focus on achieving net-zero energy consumption. Rooftop-mounted photovoltaic arrays are designed to meet the building’s energy needs, while residents can actively monitor their water and energy usage. We employ state-of-theart insulation and other advanced measures to minimize the environmental footprint of each building, ensuring a more sustainable future for development.
How important has it been to build the Vessel team?
Our success at Vessel is fundamentally tied to the strength and alignment of our team. From the beginning, we have been intentional about hiring individuals who are deeply committed to transforming the housing industry. Our team’s diverse perspectives and expertise are crucial in bringing innovative solutions to a sector steeped in tradition. Devotion, skill, and a vast knowledge of the Vessel system allows us to replicate our projects with precision and efficiency.
Beyond technical skills, it’s the collaborative spirit and shared vision within our team that drives our success. This unity empowers us to overcome challenges and push the boundaries of development. At Vessel, our peoples’ dedication ensures we continually exceed expectations, paving the way for a future where high-quality, attainable housing is a reality for all.
What do you feel are the keys to effective leadership and how do you approach your management style?
The cornerstone of our progress is the alignment of our team with the mission that drives our work. This shared purpose and mutual commitment are what foster our strong
company culture. Each week, we dedicate time for a no-phones group lunch – a space where we discuss our mission and growth opportunities, identify the tools needed for our progress, and address any questions that contribute to a transparent work environment. I continually encourage my team to seek the most effective paths to our goals, which often requires inventive thinking and a willingness to embrace and learn from mistakes. Such adaptability is crucial when introducing a new product that transforms a long-established industry.
Effective leadership, in my opinion, goes beyond merely setting a course; it involves empowering your team to realize their full potential. My management approach is rooted in open communication, transparency, and nurturing a sense of community within the company. I believe in leading by example and remaining accessible to my team, ensuring that each member feels supported and inspired to contribute to our collective success.
Did you always know that you had an entrepreneurial spirit and desire to build your own business?
I have spent much of my career focused on my own businesses. My decades of experience as a multifamily developer have shaped my journey and ultimately led me to found Vessel. For me, entrepreneurship is about more than just starting a business; it’s about finding opportunities to address real-world problems and having the determination to pursue them relentlessly. Vessel was built on this idea – by consistently challenging the status quo and exploring questions that others might have overlooked, I aimed to create something genuinely innovative.•
“Sustainability is at the core of everything we do, from inception to completion. By prefabricating our components, we are able to deliver an entire building using just a handful of trucks.”
A Relationship Business
RESTAURANT BRIEF For over 40 years, Il Mulino (ilmulino.com) restaurant on West 3rd Street in Greenwich Village has remained top rated in New York’s elite dining scene. With an emphasis on authentic preparations from the Abruzzo region of Italy, Il Mulino delivers expertly crafted dishes with exemplary service.
What has made Il Mulino such an institution in New York?
It has taken a lot of hard work and long days – in other words, blood, sweat and tears. It is about the entire Il
Mulino experience, from the quality of the food to the high level of service to the strong relationships with our clientele. It is like when you build a building – it is not done with just one brick; it takes each brick coming together to make it work.
It is not easy to be in the restaurant business today with the high cost of food and many other expenses. The margins are so small, but at Il Mulino we never sacrifice quality and service since this is what we are known for, and this is what our guests expect.
We are blessed to have a clientele that has been coming to Il Mulino for many years and are very loyal to the restaurant. There are clients who have moved out of New York and who live all over the world, but when they come back to visit, they come to Il Mulino. It is extremely rewarding to be a part of a team that has built this level of loyalty and trust with our patrons.
The restaurant business is known for high turnover, but Il Mulino has a staff that has been with the restaurant for many years. How important has this consistency been to the success of Il Mulino?
We have been fortunate to retain our staff who are very committed to Il Mulino and to our clients. We invest in our team, and we expect them to be invested with us. When you have guests that have been coming to Il Mulino for over 40 years, there is something special about seeing the same staff who know you and know what you like. This is the meaning of service.
When you look back more than 40 years ago when you joined Il Mulino, could you have imagined that this would be a place where you would spend your career?
I started working here in 1982 or 1983 – it has been so long it is hard to remember – and it was an experience. It was not an easy job and my bosses were tough, but I gave everything I had and did my job. This is true of any business – if you work hard and do things the right way, you will get opportunities.
I never thought that I would be here all this time, but the people made me want to stay. We have such an amazing clientele and this is a people business, so there was never a reason to leave. I have had the opportunity to meet so many wonderful people who are not only clients, but
have become friends. Il Mulino is a place where some of the biggest business deals have been discussed, some of the biggest business deals have been made, and some of the biggest business deals have been celebrated. It doesn’t get much better than that.
How has Il Mulino adapted to stay relevant to meet the needs of today’s clients?
You always need to evolve and adapt to stay relevant. We go with the times and respond to the needs and wants of our guests, whether that relates to more casual dress, healthy food offerings, or any other request. We are in the service business, and our focus is on meeting the needs of our clientele and exceeding their expectations. Always.
How critical has it been to have owners who are so committed to the success of the restaurant?
Everything starts from the top, and we are very fortunate to have owners who want to be the best and give us the tools and resources to succeed. Ownership sets the tone and drives the culture, and it is our job to execute.
What has kept the business so exciting for you after all these years?
When you meet a guest for the first time, and then start to build a relationship as they come back time after time, it is a special feeling. There is always an excitement to see who walks through our door each night, and then to be given the opportunity to serve and provide a memorable experience – that is the definition of hospitality.•
Claudio Mambelli
An Interview with Claudio Mambelli, General Manager, Il Mulino
U.S. Presidents Clinton and Obama exiting Il Mulino (above); Il Mulino and a sample of its dishes
A New York Experience
An Interview with Laurent Ebzant, Area Vice President and General Manager, Park Hyatt New York
EDITORS’ NOTE Born and raised in Paris, Laurent Ebzant graduated from the Paris Hospitality School with an MBA in Hospitality Management and was first introduced to luxury hospitality in London at the Connaught Hotel, famous for hosting the Royal Family for Sunday lunch. He has been with the Hyatt family since 1996 when he started his tenure as a night room service attendant at the Hyatt Regency Paris Charles de Gaulle. Since then, Ebzant has worked at Hyatt properties across the globe, with his latest position in the U.S. marking the ninth country he has called home.
Will you provide an overview of Park Hyatt New York and how the property is positioned in the market?
Nestled on Billionaire’s Row within the One57 development, Park Hyatt New York occupies the first 25 floors of an iconic skyscraper, offering a strategic location in Manhattan’s cultural Midtown neighborhood, just steps from Central Park and Carnegie Hall. When it first opened in 2014, it marked a significant milestone as the first luxury hotel to launch in New York City in a decade, and in just the first year it achieved the Forbes Travel Guide Five Star rating.
fireplaces on our outdoor terraces. Spa Nalai is also being reimagined and will complement our famed indoor saltwater pool and state-of-the-art fitness center.
PROPERTY BRIEF Situated directly across the street from Carnegie Hall, one block from Central Park and a short distance to MoMA and Lincoln Center, the 210-room Park Hyatt New York (hyatt.com/en-US/hotel/ new-york/park-hyatt-new-york/nycph) is a fivestar hotel offering proximity to global icons of both culture and industry. Along with the striking interior architectural design and a rotating art collection setting the backdrop for bespoke events, the award-winning property features spacious guestrooms inspired by New York’s most well-appointed homes with an abundance of natural light and luxurious spa-like bathrooms. Located on the hotel’s 25th floor, Spa Nalai provides magnificent amenities and personalized services for optimal wellness and relaxation, such as an indoor saltwater swimming pool, eucalyptus steam room, oversized hot tub, and 24-hour fitness center boasting awe-inspiring views of the Manhattan skyline. The hotel is also home to the Rossano Ferretti HairSpa, which recently debuted a new location on the hotel’s 8th floor, and The Living Room Restaurant & Bar, serving expertly crafted meals and delicious cocktails.
Our prime location and team’s dedication
has allowed us to deliver a culturally authentic and enriching New York experience, setting the hotel apart from other luxury properties in the area. Today, as we celebrate Park Hyatt New York’s 10th anniversary, we continue to lead as pioneers and visionaries in the area, consistently offering unparalleled luxury and personalized service to our discerning guests.
Will you highlight the current projects taking place at the property?
The hotel is celebrating its 10th anniversary with a series of exciting enhancements. We kicked these off by designing a brand new Rossano Ferretti Hairspa. The next phase included the debut of the Manhattan Suite, our new apartment-like setting. This new three-bedroom suite boasts magnificent views from the 19-foot floor-to-ceiling windows and features two guestrooms with balcony views of Central Park on the hotel’s top floor. Following the unveiling, we will continue with enhancing each of our specialty suites which will include
How valuable is it to have such a strong suite product and do you see this as a differentiator for Park Hyatt New York?
At Park Hyatt New York, suites aren’t just rooms; they’re a way to elevate the guest experience to a new level of luxury. Imagine walking into a suite that feels like a private oasis within the bustling city, with everything meticulously designed to cater to your comfort and needs. Our specialty suites enhance our reputation as a top-tier destination for luxury accommodation by offering our guests a sophisticated atmosphere, personalized service and exclusive amenities. Having a strong suite product is the key differentiator for Park Hyatt New York, where each stay feels like a unique and unforgettable home away from home, ensuring each guest’s stay is not only comfortable, but truly extraordinary.
How has Park Hyatt New York approached its restaurant/food and beverage offering, and what are the keys to being successful in this part of the business?
Our restaurant, The Living Room, captures the essence and residential feel of an upscale New York City apartment, offering an enhanced breakfast, lunch, dinner, or tapas-style appetizers, with some long-standing guest favorites such as the Lobster Scramble. Executive Chef Gerard Spezio keeps seasonal ingredients in mind to add to the variety and freshness of our offerings. We aim to deliver comfort and sophistication with every meal, complemented by our signature handcrafted cocktails and a meticulously curated selection of wines.
Will you discuss Park Hyatt New York’s focus on offering personalized service and a customized guest experience?
At Park Hyatt New York, we believe that luxury is personal. We aim to make our hotel
Laurent Ebzant
Park Hyatt New York swimming pool
The Living Room Restaurant & Bar
View of Park Hyatt New York from Central Park
feel like an elevated home away from home, offering tailored services such as securing exclusive reservations, tickets to Carnegie Hall, and arranging picnics in Central Park. We elevate the guest experience through several unique partnerships and amenities, ensuring that guests receive personalized attention that goes beyond typical hospitality standards.
A standout example is the private shopping experience in collaboration with Nordstrom’s flagship store, just steps from our front door. Whether a guest desires a complete closet overhaul or the perfect outfit for an event, our concierge can arrange a private shopping session for our guests. Another fun and unique offering is our curated picnic experiences, perfect to see the changing leaves in Central Park this fall, which includes champagne, bike rentals, and gourmet treats.
Our commitment to personalization extends to our innovative Bryte Sleep Suite, designed to provide the ultimate sleep experience. Understanding the importance of restful sleep, we incorporated advanced technology to ensure a relaxing and uninterrupted night. These suites feature premium AI-powered beds, essential oil diffusers, blackout shades, and other amenities that cater to individual sleep preferences.
Our goal is to make every stay perfect for each guest, offering services and amenities that reflect our dedication to luxury and personalization.
How critical is it for Park Hyatt New York to build a diverse and inclusive workforce to mirror the diversity of the guests it serves?
Cultivating an equitable and inclusive workforce is not just important – it is fundamental to our identity as a premier luxury hospitality provider in one of the world’s most diverse cities. Our guests come from all corners of the globe, with varied backgrounds, cultures, and preferences. To truly understand and anticipate their needs, we embrace a wide array of perspectives and experiences within our team. This diversity enables us to offer personalized experiences that deeply resonate with each guest.
How do you define the role of the general manager and what are the keys to being effective in the role?
To be effective in the role as a General Manager, several key attributes are essential. First and foremost, leading with empathy is
crucial. Understanding and motivating the team fosters a positive work environment where everyone is aligned with the hotel’s values and vision, creating a cohesive and dedicated workforce. Active listening is also a big part of being successful in the role – for me, it’s important to understand the needs, concerns, and ideas of both my team and our guests. This approach ensures we are taking informed decisions, and it helps promote a collaborative environment.
When responding to changing market dynamics, one needs to be strategic while also staying true to the hotel’s core brand and goals. This involves developing and implementing strategic plans that drive long-term success. Operational excellence is vital as well as we look to maximize efficiency and deliver exceptional service.
Along those same lines, prioritizing the guest experience is fundamental to be an effective General Manager. I aim to ensure that every aspect of our hotel, from amenities to service, exceeds guest expectations and creates memorable experiences.
What excited you about the opportunity to lead Park Hyatt New York and made you feel it was the right fit?
I was excited and truly honored by the challenge it represented to lead one of our landmark properties in one of the most vibrant cities in the world. Leading Park Hyatt New York felt like the culmination of my career within Hyatt, where I have been shaped to take on such an important role. The opportunity to be at the helm of a prestigious hotel in a dynamic city like New York was incredibly appealing, as it allowed me to bring together my experience, passion for hospitality, and commitment to excellence in
service. I believed I was the right fit because of my deep understanding of Hyatt’s values and my dedication to maintaining the highest standards of luxury and guest satisfaction.
What advice do you offer to young people interested in building a career in the hotel industry?
For young people interested in building a career in the hotel industry, my advice is to embrace a mindset of continuous learning and adaptability. The hospitality industry is dynamic and ever-changing, so staying curious and
open to new experiences will help you grow and succeed. Start by gaining a solid foundation through education and practical experience. Internships, entry-level positions, and volunteering can provide valuable insights into various aspects of hotel operations and help you build essential skills.
Networking is also crucial. Connect with professionals in the industry, attend conferences, and join hospitality associations to learn from others and open doors to new opportunities.
Develop strong communication and interpersonal skills, as these are vital in any role within the hotel industry. Building relationships with colleagues, guests, and partners will enhance your ability to deliver exceptional service and create memorable experiences. Finally, be patient and persistent. A successful career in hospitality often involves working your way up from the bottom. Embrace each role as a learning opportunity, stay dedicated, and always strive for excellence in everything you do.•
Park Hyatt New York sleep amenities
Terrace Suite living room
Manhattan Suite living room
Manhattan Suite bedroom
Terrace Suite terrace
A Seamless Blend Of Heritage And Luxury
An Interview with Rushil Shah, Vice President of Marketing, Scully & Scully
EDITORS’ NOTE Rushil Shah is the Vice President of Marketing at Scully & Scully, where he leads strategic initiatives to elevate the brand’s presence and drive growth. With a deep passion for luxury retail and a keen eye for innovative marketing strategies, Shah has been instrumental in shaping the brand’s digital and traditional marketing efforts. His expertise spans across content creation, data-driven decision-making, and consumer engagement, ensuring that Scully & Scully remains at the forefront of the industry. Shah is a graduate of the University of Pittsburgh.
How do you describe the power of the Scully & Scully brand?
The power of the Scully & Scully brand lies in our seamless blend of heritage and luxury, underscored by a 90-year legacy of service. Our brand epitomizes high-end home furnishings with a commitment to quality that transcends trends. Our personalized customer experience, especially with our Wedding Registry department, and distinctive identity reinforce our status as a symbol of sophistication and enduring value, making it a revered destination for those seeking both classic and contemporary styles.
Who is the Scully & Scully client?
COMPANY BRIEF A Park Avenue landmark, Scully & Scully (scullyandscully.com) is celebrating a legacy of 90 years in business with a grand expansion and has become a gold standard for upscale home decor. The flagship showroom on Park Avenue in Manhattan tripled its footprint to further showcase its offerings of the finest crystal, exclusive silver items, jewelry, leather goods, furniture, and more. For anyone who loves classic style, Scully & Scully is the mecca and a dreamy destination when visiting New York City.
Will you highlight Scully & Scully’s history?
The store opened its doors in 1934 and is the oldest store on Park Avenue between 34th and 96th Streets and has expanded to more than triple its size over the years. Adored by international and domestic heads of state and many celebrities, the store is curated to have the best selection of fine china, crystal, silver, and furniture in the country.
What have been the keys to Scully & Scully’s leadership and ability to remain relevant for 90 years?
Scully & Scully has consistently emphasized high standards of craftsmanship and materials. Our dedication to quality has helped us build a reputation for offering only the finest products. The store’s product selection often reflects a blend of classic and timeless design elements, appealing to a broad range of tastes while ensuring that our offerings remain relevant across generations. While we have maintained a focus on classic styles, we have also adapted to changing tastes and trends, incorporating contemporary designs to stay current.
We have customers from all over the world ranging from homeowners who seek high-end furnishings to enhance their homes with sophisticated, enduring pieces and collectors and connoisseurs who appreciate the brand’s expertise and curated selections. Our customers are individuals looking for exclusive, high-end gifts that reflect
thoughtfulness and uniqueness, suitable for special occasions or significant milestones.
Will you highlight the Park Avenue store and how the store continues to evolve and transform?
When you enter through the tall brass doors held open by the doorman, the first thing you notice is the traditional influences on the space itself. The source of the brilliant light is the numerous large Baccarat and Lalique chandeliers hung from the high ceilings, resulting in a grandly lit area. This location has been at the forefront of our innovation strategy, with recent enhancements that reflect our commitment to delivering an exceptional customer experience. We have undergone significant updates, including a modernized layout, state-of-the-art technology integrations, and new design elements that create a more engaging shopping environment.
Will you discuss Scully & Scully’s products and collections?
Scully & Scully carries primarily traditional home furnishing items from select, mostly
Rushil Shah
European vendors such as Herend, Baccarat, Halcyon Days, Moser, Christofle and Queen Lace Crystal. Most of the merchandise is the product of buying trips throughout Europe in search of vendors to represent. Thus, the store is nothing short of a lens through which only items of quality can be seen.
How critical has it been for Scully & Scully to retain its talent and to build such brand loyalty throughout the team?
Retaining talent and fostering brand loyalty within our team have been absolutely critical to our success. Our team members are the backbone of our company, and their dedication directly influences the exceptional service and quality that define our brand.
What advice do you offer to young people interested in pursuing a career in marketing?
For young people aspiring to pursue a career in marketing, my advice is to cultivate a strong foundation in both creativity and analytical thinking. Embrace opportunities to learn and adapt in an ever-evolving industry by staying updated on the latest trends and technologies. Building a diverse skill set, including digital marketing, data analysis, and content creation, will be crucial. Above all, be curious, proactive, and willing to experiment – these qualities will help you navigate and thrive in the dynamic field of marketing.
What are the keys to being effective in marketing today?
We like to understand our audience and deeply understand the demographics, preferences, and behaviors of our target market. We leverage digital channels and utilize digital marketing strategies, including social media, content marketing, and email campaigns, to reach and engage with our customers. High-quality visuals and storytelling can highlight the brand’s sophistication and craftsmanship. We also collaborate with influencers, interior designers, and other brands to expand reach and enhance credibility.•
Scully & Scully showroom
Inspiring Exploration
EDITORS’ NOTE
Alexander Ohebshalom is the Founder and CEO of Fl â neur Hospitality. As a creative entrepreneur, Ohebshalom is passionate about developing spaces that magnify the freedom and transformation he experienced throughout his world travels. Inspired by the concept of the flâneur, Ohebshalom established The Fifth Avenue Hotel as a tangible expression of this ideology, where guests uncover imaginative experiences, intimate sensibilities, and sensorial spaces designed to encourage exploration, fascination and wonder. . Throughout the course of his career, Ohebshalom has touched all areas of real estate, having supervised and completed roughly one million square feet of best-in-class residential, retail, and hospitality properties. A born and bred New Yorker, Ohebshalom is an alumnus of Harvard Business School and earned a bachelor of business administration in real estate development from the Zicklin School of Business.
gastronomic destination with an array of restaurants and bars under the direction of James Beard Awardwinning Chef Andrew Carmellini. The hotel’s signature restaurant, Café Carmellini, distills Chef Carmellini’s 20-year career cooking in New York City into an extraordinary dining experience. The Portrait Bar is an intimate, wood-paneled space where guests enjoy sophisticated cocktails and snack on elevated bar fare surrounded by a collection of remarkable art. The Fifth Avenue Hotel is a member of Leading Hotels of the World.
What was your vision for creating Flâneur Hospitality and how do you define its mission?
encourages this mindful and leisurely approach to life.
Will you provide an overview of The Fifth Avenue Hotel and how the property is positioned in the market?
COMPANY BRIEF Flâneur Hospitality (flaneurhospitality.com) is a hotel development and management company where intuitive service, imaginative experiences, and intimate sensibilities combine to bring timeless, illuminating and inspiring hospitality to life through a balance and harmony of luxury, experience, and environment.
The Fifth Avenue Hotel (thefifthavenuehotel.com) welcomes travelers and New Yorkers alike to an enchanting experience in the heart of Manhattan. At the northwest corner of Fifth Avenue and 28th Street, The Fifth Avenue Hotel charts its own course, encouraging guests to slow down and fully engage with their surroundings. Led by the internationally acclaimed firms, Martin Brudnizki Design Studio as interior designer and Perkins Eastman as architect, in collaboration with Flâneur Hospitality, the hotel features 153 guestrooms and suites. Steeped in history, The Fifth Avenue Hotel is composed of The Mansion, a historic landmark designed by storied architecture firm McKim, Mead & White, and The Tower, a striking new 24-story glass tower designed by Perkins Eastman and PBDW Architects. Paying homage to the legacy and lifestyle of those who once resided on Fifth Avenue, the design offers a distinctly residential vision that immerses guests in an atmosphere that suggests a home away from home. The property offers an outstanding
My vision for Flâneur Hospitality is rooted in the concept of the flâneur – someone who is deeply present and fully absorbs the world around them and all of its intricacies. Our mission is to inspire exploration, curiosity, and discovery in our guests. With the launch of The Fifth Avenue Hotel, our first project, we aim to cultivate an environment that not only embraces but actively
The Fifth Avenue Hotel offers a singular hospitality experience that did not previously exist in New York. The hotel itself is comprised of a historic landmark McKim, Mead and White building – affectionately dubbed The Mansion – that was once the site of Gilded Age society figure Ms. Charlotte Goodridge’s Fifth Avenue mansion and a new tower – appropriately named The Tower – by Perkins Eastman and PBDW Architects. The Mansion has been in my family for decades, standing as a vacant reminder of New York’s rich history. The evolution of the NoMad neighborhood over the past decade inspired me to bring the building back to life, paying homage to the legacy of lifestyle of those who resided on Fifth Avenue.
How valuable it is for The Fifth Avenue Hotel to have such a strong suite product?
Our goal is for guests to feel like they are stepping into a cabinet of curiosities when they enter The Fifth Avenue Hotel,
Alex Ohebshalom
An Interview with Alex Ohebshalom, Founder and Chief Executive Officer, Flâneur Hospitality
Fifth Avenue Hotel entrance (top); Café Carmellini (above)
where there is something new to discover at every turn. We wanted to create guestroom and suite categories that felt distinct in and of themselves, while also speaking to the ethos of the hotel overall. Collaborating with Martin Brudnizki, we meticulously designed the suites to inspire curiosity while honoring the building’s legacy. For instance, we have three Fifth Avenue Suites in the Mansion, which overlook the corner of Fifth Avenue and 28th Street. With the sweeping floor to ceiling windows, you feel immersed in the city while also comfortable in your own space. The living area and bedroom are separated by a long hallway housing the bathroom, which makes guests feel like they are checking into their own apartment within the hotel. Other distinct design touches like our custom mother-of-pearl inlaid maxi bars, hand-blown Murano glass chandeliers, and hand-painted Chinese oak cabinets speak to the hotel’s unique sense of place. Another design detail I am proud of is that each floor hallway and guestroom features unique pieces of art – over 600 in total – ranging from commissioned works to vintage thrift finds.
How has The Fifth Avenue Hotel approached its culinary offerings and what are the keys to being successful in this part of the business?
We tapped James Beard Award-winning Chef Andrew Carmellini and NoHo Hospitality to lead our culinary program. At the hotel’s signature restaurant, Café Carmellini, Chef Carmellini’s menu marries Italian and French cooking with a classic New York feel that’s both modern and sophisticated. The restaurant marks his return to fine dining, and we are incredibly proud of the restaurant. Continuing our ethos of exploration, discovery, and curiosity, The Portrait Bar, under the direction of Darryl Chan, offers a mix of
modern and classic cocktails inspired by worldly travels. This thread of constant discovery is key to fostering a rich sense of place at The Fifth Avenue Hotel.
Where do you see growth opportunities for Flâneur Hospitality?
I am incredibly excited about the future of Flâneur Hospitality. The Fifth Avenue Hotel is our flagship property – our ode to New York and our mission in hospitality – but we envision expanding Flâneur Hospitality to encompass all facets of lifestyle. Specifically, at The Fifth Avenue Hotel, we’ve initiated cultural programming, inviting influential
minds from various intersecting industries to foster insightful conversations.
Did you always know that you had an entrepreneurial spirit and desire to build your own business?
I am incredibly fortunate to have explored many extraordinary places around the world, such as Marrakesh, Laos, and Myanmar. These experiences left a profound impact on me, and I wanted to bring that vision to life for others. It’s been a decade-long journey of learning and growth, and I’ve found immense fulfillment in my career.
What do you feel are the keys to effective leadership and how do you approach your management style?
Effective leadership is about surrounding yourself with an imaginative and capable team that supports each other and fosters creative thinking. In our industry, thinking outside the box is not just expected; it’s a skill that must be continuously refined. I am grateful to be surrounded by a team of flâneurs who are not only talented, but also genuinely passionate about hospitality and our mission. Every achievement is a collective achievement, and I am continually in awe of the hard work and dedication of our team.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
As a fairly young hotelier myself, my advice for young professionals in hospitality is to immerse yourself in every aspect of operations. Understand the importance of guest experience, operational efficiency, and the financial dynamics that drive success. Invest in continuous learning, stay abreast of industry trends, and prioritize building strong relationships with guests and staff alike. Remember, hospitality is not just a business – it’s about creating memorable experiences for guests and staff equally.•
Mansion Junior Suite
Frames that Border on Perfection
One of our largest projects was a hand-carved and gilded frame for Washington Crossing the Delaware by Emanuel Leutze. This frame is now the focal point of the extraordinary American Wing at The Metropolitan Museum of Art in New York City.
The detail on this 14 x 23 foot frame is spectacular and is surmounted by an elaborate crest twelve feet across displaying a carved eagle, flags, pikes, a banner and other regalia.
Visit our website for the fascinating history of this frame. The world’s finest art collections feature Eli Wilner frames.
Grey Scale K +50%K
Fonts: Trajan Pro & English Script EF
Black & White
Historic Charm With Modern Luxury
EDITORS’ NOTE Stephanie Karvellas Bayton attended Clemson University, where she studied management and learned the elements of successful event planning. After college, she moved to New York City and worked for one of Manhattan’s top wedding planners. Her sharp attention to detail and talent for resolving issues inspired her to bring these skills to her own ventures.
Lisa Karvellas graduated summa cum laude from Vanderbilt University and was valedictorian of the French Culinary Institute in Manhattan. Her time in the city allowed her to work with some of the world’s finest chefs. Seeking to learn more, she moved to Italy where she worked in Tuscan and Sicilian kitchens before returning home as the first chef of Cedar Lakes.
PROPERTY BRIEF Located in Port Jervis, New York, Cedar Lakes Estate (cedarlakesestate.com) occupies the grounds of a 1930s-era summer camp in the heart of the Hudson Valley. The enchanting retreat operates as a picturesque wedding venue for three seasons each year and transforms into a winter wonderland resort during the colder months. Spanning 500 acres, Cedar Lakes Estate features 16 luxury cottages, 14 nostalgic cabins, and 6 cozy suites, blending historical charm with contemporary luxury.
Will you highlight the history of Cedar Lakes Estate and provide an overview of the property?
Stephanie: The property dates back to 1929, when it was developed as Camp Minisink, a place for inner-city youth to enjoy summers outside of
the city. This incredible Harlem-based camp ran for over 30 years and made a tremendous impact on generations of campers. Many of them still come up every year for reunions, some well into their 90s. Years after Minisink closed, our parents, Steve and Lisa, purchased the desolate summer camp in 1986; the weeds were overgrown and the cabins were in disrepair. They committed to restoring the grounds and cabins, and this place became a true life-long labor of love for them. In the early 90s, they opened Team USA Gymnastics and Soccer Camp, where they hosted Olympic athletes for nearly 15 years.
Lisa: My sisters and I cherished our time spent here as children; our most special memories were filled with White Christmases, fresh mountain air, and barefoot summer days by the lake. This nostalgia has always drawn us back and was enough to inspire us to build a business right here at our childhood home. In 2012, we made the decision to transform our family’s treasured property into a private estate that we would share with visitors. We operate as a wedding venue three seasons out of the year, and a winter wonderland boutique hotel the fourth. With luxury cottages, nostalgic cabins, and houses sprawled across 500 acres, the estate combines historic charm with modern luxury. We are in the business of creating unforgettable experiences for our guests.
How do you define Cedar Lakes Estate’s mission and purpose?
Stephanie : Cedar Lakes Estate’s mission is deeply rooted in our commitment to preserving the rich history and natural beauty of our family property while providing an unparalleled hospitality experience for our guests. We strive to create a sanctuary where individuals can reconnect with nature, celebrate life’s milestones, and find tranquility amidst the
Stephanie Karvellas Bayton and Lisa Karvellas
An Interview with Stephanie and Lisa Karvellas, Co-Owners, Cedar Lakes Estate
hustle and bustle of everyday life. Our purpose extends beyond offering luxurious accommodations and event spaces; it is about fostering a sense of community, creating lasting memories, and curating experiences that resonate with the heart and soul of each guest.
Lisa: When it comes to our purpose, the foundational commitment is to our people. We know that delivering exceptional hospitality to guests begins by extending that same warmth to our team. Placing our people first fosters a familial community, instilling a sense of ownership and pride in the company. This ethos allows staff to greet guests as if they are entering their own homes.
What have been the keys to the growth of Cedar Lakes Estate?
Stephanie : Our growth and success have undoubtedly been fueled by our loving dedication to our staff, our unrelenting commitment to excellence, and our prioritization of genuine hospitality. But a more tangible key to our growth has been our ability to truly listen to our clients, allowing them to guide our business. We always knew the importance of maintaining the timeless charm of our family property while also modernizing our amenities, but it was our guests who helped us decide what updates were necessary and when.
How do each of you focus your efforts leading Cedar Lakes Estate?
Lisa : Stephanie’s focus at Cedar Lakes Estate lies in her expertise in sales, event planning, and operations, which were all honed through her experience with one of Manhattan’s top wedding planners. She brings a keen eye for detail and a passion for creating seamless, unforgettable events. From weddings to corporate retreats, Stephanie ensures that every event at Cedar Lakes Estate is executed with precision and elegance. Her ability to coordinate logistics, manage teams, and curate bespoke experiences allows our guests to relax and fully immerse themselves in the beauty and tranquility of our property.
Stephanie: Lisa, with her extensive culinary background, leads our culinary and hospitality programs. A valedictorian of the French Culinary Institute and a seasoned chef with experience in some of the world’s finest kitchens, Lisa infuses our dining experiences with creativity and excellence. She also oversees the creative direction of the company, spearheading all design projects and new construction. Lisa’s eye for aesthetics and dedication to providing exceptional dining experiences complements my attention to detail and event expertise, creating a dynamic yin and yang leadership style.
How do you balance your worklife relationship working in a family business?
Lisa: Balancing our work-life relationship within a family business like Cedar Lakes Estate is a journey that blends our personal bond with our professional aspirations. We have cultivated a deep understanding and respect for each other’s strengths – and weaknesses – over the years, which allows us to effectively collaborate and make informed decisions. Communication is key; we prioritize open dialogue to ensure that both our personal and professional goals are aligned, fostering a supportive environment where we can thrive both individually and as co-owners. This harmony extends beyond our roles at Cedar Lakes Estate; we make time for family moments and personal interests as well, which nurtures our connection outside of work to maintain a healthy balance.
What are your priorities for Cedar Lakes Estate as you look to the future?
Stephanie : We always say that our biggest goal is for every employee to consider their time at Cedar Lakes Estate as the best job they have ever or will ever have. This year, we were honored as one of Inc. Magazine’s Best Places to Work, which makes us feel that we are on the path to achieving that goal. Not coincidentally, we also won Travel and Leisure’s World’s Best Award for #1 Best Hotel in New York, #5 in the USA, and #60 in the world this year. There is no doubt in our minds that those two go hand-in-hand. So, as we look to the future, we will continue to prioritize our people above all else, because we know it trickles down to the guest experience more powerfully than anything else.
Another priority is preserving the natural beauty of our property while introducing practices that minimize our environmental footprint. Sustainability is not just a trend but a core value that guides our decisions – from sourcing local ingredients for our food to implementing energy-efficient technologies across our facilities. Right now, we run 30 percent of our electricity off of our solar system. We plan to be 100 percent solar-powered by 2027. By prioritizing sustainability, we aim to create a lasting impact that benefits our guests, our community, and the Hudson Valley region as a whole.
And finally, we will forever prioritize our commitment to excellence. We know that our unwavering quest for perfection will always lead us in the right direction and drive us forward in everything that we do.•
Cedar Lakes Estate indoor event venue
One of the accommodations at Cedar Lakes Estate (above); a culinary creation by Lisa Karvellas (center)
Interactive Service
EDITORS’ NOTE With more than 20 years of experience in the hospitality industry, Octavia MargineanTahiroglu is a longstanding member of The St. Regis New York family, having served as the Hotel Manager since 2015. In 2021, MargineanTahiroglu successfully led the hotel’s reopening, welcoming travelers from around the world back to the beloved property. Prior to joining The St. Regis New York, she served as the General Manager of the Tribeca Grand Hotel and the Deputy General Manager of the Soho Grand Hotel. She began her work with Marriott International in 2004 with The Westin New York at Times Square, and first joined The St. Regis New York in 2006 as the Front Office Manager. Marginean-Tahiroglu attended Hunter College in New York where she received her BA degree in sociology. She is currently enrolled in the MBA Program at Zicklin School of Business, Baruch College.
PROPERTY BRIEF The St. Regis New York (stregisnewyork.com), originally founded by John Jacob Astor over a century ago, is considered to be one of the finest hotels in the world. The majestic Beaux-Arts exterior, elegant public spaces, exquisitely designed guest rooms and suites, and unparalleled, bespoke service have preserved its legendary status for more than 100 years. The hotel is also home to the famed King Cole Bar, the birthplace of the original Bloody Mary. Ideally located in the heart of Manhattan at the corner of Fifth Avenue and 55th Street, The St. Regis New York is steps from the city’s finest shopping, restaurants and museums.
Will you provide an overview of The St. Regis New York and how the property is positioned in the market?
When The St. Regis New York opened its doors at the corner of Fifth Avenue and 55th Street in 1904, it introduced the world to a level of luxury never before seen. At that time, luxury hotels of its kind did not exist in the U.S., and it was actually considered “low class” to stay at hotels – the wealthy preferred to stay in the homes of friends. The St. Regis New York was a major disruptor, and it continues to perform exceptionally in the luxury market.
Over the years, St. Regis has managed to stay true to its heritage while continuously evolving its legacy in exciting and daring ways. The St. Regis New York has remained relevant through its rich history, brand rituals, and traditions. We continually reinterpret our storied past for today’s guests, whether by enlivening rituals like the Evening Ritual, sabrage, bespoke tableside champagne cocktail service, or offering a modern interpretation of jazz – all of which evoke a sense of nostalgia and glamour. Our iconic butler service remains a unique differentiator, and we continue to focus on it through rigorous butler training. We are proud to remain culturally relevant by fostering emotional connections with our guests through glamorous activations and brand experiences. The hotel’s legacy has also been shaped by the iconic people who have stayed here, creating incredible stories – from Marilyn Monroe escaping the press, to Alfred Hitchcock riding the elevators in search of inspiration for his films. We are launching a podcast called St. Regis: Legends of 5th, which delves into the history of the St.
Regis brand and the Astor family. We interview historians, authors, and friends of the brand to share unique moments and stories of the famous guests who have stayed at our property. It’s available on Spotify.
The St. Regis New York has gone through a major renovation. What can guests expect from the property?
Over time, various renovations have added and removed aspects of the original architecture. Our goal with this renovation was to simplify and bring back the elegance of 1904 while embracing a modern sensibility for 2024. We studied historical photos and incorporated original architectural elements in an elevated, sophisticated, and innovative way.
Led by Champalimaud Design, the renovation of our public spaces embraces the hotel’s design legacy and original Beaux-Arts architecture, transforming it into a lavish urban oasis. During the renovation process, we discovered the original exterior-facing windows in the reception area, which had been covered up during previous renovations. We restored them and incorporated a stained-glass window based on the room’s original 1904 Tiffany window design, found in a 1905 photograph. The original cages that housed the front desk have been reimagined as the walls behind the reception desk area. This whimsical concept is brought back through hand-painted wall coverings featuring beautiful peacocks perched on rose bushes and vines. The design choices relate to the Astor family’s fantastic and vibrant lifestyle; they were prominent figures who loved to have fun and throw grand parties, which is mirrored in the playful and artistic details that guests will discover throughout the hotel, and we hope it will inspire our guests to host celebrations of their own in our newly renovated spaces.
How valuable it is for The St. Regis New York to have such a strong suite product?
A strong suite product is both a significant advantage and a unique challenge. We continuously find new ways to leverage our suite
Octavia Marginean-Tahiroglu
An Interview with Octavia Marginean-Tahiroglu, General Manager, The St. Regis New York
A Red Snapper drink from the iconic King Cole Bar
Exterior of The St. Regis New York
product as a competitive edge and to monetize it accordingly. We see tremendous opportunities to develop innovative offerings through our packages and by establishing unique partnerships.
How has The St. Regis New York approached its culinary offerings and what are the keys to being successful in this part of the business?
I’m incredibly excited about the renovation and the details I elaborated on earlier, as it will mark a new chapter for The St. Regis New York. We have revamped public spaces, including the historic lobby, King Cole Bar, and two new dining spaces, unveiling a striking new era at Manhattan’s best address. The renovation reflects the hotel’s enduring legacy reborn for today’s global traveler with a modern touch. And, of course, coinciding with our 120th anniversary makes it even more special – it’s the perfect celebration of our rich history. With this monumental occasion, we had the opportunity to get particularly excited about our new dining offerings. We added an entirely new restaurant on our first floor. The space will be bright and airy, designed to feel like an outdoor pavilion, inspired by our original breakfast room from the 1910s. It offers a fresh and elegant new option for our guests – the perfect backdrop for breakfast, lunch, or afternoon tea.
At St. Regis, we have four signature rituals inspired by the Astor family that continue to inform the guest experience. These include Afternoon Tea, the Bloody Mary, the Evening Ritual, and the Midnight Supper. One of my favorites is the Midnight Supper, inspired by Caroline Astor, who would invite her closest friends to join her for a secret midnight supper after a gala or ball. These suppers, attended by about 150 guests seated at one long table, were legendary. As the story goes, waiters used a telephone to communicate with colleagues at the
other end of the table, while floral arrangers in white felt shoes walked on the tabletop, dropping roses and carnations along the way. We continue this tradition today, hosting Midnight Suppers to celebrate new partnerships or momentous events. They are truly magnificent.
The Evening Ritual is a way to transition from day to night, with dimmed lights, shifted music, and the setting of candles. The Astors believed in celebrating each day with a glass of champagne, inspired by Napoleon Bonaparte, who famously opened champagne with his saber in both victory and defeat. Today, we invite guests to join us each night for a ceremonial champagne sabering event. Afternoon Tea during Caroline Astor’s time was when friends gathered between lunch and dinner to sip tea and gossip – something rather innovative at the time, as women were not supposed to be seen dining without a man’s supervision. The Bloody Mary is an essential part of The St. Regis New York’s story. The beloved drink was perfected at our King Cole Bar in New York in 1934 by the legendary bartender Fernand Petiot. Petiot once told The New Yorker that the St. Regis served around 150 Bloody Marys a day. We are excited to start serving our signature beverage once again when we reopen.
How do you define the role of a general manager and how do you approach the role?
A hotel General Manager is a dedicated innkeeper at heart and a fearless leader in mind, continuously evolving with immense curiosity about how to stay ahead in fierce competition and how to surround themselves with the best talent. All these efforts are made to offer our guests – our ultimate judges – unimaginable experiences.
What makes a true luxury hotel experience today?
True luxury is defined by finessing the small details, creating an emotional connection, and offering an experience that has a personal touch. In the past, luxury was defined by “invisible service,” but today, expectations have shifted.
Luxury is now about “interactive service,” where a small conversation can lead to gathering a nugget of information that we can develop into a delightful and unexpected experience. Luxury goes beyond material things; it’s about people who are genuinely interested in serving others.
Do you feel that there are strong opportunities for women in leadership roles in the hospitality industry?
Women in leadership is a hot topic in a traditionally male-dominated industry, but there has been a positive shift over the past decade. Opportunities exist where there is the will to put in the hard work. It is possible to balance a family and a leadership career while also having hobbies and a life outside of work. It’s a big challenge, and sometimes we stumble, but overall, it’s worth pursuing to have it all, even in small doses. All humans, regardless of gender, are more similar than different, and we should stay focused on that.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
Young people in hospitality are a blessing. Youth is refreshing. My advice is to stay hungry, curious, and to learn how the world around us works while building resilience. Resilience is the quality that pushes you to take one more step when you think you can’t. It’s that inner strength that drives you to keep going, whether in your career or anything life throws at you. Common sense is another useful trait I highly recommend for a successful life and career. The magic question I often ask my young daughter is: “Does it make sense?” If the answer is a confident yes, go ahead and pursue it. If the answer is no, or if there is uncertainty, it may need more attention and could be done differently. Common sense is teachable, and it can be learned. We need talent in our industry, and we are eager to mentor and grow the next generation of leaders at The St. Regis New York.•
Tiffany Suite living room
NEW YORK NEW YORK
Reflecting The Dynamic Spirit Of New York City
An Interview with Chintan Dadhich, General Manager, Conrad New York Downtown
EDITORS’ NOTE Chintan Dadhich joined the Conrad New York Downtown team with more than 20 years of experience in destination resorts and full-service hotels 18 of which have been with Hilton Dadhich joined the Hilton Boston Logan Airport in 2003, where he held several positions in the food and beverage leadership team. In 2007, he joined La Quinta Resort and Club and PGA West and was the Director of Rooms for this iconic 95-yearold property, renowned for its 796 casita style guest rooms, nine golf courses, sever restaurants and 41 pools. Dadhich continued his journey with the Waldorf Astoria brand as the Director of Operations and was quickly promoted to resort manager at iconic Arizona Biltmore in Phoenix. He has served as the General Manager of the Conrad Miami and the opening General Manager of the Conrad Fort Lauderdale Beach resort. Dadhich successfully repositioned Waldorf Astoria Las Vegas after a brand transition and executed its postCOVID recovery. Dadhich completed his hotel management in India and worked at luxury properties with Le Meridian and Oberoi Hotels & Resorts. He moved to the United States in 2001 to pursue his master’s degree in hospitality and tourism from Johnson and Wales University in Providence, Rhode Island.
Will you provide an overview of Conrad New York Downtown and how the property is positioned in the market?
Conrad New York Downtown is a premier all-suite luxury hotel located in Lower Manhattan, offering stunning views of the Hudson River and proximity to iconic landmarks such as One World Trade Center, Statue of Liberty, and Wall Street. Our hotel is uniquely positioned in the market to cater to both business and leisure travelers who seek spacious, sophisticated accommodations combined with exceptional service and modern amenities. We pride ourselves on being a destination that not only provides luxury and comfort, but also reflects the dynamic spirit of New York City through our contemporary design and extensive, curated art collection.
Conrad New York Downtown has an all-suite product. Will you highlight this offering, and do you see this as a differentiator for the property?
Our all-suite accommodations are one of our most significant differentiators. Our
standard accommodation starts with 460 square feet suites designed to provide a generous amount of space, featuring separate living and sleeping areas, luxurious bathrooms, and modern amenities tailored to the needs of discerning travelers. This setup offers a residential feel that enhances comfort and convenience, particularly for extended stays or families traveling together. The additional space and thoughtful design elements ensure that guests can work, relax, and entertain with ease, setting us apart from typical hotel room offerings in the market.
How has Conrad New York Downtown approached its food and beverage offering and what are the keys for a hotel to be successful in this area?
At Conrad New York Downtown, we approach our food and beverage offerings with a commitment to quality, creativity, and local sourcing. Our culinary team crafts menus that showcase fresh, locally sourced ingredients including produce from our very own rooftop garden, and our dining venues are designed to provide unique and memorable experiences. Key to our success in this
PROPERTY BRIEF Conrad New York Downtown (conraddowntown.com) is a luxurious allsuite hotel located along the Hudson River in Lower Manhattan. The 463-suite hotel offers a blend of modern elegance and comfort, making it an ideal choice for both leisure and business travelers. Guests can enjoy dining at the ATRIO Wine Bar & Restaurant or the seasonal Loopy Doopy Rooftop Bar. The hotel also boasts the largest event space in Downtown Manhattan, making it perfect for meetings and special events. Situated just minutes from historic neighborhoods like Tribeca, Greenwich Village, SoHo, and Wall Street, the Conrad New York Downtown provides easy access to iconic attractions such as the World Trade Center, Statue of Liberty, and Brookfield Place. The hotel is committed to sustainable luxury, featuring a range of green initiatives.
Chintan Dadhich
area is our dedication to innovation and guest satisfaction. By continuously evolving our offerings and paying close attention to guest feedback, we ensure that our dining options remain appealing and relevant. Our rooftop bar, in-suite dining, and our restaurant, ATRIO Wine Bar & Restaurant, are prime examples of how we blend innovative cuisine with exceptional ambiance.
A newly launched initiative that we take pride in is our new rooftop farm powered by Brooklyn Grange. Our previously underutilized outdoor rooftop space was converted to a turnkey rooftop operation where employees can volunteer to harvest. This partnership brings farm to table right to the hotel’s onsite restaurant, ATRIO. ATRIO’s menu features produce straight from the farm including baby lettuce, radish, spring onions, mint, and parsley.
Will you highlight Conrad New York Downtown’s focus on meetings and events, and provide an overview of these capabilities?
Conrad New York Downtown is fully equipped to host a wide range of meetings and events, from intimate gatherings to large conferences. Our dedicated meeting spaces feature state-of-the-art technology including POE lighting which is Power over Ethernet. Our spaces have flexible layouts, and floor to ceiling windows with stunning views of our neighborhood, providing an ideal setting for any occasion. Our team of experienced event planners works closely with clients to customize every detail, ensuring that each event is unique and memorable. We offer a variety of packages and services, including catering, audiovisual support, and personalized décor, to meet the diverse needs of our guests and ensure the success of their events.
Will you discuss Conrad New York Downtown’s focus on offering personalized service and a customized guest experience?
Personalized service and a customized guest experience are at the heart of what we do. We believe that each guest is unique and deserves an experience tailored to their individual preferences and needs. Our team is trained to anticipate and respond to guest requests with attentiveness and care, ensuring that every stay is exceptional with moments of surprise and delight. From personalized welcome amenities and tailored itineraries to bespoke concierge services and curated local experiences, we strive to create a stay that is not only luxurious, but also deeply personal and memorable. As a Forbes Four-Star hotel for over five years and multiple award winner, our team is proud of our achievements and eager to continue that path of success.
How critical is it for Conrad New York Downtown to build a diverse and inclusive workforce to mirror the diversity of the guests it serves?
Building a diverse and inclusive workforce is essential for Conrad New York Downtown. Our guests come from all walks of life and corners of the globe, and it is vital that our team reflects this diversity. By fostering an inclusive environment, we ensure that all team members feel valued and empowered to contribute their unique perspectives and talents. This diversity enhances our ability to connect with guests on a personal level, provide culturally relevant services, and create an inclusive atmosphere where everyone feels welcome. Moreover, it drives innovation and creativity within our team, leading to enhanced service delivery and a richer guest experience.
How do you define the role of the general manager and what are the keys to being effective in the role?
The role of the general manager is multifaceted, encompassing leadership, strategic planning, and operational oversight. As a general manager, it is crucial to lead by example, be present and available to mentor the team and foster a culture of excellence and accountability. Key to being effective in this role are strong communication skills, the ability to make informed decisions, and a deep understanding of both the hospitality industry and guest expectations. Building strong relationships with guests, employees, and stakeholders is essential, as is the ability to adapt to changing circumstances and continuously seek ways to improve the guest experience and operational efficiency.
What advice do you offer to young people interested in building a career in the hotel industry?
For rising stars interested in building a career in the hotel industry, my advice is to be passionate, patient, and persistent. The hospitality industry is incredibly rewarding but can also be demanding. Start by gaining experience in various roles to understand the different aspects of hotel operations. Focus on developing strong communication and customer service skills, as these are fundamental to success in this field. Seek out mentors and be open to learning from every experience. Finally, stay adaptable and embrace change, as the industry is always evolving. With dedication and a commitment to excellence, there are limitless opportunities for growth and advancement in the hotel industry.•
Conrad New York Downtown features all-suite accommodations
Conrad New York Downtown turnkey rooftop garden operation powered by Brooklyn Grange
Il Giglio Tribeca
Il Giglio (ilgiglio.com) is a name synonymous with Tribeca which has delighted guests with exquisite Tuscan fare and regional favorites since 1989. The name today has attached itself to a new Italian restaurant located at 361 Greenwich Street. Blending contemporary design with traditional culinary roots, Il Giglio brings a storied legacy of impeccable service and luxurious plates to Tribeca’s discerning palates. A chic new restaurant and redesign in 2023 celebrates clean modern lines that celebrities, dignitaries, and locals feel at home in, while an expanded wine service brings hundreds of rare vintages to complement each fine dining experience. At Il Giglio, guests will celebrate the refined traditions of Italy in the heart of Tribeca. Il Giglio offers discerning locals a chic space to delight in exquisite handmade pastas and lovingly crafted plates that highlight the riches of the land and sea.
From personal celebrations to corporate events, Il Giglio offers customized menus and curated spaces that make events soar. With a private dining room that holds up to 22 guests, or a full restaurant fête to delight up to 95, Il Giglio crafts memorable private occasions that embody excellence.
With a team of professionals including manager, Mark Sindoni; director of operations, Jonathan McGrath; and maitre d’, Zoran Vlacic, Il Giglio offers hospitality and service at the highest levels. Whether it’s a stately dinner or a spirited brunch, indulge in culinary elegance amid contemporary hues that only Il Giglio can provide.•
Il Giglio Tribeca at 361 Greenwich Street in New York City
China General Chamber of Commerce - USA
Connecting People · Building Trust · Expanding Cooperation
Founded in 2005, China General Chamber of Commerce - USA (CGCC) has been recognized as the largest and most impactful non-profit organization representing Chinese enterprises in the U.S. With a mission to create value, generate economic growth, and enhance cooperation between the U.S. and Chinese business communities, CGCC offers a broad range of programs, services and resources to over a thousand multinational members across the U.S.
As an independent, non-partisan, non-governmental chamber of commerce, CGCC’s work is made possible through the generous support of its member companies and corporate sponsors from both the U.S. and China, 44 of which are ranked on the 2024 Fortune Global 500. As of August 2024, CGCC’s Chinese member companies have cumulatively invested over $140 billion, employ more than 230,000 people, and indirectly support over one million jobs throughout the United States.
CGCC Foundation
Established in 2014, CGCC Foundation is a 501(c)(3) tax-exempt organization. The mission of CGCC Foundation is to deepen mutual understanding and cooperation between the United States and China through research, public charity and engagement in economic, cultural and social exchanges.
CGCC is committed to strengthening communication and cooperation between businesses in the United States and China to achieve economic growth and positive social impact, by integrating private sector resources, working with existing U.S. organizations and other chambers of commerce.
members’ interests
Respect for All
We embrace diversity and inclusion. We strongly believe in our duty to connect people from all walks of life and provide them with opportunities for open dialogue and cooperation.
Always Evolving
We believe in fostering an evolving and forward-thinking culture that adapts to the needs of today’s modern world, providing industry best practices to meet complex daily challenges and create new opportunities for our members and local communities.
Highlight Events
Through our signature programs, events, initiatives, and specialized member services, we connect American and Chinese business executives throughout the United States, providing a platform to share information, deepen engagement, create business opportunities, and encourage cooperation.
CGCC Board of Directors
Wei HU
Chairman of China General Chamber of Commerce – USA President & CEO of Bank of China U.S.A.
“I want to extend heartfelt congratulations and gratitude to the 2024-2026 CGCC Board of Directors for their unwavering support of the China General Chamber of Commerce-USA (CGCC). With your dedication and leadership, our member companies will continue to uphold the principles of diligence first, service first, cooperation first, and compliance first, and will actively collaborate to promote the development of the business community in both the United States and China.”
Ning YUAN
Xin HE Chariman of China Construction America
General Manager of China Merchants Bank NY Branch
Zheyu CHEN Chairman of COSCO SHIPPING (North America)
Pin NI President of Wanxiang America Corporation
Jianyu ZHANG Chair of ICBC US Region Management Committee
Jianbo SUN General Manager of China Construction Bank New York Branch
Baomin ZHENG President of SINOPEC America
Ping ZHANG Vice President of China Telecom (Americas)
Zhaojie ZHANG General Manager of Agricultural Bank of China New York Branch
Xi LIN Managing Director & Head of Americas of CICC US Securities
Liang CHANG Chairman of Aland Health Holding & International Vitamin Corporation
Wei BO Fosun Global Partner Co-President of Fosun Hive Overseas, Fosun International
Xue LIU President of Americas Region China Unicom (Americas) Operations
Yi ZHU Chairman & CEO of Gemdale USA Corporation
Xiang Li
General Manager of China Southern Airlines North America
Xiangyang LI President of State Grid US Representative Office
Duan WANG
Assistant General Manager & Chief International Affairs Officer of HNA Trust Management
Shaohui YANG
General Manager of Bank of Communications NY Branch
Jing CHEN
General Manager of China Unionpay (USA)
Sophia SU President of China Mobile International (USA)
Weifeng ZHANG President & CEO of SCG America Group
Xiaodong YANG President of Baosteel America
Gang HU President & CEO of Greenland USA
Qiang LIU General Manager of PetroChina International America
Howard LI Chairman & CEO of Waitex Group of Companies
Zhaohu WANG President of Minmetals USA
Fei XIANG President of SANY North America Region, President of SANY America, Vice President of SANY Heavy, SANY America Industry
CGCC Board of Directors
Broad U.S.A.
Tong HE General Manager of Eccom Network (USA)
Yu WANG Chief Representative of China Life U.S. Representative Office
Guoliang YU General Manager of Liepin North America
Kuanliang LIU Chief Representative of China Re New York Liaison Office
Lianhong LIU President of Hongdou New York
Xiaoyuan HOU CEO of Chinatex Oriental USA
Elliot Rishty Managing Director of Vanke (USA) Holding
Chunfei YANG General Manager of China Eastern Airlines North America
Hui DONG President & CEO of Shanghai Int’l Holding (America)
Stella LI President of BYD Motors
Amy LEI Vice President of Fuyao Group North America
Larry LI President of China Orient Advisors
Doris ZHANG General Manager of Beijing Duck Restaurant
Ya SUN CEO & President of JN fibers
Veronica YE CEO of Haitong Securities U.S.
Yolanda Li
Vice President of Tencent America and Head of Tencent Cloud North America
Christie SHU General Manager of CSX
Jack WANG
Managing Partner of King & Wood Mallesons
Quan LIU CEO of XCMG America
James SHIH
Group Vice President of SEMCORP Group
Kai-yan LEE
Regional CEO, Europe, Americas and Middle East of JD Property
Zhiyong WANG Vice President of Lao Feng Xiang Jewelry General Manager of Air China
HE General Manager of Alibaba Cloud USA
Xiaochen LIU
HEYTEA USA
Henry
2024 Annual Business Survey Report Launch
On Monday, June 24th, 2024, China General Chamber of Commerce-USA and CGCC Foundation launched the 2024 Annual Business Survey Report on Chinese Enterprises in the U.S.
Held at the Omni Shoreham Hotel in Washington D.C., the launch event gathered over 300 guests from business, government, and non-profit sectors to further promote the sustainable growth of the U.S.-China economic relationship and share experiences of Chinese investment in the U.S.
CGCC Annual Business Survey Report on Chinese Enterprises in the U.S.
Throughout 2023, U.S.-China relations remained strained, characterized by increased tariffs on specific goods imported from China, stricter export controls in high-tech fields, and heightened scrutiny of mergers and acquisitions involving Chinese entities. Nevertheless, diplomatic and business exchanges persisted, exemplified by the meeting between Chinese President Xi Jinping and U.S. President Joe Biden in San Francisco in November 2023. These engagements indicated ongoing efforts to seek avenues for consensus.
Against this backdrop of geopolitical and economic uncertainty, the CGCC’s Annual Business Survey on Chinese Enterprises in the U.S. entered its 11th year. Our survey, conducted amidst this mixed domestic economic recovery and dynamic U.S.-China bilateral relationship, focused on three major topics to capture the overall sentiments of Chinese enterprises in the U.S.
Surveyed companies felt the business environment in the U.S. has been deteriorating while assessing some dimensions, including labor, infrastructure, and ESG, improved.
Overall Business Environment
Over 60% of the surveyed companies reported a deteriorating environment; 27% did not perceive any significant change; only 13% noted a slight improvement compared to the previous year.
www.cgccusa.org
Business Environment Assessment by Dimensions
• The overall assessment of the business environment in the U.S. deteriorated. Compared to the 2022 results, the 2023 findings reveal a notable absence of “very satisfied” feedback across multiple evaluation dimensions.
• Notably, there was a significant improvement in satisfaction levels regarding “labor and talent”, with a decrease in “unsatisfied” feedback and an increase in “satisfied” feedback compared to the previous year. Also, the proportion of “very dissatisfied/unsatisfied” attitudes in the areas of infrastructure and environment, society, and corporate governance decreased.
Declining investment, revenue, and profitability reflected such deterioration in the business environment. Nevertheless, the nonessential consumer goods industry and some companies in other industries stood out with a resilient performance in 2023.
• There was a resurgence in the proportion of reports on decreased investment. The proportion of decreased investment increased to 22% in 2023, the second-highest in the past six years. Conversely, the combined share of “investment increased by 0-10%” and “investment increased by 10% or more” showed a decline in 2023, marking the lowest level since the pandemic.
• Non-essential consumer goods emerged as a rare bright spot, with 13% of firms indicating modest investment growth of up to 10%, and 25% reporting significant growth exceeding 10%, in a challenging environment.
Trends in Investment in U.S. Business by Surveyed Companies from 2018 to 2023
of Changes by Industry in 2023
• The trend of how surveyed enterprises’ annual revenue changed marks a notable shift from the strong rebound year seen in 2021. The proportion of companies with revenue increases of more than 20% significantly shrank to 7%. Simultaneously, the proportion of companies experiencing declining revenues increased, particularly in the category of more significant declines (≥20%), which rose from 13% in 2022 to 21% in 2023.
• The real estate sector faced the most substantial revenue decline, followed by industrials and financials, while the non-essential consumer goods industry demonstrated resilience, with 63% of companies reporting revenue growth.
• While the real estate and industrial sectors face pronounced challenges, a noteworthy proportion of companies in these industries have managed revenue growth despite some reporting slight declines.
How the Annual Revenue of the Surveyed Companies’ Business in the United States will change from 2018 to 2023 compared with the Previous Year
Distribution Comparison of Different Industries in 2023
Annual Revenue
Distribution
Profitability
• The change in profit margin for surveyed enterprises in 2023 closely mirrors that of 2020, during the onset of the pandemic. Following a slight easing in 2021 and 2022, the proportion of companies experiencing a decrease in their EBIT margin by 5 percentage points or more, as well as those with a decrease of 0-5 percentage points, rose again to 27% and 22% in 2023. Conversely, the number of companies reporting an increase of 0-5 percentage points and 5 percentage points or more dropped significantly to 15% and 2%, marking the lowest value post-pandemic.
• Financial, industrial, real estate and material industries faced similar challenges in profitability while 50% of companies in the non-essential consumer goods industry achieved growth within 5 percentage points.
How the EBIT Margins of the Surveyed Companies’ U.S. Operations changed from 2018 to 2023 compared to the previous year (Left), and how they are Distributed by Industry in 2023 (Right)
Despite the challenges, surveyed companies maintain their expectations for revenue and investment in 2024, similar to those in 2021-2023. Notably, the non-essential consumer goods industry showed the strongest optimism.
Revenue Forecast
• The distribution of survey results over the past four years has exhibited striking similarity, indicating a relatively stable overall tone in surveyed companies’ expectations for revenue changes post-2020. Overall, in 2023, 43% of companies express optimism, 39% remain neutral, and 18% harbor pessimistic views.
• The nonessential consumer goods industry exhibited the strongest optimism, with half of the companies anticipating revenue growth of 0-20%, and a quarter expecting an increase of more than 20%.
Revenue Trends of the Surveyed Companies in the next two years, 2018-2023 (Left), and Distribution Comparison of Different Industries in 2023 (Right)
Investment Plan
• The assessment of investment slowdown has largely stabilized over the past four years, while the proportion of companies optimistic about investment growth continues to increase. Subsequent to 2020, the proportion of survey responses expressing bearish sentiments towards future investment remained at 11%, 14%, and 13%. The overall proportion of respondents expecting an increase in investment has slightly risen from 2021 to 2023 to 26%, 28%, and 29%.
• The nonessential consumer goods industry demonstrated the strongest optimism, with a rate of 51%, of which 38% anticipated an increase in investment of more than 10%, close to 40% of the industry total.
How the Investment of the Surveyed Companies in their U.S. Business will change in the next year from 2018 to 2023 (Left), and the Distribution Comparison of Different Industries in 2023 (Right)
THE MACALLAN 200 YEARS YOUNG
Single Malt Scotch Whisky marks landmark year with a journey through time
Two centuries have passed since Alexander Reid, founder of The Macallan, distilled the first batch of whisky in his curiously small stills in Speyside, Scotland, beginning the extraordinary legacy of the single malt Scotch whisky. To mark the 200th anniversary, The Macallan has released two unique new whiskies in a celebration of the brand’s interpretation of time travel through whisky mastery, presented in bespoke vessels created through cutting edge engineering and ancient craftmanship.
The first is TIME : SPACE ($190,000) – a dual chamber vessel that includes the oldest whisky released by The Macallan at 84 Years Old, as well as a second single malt that marks the first from the brand’s new distillery. The second release, TIME : SPACE Mastery, is a unique single malt with layers of complexity that embraces 200 years of history. Both releases are symbolic expressions of The Macallan, shaped by an ongoing dedication to incomparable craftsmanship and creativity, while highlighting a deep connection to nature. The Macallan has designed both creations in TIME : SPACE COLLECTION to depict nature’s protection of its future, while also representing time travel with the past and future combined.
With only 200 in existence, one for each year of The Macallan’s History, TIME : SPACE captures the essence of time travel – a spirit spanning incomparable craft across generations. The vessel has been designed with two chambers to hold each of the whiskies – housed in the outer chamber is the 1940 vintage, representing the past. Two casks meticulously hand selected - a first fill American Oak Butt and
second fill European Oak Butt – both seasoned with sherry in Jerez de la Frontera and matured peacefully surrounded by nature in Speyside, Scotland. Bottled at 43.6% ABV, an extraordinary 84 years of maturation has produced rich natural color, exceptional depth and richness and full, long-lasting flavor unique to this rare, aged single malt Scotch whisky. As a counterpart, the single malt housed in the central chamber is a 2018 vintage, marking a significant milestone as the first ever whisky from The Macallan’s new distillery – a nod to the future of the brand and its commitment to excellence in its whiskies. During the transition to the new distillery in 2018, The Macallan went to exacting standards to secure the continuity of the single malt quality and signature taste. The unique vessel is displayed in an oak sculpture which has been purposefully designed to accentuate the 100% natural color of the whisky, and alternate layers of American oak and European oak have been selected to craft the display sculpture, as a homage to the brand’s commitment to sherry seasoned oak casks. As Kirsteen Campbell, Master Whisky Maker, The Macallan, says, “It was an absolute privilege to be able to reach back in time and select stock from the 1940’s to honor and celebrate our 200-year anniversary. As a Whisky Mastery Team, our roles are unique in the sense that we get to time travel – selecting whisky from the past crafted by our predecessors, whilst simultaneously laying down casks for future generations of whisky makers and consumers. To nose, taste and select whisky created over eight decades ago is an exceptionally rare occasion in the life of a whisky maker and one which I will treasure.”
TIME : SPACE Mastery ($1,400) embraces 200 years of history – a one-of-a-kind The Macallan release celebrating the craft of whisky mastery by featuring 14 exceptional cask types, creating layers of complexity with an incredible depth of aroma, texture, and flavor. Euan Kennedy, Lead Whisky Maker for TIME : SPACE Mastery, says, “Inspired by past masters, we have explored the full extent of our warehouses to capture the complex influences of cask seasoning, oak origin, cask size, and distillery character in one incredibly special bottle of whisky – with the elegance provided by European Oak sitting at its heart.” With whisky drawn from the breadth of our exceptional inventory, there are distinct influences from European Oak sherry seasoned casks, American Oak sherry seasoned casks, American Oak Bourbon casks and the finest refill casks. Together, creating layers of complexity and a voluptuous depth in aroma, flavor and texture. This exquisite expression –encompasses The Macallan’s whisky mastery and highlights the unwavering commitment to protecting and nurturing this craft for the future. The whisky is housed in a crafted circular vessel representing the circle of life and the ongoing journey from the past to the future. In contrast to the subtilty of the exterior, the presentation case bursts to life with a vibrant red color – synonymous with The Macallan – and 200 spikes, for the brand’s bicentennial year, represent how nature guards what is most precious and fragile. The intricate details are created using techniques stemming from the art of origami, to protect what is most valued for The Macallan, its incomparable whisky.
An obsession with quality and craftsmanship is the hallmark of The Macallan. The outstanding quality and distinctive character of each whisky is influenced by exceptional oak casks seasoned with sherry wine – a commitment to natural color underpinned by mastery. Designed by internationally acclaimed architects, The Macallan Distillery is located on a beautiful 485-acre estate and takes inspiration from the surrounding ancient Scottish hills.
The past 200 years have been a prologue for everything that is still to come. This is a journey through time. This is The Macallan, 200 Years Young.•
ROMANIA ROMANIA
Energy Transition And Sustainability
EDITORS’ NOTE George Niculescu is the President of the Romanian Energy Regulatory Authority (ANRE), a position he has held since April 2023. As President of ANRE (anre.ro), Niculescu coordinates the development, approval and monitoring of the application of the mandatory regulations at the national level necessary for optimal functioning of the electricity, heat and natural gas market in conditions of efficiency, competition, transparency and consumer protection. Prior to his current position, Niculescu was Secretary of State in the Ministry of Energy, where he dealt especially with problems and topics related to electricity, natural gas and oil, as well as with energy security matters in the energy transition context. Prior to his appointment in the Ministry of Energy, Niculescu held the position of Governor for Constanta County from December 2019 to October 2020, managing the activity of the Government at the local level, the decentralized public services of the ministries and other bodies of the central public administration in the administrative-territorial unit. Niculescu holds a BA degree in Law and an MBA in Energy Entrepreneurship.
How is ANRE contributing to Romania’s transition to renewable energy sources, and what strategies are in place to promote sustainability in the energy sector?
ANRE is pivotal in Romania’s energy transformation, ensuring that our shift to renewable energy is not just a regulatory goal, but a national movement towards sustainability. We’ve implemented mechanisms like green certificates and competitive auctions to boost renewable energy projects and ensure they are smoothly integrated into our national grid. Our commitment extends beyond regulation; we are building a future where energy efficiency, smart grids, and innovative technologies like storage and carbon capture define Romania’s energy landscape. Our strategy also includes promoting energy efficiency across all sectors. As the President of ANRE, my commitment is to lead this transition with a focus on investments, innovation and sustainability, ensuring that Romania not only meets its energy needs, but does so in a way that is environmentally responsible and economically beneficial for all.
Will you outline ANRE’s approach to balancing the country’s energy needs with environmental concerns, particularly in light of international climate agreements?
Our mission at ANRE is to strike a careful balance – securing Romania’s energy needs while fiercely protecting our environment in alignment with global climate commitments. We promote investments in renewable energy, enhance energy efficiency, and guide the sustainable phase-out of high-emission sources. By integrating renewables into the grid and supporting clean technology innovation, we are not just meeting the demands of today, but paving the way for a cleaner tomorrow. Our ambition is to have more megawatts installed into the grids, generating cheap affordable energy, so through the new approved regulations we propose to design a new and improved mechanism that ensures a competitive framework for the investors that wish to secure the connection of their renewable projects. I believe in a strategy that safeguards our environment without compromising the country’s energy security, ensuring a sustainable future for Romania.
How does ANRE plan to address challenges such as aging infrastructure and grid modernization to ensure reliability and efficiency in energy delivery?
ANRE is addressing the challenges of aging infrastructure and the need for grid modernization through targeted investments and regulatory incentives. We are encouraging the upgrade and replacement of outdated components within the energy grid to enhance reliability and reduce maintenance costs. A key focus is on advancing smart grid technologies, which improve real-time monitoring and management of energy flows, helping to balance supply and demand more effectively. When establishing the WACC for the fifth regulatory period, we took into account the need to achieve an optimal balance between maintaining the interest of making the necessary investments to ensure the quality of electricity and natural gas transmission and distribution services and ensuring a reasonable level of profits for transmission and distribution operators. We also considered the need to support the development, in the most cost-effective way, of safe, reliable, efficient and non-discriminatory consumeroriented systems, in accordance with the general objectives in the field of electricity and natural gas. Our goal is to create a grid that is not only modern
but resilient, capable of handling the demands of a rapidly evolving energy landscape.
How does ANRE collaborate with international partners to enhance energy security and diversification of energy sources for Romania?
ANRE is actively engaged with other EU regulators within the framework of ACER and CEER and participates in implementing EU legislation in energy and in addressing common challenges; achieving security of supply through investments in renewable and flexible generation, as well as fostering an integrated and well-functioning Internal Energy Market, placing all consumers at its center.
Besides our cooperation with the European regulators, we are also focusing on our transatlantic ties. Based on the strategic partnership with the U.S., we are working on developing our energy cooperation that includes the regulatory aspects as well. Together with USAID and NARUC, as well as bilaterally, we are engaged in a dynamic exchange of information with the regulatory authority of the Republic of Moldova on topics related to the functioning of energy markets, implementing EU legislation and sharing best European regulatory practices.
These collaborations are essential for ensuring that Romania’s energy sector is secure, sustainable, and well-integrated into the broader European energy market.
What opportunities do you see for the Romanian energy sector, and how is ANRE positioning itself to capitalize on these opportunities?
Looking to the future, the energy sector in Romania has multiple opportunities due to the diversification of energy sources, the transition to green energy, and integration with regional and European markets. Some major opportunities include the development of renewable energy including offshore energy, energy transition and decarbonization, modernization of energy infrastructure, expansion of the regional and European energy market as well as the development of natural gas resources in the Black Sea. I want to underline the fact that ANRE supports through its own regulations the development of an energy market with a view to the optimal use of primary energy resources and the achievement of the objectives of energy security, competitiveness and sustainable development in conditions of accessibility, availability and affordability of prices and in compliance with safety, quality and environmental protection. By staying ahead of these trends, ANRE aims to make Romania a leader in the regional energy market.•
George S. Niculescu
An Interview with George S. Niculescu, President, Romania Energy Regulatory Authority
George Niculescu hosts Romanian Minister of Energy Sebastian Burduja on the occasion of ANRE’s 25 Anniversary
ROMANIA ROMANIA
A Global Vision For Real Estate And Green Infrastructure
An Interview with Sorin Preda, Founder and Chief Executive Officer, GlobalVision
EDITORS’ NOTE Sorin Preda, Founder and CEO of GlobalVision, is a highly skilled entrepreneur with a visionary approach to growth and sustainability. His leadership has been instrumental in positioning the company as a market leader, effectively navigating complex challenges and shaping the future of real estate development in Romania, while expanding its influence across regional and transatlantic markets. Over the past two decades, he has earned a reputation as a forward-thinking expert and one of the most dedicated leaders in the local real estate industry.
Sorin Preda
GlobalVision’s journey over the past 20 years, has been marked by significant milestones that have not only contributed to its own growth, but also modeled the Romanian real estate landscape. Our results can best draw the picture of developments over the last 20 years. We have managed to perform in a dynamic changing economic environment, both in Romania, Europe and globally, with over 50 development projects and more than 150 construction projects successfully completed. With 10 industrial and logistics parks developed, the company has also demonstrated its expertise in large-scale infrastructure projects.
target of securing €500 million across all real estate sectors and an additional €500 million in energy projects, we are positioning ourselves to drive significant growth. With sustainability at its core, it offers investors the opportunity to participate in both green energy initiatives and traditional real estate developments. By bridging international capital with high-potential developments, it not only supports growth in Romania, but also across Central and Eastern Europe, positioning GlobalVision to drive value and innovation in both real estate and energy infrastructure.
What is the role of GlobalVision in the evolving real state landscape?
COMPANY BRIEF GlobalVision (globalvision.ro), founded by Sorin Preda over two decades ago, has become a prominent leader in the Central and Eastern European real estate market. With over 1.8 million square meters developed and 800,000 square meters under management, the company has built a strong presence across the industrial, logistics, and commercial real estate sectors. Renowned for its reliable commitments, GlobalVision continues to break new ground, attracting international investments and elevating Romania, alongside the CEE and Black Sea regions, as strategic destinations within the EMEA market. Recently, GlobalVision has expanded its portfolio by launching a new division focused on green energy investments and development. Additionally, the company has announced the creation of its own real estate investment platform. GlobalVision is entering a new era as an investment platform focused on real estate and energy infrastructure. By harnessing a highly skilled team, the company aims to better capture market opportunities in these sectors. With a strategic emphasis on both sectors, GlobalVision is poised to drive growth and create value for investors, leveraging its expertise to navigate emerging opportunities in Romania and beyond.
GlobalVision has grown along with the Romanian and CEE real estate market, and in its 20 years of activity, has managed to shape its field of business. What have been the main milestones that the company has achieved?
GlobalVision has recently moved to a new dimension and its performance has been recognized in a major transaction for the regional market.
Will you provide details about the steps taken by GlobalVision?
The recent transaction with WDP Romania was indeed a transformational moment for GlobalVision. This transaction, valued at approximately €110 million, includes assets in Bucharest, Constanta, and Târgu Mures. This step not only strengthens our vision for the future, but also demonstrates our ability to attract significant international capital and investors. In July 2024, GlobalVision had successfully finalized the sale to WDP Romania of 150,000 square meters of leasable area and 300,000 square meters of land next to the Port of Constanta, with significant development potential. This transaction is bringing into WDP’s ownership four Class A warehouses and light industrial facilities that GlobalVision has built over the last four years.
You mentioned that GlobalVision’s plans include creating a real estate investment platform. What does this investment platform bring to the new economic ecosystem?
Our new real estate investment platform marks a significant step forward in how we engage with both investors and the market. Focused on real estate and energy infrastructure, the platform is designed to attract global capital while financing projects that align with the demands of the modern economy. With a
GlobalVision’s role in the evolving real estate landscape is to serve as a bridge between global investors and local opportunities. In this new era, we are committed to integrating digitalization with sustainable practices. We believe that the real estate sector must adapt and evolve with technological advancements to create lasting value for all stakeholders. This forward-thinking approach positions us at the cutting edge of real estate development, continuing to attract international partnerships that share our vision for a more interconnected, sustainable future. Those who adapt, think ahead, and take proactive action will succeed in the real estate market of the future.
As a founder of a family-owned business, how has this experience shaped your approach to leadership?
It has deeply influenced my leadership style – fostering a strong sense of responsibility, long-term thinking, and a commitment to preserving the values that the company was founded on. One of the key advantages of a family-owned business is the stability and continuity it provides, as decisions are often made with future generations in mind. This long-term perspective allows for sustainable growth and a strong company culture built on trust and loyalty.
As we transition to the next generation, we face an exciting opportunity to integrate the time-honored traditions of our business with new, innovative ideas. By blending our established practices with fresh perspectives, we can continue to adapt to changing markets and technological advancements, securing the business’ continued success and relevance in the future.•
HOSPITALITY HOSPITALITY
Ambassadors For The Caribbean
An Interview with Adam Stewart, CD, Hon. LLD, Executive Chairman, Sandals Resorts International
EDITORS’ NOTE Adam Stewart is Executive Chairman of Sandals Resorts International (SRI), the company founded by his late father, Gordon “Butch” Stewart, and the organization behind the world’s most recognized brands of luxury all-inclusive resorts including adults-only Sandals Resorts and family-friendly Beaches Resorts. Prior to becoming Executive Chairman, he previously spent more than a decade as Deputy Chairman and Chief Executive Officer of SRI. In addition to his responsibilities with SRI, Stewart continues his leadership role in the family’s extensive hospitality, media, automotive, and appliance business holdings, including his position as Executive Chairman, The ATL Group, comprising the Jamaica Observer , the country’s leading daily newspaper, and ATL Appliance Traders, a chain of domestic and commercial appliance outlets combining exclusive distributorship of the world’s top electronic brands with exceptional customer service throughout Jamaica. Deeply committed to the region, he is the President of the Sandals Foundation, a 501(c)(3) nonprofit organization aimed at making a difference in Caribbean communities. An entrepreneur in his own right, Stewart is the founder of leading attraction and tour company, Island Routes, offering more than 500 unique tours that make it easy for visitors to authentically connect with locals and experience the region. Recently appointed as a special investment envoy for tourism by Jamaica’s Prime Minister Andrew Holness to drive innovation, investment, and economic growth in Jamaica, and to the Executive Committee of the World Travel & Tourism Council (WTTC), Stewart is a graduate and active alumnus of The Chaplin School of Hospitality & Tourism Management at Florida International University in Miami. He has been personally recognized as the Jamaica Hotel and Tourist Association’s Hotelier of the Year 2015, World Travel Awards’ Rising Star, Caribbean World’s Travel and Tourism Personality of the Year, and received the Distinguished Alumni Torch Award from FIU and The Gleaner Company’s Jamaica 50 under 50 Award.
COMPANY BRIEF
The world-renowned Sandals Resorts (sandals.com) brand was concepted and brought to life on the majestic shores of Montego Bay, Jamaica – earning its place as one of the most well-known and award-winning hospitality names in the world over the last 43 years and counting. Together with its sister brand, the family-friendly Beaches Resorts (beaches.com), the organization comprises 21 properties in nine Caribbean island nations including Antigua, The Bahamas, Grenada, Barbados, Jamaica, Saint Lucia, Curaçao, Saint Vincent and the Grenadines, and Turks & Caicos. As the undisputed leader of Caribbean vacation experiences, Sandals Resorts and Beaches Resorts remain fiercely committed to the region, dedicated to innovative resort development that in the words of founder Gordon “Butch” Stewart, “exceed expectations” for guests, associates and the people who call the Caribbean home.
How do you define Sandals’ culture and values?
We are a family-owned company operating with a people and island-first mindset, steadfast in our commitment to our guests, our team members, and our communities at large. Our love for the Caribbean runs deep and this drives every decision – from where we operate to the magical experiences we bring forward – doing so in a way that supports and celebrates our Caribbean neighbors who are integral to the rich tapestry of island culture and values.
What have been the keys to Sandals’ industry leadership over decades and how do you describe the Sandals difference?
We are Caribbean and since our inception, we have stayed true to our Caribbean roots, showcasing the very best that this region has to offer –not just with the best locations on the islands, but the unique way we incorporate our culture throughout the entire vacation experience. In short, we’ve set the benchmark for what it truly means to be all-inclusive, making it our mission to
Adam Stewart
Sandals Dunn’s River in Ocho Rios, Jamaica
bring guests closer to the heart of the Caribbean to experience its incomparable beauty. And we put the customer at the center of everything we do –bringing forward innovations, cutting-edge designs, and meaningful experiences that continue to set us apart from the competition. Our commitment to invest in our family of team members, which today is more than 18,000 strong, creates boundless opportunities for Caribbean locals, and that’s the Sandals difference.
Sandals continues to expand with new properties and new markets. Will you discuss Sandals’ growth plans and where you see opportunities for the future?
Our commitment is to our home, the Caribbean, and our appetite and imagination for what we can do in this region knows no bounds. Over the past few years, we’ve made our mark in the Dutch Caribbean with Sandals Royal Curaçao and most recently, the Eastern Caribbean with Sandals Saint Vincent and the Grenadines. With each new location and destination, we’re challenging the status quo and elevating the way guests vacation in the all-inclusive space, whether that’s inviting guests to dine off property through our Island Inclusive program in Curaçao, or introducing two-story overwater villas in Saint Vincent to really take in its mountain-meets-ocean views. Helping our guests discover and experience our sweet region through a different lens drives us forward. As an organization, we are nine Caribbean islands into this journey and yet, the future and what our guests can look forward to are as limitless as the horizon.
Sandals has a culture focused on continuous improvement. How critical is this focus to make sure Sandals is meeting the evolving needs and expectations of its guests?
Sandals has been a leader in this space for more than four decades and our commitment to innovation is as thoughtful as it is intentional. Over
the years, we’ve continued to evolve the way our guests vacation, from introducing the Caribbean’s first swim-up bar and Overwater Villas, to infinity-edge pool suites in the sky, Rondoval villas with rooftop decks and a Stargazing Concierge, and most recently in Saint Vincent, in-room fitness suites complete with personal TechnoGym bikes. And now, we’ve gone even further to incorporate island destinations into our Caribbean all-inclusive experience. At Sandals Royal Curaçao we launched butler villas that not only offer the finest design and luxury amenities, but that come with access to a MINI Cooper for island exploration. We listen
to our guests, tap into experts and conduct our own research to bring forward first-to-market innovations on an ongoing basis. Relevance is about continually surprising and delighting the guest with personalized, extraordinary experiences, and we strive to make the discovery of authentic Caribbean culture part of our all-inclusive offerings.
Will you discuss Sandals’ investment in its workforce and focus on training and service standards?
We’re in the people industry, so training and service have been at the forefront of Sandals since its inception. For us, it all begins with personal drive – thereafter, we can equip them with the skills needed to work in hospitality. We’re all about creating opportunities, especially for our Caribbean nationals. We are the largest private employer in the Caribbean today with over 18,000 employees across nine islands and we are thoroughly committed to their growth both personally and professionally. Through ongoing training and developmental vehicles such as the Sandals Corporate University –a living, breathing accredited institution – we give Caribbean-based Sandals team members the chance to earn undergraduate and postgraduate degrees and expand and diversify their talents and abilities with practical, on-the-ground experiences. We are preparing the next generation for the industry that is going to be the catalyst for not only Caribbean tourism, but to the development of the region – and we will continuously invest in our team members’ success to make that possible.
What do you see as Sandals’ responsibility to engage in the communities it serves?
Being the leader in Caribbean hospitality comes with responsibility, and that responsibility encompasses our team members, the community, and the islands we call home. We have an island-first approach to tourism, so whenever we come to a destination, we create a symbiotic relationship with the community – from the
The Coyaba Sky Villa Rondovals at Sandals Dunn’s River
Sandals Saint Vincent and the Grenadines
fishermen and farmers to the taxi drivers and through to local schools. It has always been in Sandals’ DNA to be part of the community, and through the work of our philanthropic arm, the Sandals Foundation, the ability to uplift our region and its people continues to expand exponentially. We’re more than a brand; we’re ambassadors for the Caribbean and we are committed to contributing to the region’s overall growth and transformation.
You mentioned the Sandals Foundation which was launched in 2009. How do you define the mission of the Foundation and how has the work of the Foundation evolved?
The Sandals Foundation, the philanthropic arm of Sandals Resorts International, was launched in 2009 but the reality is that this work dates back long beyond 15 years, when my father, the late Gordon “Butch” Stewart, founded Sandals Resorts in 1981. Long before philanthropy was considered fashionable, my father tapped into the needs of our community and carried that torch because it was the right thing to do. He adopted local schools – from the provision of books to leaky roof repairs – and so much more. It was just part of his DNA and today our commitment to our communities has never been stronger.
All costs associated with the administration of the Sandals Foundation and management are supported entirely by Sandals Resorts so that 100 percent of every dollar donated goes directly towards funding impactful initiatives in three key areas: education, community, and the environment. Through this work we’ve been able to establish marine sanctuaries; outplant more than 20,000 corals; engage over 55,000 people in conservation efforts, including our guests; create resilient food supply systems in local schools and communities; support local artisans by selling their items in our resorts’ retail shops; and so much more. We have
so far touched the lives of more than 1.5 million people, and yet it feels like we’ve only just begun.
This year is particularly special as we celebrate the Sandals Foundation’s 15th anniversary with a new initiative, the Power of 15 – a program that will add all-new sources of renewable energy to schools in the Caribbean region through the installation of solar panels. This will enable uninterrupted learning so even the most remote classrooms will have the necessary power to keep computers running while reducing our carbon footprint. I invite everyone to learn more at https://www. sandals.com/sandals-foundation-the-power-of-15/.
What do you feel are the keys to effective leadership and how do you approach your management style?
My father, the late Gordon “Butch” Stewart, founded Sandals the year I was born, so I often say that it’s as if we grew up together as siblings because I watched him meticulously shape the brand into the incredible company that it is today. I’m a massive believer in providing real life lessons that simply can’t be taught in school – that’s how I learned this business inside and out as a young boy from my father, and what he showed me was so invaluable that today, that ethos carries through to our team members.
I take them on the road – and to the skies –with me, showing them the ropes and putting more people in the room to understand how the business works. Exposure is the single most important thing because the goal is to have them fully understand the power of hospitality and make sure we have the absolute best teams in place to carry the torch forward in each respective area of the company.
There’s only so much I know though, so I also let experts be experts and lean on a very trusted family of people who share my vision in what this brand represents for the Caribbean. Together, we’re creating opportunities for team members to grow and learn as we invest in the next generation of hospitality leaders.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
Seize every single opportunity in front of you. Your potential is limitless. Expose yourself to everything and anything – all facets of a business – and become familiar with it all. Be curious, ask questions, and find that passion inside of you that culminates into a genuine love for what you’re doing. That’s the key to finding your superpower in this industry and in life. Your superpower is what carves your path toward success and all the opportunities that lie ahead.•
Sandals Royal Curaçao
The Kurason Island Butler Bungalows at Sandals Royal Curaçao
“A One-Stop Shop For The Best Of Self-Help”
HOSPITALITY HOSPITALITY
The Pink Paradise
EDITORS’ NOTE Sarah Wetenhall is the President and Owner of The Colony Hotel, and the visionary behind Palm Beach’s historic Pink Paradise. A native of the Midwest, Wetenhall is a nomad by nature, having lived in more than six cities during the first 20 years of her life. Her vagabond roots inspired a love of travel and developed storytelling skills that have proven essential in developing this natural-born hotelier. A graduate of Vanderbilt University, she began her career in New York where she spent a decade-plus spearheading public relations and marketing efforts for major fashion houses including Calvin Klein, Dolce&Gabbana and Hugo Boss. Her experience in the fashion industry honed her keen aesthetic acumen and strong sensibility for the luxury market. After wholly acquiring The Colony Hotel in 2016 from a previous generation of ownership which included her father-in-law, Wetenhall commenced a devoted restoration and relaunch of the hotel. Guided by decades of cherished time in Palm Beach, she sought to create a stylish, multigenerational oasis that both preserved the property’s storied history and engaged visitors with a vibrant and refreshed luxury experience. Wetenhall initiated major renovations, brand partnerships, and carefully curated activations, evolving The Colony into an internationally recognized design-forward hotel. In addition to leading The Colony Palm Beach, Wetenhall is a Board Member of the Worth Avenue Association, the Palm Beach Chamber of Commerce, the Historical Society of Palm Beach County, as well as the East Hampton Historical Society and the Couture Council of The Museum at FIT. She sits on the Visionary Board of the Southampton Hospital Foundation and is a member of the Board of Directors of the Women’s Committee of the Central Park Conservancy. Wetenhall is a committee member of the Ladies Village Improvement Society and the Society of Memorial Sloan Kettering Cycle for Survival. She is also a member of the National Society of Colonial Dames, studying early U.S. history and promoting historic preservation of critical sites and objects. Wetenhall was named one of HOTELS Magazine’s Top Ten Independent Hoteliers in 2021.
PROPERTY BRIEF
The Colony Hotel (thecolonypalmbeach.com) is still as chic and lavish as it was in 1947, when it first debuted in Palm Beach’s post-war construction boom. This glimmering destination has received praise for its fashionable dining and live music – as well as its signature je ne sais quoi . It’s the reason that discerning guests – which have included Judy Garland, Lena Horne, John Lennon, Sophia Loren, and Frank Sinatra – have continued to check in for decades.
Where did you develop your passion for the hospitality industry?
Although I grew up in the Midwest, my family moved around quite frequently and thus, we spent a lot of time traveling. While the hospitality industry wasn’t exactly on my radar as a child, this mobile childhood fueled a passion and curiosity for travel and a desire to see the world. Years later, my husband Andrew and I spent much of our early 20s visiting The
Colony Hotel, as his father was part of the ownership group at that time. Those years visiting both The Colony and the island of Palm Beach from the perspective of a guest have proven invaluable today. Blissfully unaware of the business and any operational challenges, we observed how guests interacted with the hotel, what worked and what didn’t, and what services and amenities could be added to make The Colony a truly standout hospitality experience. Throughout the years, as Andrew and I traveled and explored the world together, we took note of other hospitality experiences we liked – and disliked – and began to articulate our desire to create one place that encompassed everything we loved from our travels. After purchasing The Colony Hotel in 2016, these decades of experiences serve as the foundation for our approach and commitment to luxury hospitality.
Sarah Wetenhall
An Interview with Sarah Wetenhall, President and Owner, The Colony Hotel
The Colony Hotel living room
The Colony Hotel, Palm Beach’s Pink Paradise
Will you provide an overview of The Colony Hotel and how the property is positioned in the market?
Originally constructed in 1947, The Colony was designated a Historic Landmark by the Town of Palm Beach in 2020. The Colony Palm Beach faithfully preserves its legacy of gracious hospitality while ensuring continued relevance to a new generation of modern, well-traveled and discerning guests. A cultural hub with partnerships across fitness, design, fashion, art, and music, Palm Beach’s pinkest hotel represents more than a hotel – rather, she is a place for guests to connect meaningfully and authentically with the best of Palm Beach. With one foot in the sand and one foot on Worth Avenue, our Pink Paradise is the epicenter of Palm Beach; a destination where old meets new, charm meets retro elegance, and hospitality meets lifestyle. Through strategic, thoughtful partnerships, The Colony has become a coveted destination for not only visitors, but also island locals. It is home to over 90 rooms, a mix of guest rooms and suites, villas, bungalows and penthouse residences, all of which provide unique, curated offerings for guests of all ages delivered with best-in-class ultra-boutique service. We offer unique amenities that embrace our desirable location such as paddle boards, bespoke cruiser bikes, beach picnics, and our custom Land Rover Defender Beach Runner and beach buggy that take guests to the sand or the shops, not to mention curated partnerships and experiences that ignite all of the senses.
How valuable is it for The Colony Hotel to have such a strong suite product?
As one can imagine, being a historic, boutique hotel also means that the guest rooms at The Colony are not overly large. Our suite product, as well as our residences – villas, bungalows, and penthouses – are crucial to our operation. These larger spaces are desirable to families and multi-generational travelers, of which we have many, but they also offer a different experience than staying in our typical guest rooms. It is this variety, paired with our unique location and intentional programming, that reinforces the fact that our Pink Paradise has something for everyone.
How has The Colony Hotel approached its culinary offerings and what are the keys to being successful in this part of the business?
Aware of its singular place in the hearts of long-time Palm Beachers, The Colony is dedicated to maintaining a rich tradition of culinary distinction in a vibrant social setting that is both welcoming and refreshingly unpretentious. Soon after Andrew and I purchased the hotel, we worked with Robert Caravaggi to bring Swifty’s, the iconic Upper East Side boité, to the property. Knowing what an institution Swifty’s was to so many New Yorkers, we knew it would be a great addition to Palm Beach with its elevated scene, great people-watching, and classic comfort food – and it has been just that. Swifty’s is a top attraction for guests of The Colony and Palm Beach locals alike, bringing people together for unforgettable food, entertainment, and Palm Beach memories.
How do you focus your efforts leading The Colony Hotel?
It is true what they say: the hospitality industry is not for the faint of heart. While I never dreamt of owning and operating a hotel, nor did I have previous hotel experience, my career in fashion, working for high-end luxury brands like Calvin Klein and Dolce&Gabbana, proved to be invaluable and was the ultimate training for hotel ownership.
The Colony is highly a visual, marketing-forward hotel; to that end, our strategy is carefully curated and intentional. I truly live and breathe the hotel, and I am near obsessive about the brand, strategy, and overall direction of the business. I owe this unwavering attitude to my previous career in fashion; it gave me a rare glimpse into how hugely successful fashion houses were able to effectively shape and maintain their identities with a laser-focused level of consistency of message and branding. This level of detail and nuance is what I strive for when leading The Colony.
What do you feel are the keys to effective leadership and how do you approach your management style?
Personally, I am a hands-on, decisive leader. I am also an active listener that is uncompromising when it comes to The Colony brand and our guest offering and experience. I am also always learning; observing things from other people, properties, and destinations that I admire, and thinking of ways to inject them with “Colony magic” and bring them to Palm Beach. I think good leaders know what they want, but always have their eyes and ears open for new ideas.
Branding, marketing, and overall strategy is where I excel, and is much of what has led our hotel to where it is today. I spend most of my days strategizing our next move, speaking with
potential partners, and constantly brainstorming “what’s next.” Even when I’m not physically in Palm Beach, I’m speaking with my leaders at the hotel every day, often multiple times a day.
This brings me to my next point: you can’t do it alone. We have a hefty responsibility to deliver on the brand promises that we convey to our guests, and that means an experienced, passionate, and well-trained team is necessary in order to do so. When building a team, it is important to know your strengths, but even more importantly, to know your weaknesses, and hire accordingly. A pivotal moment for us was when we hired our current General Manager, Bruce Seigel, whose experience and acute knowledge of the industry has transformed The Colony. Together, we make a stellar team and have restored the best parts of The Colony, preserving its colorful and storied history while introducing newness and intentional programming to excite the well-traveled and discerning guest – all while being employee-centric and community serving. When you have a great team, the sky is truly the limit.
What makes for a true luxury hotel experience today?
True luxury is expressed when the guest doesn’t have to think – it is when hospitality is seamless, intuitive, and natural. This is what we continually strive for at The Colony. Staying at the Pink Paradise should feel like staying with a gracious, sophisticated, and well-connected friend; a good friend that knows you so well that you don’t have to specify your preferences. Of course, full-service amenities, luxurious bedding, and wonderful food and beverage are essential to round out the experience, but what takes a hotel and its experiences from good to great is being thoughtful, intuitive, high-touch, and personal.
We always say that The Colony is much more than a hotel; she is a way of life. She is a place to connect meaningfully and authentically with Palm Beach, its vibrant history, lifestyle, and community. It is through best-in-class partnerships in fashion, food, fitness, design, and lifestyle that we’re able to consistently surprise and delight our guests and embody this intuitive and natural hospitality experience.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
Hospitality, like any industry, requires focus and tenacity. A mentor once told me to write down my goals and objectives. There is an element of permanence and intention that comes when you write something down, not to mention that it serves as a reference point in the future. For The Colony, this came in the form of drafting our Mission Statement and Brand Values. One of the first things I did upon our purchase of The Colony was to articulate how we envisioned the future of the hotel and the brand that we were building. With decades of experience as guests of The Colony, Andrew and I had so many hopes and dreams for the property; our Mission Statement and Brand Values were where we poured out this vision. It was, and still is, the road map for all that we do at Palm Beach’s pinkest hotel.•
The Colony Hotel pool
HOSPITALITY HOSPITALITY
The Upside-Down Pyramid
An Interview with Roger Woolsey, Owner and Chief Executive Officer, Million Air
EDITORS’ NOTE In 1986, at the age of 19, Roger Woolsey began his first aircraft charter company, Prestige Touring. At that time, Woolsey was the youngest commercial pilot in the U.S., and still holds the title as the youngest Air Carrier Operator in U.S. history. Prestige Touring catered to rock & roll band tours, including Billy Joel, Sting, Grateful Dead, Stevie Nicks, U2, Peter Frampton and others. In 1991, Woolsey founded his second company, American Jet International, with a focus on the air medical industry. After two years of operation, he secured the business of over 95 percent of all flying medical patients and “Organ Procurement Teams” from the world’s largest medical center in Houston. In 1999, Woolsey acquired an FBO in Houston, Texas, which now places in the “US Top 10 FBOs” rankings, while job creation at the FBO increased over 400 percent, turnover decreased by 500 percent, and EBITDA increased over 800 percent. In 2002, Woolsey took over the Million Air brand. Woolsey attended the University of Arkansas and is an alumnus of the Harvard Executive Business School Program. He holds an Airline Transport Pilot’s License with over 32,200 flight hours and is a certified aircraft mechanic with an A&P License.
ways that set us apart. We introduced pilots’ lounges, TVs, theater rooms, and replaced vending machines with complimentary drinks and coffee. We were the first to offer courtesy cars to our customers and the first to focus on service as a core element of our brand. What truly distinguishes us is that we are the only FBO brand run by a team of aviators. We are consumers of our own product. Just yesterday, I flew myself to five different cities for meetings, four of which were at our competitors’ FBOs. I am constantly in the shoes of our customers, living their experience firsthand. Having aviators within the walls of Million Air is crucial for understanding our customers. This level of empathy and understanding, when executed properly and listened
to intently, transforms into a powerful service offering that truly resonates with our guests.
How do you define Million Air’s culture and values?
It starts with a core belief: happy employees lead to happy experiences, which in turn create happy customers, and ultimately, happy investors. It’s a continuous cycle, and it’s central to who we are. We deeply value our employees and teammates, investing in their growth, acknowledging their sacrifices, and valuing their input. Articulating these beliefs in a way that can be executed daily across a multi-city, multi-location network is a challenging task. However, through our relentless pursuit of excellence, we’ve managed to translate many of our values into actionable practices. For example, our Million Air Credo Card is a tiny piece of paper with our 20 Basics or core values of Million Air. Every employee
COMPANY BRIEF Million Air (millionair.com) is an award-winning network of luxury executive FBO terminals, spanning three continents. With 40 years in the industry, Million Air has been named Best Large FBO Chain for the past 13 years, delivering genuine care and exceptional service to aircraft owners, pilots, and their distinguished guests. Million Air prides itself on being aviators, dedicated to delivering exceptional service and creating a memorable experience for every customer. The company’s commitment to excellence drives its leaders to continuously enhance the facilities, services, and team, ensuring Million Air remains at the forefront of the aviation industry.
Will you highlight the history of Million Air and how the company has evolved?
We’ve always been, almost accidentally, ahead in our thinking. Million Air was the first FBO to see itself as more than just a gas station at the airport. We identified issues and sought to fix them, leading us to innovate in
Roger Woolsey
Air Houston
carries this on them every day. It is a tangible expression of our company Mission and Vision. By consistently and authentically executing these principles, we’ve fostered a culture of accountability and excellence. This not only enhances the sense of family in the company, but also creates a world-class, winning team.
Will you provide an overview of Million Air’s services and capabilities?
We offer three key facets of service. First, our private aircraft charter, which operates much like the “Uber of private jets.” Second, our aircraft repair and maintenance services, akin to what a car dealership offers to keep vehicles in top condition. Lastly, and most significantly, our FBO network, which spans 36 distinguished airport properties. Through this network, we provide VIP terminal services, aircraft fueling, cleaning, maintenance, storage, valet, and city concierge services.
Connecting these services to our culture, we believe that when executed well, we not only reflect and enhance the stellar reputation of our VIP customers, but also create a powerful and welcoming first impression of the communities we serve. It’s much like a fine dining experience – your first interaction with the door greeter, the design and decor, and the ambiance all contribute to the ultimate taste and experience of your meal. We strive to make every city where you land the place to be – exciting, fresh, and friendly. Our goal is that every landing not only drives more business in that city, but also extends your stay.
What have been the keys to Million Air’s strength and leadership, and how do you describe the Million Air difference?
The true strength of Million Air’s leadership lies in the concept of the Upside-Down
Pyramid, a principle we strive to embody every day. We believe that our frontline personnel –our aircraft fuelers, concierge professionals, customer service team, and others who interact directly with our clients – are at the heart of our service delivery. Because they have the most face time and meaningful interactions with our clients, their role is equally, if not more, important in shaping and executing our service than that of me, our CEO. That’s why we celebrate and empower those who hold the keys to our success.
Where do you see the greatest opportunities for growth for Million Air?
Million Air operates in 36 North American markets and is the third-largest fixed base operator (FBO) chain in the world. However, with over 19,000 airports in the United States alone and estimates of more than 42,000 airports globally, the potential for expansion is vast. Our services and products are a fit for more than a quarter of these locations, highlighting the immense possibilities before us. Our only constraints are the speed at which we can maintain our quality standards and secure the necessary capital for growth.
Will you discuss the expertise of Million Air’s workforce?
We don’t just hire employees – we seek out highly talented and caring individuals and invite them to join our team on this journey to excellence. We aim to set the stage for our engaged teammates, allowing them to deliver the highest level of excellence through a choreographed display of showmanship, all while artfully creating an unparalleled travel experience. This approach is designed to add value through brand alliances and to enhance
the genuine relationships we share with our pilots, their distinguished passengers, and aircraft owners.
How do you focus your efforts leading Million Air?
My focus is centered on the vision that Million Air strives to be the premier, industry-leading aviation service provider worldwide. Like spokes on a wheel, I connect all other critical elements – systems, processes, people, economic landscapes, finance, marketing, sales, and production – to maintain the integrity of our wheel of progress. While each of these components is essential, the hub of it all is our unwavering commitment to the vision. Being premier doesn’t necessarily mean being the biggest; it means occupying a special place of privilege in the hearts and minds of our customers and employees.
What are your priorities for Million Air as you look to the future?
For the future, we strive for continuous improvement to keep adding value to our customers. Our focus must remain on quality –how we maintain it, how we eliminate negativity, and how we ensure that all elements work in harmony. The priority is to stay centered on value creation, not in the typical Wall Street sense of ROI for investors, but in delivering what is truly meaningful and important to our customers. This means providing consistent excellence, surprising and delighting customers, and ensuring that our daily work is meaningful and valuable to our teammates. By doing so, we can see and feel our accomplishments every day and set ourselves on a path for meaningful growth, expanding sustainable success in the long term.•
Million Air White Plains
HOSPITALITY HOSPITALITY
A New Standard Of Mountain Adventure
An Interview with Anthony Duggan, General Manager, Grand Hyatt Deer Valley
EDITORS’ NOTE Anthony Duggan’s experience spans over 25 years, marked by a deep-rooted passion for hospitality and global travel. Renowned for his ability to elevate operational performance while fostering exceptional guest satisfaction and staff engagement, Duggan has honed his skills at some of the world’s most respected luxury hospitality brands, including InterContinental Hotels & Resorts, Fairmont Hotels & Resorts, St. Regis Hotels & Resorts, Aman, and now Hyatt Hotels Corporation. In the most recent years, he’s been tapped by Hyatt to elevate the experiences at and operational excellence within brands such as Alila Hotels and Miraval Resorts & Spas.
Anthony Duggan
PROPERTY BRIEF Grand Hyatt Deer Valley (hyatt.com/grand-hyatt/en-US/slcgp-grand-hyatt-deer-valley) is the newest addition to the Hyatt portfolio, offering a sophisticated and adventurous retreat in the heart of Deer Valley Resort’s East Village expansion. Seamlessly blending modern luxury with the natural beauty of the Wasatch Mountains, the resort offers an unparalleled level of service, world-class amenities, a state of the art luxury conference center and a prime location for accessing Deer Valley’s renowned slopes and outdoor activities.
Will you provide an overview of Grand Hyatt Deer Valley and how the property will be positioned in the market?
Grand Hyatt Deer Valley will set a new standard of mountain adventure and luxury when it welcomes its first guests, slated for November 2024, setting the benchmark for the future of the new Deer Valley East Village. The fall opening of this inaugural resort will mark the first sneak peak of the Deer Valley East Village expansion and the first Grand Hyatt hotel in Utah. With 436 luxury accommodations, curated adventure packages for all seasons, music-forward après-ski experiences, sophisticated dining, and engaging entertainment, the new luxury resort is poised to become the heartbeat of this premier mountain destination. As a key highlight of Deer Valley’s expansion, the Grand Hyatt offers an engaging, well-rounded hospitality experience, setting the benchmark for the future of Deer Valley East Village – where modern sophistication meets nature’s wonders.
What excited you about the opportunity to lead Grand Hyatt Deer Valley and made you feel it was the right fit?
Being a part of a monumental time for the area is special. It is truly a destination resort in every way, from the expansive natural beauty to the endless opportunities for adventure. I’m confident that this new property will bring an extreme depth of value to the community, and a wide range of new guests to explore the popular area – and I’m proud to be behind the team leading this launch.
It is a really exciting project, to build a team to bring this project to life is amazing, and the opportunity to move to this incredible destination and community is a once in a lifetime opportunity. It’s beautiful and multifaceted – I already wanted to live here and am where I wanted to be. It is fundamentally desirable, and since I wanted to be here anyway, to be able to be a part of this project and build a team with what is going to be an iconic hotel is what you build a career for.
How valuable will it be for Grand Hyatt Deer Valley to have such a strong suite product?
From a travel and tourism standpoint, we continue to see a rise in luxury demands and in
multi-generational and family travel. With that being said, the suite accommodations at Grand Hyatt Deer Valley will be extremely valuable to guests. We want to make sure those seeking space truly feel that sense of home away from home; we’ve outfitted our suites with a ceaseless attention to detail, including locally sourced art and high-end touchpoints. Our selection will range in size and format, with standard options boasting over 700 square feet and mountain or water views, up to our Presidential Suite that offers 1,987 square feet of luxurious comfort with expansive views of the glimmering Jordanelle Reservoir.
We are more than a ski destination. From mountains, to meetings, to military, the Grand Hyatt Deer Valley is uniquely and intentionally positioned. As a slopeside resort perched in prime alpine territory, we will establish ourselves as the perfect destination for those seeking the thrill of premiere, all seasons adventure. We have also created the largest hotel conference and meeting center in the area, offering over 30,000 square feet of flexible meeting space, and the largest ballroom boasting over 10,000 square feet of space. We are also proud to partner with MIDA, a military organization dedicated to serving and providing leisure experiences to those who serve us and our country. We are proud to actively support those serving our nation.
How has Grand Hyatt Deer Valley approached its culinary offerings and what are the keys to being successful in this part of the business?
With celebrated Chef Marc Marrone and legendary Mixologist Frank Maldonado hailing from New York City on board to launch our culinary offerings, Grand Hyatt Deer Valley plans to enhance every aspect of food and beverage across the property and at all events. Every dish, drink and dessert is locally sourced and internationally inspired. Guests can relish refined dining at Remington Hall or savor a signature cocktail and live entertainment at the saloon-style escape, Hidden Ace. The key to success that our team is planning on leaning into is bold flavors that unite the destination with our guests’ palates. The multiple F&B outlets onsite will range from a family-friendly après-ski environment to elevated alpine cuisines that blend local Utah ingredients and flavor with a modern twist.
How do you define the role of a general manager and how do you approach the role?
From one property to the next, the role of a hotel general manager has a number of commonalities: we all provide operational oversight for our hotels, we set the strategic priorities for our properties and, yes, we are ultimately responsible for our asset’s financial performance. I have found though that there can be big differences in approach to the role from one GM to the next and this is where we have real impact. As much as I am able to, I try to focus on our talent. I have changed the organizational structure at a couple of hotels in order to find a role for the best talent I could find. It’s not just about recruiting though – I feel passionately about creating an environment in which our team can thrive: coaching, training and mentoring, yes, but also by providing our team space to contribute and thrive. I think of myself as a teacher first and foremost; it has brought me immense satisfaction to build teams that raise the bar together, putting our collective knowledge and experience to work. After all, micromanaging the best talent I can find isn’t good for anyone.
The results that these teams have delivered have been, objectively, best in class and have helped change the trajectory of properties.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
A career in the hospitality industry can be incredibly rewarding and when I look back on the last 30 years, I can’t imagine doing anything else. Don’t get me wrong, it can also be tough and there were days I questioned my choices; thankfully though, those were few and far between. With that in mind, I would encourage anyone starting out to find what they are truly passionate about and pursue it. For me, it was within the rooms division and my early days were spent in Front Office and Housekeeping. Of equal importance, I would urge anyone starting out to find an organization that embodies, or better still, find a leader who is aligned with your values. It’s much more rewarding and a whole lot easier when you’re working and contributing in an environment that you believe in and that believes in you.•
Andrea Cercek, MD SU2C funded researcher
Kelly Cancer Survivor
Photo by Mario Morgado
HOSPITALITY HOSPITALITY
A Sense Of Place
An Interview with Eric Jenkins, General Manager, Estancia La Jolla Hotel & Spa
EDITORS’ NOTE Embodying the concept of “where passion meets profession,” Eric Jenkins is a seasoned expert who has made a significant impact in the hospitality industry throughout his 20-year career. In September 2020, Jenkins joined the Estancia La Jolla Hotel & Spa team as its general manager. He led Estancia La Jolla through a comprehensive $26 million renovation from 2023 to 2024, coinciding with the hotel’s 20th anniversary celebrations. Prior to joining Estancia La Jolla, Jenkins’ career highlights include his tenure as the hotel manager at Loews Hotels & Co. in San Diego, where he managed day-to-day resort operations resulting in over $60 million in revenue. He was also awarded The San Diego Union-Tribune’s “Top Workplace” twice during his time at Loews Hotels & Co. and again in 2022 at Estancia La Jolla. Jenkins was named one of Hotel Management’s 2022 “GMs to Watch.” An advocate for giving back, Jenkins helped raise over $75,000 for DonorsChoose.org through hotel charity events and has received the company’s “Good Neighbor” award for his community involvement. Prior to taking on the role as Hotel Manager at Loews Hotel & Co., Jenkins was the Director of Food & Beverage, where he oversaw the outlet and banquet operations. Jenkins attended Mercer University and Florida Southern College where he earned a BS degree in business administration, finance, and human resource management.
Eric Jenkins
desirable communities. We’re unique in that we appeal to guests visiting for a variety of reasons – we’re a popular destination for leisure travel in addition to locals looking for elevated staycations and have maintained a solid presence in the meetings, groups, and weddings sector, all of which have been even further enhanced with our recent renovation project. There’s something for any type of guest, from our food and beverage experiences to our pool, spa and the garden grounds and artwork that set us apart.
What can guests expect from the recent renovation project at Estancia La Jolla?
Estancia La Jolla offers a welcoming yet luxurious escape with a guest experience dedicated to connection, thoughtful service, and storytelling around our place in La Jolla. 2024 marks our 20th anniversary and our renovation project is the culmination of our commitment to our heritage as well as our future. The transformation includes redesigned guest rooms and suites that blend our equestrian roots with modern luxury; a brand-new lobby experience including The Trading Post Bar which serves small plates and inspired cocktails; and The Palma
Bar & Grill, which is our signature pool experience and features new cabanas and a new food and beverage experience. We also made a few eco-conscious enhancements including the introduction of an apiary, herb garden, and butterfly garden, which are personal passion projects of mine. We use our herbs and honey throughout our food, beverage and spa programs – personal, localized touches can be seen around the property and play a pivotal role in the guest experience.
How valuable is it for Estancia La Jolla to have such a strong suite product?
A strong suite product is essential to our ability to cater to travelers seeking further elevated accommodations and additional space. We have 11 total suites that not only attract high-end leisure guests, but are frequently booked by business travelers who might need the added space to work from their room or are staying for an extended period. As we do a lot of weddings at Estancia La Jolla, a strong suite product also enhances our appeal as the ideal setting for preparations and post-wedding celebrations or mini-moons. Having a standout suite experience allows us to maximize revenue potential and further enhance our luxury positioning within a highly competitive leisure and business market.
PROPERTY BRIEF Nestled between San Diego’s seaside villages of La Jolla and Del Mar, Estancia La Jolla Hotel & Spa (estancialajolla.com) exudes warm service, sun-drenched in charm with rancho-inspired architectural design. The standout SoCal oasis features 210 elegant guest rooms and suites, multiple dining destinations with flavors inspired by both Napa Valley and Mexico, 47,000 square feet of indoor and outdoor event space, a tranquil full-service spa and a rotating calendar of signature events and inspired experiences. Estancia La Jolla Hotel & Spa is the ideal destination for travelers both near and far seeking a comfortable respite set to the backdrop of West Coast sunset views.
Will you provide an overview of Estancia La Jolla and how the property is positioned in the market?
Estancia La Jolla is a 210-room resort between La Jolla and Del Mar, two of San Diego’s most
How has Estancia La Jolla approached its culinary offerings and what are the keys to being successful in this part of the business?
We have four on-site food and beverage venues, each taking a different approach to ensure variety in the guest experience. Our signature full-service restaurants are Mustangs & Burros which offers Baja-inspired cuisine and cocktails, and Greenfinch Restaurant & Bar which serves American classics by day and innovative cocktails by evening. New concepts include The Trading Post Café & Bar – the bar is adjacent to the lobby and offers a craft cocktail and small bites menu and just around the corner, the café services artisan coffees, pastries and smaller breakfast items for guests on the go. The Palma Bar & Grill offers bites and cocktails poolside and draws inspiration from locally sourced ingredients and complements the laid-back vibe of the pool area. In addition to our venues, we’re also known for our annual culinary events including Agave Fest and Whiskey & Wine that create opportunities for guests to further immerse themselves in our offerings and celebrate fine spirits and cuisine. In order to be successful with food and beverage at a hotel, it’s critical to have a team that understands and can execute upon the vision, and is open to thinking creatively and trying new things. Consistency in quality and attention to sustainable sourcing are also incredibly important as these aspects are key drivers in ensuring guest retention.
Will you highlight Estancia La Jolla’s spa and the focus that the property has placed on wellness?
Spa and wellness is a key pillar in the Estancia La Jolla guest experience and is an area where we’re constantly working to elevate and evolve. Spa Estancia offers a variety of rejuvenating massages, facials, and body therapies designed to promote relaxation and restoration and features an outdoor area and boutique space that’s expertly curated with top-tier brands. Beyond Spa Estancia,
we host rotating “Self-Care Sundays” activations open to locals and guests with rotating fitness and wellness experiences including yoga, meditation, and beyond.
What do you tell people about the strengths of San Diego from a tourism perspective?
In my role, I’m regularly asked what I love about San Diego and am often a guest’s first interaction with a local. We have beautiful year-round weather, world-class beaches, an amazing food and beverage culture and so many different activities, niches, and neighborhoods to explore and experience the city from a different perspective. San Diego is also a very accessible city so it’s easy to
spend part of the day at the beach and the evening downtown. When you’re here, you know you’re in a big city, but still feel its laid-back nature and slower pace shine through which creates a balance that you can’t find everywhere.
How do you define the role of a general manager and how do you approach the role?
The easiest way to define my role is that I generally manage. I’m tasked with taking care of three main areas – our guests, our team, and our asset. By ensuring our asset is in pristine condition and by crafting the best possible experience for our guests and team, I am able to deliver the best possible financial performance for our stakeholders. My approach to this has always been to take care of our team first – they are the entry point to the Estancia La Jolla experience and ensure both our guests and property are cared for at the highest level. It’s my biggest priority to prioritize our culture and the personal and professional well-being of our team to ensure we’re successful at every turn.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
There’s something intrinsically rewarding to the human spirit when you serve others. Many people find that through community and charity, and I happen to work and thrive in an industry where taking care of others is the sole function. This industry is challenging, exciting, fun, and most importantly deeply rewarding and for anyone who thrives in that type of environment, my biggest piece of advice is to find a home and a mentor. Finding the right culture to be a part of is so important to your development and in my career, the mentors I’ve had have played a significant role in my journey and my approach to managing people. Find someone that can help set your path, offer advice and guidance, and can be a role model to you, and be open to the learning moments and opportunities that arise along the way.•
Garden View King room
Estancia La Jolla pool
HOSPITALITY HOSPITALITY
The Spirit Of Austin
An Interview with Larry McGuire, Co-Founder and Partner, MML Hospitality
EDITORS’ NOTE Larry McGuire is a Co-Founder and Partner of MML Hospitality and Owner and Chief Executive Officer of McGuire Moorman and ByGeorge Retail. He owns and operates Lamberts Downtown Barbecue, Perla’s Seafood & Oyster Bar, Elizabeth Street Café, Clark’s Oyster Bar, Jeffrey’s, and the Josephine House in Austin, Texas. McGuire attended the University of Texas at Austin.
Larry McGuire
COMPANY BRIEF McGuire Moorman Hospitality (mmlhospitality.com) was founded by Austin, Texas-based chefs Larry McGuire and Tom Moorman in 2009. In 2021, MMH changed its name to MML Hospitality with the addition of hotelier and partner, Liz Lambert. The industry-leading team continues to create and manage some of Austin’s most successful restaurants. Today, MML Hospitality enters an exciting time of development and creativity with the addition of hotel projects as well as a wider range of hospitality, retail, and design projects across the country.
When did you develop your passion to pursue a career as a chef?
I was born and raised in Austin. When I was little, my mom made smoothies at the Whole Foods on Lamar & 9th, and my dad was a baker at Texas French Bread. When I was around 11 years old, my mom went back to school to get her master’s degree, and I started messing around in the kitchen trying to cook for my brothers and myself. That eventually progressed into planning and cooking whole holiday meals for my extended family –trying to be real fancy. Then, when I was 15 or so, I started working summer jobs, and I started to look at cooking as a career. While at Austin High, I worked at Texas French Bread on South Congress, which is where June’s is now. I met the chef, Lou Lambert, there when he would stop in for coffee. He was opening his own restaurant a few doors down as well as the coffee shop Jo’s down the street with his sister Liz. I got to see firsthand the beginning of the transformation of South Congress from a sleepy and seedy commuter road to a vibrant neighborhood center. Seeing what Liz and Lou were doing cemented my love of local businesses and their power to rejuvenate a city.
A few years later, I was a student at the University of Texas, and I started line cooking more seriously at the original Lamberts – now home to our Neighborhood Sushi. I ended up dropping out of school after studying abroad in Spain, and I followed Lou to work for a hotel company acquiring properties in Texas. Eventually, I moved back to Austin to try and open a “fancy barbecue” restaurant in 2003 with my high school buddy, Will Bridges. A mutual friend introduced me to Tom Moorman who had just moved to Austin after cooking at restaurants in Montreal. The three of us eventually got it open in 2006 when we were 25 years old. Tom and I continued opening restaurants, eventually building McGuire Moorman Hospitality and added Perla’s, Elizabeth Street Cafe and Clark’s. I miss the day-to-day camaraderie and grind of being a chef and hope to be back in a kitchen before I’m too old for it.
What was your vision for creating MML Hospitality and how do you define its mission?
We never really had a vision early on except to open a few restaurants that we felt Austin needed. As we grew, we started to centralize some things, bring in more talent and tried to
do some accounting. Our vision and mission have always been to create long lasting restaurants, build spaces with nice design and details in mind and to do it with people we enjoy. We’ve always prided ourselves on a commitment to craft and quality, and Austin’s laidback friendliness. The spirit of Austin is grounded in its approachability and loyalty to independent businesses – things MML Hospitality aims to champion as we expand into new markets. Will you provide an overview of MML Hospitality’s restaurants and hotels?
This is going to be an annoyingly long answer. McGuire Moorman Hospitality was founded in 2009, and in 2021 we became McGuire Moorman Lambert Hospitality when hotelier Liz Lambert joined me and Tom’s partnership. Today MML’s home office is made up of creative, culinary, beverage, marketing, human resources, and accounting teams, and we manage 30 restaurants, Hotel Saint Vincent in New Orleans, and ByGeorge retail stores. We have locations in Austin, New Orleans, Aspen, and Houston – with California and Florida locations on the horizon.
More than 15 years in, we are starting to turn some of our most successful concepts into growing brands. Clark’s Oyster Bar has locations in Austin, Aspen, Houston and will soon add Montecito, Menlo Park, Malibu and Dallas to the roster. Our bakery and cafe
Swedish Hill recently took over the Aspen Art Museum Cafe and will add a few more locations in Austin soon.
In 2021, we opened our first hotel project in New Orleans, Hotel Saint Vincent, originally built in 1861, which has been restored and reimagined and holds several restaurants, a pool and courtyards, a ByGeorge boutique, private event spaces and more. This year we will begin remodeling The Aspen Mountain Chalet, an iconic family-owned hotel in Aspen that we were lucky enough to purchase in 2020 with our families and friends. The historic building boasts panoramic views of the mountains and is nestled between the gondola and the forthcoming new lift 1A Project. My wife and I have spent our vacations – and wedding – traveling throughout the Alps to develop and hone our vision with the intention of bringing a real alpine chalet to Aspen, one that marries luxury hospitality with outdoor adventure. In addition to traditional design and craftsmanship, there will be an adventure guide service, a kids club, an amazing spa and pool, a traditional alpine stube, a small Japanese restaurant, a fancy grill, and a 5th floor cocktail lounge with great music edited by New York DJ Stretch Armstrong.
In Austin, we are about to break ground on our first mixed-use real estate development, the Herzog & de Meuron-designed Sixth&Blanco on West 6th Street. Sixth&Blanco spans 2.5 acres combining historic bungalows with a five-story Swiss designed mass timber building. This project is very special to MML because we have
been able to bring our expertise in hospitality and design to a real estate development for the very first time. Once Sixth&Blanco is complete, it will have ten private residences, a 57 key hotel, a beautiful bath house for residents and hotel guests, private members dining club, and a collection of retail, art galleries and restaurants.
Are there common characteristics to an MML Hospitality restaurant?
MML Hospitality is known for our attention to detail, but more and more, I think it’s our people and our culture. Our businesses can be hotspots when they open, but they often get a lot better as they age and find their footings –it’s the day to day that makes me the proudest. We have a huge team of collaborators that are behind every concept. Today, we have restaurants that are more than 15 years old while also opening new spots, so we have to create a balance between maintaining and improving our older spots while finding the inspiration and excitement to keep creating. Our people make that possible.
Where do you see growth opportunities for MML Hospitality?
It’s exciting to see our little one-off concepts start turning into brands on their own, with their own leaders, chefs, and a reach into different markets. At the same time, our small collection of hotels deepens our passion for surprising and giving our guests an immersive design, service, and culinary experience through super unique placemaking. I hope we can keep the healthy balance of artistic quirk and solid business that has made us successful.
Did you always know that you had an entrepreneurial spirit and desire to build your own business?
Yes, definitely. I knew early on that I couldn’t really work for anyone. I’m just too stubborn. Also, I was growing up and looking at Whole Foods and Dell coming out of Austin and then the tech boom. I was driven to work for myself and create something – I knew that I was super lucky to be coming up in Austin
during the 2000s and people were super willing to invest and help us along the way.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
I’m all for kids being kids – but I think we waste a lot of time in college when we should be a bit more serious: working, traveling, figuring things out. Making things with your hands, doing hard things, building things, being in hot sweaty kitchens or bussing tables –these things build character and grit. Believing in yourself, having the ability to take risks, and digging deep when things get tough are super necessary in this industry. Almost every one of our places could have gone out of business, especially early on. We willed them to happen, and we asked for and received a ton of help along the way.•
Renderings of Sixth&Blanco pool (above), spa lower level (below) and suite (right)
HOSPITALITY HOSPITALITY
Convenience, Comfort And Community
An Interview with Nicholas Allen, General Manager, Sheraton Grand Nashville Downtown
EDITORS’ NOTE A 15-year hospitality industry veteran, Nicholas Allen is the General Manager of Sheraton Grand Nashville Downtown where he oversees all operations for the storied Music City gathering place. He began his professional journey as a part-time front desk agent at a Residence Inn in Indianapolis and quickly discovered his passion for service and creating outstanding guest experiences. With tenure at properties and brands including The Westin Austin Downtown, the Indianapolis Marriott Downtown and Interstate Hotels & Resorts on his resume, Allen has a track record for managerial and operational excellence and cites being a part of creating memorable guest experiences and supporting and watching the development and growth of his teams as his favorite parts of his role.
Will you provide an overview of the property and how Sheraton Grand Nashville Downtown is positioned in the market?
convenience, comfort and community differentiates us from competitors in the market and elevates our positioning as a practical yet sophisticated destination within the city.
PROPERTY BRIEF Newly reimagined, Sheraton Grand Nashville Downtown (sheratongrand nashville.com) is located in the heart of Nashville, offering access to the city’s top attractions and creating opportunity for seamless immersion and exploration. Following a multimillion-dollar renovation to its 494 guest rooms and nearly 29,000 square feet of event space and a thoughtful reimagination of its lobby experience, Sheraton Grand Nashville Downtown connects business and leisure travelers to the best of Music City. Showcasing the best of hospitality expertise built on the tradition of a trusted brand, Sheraton Grand Nashville Downtown provides guests with a welcoming space that offers the comforts of home combined with modern amenities and opportunities for gathering and celebration.
What excited you about the opportunity to lead Sheraton Grand Nashville Downtown and made you feel it was the right fit?
I took on the role of general manager at Sheraton Grand Nashville Downtown in spring of 2023 and have played a key role in supporting our renovation project since. The renovation is a pivotal moment in Sheraton Hotels’ worldwide transformation of its guest experience and its global mission to become the world’s gathering place, and the opportunity to be a part of such a defining moment for both the Sheraton brand and the property itself was what drew me in.
Sheraton Grand Nashville Downtown is one of the city’s tallest and most recognizable buildings with 494 guest rooms and suites and a rich history that creates a sense of place. Our prime location in the downtown neighborhood appeals to both business and leisure travelers and offers desirable proximity to attractions including Broadway, Bridgestone Arena and Nissan Stadium as well as nightlife and historical landmarks. Our contemporary design, amenities, food and beverage experiences, and extensive meeting and event spaces allow us to cater to the needs of all guests from business guests seeking a functional yet stylish location for corporate events to leisure travelers looking for a comfortable, modern home base while exploring Nashville. Our emphasis on
Sheraton Grand Nashville Downtown has gone through a major renovation. What can guests expect from the property?
We’re proud to be the latest U.S. property within the Sheraton Hotels brand to undergo a brand-defining transformation which includes upgrades to all meetings and events venues, the addition of new spaces, a redesign of all guest rooms and suites, the addition of new communal spaces, and the creation of elevated food and beverage experiences. Our lobby has been reimagined to serve as a “Public Square” within the hotel and offers a community table, karaoke studios, and a coffee bar, cocktail bar and marketplace called &More by Sheraton, which create unique opportunities for gathering and socializing. Our meeting and event spaces have been upgraded with modern decor and technologies and we welcomed the addition of three new
Nicholas Allen
Sheraton Grand Nashville Downtown
flexible workspaces known as The Studios. Guest rooms and suites have been reimagined with comfort and productivity in mind, and the Club Lounge has been upgraded with enhanced amenities. Guests can expect the same level of service and access that we’ve always offered, but with enhanced amenities and a modernized experience tailored towards the needs of the modern traveler.
How valuable is it for Sheraton Grand Nashville Downtown to have such a strong suite product?
Our newly renovated suites are crucial to our success, especially with so much of our business consisting of corporate travelers. The suites were refreshed to offer comfortable, practical, and spacious settings for remote work and relaxation and include upgrades to technology and added amenities to increase the appeal. Maintaining a well-appointed, modern collection of suites designed for the modern traveler not only allows us to attract high-profile clientele in both the leisure and corporate travel sectors, but supports our positioning as the premier choice for business events and corporate hospitality in the highly competitive Nashville market.
How has Sheraton Grand Nashville Downtown approached its culinary offerings and what are the keys to being successful in this part of the business?
Culinary experiences at Sheraton Grand Nashville Downtown serve as a key element of our storytelling and the overall guest experience with community at the core. Our Library Bar Restaurant & Lounge sits a block away from Nashville Public Library and pays homage to Nashville’s history through literary-inspired cocktails and decor and a menu of signature dishes; Skye Lounge is our 28th floor, vibe-driven lounge experience that offers 360-degree views of the Nashville skyline and is currently home to a
sushi experience in Sora Kitchen; and &More by Sheraton is our lounge-level experience perfect for guests looking for an alternative to the traditional full-service restaurant. In order to see and maintain success in the food and beverage sector of the business, it’s important to consistently be evolving and elevating offerings to meet the needs of guests, ensure variety in experiences, and ensure consistent, top-tier service that keeps guests coming back time and time again.
What do you tell people about the strengths of Nashville from a tourism perspective?
Nashville has a very diverse and vibrant tourism landscape. The city is most popularly
known for its world-renowned music scene with live music daily, legendary Honky Tonks on Broadway and iconic venues like the Ryman Auditorium and the Grand Ole Opry. Culture is an equally prominent draw with the city’s collection of museums, galleries, historic landmarks like the Country Music Hall of Fame and the Tennessee State Capitol and a bustling culinary scene. Our geographical location also supports tourism as Nashville’s central location and various direct flight paths make the city easily accessible for both leisure travelers and business-oriented guests looking to host events or meetings in a city with a strong leisure appeal. Nashville has something for everyone and is by far one of the most appealing leisure and business travel destinations in the country.
How do you define the role of a general manager and how do you approach the role?
Personally, for me it’s a matter of leadership. It’s about striving every day to be better as a team. As a general manager, it’s my goal to guide, inspire, and support my team while aligning operations with strategic goals. Leading with passion, integrity, and commitment to continuous improvement is how we drive the team forward and succeed.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
A career in hospitality can be both very rewarding and challenging, but it’s not for everyone. Hospitality takes hard work and dedication with long and, in some cases, sporadic hours. But if you have passion for helping others and genuinely care, it’s very rewarding. Our guests are our number one priority, and we always need to stay passionate to help. My advice to a young future hotelier is to stay curious and be ambitious and you’ll find there’s no limit to how far you can go if you have that ambition and drive while remaining curious and open to an ever-changing industry.•
Skye Lounge at Sheraton Grand Nashville Downtown
HOSPITALITY HOSPITALITY
A Cornerstone Of The Community
An Interview with Sherry Hicks-Buckles, General Manager, Hyatt Regency Greenwich
EDITORS’ NOTE Sherry HicksBuckles boasts over 25 years of experience in the hospitality industry, having dedicated her career to the Hyatt Hotels Corporation. Since 2019, she has served as the General Manager at Hyatt Regency Greenwich, where she oversees all operations of the 374-room hotel in the picturesque coastal community of Old Greenwich, Connecticut. HicksBuckles launched her career as a catering administrative assistant at the Hyatt Charlotte in Charlotte, North Carolina, and quickly ascended to key leadership roles. Prior to her current role, she served as the Director of Hotel Operations at Hyatt Regency Atlanta, where she was instrumental in enhancing guest experiences and operational efficiency. Her extensive background in food and beverage management includes her tenure at prominent convention, large business, and resort hotels throughout the Northeast, Mid-Atlantic and Southeast. Hicks-Buckles earned a BS degree in science, biology and secondary education from Concord University.
PROPERTY BRIEF
Will you provide an overview of Hyatt Regency Greenwich and how the property is positioned in the market?
For nearly 40 years, Hyatt Regency Greenwich has been a cornerstone of the community, boasting a rich history and an exciting future. Hyatt Regency Hotels are built on a philosophy of openness, creating inviting spaces that bring people together and foster a sense of belonging. With an average tenure of 15 years among our dedicated team, we are committed to delivering exceptional experiences, effortless relaxation, and memorable culinary delights.
Our property is a dream destination for meeting planners, featuring nearly 40,000 square feet of versatile meeting space on a single level, with options for natural light. The newly transformed Garden Court offers flexible event areas and unique communal spaces where guests can enjoy offerings from Glenna’s Café & Market and Townsend Bar. Our 374 newly renovated guest rooms and suites are
designed to reflect the beauty of our four-story atrium garden, enhancing your stay with elegant decor and furnishings. Our state-of-the-art fitness center is a haven for wellness, featuring an indoor pool, hot tub, balance bar, and the latest strength and cardio equipment, including three Peloton Bikes. This comprehensive renovation positions us as the premier destination in Southern Connecticut and Westchester County, New York.
What can guests expect from the major renovation project at Hyatt Regency Greenwich?
Guests will be delighted by a thoughtfully curated theme that pays homage to the iconic Condé Nast printing publication from the 1920s, blending its rich heritage with contemporary comforts. This unique design seamlessly intertwines nostalgic elegance with modern touches, creating a captivating atmosphere that honors the past while catering to today’s discerning traveler. Each detail is meticulously crafted to offer a sophisticated yet welcoming environment, ensuring a memorable stay that bridges classic charm with modern luxury.
A beloved hotel in western Connecticut for its instantly recognizable lobby and unparalleled hospitality, Hyatt Regency Greenwich (hyattregencygreenwich.com) is a 374-room hotel providing modern comforts with touches of the region’s history. The hotel, completing a top-to-bottom renovation this year, offers stylish, spacious guest rooms and suites outfitted with decor acknowledging the property’s history as the home to Cond é Nast Publishing. Just a 45-minute train ride from New York City in Old Greenwich among renowned shopping, dining, family-friendly activities and cultural experiences, the property features nearly 40,000 square feet of meeting and event space, an updated fitness center, indoor pool, and on-site salon. The hotel’s dining options include Townsend, a moonlit garden bar in the atrium-style lobby, and Glenna’s Caf é & Market, a full-service coffee shop serving breakfast, lunch, and an assortment of grab-and-go options.
Sherry Hicks-Buckles
Glenna’s Café
How important was it to maintain some of the history and heritage of the property while making it modern and current?
Our recent transformation highlights the property’s striking architectural elements, with the Condé Nast water tower – resembling a four-story castle from the early 1900s – serving as its signature feature. The building’s historic charm is woven throughout the design, lighting, landscaping, and service. Collaborating closely with Curioso, we embraced the nostalgia of the Condé Nast era while catering to modern needs. Our guests can enjoy prompt breakfast and lunch at Glenna’s Café & Market, or savor craft cocktails and shareable plates at Townsend Bar. Our lushly landscaped common areas feature discreet USB and power outlets in semi-private and communal seating. Guest rooms are designed as personal retreats with flexible furniture and convenient charging options, providing a perfect balance of comfort and functionality.
How valuable is it for Hyatt Regency Greenwich to have such a strong suite product?
By valuing insights from our guests and colleagues, we’ve enhanced our suite configurations and upgraded amenities. This collaborative approach allowed us to increase our suite inventory by 15 percent, adding two new suites designed to elevate the guest experience. One of these suites is tailored for extended stays, featuring a washer and dryer, a kitchenette, and a dining area, ensuring greater convenience and comfort for long-term visitors. These improvements reflect our commitment to meeting our guests’ needs and exceeding their expectations.
How has Hyatt Regency Greenwich approached its culinary offerings and what are the keys to being successful in this part of the business?
At Hyatt Regency Greenwich, our approach to culinary offerings is deeply rooted in local
partnerships and a commitment to quality. By collaborating with local farmers, creameries, distilleries, and purveyors, we bring a fieldto-table philosophy to life, offering guests an experience that is both accessible and refined. This approach not only supports regional businesses, but also ensures that our ingredients are fresh and of the highest quality. Our skilled culinary team takes this commitment a step further by infusing coastal influences and regional seasonings into our dishes. This blend of local and innovative flavors results in a menu that feels familiar yet pleasantly surprising. We focus on creating dishes that are comforting and inviting while incorporating unique elements that elevate the dining experience.
Success in this aspect of our business lies in our dedication to sourcing locally and our ability to translate those ingredients into extraordinary culinary creations. By understanding and
responding to guest preferences and staying true to our commitment to quality, we consistently deliver memorable dining experiences that stand out.
How do you define the role of a general manager and how do you approach the role?
As a General Manager, my role is to oversee the seamless, efficient, and cohesive operation of all hotel departments. My primary objective is to position our hotel as the preferred choice for guests, colleagues, and owners alike. This involves ensuring that every aspect of the property runs smoothly and that we consistently deliver exceptional service and experiences. I approach this role with a focus on fostering a collaborative environment, where each team member is empowered to contribute to our shared goals. By maintaining open communication, setting clear expectations, and prioritizing both guest satisfaction and team engagement, I strive to drive excellence across all facets of the hotel. My goal is to create an atmosphere that not only meets but exceeds expectations, reinforcing our reputation as a leading hotel brand.
What advice do you offer to young people interested in pursuing a career in the hospitality industry?
A career in the hospitality industry can be incredibly rewarding if you bring qualities such as a genuine care for others, a proactive approach to change, a commitment to diversity, equity, and inclusion, and a passion for continuous learning and growth. I discovered the hospitality field 27 years ago, and my journey with Hyatt has continually ignited my enthusiasm for supporting others and helping them thrive. My advice to young people aspiring to enter this industry is to embrace these core values wholeheartedly. Cultivate a genuine desire to make a positive impact on people’s lives, stay open to new ideas and improvements, and prioritize inclusivity in every interaction. With these attributes, you’ll find that the hospitality industry offers boundless opportunities for personal and professional fulfillment.•
Fairfield Suite
Rendering of the courtyard atrium
WORLD’S BEST SUITES WORLD’S BEST SUITES
Hôtel Plaza Athénée Royal Suite
Hôtel Plaza Athénée (dorchestercollection.com/paris/hotel-plazaathenee), a Dorchester Collection hotel in Paris, has revealed 49 renovated rooms and suites on its fifth and sixth floors, including the legendary Royal Suite. Led by acclaimed French interior design firm, Moinard Bétaille, the hotel’s iconic style has been reimagined with a contemporary feel, while still retaining the 18th-century and Haute Couture style that is central to the ethos of the hotel. This project marks the continuation of a partnership between Hôtel Plaza Athénée and Bruno Moinard and Claire Bétaille, who also oversaw the design of the Lobby, The Gallery, La Cour Jardin and Le Relais Plaza.
Designed as true Parisian apartments, each room and suite offer a different layout, ensuring that no two rooms are the same, and allowing guests to rediscover Hôtel Plaza Athénée every time they visit. Six new color palettes have been designed to bring a touch of freshness and softness to the property, amidst its 18th-century backdrop. The Virginia creeper plant that adorns the façade of the hotel’s iconic interior courtyard – La Cour Jardin – appears throughout the design; from moldings and mosaics, to the embroidery of cushions, carpets and moiré silks. Silk has also been used for the headboards, creating a foliage and feather design that echoes the lightness and comfort of the beds themselves.
The new rooms and suites feature Louis XVI-style bedside tables, classic painted wood furniture paired with marble tops and bronze fittings, and chests of drawers that have been specially designed to complement the collection of period furniture that has been restored for the project. The lighting provides a warm atmosphere by highlighting the moldings, materials and textures used in each room. Tailor-made hanging lamps, placed on either side of the beds, pay homage to antique lanterns, with handdecorated glass elements that reflect gold sparkles. The rooms and suites are also adorned with chandeliers that are covered in iridescent pendants. In the bathrooms, moldings and mosaics with foliage motif envelop the white marble with light grey veining that covers the floors and walls, adding a touch of color which echoes what is found in the bedrooms.
Located on the fifth floor, The Royal Suite is one of the largest suites in Paris. The suite is comprised of four bedrooms, four bathrooms, a living room, dining room, pantry, and balcony, from which guests can enjoy spectacular views of the Eiffel Tower, Avenue Montaigne, and the hotel’s La Cour Jardin. Throughout the Royal Suite, hidden details are incorporated to surprise and delight guests. Additional touches include a bar concealed in a travel trunk and a crystal counter that reflects the light and views of the suite. The suite’s moldings, cornices and Versailles parquet floors pay tribute to the hotel’s rich history.
Hôtel Plaza Athénée stands proudly on the city’s famous avenue of couture, surrounded by some of the world’s most luxurious fashion brands. For decades, this area has attracted artists and given designers the most elegant showcase of the world. When visiting Paris, Hôtel Plaza Athénée is the place to stay. As François Delahaye, Chief Operating Officer, Dorchester Collection, says, “Coming into Hôtel Plaza Athénée is rather like entering a beautiful home.”•
Hôtel Plaza Athénée Royal Suite living areas and bedroom
IMPERIAL YEAR OF THE DRAGON
WINE & SPIRITS LEADERS WINE & SPIRITS LEADERS
Bordeaux-Style Wines From Sonoma
An Interview with Jesse Katz, Founder and Head Winemaker, Aperture Cellars and Devil Proof Vineyards
EDITORS’ NOTE Early adventures to legendary vineyards and wineries around the world with his family and father, photographer Andy Katz, gave Colorado-native Jesse Katz a profound respect for the creativity and art of winemaking. It was through his father’s work that he recognized and fell in love with the importance of terroir, balance, and the beauty of a winemaker’s influence – setting him on a path he has pursued ever since. Today, he creates distinct and nuanced wines for his brands, Aperture Cellars and Devil Proof Vineyards, while serving as a consulting winemaker for some of the world’s elite wine programs. Since his debut as a first-generation talent out of college, Katz has emerged as one of the most exciting – and accomplished – winemakers globally. His diverse experience spanning 24 harvests at wineries, along with a passion for travel, fueled his aspiration to learn from the best in the industry. After graduating from Fresno State’s Department of Viticulture and Enology, he spent time studying at Pétrus in Bordeaux, Screaming Eagle Winery and Robert Foley Winery in Napa Valley, and Viña Cobos and Bodega Noemia in Argentina. In 2010, he became the youngest head winemaker in the U.S. at Lancaster Estate. During his five-year tenure there, he orchestrated the building of the new Roth winery, production facility, and tasting room. Behind the scenes, he received 90+ scores on every wine scored by the Wine Advocate and secured Lancaster Estate’s inclusion on the list of Wine Spectator’s Top 100 Wines. In 2013, Wine Enthusiast named Katz one of its 40 Under 40 Tastemakers, and he also earned the distinction of becoming the first winemaker on the Forbes 30 Under 30 list. He has served as a consulting winemaker for some of the biggest names in entertainment – including Von Miller, Tony Hawk, and Justin Timberlake. In 2017, Katz’s wine collaboration with Shep Gordon, under The Setting Wines label, earned the designation as the most expensive 750 ml bottle of wine in the world ever sold. He then broke his own record in 2021, when a 6L of his Cabernet Sauvignon sold for $1 million, setting the world record of most expensive bottle of wine ever sold. Katz’s wines have garnered superlative recognition over the years from the top wine critics in the industry. The Aperture Chenin Blanc has earned the highest Wine Enthusiast rating for the varietal in the history of California. In 2021, his work with Devil Proof’s Farrow Ranch
Jesse Katz
vineyard led him to joining the elite group of winemakers receiving 100 points from both Robert Parker’s The Wine Advocate and Jeb Dunnuck. Katz has gained multiple 100-point scores not only for his Devil Proof brand, but also for Aperture. He finds joy in utilizing his craft to raise funds for charitable causes, nonprofits, and charity events. Devil Proof, Aperture, and The Setting Wines actively donate and participate in a large variety of charitable auctions, donating numerous cases of wine and custom winery experiences to causes they firmly believe in each year. Katz has raised over $5.8 million for charities and foundations since starting his brand and has recently joined the Board of Directors for the SommFoundation, an educational-based nonprofit benefiting professionals in the wine and spirits business.
WINERY BRIEF Aperture Cellars (aperture-cellars.com) champions a range of stunning Bordeaux style wines from the Sonoma Valley. Founded in 2009 by winemaker Jesse Katz, Aperture wines are crafted from unique, cool-climate vineyards in Sonoma’s top regions. Wanting to craft wines on par with the quality and refinement that are so integral to a Bordeaux, the winery set roots in Sonoma, believing it offers the best of both worlds: new world fruit and old world elegance.
The vineyard-designate wines produced for the Devil Proof (devilproofvineyards.com) labels offer interpretations as singular expressions of each site – of grapes grown within the ecosystems of those vineyards. Those vines are well-tended throughout the growing season, from winter pruning and springtime bud break to summertime bunch growth and fall harvest. Devil Proof remains the highest-rated California Malbec by the top wine critics, including Wine Advocate, Wine Enthusiast and Wine Spectator
When did you develop your passion for the wine industry?
My passion for wine began through travels during my youth with family and following my artist father, Andy Katz, who frequently worked on photography projects that took us to some of the world’s best wine estates. These travels instilled a deep appreciation for terroir, balance, and the artistry of winemaking. This passion led me through an impressive immersion into the wine world, including studies at Fresno State and hands-on experience at
prestigious estates like Pétrus, Screaming Eagle, and Bodega Noemia. I feel very fortunate that I have been able to observe how great wines have been made throughout the world in a lot of different styles, climates, regions, soils, etc. from my childhood to my professional career. Introduced to wine in my early teens through my father’s artwork, I have always been attuned to the sense of place and an artistic approach has always been integrated in me. This background and my experience making wine all over the world has given me a unique vision of how to look and find great sites that preserve and showcase the distinctive qualities of each site and varietal that make it unique, often in areas others have overlooked.
What was the vision for creating Aperture Cellars?
Aperture Cellars started from a vision throughout two decades of harvests learning from the best producers in the world. I wanted to create wines inspired by some of the best producers in the world and in 2009, I started that dream. The vision for Aperture was to create a winery that highlighted my father’s lifelong dedication to his art as a photographer and showcase his photos on all our labels along with my lifelong dedication and pursuit to crafting some of the greatest wines in the world. My vision is to create something lasting and sustainable that will positively benefit this community and land that is so special in Sonoma County for the next generations to come. As we have continued to see Northern California wine country get warmer and dryer, we set to showcase what some of the best sites in slightly cooler areas for Bordeaux varietals can do. We continue to look for and plant vineyards for what we think can be successful now, but also what will be some of the best sites for the next generation. We have made 17 perfect 100-point wines from five different critics as of the 21’ vintage, a region that had never had one prior to us.
How do you define Aperture Cellars’ mission and purpose?
Aperture Cellars specializes in crafting exquisite Bordeaux style wines from Sonoma. These wines are made from unique, cool-climate vineyards for the varietal in Sonoma’s top regions. Striving to achieve the quality and refinement that are so integral to a Bordeaux, I set roots in Sonoma, believing it offers the best of both worlds: new world fruit and old world elegance. I am passionate about honoring the art of winemaking by combining traditional techniques with modern practices, ensuring that each
bottle represents the distinct terroir of the region through balance and textures. I want to produce wines that not only delight the palate, but also connect with people on a deeper level, celebrating the craft and culture of winemaking.
What can guests expect to experience when visiting the Aperture Cellars estate?
A visit to Aperture isn’t like any other in Wine Country, and whether you’re a wine lover or an art aficionado, the benefits of spending a few hours here are unparalleled. Each of our three lush experiences allows guests to enjoy an intimate, seated tasting through our exceptional Bordeaux-style at the modern, state-of-the-art winery surrounded by century-old vines, first planted in 1912.
The Soil Series Experience offers a stunning introduction to the breadth of the Aperture portfolio with a journey through our Soil Series collection consisting of Bordeaux-inspired blends from exquisite vineyards in Alexander Valley and greater Sonoma County with unique soil profiles perfectly suited for these varieties. The Site Series Experience explores a rare opportunity to dive deep into the curated vineyards of Aperture Cellars while exploring the notion of terroir, focusing on unique cool-climate vineyards in Alexander Valley, and showcasing the site-driven wines from our single-vineyard cabernet sauvignon locations. The Private Lounge Experience is our most elevated and in-depth experience showcasing the most sought-after Aperture Cellars wines. This experience takes place in our pristine private gallery rooms, in a lounge setting with stunning floor-toceiling views of our estate vineyard, where guests will be guided through an educational journey served alongside curated food accompaniments.
Guests can look forward to enjoying a range of exceptional Bordeaux-style wines, crafted from unique, cool-climate vineyards in Sonoma’s top regions, while taking in the expansive
landscape of the estate vineyards. With a glass in hand, they can relish in the scenery: the fully exposed natural beauty of the northern Russian River Valley courtesy of floor-to-ceiling windows, which look westward over our 40-acre estate and vineyards.
The scenery indoors is just as vivid. Guests can experience the fine art collection by my father, acclaimed photographer Andy Katz, that graces the walls of our gallery-inspired tasting space. Spending time with us at Aperture isn’t just about the wine; it’s about the entire property, and every surprise it offers.
Will you discuss Aperture Cellars’ commitment to sustainability?
Aperture Cellars places a strong emphasis on sustainability in our winemaking practices. The commitment to environmental stewardship is reflected in several key areas:
•Vineyard Practices: Aperture Cellars implements sustainable farming techniques in our vineyards. This includes using organic practices to maintain soil health, reduce chemical usage, and promote biodiversity. We focus on soil management, pest control, and water conservation to ensure that the vineyards are environmentally friendly and producing the most expressive fruit they can.
•Water Conservation: Managing water resources efficiently is a priority for Aperture Cellars. We employ practices such as dry farming and in areas that need water, we use drip irrigation to minimize water waste and monitor water usage closely to ensure the use of this vital resource as efficiently as possible. We reclaim 98 percent+ of the water used in the winery and use that as irrigation back into the vineyard.
•Energy Use: The winery aims to reduce its carbon footprint by adopting energy-efficient technologies and practices. This includes using
renewable energy sources where possible and optimizing energy use in production processes.
•Waste Reduction: Aperture Cellars takes steps to minimize waste through recycling and composting. We strive to reduce the amount of waste generated during the winemaking process and repurpose byproducts whenever feasible back into the vineyard.
Overall, our commitment to sustainability reflects the broader goal of producing high-quality wines that are not manipulated. We don’t fine, filter, or acidify any of our wines. We let the vineyard speak. The vineyard is the focus of not only a sense of place, but also for where we live. My family and I live on the vineyard, and we are respecting and preserving the natural environment as our home, because it is. These practices not only contribute to the health of our vineyards, but also support the broader effort towards environmental responsibility in the wine industry.
What advice do you offer to young people interested in pursuing a career in the wine industry?
The wine industry is such an amazing field filled with joy and driven by passionate people. However, it requires substantial commitment and effort. If you lack genuine passion for this work, there are undoubtedly easier ways to earn a living. For those who are enthusiastic and just beginning their careers, I encourage you to immerse yourself fully and absorb as much knowledge as possible across all facets of the industry – winemaking, viticulture, sales, marketing, and the broader business landscape.
Find what you’re good at and really go for it. Strive to be that person in your company that everyone admires for your drive and thirst for knowledge. I can’t tell you how many weddings, birthdays, weekends, and nights I’ve missed because of harvest and work, but honestly, I wouldn’t change a thing. For me, this is not just a job; it’s my passion. Don’t take shortcuts. Keep your head down and invest the necessary time and effort. Trust me, it’s worth it in the end.•
Aperture and Devil Proof wines (opposite page); interior and exterior view of Aperture Cellars (above)
LEADERS SPOTLIGHT LEADERS SPOTLIGHT
A Conversation With Bob Wright
EDITORS’ NOTE Bob Wright has had a diversified career in general management, marketing, and broadcasting. He served as vice chairman of General Electric and president, CEO, and chairman of NBC and NBC Universal from 1986 to 2007. Prior to that, he served as president of General Electric Financial Services and before that as president of Cox Cable Communications. He is a senior advisor of THL Capital, CEO and Chairman of the Palm Beach Civic Association, and a trustee of New York Presbyterian Hospital. He is a former member of the executive committee of Rand Corporation, Ralph Lauren Corporation, AMC Networks Inc. and a former director of Autism Speaks and EMI Group Global Ltd. Wright is an advisor to Ralph Lauren at Ralph Lauren Corporation and to Josh Sapan at AMC Networks Inc. In 2005, Wright and his late wife, Suzanne, co-founded Autism Speaks, a national foundation dedicated to raising public awareness and research funds for autism. Since its inception, Autism Speaks has committed more than $600 million to its mission, the majority in science and medical research, and has grown into the world’s leading autism advocacy organization. In 2008, Wright was named in the Heroes and Pioneers category of the TIME 100, the magazine’s annual list of the most influential people. He also received the first Double Helix Award for Corporate Leadership from Cold Spring Harbor Laboratory; the NYU Child Advocacy Award; the Castle Connolly National Health Leadership Award; the American Ireland Fund Humanitarian Award; the Citizens United for Research in Epilepsy 2011 Leadership Award; the Moffly Media’s Light a Fire Lifetime Achievement Award; and the Eugene M. Lang Lifetime Achievement Award from the I Have A Dream Foundation. In 2013, he received the Dean’s Medal from the Johns Hopkins Bloomberg School of Public Health for Global Leadership in Autism Research and Advocacy. In addition Wright received honorary degrees from St. John’s University, St. Joseph’s University, Fairfield University and UMass Medical School. He graduated from the College of the Holy Cross in Worcester, Massachusetts, and the Law School of the University of Virginia. Wright and his wife, Susan Keenan Wright, live in Palm Beach and actively work together advocating for individuals with autism and supporting charitable organizations nationally and in their community. Between them, the Wrights have 5 children and 6 grandchildren.
What do you feel were the keys to your impact and success in your business career?
Patience with hard work and hiring the best people I could find. Where did your interest and passion for philanthropy develop?
Even before I was successful, I tried hard to put time into not-for-profit organizations. My mother was a lifelong schoolteacher, and she taught first and second grade to underserved children. I spent many hours watching my mother in her classroom give above and beyond to her students.
What do you feel are the keys to being effective and making an impact in philanthropic work?
Dedication and understanding the needs of the people you are trying to help.
Do you approach your philanthropic work the same way you approach your business efforts?
Yes – look for the best, hire the best.
How do you decide where to focus your philanthropic support?
Naturally, my first focus is on children with Autism. I also select charities in my own community where I feel I can make a difference.
What does success mean to you?
I have achieved my goals that I set for myself in my life.
When you think of legacy, is the impact that you have made on countless lives through your philanthropic work what means the most to you?
Yes, making a difference in the lives of others is what is most important to me.
What advice do you offer to young people beginning their careers?
Never give up, believe in yourself, and the strength of others.•
Bob Wright speaking at an Autism Speaks event (top); “A Lifetime of Commitment – Celebrating Bob Wright”event where The Center for Discovery presented Bob Wright with the Lifetime Achievement Award, recognizing his legacy of doing for others (above); Susan and Bob Wright being honored at an Ann Norton Sculpture event (left)
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