LEADERS Magazine October, November, December 2021 Volume 44, Number 4

October, November, December 2021

Volume 44, Number 4

A PERPETUAL MOTION MACHINE

An Oral History of Bridgewater Associates’ Leadership Transition

DAVID MCCORMICK, CEO

RAY DALIO, FOUNDER

NEW YORK’S RECOVERY AND REBUILDING

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VOLUME 44, NUMBER 4

C E L E B R AT I N G 4 0 Y E A R S OF SUPPORTING U.S. & CHINESE BUSINESS COMMUNITIES

BUILDING BRIDGES BETWEEN EAST & WEST

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Contents Recovery and Rebuilding

A Perpetual Motion Machine An Oral History of Bridgewater Associates’ Leadership Transition

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Detect, Assess, Respond and Learn General Stanley McChrystal, Founder and Partner, McChrystal Group

The Power of Community Julie Faupel, Founder and Chief Executive Officer, REALM

Customer Experience Melissa Arnoldi, Executive Vice President and Chief Customer Officer, AT&T Consumer

Breakout Business Performance Frank Calderoni, Chief Executive Officer, Anaplan

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A Best-In-Class Approach to Golf Hoyt McGarity, Chief Executive Officer, 8AM Golf

192

The Art of the Possible Dr. Nido R. Qubein, President, High Point University

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Creative Innovation Andrew Collins, President and Chief Executive Officer, Sentient Jet

196

An Authentic Brand Eric Brass, Chief Executive Officer and Co-Founder, Tequila Tromba

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Apogee’s Mission Ric Roth, President, Primecard, Inc. and President, Apogee Rewards, Inc.

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A New Golden Era Daniel A. Hostettler, CHA, Chief Executive Officer, The Boca Raton, and President, North America, Relais & Chateaux

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Creative Transformation Kieran Bowers, President, Swire Properties, Inc.

A Unique Luxury Experience Giuseppe Aquila, Chief Executive Officer, Elmo & Montegrappa S.p.A.

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Embracing the Community Maria Zec, Regional Vice President, USA East Coast, The Peninsula Hotels and General Manager, The Peninsula Chicago

Dream Maker Culture Deborah Yager Fleming, Chief Executive Officer & Partner, Acqualina Resort & Residences on the Beach

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Never Bet Against Las Vegas The Honorable Carolyn G. Goodman, Mayor of Las Vegas

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A City Within a City Scott Sibella, President, Resorts World Las Vegas

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178 VOLUME 44, NUMBER 4

To find out more about the culture and creativity of IPG, please visit www.interpublic.com

EXCLUSIVE

A Perpetual Motion Machine An Oral History of Bridgewater Associates’ Leadership Transition

EDITORS’ NOTE It’s one of the most notorious leadership challenges in business: The transition of a founder-led firm to the next generation of leaders. At Bridgewater Associates (bridgewater.com), it’s been a decadelong journey, with plenty of twists and turns along the way. Here for the first time and in their own words, the company’s leadership team shares the lessons they’ve learned from their successful leadership transition.

Bridgewater Associates is legendary for its incredible success as an asset manager and its uniquely unconventional culture. Today, it’s the largest hedge fund in the world with $150 billion in assets under management, a client list representing a who’s who of sophisticated institutional investors across the globe, and dozens of industry awards applauding its innovations and commitment to client service.

Until recently, the Bridgewater story has been inseparable from its iconic founder, Ray Dalio. An ordinary middle-class kid from Long Island and selfconfessed “terrible student,” he caught the investment bug at a young age, bouncing around a few New York brokerages in his 20s before founding Bridgewater out of a two-bedroom Manhattan apartment in 1975. With no backing and no resources other than himself and the scrappy team he built, he grew the firm over several decades into the fifth most important private company in the U.S., according to Fortune magazine.

Dalio says that he learned his most important lessons from the markets, most importantly how to be wrong well and learn with great people on a mission to do the same thing. That lesson shaped his approach and the approach he instilled at Bridgewater, which he describes as an “idea meritocracy in which meaningful work and meaningful relationships were the goals and radical truthfulness and radical transparency were the ways of achieving them.” This meant doing whatever it took to find the right answers, even if it required getting over people’s ego-driven sensitivities that stood in the way. He was tough on others and encouraged others to be just as tough on him so that together they could be as great as they could be.

At the same time, Dalio loved his team and took wonderful care of them – having his personal doctor address their urgent medical issues, attending their family events, inviting them to his house in Vermont, etc. People either loved or hated this culture of “tough love,” which has since become legendary. Many new hires would take around 18 months to wrestle with the challenge and “feel the click.” After that, most couldn’t imagine working anywhere else. That included an extraordinarily talented group that has been with the firm for decades. Bob Prince and Greg Jensen, the other two Chief Investment Officers (CIOs), have been with Bridgewater for 35 and 25 years respectively. Dave McCormick, the CEO, has been there for 12 years; more than a quarter of Bridgewater’s current employees have been there for at least a decade.

Dalio learned a second lesson from the markets: that by studying cause/ effect relationships between economic and market events, he could come up with timeless and universal principles for investment decision-making and then codify them into algorithms. This systemized approach helped Bridgewater make more money for its clients than any other hedge fund in history and become the largest hedge fund in the world. It also helped Dalio 6 LEADERS

with decision-making outside of investing. Each time he made a management decision at Bridgewater or an important personal decision, he also made a habit of writing down the principles he used to make that decision. In that way, his learnings and principles could be programmed into a computer so that a computer could aid him and the team in their decisions.

Soon, Dalio had a few hundred principles focused on work and life in addition to the hundreds he had for the markets. He also had in Bridgewater a company culture that was unlike any at the company’s Wall Street peers or any other corporation anywhere – and that was attracting considerable outside interest and curiosity. So, in 2017, Dalio passed along these principles in the #1 New York Times Best Seller, Principles: Life & Work, which has sold more than three million copies in 34 languages. He’s currently working on a second volume covering his economic and investment principles.

In addition to delivering a winning formula for Bridgewater, the principles provided another benefit: Systematizing his approach has helped the now 72-year-old Dalio transition Bridgewater to the next generation, creating a “perpetual motion machine” to withstand the test of time and continue to be an investment juggernaut 100 years from now. Dalio describes passing along Bridgewater to new leaders who will be successful without him as his most important career achievement – but it wasn’t easy to do.

Around the time he turned 60 in 2009, Dalio found himself in the situation many entrepreneurial founders face after long careers at the helm: How to appropriately write the final chapter of their leadership? In Dalio’s case, that meant handing over the management of the company while still remaining active in investing, which he describes as “the game I’ll play until the day I die.” He knew it wouldn’t be easy, and because he’d never engineered such a transition before, he figured the trial-and-error process of getting it right might well take a decade. It did. There were failures and arguments along the way with his close partners, which is exactly what they expected. It’s how they always got at the best answers, which was best for Bridgewater and for their relationships.

Now, Dalio has fully stepped out of managing the company, handing the reins over to David McCormick, who became co-CEO with Eileen Murray in 2017 and then sole CEO in 2020. McCormick is a West Point graduate, Gulf War veteran, and former McKinsey consultant. He has a PhD from Princeton and led two publicly traded software companies before serving as Under Secretary of the Treasury in the George W. Bush administration. While Dalio has provided a foundation and template, over the past several years McCormick and his leadership team have been guiding and shaping Bridgewater for the future. McCormick began his time at the helm by embarking on a multi-year strategic review, examining everything from the firm’s management structure to how best to serve clients. He and his team are imprinting a new stamp on the organization, enacting a thoughtful and meaningful evolution.

Following, in a LEADERS exclusive, Dalio, McCormick, and 14 others spanning the firm’s full history describe what has undoubtedly been a wild and thrilling ride.

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“I am now able to watch Bridgewater’s beauty happen with little or no dependence on me. I can do that because of the great culture and leadership that are intact.”

- Ray Dalio Ray Dalio at his desk in the early 1980s at Bridgewater’s offices which were then located in a rustic barn in Wilton, Connecticut

Part I: Nothing But a Dream Ray Dalio, Co-Chairman & Co-Chief Investment Officer: In the ’60s, the stock market was the hottest it had ever been. Literally, if you got a haircut or anything, they would be talking about the stock market. And so, when I was caddying at the age of 12, I would hear the golfers talking about different stocks. I made about $6 a bag, and eventually saved up a little money and I bought some shares of Northeast Airlines after hearing some golfers talking about it. It was the only company that I ever heard of that was selling for less than $5 a share. This was a stupid rationale of course, as it turned out that the company was nearing bankruptcy at the time. But then it got bought out and it sent the stock price soaring. I was hooked.

first institutional money management client. The CIO of the World Bank, Hilda Ochoa-Brillembourg, asked if we would manage $5 million for them. Of course, that was a tiny slice of the World Bank’s portfolio, but it was a huge deal for us – we would become money managers for the first time, not just researchers.

Dermot Butler: I first met Ray when I visited him in his brownstone in New York in ’75, right after he started Bridgewater. I had no expectations.

I walked in and the place was a tremendous mess. His kid’s toys were all over the place, as well as various machines. Ray was propped up in a chair with one leg encased in plaster, toe to hip. It was hot, and he looked as if he hadn’t washed for a couple of days. I immediately concluded that he’d slipped on one of the toys and busted his leg. I later learned it was from a parachuting accident.

Paul Colman: I came across Ray in 1977 while reading an article in a cattle magazine. I remember thinking: How in the hell could this Italian guy from Long Island figure out how the cattle markets work? (Editor’s Note: Dalio would later help McDonald’s figure out how to hedge the futures markets which allowed them to create the Chicken McNugget.) He had a really unique way of looking at risk management. Sometime around 1980, I started talking to Ray and he said, would you be interested in joining Bridgewater and coming up here? We packed up our family, we moved up here and we pursued our dream. It was really a pretty simple dream: Learn how to make one more winning trade than our losing trades.

Rob Fried: In 1983, I was a door-to-door Bible salesman – a Jewish Bible salesman – when I met Ray. He liked my tenacity, so he hired me to be the first salesman at Bridgewater, working with him out of an old farmhouse in Wilton, Connecticut, where he’d moved Bridgewater. We created this consulting service and we were selling a research newsletter called the Bridgewater Daily Observations, which is still published five times a week today, four decades on. Ray and I would travel all over the country together, with me lugging around an overhead projector. We got to know all these money managers and Ray started asking the question: “We’re telling all these people how to manage money, why can’t we do this ourselves?” He gets the seed in his mind and within a short amount of time, the World Bank, which had been one of our research clients, took the leap and hired us and became our VOLUME 44, NUMBER 4

For over four decades, the firm has been publishing original market insights five days a week in its “Daily Observations” research papers. Today, the publication remains highly sought after by investors and policymakers across the globe.

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Larry Summers, who was leading the meeting, looked a little surprised, but then the meeting went on. That’s how we had to do things back then – barge our way in. We successfully argued the case for inflation-indexed bonds and wound up playing a significant role in the design of inflation-indexed bonds in the U.S. and then in France, Italy and Japan. And for me, I was 29 years old and was getting thrown into the deep end of the pool and learning to swim and I just can’t imagine I could have had a learning experience like that anywhere else.

Ray Dalio: It wasn’t always easy. We had a lot of ups and downs in the early days and I actually went broke in the early ’80s. It was one of the most painful experiences in my life. But it was also the best one, because it taught me humility. I knew that when I rebuilt Bridgewater, I had to do it in a way where the entire culture of the place was built around getting to the best answers, and that we couldn’t let anything – not ego, not seniority or hierarchy, not office politics – stand in the way of that.

Bridgewater’s campus today in Westport, Connecticut

Giselle Wagner: It was the mid-1980s. I was working at Morgan Stanley and I heard from this guy in Tulsa, Bob Prince. I called him up even though his bank really didn’t have a lot of business to give me; he was the smartest person that I ever talked to. A couple of years passed, and he calls me out of the blue. He was working for this guy in Connecticut, about five minutes from my house. So, I went into the office and Ray and Bob say, “Do you think you can help us build out our institutional investment management business?” Back then, Bridgewater had nothing. There were basically no clients. Hardly a product. No track record, no reputation. No lawyers. No IT department. There wasn’t even anybody making us a cup of coffee in the morning. And they wanted to enter this very regulated business. But seen another way, we had everything we absolutely needed. We had a small group of people who had a commitment and a passion just to do the right thing. There was a sense of family and a sense of fun. And we had unbelievable ideas coming from Bob and Ray. Bob Prince, Co-Chief Investment Officer: There were a lot of ideas; probably had too many ideas. I can’t remember how many times Ray said, “Maturity is the ability to reject good alternatives. Am I right? If you chase them all, you never have enough critical mass to really wrestle any one of them to the ground.” One of our great strengths was to pick the right ones that are really going to make a difference. Some of these ideas became not only our products, but they became industries. For example, risk parity, which is now an investment approach which is widely used by institutional investors for at least part of their portfolio.

Dan Bernstein: We got a call from the U.S. Treasury to come down to Washington and talk to them about inflation-indexed bonds. At that time, we were one of the few people in the country that had experience with that.

They told us only one of us could sit at the table for this hearing – the other would sit in the gallery with the press corps. I did a lot of the work, so we decided it was going to be me at the table. Well, we got down there a few minutes late and they had already locked the doors of this large room in the U.S. Treasury building. I thought we were screwed. I thought it was all over. But Ray walks up and just starts banging on the door, and he was banging on the door for a while.

Finally, someone got up and opened the door and Ray and I walked in, and you know, it was the Treasury Secretary and all these Wall Street leaders, and they looked a little surprised. At the table was my name plate. Ray looked around for his and I still don’t know to this day if he forgot the plan or just changed the plan, but he walked over to the gallery where the press corps were, picked up a chair and sat down at the table.

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Part II: Meaningful Work and Meaningful Relationships EDITORS’ NOTE From humble beginnings, Bridgewater went from a scrappy group of researchers to an actual money manager. Like any investor, there were wins and losses, but Bridgewater would eventually establish a remarkable track record drawing praise and recognition as one of the best in the investment business. Dalio and the firm’s leaders consistently point to the firm’s pioneering culture for what got them to the top of their industry.

Ray Dalio: I always use the same sentence to summarize Bridgewater’s culture: It’s an idea meritocracy based on meaningful work and meaningful relationships, and we achieve those things through radical truth and radical transparency.

Greg Jensen, Co-Chief Investment Officer (Jensen started at the firm as a college intern and quickly rose through the ranks becoming Co-CIO and one of the principal owners of the privately held company): I started here as an intern in college 25 years ago. The first thing that drew me in was that the culture was incredible – essentially people just telling the truth and trying to figure out how the world works. There were 44 of us then and the place was brimming with rigor and intellectual curiosity. Then you combine that with this game of looking down and trying to understand economies and this macro world and then asking, “What can you predict? What comes next?” It meant I was able to make a career out of probability and games – something I’ve always loved.

And then there was that fact that I didn’t really have to wear a tie.

Those three things – the culture, the approach to the markets, and the fact that I could be myself – attracted me here first as an intern and still do today as co-CIO. David McCor mick, Chief Executive Of ficer: What you find at Bridgewater is a pervasive culture focused on achieving excellence, but nothing comes easy here. We expect people to speak up if they disagree, so that means there’s a lot of thrashing things out to get to the best answer – and we expect that of everyone. The result is a better company with better ideas, because we are willing to openly debate things.

Bob Prince: It was in the mid-’90s when Ray first wrote a philosophy statement that we passed around and committed to. One of the key ideas was that long-term relationships are inherently and intrinsically rewarding, but also productive. That when you spend a lot of time with one another in a shared mission, you develop a strong relationship and you’re able to maintain a process of continuous improvement much more effectively when you’ve got a cohesive and stable team. So when you play that forward to today, we wind up in a place where more than a quarter of our workforce has been here for more than 10 years. That’s rare. It’s a strategic advantage, as well as just emotionally an intrinsically rewarding thing.

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Karen Karniol-Tambour, Co-CIO for Sustainability: I was just six months out of school, standing in the big training room, presenting projects I was working on to the CIOs. I was totally sure I knew it all. And Ray responded by saying that if I kept thinking I knew it all, I was “never going to be successful in life.” That was not great to hear. I was pretty confident I was on a very quick road to getting fired. But now, when I look back 15 years later, I think, “Wow, how amazing and rare it is to have the top people at the company care enough to continue to give me such blunt, constant feedback, never holding back to try to help me grow.” I’ve grown and evolved tremendously from it.

Rebecca Patterson, Director of Investment Research (Patterson

has made American Banker’s list of the Most Power ful Women in Finance seven times, making it somewhat of a coup to bring her over to Bridgewater two years ago. As Dir ector of Investment Research, she works at the very center of Bridgewater’s investment engine): I came to Bridgewater with decades of investing experience and, I’m proud to say, a good track record. Since I got here two years ago, I feel some days like I’m learning it all over again. I find myself pushing to understand things at a whole different level – the depth and rigor around our research is beyond anything I’ve ever seen during my career on Wall Street, which makes it a very humbling place. There are so many incredibly smart people here, but then on top of that, to have everyone so focused, so caring – it’s really special.

Ray Dalio: Lee Kuan Yew, former Prime Minister of Singapore, is the one who said, “Culture is destiny,” and I couldn’t agree more. Without a culture, you don’t have great relationships and, if you don’t have great relationships, you don’t have great work and you don’t have a great life.

I also think you need great principles and that life is about the process of discovering these principles with others on the team. That’s what I wanted and have had at Bridgewater for 46 years.

Part III: The Inevitability of Transition EDITORS’ NOTE Bridgewater’s principles would attract fame and intrigue in the corporate world – a compr ehensive management framework that could help any employee through their everyday decisions and dilemmas. The document was published on the firm’s website in 2011 and has been downloaded over three million times.

Dalio would later give a TED Talk about his approach and publish a 500-page book, Principles: Life and Work, which became an international business bestseller translated into 34 languages. By 2009, Dalio was 60 years old and began to think about moving to the next phase of his life which would also mean preparing Bridgewater for the next generation of leadership. Unlike most firms, Bridgewater and Dalio had the advantage of a deep-seated and well-documented guide for how to build and maintain a distinct and successful corporate culture.

allow up to ten years.” Okay, well, it was ten years. And it had some brutal and difficult moments. But when you go through those ups and downs together, you learn that you can get through them – and it makes you stronger.

Part IV: It’s Up to Us: The Next Generation of Bridgewater Leverages Its Past to Build its future EDITORS’ NOTE Over the years, there were many fits and starts. Personnel came and went. Job titles and responsibilities shifted. Dalio the investor was in trial and error mode. One constant was David McCormick, West Point grad and former government official and software company executive. When he was being courted to join Bridgewater in 2009, Dalio told him he had a 50 percent chance of succeeding. McCormick did succeed, primarily by doubling down on the things that have made the firm successful: culture, clients, and innovation.

David McCormick: I remember when Ray told me he thought I had a 50 percent chance of succeeding, and he said that was good! I thought to myself, wow – is he really trying to get me to work here? I guess that’s one way to sell. But I thought long and hard about Bridgewater and ultimately decided it was right for me. It wouldn’t be the right opportunity for me unless I was truly challenged – I might sink or swim, but I wanted to have the opportunity to try.

Ray Dalio: I was really impressed when I met Dave because he had excelled in so many contexts – military, business, public sector – and because he had exceptional character and intelligence. I thought he could have a really big role with us at the firm. And yes, because of what it takes to succeed here, I thought 50 percent odds of him succeeding in that role at Bridgewater were pretty high odds.

David McCormick: Moving from a founder-led boutique to an enduring institution takes trust and commitment to work through difficult issues at all levels of the organization. We are fortunate to be surrounded by many individuals who are immensely talented and committed to the organization. Our three CIOs – Ray, Bob and Greg – have been at the firm 46, 35 and 25 years, respectively, and our leadership team has an average tenure at the firm of 14 years, having lived through the good days and the bad. So, when we think about our future, and how we must adapt to meet its challenges, we do so with humility and continuity. For me, it was about creating the right structure where that combination of talent and deep experience, within Bridgewater and the industry, can come together to collectively confront and shape our future. And that’s a future I expect to be a lot like our past – learning from our successes as well as our failures.

Ray Dalio: Of course the new generation of leadership should and will create the environment of the company. As far as me passing it along, I see it like being a parent of a 46-year old. They have seen my ways of doing things and my values which are now for them to take or leave as they like. I want it to be successful without me. That is what brings me joy. I don’t want to manage them or the company.

Greg Jensen: Ray is a charismatic and iconic leader – and it’s never easy to pass the torch from a founder to the next generation. But Ray has always taken a logical and long-term approach to both markets and management. He wanted to build Bridgewater to thrive well beyond him, so he built a team and approach that could implement a transition over the course of a decade, and that gave us a tremendous head start in this process.

Ray Dalio: When I first thought I would transition, I remember thinking, “This will probably take about two years, but since I’ve never done it before and it’s supposed to be difficult, I’m going to VOLUME 44, NUMBER 4

Bridgewater’s three CIOs – Bob Prince, Ray Dalio and Greg Jensen LEADERS 9

Robyn Shepherd, Head of Corporate Engagement (A 17-year veteran of Bridgewater and long-time strategic advisor to McCormick, Shepherd leads the firm’s Corporate Social Responsibility and broader corporate engagement initiatives): I remember when Dave first joined Bridgewater. While he had an impressive background in high-pressure situations like the Gulf War, the bursting of the dotcom bubble in 2000, and the financial crisis of 2008, what stood out to me was his humility. We have this phrase “knowing what you don’t know” – and it’s one of Dave’s greatest traits. The most successful people are often very smart, but they also know when they don’t know enough and must look to others to find the answers. Dave has this in spades – he brings great people to the table with him, and we are all better for it.

Nir Bar Dea, Deputy CEO (Former entrepreneur and Israeli military officer and recently named Deputy CEO): Shortly after David assumed the CEO role, he stared hard at our structure and began iterating on that design with me and others on the management team. Together, we learned and innovated a lot over the last year across the firm. There is much about our processes and systems that are great, but there were areas that needed to improve and evolve. With those opportunities for improvement in mind, we created an integrated operating design to get the best out of and develop our senior team, to enable better crossdepartment collaboration and alignment, and to create forums where key issues are debated and decided in an idea meritocratic manner.

An important milestone we’ve been building ourselves towards was formalizing and expanding our Investment Committee to also draw on the expertise and compounding impact of a deep bench of leaders who have emerged below the Co-CIOs and already taken on increasing responsibility during their decades-long careers across our investment process, with Ray staying deeply involved as an idea generator and mentor. Bob, Greg, and the appropriate member of this broader group (orchestrated by Osman Nalbantoglu and including Kevin Brennan, Karen Karniol-Tambour, Rebecca Patterson, Kerry Reilly, Noah Yechiely, and others), given the topic at hand, now drive the research agenda and investment decision making.

And we constantly need to be thinking about our clients – who they are and whether we have meaningful relationships with them that we are maximizing in both direction. Are we constantly innovating on their behalf?

Many of our clients have been with us for decades, and from that longevity comes a sense of deep partnership forged through numerous market cycles and events, including periods of challenging performance which all asset managers face, where trust is developed and relationships strengthened.

These are the building blocks from our past which we build off as we strive to solidify Bridgewater as an institution and ensure long-term success for our clients.

Nir Bar Dea: Ray’s work on culture through principles is a really, really powerful foundation. But now we’re in the process of how we carefully take ownership over this, including how we evolve or amend it. The most important thing is to establish that process of how we make it our own and advance it over time. Fundamentally, it’s simple: Our culture is just who and how we are with each other. That’s the thing. And we know that if it’s not very intentionally thought about and modeled, it simply dies.

Bob Prince: What a time to be in this business. What’s going on today in markets and economies, especially with the pandemic – it’s one of the most fascinating times to be an investor and a student of the markets. There’s a whole new investment paradigm – and what worked for investors and policymakers over the last several decades has been completely thrown out the window. We’re writing a whole new book on this. I can’t imagine waking up and doing anything else.

I am blessed to be doing something that I enjoy, where the challenge never ends, and to be doing it with a group of people who I continually learn from, respect and enjoy.

Greg Jensen: Since showing up at Bridgewater 25 years ago, it’s been my passion to build a community of people who are trying to understand how the global financial markets work, and how to complement them with the best technology to essentially build a hive mind of understanding.

In the 1980s, you would have come here and seen stacks of yellow legal pads with handwritten investment rules and scientific calculators lying around. Today, we have hundreds of people in our Investment Engine, including my colleagues on the Investment Committee, researching all aspects of the global economy and markets working hand-in-hand with a group of technologists and engineers who are building up the technology to store and exercise the algorithms that reflect all of the understanding that we’ve built over the decades.

The algorithms are a combination of human intelligence and artificial intelligence. Every year, machines are more important in that process – I’d say it’s 50-50 now, and in ten years from now we’re talking about it and the human part is squeezed down to 10-20 percent of the process.

The power of our technology today allows us to do our analysis literally thousands of times faster than what we could even do five years ago.

And we’ve also been able to put that same technology into the hands of our clients.

A 12-year veteran of Bridgewater, CEO David McCormick brought with him experience from the military and the private and public sectors. Just prior to joining the firm, he served as the US Treasury Under Secretary for International Affairs in the George W. Bush Administration.

David McCor mick: The strategic vision we have always had for Bridgewater is relatively straightforward. First comes our company culture – it is our lifeblood. Honest and transparent. Improvement focused. Setting an incredibly high standard. Developing and retaining talent is very much tied to that unique culture. Our talent is the most precious resource we have as a company. Can we win the race for top talent? How do we help people develop and give them opportunities? How do we create a bestin-class workplace for people from all walks of life – where great people want to grow their careers?

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Igor Tsyganskiy, Chief Technology Officer (With a lengthy Silicon Valley pedigree, Tsyganskiy is credited with an exponential growth of Bridgewater’s technology capabilities since joining over five years ago): Bridgewater’s investment engine has always been on the cutting edge.

And while we apply the same analytical rigor that we always have, what makes our investment engine unique today is that it is turbo-charged with proprietary technology that gives us a competitive advantage. Every decision made, every trade, has a long trail behind it that is powered by our unique capabilities. Every research idea is stress-tested across decades and centuries and across hundreds of markets across the world and this can be done at lightning-fast speed.

Greg (Jensen) really got this going over the past decade or so, and over the last five years, we’ve innovated and scaled up our capabilities at a pace that was almost unimaginable then. To do this we brought in some of the leading technology executives to advise us – including Craig VOLUME 44, NUMBER 4

Mundie and Adam Bosworth, among others – along with today’s leading technology companies to help us build something that had never been built before. And what we’ve built is also attracting a lot of attention – no one else has what we have.

Kyle Delaney, Chief Commercial Officer (Delaney came to the firm 11 years ago after long stints with other powerhouse investment firms. As Chief Commercial Officer today, he is focused on deepening the strategic partnerships with the fir m’s nearly 300 clients, in addition to expanding into new business lines): Our goal has always been to be unparalleled strategic partners to our clients – not only delivering returns on the investments that we manage for them, but also working with them to help achieve their goals. Today, we’re in one of the most promising and potentially complex environments for investors and it is changing faster than ever before. We’re completely focused on understanding our clients’ challenges and staying ahead of their needs. That means not only deploying what I would argue is one of the deepest client service teams in the industry, but also constantly leveraging proprietary technology and tools to help advise on total portfolio management, risk budgeting and stress testing analysis.

We rely heavily on client feedback through annual surveys and interviews. Our clients have consistently told us that they seek our help today in four key areas: Asset allocation in today’s low interest rate environment, investing in China, building a more sustainable investment portfolio without compromising returns, and improving their technology platforms – and we have responded with new research and investment capabilities to do so. In addition, over the last decade, our engagement with our partners has adapted to include a wide range of topics that go well beyond investing – cybersecurity, data and analytics, and most recently, assisting with the transition to work from home technology and other COVID-related challenges.

We are extremely fortunate to work with what I consider to be the smartest and most sophisticated clients in the world and get to share with them our research, perspectives and insights derived from almost 50 years in the markets.

Rebecca Patterson: In some ways, our research department feels more like a think tank – we’re on a collective mission to unlock big questions and decode very complex concepts. We believe doing that well means having diverse backgrounds and perspectives around the table – different life experiences, different professional experiences, different academic experiences. Not only do we have folks who have studied economics, engineering, and finance, but I also work closely with people who have degrees ranging from English Literature to Egyptology. And of course, we put a lot of energy towards developing our talent – from our intern program, to our first-year training program, to stretch assignments we are providing to our people all the time.

Alan Bowser, Co-Head of Americas Region and Chief Diversity Officer (A ten-year veteran of the firm, Bowser has been running the North America region in Bridgewater’s Client Service department and was recently tapped to take on the additional role of Chief Diversity Officer): As a company committed to excellence through constant improvement, diversity and inclusion are deeply rooted in our mission and values. Our success depends on our idea meritocracy which seeks the best thinking through rigorous, non-hierarchical debate.

For an idea meritocracy to function well, you not only need great teams; you need diverse teams. Just as no one person brings the vision of an entire group, a diverse team helps bring different ways of perceiving problems, reasoning and visualizing solutions. D&I is a journey, and I’m proud of how far we’ve come – including things like representation at all levels, more inclusive policies and sponsoring honest conversations on race. But I’m also humbled by how much more we want to achieve.

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Robyn Shepherd: We use the term “evolve” here a lot and sometimes it can almost feel cliché, but I can tell you from where I sit it’s a perfect word to capture what is constantly happening at Bridgewater. The depth of our management team is outstanding, and every person has advanced their areas of responsibility forward in remarkable ways. I look at the way we develop talent, or the way in which we celebrate our alumni community, or the way we innovate to serve our clients, or the way in which we engage with the community on topics such as how to navigate the coronavirus, and it makes me feel incredibly proud.

We also have a very active alumni community – over 3,000 former employees of the firm who have gone on to their next endeavors, but who all take with them the Bridgewater experience – and they are all part of our connected story.

David McCor mick: I believe the things that will make us successful as an enduring institution are the things that have always given us a cutting edge: A unique workplace culture designed to bring the best ideas forward, an innovative spirit that is always hunting for opportunities to improve, our constant worry, if not obsession, with what we might be missing – what we aren’t already considering, and our ability to attract top notch talent and be an incredible workplace and community. From the very first days of Bridgewater, this was the secret sauce, this is how Ray ran the company from its earliest days. But the way that all of that manifests in our business is going to be a constant evolution – already we have new lines of business, new kinds of clients, new ways of doing things that I’m sure will also change and grow through time. We continue to refine the firm’s principles and culture and communicate explicitly about the vision we have for the next generation of Bridgewater. We are bringing in the sharpest thinkers we can find as advisors and enlisting them to help us tackle the biggest questions we have. Bridgewater’s success will depend on us all staying hungry and humble and holding ourselves to an incredibly high standard while constantly improving – that is the perpetual motion machine that has and will keep driving us forward.

Part V: Ray Reflecting EDITORS’ NOTE With Bridgewater having successfully transitioned from its founder-led origins to its next generation of management, Dalio – in addition to continuing to invest at Bridgewater – now splits his time across a portfolio of interests – enjoying life as a grandparent, writing another book, exploring uncharted marine life with his OceanX team, and engaging with his family’s philanthropic pursuits (Dalio is a signatory of the Giving Pledge).

Ray Dalio: I have gone through a 46-year long arc of creating a company, building it, and passing it along to be successful without me that was like the classic life arc of a child learning, becoming an adult who is fighting to succeed and to take care of others, and then moving to the next stage to see them follow in my shoe-steps, but doing it their way. As I approach the end of this journey, I reflect back with satisfaction and imagine what’s ahead with joy. The journey, while filled with many challenges, mistakes, and painful moments, gave me, my partners and our clients what we wanted most which was meaningful work and meaningful relationships.

I am now able to watch Bridgewater’s beauty happen with little or no dependence on me. I can do that because of the great culture and leadership that are intact. I will remain part of this wonderful community doing my researching and investing, staying deeply involved in our investment team as both an idea generator and mentor, and I will remain on the Board. I am mentoring others rather than running the company and joyously watching other great people succeed. It is a joy for all of us.

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NEW YORK CITY

Contents A Global Mission Carmine Di Sibio, Global Chairman and Chief Executive Officer, EY

Building a Bridge for New York’s Future Xu Chen, President and Chief Executive Officer, Bank of China U.S.A.

Made for This Michael J. Dowling, President and Chief Executive Officer, Northwell Health

The Power of Creativity Michael I. Roth, Executive Chairman, Interpublic Group

Purpose-Driven Brad S. Karp, Chairman, Paul, Weiss, Rifkind, Wharton & Garrison

Mosaic of Success Stanley M. Bergman, Chairman of the Board and Chief Executive Officer, Henry Schein, Inc.

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Advancing New York City Marc Holliday, Chairman and Chief Executive Officer, SL Green Realty Corp.

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Welcoming You Like Family Jonathan Tisch, Chairman and Chief Executive Officer, Loews Hotels & Co

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Respectful Confrontation Peter W. May, President and Founding Partner, Trian Fund Management, L.P.

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An Innovative Campus Approach in New York Richard A. Rosenbaum, Executive Chairman, Greenberg Traurig

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A History of Resilience Roger G. Arrieux, Jr., New York Managing Partner, Deloitte US

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A Relationship Business Michael A. Rodriguez, Chief Executive Officer and President, Alliance Building Services

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Alliant’s Growth James W. Crystal, Vice Chairman, Alliant Insurance Services

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Fostering a Sense of Belonging Karen L. Pavlin, Managing Director, North America Inclusion & Diversity Lead, Accenture

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Rebuilding New York Vik Sawhney, Chief Administrative Officer, Blackstone

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Creating a Sense of Place James E. Linsley, President, GID Development Group

The Future of Healthcare Kenneth L. Davis, MD, President and Chief Executive Officer, Mount Sinai Health System

Taking Care of People, Spaces and Places Scott Salmirs, Chief Executive Officer, ABM

Creating Positive, Enduring Change Yael Taqqu, Senior Partner, McKinsey & Company

Built to Last A. Eugene Kohn, Chairman, Kohn Pedersen Fox Associates

Creating Value in Media and Communications Strauss Zelnick, Founder and Managing Partner, ZMC

Active Transformation Philip O. Ozuah, MD, PhD, President and Chief Executive Officer, Montefiore Medicine

Changing People’s Lives Yue-Sai Kan

A Global Elite Firm David Beveridge, Senior Partner, Shearman & Sterling

An Insurance Icon Maurice R. Greenberg, Starr Insurance Companies

An Entrepreneurial Spirit Farooq Kathwari, Chairman, President and Chief Executive Officer, Ethan Allen Interiors Inc.

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Committed to New York’s Future Kathryn S. Wylde, President and Chief Executive Officer, Partnership for New York City

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Renewing America’s Infrastructure for Future Generations Howard P. Milstein, Howard & Abby Milstein Foundation

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Continuous Improvement Louis A. Shapiro, President and Chief Executive Officer, HSS

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Investing in People George Pyne, Chief Executive Officer, Bruin Capital

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Passion and Purpose Stephen B. Siegel, Chairman, Global Brokerage, CBRE

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Investing in New York’s Future Ace Watanasuparp, Senior Vice President and National Director of Strategic Sales, Citizens Bank

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Transformative Change Bruce E. Mosler, Chairman of Global Brokerage, Cushman & Wakefield, Inc.

Fostering Connections Jim McCann, Founder and Executive Chairman, 1-800-FLOWERS.COM, Inc.

Seizing Opportunity Kent M. Swig, President, Helmsley Spear, LLC

The Welcoming Front Porch of the Archdiocese William R. Biddle, Executive Consultant, The Archbishop Fulton J. Sheen Center for Thought & Culture

Creating Breakthroughs Ana Kreacic, Chief Knowledge Officer, Oliver Wyman and Chief Operating Officer, Oliver Wyman Forum

Shared Commitment Neil L. Rock and Agnesine (Nesa) Amamoo, Partners – Real Estate, Skadden, Arps, Slate, Meagher & Flom LLP

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Inclusivity and Authenticity Pamela Liebman, President and Chief Executive Officer, The Corcoran Group

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A Center of Excellence in Preventive Care Dr. David Levy, Chief Executive Officer, EHE Health

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Corporate Purpose Daryl Brewster, Chief Executive Officer, CECP

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An Enterprising Environment David Amsterdam, President – U.S. Capital Markets and Northeast Region, Colliers

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Reimagining the Way that Money Moves Jason Lee, Founder and Chief Executive Officer, DailyPay, Inc.

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Cultivating Relationships George A. Stamboulidis, Partner, BakerHostetler

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A Reputation for Excellence and Integrity Scott Durkin, Chief Executive Officer, Douglas Elliman

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Building Trust Kathryn Kaminsky, Vice Chair – US Trust Solutions Co-Leader, PwC

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High-Quality Developments Eran Polack, Chief Executive Officer, HAP Investments LLC and HAP Construction LLC

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A Responsible Business Rudolph (Rudy) Wynter, President, National Grid New York

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Advocating for the Occupier David Goldstein, Vice Chairman, Savills North America

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Building Successful Partnerships Kyle Wool, President of Wealth Management, Revere Securities LLC

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Team-Oriented Practices Neil Barr, Chair and Managing Partner, Davis Polk & Wardwell LLP

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A Commitment to Excellence Jeffrey M. Weiner, Chairman and Chief Executive Officer, Marcum LLP

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Creating Lasting Relationships Shyda Gilmer, Chief Executive Officer and Co-Owner, Sherry-Lehmann Wine & Spirits

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One Region Dorothy L. Alpert, Tri-State President and Principal, Avison Young

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Employee-Ownership Andrew D. Pearl, Vice President and Division Manager, Swinerton

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Integrity and Quality James Borynack, Chairman and Chief Executive Officer, FINDLAY Galleries

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A Homemade Food Store Dean Poll

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Personalized Service Gul Turkmenoglu, Area General Manager, InterContinental New York Times Square

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The Premier Address for Luxury Watches and Jewelry on Fifth Avenue Ruediger Albers, President, Wempe USA

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A New York Institution Jerry Katzoff, Chairman, Il Mulino Greenwich Village

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Cutting-Edge Design Joshua Caspi, Principal, Caspi Development

Adapt and Evolve Bess Freedman, Chief Executive Officer, Brown Harris Stevens (BHS)

Brand Intimacy Mario Natarelli, Managing Partner, MBLM

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A Global Mission An Interview with Carmine Di Sibio, Global Chairman and Chief Executive Officer, EY EDITORS’ NOTE Prior to being FIRM BRIEF The global EY organielected to his current post, Carmine zation (ey.com) is one of the largest Di Sibio served as EY Global professional services organizations in Managing Partner – Client Service, the world. EY’s global member firms leading the execution of the orgaemploy 300,000 people across 150 nization’s global strategy and its countries and generate $40 billion four geographical areas and four in revenues. service lines. He has spearheaded EY’s innovation efforts, including Will you highlight EY’s history leading a $1 billion investment in and heritage and what have been new technology solutions over a the keys to the firm’s consistent two-year timeframe announced in industry leadership?

Carmine Di Sibio August 2018. He helped to create When you look across our the Global Innovation team to redehistory, I think there are two key fine how EY uses technology to both transform things that define EY. First off, EY has always existing services and create new solutions. As a been a business that can think locally and act leader of the organization’s acquisitions and globally at the same time. It’s always been alliances strategy, he has helped expand EY important to us that when our clients work offerings in a wide range of new and emerging with any one of our teams, anywhere in the fields. Di Sibio co-chairs the EY Global Diversity world, they benefit from the entire range of and Inclusiveness Steering Committee, which experience and expertise that EY has to offer. works to maximize the power of different opin- So if you’re a tech company in Asia hoping to ions, perspectives and cultural references within expand into Europe, we’re going to make the organization. Since joining EY in 1985, he sure you have a team that understands has served as an Advisory and Assurance your exact business model and the nuances partner for many of EY’s largest financial services of every local market where you want to do accounts. He previously served as Chair of the business. It’s this commitment to excellence Global Financial Services Markets Executive and that makes it possible to grow into a $40 Regional Managing Partner for the Americas billion business employing 300,000 people Financial Services Organization (FSO), where in 150 countries around the world. he started EY Risk Management and Regulatory Second, EY is a business that’s never been Services. He has a foundation in audit and is a afraid to adapt. It’s in our DNA to constantly practicing Certified Public Accountant. Di Sibio look where the megatrends are going – and then is a member of the board of Focusing Capital take action to get ahead of them. I remember on the Long Term (FCLT) to encourage a longterm focus in business which can drive inclusive growth. He plays an active role in the World Economic Forum (WEF), serving as a member of its International Business Council. He co-chairs the Russia Foreign Investment Advisory Council (FIAC) with Prime Minister Dmitry Medvedev, is a member of the International Business Leaders Advisory Council (IBLAC) to the Mayor of Shanghai, and is a member of the Washington, D.C.-based Business Roundtable. He also serves on the boards of the Foundation for Empowering Citizens with Autism and Family Promise and is a member of the Board of Trustees of Colgate University.

Di Sibio is originally from Italy and emigrated with his family to the United States when he was three years old. He was the first in his family to graduate from college, earning a BA in chemistry from Colgate University and an MBA from New York University’s Stern School of Business.

even back in the early ’90s, we were among the first to have portable computers. I used to lug around this 40-pound contraption to client sites. We were ahead of the curve then, and we continue to be now. You can see that in the $10 billion investment in global expansion we just announced. These funds will help evolve our tech even more for a world where things like AI, machine learning and automation are going to define our future.

How do you define the EY difference and what sets the firm apart in the industry?

We aren’t just a global organization – we have a global mission. Every single person who works for EY knows that our purpose is building a better working world. It’s reflected in our core strategy, which is explicitly aimed at creating value for stakeholders like our clients, our people and our communities.

Having a clear mission like this isn’t just a “nice to have,” either. Today, it’s crucial for any business that wants to achieve sustainable success. Our focus on stakeholders means our people are more engaged. It means our solutions consider more dimensions – and our clients are better served. That’s how we play a key role in building trust in financial markets, business, and the global economy.

How do you describe EY’s culture and what have been the keys to maintaining culture with EY’s size and global footprint?

One thing that stands out to me every day is just how much EY’s culture is a culture of collaboration. Teaming is one of our most

“EY is a business that’s never been afraid

to adapt. It’s in our DNA to constantly look where the megatrends are going – and then take action to get ahead of them.”

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“EY has always been a business that can think locally and act globally at the same time. It’s always been important to us that when our clients work with any one of our teams, anywhere in the world, they benefit from the entire range of experience and expertise that EY has to offer.” important values – and because we have globally integrated teams, collaboration is built into the fabric of our business. We’re strongest when our people combine their different perspectives and expertise to find solutions no one could have come up with alone.

Also, if I’ve learned one thing after 36 years with EY, it’s that there is no typical EY employee or EY experience. The sheer breadth of clients here means that, on a project-to-project basis, employees can expect to work with differentsized businesses, in different sectors – all over the world.

In other words, at EY, a broad skillset isn’t just encouraged, it’s expected. We encourage people to try on new roles and take on different kinds of clients. It’s understood that when you work here, there’s not a single career path for everyone. Everyone has an individualized journey that we’ll help them advance on – and we make those opportunities available to employees around the world.

What has made EY so successful at building long-lasting client relationships and client loyalty?

For us, it’s non-negotiable: we put clients at the center of our business. They’re at the heart of our strategy, our operations, every process, and every single thing we do. No matter who we’re working with, we work hard to put ourselves in our clients’ shoes so we can understand every aspect of the issues they face. We do everything we can to ask better questions so we can help them find better answers.

In practice, this means for every client, anywhere in the world, we bring together global teams, expertise, technology and resources to take on their most complex problems. Even if the advice we give them isn’t what they wanted to hear, we make sure they hear it – because that’s how you build relationships based on trust and keep tackling complex problems together.

EY has been a leader in promoting and celebrating entrepreneurs. What has made entrepreneurship such an important focus for EY? We focus on entrepreneurs because they are absolutely critical for the future of our economy – and maybe even the future of our world. It’s not just that they are relentlessly optimistic, always curious, and always looking for new opportunities. Entrepreneurs are so important because they are, first and foremost, problem solvers. Name any challenge the world is facing today and you can bet anything that there’s an entrepreneur working to figure it out.

This is why we do as much as possible to help them start and scale their businesses.

From growing a small family firm into a global powerhouse, to transforming a simple idea into a market-leading product – we have programs to support entrepreneurs at every stage of their journey.

Also, whether we’re working with them or not, we want the world to know more of their stories. That’s why we started our EY Entrepreneur Of The Year™ award program over 35 years ago. It’s now operating in 145

“We aren’t just a global organization – we have a global mission. Every single person who works for EY knows that our purpose is building a better working world.”

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cities in 60 countries worldwide, and we’re really proud that it’s become the ultimate global competition for entrepreneurs.

How critical is it for EY to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

There’s no question that building a diverse and inclusive workforce is critical to our success – if not our survival. Drawing from different perspectives fuels innovation, fosters collaboration and strengthens relationships.

That’s all critical to our purpose and our values.

More importantly, it’s the right thing to do.

Like most businesses, we’ve been on a journey to make our company more diverse, inclusive, and equitable. From our commitment to driving gender equity, to eradicating systemic racism and promoting social equity, to advocating for the LGBTQ+ community and expanding our neurodiversity program, we strive to foster an environment where differences are valued and respected. That’s why I co-chair our Global Diversity & Inclusiveness Steering Committee, and why, last year, we formed our Global Social Equity Task Force to develop and prioritize global actions specifically addressing inequity and discrimination, including racism. I want everyone at every level of EY to understand how important this is and that it’s a priority that comes from the very top.

What do you see as EY’s responsibility to the communities it serves and to being a force for good in society?

There are so many big challenges facing the world today – deepening inequality, climate change, lack of opportunity for young people, low trust in institutions – the list is long. At EY, we recognize that with our global reach and impact, we’re uniquely positioned to bring about positive change at scale. We’re committed to living up to that responsibility and helping society rebuild and reset.

We’ve set an ambitious goal for ourselves: to positively affect one billion lives by 2030.

Every day, we post pro bono assignments internally, and our people are stepping up to lend their time and expertise to organizations worldwide that are making a real difference. We call it EY Ripples because we believe that through small actions – made by every EY person, every day, and in every part of the business – we can create ripples that expand and overlap to create huge waves of change.

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“I’m not just optimistic, I’m certain that New York will be back stronger than ever before. Even during the darkest days of the pandemic, New Yorkers found ways to continue showing up for one another and taking care of one another – it’s a testament to the unique resilience of the people and the city.”

We’ve also already achieved our goal of being carbon neutral and will be carbon negative by the end of 2021, then net zero by 2025. We’re holding ourselves accountable by publishing our ESG results alongside our financials, and we’re using our own experience to help our clients build more profitable, sustainable businesses. Globally, we’re hoping to see a lot more of this which is why I’m also representing EY on the World Economic Forum’s International Business Council pushing for rigorous, consistent ESG measurement and reporting by businesses around the world.

EY is headquartered in New York. What are the keys to New York’s recovery and rebuilding from the pandemic and are you optimistic about New York’s future?

I’m not just optimistic, I’m certain that New York will be back stronger than ever before.

Even during the darkest days of the pandemic, New Yorkers found ways to continue showing up for one another and taking care of one another – it’s a testament to the unique resilience of the people and the city.

Large employers like us have a big role to play in driving the economic recovery. But we can’t just be focused on investing in growing our business – it’s important that we invest in the community, as well. That’s why we’re continuing long-standing relationships like the Partnership for New York City and sponsorships for Lincoln Center, Brooklyn Museum, and others.

We also need to make sure that our recovery includes everyone, and to do that, we have some public-private partnerships we’re really excited about. One is co-chairing the New York Jobs CEO Council, which is dedicated to preparing 100,000 New Yorkers in low-income, communities of color for the future of work.

We also launched the EY Entrepreneurs Access Network, a business accelerator to support Black and Latinx entrepreneurs across New York. In addition, we’re really happy to be teaming up with the New York City Department of Small Business Services, who will help us connect EY consultants with Black small business owners citywide.

This isn’t just a chance to get New York back to where it was, it’s an opportunity to create a stronger, more inclusive economy that doesn’t leave anyone behind. I can’t wait to see what happens next.

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EY recently moved to a new headquarters at One Manhattan West. What led to the decision for the move and will you highlight the new office?

Well, we knew our old Times Square office needed major refurbishing, so we decided a few years ago to move to One Manhattan West (OMW) because it would be less disruptive and provide much better space for the more than 12,000 people we have in New York City. The pandemic has only accelerated the transformation of offices from siloed cubicles to collaborative workspaces, and OMW embraces that spirit of collaboration – and provides opportunities for it in spades.

The office sits at the heart of the new Hudson Yards revitalization at the top-end of The High Line – a very cool, rapidly changing neighborhood. The building itself is state-ofthe-art with tons of natural light, ergonomically designed sit-to-stand desks, and smart sensors

“I believe that leaders should be three things above all else: collaborative, inclusive and accountable.

Collaboration has always felt natural to me. I’ve assembled the best people around, and I listen to and trust them.”

that optimize water and energy efficiency. It’s got all the tech bells and whistles that allow us to work smarter and collaborate better with each other and our clients, both in person and virtually. On top of all that, its location complements our other New York City metro area office in Hoboken and our wavespace innovation centers in Chelsea and Union Square.

How do you define the keys to effective leadership and how do you describe your management style?

I believe that leaders should be three things above all else: collaborative, inclusive and accountable. Collaboration has always felt natural to me. I’ve assembled the best people around, and I listen to and trust them. It wouldn’t be possible without investing in creating an inclusive culture where good relationships can thrive, where people feel like they belong and where diverse perspectives are welcomed and respected. That’s how you get the best out of people. As a result, when I make big decisions, I can feel confident knowing that I’ve weighed all the options based on the best thinking and ideas available.

Of course, at the end of the day, it’s essential that leaders stay accountable. That means taking responsibility and sharing the success.

When I get something right, I give credit to my team. If I get it wrong, it’s on me.

What advice do you offer young people interested in a career in the industry?

It really is a great time to be in our industry.

We still have a lot of accountants, as always, but we’ve also grown to be so much more.

The chances are good that we’re looking for someone just like you.

Okay, I know I’m biased, but if you want a career with purpose – where you’re solving some of the biggest challenges in the world – you should really consider joining us at EY. We work with all kinds of clients all over the world – businesses, governments, nonprofit organizations – who are at the top of their game trying to drive meaningful change in their communities. You get unparalleled exposure to a variety of different industries and sectors, and you’re constantly learning new skills that put you ahead of the curve and equip you to tackle the future’s most pressing challenges.

Whenever you join, and for however long you stay, your work will be exciting, engaging, and transformative. I came to EY thinking I might just stay a few years and move on. That was 36 years ago and I’m still having fun.

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New New York York Private Private Bank Bank & & Trust Trust

A Tradition of Trust Since 1850 A Tradition of Trust Since 1850

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Made for This An Interview with Michael J. Dowling, President and Chief Executive Officer, Northwell Health

Each spring, Michael Dowling leads the combined annual meeting of Northwell’s Board of Trustees and Board of Overseers, where he addresses previous successes and provides the goals for the upcoming year.

EDITORS’ NOTE Prior to assuming his current post in 2002, Michael Dowling was the health system’s Executive Vice President and Chief Operating Officer. Before joining Northwell Health in 1995, he was a Senior Vice President at Empire Blue Cross/Blue Shield. Dowling also 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 and the final two years as Commissioner of the New York State Department of Social Services.

Earlier, Dowling 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. He has been honored with many awards and recognitions over the years, including being selected as the 2017 Grand Marshal of the New York City St. Patrick’s Day Parade, the 2012 B’nai B’rith National Healthcare Award, the Ellis Island Medal of Honor, the 2011 Gail L. Warden Leadership Excellence Award from the National Center for Healthcare Leadership, the 2011 CEO Information Technology Award from Modern Healthcare magazine and the Healthcare Information and Management Systems Society, the National 20 LEADERS

Human Relations Award from the American Jewish Committee, the Distinguished Public Service Award from the State University of New York’s Nelson A. Rockefeller College of Public Affairs and Policy, an Outstanding Public Service Award from the Mental Health Association of New York State, an Outstanding Public Service Award from the Mental Health Association of Nassau County, the Alfred E. Smith Award from the American Society for Public Administration, the Deming Cup from the Columbia School of Business and the Gold Medal from the American Irish Historical Society.

For 13 consecutive years, Modern Healthcare has ranked Dowling on its annual list of the “100 Most Powerful People in Healthcare,” including the #2 ranking in 2020. He was also ranked #44 among large company CEOs in the U.S. and was the nation’s top-ranking healthcare/hospital CEO on Glassdoor’s “Top CEOs in 2019” list. Dowling is past Chair of the Healthcare Institute and the curr ent Chair of the Institute for Healthcar e 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. 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

“We have a statement, developed with input from employees, that is called ‘Made for This.’ It captures the essence of our culture. We want employees who are compassionate, innovative, caring, ambitious and team focused. In healthcare, every moment matters, every interaction matters.

We are in the customer service business.”

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for Healthcare Leadership (NCHL), the Greater New York Hospital Association (GNYHA), the Healthcare Association of New York State (HANYS) 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 Queen’s University Belfast, University College Dublin, Hofstra University, Dowling College and Fordham University.

INSTITUTION BRIEF Northwell Health (northwell.edu) delivers world-class clinical care throughout the New York metropolitan area, pioneering research at the Feinstein Institutes for Medical Research, and a visionary approach to medical education highlighted by the Zucker School of Medicine at Hofstra/Northwell and Hofstra Northwell School of Graduate Nursing and Physician Assistant Studies. Northwell Health is the largest integrated health system in New York State with a total workforce of more than 76,000 employees – the state’s largest private employer. With 23 hospitals, more than 830 outpatient facilities, including 220 primary care practices, 52 urgent care centers, home care, rehabilitation and end-of-life care services, Northwell is one of the nation’s largest health systems with $14 billion in annual revenue.

How critical is culture to the strength and leadership of Northwell Health?

Culture is the essence and DNA of any organization, and it requires you to work on it all the time. I look at it in a simple way. If you have the right people with the right attitude and the right perspective who can build trust, have strong interpersonal skills and are in the business for the right reason, you will create a personality for the organization that is people oriented, collaborative, and community and patient focused.

I, and my leadership team, spend a great deal of time on the people part of our VOLUME 44, NUMBER 4

business. It has many integrated components – team building, consistent communication, continuous education, leadership development, diversity and succession planning. It is always a work in progress and must be adaptable to changing circumstances. Our focus on this has been a key component of Northwell’s success to date.

Does the focus on cultural fit start during the hiring process?

Yes, absolutely. We hire more than 150 employees each week. If we make the wrong decisions on who these individuals are, it will LEADERS 21

“I strongly believe that employees, especially in the field of healthcare, don’t just want to work for the organization, they want to belong to a cause, a mission, a noble purpose. A leader has to communicate this purpose and, to do so, must truly understand the dynamics of the organization.”

During the COVID-19 pandemic, Michael Dowling visited the intensive care units at all Northwell Health hospitals, including here at Long Island Jewish Valley Stream in April 2020.

have a very negative impact on our organization. The opposite is also true, of course. This is why I meet with all new employees each Monday and have been doing so for over 20 years. It’s called New Beginnings and I spend over 90 minutes with them in a group session discussing the history of the organization, its mission, its components and, of course, its values and the behavior we require. I emphasize that they don’t just have a job at Northwell, they have an obligation and responsibility. We have a statement, developed with input from employees, that is called “Made for This.” It captures the essence of our culture. We want employees who are compassionate, innovative, caring, ambitious and team focused. In healthcare, every moment matters, every interaction matters. We are in the customer service business.

Healthcare has been shifting from the hospital to outpatient services and ambulatory care. Has the pandemic changed this movement as there was such a demand for an increased number of beds and hospital capabilities?

The growth of outpatient services will continue to grow. The advances in science, 22 LEADERS

technology and clinical expertise allow much of what was once done in a hospital to now be done outside the hospital. However, the location of this care – especially surgery – has to be driven by the physician based on each patient’s unique circumstance. The role of the hospital, therefore, is changing, but this does not indicate or suggest that hospitals are not necessary. They will continue to be a major component of healthcare delivery given demographics and the aging of the population which drives more chronic illness and leads to more hospitalizations. In addition, as COVID clearly demonstrated, the availability of hospital beds is an imperative during a crisis. We will continue to search for balance between the need for hospital beds, the availability of accessible outpatient care and home care.

You often use the word hospitality when you talk about healthcare. Will you discuss Northwell Health’s focus on hospitality and being in the service business?

Patients are customers so we are in the customer service business as mentioned before

and a primary goal is to build customer loyalty. Most people become patients for relatively short periods of time and during that time we must provide optimum clinical care and service, but we should also be their health partners for life – helping them to stay well and healthy by providing education, advice and support. This is a much broader perspective of our role and function.

What do you see as the role and responsibility that a health system has to the communities it serves?

We play a major role. In most communities where we exist, we are the largest employer and the largest service provider – in many ways, as COVID demonstrated, indispensable.

Our influence is great but we can and must do more. As a CEO of a large organization, I believe you have two broad responsibilities.

One is internal – managing and leading your organization to get the best results consistent with your mission. The second is external – how you use your influence to impact the well-being of the total community. You have a responsibility to the public at large. There is no shortage of issues and opportunities – gun violence (a public health issue), immigration, veterans services, environmental health, etc.

We need to use our influence to address the toxic nature of our current politics, to bring some civility to our public discourse, to promote compromise and unity to build trust. The future is what we create and it has no room for bystanders. CEOs, as many have, must get in the arena.

Does there need to be a strong public/ private partnership to create impact on an issue such as gun violence?

Absolutely. This is an issue that needs all parties involved, from the government to the private sector to the clergy to community leaders, as well as to gun owners. Gun owners feel strongly about the right to carry arms, but for the most part they also feel strongly about the issue of gun safety. We need leaders to be the catalyst to bring all of these parties to the table which is what Northwell Health is trying to do around the issue of gun violence. We are engaging organizations around the country on this issue including the police since we need to have a strong police department. This does not mean that there are not institutional problems with the police, as there are with every organization, VOLUME 44, NUMBER 4

“We promote a culture of continuous learning. As we look at the future demands in healthcare, we have the ability to use our own capabilities as well as work with other colleges and universities to address the identified needs. What an exciting opportunity.” but the police are vitally important and we need to support the police and have them walking the streets and being involved in the community in order to build trust and confidence. We need pro-police reform, not anti-police. We are interdependent and need to bring all of the parts of the community together to work in harmony for the betterment of the whole. This is needed now more than ever in our society. We need to agree that compromise is good and positive.

How critical is it to focus on lessons learned from the pandemic in order to be best prepared for future crises?

COVID was an extraordinary learning experience. It impacted everyone and every organization and has forced a rethinking of how we adapt and transform. Going back to exactly the way we were pre-COVID is not possible. It tested us, changed our normal way of living, and impacted our family and work life. It also highlighted our strengths and shined a bright light on our weaknesses. We can, I believe, be better in the future because of it. The lessons are numerous: how to better

prepare for the inevitable disasters that will happen in the future, how to use technology to improve healthcare delivery and access, how to manage a growing remote workforce, how to better support the communities and populations disproportionately impacted by COVID, and how to accelerate the innovation and adaptability so evidently required during the pandemic. The list is long. We also now need to re-evaluate our historic obsession on short-term thinking – such as monthly and quarterly metrics. We need a longer view – three to five years. It takes time and commitment to drive change and attain lasting, sustainable results. We now have an opportunity for a new beginning.

How important is it for you to be out at the hospitals and with employees in order to get the pulse and feel of the organization?

The most important asset in any organization, as I previously mentioned, is the people. I strongly believe that employees, especially in the field of healthcare, don’t just want to work for the organization, they want

Frontline caregivers and essential workers have been the true heroes of the COVID-19 pandemic.

Michael Dowling speaks with staff during an appreciation event for the NYPD at Long Island Jewish Medical Center in April 2020.

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to belong to a cause, a mission, a noble purpose. A leader has to communicate this purpose and, to do so, must truly understand the dynamics of the organization. To do so you must get out and walk the factory floor. You cannot just sit in your office, read documents and review numbers and believe you understand what is happening in your business. In order to take the pulse of the organization, you have to feel the heartbeat of the organization. I constantly walk the floors, talk to staff, observe and listen.

During COVID, I and my senior staff walked through the COVID units. Without doing that, I would not have truly understood what we were facing and what our people needed.

Are you concerned about the industry’s ability to attract the talent and staffing needed to meet the future demands of healthcare?

This is always a concer n given the dynamic changes that constantly occur and the expansion of new skills necessary for the future. The greatest asset of any organization is the people and the talents they possess. This is why Northwell has invested so much in innovative education and learning programs such as our medical school, nursing schools and our in-house corporate university, the Center for Learning and Innovation (CLI). We promote a culture of continuous learning. As we look at the future demands in healthcare, we have the ability to use our own capabilities as well as work with other colleges and universities to address the identified needs. What an exciting opportunity.

In leading an organization with such a long and deep commitment to New York, are you optimistic about New York’s recovery and rebuilding?

If you love New York and talk about how great it is, then you need to stand up and contribute. You can’t support New York by leaving it. There are many issues to address, but New York is a wonderful place. You only realize how special it is when you go somewhere else. Along with its vibrancy, creativity, innovation, diversity, and role as a microcosm of the world, New York is extremely resilient. It has gone through multiple transitions throughout the years, but it has survived and thrived. I am confident that we will pull together and make New York even better than it was before.

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NEW YORK CITY

Purpose-Driven An Interview with Brad S. Karp, Chairman, Paul, Weiss, Rifkind, Wharton & Garrison EDITORS’ NOTE Chairman of the firm since 2008, Brad Karp is one of the country’s leading lawyers and corporate advisers. He has extensive experience successfully defending financial institutions and other companies in “bet the company” litigations and regulatory matters.

high-impact legal efforts to make our society more just and equitable – a key ingredient in our success story.

How do you define the Paul, Weiss difference and what sets the firm apart in the industry?

Paul, Weiss is a purpose-driven firm with an unparalleled reputation for excellence and professionalism. Our FIRM BRIEF Paul, Weiss, Rifkind, commitment to improving our commuWharton & Garrison (paulweiss.com) is nities and to fighting for social and a firm of more than 1,000 lawyers racial justice dates back to our earliest Brad S. Karp with diverse backgrounds, persondays, long before such efforts were alities, ideas and interests who popular. We don’t try to be all things to collaboratively provide innovative solutions all clients; we focus on five areas where we lead to their clients’ most critical and complex legal the market – public M&A, private equity, litigation, and business challenges. Paul, Weiss represents white-collar and regulatory defense, and restructhe world’s largest public and privately held turing. Our firm’s entrepreneurial spirit and adaptcorporations and investors, as well as clients in ability enable us to not just survive challenges and need of pro bono assistance. uncertainty, but to thrive.

How do you describe Paul, Weiss’ Will you highlight Paul, Weiss’ history and culture and what have been the keys to heritage and what have been the keys to the maintaining culture? firm’s growth and success?

The Paul, Weiss culture is one of collaboraPaul, Weiss’ legacy since its founding tion, mutual respect, professionalism, diversity nearly 150 years ago has been one of both legal and inclusion, and an unwavering commitment excellence and unwavering commitment to to pro bono work and to community engageracial and social justice. Our firm, the largest in ment. We have held fast to these values as we New York City, has long strived to solve our confronted a global pandemic, economic crises, clients’ most complex legal and business chal- a national racial justice reckoning and a divisive lenges, providing our clients with unmatched presidential election, investing even more in pro legal service and a compelling value proposi- bono service and in making our firm even more tion, in our hometown and around the world. diverse, equitable and inclusive. Because we Attracting and nurturing a diverse group of the have “leaned into” our unique culture, we have world’s most talented lawyers has always been remained resilient. In fact, we have become of utmost importance. At the same time, for more stronger and our community has become closer than a century, we have been at the forefront of than ever.

What has made Paul, Weiss so successful at building long-lasting client relationships and client loyalty?

Our lawyers have succeeded in building deep, long-lasting client relationships by delivering unmatched service and by continually going above and beyond. We strive to surpass our clients’ expectations every day, we are passionate about our work, and each of us is focused on building bonds of trust with our clients. In addition, because we truly like working with each other, we are able to work across specializations to best support our clients’ needs.

How critical is it for Paul, Weiss to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

Our people are our most precious asset; there is a direct connection between our cultivation of a diverse community with unique talents and worldviews, and the firm’s continuing success. This commitment to diversity, equity and inclusion goes back to our very beginnings.

We were the first major New York law firm to mix religions and the first to hire a Black lawyer, to hire a Black female lawyer, and to make a woman a partner.

Over the years, our market-leading policies and programs have helped advance more women and lawyers of color into leadership positions in the firm and in the industry, and we continue to push for increased opportunities for people of color at all stages of the talent pipeline. While we have made great strides, we recognize that much more work needs to be done to ensure that our firm closely reflects the diversity of the clients we serve and our beloved city of New York.

“Paul, Weiss is a purpose-driven firm with an unparalleled reputation for excellence and professionalism. Our commitment to improving our communities and to fighting for social and racial justice dates back to our earliest days, long before such efforts were popular.”

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LEADERS 25

“Our firm, the largest in New York City, has long strived to solve our clients’ most complex legal and business challenges, providing our clients with unmatched legal service and a compelling value proposition, in our hometown and around the world.”

In recent years, our Inclusion Task Force, which I co-chair alongside deputy chair Valerie Radwaner and litigation co-chair Ted Wells, launched several initiatives that have increased our accountability and transparency when it comes to diversity, equity and inclusion and that promise to pay dividends in the future. We have also collaborated closely with our Black Lawyers Network in the past year, further expanding opportunities for Black lawyers.

Will you highlight Paul, Weiss’ commitment to pro bono work?

Service to others has always been a core part of our mission, as reflected in a series of groundbreaking Supreme Court matters we have handled. We helped end racial segregation by partnering with Thurgood Marshall in Brown v. Board of Education; established the principle of “one person, one vote” in Gray v. Sanders; and ensured federal marriage equality for samesex couples in United States v. Windsor. More recently, we have worked to preserve voting rights around the country, spearheading a law firm coalition to oppose state-by-state efforts to restrict voting; and filed the first and only private lawsuit, Sines v. Kessler, seeking to hold accountable white supremacists responsible for the 2017 violence in Charlottesville.

Not surprisingly, our dedication to New Yorkers in need is a big focus at Paul, Weiss.

Last year, hundreds of us were involved in firm efforts to help desperate New Yorkers access pandemic r elief; my partner Jeh Johnson, the former Secretary for Homeland Security, and a team of Paul, Weiss lawyers produced an eye-opening report on racism

in the New York state court system; and my partner Jennifer Wu and a large team of associates and counsel wrote an impactful report with the Asian American Bar Association of New York on rising anti-Asian hate incidents across the city and nationwide, among many other such efforts.

What do you see as Paul, Weiss’ responsibility to the communities it serves and to being a force for good in society?

Our firm is in a unique position to support communities in New York City and across the country. Given that reality, we have responded to recent crises with renewed urgency and a sense of duty, redoubling our efforts to support our communities. Since March 2020, we have been engaged in myriad legal efforts in support of pandemic-related relief, racial justice, voter protection, immigrant rights, gun control, reproductive rights, and many other important issues – often in collaboration with our clients.

While our ties to the New York community have always been of paramount importance, they have taken on even greater significance in light of rising awareness of racial inequality and the long road to full economic recovery.

What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

Our city has a long history of public/private partnerships, but the philanthropic response to the COVID-19 pandemic last year by the city’s private sector, including by major New Yorkbased companies and law firms, was truly remarkable in impact and in scope. We need to build off of that energy, extending the reach

of city government with private support, as we enter a new, dangerous phase in this pandemic.

As we are seeing, public health guidance about more transmissible COVID-19 variants is continually evolving, so close coordination and transparency are essential.

Though our arts and culture, small businesses and transit system are all beginning to rebound, sustaining the path to recovery will require a deeper partnership between the business community, city and state government, and civic and community organizations, that draws on the expertise of our world-leading hospital systems and academic institutions.

Our focus should be on meeting the needs of individuals and small businesses most immediately vulnerable to new public health mandates or impacted by structural changes that the pandemic has wrought.

What advice do you offer young people interested in a career in law?

There has never been a more exhilarating and impactful time to be a lawyer. By choosing a career in law, you will have limitless opportunities to follow your passions and build a meaningful career in whichever area speaks to you most forcefully. Whether that’s tapping into your creative side to help businesses find solutions to their most pressing problems, or fighting to safeguard fundamental liberties and freedoms, the law has something for everybody.

If you’re interested in a legal career, the best thing you can do is identify your passion and learn everything you can about it. Find ways to engage with the law, seek out opportunities to distinguish yourself, and identify mentors who can inspire and guide you.

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“Our people are our most precious asset; there is a direct connection between our cultivation of a diverse community with unique talents and worldviews and the firm’s continuing success.”

26 LEADERS

VOLUME 44, NUMBER 4

Fostering a spirit of innovation Innovation starts with insight and the ability to view challenges from a new perspective. It means looking beyond. Seeking bold ideas. Tackling problems that most others think are impossible. The result is innovation that can make an impact on the world.

Learn more about what Deloitte is doing at www.deloitte.com Copyright © 2021 Deloitte Development LLC. All rights reserved.

NEW YORK CITY

Advancing New York City An Interview with Marc Holliday, Chairman and Chief Executive Officer, SL Green Realty Corp.

EDITORS’ NOTE Marc Holliday has Will you highlight SL Green’s served as the CEO of SL Green since history and heritage and what have 2004 and became the Chairman been the keys to the company’s of the Board in January 2019. He consistent industry leadership? has been with the company since Our innovation and resiliency 1998, when he joined as Chief is what has propelled us forward Investment Officer. Prior to joining as leaders in the industry year after SL Green, Holliday held manageyear. The past year and a half has ment positions at the former Victor been a tough one for New Yorkers Capital Group, a real estate investand our city, but SL Green has faced ment management firm that, at the many crises before and come back time, managed one of the nation’s even stronger. The entire leadership Marc Holliday largest publicly traded real estate team believes in New York City and mezzanine lenders, Capital Trust. that’s what our work amounts to – Holliday is frequently cited and interviewed by supporting our tenants, our own employees the nation’s leading media outlets regarding the and community, while continuing to invest in commercial real estate marketplace. A trustee our city. and benefactor of Columbia University and a How did SL Green adapt the way it long-time supporter of its real estate program, he works to address the challenges caused by established the Holliday Professorship of Real the pandemic?

Estate Development in 2008. He also served as Amidst the upheaval caused by the Chair of the program’s Taskforce for the Future pandemic to our daily lives, we are incredand currently chairs its Industry Advisory ibly proud of how the SL Green team worked Board and endowment campaign. Holliday was together to support one another and our busihonored by the Intrepid Sea, Air & Space Museum ness. We withstood the challenges presented to in 2017, receiving the Intrepid Salute Award us and moved to seize on market opportunities in honor of his outstanding business and phil- while maintaining a visible leadership role for the anthropic achievements and his commitment real estate industry. SL Green has been back in to supporting programs for active servicemen the office 100 percent since June 2020, knowing and women and veterans. National Jewish that we work best when we’re together in our H e a l t h i n 2 0 1 1 h o n o r e d h i m w i t h t h e headquarters collaborating and maximizing Humanitarian Award and raised a record- productivity. Being in the office allowed us to breaking $3 million for the organization from achieve important milestones in 2020, including members of New York City’s real estate and creating and sustaining a nonprofit foundation, construction industries. Additionally, he has Food1st, which reopened restaurant kitchens served on the board of the New York Racing across the five boroughs to prepare, package Association since 2014 and was appointed and deliver more than 700,000 meals to frontto chair the Equine Safety Committee in line workers, first responders and New Yorkers 2015. Holliday received a BS degree in busi- in need. The pandemic has pushed our team to ness and finance from Lehigh University and not only adapt to unforeseeable changes, but an MS degree in real estate development from anticipate them and emerge stronger than ever.

Columbia University.

How proud are you to see the strength and resilience of SL Green’s workforce COMPANY BRIEF SL Green Realty Corp. during this unprecedented time? (slgreen.com), Manhattan’s largest office landI am immensely proud of our compalord, is a fully integrated real estate invest- ny’s ability to pivot during the pandemic and ment trust, or REIT, that is focused primarily on continue working from our offices since June acquiring, managing and maximizing value of 2020, even moving our headquarters to One Manhattan commercial properties. As of June 30, Vanderbilt in March 2021. It really speaks to 2021, SL Green held interests in 77 buildings the strength of our organization and sets an totaling 35.3 million square feet. This included example for tenants across the portfolio as ownership interests in 27.1 million square feet of well as prospective companies who want to Manhattan buildings and 7.4 million square feet lease space in our buildings. Our company securing debt and preferred equity investments. has seen great achievements across the entire 28 LEADERS

portfolio including the historic opening of One Vanderbilt in September, currently 89 percent leased, a record-setting $3 billion refinancing of One Vanderbilt, the opening of Michelinstarred Chef Daniel Boulud’s latest restaurant Le Pavillon, and signing nearly 1.2 million square feet of new and renewal office leasing this year.

We are on track to meet or exceed our goals set out for 2021, and SL Green looks forward to the work we can achieve in the remainder of the year and beyond.

Will you provide an overview of SL Green’s most recent development, One Vanderbilt, and how this building will impact the landscape of New York City?

One Vanderbilt is a skyline-defining tower located in the heart of East Midtown, which we developed in partnership with Hines and the National Pension Service of Korea. It’s currently home to SL Green’s headquarters among many other of the world’s leading finance, banking, law and real estate firms. One Vanderbilt is not only the tallest office tower in Midtown Manhattan and the second tallest office tower in the city at 1,401 feet tall, but it transforms the civic experience of the Grand Central District.

As part of the historic rezoning of East Midtown, SL Green worked with the City of New York and the Metropolitan Transportation Authority to deliver $220 million in public infrastructure benefits in and around Grand Central Terminal including a new 4,000-square-foot public transit hall inside One Vanderbilt, a 14,000-square-foot pedestrian plaza and subway access as well as providing enhanced connections to MetroNorth Railroad, the shuttle to Times Square and the new Long Island Rail Road station opening in 2022. The development of One Vanderbilt demonstrates how we can use public-private partnerships across the city to revitalize public spaces and transportation for New Yorkers.

What sets One Vanderbilt apart and makes the building so special?

One Vanderbilt has something to offer for everyone – from the public infrastructure benefits, the city’s second tallest observation deck named SUMMIT One Vanderbilt, and Daniel Boulud’s newest restaurant, Le Pavillon. Additionally, SL Green prioritized sustainability with a $17 million investment in features to ensure the building has one of the lowest carbon footprints across similar buildings in New York City – receiving both LEED and WELL Platinum certifications. Opening post-pandemic, the VOLUME 44, NUMBER 4

Levitation, one of SUMMIT One Vanderbilt’s fully transparent glass sky boxes

building also incorporates advanced technologies to enhance safety, cleanliness and wellness among tenants. Technologies include a seamless, touch-free experience upon entering the building, engineering controls such as MERV-16 filtration and increased outdoor air and thermal imaging that reads 100 people per minute to prevent long queues. Among the amenities are a 30,000-square-foot amenity floor, auditorium, boardroom, upscale cafe and outdoor terrace.

SL Green will soon be opening SUMMIT One Vanderbilt. Will you discuss this new cutting-edge experience?

SUMMIT One Vanderbilt will be New York City’s newest observation experience. When it opens on October 21, SUMMIT will offer unparalleled views of the city from 1,210 feet, an immersive art experience designed by Kenzo Digital, a bar and cafe concept from Danny Meyer’s Union Square Events and more thrilling elements such as all-glass enclosed elevators called Ascent and fully transparent glass sky boxes called Levitation that jut out of the building and suspend guests 1,063 feet above Madison Avenue. SUMMIT One Vanderbilt is a must-see destination and we’re excited to create an innovative experience that will keep New Yorkers and tourists coming back time and time again.

How critical is it for SL Green to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

It’s imperative to not only SL Green, but the real estate industry as a whole, that we diversify our workforce. At SL Green, we have built an inclusive workspace for women and under-represented individuals to enhance our workplace experience. We’ve made strides to make this happen and know there is more work VOLUME 44, NUMBER 4

to be done. Diversity is one of our five key pillars that upholds our workplace culture and we want to set an example across the industry as a company that attracts and retains diverse, talented individuals.

What do you see as SL Green’s responsibility to the communities it serves and to being a force for good in society?

As Manhattan’s largest office landlord, SL Green leverages our sphere of influence to inspire altruism among our employees and build a greater New York. We take immense pride in advancing our great city. Volunteerism

and philanthropy are ingrained in our company’s ethos. Our impact throughout the year reaches more than 150,000 New Yorkers from charity and food donations to communitybased events. We also partner with tenants to extend this reach even further to impact the surrounding communities. SL Green’s influence in the city is undeniable and something we take very seriously to bring positive change, particularly as we emerge from the COVID-19 pandemic.

What ar e the keys to New York’s recovery and rebuilding from the pandemic?

Key to New York’s recovery is the return to work, increased tourism and new job creation.

All three of these will boost the economy and, most importantly, instill confidence in New Yorkers that the city will rebound. Our great city has seen crises time and again and emerged stronger than ever. We firmly believe the same thing will happen post-pandemic.

New York City is still a destination where people want to live, work and play, as demonstrated by the latest census results.

What advice do you offer young people interested in a career in the industry?

As a young person starting in their career, it’s about learning as much as you can about the industry you’re in and keeping up to speed with the changes. The pandemic has created a lot of challenges for the real estate industry, but also opportunities to capitalize on. Building and maintaining relationships is also what leads to great success. Our work at SL Green is closely tied to New York City so having great relationships is what helps move our company forward and allows us to realize public-private partnerships like with One Vanderbilt. Finally, starting your career at an industry-leading company like SL Green is a great place to begin in real estate.

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SUMMIT One Vanderbilt LEADERS 29

NEW YORK CITY

Welcoming You Like Family An Interview with Jonathan Tisch, Chairman and Chief Executive Officer, Loews Hotels & Co in partnership with Comcast NBC Universal, that opened at the end of 2020. Located in major city centers and resort destinations from coast to coast, the Loews Hotels portfolio features properties grounded in family heritage and dedicated to delivering unscripted guest moments with a handcrafted approach.

Jonathan Tisch

EDITORS’ NOTE Jonathan Tisch is Chairman and CEO of Loews Hotels & Co and Co-Chairman of the Board and Member of the Office of the President of Loews Corporation. He has led Loews’ expansion and emergence as a leading hotel company with a culture that embraces the power of partnerships – with team members, guests, communities and owners. He was previously voted “Hotelier of the World” by HOTELS magazine. Recognized nationally as a leader of the multi-billion dollar travel and tourism industry, Tisch founded and served as Chairman of the Travel Business Roundtable, and now serves as Chairman Emeritus of its successor organization, the United States Travel Association. Committed to a vibrant tourism industry locally, he served as Chairman of NYC & Company, the city’s official tourism agency, for nearly six years. Concurrent with his national efforts to help stimulate travel in the aftermath of 9/11, Tisch served as Chairman of New York Rising, which played an instrumental role in reviving tourism and the local economy. Tisch is the author of three bestselling books: The Power of We: Succeeding Through Partnerships; Chocolates on the Pillow Aren’t 30 LEADERS

Enough: Reinventing the Customer Experience; and Citizen You: Doing Your Part to Change the World. He was the host of the Emmy-nominated television series, Beyond the Boardroom. Tisch is a champion of civic engagement and currently serves on the Board of The Shed, New York’s new cultural center for artistic invention, as well as Vice Chair of the Board of Trustees for Tufts University, where he is the naming benefactor of the Tisch College of Civic Life. He was instrumental in bringing Super Bowl XLVIII to the region and served as co-chair of the historic 2014 NY/NJ Super Bowl Host Committee. He is a co-owner of the 2007 and 2011 Super Bowl Champion New York Giants.

COMPANY BRIEF Headquartered in New York City, Loews Hotels & Co (loewshotels.com) is rooted in deep heritage and excellence in service.

The hospitality company encompasses branded independent Loews Hotels, and a solid mix of partner-brand hotels. Loews Hotels & Co owns and/or operates 26 hotels and resorts across the U.S. and Canada, including the new Loews Kansas City and Universal’s Endless Summer Resort – Dockside Inn and Suites, the eighth hotel

Will you highlight Loews Hotels’ history and heritage and what have been the keys to the company’s consistent strength and leadership?

For the past seven decades, our family has been committed to creating partnerships with three vital constituencies; our guests, our team members, and the communities where our hotels reside. This commitment started with my grandparents, Sayde and Al Tisch, my parents, Joan and Bob, my aunt and uncle, Billie and Larry, and carries on today as I work with my cousins, Andrew and Jim. How do you define Loews Hotels’ culture and how critical has it been to maintain culture as the company has grown in size and scale?

Our culture is summed up in our brand’s core message: “Welcoming You Like Family.”

This sensibility permeates in everything we do and is the North Star for how we interact with our guests and team members. Even now that we are 26 hotels, with a few more opening soon, nothing has changed and this will continue to be who we are and how we operate our hotels.

How did Loews Hotels adapt its business to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

The last year and a half in the travel industry has been the most difficult in its history. As Chairman Emeritus of the United States Travel Association, I have never been so proud of the women and men who lead the once thought of disparate entities of this industry. We put aside our individual concerns and worked together to ensure that the millions of our dedicated and caring team members were treated with respect and that we understood their challenges and concerns.

At Loews Hotels & Co, we continually kept our focus on caring for our team members, while reducing costs until business began to return, and planning for the brighter days ahead which we knew were coming.

VOLUME 44, NUMBER 4

Live! by Loews – Arlington, Texas (above); Loews Sapphire Falls Resort at Universal Orlando in Florida (below)

How has the hospitality industry rebounded from the pandemic and how critical is it for international travel and business travel to return in order for hospitality to truly recover?

The recovery to date, which in some markets has been quite strong, has been based on leisure travel and pent up demand. People want to experience life again, and inasmuch as travel has a positive impact on all corners of our great country, we are seeing the recovery commence. But for us to continue to see positive improvement, we need business travel to resume and groups to once again meet. We call on our government to reopen our boarders so we are able to welcome travelers from international destinations again, as those guests stay longer and spend more money, and usually return home with positive impressions of our country.

How critical is it for Loews Hotels to build a diverse and inclusive workforce in order to mirror the diversity of its guests and the communities it serves?

One of the wonderful aspects of our industry is the diversity of our workforce and our guests.

We at Loews Hotels & Co respect and welcome that our team members hail from a multiplicity of backgrounds and cultures, and we embrace their individuality and dreams. Our goal is to be able to offer growth and new career opportunities to all and help educate high school and college students about how a career in lodging can be fulfilling and rewarding.

What do you see as Loews Hotels’ responsibility to the communities it serves and to being a force for good in society?

More than 20 years ago, we were one of the first lodging companies to incorporate a program that demonstrated our caring for the communities where we operate our properties. The Loews Hotels Good Neighbor Policy VOLUME 44, NUMBER 4

continues today as a comprehensive blueprint for how we demonstrate our understanding and responsibilities. I am also incredibly proud of how the majority of the companies based in lodging today are helping their neighbors in so many meaningful ways.

What are the keys to New York’s recovery and rebuilding from the pandemic and are you optimistic about New York’s future?

This is a given – New Yorkers are caring, resilient and creative. We will need all of these traits and more as we rebuild from the impact of the pandemic, both socially and economically. This will happen when our elected officials do their jobs and work closely with us in the private sector as we reduce regulation, create new opportunities and rebuild our communities and economy.

What do you see as the keys to effective leadership and how do you describe your management style?

Being a big believer in giving people the tools to do their jobs and then getting out of the way, I try not to micromanage, and offer assistance when asked. We cannot be all things to all people. We need to recognize what we are good at, and then surround ourselves with women and men who compliment us. It’s also so important to listen and not be the one doing all the talking. And try not to take yourself too seriously.

What advice do you offer young people beginning their careers during this challenging and unprecedented time?

If you are just graduating school or entering the workforce for the first time, take a job, any job, even if it might not be exactly what you think you are looking for. We learn from every experience and we never know where we will end up.

And never start a paragraph with the word “I”, as it makes you think of yourself as more important than the person you are communicating with.

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LEADERS 31

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NEW YORK CITY

Committed to New York’s Future An Interview with Kathryn S. Wylde, President and Chief Executive Officer, Partnership for New York City EDITORS’ NOTE Prior to assuming her current post in 2000, Kathryn Wylde served as the founding Pr esident and Chief Executive Officer of two Partnership affiliates, the Housing Partnership and the Partnership Fund for New York City.

She is a board member of the New York City Economic Development Corporation, the Manhattan Institute, NYC & Company, the Governor’s NYC Regional Economic Development Council and the Fund for Public Education.

Will you highlight the history and heritage of the Partnership for New York City?

The Partnership for New York City is rooted in more than 250 years of civic engagement by business leaders, going back to the mid-eighteenth century.

Throughout its history, the Partnership and its predecessor organization, the New York Chamber of Commerce & Industry, have been the primary force behind strategic partnerships between Kathryn S. Wylde business and gover nment, with financing projects like the first subways and the transatlantic cable.

ORGANIZATION BRIEF Focused on mainIn 1979, David Rockefeller launched the taining the city’s position as the center of global Partnership to help the city recover from the urban commerce and innovation, the Partnership crisis that left America’s cities in near ruins. Under for New York City (pfnyc.org) is comprised his vision, the new Partnership would encourage of top CEOs from the city’s corporate, invest- business leaders to work more directly with ment and entrepreneurial sectors. It works in government, labor and civic groups to address partnership with government to advance the broader social and economic problems in a interests of the city. The organization’s prior- “hands on” way. ities include maintaining the city’s competIn 1996, the $170 million Partnership Fund itive position in the attraction and growth of was established to support entrepreneurial its business sector, improving public educa- ventures that generate jobs and diversify the tion, and fostering public/private partnerships economy with a focus on projects that help to address the challenges facing the city. The disadvantaged communities. The Fund seeded Partnership Fund is its economic development the early development of Silicon Alley, and arm that invests in projects that contribute subsequently the city’s cleantech, fintech, to strategic industry gr owth, support for health IT, life sciences and advanced manufacdistressed communities, and job creation. turing sectors.

Programs and partnerships have included building affordable housing, encouraging civic participation in reporting violent felonies through Crime Stoppers, supporting MWBE’s to participate in developing affordable housing, leveraging private sector expertise to modernize the region’s transportation network, and aiding small businesses amid the COVID-19 pandemic.

How do you define the mission of the Partnership and has this purpose remained consistent since its beginning?

The Partnership serves as an honest broker between business, government, and the civic sector to achieve a more inclusive and vibrant economy. While its programs and partnerships have evolved throughout its history – adapting to the needs of the time – its mission and initiatives have always aimed to support the growth and prosperity of the city and expand economic opportunities for all New Yorkers.

How did the Partnership adapt its work to address the challenges caused by the pandemic?

Throughout the pandemic, the Partnership has been the primary source of communication and cooperation between business and the government agencies managing the city and state’s response to COVID-19. It has played a key role in advising government on policies and regulations for closing and reopening the economy as well as providing resources to support equipment, testing and vaccination administration needs.

“The Partnership serves as an honest broker between business, government, and the civic sector to achieve a more inclusive and vibrant economy. While its programs and partnerships have evolved throughout its history - adapting to the needs of the time – its mission and initiatives have always aimed to support the growth and prosperity of the city and expand economic opportunities for all New Yorkers.”

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“Throughout the pandemic, the Partnership has been the primary source of communication and cooperation between business and the government agencies managing the city and state’s response to COVID-19.”

In July 2020, with the support of its member global consulting firms, the Partnership published “A Call for Action and Collaboration,” the first comprehensive report examining the social and economic impacts of COVID-19 on the New York metropolitan area. The report outlines a series of actions and cross-sector partnerships to support an equitable recovery.

The Partnership and the coalitions it forged during the pandemic are acting on these recommendations to accelerate recovery. For example, the Partnership Fund led the formation of the Small Business Resource Network to provide small business owners with easy access to public and private sources of funding and technical assistance. This includes a new program, “Open + Online,” which is building websites, including e-commerce sites, for small businesses to help them compete in the burgeoning digital economy.

Our formal relationship with public transportation agencies, through the Transit Tech Lab, enabled us to aid the response to challenges presented by COVID-19 to the Metropolitan Transportation Authority (MTA) and other agencies. The Lab tapped its portfolio companies to help the MTA reroute bus service to accommodate essential workers during the overnight termination of subway services. It also facilitated the adoption of tools to sanitize trains and to communicate changing transit schedules and other essential information to riders during the pandemic and going forward.

What do you see as the keys to New York’s recovery and rebuilding coming out of the pandemic?

The pandemic exposed and exacerbated inequities across socio-economic lines, particularly within our public health system. We saw COVID-19 disproportionately affect low-income neighborhoods and communities of color. In our report “Toward a Resilient System of Health,” we took a close look at the changes in New York’s healthcare planning, financing and delivery system that are necessary to achieve a healthier and more equitable city. These include leveraging private sector expertise to address challenges surrounding social determinants of health and expand preventative health hubs across the city.

Closing the skills gap is also paramount in creating a more equitable city and resilient workforce. The city’s unemployment rate remains nearly twice the national average. However, there were over 370,000 private sector job postings as of July. We see a great opportunity to better sync private sector skill requirements, workforce development programs, and our public education system to upskill New Yorkers for the jobs of today and tomorrow.

How critical is a strong public/private partnership for New York City’s future success?

Throughout the pandemic, the public sector leaned on the private sector to fill gaps and expand capacity to create PPE, enforce mask and social

distancing requirements, and accelerate the development and distribution of vaccines. Recovery will require the same level of collaboration. The city lost over 400,000 private sector jobs and tens of thousands of businesses during the pandemic. We moved rapidly toward a fully digitized economy which leaves many less skilled workers and government agencies at a great disadvantage. Business will need to provide training and technology to ensure that individual workers, entrepreneurs and government are equipped to function effectively in the post-COVID-19 digital economy.

How proud are you to see the way your members showed resilience and supported those in need during this unprecedented time?

We are very proud of how quickly our members responded to and aided our government and the healthcare system throughout the pandemic. New York’s own Pfizer, followed by Johnson & Johnson, led the way for vaccine development; JetBlue donated 100,000 round trip tickets for medical personnel and nurses; and Google added extra server capacity to accommodate the surge in unemployment claims the New York State Department of Labor was not equipped to handle.

Our members also collaborated with volunteer organization New York Cares to support their parks cleanup program as more and more New Yorkers were taking advantage of green space. Amid great uncertainty about the future of the city as an attractive hub for talent, our members have remained committed to supporting its rebound.

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“We are very proud of how quickly our members responded to and aided our government and the healthcare system throughout the pandemic. New York’s own Pfizer, followed by Johnson & Johnson, led the way for vaccine development; JetBlue donated 100,000 round trip tickets for medical personnel and nurses; and Google added extra server capacity to accommodate the surge in unemployment claims the New York State Department of Labor was not equipped to handle.”

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LEADERS 35

NEW YORK CITY

Renewing America’s Infrastructure for Future Generations An Interview with Howard P. Milstein, Howard & Abby Milstein Foundation EDITORS’ NOTE Howard Milstein underserved communities. Over the leads the third generation of the Milstein years, my family’s work was critical to family’s business and philanthropic the revitalization and development activities. An entrepreneurial builder of Lincoln Center, Times Square, of innovative, large-scale compaBattery Park City, and Starrett City nies, Milstein’s ability to marshal busiin Brooklyn, to name a few. Without ness, government, philanthropic, and critical infrastructure – roads and family resources drives a breadth of bridges, mass transit and essential utilinitiatives. Milstein is Chairman and ities – these communities would not CEO of New York Private Bank & have been developed. New York City Trust, chairs and operates the would not be what it is today without Milstein family’s real estate compathe investments in critical infrastrucHoward P. Milstein nies, and is also Chairman of 8AM ture that have been made over the past Golf, owner of such best in class golf century. Yet we need only look at recent brands as GOLF Magazine and GOLF.com, and news to see the various ways our infrastructure the Nicklaus Companies (in partnership with is crumbling – both in New York and across Jack Nicklaus). Milstein was named the 2008 the nation. From roads and bridges to airports, Entrepreneur of the Year by Cornell University. and from our electrical grid to water and sewer In civic and philanthropic arenas, Milstein is a systems, our infrastructure is in desperate need Trustee at Cornell University, an Overseer of Weill of renewal. Extreme weather has only added to Cornell Medical College, and serves on the Dean’s this urgency. It is a matter of competitiveness in Advisory Board of Harvard Law School. He is a global economy, but it is also a matter of basic Chairman of the American Skin Association, the fairness for Americans in all walks of life – and Howard and Georgeanna Jones Foundation for perhaps even a matter of survival, particularly Reproductive Medicine, and the Milstein Medical for the most vulnerable in our society. America Asian American Partnership Foundation. Milstein can do better, and it must do better, when it also serves on the boards of the National September comes to revitalizing our nation’s infrastructure.

11th Memorial, National Committee for U.S. – China Relations, the Nicklaus Children’s Healthcare Foundation and PGA REACH. He is also Chair of the Regional Plan Association’s Committee on Critical Infrastructure, and from 2011-2014 served as Chairman of the New York State Thruway Authority, where he successfully led the design and procurement process for a new Tappan Zee Bridge – the largest infrastructure project in the nation.

You have recently worked on infrastructure issues in conjunction with the Regional Plan Association (RPA). What were the lessons to come out of these experiences?

I am honored to serve as Chair of the Regional Plan Association’s Committee on Critical Infrastructure. I have worked with RPA for many years, including by sponsoring the John E. Zuccotti Lifetime Achievement Award, which was named for my good friend and colleague John Zuccotti who had an exemplary and distinguished career as a public official during some of New York City’s most difficult times. We also worked with the RPA in recent years on a series of symposia entitled “The Milstein Forums on New York’s Future,” which brought together some of the most esteemed civic and business leaders in the New York City metropolitan area to discuss issues of critical infrastructure and the ways we might rescue and renew the region’s roads, airports, mass transit systems and railways. The forums, which were co-chaired with former Pennsylvania Governor Ed Rendell and former Senator Joe Lieberman, highlighted the need for effective leadership and dialogue between the public and private sectors, and the importance of

ORGANIZATION BRIEF The Howard a n d A b b y M i l s t e i n F o u n d a t i o n (howard andabbymilsteinfoundation.org) participates actively in the organizations it supports, with hands-on leadership and long-term financial support.

You have a deep involvement in infrastructure issues, both in your current civic life and during your tenure as Chair of the New York State Thruway Authority. Will you describe why this is important to you?

As a third-generation real estate developer, I have always understood and valued the role of infrastructure in economic renewal, and its importance to long-term community development which brings jobs and opportunity to 36 LEADERS

Howard Milstein (L), along with Regional Plan Association (RPA) Chair Scott Rechler and RPA President Tom Wright (L-R), presented the John E. Zuccotti Lifetime Achievement Award to President Joseph R. Biden in 2017 VOLUME 44, NUMBER 4

“From roads and bridges to airports, and from our electrical grid to water and sewer systems, our infrastructure is in desperate need of renewal. Extreme weather has only added to this urgency.”

finding new, market-based sources of funding that leverage federal infrastructure dollars – including through the implementation of public/private partnerships – to advance repairs and development. Our experts tackled issues such as: Institutions and Funding; Intercity Travel, from Airports to Rail; the Metropolitan Transportation Authority (MTA) and a capital funding crisis; and many others. We were tasked with developing practical recommendations to revitalize the regional economy through infrastructure developments that secure the primacy of the New York Metropolitan area as a global center for commerce. We drew on successful examples of infrastructure projects across the globe to lay out a blueprint for moving forward on these critical issues. The recommendations were incorporated into RPA’s 4th Regional Plan with the expectation that forum participants will mobilize their networks to support implementation. More recently, at Cornell University’s Institute of Politics and Global Affairs, we hosted a series of events, including a briefing in conjunction with RPA by Congressman Peter DeFazio, Chair of the House Transportation & Infrastructure Subcommittee, on the state of current infrastructure proposals on Capitol Hill.

With big infrastructure plans emerging on the federal level, what lessons can be learned from your experiences?

Irrespective of how much money is allocated for infrastructure improvement, it must be spent wisely and efficiently to have the sort of results we are looking for. Remember, for example, “The Big Dig?” The Central Artery/Tunnel Project (CA/T) in Boston began construction in 1991 and was supposed to take seven years and cost $2.6 billion. Plagued by cost overruns, design flaws, delays, leaks and corruption, the project wasn’t completed until the end of 2007 and cost more than $15 billion. When I became Chair of the New York State Thruway Authority and was tasked with the procurement process for the much-delayed replacement of the Tappan Zee Bridge, we were committed to ensuring we wouldn’t make the same mistakes.

We used a design-build process, where a single bidder is responsible for both design and construction. The bidder must factor time, complexity, and the total cost of construction into the design process. As a private-sector builder, I knew we had to have a designbuild process to avoid inflated contracts and cost overruns. We also created a collaborative

“We need to move the conversation away from the politics of left versus right, or environmentalists versus business, and towards a realistic discussion about the importance of providing for the basic infrastructure needs that make our nation work.”

bidding process, drawing on the knowledge and expertise of private-sector experts – including the bidders themselves, who had deep experience in building bridges all over the world. The results of this innovative thinking? We were able to complete the procurement process for this massive project ahead of schedule, and approximately 40 percent – more than $2 billion – under budget.

A continuing issue, both at federal and state levels, is how to pay for infrastructure improvements. What are your thoughts on this?

We s h o u l d b e l o o k i n g f o r m a r k e t place solutions that leverage Public Private Partnerships (PPPs) and other incentives. We also should look to ensure that those who make most use of our infrastructure pay their fair share. This doesn’t mean the average taxpayer – most infrastructure uses are industrial and commercial in nature. Take our roads and highway system, for example: approximately 80 percent of the wear and tear on our highways is caused by commercial traffic. It stands to reason, therefore, that commercial users should be paying more for the use of those highways. Efficiencies can be found as well. As just one example, I have funded research at Cornell University to use nanotechnology and other innovative techniques to strengthen roadway surfaces. The program has already developed a highly durable resurfacing material that resists buckling in both extreme heat and extreme cold.

If anything is going to get done on infrastructure over the long-term, politics needs to be put aside. What do you think is the best way to do that?

We need to move the conversation away from the politics of left versus right, or environmentalists versus business, and towards a realistic discussion about the importance of providing for the basic infrastructure needs that make our nation work. Much of this has to do with language. This is not about grand political ideas; it is about clean water to drink, and electricity to light and heat our homes, roads and bridges to bring food and clothing to our communities, and mass transit so people can get to work. Real leadership involves checking political and ideological baggage at the door and getting down to the hard work of ensuring our nation survives and prospers for generations to come.

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VOLUME 44, NUMBER 4

LEADERS 37

NEW YORK CITY

Active Transformation An Interview with Philip O. Ozuah, MD, PhD, President and Chief Executive Officer, Montefiore Medicine EDITORS’ NOTE Dr. Philip Ozuah is Montefiore is a purpose-driven the President and CEO of Montefiore organization with a long history of Medicine, the umbrella organization supporting its employees, patients for Montefiore Health System and and communities. How did Albert Einstein College of Medicine.

Montefiore adapt the way it works A nationally recognized physician, as it fought the global pandemic? leader, executive, researcher, teacher It all starts with our staff. I am most and author, Dr. Ozuah previously proud of, and humbled by, the extraorserved as President of Montefiore dinary courage that they displayed in the Health System. A National Institutes face of the deadliest public health crisis of Health (NIH) funded researcher in more than 100 years. Confronted and award-winning educator, he by an unprecedented emergency, they Philip O. Ozuah also served as Professor and University responded with dedication and innovaChairman of Pediatrics at Albert tion, transforming the way we operated Einstein College of Medicine and Physician-in-Chief practically overnight. Everyone had to be flexof the Children’s Hospital at Montefiore. Dr. Ozuah ible to meet the demand – the pace was relenthas been recognized locally and nationally for less around the clock. They treated thousands of excellence in teaching and patient care, including patients under extraordinary pressure and saved as an inductee into the Alpha Omega Alpha thousands of lives. In that effort, which continues Honor Medical Society and a two-time recipient to this day, they demonstrated their total commitof the Academic Pediatric Association’s prestigious ment to our patients and the communities we Helfer Award for Innovation in Medical Education. serve – our neighbors. That service came at a Along with his various awards for teaching and clinical excellence, Dr. Ozuah has also been recognized by Modern Healthcare as one of the “Top 25 COOs 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.

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.

38 LEADERS

terrible cost – we lost 30 of our dear colleagues to COVID. It is my good fortune to lead such brave and dedicated people. The men and women of Montefiore embody the highest of ideals – the selfless care of those in need – and I am honored by the trust they place in me.

Montefiore was built with an entrepreneurial spirit and an ability to be nimble and adapt. How critical was it to be able to adapt and change course quickly in order to meet the challenges of the pandemic?

It was, as they say, the whole ballgame. We went from two COVID patients on March 11, 2020 to more than 2,000 barely two weeks later. You can’t meet that kind of demand unless flexibility and imagination are baked into your culture, and we were as ready as any team could have been. At Montefiore, we are constantly working to improve the way we do things at every level of the institution. We also value open and honest communication which is crucial in times of crisis.

We were all in it together and I kept everyone in

The Children’s Hospital at Montefiore (CHAM) at Montefiore Hospital Moses Campus in the Bronx VOLUME 44, NUMBER 4

“All hospitals, especially those that serve communities with large minority populations, should work to demystify healthcare. They need to actively reach out to their neighbors, open up lines of communication and position themselves not as a last resort in the case of a medical emergency, but as a welcoming community resource for health information, preventive care and more.” the loop with near daily e-mails, town halls and virtual calls. I shared details about the challenges we faced and the steps we were taking to meet them, and I listened to the staff about their needs and concerns.

There were moments, of course, when I had to go it alone as CEO. There came a time in April 2020, for example, when we only had a one-day supply of N-95 masks left. My senior management team recommended that we start to ration them, to save some, because if we ran out, we couldn’t render care. We were working hard to get more, of course, but they hadn’t come in. I made the decision to hand out all the masks without any guarantee that we were going to get more. I said to the team, and myself, that we have to protect our people today, right now, and protect them maximally – we’ll figure the rest out tomorrow. That was a lonely moment because I had to make that call alone. As it happened, we managed to get a handful of masks a day later, and then another handful, so we got through that crisis.

What do you see as the biggest challenges facing leading health systems and hospitals as you look to the future?

There is the ongoing challenge to ensure that our patients have the best possible experience and the best possible outcomes while under our care. There is the challenge to advance medical science and develop new and effective treatments and protocols. There are also the financial challenges that every institution must meet to remain viable. The challenge that looms largest, the one we can no longer ignore, is to eliminate the racial and social inequities that the coronavirus has exposed. It’s not enough to save desperate people during a pandemic.

We must meet the everyday needs of the overlooked, underserved and vulnerable populations who have borne the brunt of COVID. To start, we must find ways to include them in the life of our institutions. At the hospital and medical school leadership level, where I operate, there are multiple ways to advance this cause. Hiring practices play a critical role, and so do the ways that hospitals present themselves to the communities they serve. A hospital can be a scary, intimidating place, and major urban medical centers can be the scariest of all. All hospitals, especially those that serve communities with large minority populations, should work to demystify healthcare. They need to actively reach out to their neighbors, open up lines of communication and VOLUME 44, NUMBER 4

Montefiore Hospital Moses Campus in the Bronx

position themselves not as a last resort in the case of a medical emergency, but as a welcoming community resource for health information, preventive care and more. Hospital leadership should also form partnerships with local leaders and institutions, including police departments, elected officials, and social service and religious organizations, to create programs that promote community health.

What is your vision for the evolving role of the hospital as health systems grow their ambulatory care and outpatient facilities?

Every change we make at Montefiore, every new idea or strategy we implement, must improve patient care and outcomes.

Ours is a culture of innovation and a history of firsts including, for example, the first cardiac pacemaker. We value that heritage and are committed to building on it. We are always looking for new ways to serve our patients and our communities, new ways to do things better. We are currently in a period of active transformation. We’ve grown very rapidly over the last decade and we’ve begun a process of integrating all of our values across the system – our 11 hospitals, our medical school and our

vast primary and specialty care network. As we look at our business model and work on creating an even stronger, more sustainable enterprise, we’re incorporating the many lessons we learned while meeting the challenges that COVID brought. Among them is the high value of agility and adaptability, regardless of the size of the institution, the complexity of the mission or the novelty of the crisis.

There is a great deal of discussion about New York’s future. In leading an institution like Montefiore with such a long and storied history in New York, are you optimistic that New York will recover and rebuild in order to remain a leading global city?

New York City was the epicenter of the pandemic in those first brutal weeks and months.

In a single day – April 7, 2020 – it suffered 806 deaths from COVID. By August of this year, the city had recorded more than a million cases, with 33,661 deaths. But even in the darkest days, I never doubted the resilience of New Yorkers. I saw firsthand how tough and determined they can be. Confronted by an unknown enemy with lethal power, we came together, united by a fighting spirit, and did what we had to do. The LEADERS 39

Tbe new, state-of-lhe-art Montefiore Hutchinson Campus raises the bar for efficiency and innovation in healtbcare

city shut down, but it’s people never did. They never flinched. I am confident that New York City will continue as a world leader in science, medicine, finance, arts and the many other realms that make it so special.

What do you see as the keys to New York City’s recovery and how critical is it for there to be a strong public/private partnership working together to secure New York’s future?

The same spirit of collaboration that helped us get through the worst of the pandemic is the key to future success. Early in the fight against COVID, for example, the CEOs of the five major New York health systems came together as a team. We shared information, equipment and other resources and even moved patients around to assure them the best possible care.

New York has a strong tradition of public/ private partnerships. At Montefiore, we work with city and state agencies on a daily basis to ensure better access and more equitable health outcomes in the communities we serve.

We have multiple corporate partnerships and we do a lot of work with community-based organizations to foster the growth of innovative programs that promote the health and wellness of New Yorkers. A current priority for Montefiore and our partners is sharing information about vaccine safety and encouraging New Yorkers to get vaccinated.

What do you see as the role that business and the private sector can play as a force for good in society by bringing its talent, expertise and resources to help address global crises?

COVID-19 brought out the best in Montefiore and countless other institutions and organizations as we rose to the occasion in a once-in-a-century crisis. We learned a lot about 40 LEADERS

meeting unprecedented challenges with the resources at hand and that’s obviously a good thing. Looking ahead, my hope is that as we continue to plan for the worst, we go beyond crisis management and help the communities we serve succeed and thrive on an everyday basis. One way to do that is by growing the workforce, providing training and job opportunities to local residents. Montefiore is the largest employer in the Bronx. We have an array of programs to recruit new employees and help our current staff members advance, including a special program designed to broaden the pool of minority and disadvantaged students who can go on to careers in medicine and science. In the same spirit, I serve on the New York Jobs CEO Council, a coalition of CEOs from 27 major companies, that is committed to helping 100,000 minority and low-income New Yorkers secure entry-level career path jobs by 2030.

Montefiore is deeply engaged in the communities it serves. Will you discuss Montefiore’s commitment to community and population health?

When our neighbors come through our doors, they receive the finest medical care available anywhere in the world. We treat every person who shows up, regardless of their circumstances, and we treat them all with the same respect and standard of care.

I find it maddening to think that individuals who live within mere blocks of my hospital are made more vulnerable by their physical and social environments. I’m a doctor – I can handle COVID and other diseases when they appear, but I want to help people before they need medical care. In order to do that, I need partners to address the long-term issues that over time create the health disparities that so impact minorities and the poor, things like

crowded and substandard housing, inadequate schools, food deserts and the lack of safe outdoor space. This is why we have created a roster of community-based programs at Montefiore that directly impact our neighbors.

These include working with local bodegas in areas with high rates of diabetes to improve the availability of healthy food choices in a culturally relevant way. Also, in coordination with the New York City Housing Authority, we promote asthma education and improved cleaning and pest control in city housing projects. We teamed up with BronxWorks, the Bronx’s largest social service provider, to hold a Poverty Simulation to help our clinical and social staff better understand the lives of their patients and clients, and alert them to any unconscious biases in their interaction with the people they serve.

I believe that healthcare providers have a special responsibility to be advocates for public health. We can see the big picture. We are uniquely positioned to identify the many different factors that negatively affect the health of the communities we serve.

How critical is it for medical schools to transform their curriculum in order to best prepare the future leaders in medicine?

As healthcare providers, we have a moral obligation to build and maintain a culture that embraces equality, respect, dignity and inclusivity at every level of the institution. At the same time, we must be rigorous in our pursuit of excellence if we are to deliver the best possible care and assure our patients of the best possible outcomes. These principles define Albert Einstein College of Medicine, which is part of the Montefiore system. Like the rest of Montefiore, Einstein’s students and staff reflect the diversity of the communities they serve and the communities they come from. At Einstein, our students learn that medicine is an instrument of social justice and it is their responsibility to see that justice is done. They are taught to deliver equitable and culturally competent care while meeting the highest professional standards. They must not only know what to do and how to do it, they must know who they are doing it for. As the legendary Canadian physician Sir William Osler famously said, “The good physician treats the disease, the great physician treats the patient who has the disease.” For young doctors in this era of advanced technology and subspecialties, those words ring truer than ever.

What advice do you offer young people interested in a career in medicine?

I don’t know of a field that is more stressful than medicine. Your patients will literally place their lives in your hands. You will do everything possible to help them, and sometimes it may not be enough. I also don’t know of a field that is more rewarding than medicine. Your patients will literally place their lives in your hands, and you will succeed and they will get better.

Medicine is definitely not for everyone, but if it turns out to be right for you, you will make a difference every day and there will be a little less pain and suffering in the world.

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Seismic or small, change is all around us With technology and human ingenuity, we can make change work for you and your business.

Let there be change

> accenture

NEW YORK CITY

An Insurance Icon An Interview with Maurice R. Greenberg, Starr Insurance Companies EDITORS’ NOTE Maurice Greenberg COMPANY BRIEF Starr Insurance is Chairman of Starr Insurance Companies (starrcompanies.com) is a Companies, a global insurglobal, privately-held insurance and ance and investment or ganiinvestments organization. Through its zation. Starr was founded by operating companies, Starr Insurance Cornelius Vander Starr in 1919 Companies provides commercial propin Shanghai, China. Greenberg erty and casualty insurance, as well as formed American International accident and health insurance prodGr oup, Inc. (AIG) as a Starr ucts worldwide, with significant access subsidiary, and served as that to the U.S. excess and surplus marketcompany’s Chairman and CEO place for certain lines of business. until Mar ch 2005. Under his Starr Insurance Companies underMaurice R. Greenberg nearly 40 years of leadership, writes a wide variety of specialty and AIG grew from an initial marinternational lines including aviket value of $300 million to $180 billion, ation, marine, energy, environmental, crisis becoming the largest insurance company in management, excess casualty insurance, accithe world. Greenberg is also the Chairman dent and health, and political risk insurof The Starr Foundation, a philanthropic ance. Starr Insurance Companies also provides organization initially funded by Cornelius a broad spectrum of insurance-related services Vander Starr’s estate. The Foundation has including claims handling and settlement, reinmade more than $3.8 billion in grants to surance, risk assessment, loss control and worldmany academic, medical, cultural and pub- wide travel assistance service. lic policy organizations around the world.

A decorated United States Ar my veteran, Will you highlight the history and heritage Greenberg served in both World War II and of Starr and what have been the keys to the Korean conflict, rising to the rank of the growth and industry leadership of the Captain and serving as a company com- company? mander. Greenberg received his pre-law cerOur management and our employees are tificate from the University of Miami and an dedicated to the organization that carries the Starr LLB from New York Law School. name. Our company started in China over 100

years ago and C.V. Starr ran it from there until World War II. He returned to China for a short time after the war but left again because of the Chinese Revolution and never returned. I met Mr. Starr purely by accident. I too served in World War II from its beginning to its end and came back to finish high school because I had enlisted when I was 17 years old. I was commissioned in the Reserves and then served in the Korean conflict. After this conflict ended, I started a job at Continental Casualty in Chicago and met Mr. Starr at that time as he was a friend of the president of Continental Casualty. I joined Starr one year later after that initial meeting.

How did Starr adapt its business to address the challenges caused by the pandemic and how did your workforce respond during this unprecedented time?

I am proud of the work that our team has done during the pandemic. As soon as there was a vaccine available, we were able to get most of our people vaccinated. There is still a small percentage of our people that are fearful of the vaccine and we are working with them to provide information and facts about the vaccine in order to help them be more comfortable.

We focused on working closely with our business partners throughout the pandemic while we worked remotely. Our management team worked together in person in remote locations,

“I am proud of the work that our team has done during the pandemic.

As soon as there was a vaccine available, we were able to get most of our people vaccinated.”

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“Chinese companies have been growing their presence in the United States. The leaders of both countries need to realize the importance of having constructive policies in place that encourage investment and doing business in order to benefit the populations of both countries.” from Morefar, which is our facility in Brewster, and from Ocean Reef in Florida. Our management did not slow down at all and neither did our business.

Starr is headquartered in New York City. What do you see as the keys to New York’s recovery and rebuilding coming out of the pandemic?

I think New York will recover, however I worry about the political situation in the city.

We need to make sure we have the right Mayor in place and do not try to turn the city, state or country toward more socialist institutions which would risk driving business leaders and institutions out of the city, state and, possibly, even our country.

What is your business outlook post-COVID? We must stay on top of the disease locally and nationally and make sure that the vaccines stay effective over time. If a third dose is necessary, we should not hesitate to get it. A number of companies are working on a third dose so that we will be prepared if it is required. We need to stay ahead of this and make sure the population is safe and secure and all that is necessary is done to maintain healthy communities. I’m optimistic that our country’s economy and Starr’s business will emerge stronger than ever when we put this virus behind us.

You have been a leader in supporting U.S.-China relations. Where do you see this relationship today and how critical is it for there to be a strong, mutually beneficial relationship between the two countries?

The United States and China should do whatever is possible to maintain a relationship that benefits both countries. Starr Insurance Companies has a significant business in China and, as I mentioned earlier, we have been there for more than 100 years. I have been traveling to China for more than 50 years.

Chinese companies have been growing their presence in the United States. The leaders of both countries need to realize the importance of having constructive policies in place that encourage investment and doing business in order to benefit the populations of both countries.

There is much debate about the need for infrastructure investment in the United States. What are you views on the state of infrastructure investment and what are the keys to effectively addressing this critical need in the country?

There are several bills pending in Congress that deal with the need for infrastructure investment in the U.S. The recent bill proposed by the Biden Administration contained more than infrastructure elements and was, in some ways, a housing bill, which was more than what we

need. Recent revisions proposed have focused solely on infrastructure and I am confident a bill will eventually pass in Congress which will benefit our economy and our country.

What advice do you offer young people interested in building a career in the insurance industry?

From time to time, I speak with students at Yale and other institutions about careers in insurance upon graduation. We also offer scholarships to students that want to focus on a career in insurance. We have had success in these programs and have been able to attract many highperforming students to Starr as they begin their careers in the insurance industry. This influx of talent serves the entire industry well. Insurance has an important role to play in securing many business needs in our economy. I am certain that as students understand and learn more about the industry they will continue to be attracted to its innovation, creativity and importance.

An important program that we support is through our relationship with St. John’s University. The Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science (GSRM) at St. John’s University is a global leader in risk and insurance education and training and draws candidates from all regions of the world. This has been a very successful program and one that we are proud to support.

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“Insurance has an important role to play in securing many business needs in our economy. I am certain that as students understand and learn more about the industry they will continue to be attracted to its innovation, creativity and importance.”

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NEW YORK CITY

Building a Bridge for New York’s Future An Interview with Xu Chen, President and Chief Executive Officer, Bank of China U.S.A. EDITORS’ NOTE Xu Chen started BOC U.S.A. has gone to extraordihis banking car eer at Bank of nary efforts to develop and expand our China’s Head Office in 1990. Since presence in the U.S., playing a positive then, he worked successively in role both in assisting U.S. companies various departments including as they expand globally and helping the Executive Office, the Corporate them develop in their local markets.

Banking Department, and the Since 2000, BOC U.S.A.’s syndicated London branch befor e he was loans, commercial mortgages, strucpromoted to the position of the tured finance and other traditional General Manager of the Olympic corporate businesses have steadily Affairs Department in 2004. In expanded and established a solid track August 2008, Xu was reassigned as record and reputation for our brand in Xu Chen General Manager of the Financial the U.S. market.

Institutions Department, a position Our strategy focuses a great deal he held until January 2015. At that time, he was on Fortune 500 companies and Chinese “going transferred to the United States and assumed his abroad” businesses developing in the U.S. Many current role. He now supervises the New York City, of these companies are either based in New Queens, Los Angeles and Chicago branches. York or transact through New York’s capital Xu holds a bachelor’s degree in management markets. For Fortune 500 enterprises, BOC information systems from Tsinghua University, U.S.A. has proven to be a reliable partner in the China, and a master’s degree from the University local syndication market, providing a full suite of International Business and Economics, China, of products and services tailored to our clients’ with a major in business management. needs. For U.S. companies seeking market share abroad and Chinese “going abroad” enterprises, COMPANY BRIEF As China’s most globalized and many of which also are based in New York, integrated bank, Bank of China (www.boc.cn/en) the bank maintains an advantage through close has a well-established global service network communications with our vast network of with institutions set up across the Chinese main- offices throughout China and across the world. land as well as in 57 countries and regions. It has established an integrated service platform based on the pillars of its corporate banking, personal banking, financial markets and other commercial banking business, which covers investment banking, direct investment, securities, insurance, funds, aircraft leasing and other areas, thus providing its customers with a comprehensive range of financial services. Bank of China U.S.A. (www.bocusa.com) has branches in New York City, Queens, Chicago and Los Angeles.

New York has played a significant role in BOC U.S.A.’s history, and through 40 years of services, the bank has aimed to play a noteworthy role in the city’s history and development as well. Notably, when the global financial crisis broke out in 2008, and many local mainstream banks were restrained from lending capital to New York’s massive real estate market, BOC U.S.A. successfully provided a mortgage loan on the New York Times Building, exhibiting confidence in the NYC market and laying a solid foundation for our commercial real estate mortgage business. In later years, we successfully co-arranged or participated in many syndication loans through New York based corporations, such as the NY Stock Exchange, IBM, Vornado, Blackstone and the New York State MTA. During this period and up to today, our New York branch has also focused on expanding its assistance to various U.S. corporates trying to enter China’s growing economy, increasing their access and exports of those companies.

How has Bank of China U.S.A.’s business evolved during its 40 years operating in New York?

When Bank of China opened its doors in New York, it began its journey to become a prominent global bank. Establishing a branch in

“New York has played a significant role

in BOC U.S.A.’s history, and through 40 years

Will you provide an overview of Bank of China U.S.A.’s history in New York and commitment to the New York market?

Bank of China U.S.A. (BOC U.S.A.) became the first Chinese commercial bank in the U.S. market when it opened its first branch on New York City’s Madison Avenue in 1981. Over the past 40 years, BOC U.S.A. has established a strong presence in corporate finance, commercial real estate, trade finance, and clearing in the U.S. With its unparalleled global network and experience, the bank’s RMB business has also become a market leader since that first branch also became the first RMB clearing bank in the U.S. 44 LEADERS

of services, the bank has aimed to play a noteworthy role in the city’s history and development as well.”

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The headquarters building of BOC U.S.A. in Manhattan

Manhattan came with undeniable risks, as the United States and China had only just established diplomatic relations two years earlier.

While the relationship between both countries was tenuous at first, the bank recognized that it possessed unique capabilities to serve as a bridge between the U.S. and Chinese business communities by facilitating bilateral trade and investment cooperation and thereby bringing our two countries closer together.

Over the past 40 years, we have experienced considerable growth opening additional branches in Queens, Los Angeles and Chicago.

Our total assets in 2020 exceeded $61 billion, and ranked 24th among 170 foreign-funded banks and 54th among 4,464 commercial banks in the American banking industry. We are proud to have partnered with many local and global U.S. homegrown enterprises, financial institutions and high-net-worth individuals, in efforts to support their domestic and global business objectives. Now, more than 90 percent of our client portfolio is represented by U.S.-based corporations and our work with these enterprises has supported and contributed greatly to the U.S. economy, local businesses, the services industry and U.S. job growth.

As a foreign bank operating in the U.S., striving to be a responsible corporate citizen has never been more important. All our branches are dedicated to supporting local communities and organizations through various Corporate Social Responsibility (CSR) and/or Community Reinvestment Act (CRA) programs. These programs bring people together to create a positive impact on the environment, society and the communities we serve. By embracing both topdown and bottom-up engagement, the causes VOLUME 44, NUMBER 4

and events we support showcase our employee volunteerism, community lending and investments, as well as charitable giving programs.

BOC U.S.A. is also committed to sustainable and value-creating growth, responsible relationships with our community, a sound risk culture, DEI (diversity, equity, and inclusion) values, and a principled and transparent governance framework.

Since the United States and China normalized diplomatic relations more than 40 years ago, the economic interests of both countries have been intertwined and the subsequent benefits to industries and economies around the world have been monumental. Even when trade relations have strained, U.S. and Chinese companies have continued to pursue greater integration through investments and expansion into each other’s respective markets, maximizing the growth potential of both economies. We are committed to continuing to help companies recover from the global pandemic and grow to their full potential, be it here in New York, throughout the U.S. and across the globe.

How do you define the Bank of China U.S.A. difference and what sets the company apart in the industry?

Among Chinese banks, we have the longest history of doing business in the U.S. We are the only foreign banking organization that is regulated as a large bank and our New York Branch, our first branch, is the only Chinese bank in the U.S. designated by the People’s Bank of China for RMB clearing.

We are committed to being the leading RMB clearing, settlement and trading financial institution in America.

We understand that the economic interests of the U.S. and China are intertwined and the significant consequences this has on markets, consumers, manufacturers, and service providers around the world. It is for this reason that we pursue creative solutions that result in building more positive business to business and people to people relationships, especially during these times when U.S.-China trade relations are strained. We cannot focus on every negative headline, as we know our services are needed, companies are seeking to expand globally and technology is changing fast. Only by adapting to these changes can we enhance mutual cooperation, trust and understanding of our respective markets.

How do you describe Bank of China U.S.A.’s culture and what have been the keys to developing and maintaining culture with the size and global footprint of Bank of China?

Our vision is to continue building a worldclass modern banking group, and as such we strive to develop better integrated services, stronger competitiveness, better governance, higher operational efficiency, better risk control, greater brand influence and a diverse and dynamic employee workforce.

With values of “excellent service, sound creativity, open and inclusiveness, collaboration and mutual-benefit,” we always strive to achieve excellence and deliver results in a professional, responsible, and timely fashion. Operating in a dynamic and vibrant market here in New York City makes it possible to build an extraordinarily diverse workforce that reflects our community and our values.

As a large international bank under the framework of the OCC’s Heightened Standards, our risk-based strategic plan defines regulatory compliance as our prioritized strategy, together with sound management, balanced and sustainable growth, and efficient operation. Guided by our strategy, we have cultivated a culture of compliance across the full banking platform, maintaining the highest level of compliance standards.

In recent years, innovation and data-driven analytics have also merged into the bank’s culture. These new corporate culture components emerged from both BOC Group’s overall innovation-driven strategy and increasing FinTech competition and disruption in the U.S. We recognize that we must continue to build an innovative, data-driven and analytical culture that supports sustainable business growth and prepares for what tomorrow’s customers expect from us. We have explored and implemented various data analytics tools, deep learning and other artificial intelligence technologies to help automate complex compliance information analyses.

As for developing and maintaining the BOC U.S.A. culture, we are committed to continuing the rollout of our culture development programs, maintaining and cultivating a sound risk culture, and enhancing our DEI initiatives to consolidate and expand the bank’s competitive advantages.

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How critical is it for Bank of China U.S.A. to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

A diverse and inclusive corporate culture is critical to achieving our goals as employees with different backgrounds and corporate experience bring varied perspectives and values. We have a growing percentage of non-Chinese employees at BOC U.S.A. and supporting strong employee engagement and fostering teamwork across the bank enriches our culture and brings new opportunities for us as a business and as a community.

Additionally, recently we established an Environmental, Social & Governance (ESG) Working Group. As part of the “S” and “G” components, we will continue to enhance our DEI program to further develop our diverse and inclusive culture.

What do you see as Bank of China U.S.A’s responsibility to the communities it serves and to being a force for good in society in light of COVID and economic recovery for New York and the world?

From the beginning we ensured the safety of our employees and their families. We then set our sights on determining where we could provide the most impactful economic relief efforts for the community at large. We donated more than 130,000 pieces of PPE to local hospitals, senior care facilities, the NYPD, MTA, NY Postal Service, and New York Sanitation Department. We helped sponsor the expansion of the ICU at the New York-Presbyterian Downtown hospital, which was severely in need, and also partnered with a local nonprofit and restaurants to provide home-delivered meals to medical workers and the elderly at no cost.

We recognized that BOC U.S.A. also had a role to play in lifting the city back up and supporting our neighborhood stores. With this in mind, we provided relief for our communities and sought to accommodate the needs of local small business owners through a $200 million loan to the MTA for operating expenses and distributed loans through the Paycheck Protection Plan and the CARES Act. We will continue to do our part to regenerate New York following the pandemic, but on a larger scale, the key to a global recovery is international cooperation and coordination.

The U.S. and China need to deepen economic and trade relations to support an effective postpandemic recovery. The two countries could initiate economic policy coordination that strengthens cooperation in commodity products, information and communication, online education and telemedicine, jointly stabilize the markets, and safeguard people’s well-being.

Furthermore, both countries should work together to ensure the smooth operations of global industrial supply chains and strengthen bilateral financial investment activities to jointly promote economic recovery and prevent more people from facing poverty and unemployment.

While this kind of coordination will largely be dependent upon policy decisions, the 46 LEADERS

financial communities on both sides can help lay the foundation for greater international cooperation and here at BOC U.S.A. we are ready to support this endeavor.

Will you discuss Bank of China U.S.A.’s contributions to New York City and commitment to corporate responsibility?

Supporting community development has always been an essential component of BOC U.S.A.’s mission. In the last eight years alone, we have provided more than $2 billion in public finance and corporate loans, investments, and services under our CRA Program. In the New York City metropolitan area, we have been active in providing loan facilities to support 80/20 lowand moderate-income housing developments as well as public transportation projects that can both create employment opportunities and improve community living conditions.

We have also expanded our community outreach through partnerships with many great local community organizations including Big Brothers Big Sisters of New York City to create an annual workplace mentorship program in which employee volunteers provide mentorship to high school students from underserved communities on matters including financial literacy, career development, and public speaking. We are proud to support other important community organizations such as Robin Hood, Cent$ Ability, Habitat for Humanity, and the Jump$tart Coalition, among many others.

What are your views on the U.S.-China business relationship and how critical is it for the two countries to work together in a positive and mutually beneficial way?

The relationship between the U.S. and China cannot be overstated. The development of bilateral economic and trade relations for the last 40 years resulted in mutual benefits for both countries, corporations and consumers.

On one hand, China has seized the opportunity to transform into an economic superpower; on the other hand, the U.S. has benefited from

China’s growth and production by historically maintaining low inflation, reducing manufacturing costs and promoting industrial upgrades.

The U.S.-China phase one economic and trade agreement was a vivid example of cooperation and consolidated the foundation of bilateral relations. The important consensus reached by both countries on expanding trade volume, easing market access, protecting intellectual property rights, and establishing bilateral assessment and dispute settlement arrangements, is in line with the common interests of their economic development and is conducive to protecting and improving people’s livelihoods.

This agreement demonstrates the effective realization of our countries’ common interests and has the potential to deepen consensus and extensive cooperation in the future. In addition, the U.S. is currently the world’s largest and most developed economy, and often sets the stage for how other countries will go about economic relations. China has become the world’s second largest economy and an important driving force for global economic growth. Relationships play an important role in global issues such as reforming the international monetary system, breaking the deadlock in trade negotiations, and tackling climate change.

From the perspective of a global Chinese bank, what advice do you offer young people interested in a career in banking on Wall Street?

Young people interested in a banking career need to understand the marriage of finance and technology. Being able to “think digitally” and creatively as systems evolve, risks intensify and client demands increase are invaluable skills to help better understand and navigate the digitized world of banking and beyond.

As a Chinese bank operating in the U.S., we also believe it is important for young bankers to maintain a global perspective. We are a global bank, but we have a local heart.

This means that while we conduct business all over the world, we make sure that does not occur at the expense of our local businesses and communities.

Prospective young bankers should also try to understand the intricacies of each of these diverse markets, not just to know how to technically operate within them, but also to understand how to socially adapt to differing business customs, cultures and standards.

Finally, given our unique position of being a U.S based Chinese bank, we understand that our work serves as a bridge between these two countries with vastly different economic, political and cultural norms and systems. A potential young employee should understand the differences driving the U.S. and China apart, and channel that information into finding creative solutions that will resolve the many challenges both our economies are facing today and tomorrow. New York is one of the most diverse cities in the world, and as such presents a huge opportunity for the bank and for young people to be part of an inclusive and innovative business future.

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VOLUME 44, NUMBER 4

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NEW YORK CITY

The Power of Creativity An Interview with Michael I. Roth, Executive Chairman, Interpublic Group EDITORS’ NOTE Prior to serving C O M PA N Y B R I E F I n t e r p u b l i c in his current role, Michael Roth (interpublic.com) is a values-based, was Chairman and CEO of IPG data-fueled, and creatively-driven for 15 years. During his tenure, provider of marketing solutions. Home Roth righted the company’s finanto some of the world’s best-known and cial course and moved to make it an most innovative communications industry leader by defining new specialists, IPG global brands include: models that provide value to clients Acxiom, Craft, FCB, FutureBrand, in a rapidly changing media and Golin, Huge, Initiative, Jack Morton, marketing environment. Before Kinesso, MAGNA, Matterkind, McCann, becoming Chairman and CEO of Mediahub, Momentum, MRM, MullenLowe IPG, Roth was a member of the comGroup, Octagon, R/GA, UM, Weber Michael I. Roth pany’s Board of Directors. Earlier in Shandwick and more. IPG is an S&P his career, he was Chairman and 500 company with net revenue of CEO of The MONY Group Inc., a financial ser- $8.06 billion in 2020. vices holding company. Roth is a member of the Board of Directors for Pitney Bowes Inc., the Ad Will you highlight IPG’s history and heritage Council and Ryman Hospitality Properties. He is and what have been the keys to the company’s also a member of the boards of the Lincoln Center growth and success?

Corporate Fund, Chief Executives for Corporate IPG is a company that has long been Purpose (CECP) and the Center on Addiction. In about client service, a commitment to shareaddition, he is a Director of the Baruch College holders, as well as being a responsible citizen Fund and the Partnership for New York City. of the communities where our employees live, He is a member of the Business Roundtable and work and vote. We are a values-driven, futureNew York-Presbyterian Hospital’s Heart Steering focused company that is marked by vibrant Committee. A certified public accountant, Roth agency brands and the value it places on its holds an LLM degree from New York University people. These have been the keys to our sucLaw School and a JD from Boston University Law cess for many years now.

School. He is a graduate of the City College of How do you define the IPG difference and New York. what sets the company apart in the industry?

IPG combines the power of creativity and our storytelling craft skills with the precision, accountability and scale of data and technology. We are attuned to the powerful currents that are transforming consumer behavior and are required for business relevance, and delivering differentiated and higherorder services that help our clients win in a world of accelerated technological and societal change.

How do you describe IPG’s culture and what have been the keys to maintaining culture with IPG’s size and global footprint?

This has been an interesting year when it comes to maintaining culture. Culture is about our people and our values: caring for each other, ensuring an inclusive environment – even when we are remote, being transparent and providing an environment that is supportive of career as well as personal growth. I believe it is largely our strong culture fostered over many years, coupled with the most talented workforce in the industry, that enabled us to perform as well as we did during an extraordinary year full of unprecedented challenges.

What has made IPG’s agencies so successful at building long-lasting client relationships and client loyalty?

IPG’s success with long-term client relationships is also rooted in our people and in our culture as a company. It is based on our ability to understand our business and changes we need to make to ensure that we live into our value proposition as

“This has been an interesting year when it comes to maintaining culture. Culture is about our people and our values: caring for each other, ensuring an inclusive environment – even when we are remote, being transparent and providing an environment that is supportive of career as well as personal growth.”

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“Diversity, equity and inclusion have been priorities at IPG for years because we know that building a diverse workforce, and an inclusive and equitable culture, are critical to our success.”

a future-facing company. A big piece of this for IPG has been understanding the critical importance of data and technology to all of our clients. Our acquisition of Acxiom has played a key role in ensuring that we are on our front foot when it comes to providing best-in-class data-driven solutions for our clients.

How critical is it for IPG to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

Diversity, equity and inclusion have been priorities at IPG for years because we know that building a diverse workforce, and an inclusive and equitable culture, are critical to our success. We have been working on DE&I for 15 years and have seen some good progress, although much work remains to be done.

We have very active business resource groups that include our Black Employee Network, the Asian Heritage Group, SOMOS for our Latinx employees, the IPGLBT and the Women’s Leadership Network. IPG’s DEI team has led programs including a Juneteenth conversation with Professor Imani Perry, a panel confronting attacks on trans youth, bystander intervention training in response to the rise in Anti-Asian/American and xenophobic harassment, and a social media challenge for International Women’s Day. The team has also created bespoke content for its Inclusive@ Work site, launched to support employees through COVID-19, that includes guides such as Juneteenth:

Opinion vs. Knowledge, Manager’s Guide to Initial Responses to Times of Racial Turmoil, Mental Health During a Crisis, and Parent Center.

In 2020, we became the first company in our industry to release statistics around gender and race in our executive ranks, with our peers following suit.

This type of transparency is a critical step toward ameliorating structural racism in our industry.

What do you see as IPG’s responsibility to the communities it serves and to being a force for good in society?

Our responsibility as a global corporate citizen is important to all of our stakeholders – our employees, our investors and our client partners.

Being a force for good in our communities has long been a very important value for IPG, and is part of our overall ESG (environmental, social and governance) strategy. Our companies around the world work in areas that include climate change, responsible consumption as well as diversity, equity and inclusion. IPG has recently created its first-ever human rights policy and has also recently committed to major efforts around climate change.

We know that companies that have strong ESG programs perform better in the marketplace, have better retention rates, and are stronger partners to their clients. Our efforts in this area have only grown in importance over the last 17 months, as culture and purpose have helped maintain ties between employees, teams and clients.

IPG is headquartered in New York. What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

As a lifelong New Yorker, it was very difficult to watch the city suffer during the pandemic, as it was also difficult to watch embattled communities around the world take the hardest hits of the virus.

But in each of these cases, resilience has prevailed.

New York is coming back. It will certainly take commitment to ensure the strength and vibrancy of all of our big cities – commitment on the part of business leaders and public officials. It will also take a belief and a willingness by our employees to return to our offices which have long been the cultural hubs of our business. I know New York is headed in the right direction. I’m looking forward to its full return.

What advice do you offer young people interested in a career in the industry?

Find a company whose values align with your own and where you are supported in your work and in being yourself at work. It’s worth waiting for the right job and the right fit if at all possible. If you find yourself in a situation in which you don’t feel comfortable, or where you don’t share an organization’s values, it’s time to find another place to do your best work, grow your career and make a difference.

•

“Our responsibility as a global corporate citizen is important to all of our stakeholders – our employees, our investors and our client partners. Being a force for good in our communities has long been a very important value for IPG, and is part of our overall ESG (environmental, social and governance) strategy.”

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NEW YORK CITY

Mosaic of Success An Interview with Stanley M. Bergman, Chairman of the Board and Chief Executive Officer, Henry Schein, Inc. EDITORS’ NOTE Since 1989, Stanley network, with a selection of more than Bergman has been Chairman of the 120,000 branded products and Henry Board and CEO of Henry Schein, Schein private-brand products in stock, Inc. He serves as a board member as well as more than 180,000 addior advisor for numerous institutional products available as specialtions including New York University order items. A Fortune 500 Company College of Dentistry; the University and a member of the S&P 500® index, of Pennsylvania School of Dental Henry Schein is headquartered in Medicine; the Columbia University Melville, New York, and has operations Medical Center; University of the or affiliates in 32 countries and terriPeople; Hebr ew University; Tel tories. The company’s sales reached Aviv University; the University $10.1 billion in 2020 and have grown Stanley M. Bergman of the Witwatersrand Fund; at a compound annual rate of approxThe World Economic Forum’s imately 12 percent since Henry Schein Healthcare Governors; the Business Council became a public company in 1995. for International Understanding; the Japan Society; and the Metropolitan Opera. Bergman Will you highlight Henry Schein’s history is an honorary member of the American Dental and heritage and the keys to the company’s Association and the Alpha Omega International consistent strength and leadership in the Dental Society. He is a recipient of the Ellis Island industry?

Medal of Honor; the CR Magazine Corporate The company got its start in 1932 when Responsibility Lifetime Achievement Award; the Henry Schein opened a pharmacy in Woodside, 2017 CEO of the Year award by Chief Executive Queens. Henry himself established the values Magazine; Honorary Doctorates from The that serve as the foundation of the company’s University of the Witwatersrand, Wester n performance-based culture to this day, what we University of Health Sciences, Hofstra University, now call the “Mosaic of Success,” through which A.T. Still University’s Arizona School of Dentistry we balance the interests of our five constituand Oral Health, Case Western Reserve University encies – customers, suppliers, investors, Team and Farmingdale State College (SUNY); and Schein, and society.

Honorary Fellowship fr om King’s College Will you provide an overview of Henry London – Dental Institute and the International Schein’s business and areas of focus?

College of Dentists. Bergman is a graduate of The Henry Schein is the world’s largest University of the Witwatersrand in South Africa, provider of healthcare products and solutions and is a South African Chartered Accountant and to office-based dental and medical practitioners a NYS Certified Public Accountant (CPA). with more than 1 million customers served by approximately 21,000 Team Schein Members C O M PA N Y B R I E F H e n r y S c h e i n , I n c . in 32 countries. Our sales in 2020 totaled (henryschein.com) is a solutions company for health- $10.1 billion globally, of which 59 percent was care professionals powered by a network of people and technology. With approximately 21,000 Team Schein Members worldwide, the company’s network of trusted advisors provides more than 1 million customers globally with more than 300 valued solutions that help improve operational success and clinical outcomes. The company’s Business, Clinical, Technology, and Supply Chain solutions help office-based dental and medical practitioners work more efficiently so they can provide quality care more effectively. These solutions also support dental and medical laboratories, government and institutional healthcare clinics, as well as other alternate care sites. Henry Schein operates through a centralized and automated distribution

generated by our dental business, with medical generating 36 percent and technology/valueadded services accounting for 5 percent.

How do you define Henry Schein’s culture and what have been the keys to maintaining culture as the company has grown in size and scale?

Our values are defined by this quote from Jay Schein, Henry’s son and my predecessor as CEO: “This is what we are really about: a concern for people and a concern for results.”

We call ourselves Team Schein because we are intensely focused on working as a team for the benefit of our constituencies. We’ve been able to maintain the values and adapt the culture even as we’ve grown because we put our values and culture before the numbers as we’ve expanded the business extensively through acquisitions.

Success is all about people and always will be about people.

How critical is it for Henry Schein to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

Diversity and inclusion is absolutely critical, for both moral and commercial reasons.

Providing opportunities for people of all backgrounds is a moral imperative – there is no question about that. But this is also a commercial imperative because today’s minority populations in the U.S., for example, will become the majority in the decades ahead. Business needs to embrace this enormous demographic shift and develop the cultural competency to serve an increasingly diverse population.

What do you see as Henry Schein’s responsibility to the communities it serves and to being a force for good in society?

“Our values are defined by this quote from Jay Schein, Henry’s son and my predecessor as CEO: ‘This is what we are really about: a concern for people and a concern for results.’ We call ourselves Team Schein because we are intensely focused on working as a team for the benefit of our constituencies.”

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“New York has historically attracted the strivers, the entrepreneurs, the innovators, the immigrants looking for a better life, as well as Americans from every state looking for a fresh start. That is the dynamism of New York, and I have no doubt the world’s greatest city is already significantly recovered and will fully recover, as it always has.”

Henry Schein’s headquarters in Melville, New York VOLUME 44, NUMBER 4

We believe serving society is the “special sauce” behind our success. For more than 30 years, and long before it became fashionable through what is now termed the Environmental, Social, and Governance movement, we practiced stakeholder capitalism as defined by Benjamin Franklin’s philosophy of “enlightened self-interest,” in which companies “do well by doing good.” We believe every participant in civil society – government, business, and nonprofits – have an essential role to play in improving life in the communities we serve.

It’s also in our commercial interest. Businesses simply cannot succeed in failed societies.

What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

New York has historically attracted the strivers, the entrepreneurs, the innovators, the immigrants looking for a better life, as well as Americans from every state looking for a fresh start. That is the dynamism of New York, and I have no doubt the world’s greatest city is already significantly recovered and will fully recover, as it always has. Of course, achieving that recovery can only be hastened by the public and private sectors working together to advance such critical issues as healthcare, education, and environmental sustainability. I am optimistic that together, we will succeed.

What do you see as the keys to effective leadership?

If you can be an effective camp counselor, you can be an effective leader. Camp counselors are skilled at bringing people together to achieve a goal. That’s the essence of effective leadership, and that’s the approach we take at Team Schein.

What advice do you offer young people beginning their careers during this challenging and unprecedented time?

I wish I could roll back time to start my career all over again because this is such an exciting time in the history of business. There is a tendency nowadays for people in societies everywhere to stay with what’s familiar and to withdraw into the safety of what they already know. I would advise young people to reject that notion. For all of the challenges we face, be it political discord or a pandemic, young people need to embrace the world and all its opportunities for growth. Imagine the future you want and then go build it.

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Respectful Confrontation An Interview with Peter W. May, President and Founding Partner, Trian Fund Management, L.P. EDITORS’ NOTE Peter May has public equity ownership with operational been President and a Founding expertise. Leveraging the combined 100+ Partner of Trian since November years of operating and investing experi2005. He serves as the non-execuence of its Founding Partners, Nelson tive Vice Chairman of The Wendy’s Peltz, Ed Garden and Peter May, Trian Company and is also a member of seeks to invest in high quality but underthe board of directors of Mondele-z valued and underperforming public International, Inc. From May 2008 companies and to work collaboratively through May 2017, May served as with management teams and boards a director of Tiffany & Co. He also to help companies execute operational, chairs Trian’s ESG working group. strategic and environmental, social and Fr om April 1993 thr ough June governance (ESG) initiatives designed to Peter W. May 2007, he served as President, Chief drive sustainable earnings growth and Operating Officer and a director enhance long-term shareholder value of Triarc Companies, Inc., which during that for the benefit of all stakeholders. period of time owned Arby’s Restaurant Group and Snapple Beverage Group, as well as other What have been the keys to the strength consumer and industrial businesses. May was and leadership of Trian Partners?

President and Chief Operating Officer and a I believe our success is due to our culture director of Triangle Industries from 1983 to and mission. In regard to our mission, we see 1988, the largest packaging company in the our role as long-term investors who are trying world and a Fortune 100 industrial company to make a difference. With a focus on operawhen that company was acquired by Pechiney, tions, strategy and ESG, we try to help our S.A., a leading international metals and pack- portfolio companies create strong and sustainaging company. He is the Chairman Emeritus of able stakeholder returns. Our strength is in our the Board of Trustees of the Mount Sinai Health background of operating companies and taking System in New York, where from October 2002 an entrepreneurial approach to decision-making until April 2019 he led the turnaround of this which is what we aim to instill in our entire major academic health center from serious investment team at Trian and then incorporate financial difficulties to what is today one in the companies we are involved with. I believe of the most profitable and fastest growing this approach has led to overall positive results. academic medical centers in the United States.

Our culture is based on everybody particiIn addition, he is Co-Chairman of the New pating in decision-making. Trian is a flat York Philhar monic, a director of Lincoln Center for the Performing Arts, a trustee of the New-York Historical Society, and a partner of the Partnership for New York City. May is an Emeritus Trustee of The University of Chicago and a Life Member of the Advisory Council of The University of Chicago Booth School of Business and was the past Chairman of the UJA Federation’s “Operations Exodus” campaign. He is Chairman of the Board of The Leni and Peter May Family Foundation. May received AB and MBA degrees from The University of Chicago and also holds an Honorary Doctorate in Humane Letters from the Mount Sinai School of Medicine of New York University.

organization with a small team that is highly talented and highly motivated. Our culture promotes what we call “respectful confrontation.” We ask our team (and our portfolio companies) to express their points of view and respect one another’s differences. We think by asking everyone to step up, particularly when they have a different opinion or disagree, that we ultimately arrive at the best solutions.

I believe when you put our culture and mission together, that has been the reason for Trian’s success.

Is cultural fit a key factor when hiring talent for Trian?

We usually hire individuals who have been working for a few years in the finance industry and who have personality traits that fit into our culture. Certainly, everyone who applies for a position at Trian has the intellectual capacity we are looking for. The hiring decision is often focused on the candidate’s drive, passion and desire to make a difference.

What are the characteristics that Trian looks for when evaluating an investment opportunity?

We look for companies that we believe have great franchises but are missing opportunities, whether in, for example, markets, geographies or technology. Each situation is different, and we primarily invest in everything consumer as well as non-balance sheet financials and industrial businesses. We monitor 50 to 75 companies at any given time and tend

“We monitor 50 to 75 companies at any given time and tend to invest in companies where we feel there is a disconnect between the

way they are being valued and what they are doing, and we try to help close that gap and

FIRM BRIEF Founded in 2005, Trian Fund Management, L.P. (trianpartners.com) is a multibillion-dollar investment management firm with approximately 50 employees. Trian is a highly engaged shareowner that combines concentrated VOLUME 44, NUMBER 4

position them better for the long term.”

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“Our culture promotes what we call “respectful confrontation.” We ask our team (and our portfolio companies) to express their points of view and respect one another’s differences. We think by asking everyone to step up, particularly when they have a different opinion or disagree, that we ultimately arrive at the best solutions.” to invest in companies where we feel there is a disconnect between the way they are being valued and what they are doing, and we try to help close that gap and position them better for the long term. We believe we are effective in working collaboratively with the management teams and boards of companies that are underperforming on the operating side, for example, where their margins may be inferior to their peers or their sales lines are not growing the way we think they should, and we offer our experience to help support these companies.

How did Trian adapt its business to address the challenges caused by the pandemic and how were you able to maintain culture working remotely?

We all know each other well at Trian and that has made it easier. We have maintained our schedule of formal weekly investment team meetings and informal interactions, albeit mostly virtually. I do not think we have missed a beat in terms of our investing and analysis.

However, it has been frustrating for us not to be all together. We have hired a few new people since March 2020 and, while it was difficult initially for them to get to know their team well while being at a distance, this has improved as we have begun to bring most everyone back to the office in a safe and secure way.

Will you discuss Trian’s focus and commitment to diversity and inclusion?

Trian takes D&I, and other components of ESG, very seriously – we believe we have valuable

experience in these areas having been involved in so many companies at different times for nearly five decades. We work closely with our companies and feel strongly about being on board committees focused on D&I and ESG issues.

At Trian, we are always looking to expand our talent base – D&I is a constant factor we consider while doing so.

You have been a business leader in New York for many years and devote a great deal of time and energy to philanthropic causes in New York. Are you optimistic about New York’s future and what are the keys to a successful recovery and rebuilding from the pandemic?

I am optimistic in the sense that I believe New York is one of the greatest cities in the world. In my opinion, it is the financial center of the world and the cultural center of the country. I serve as co-chair of the New York Philharmonic and we are in the middle of the redo of David Geffen Hall. It is critical for New York to reopen in terms of culture, Broadway, and travel and tourism. This has been challenging with the Delta variant, but I think that the signs point to continued progress in regard to reopening.

Overall, I am optimistic about New York’s future. Having said that, we need to address major issues of crime and safety as well as a tax structure in New York that acts as a huge burden and disincentive for people to stay and invest.

“Trian takes D&I, and other components of ESG, very seriously – we believe we have valuable experience in these areas having been involved in so many companies at different times for nearly five decades. We work closely with our companies and feel strongly about being on board committees focused on D&I and ESG issues.”

What are the keys to making an impact in philanthropy and do the traits that made you successful in business translate to effective philanthropy?

It starts with the desire to make a difference and to give back. I was brought up in a family that was involved in and supported many causes. I have a philosophy which I refer to as “engaged philanthropy,” in that it is much easier to write a check than it is to roll up your sleeves and get involved in making a difference. I like to be actively engaged in the organizations I support. The skill set of running businesses and working with companies that need to be tur ned around or that have to adapt the way they do business has been extremely valuable in my philanthropic work. When I took over as chair of Mount Sinai, it was during a difficult time for the institution. I brought a business approach to my role and focused on culture, talent and building on the strengths of the institution. Today, Mount Sinai is one of the most financially stable and successful health systems and a leader in the industry. I believe that having business experience and operational expertise is extremely valuable to being effective in philanthropy.

What advice do you offer young people beginning their careers during this challenging and uncertain time?

It has been difficult for young people to fully demonstrate their skills during the COVID-19 pandemic. So, if you are young, I think it is worthwhile to try to get an internship in order to gain exposure and experience.

I also have a very simple philosophy that my father taught me which I think applies to any young (or old) person: to do more than what is expected. Many people approach a job focusing on doing that specific job, but I recommend looking for additional opportunities to get involved with and expanding your knowledge in order to make a real difference in the organization.

Do you ever think about slowing down?

At the end of the day, if you are not intellectually stimulated, I think you atrophy. I have many interests which I try to balance. I have lots of energy and enjoy being around young people. I love addressing change and coming up with new ideas.

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An Innovative Campus Approach in New York An Interview with Richard A. Rosenbaum, Executive Chairman, Greenberg Traurig EDITORS’ NOTE Richard Rosenbaum New York is the lar g e s t a m o n g is the Executive Chair man of Greenberg Traurig’s 40 global offices.

Gr eenber g Traurig, a unified Will you discuss your vision for the international law firm of more firm’s new “campus” location? than 2,300 attor neys spanning In January 2018 we announced 40 offices around the globe, and a forward-looking plan to move the has long been considered a center of our New York regional operathought and change leader in tions to the state-of-the-art, convethe broader legal profession. He niently located, yet-to-be-constructed joined the firm in 1985 as its 90th One Vanderbilt project in Manhattan, as lawyer and has since been inteone of its first tenants. We envisioned grally involved in for ming and a cohesive plan suitable for today, yet Richard A. Rosenbaum intensely executing the strategies nimbly adaptable to coming changes which have led to the firm’s specin talent needs and technological tacular growth and unique culture across the advances. This new location will allow the firm Americas, Asia, Europe and the Middle East. He to continue to be responsive to the priorities and closely guards the firm’s long-term core values expectations of our highly valued clients, which while still aggressively navigating the ever- is always at the center of every strategic move. changing times. Rosenbaum has always put the Our plan is to be a leader by utilizing both firm’s clients and people first, understanding “new law” space planning in this state-of-thethat a law firm leader works for them, first and art and perfectly located building in concert foremost. Over these decades, Rosenbaum’s with a combination of alternative nearby locafocus has always been the same: delivering tions to provide the most efficient and effective extraordinary business results to its clients and overall solution for our clients and talent alike. a place for its talent to build their dreams, Just as the majestic One Vanderbilt rose above with a sense of urgency, efficiency and excel- Manhattan, New York and the world were lence, and maintaining a “GT family”, living unexpectedly confronted by a pandemic, forcing values of high ethics, respect, fairness, loyalty, all the changes which I, and others, saw coming merit and personal accountability which to be suddenly accelerated, almost overnight. collectively cr eate long-ter m r elationships Life as we knew it would never be the same. and lasting trust. He has always been willing How quickly did you need to pivot? to be the first to a new market, a new pracGreenberg Traurig wasted no time in tice or a new way of doing business, did not adapting to the pandemic, strongly performing follow the herd, and is well-known for giving for our clients. As a firm we looked out for our more junior and/or diverse lawyers opportu- lawyers and professional staff. As New York nities to quickly advance when earned based emerged from the worst of the pandemic, it was on hard work and merit. Rosenbaum is proud time to fine-tune the plan. The idea of utilizing of his work in founding the firm’s renowned One Vanderbilt as the center of operations and wide-ranging “Commitment to Excellence” remained on target. program, which ensures that all of these values Will you summarize this new approach will remain core to the firm’s daily practice from Greenberg Traurig? and global brand for many years to come.

We are bringing Greenberg Traurig closer to home. What we mean by that is while some of our FIRM BRIEF Greenberg Traurig, LLP (GT) has lawyers may continue to spend significant time approximately 2,300 attorneys in 40 locations working at home for individual reasons or at One in the United States, Latin America, Europe, Asia Vanderbilt, we believe that we can, in effect, and the Middle East. GT (gtlaw.com) has been have a number of folks working “remotely” recognized for its philanthropic giving, diver- while still being together with their colleagues. sity and innovation, and is consistently among We believe that we can do so in an office setting the largest firms in the U.S. on the Law360 400 closer to home with this approach. This also and among the Top 20 on the Am Law Global speaks to serving clients whose own lives 100. The firm is net carbon neutral with respect have shifted during this period. By using longto its office energy usage and is Mansfield Rule standing and significant offices at the Graybar 4.0-Plus Certified.

Building, and in New Jersey, Westchester, and 56 LEADERS

Albany, likely in expanded forms, along with locations being planned on Long Island, our goal is to accomplish these objectives in a way that works for our unique firm – close to our clients, respecting our people, adapting to change, and delivering excellence and value that clients appreciate.

The Co-Managing Shareholders of Greenberg Traurig’s New York office agree: Ejim Achi, Co-Managing Shareholder of Greenberg Traurig’s New York office and Co-Chair of the New York Corporate Practice, represents private equity sponsors in connection with buyouts, mergers, acquisitions, divestitures, joint ventures, restructurings and other investments spanning a wide range of industries and sectors, with particular emphasis on technology, healthcare, industrials, consumer packaged goods, hospitality and infrastructure: “We feel that this approach facilitates flexibility and convenience while preserving opportunities for collaboration and camaraderie made most possible by being together, albeit in various settings.”

Scott J. Bornstein, Co-Managing Shareholder of Greenberg Traurig’s New York office, Co-Chair of the fir m’s Global Intellectual Property & Technology Practice, Co-Chair of the fir m’s Global Patent Litigation Gr oup, serves on t h e firm’s Executive Committee.

He has deep patent trial experience and has served as lead counsel in more than 100 patent litigations. He has broad experience in patent, trademark and copyright litigation, licensing, and general IP counseling for a wide variety of national and inter national clients: “We have always been on the cutting edge of change, and we are very excited that, even as we have achieved so much growth and success, we have not lost our desire to continue to seek optimal solutions for our clients, lawyers, and staff.”

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“The firm is known for anticipating change and not waiting for others or the latest marketplace trend. We did so with our holistic approach to diversity, equity, and inclusion from our very start, before diversity became a ‘buzzword;’ when we expanded our footprint in Europe, setting up in Amsterdam first, where other firms were not; when we introduced alternatives for those attorneys who wanted a different career path; with strong fiscal management years before the 2008 recession hit the legal profession; and now with this multi-location campus approach, among many other examples.”

- Richard A. Rosenbaum What does this mean for your overall plan?

We have fine-tuned our plan. We now will have an expanded and first-class conference center, a greater number of visitor offices, and greater utilization from our existing regional offices. This speaks to our core values and tradition of flexibility, individual empowerment, efficiency, and always putting the client first.

We are proud of the elevation of excellence, client service, productivity and absolute resilience shown by our entire team throughout the pandemic. While nothing replaces physically being together for our globally unified culture of family, mentoring and collaboration, much more flexibility was suddenly possible with this approach. So, when we saw a unique window of opportunity to execute a beneficial transaction that made sense for who we are as a firm, we nimbly moved and took full advantage of the situation.

What do you see as the advantages to this campus innovation?

We believe in being together. We created the Greenberg Traurig Getting Together Tour in the Mel on Wheels RV because we value our culture, personal development, collaboration, mentoring, apprenticeship, bonding, brainstorming and because we wanted to preserve and strengthen the Greenberg Traurig family.

Having a multi-location campus is about flexibility and about our talent. Clients come first, which means having the best and most diverse talent to meet client demand. Being flexible is key to doing so. For us, however, being “flexible” does not have to mean everyone sitting in separate homes except when in one underutilized, oversized location. This would tear down all of Greenberg Traurig’s core values and all the benefits of being together. With our approach, we can say that we have brought the office to them.

If you are a lawyer and want to be in an office that is close to home, but not working from home all the time, and remain part of a world class team, learning and growing, developing your business, being excellent, delivering best service, in the best and most collaborative environment, you thought you would either have to make sacrifices of some of those objectives or find another firm to do it, if there was one. That is no longer true if you are working at Greenberg Traurig.

Additionally, of course, it is about the clients. Client locations have become much more diversified; just read the morning news – especially in South Florida, Austin, Dallas, Denver, Atlanta, as well as the East End of Long Island.

Many times, client principals move around over the course of the year.

As a client, you love that your law firm is in the heart of Midtown Manhattan in a state-ofthe-art building, but you have relocated for all or significant parts of the year for a variety of reasons, including the impact of the pandemic – what can you expect? You might have thought you would be sacrificing your connection with the law firm that knows you because your ability to have in-person meetings with them or others on short notice, and be home in 15 minutes, was no longer possible. That is no longer true if you are working with Greenberg Traurig.

How long will this transition take?

We are literally adapting our firm in real time to serve our clients whose lives have also changed. They may be in Manhattan, might be in Westchester, might be in New Jersey, might be in East Hampton, might be in Miami or Austin or Denver or Los Angeles – and we will be there with them.

The bottom line is that we made it through a pandemic sitting in separate houses thanks to pre-existing structures and relationships, commitment, and technology. But a law firm is a “people business.” People are social animals. Therefore, to maximize excellence, collaboration, innovation, loyalty and value over the course of time, and mitigate the impact of isolation on mental health, we need to come together – this is how we keep the best of the past while adapting for the future.

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Greenberg Traurig Executive Chairman Richard Rosenbaum (left) and Chief Executive Officer Brian Duffy (right) moved into an RV on April 10, 2021 and embarked on a cross-country tour of the law firm’s 30 U.S. offices (and soon visiting its other offices).

It was all part of a safe and fun way for the firm’s leadership to gather together with Gr eenber g Traurig attor neys and pr ofessional staff: the “Mel on Wheels Getting Together Tour.” The tour and the used RV are affectionately named in honor of Mel Gr eenber g, one of thr ee co-founders of Greenberg Traurig, which started in Miami in 1967. The Greenberg Traurig road trip is a personal passion for Rosenbaum and Duffy, who mostly drove and lived in “Mel on Wheels,” a n d w e r e j o i n e d a l o n g t h e r oad by o ther firm leaders. They see this as a crucial time to r econnect with their Gr eenber g Traurig family, reflect on the changing world, and safely socialize with attorneys and staff in cities nationwide.

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NEW YORK CITY

Creating a Sense of Place An Interview with James E. Linsley, President, GID Development Group EDITORS’ NOTE With 24 years United States. GID’s projects are innoof real estate experience, James vative build-to-core developments that Linsley also serves on the Executive are among the very best multifamily Committee and the Investment and mixed-use assets in the country.

Committee of GID. Prior to GID, he Within their respective marketplaces, worked with several of the nation’s GID’s development projects are most high-profile real estate organileaders in terms of quality, sophisticazations. He was previously a Senior tion, rents and valuations. Our develVice President with Related for 10 opments are not merely about real years. Earlier, he worked for Trump/ estate, but are ultimately about people, New World Project Management building community and creating a (The Trump Or ganization and sense of place.

James E. Linsley New World Development). He has How do you describe GID been a member of the International Development’s culture?

Council of Shopping Centers, the Urban Land The hallmarks of GID’s culture include the Institute, the Urban Development Mixed-Use concepts of accountability, inclusivity, energy Council of the Urban Land Institute, and the and courage. As a company, we have a “Get Congress for New Urbanism. Linsley holds a BA it Done” mentality and we hold one another in architecture and a BS in civil engineering accountable for our behavior and performance, from Lehigh University as well as an MS in Real knowing our collective success depends upon Estate Development and an MS in Urban acting with integrity and delivering results. As Planning from Columbia University. individuals, we take initiative, act with urgency, own results and communicate openly. GID COMPANY BRIEF GID Development Group acts as one team, and the inclusive culture (gid.com) creates luxury residential develop- of the company creates mutual respect by ments and iconic mixed-use projects throughout embracing the uniqueness of each employee the United States. It is involved in the development of approximately $7 billion of projects in various stages of planning, design, construction, and completion. GID is a privately held and fully integrated real estate company that develops, owns and operates a premier portfolio of properties. During its 60-year history, GID has acquired or developed over 86,000 residential units and 32 million square feet of commercial space in 25 states. The firm has multiple areas of in-house expertise including development, acquisitions, property management, portfolio management, asset management, research and strategy, finance and treasury. GID has offices in New York, Boston, Atlanta, Dallas, and San Francisco, owns and manages 290 investment properties, and employs over 1,000 real estate professionals.

How do you define the GID Development difference and what sets the firm apart in the industry?

A combination of visionary projects, global access to top-tier debt and equity capital sources, deep development expertise and our company’s vertically integrated operating platform have positioned GID Development as one of the most active, capable and wellcapitalized development organizations in the 58 LEADERS

and considering other’s ideas equally to your own. We reach across departments to build one team, bridging the gaps between silos and partnering to create better solutions. We are a company that thrives on energy and optimism.

We dream big and demonstrate passion and commitment during the pursuit of our vision.

We commit to being positive in how we affect others, supporting each other, picking each other up when we fall and learning from our mistakes. We find solutions and do what we say we will do. At GID, we celebrate successes, large and small. We are a company that displays courage through managerial confidence and decisiveness. We lean into new challenges and take risks, recognizing that if we never fail, then we are not pushing hard enough. We continuously strive to learn, develop, and make progress, adapting and evolving to embrace our own growth.

Will you provide an overview of GID Development’s portfolio and current development projects?

GID Development Group is engaged in approximately $7 billion of projects in various stages of the development process,

Waterline Square Park VOLUME 44, NUMBER 4

Waterline Square on the Hudson River on the Upper West Side

comprised of more than 7,000 multifamily units and two million square feet of commercial space. Projects are located throughout the United States and range from luxury high-rise multifamily towers to large-scale, multi-phase, master planned mixed-use projects consisting of residential, retail, restaurant, entertainment, office, hotel, cultural and public realm uses.

While we have numerous projects in various stages of the development process throughout the country, perhaps I will highlight just a few award-winning examples.

We are currently completing Waterline Square in New York City, a 2.2 million-squarefoot, three-building development consisting of 1,132 condominium and apartment units, a 2.6-acre park, over 100,000 square feet of amenities including the exclusive members-only Waterline Club, and 40,000 square feet of retail and restaurants including Harry’s Table, which is Cipriani’s only combined food hall, market, restaurant and bar. We are also under construction with Regent Square in Houston, a 24-acre master plan that includes 2,000 apartments, 250,000 square feet of office, 400,000 square feet of retail, restaurants and entertainment, and a variety of tree-lined boulevards, parks and public spaces. High Street in Atlanta is fully entitled and approved, is completing the final design phase, and will start construction this year as a 36-acre master plan that includes 3,000 residential units, 600,000 square feet of office, 400,000 square feet of retail, restaurants and entertainment, and 400 hotel rooms set within a framework of outstanding urban planning and architecture, a pedestrian-friendly street grid and one-of-a-kind public spaces.

All of these development projects are characterized by a vibrant mix of uses, world-class public spaces, exceptional architecture and sustainable development. These are projects VOLUME 44, NUMBER 4

that embrace the concept of placemaking and create a sophisticated blend of commerce, culture and community.

How critical is it for GID Development to build a diverse and inclusive workforce?

The real estate industry needs to continue to work diligently to cultivate a working environment that is inclusionary, celebrates diversity and fosters a sense of belonging for all employees. This should be reflected not only in the buildings and communities we design and develop, but also in an individual company’s hiring decisions and leadership positions, working with partners that share a company’s vision of diversity and inclusion and investing in projects that bring new jobs, opportunities, and services to a range of neighborhoods. At GID, we have a Diversity, Equity and Inclusion Committee with broad representation from across the organization that is delivering key initiatives in the areas of mentorship programs, ensuring a diverse slate of candidates during the recruitment process and a diversity internship program, which is now entering its fourth year.

Will you discuss GID Development’s engagement in the communities it serves?

With all of our projects, it’s crucial for us to not only create a successful building, but to establish a home, create a sense of place, and develop a unique lifestyle for our residents.

Waterline Square, for example, is so much more than three apartment buildings with beautiful architecture. Its character, and true success, comes from the community transformation we’ve helped create. We’re offering residents a full neighborhood with a comprehensive lifestyle catering to all aspects of a vibrant and exciting New York City experience. I love to watch this beautiful development come to life, with kids splashing in the park’s fountain, young professionals meeting new friends playing tennis in the Waterline Club, and couples sharing handselected bottles of wine from Somm Cellars.

To create a well-rounded residential lifestyle, our projects complement amazing homes and amenities with dynamic programming and events calendars. It’s very important for us to make sure residents feel connected to one another and get the most of their experience at our projects. Our developments include GID employees who are in-house lifestyle directors and plan compelling activities and events for residents, such as an outdoor movie series throughout the summer, a regular farmer’s market and a music series with live performances.

In addition to our own residential community, we also engage thoroughly and thoughtfully with the existing neighborhoods that surround our new projects. For example, our events in Waterline Square Park are open to the public and have resonated deeply with the local community – with hundreds of people coming out for every event and enjoying the park on a daily basis. Throughout the pandemic, our lifestyle director at Waterline Square also made sure to engage local Upper West Side business owners and introduce Waterline Square residents to their services at a time when small

businesses were hit especially hard. We had a local florist host virtual flower-arranging classes for residents and worked with top sommeliers and owners of Somm Cellars Wine & Spirits to offer virtual wine tasting classes and consultations for residents.

What are the keys to New York’s recovery and rebuilding from the pandemic?

New York has survived many challenging market conditions over the years and has come out stronger each time. The city is home to sought-after residential neighborhoods, strong career opportunities, world-renowned educational and cultural institutions, and premier shopping and dining destinations. Great neighborhoods will always attract buyers and quality real estate in New York City will continue to appreciate and hold value over the long term.

As people reassess their lifestyles as a result of the pandemic, sophisticated, highquality, urban developments like Waterline Square, Regent Square, and High Street – with a comprehensive combination of well-designed homes, private amenities and access to clean air and green space – represent the future of mixed-use development and placemaking in major cities. While people will always be drawn to New York’s diversity, creativity and worldclass lifestyle opportunities, they’re increasingly seeking out well-rounded residential experiences that provide all of their needs in one place. Sophisticated mixed-use projects like those created by GID Development Group will continue to thrive well beyond the pandemic.

What advice do you offer young people interested in a career in real estate?

The real estate development path is a particularly challenging one to embark upon.

It is tethered to many different disciplines including design, construction, and finance, and finding your way from one of those specialized disciplines into the broader realm of real estate development can be challenging. The earlier an individual can determine this is their desired dream, the easier it will be to find one’s way on to that path and once on that path, give it everything you have. Never quit. Never allow anyone to tell you something can’t be done.

This is a tough business. You need to believe in yourself, the team around you, and the projects you are pursuing within the deepest part of your core. You need to maintain the highest degree of honesty and integrity throughout your career. Pursue your dreams with passion, optimism and persistence. Develop your own unique vision that results in the development of projects that create a sense of place and foster genuine community. When crafting the built environment, developers have a deep responsibility that goes beyond bricks, mortar and economics. We are not just building space, we are creating place, and those places impact the daily lives of those who live, work and play in the communities we build. Take this role seriously and develop sophisticated and visionary places that stimulate the imagination and provide inspiration, motivation and hope to the daily lives of those who interact with your creation.

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The Corcoran Group is a licensed real estate broker located at 590 Madison Ave, NY, NY 10022

be mind be body be spirit be home.

F I N D YO U R H O M E AT CO R CO R A N .CO M

NEW YORK CITY

Taking Care of People, Spaces and Places An Interview with Scott Salmirs, Chief Executive Officer, ABM EDITORS’ NOTE Scott Salmirs is How do you define the ABM guiding one of the largest facility advantage and what differentiates services providers listed on the New ABM in the industry?

York Stock Exchange. After more than Our competitive set is much 10 years with ABM, he was selected smaller than ABM and they do not to become CEO, distinguishing him have the resources and capabilities that as only the 7th person to hold that ABM brings to the market. For example, position in the company’s 110-year during the pandemic we created an history. Before joining ABM, Salmirs advisory panel of experts to guide us on held leadership positions managing health and safety issues which is somebuilding portfolios at Goldman Sachs, thing smaller companies would not have Lehman Brothers, and CBRE. He is the ability to do. We have data analytics, Scott Salmirs on the Board of Directors for ICF, a sensor technology, customer facing platglobal consulting and digital services forms to interact with our clients and, at provider, as well as the business advisory council of the end of the day, this is a relationship business the State University of New York College at Oneonta. and clients know that if you are working with He is also on the Board of the Outreach Project, ABM, we are a large company that has the feel an organization dedicated to rehabilitating high of a small, intimate business that is committed to school age drug users, and is a founding Board building relationships.

Member of Donate Eight, a group focused on You mentioned that ABM is a company increasing the number of organ donors in New York that many people have never heard of. Is State. Salmirs received an MBA in finance from the brand awareness important for ABM? State University of New York at Binghamton, and a We just started running commercials on CNBC BS in business-economics from the State University and Bloomberg to create more awareness with of New York College at Oneonta.

C-suite executives and investors, but our focus is very targeted to those that are making the decisions COMPANY BRIEF ABM (abm.com) is a leading provider of facility solutions. ABM’s comprehensive capabilities include janitorial, electrical and lighting, energy solutions, facilities engineering, HVAC and mechanical, landscape and turf, mission critical solutions and parking, provided through stand-alone or integrated solutions.

ABM provides custom facility solutions in urban, suburban and rural areas to properties of all sizes – from schools and commercial buildings to hospitals, data centers, manufacturing plants and airports. ABM Industries Incorporated, which operates through its subsidiaries, was founded in 1909.

Will you highlight the history and heritage of ABM and how the company has evolved?

ABM began its business in 1909 and we just celebrated our 50th anniversary as a public company listed on the New York Stock Exchange.

We have a long and rich history which is built around our purpose which is to take care of people, spaces and places that are important to you. We are a Fortune 500 company with over 140,000 people, so while we may be the company that many people have never heard of, our consistent results and industry leadership have been possible because of our strong culture and purpose.

62 LEADERS

on whether to work with ABM and to those investors looking at ABM as an investment opportunity.

We are not trying to reach a mass audience with our messaging since this would not impact our business.

What have been the keys to maintaining ABM’s strong culture as the company has grown in size and scale?

We are committed to our people in the field who are interacting with customers and as we have grown, we have maintained this commitment. I tell our people that I have a vision of one of our competitors calling one of our clients and telling them that “ABM is so big that they don’t have time for you” and the client responding by saying that they “must be mistaken since Scott is sitting across the table having a cup of coffee and catching up.”

This is what our team knows is critical to how we serve clients and no matter how large we may be, we will never lose our culture of being client focused and relationship driven.

Where do you see the greatest opportunities for growth for ABM as you look to the future?

We are certainly the biggest by far in the U.S., but it is such a fragmented industry that there is still a major opportunity for growth for ABM in

ABM provides custom facility solutions to properties of all sizes – from schools and commercial buildings to hospitals, data centers, manufacturing plants, stadiums and airports VOLUME 44, NUMBER 4

ABM’s comprehensive capabilities include janitorial, electrical and lighting, energy solutions, facilities engineering, HVAC and mechanical, landscape and turf, mission critical solutions and parking, provided through stand-alone or integrated solutions

the United States. We have a nice presence in the U.K. but have room for growth there as well. Our philosophy is that before we go out and try to enter other markets and conquer the world, we need to focus on growing where we are currently operating since we have a great group of clients that are big and growing and our business can grow with them. I feel very positive about our footprint between the U.S. and the U.K. and, for now, we will continue to focus on being the industry leader in these markets.

How did ABM adapt its business to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

I have been CEO of ABM for about seven years and the past 18 months have been the most challenging and rewarding. When I look back to the early days of the pandemic, our focus was on the health and safety of our people and how we would continue to serve our clients during this uncertain time. We created task forces from all parts of the company and we addressed every aspect of our business which resulted in ABM having record cash flow during the pandemic.

We developed our enhanced cleaning product to protect our clients which was critical as it filled a need of our clients to secure the safety of their people that were still coming to the office. We created products that were essential for our clients to continue to do their work in a safe way which has resulted in tremendous client satisfaction and reinforced what sets ABM apart in the industry.

When I think of culture, I think of three things. First is collaboration – we feel that our solutions are better with multiple inputs and perspectives. Second is accountability – our people feel accountable to their teammates. Third is customer focus – we are laser focused on serving customers and solving their needs.

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How do you feel that the pandemic will impact the future of work and the role of the office?

I believe that it will be a hybrid model.

Some of this has to do with the labor situation which is so tight that you need to offer this type of flexibility in order to attract and retain talent. At the same time, there needs to be interaction and collaboration which impacts the culture of any organization. I think that the layout of the office will change with more flexible workspaces for collaboration and meetings.

While I do believe that there will be a change in the number of people going to the office for the foreseeable future, I do not feel that this will impact the need for and the importance of the office as a place for employees to come together, interact and build culture.

How do you balance the need to make long-term investments in ABM’s business with the pressures around short-term, quarterly results?

It is a balancing act and I am sure that you have heard the phrase, “you are only as good as your last quarter.” The key is to clearly communicate your plans and strategy with investors and to be aligned with your board.

When I started in this role, we put together a five-year plan and we executed on that plan which builds credibility as we develop our next five-year plan. If you execute on what you say you are going to do, you earn the right to have a long-term plan.

Will you discuss ABM’s commitment to building a diverse and inclusive workforce?

It is easy for me to say that ABM is roughly 90 percent diverse and is probably the most diverse company on the New York Stock Exchange, but I need to dig deeper and see how much of that diversity is in the field and how much is in staff and management. Our goal

is for the diversity of our staff and management to mirror the diversity we have in the field. We are making great strides in this area, but it is a constant effort and I want this to be an area that defines my legacy as a CEO. What do you see as ABM’s responsibility to the communities it serves and to being a purpose-driven company?

This is extremely important for ABM since we are in the service business and people are our greatest asset. Our people work and live in the communities we serve and we need to support those communities. We formed ABM Cares which is one of the things I am most proud of doing during my time as CEO so far.

ABM Cares supports our employees by matching their contributions to causes that are important to them. It is not about what is important to me or to our management team, but rather about letting our employees decide what is important to them. We want our employees to know that if there is a cause that is important to them, it is also important to ABM. We also provide our employees with a free day off to volunteer in the community and we are hoping to expand on this effort. It is our way of letting our people know how important it is for them to spend time in their communities and to support their communities.

ABM is headquartered in New York and has a long and deep commitment to New York. What is your outlook for New York’s recovery and rebuilding from the pandemic?

I am such an advocate for New York.

The diversity and opportunity that New York offers makes it such a special place and I am confident about its future. I am engaged in the Partnership for New York City which brings business leaders together to discuss and address the needs of New York City and I am amazed at the engagement and commitment of these business leaders who give their time and energy and work together in the best interest of the city.

What do you tell young people about the opportunities that the industry offers as a career?

We tell people who we interview that if they join us, they will get a level of responsibility and autonomy that they will not find at other organizations. We provide them with the resources they need and they are given the opportunity to make a real impact and to interact with clients and make decisions very early in their careers.

What do you see as the keys to effective leadership?

Effective leadership is about hiring great people and surrounding yourself with the best talent. It is also about collaboration and bringing different perspectives and experiences to the table when making business decisions.

Do you take moments to celebrate the wins and appreciate the many successes ABM has achieved during your time as CEO? We do not spend a lot of time thinking about the wins, but every single day when I wake up, I feel so fortunate to be a part of this company and to work with such great people.

I am privileged to be in this role and am so appreciative for the opportunity.

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NEW YORK CITY

Built to Last An Interview with A. Eugene Kohn, Chairman, Kohn Pedersen Fox Associates EDITORS’ NOTE On July 4, 1976, to educational facilities. Driven by indiA. Eugene Kohn founded Kohn vidual design solutions, rather than Pedersen Fox Associates (KPF) in a predetermined style, KPF’s (kpf.com) New York City, alongside William mission is to create buildings and Pedersen and Sheldon Fox, with a places of the utmost quality and commitment to outstanding design, contextual sensitivity, providing a valuquality of execution, and excepable impact on the cities they inhabit. tional client service. The Founding Partners wanted to create a firm Will you highlight KPF’s history that would succeed well past their and heritage and what have been own tenures. With this in mind, the keys to the firm’s growth and they sought talented people who success?

A. Eugene Kohn could be as good, and ideally better, Bill Pedersen, Shelly Fox and I than themselves. These employees, started a new firm, Kohn Pedersen mentored by the founders, would be the next Fox, on July 4, 1976. That was a very important leaders at KPF – and hold the responsibility of year in history, as it was the country’s 200th doing the same for following generations. Today, anniversary. It was also a very difficult year to Kohn serves as Principal and Chairman of Kohn start an architectural firm because we were in Pedersen Fox. Holding Bachelor of Architecture the midst of a bad economy. Most architectural and Master of Architecture degrees from the projects had stopped and there was no new University of Pennsylvania, he served in the U.S. work for architects, particularly not for those Navy on active duty between his academic degrees who had just started a firm. Having looked and, after graduation, remained in the Reserve through the history of companies that started for another five years, retiring as a Lieutenant in The Great Depression, we realized there Commander. Kohn is an Executive Fellow of the were some advantages to starting in tough Graduate School of Design at Harvard University. economic times – as things begin to improve, He has taught at Harvard Business School for over ten years and at the Harvard Graduate School of Design for four years. He helped establish the Harvard Real Estate Center Academic Initiative, is a founding member of the Wharton School Real Estate Center Advisory Board, and has served for over 30 years on the Board of Overseers at PennDesign. Kohn was a trustee for the University of Pennsylvania and was honored with the 2010 Alumni Award of Merit by the university, the highest award presented to alumni. Kohn has also been recognized with the Wharton Real Estate Center’s Lifetime Achievement Award, the University of Pennsylvania – PennDesign Dean’s Medal of Achievement, the highest honor awarded by the institution, and the Ellis Island Medal of Honor.

FIRM BRIEF Kohn Pedersen Fox Associates (KPF) is one of the world’s preeminent architecture firms, providing architecture, interior, programming and master planning services for clients that include some of the most forwardthinking developers, corporations, entrepreneurs, and institutions in the United States and around the world. The firm’s extensive portfolio spans more than 40 countries and includes a wide range of projects from office and residential buildings to civic and cultural spaces 64 LEADERS

ABC’s Armory Building on the Upper West Side

ABC’s headquarters across from the Armory on the Upper West Side

your company’s success would also rise with the tide. Also, during that time, potential clients had plenty of time to talk to us which gave us a chance to introduce our firm properly and get them interested in working with us when they did have projects. There was time to create relationships with new clients and reconnect with old clients we had not seen for a while.

Large architectural firms at that time were pursuing work in the Middle East, particularly in Iran and Saudi Arabia so, in a way, there was little competition for projects in the States. We were very fortunate to be selected

by ABC, which had just become the third major network along with CBS and NBC, to work on their project at the Armory on the Upper West Side of Manhattan. ABC also selected us to design the masterplan for their future development needs in the Upper West Side, which led to numerous projects for the company for which we were the architect. Soon after, we began the development of a new tower in Chicago called 333 Wacker Drive, which was an award-winning project. The client was Tom Klutznick, and we were selected thanks to our strong relationship with ABC. It was an amazing opportunity since rarely did New York architects work in Chicago, and certainly not VOLUME 44, NUMBER 4

333 Wacker Drive in Chicago

unknown architects. An affiliate of ABC was a tenant in one of Tom’s buildings at the time, but was considering a move. He hoped our work with them would inform 333 Wacker’s design and lure them to Tom’s new building.

Though the tenant ended up staying put, Tom loved the design so much that he moved ahead with the building.

So, despite a bad economy in which 60 percent of architects in New York were unemployed, we did well and put ourselves on the map with those successful early projects and strong client relationships. In the succeeding years, we were commissioned

by Procter & Gamble in Cincinnati, The Federal Reserve Bank in Dallas, and we won a worldwide competition for the World Bank in Washington, D.C. As a result, our young New York office continued to grow with outstanding talent.

Building on this history, the key to our growth and success as a firm has been teamwork which encourages young people to grow and become leaders. We have a global reach and we are able to contribute outstanding architecture across the globe. We attract young people because we give them great opportunities to grow and succeed.

How do you define the KPF difference and what sets the firm apart in the industry?

When Bill, Shelly and I founded the firm, we set three things as goals: One, to create a great firm. Two, to do outstanding architecture of all types, but primarily commercial, which we felt would enhance and contribute to our city life and the quality of architecture. Three, create a firm that offers strong opportunities for young architects to eventually become principals and leaders of the firm and that has happened, as today we have 34 principals led by our President, James von Klemperer, who has been with the firm for over 38 years. A key to this success is teamwork. We always think in terms of “we” and not “I” when it comes to our projects, highlighting the contributions of the group over the individual. This philosophy brings out the best in people and boosts team morale.

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How do you define KPF’s culture and what have been the keys to maintaining culture as the firm has grown in size and scale?

The original goal of the firm, to hire outstanding talent in order to create a great result, has been maintained throughout the firm’s history – and this is our 45th year. Each project we take on is equally important to the firm, and it has been that way from the beginning. The project teams, led by a design principal and a management principal, truly strive for, and achieve, excellence in the work. Through our robust education system, we continue to keep teams on the cutting edge which creates outstanding leaders in terms of design, management, and technology. In this way, and others, we provide great opportunities for young people to contribute to the firm and its projects, putting them on track to take on more responsibility as they grow at KPF. While the firm has a President, Chairman, and other senior leaders, there are significant leadership requirements across all levels – throughout the design process, and within the firm’s operations team as well. There are many opportunities for leadership on these teams and the success of the project depends on the individual’s abilities from a technical and design point of view.

Excelling at the junior level gives staff opportunities for growth over time.

When Bill and I were still very active, we transformed the leadership – we have an outstanding Board which is made up of younger principals who are very successful at what they do. We want to set this example to inspire our staff and, through education and project experience, to continue to strive for growth in the firm.

KPF is a global firm working in all parts of the world. How do you make sure to maintain close coordination between your offices and geographies and to work as one firm?

Project and firm leadership take place across all levels, so coordination among our project teams and others is critical. Before the pandemic, the leaders of our offices in New York, San Francisco, London, Berlin, Shanghai, Hong Kong, Singapore, Seoul and Abu Dhabi, would travel to New York to meet on a regular basis. Throughout the pandemic, we continue to rely on Zoom and phone calls to stay connected and have key meetings where we discuss different subjects. The leadership group connects monthly in focused leadership meetings, larger firm meetings and smaller team meetings. We are regularly in touch with each other and often have impromptu meetings as well. While this has worked very well, we look forward to reconnecting in person when we can travel again.

How critical is it for KPF to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

Our workforce is extremely diverse, with many people from numerous countries across Europe, Asia, South America and the Middle

World Bank building in Washington, D.C. LEADERS 65

One Vanderbilt in Midtown Manhattan

East. We understand that in order to provide the best architectural solutions, our designers must be reflective of the populations they serve so we recruit and retain staff to that effect. Our firm is also fairly balanced between the number of men and women, but we know we still have work to do to ensure more women leaders represent KPF at the senior levels. Though men have traditionally dominated this profession, we are seeing a broader shift toward balance in architectural education as well. When I was a student, there were two women in my five-year class at University of Pennsylvania. Today, over half the program is made up of women. So, while the workforce in the profession today reflects the demographics in education many years ago, the future is currently reflected in today’s student body. I think this will continue so that in the future women will dominate the profession, and our firm continues to strive to enhance its diversity.

W h a t d o y o u s e e a s KPF’s responsibility to the communities it serves and to being a force for good in society?

All architects have a responsibility to be engaged with the issues facing the communities in which they work. At KPF, we understand that the built environment has an outsized impact on a community and we try to positively impact the places we work – from the city to the neighborhood, all the way down to the block – always keeping that in mind. Buildings have a lasting impact on their communities and we design our work to stand for decades. A project’s design and plan must work not only for the intended purpose of the current user, but must also contribute to the surrounding context and be flexible in future use.

Beyond our work on projects, through charity and mission-driven initiatives, our firm 66 LEADERS

and our employees leverage a multitude of backgrounds and interests to influence change in the field.

What ar e the keys to New York’s recovery and rebuilding from the pandemic?

One of the keys to New York’s recovery is to reestablish confidence in the transportation system which is one of the great assets of the city. Once visitors and locals feel more confident about their safety on subways, buses, etc., they will be more inclined to visit all of the great institutions, attractions, restaurants, shops and other destinations New York has to offer. This

will spur a strong economic recovery that will lift small businesses and those who are employed by them. As business improves and as tourists return, the city will once again become the great attraction to those around the world.

Another important component in our recovery that should not be overlooked is climate change. It is the single biggest issue facing our city and country right now, so our job is to shape new buildings and infrastructure to be sustainable and minimal in their impact on the environment.

What advice do you offer young people interested in a career in the industry?

One, they need a good education, so I recommend going to an excellent school to learn about the profession. After that, they need to work for a good firm, small or large, to learn about the different phases of work – designing, creating working drawings, and all of the aspects of a professional practice. Working at a firm can give one a different kind of education in terms of process, so I recommend getting as involved as possible in projects and learning what it means to work on a team in a professional setting.

I graduated from the University of Pennsylvania after a five-year course, and was an Officer in the Korean War for the US Navy. Afterwards, I went back to Penn for graduate school and studied with great architects like Paul Rudolph, Lou Kahn and others.

The discipline and the decision-making abilities of military service played a key role in my life, teaching me valuable skills about leadership and how to make the correct decision quickly. Shelly Fox was also an army officer at the same time, and he benefited from this lesson as well. One had to be decisive at that period of time – you often would have only seconds to make a decision that could potentially save many lives. This quick thinking is helpful in business.

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Hudson Yards on Manhattan’s West Side VOLUME 44, NUMBER 4

A Native New Yorker Paul, Weiss has its roots in New York City and has long been a leader among the city’s law firms. Today, as the city’s largest law firm, we leverage a nearly 150-year legacy of active engagement in the business and civic life of New York to help its iconic companies and financial institutions find solutions to their most pressing business challenges, and maintain our unwavering commitment to pro bono work on behalf of New Yorkers in need.

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Changing People’s Lives An Interview with Yue-Sai Kan EDITORS’ NOTE Chinese-American involved things no one had done Yue-Sai Kan (yuesaikan.com) is an before. I see all my focus areas as Emmy-winning television producer, interrelated because they change peobest-selling author, entrepreneur and ple’s lives and make them better. I’m humanitarian. Her Looking East telepassionate about anything that has to vision series was the first nationally do with making the world better. I do syndicated program to introduce all these things because they’re meanAsian cultures to American audiingful and help others. ences. Following her success in the You spend a great deal of United States, China’s national netyour time in New York and support work, China Central Television, many causes in the New York invited her to produce and host One community. What has made New Yue-Sai Kan World, giving millions of Chinese York so special for you? their first look of the outside world. In New York has always been special 1992, she successfully transformed herself from a for me. Throughout my young student life TV personality to an entrepreneur by creating the in Hawaii, I had wanted to go to New York. I Yue Sai Cosmetics brand which is recognized by always thought a young person should spend over 90 percent of the Chinese population today. a few years in New York because it is the world’s She has written nine best-selling books, spread- most important city. I moved to New York in ing the knowledge of beauty, etiquette, health and 1970 and started my TV career – a show called success among Chinese readers. Her humanitarian Looking East. It was the first TV series in America efforts have primarily been focused on education dedicated to introducing Asia to the American and children. She has built schools and libraries audience which at that time had very little interin her hometown of Guangxi and in other under- est in Asia. Forty years have passed and I have privileged regions throughout China. She awarded since been involved in all kinds of different projscholarships to students in a number of colleges in ects and supported many causes related to New China as well as Hunter College and the Fashion York. For instance, Congresswoman Carolyn Institute of Technology in New York. Since 2018, Maloney and I once hosted “The Pandas Are she has served as the Co-Chair of China Institute Coming to New York” gala to raise funds for the in America. She also sits on the boards of the Ellis panda project. How can New York not have a Island Honors Society, Committee of 100, and pair of giant pandas, right? It never came to Prince Albert of Monaco’s Philanthropy Roundtable. Yue-Sai Kan is the first and only living American featured on a Chinese postage stamp.

You are an Emmy-winning television host and producer, successful entrepreneur, fashion icon, bestselling author and humanitarian.

How do you do it all and do you see these focus areas as interrelated?

I’m a Chinese American. It so happened that my entire career coincided with the unprecedented and unimaginable changes that happened in China since it opened its doors to the West in 1978. I was a pioneer in all I did in China, including television, cosmetics, fashion, etiquette, philanthropy, etc. I took what I know in America to China and on most occasions, I had to start from scratch. Nothing I have done in my life came easy because most of it 68 LEADERS

Miss Universe China at a Smile Train event

pass but even that experience taught me how things are done in the city. It is a complicated city and you can learn a lot very fast by being exposed to it.

I must say New York made me who I am and I have its multi-racial and multi-cultural DNA to thank for it.

Are you concerned about New York’s future coming out of the pandemic and what are the keys to New York’s recovery and rebuilding?

COVID-19 put Asian American communities in a uniquely complicated position. Cities like New York are faced with so many daunting challenges such as post-pandemic recession, economic disparity, racial tension and especially the latest dramatic rise in anti-Asian hate. This has made me realize that Asian Americans need to have more representation in the government who can speak on our behalf and protect us in a way no others can. Therefore, I supported almost all Asian candidates in the last election such as former presidential candidate who ran for Mayor of New York City Andrew Yang. We must have more diversity in politics and with that, a move toward true equality.

You devote a great deal of your time and resources to philanthropic work.

What makes this so important for you and how do you decide where to focus your efforts?

One day in 1995, my neighbor, the wife of the Secretary-General of the United Nations Mrs. Leah Boutros-Ghali, told me that they were going to host the first United Nations’ Women’s Conference in China. I was determined to play a role in this event and donated $1.5 million which was the total revenue of my cosmetics company in the first year. Yue Sai Cosmetics was the first Chinese company to donate to a United Nations’ charity event at that time. Charity was a new concept in China as giving away money was a “joke.” The Communist system of government is supposed to take care of its citizens from cradle to grave. Of course, today, like everything else, the Chinese have learned to use civil society to help to fill the gap of what the government cannot provide. Today philanthropy is alive and well in China. There are a lot of amazing home-grown philanthropists in China.

VOLUME 44, NUMBER 4

“I see all my focus areas as interrelated because they change people’s lives and make them better. I’m passionate about anything that has to do with making the world better. I do all these things because they’re meaningful and help others.”

Since 2011, I have been running the Miss Universe China Pageant and using the final pageant as Shanghai’s most glamorous charity ball.

The pageant raised millions to support orphanages, cleft lip and palate correction surgeries and scholarships for students in China’s best music, TV and film schools.

Later as the first order of business of my own foundation, Yue-Sai Kan China Beauty Charity Fund, we started to host the China Fashion Gala in New York, a platform to recognize remarkable talents and emerging Chinese designers who would carry forward Chinese aesthetics and inspirations to the world and continue to make a difference to the community with the power of beauty. Last year, due to the pandemic, we held the Gala virtually and reached a much wider audience of several million people globally. It turned out to be a big success.

You serve as co-chair of the China Institute. Will you discuss the history of the China Institute and your priorities for the Institute?

China Institute is a 95-year-old cultural organization founded by a group of visionary Chinese and American scholars including Hu Shih, Kuo Ping-Wen, John Dewey

and Paul Monroe. Its mission is to promote Chinese culture through Chinese language, arts, music, dance, technology and business dialogues. As a non-political organization, China Institute’s impactful programs deepen connections and build knowledge between citizens of two of the world’s most important nations. Over the years, China Institute has served as the only major bridge between Chinese and American cultures, bringing Chinese scholars and artists to the United States for cultural exchange.

As the Co-Chair of China Institute, it’s my strong belief that this venerable organization should have a bigger reach in order for more people to gain insight and participate in our mission. For this reason, I launched a bold initiative called the “China Institute Goodwill Ambassador Program” in 2019. A group of outstanding international elites joined us, such as the world-renowned musician Tan Dun, designer Christian Louboutin, best-selling author Amy Chua, haute couture designer Guo Pei, and artist Zhang Huan, just to name a few.

Each year China Institute hosts hundreds of programs. I always encourage my family and friends to participate. For example, this

China Insitute’s Blue Cloud Gala 2019 VOLUME 44, NUMBER 4

summer I have a number of friends learning Chinese there and my 9-year-old grandnephew is taking Chinese language camp every day and is loving it. This year we even offer kids’ classes starting when they are only 22 months old.

Another major effort China Institute is undertaking is the ground floor buildout.

China Institute moved to a new space in Downtown Manhattan seven years ago. With over five times the space of its previous location, the new center covering two floors is bursting with possibilities. This 6,000 squarefoot ground floor includes a culinary center to teach Chinese cooking lessons and a great hall that will be able to host all kinds of exciting exhibitions of art, tourism and fashion. It will be a dazzling place to introduce Chinese culture to thousands of visitors every year. I invite everyone to come visit us at 100 Washington Street.

As someone who has a deep understanding of China and the United States, what is your outlook for U.S.-China relations and how critical is it for there to be a positive, mutually beneficial relationship between the two countries?

I think in today’s unstable economic and political environment there is an urgent need to mitigate the animosity between the two countries. What I wish for more than anything is respect and understanding on both sides.

Cross-cultural understanding is vital for world peace. We should try to learn from each other and learn to live with each other. Xi Jinping told Donald Trump at their first face-to-face meeting in 2017, “We have a thousand reasons to get the China-U.S. relationship right, and not one reason to spoil it.” I thought he was right. No matter if it’s COVID-19 or the climate change problem, one thing for sure is that so many of the enormous problems we face are better solved if we are going to solve them together and I really hope that day will come soon.

You are a role model for many young women. What advice do you offer young women who are starting their careers during this challenging and unprecedented time?

One piece of advice I would give is to not be afraid to fail. If you are willing to try and work hard, you will be surprised by what you can achieve. But if you fail, many lessons can be learned. It’s win-win. So don’t be afraid.

•

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NEW YORK CITY

An Entrepreneurial Spirit An Interview with Farooq Kathwari, Chairman, President and Chief Executive Officer, Ethan Allen Interiors Inc. EDITORS’ NOTE Far ooq C O M PA N Y B R I E F E t h a n A l l e n K a t h w a r i has been Chair man Interiors Inc. (ethanallen.com) is and CEO since 1988. He serves a leading interior design company in numerous capacities at sevand manufacturer and retailer of eral nonprofit organizations quality home furnishings. The comincluding the Board of pany offers free interior design serOverseers of the Inter national vice to its clients through the efforts Rescue Committee; the adviof appr oximately 1,500 in-house sory board of the Center for interior designers and sells a full Strategic and Inter national range of fur nitur e pr oducts and Studies; and the Council decorative accessories through its on Foreign Relations. He is website and a network of approxFarooq Kathwari Chairman Emeritus of Refugees imately 300 Design Centers in the International; an advisory United States and abroad. Ethan member of the New York Stock Exchange; Allen owns and operates nine manufacturfor mer Chair man of the National Retail ing facilities including six manufacturing Federation; Dir ector Emeritus and for mer plants in the United States, two manufacturChair man and Pr esident of the American ing plants in Mexico and one manufacturHome Fur nishings Alliance; a Dir ector of ing plant in Honduras. Approximately 75 the Institute for the Study of Diplomacy at percent of its products are made in its North Geor getown University; Co-Chair man of American plants. the Muslim-Jewish Advisory Council; and a member of the Inter national Advisory Will you highlight Ethan Allen’s history C o u n c i l o f t h e U n i t e d S t a t e s I n s t i t u t e and heritage and what have been the keys of Peace. He served as a member of the to the company’s consistent leadership in President’s Advisory Commission on Asian the industry?

Americans and Pacific Islanders from 2010 to 2014 and was tapped to join the congressionally mandated United States Institute of Peace bipartisan Task Force on Extremism in Fragile States co-chair ed by Gover nor Tom Kean and Congressman Lee Hamilton, who for merly led the 9/11 Commission.

Among his recognitions, Kathwari is a recipient of the 2018 Ellis Island Medal of Honor and has been inducted into the American Fur niture Hall of Fame. He has been r ecognized as an Outstanding American by Choice by the U.S. gover nment. He has r eceived the Yale School of Management’s Chief Executive Leadership Institute Lifetime of Leadership Award; the National Human Relations Award from the American Jewish Committee; the National Retail Federation Gold Medal; and Er nst & Yo u n g ’ s E n t r e p r e n e u r O f T h e Ye a r ™ Awar d. He has also been r ecognized by Worth magazine as one of the 50 Best CEOs in the United States. Kathwari holds BAs in English literatur e and political science from Kashmir University, Srinagar, and an MBA in international marketing from New York University. He is also the recipient of three honorary doctorate degrees.

Ethan Allen got its start in 1932 in Vermont during the darkest days of the Great Depression.

The fact that we found success despite facing great challenges – our ability to continuously reinvent – remains a major part of our cultural DNA. We also honor the spirit of our namesake, Ethan Allen, one of our country’s Founding Fathers who was, throughout his life, a revolutionary activist and thinker. To be daring, to stand on firm principles, and to advocate for what is just – our dedication to these values is just as steadfast as our commitment to quality and craftsmanship.

“Ethan Allen” wasn’t originally our company name; it was actually the name of our most popular line of early American-inspired furniture, which debuted at the Chicago Housewares Show in 1939. Our millionth piece of furniture was a chest produced for President Eisenhower that is kept at his home in Gettysburg, Pennsylvania, to this day. We’ve often had front-row seats to history: when the Israel-Jordan Peace Accords were signed in 1994, the signatories sat in our iconic Cristal chairs.

Yet, throughout our history, we’ve always looked to the future; for example, in the 1960s, we invented the idea of the furniture gallery showroom, and we pioneered complimentary

“Our Leadership Principles of Excellence +

Innovation, Change, and Speed ensure that we

remain always ready for change. Our principles

of Leadership, Hard Work, Priorities, and Justice call us to set an example for others, to be known for our work ethic, to discern between what’s

important and what isn’t, and to make fair and

thoughtful decisions. These form the bedrock of who we want to be, and they will never change.”

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“It’s said that challenges don’t change who you are; they reveal who you are, and that was certainly true for us during the COVID-19 pandemic. We were able to pivot and adapt because of our investments in technology and our strong balance sheet, but the true bedrock of our flexibility has been the entrepreneurial spirit of our people.”

The exterior of Ethan Allen’s Design Center in Alpharetta, Georgia

interior design service. This orientation toward the future is part of who we are, and it manifests today in our investments in 3D design technology and our industry leadership in sustainable manufacturing.

As we’ve grown from manufacturer to retailer to interior design destination, we’ve retained a vertically integrated structure that empowers us to manage our experience from design to delivery. At a time when other businesses are moving overseas, we’ve maintained our commitment to manufacturing about 75 percent of our furniture in our own North American workshops. Our commitment to North American manufacturing is the reason that the name Ethan Allen is synonymous with “quality,” and it’s also the reason that during a time when all furniture makers are experiencing supplier challenges, we’ve been able to stay competitive in terms of lead times.

How do you describe Ethan Allen’s culture and what have been the keys to maintaining culture as the company has grown in size and scale?

Again, if I had to choose a term to define Ethan Allen’s culture, it would be “continuous VOLUME 44, NUMBER 4

reinvention,” and at the heart of that mindset lies an entrepreneurial spirit. We’ve always challenged ourselves to stay lean and to respond quickly both to world events and to the competitive landscape, but we also take the initiative to disrupt ourselves so that our thinking doesn’t get reactive and stale.

It’s said that challenges don’t change who you are; they reveal who you are, and that was certainly true for us during the COVID-19 pandemic. We were able to pivot and adapt because of our investments in technology and our strong balance sheet, but the true bedrock of our flexibility has been the entrepreneurial spirit of our people. We have proven that we can serve our clients under any set of circumstances because we combine personal service and technology to collaborate from anywhere – in the Design Center, in clients’ homes, and via online appointment – powered by the initiative and entrepreneurial mindset of our designers.

By nature, entrepreneurs are hands-on. They take an on-the-ground interest in their product from design to delivery because they feel such a sense of ownership. That sense of ownership is one of the reasons we continue manufacturing so many of our products ourselves.

When we mill and dry our own lumber, apply our own finishes by hand, and tailor upholstery by hand, we own quality at every step.

Circumstances continuously change, but we maintain our entrepreneurial thinking. If we’re able to reinvent where needed, we can handle whatever comes our way.

Ethan Allen has a clearly defined set of leadership principles. Will you discuss these principles and how they are ingrained in Ethan Allen’s purpose and values?

I believe it’s important to have a set of core Leadership Principles that define who you wish to be and how you want to treat others. They’re the standards to which I hold myself, and the standards I challenge others to meet, from our leaders to our associates at all levels. In 21st-century business, agility is crucial, but it’s only possible when you can tell the difference between what needs to change and what should remain the same. Our Leadership Principles of Excellence + Innovation, Change, and Speed ensure that we remain always ready for change. Our principles of Leadership, Hard Work, Priorities, and Justice call us to set an example for others, to be known for our work ethic, to discern between what’s important and what isn’t, and to make fair and thoughtful decisions. These form the bedrock of who we want to be, and they will never change.

The principles of Accessibility, Confidence, and Client Focus come into play as we turn from who we want to be and begin to consider how we treat others. They are the foundations of a culture of dignity and respect, something that we believe every Ethan Allen associate should be part of no matter where they live in the world. We treat each other with dignity and respect by being supportive and recognizing each others’ contributions; we ensure extraordinary treatment for our clients, in line with our commitment to personal service, by making client happiness our highest priority. So many people choose to work for Ethan Allen because we are a company that stands for their values, so living out those commitments every day as part of our company’s culture is natural for us.

Will you highlight Ethan Allen’s commitment to innovation and where innovation is taking place in the company?

Innovation is change, so our philosophy of innovation is also built on discerning between what needs to change and what should always remain the same. I mentioned the handcraftsmanship in our workshops: we mill and/or LEADERS 71

“I often refer to us as ‘a proud American brand,’ and part of what that means to me is this: America is a microcosm of the world. Our country brings together so many people from all parts of the world and from diverse perspectives – there’s no other country quite like us. Being a proud American brand means emulating that diversity within our walls.” kiln-dry our own wood, we sand and apply finishes by hand, we fit and glue joinery by hand, we tailor our upholstery and apply finishing touches, like nail-head trim, by hand – this commitment to artistry will never change.

Technology in our manufacturing supports our commitment to handcrafted detail while enabling us to make production more efficient.

We’ve made investments in advanced C&C machinery for fast cutting of certain components, like turned posts and pedestals, so we can continue our focus on the artistic elements that no machine can replicate.

We’ve also made significant investments in 3D design applications and in improving our network infrastructure to support them. The introduction of our 3D Room Planner in 2019 turned out to be a game changer in 2020 when our designers couldn’t meet with clients in our Design Centers or visit their homes. Our designers could still create designs to share with clients in incredible high-definition detail while sending things like fabric, leather, and finish samples via mail (or dropping them off to local clients while following all safety protocols). Our clients, who were spending so much more time at home and discovering that they wanted to address design projects that had been on the backburner, could still enjoy personal design service, could preview what they’d be receiving in advance, and could place their orders with confidence.

How critical is it for Ethan Allen to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

As a GSA contractor, Ethan Allen is an Equal Opportunity Employer, which means we’ve set clear standards in this area. Achieving true diversity requires more than just recognizing the “dont’s;” we need to proactively “do.” One noteworthy thing about Ethan Allen is the representation of women within our leadership ranks which is quite favorable compared to companies in almost every industry. Seventy-two percent of the leaders in our retail network are women, and fortyseven percent of leaders at our corporate headquarters are women. To increase racial diversity, we’re taking a look at recruitment, which we’re addressing by providing training to our hiring managers to make sure that they have the tools they need. We focus on this issue because a greater diversity of viewpoints is the key to being resilient.

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I often refer to us as “a proud American brand,” and part of what that means to me is this: America is a microcosm of the world. Our country brings together so many people from all parts of the world and from diverse perspectives – there’s no other country quite like us.

Being a proud American brand means emulating that diversity within our walls.

What do you see as Ethan Allen’s responsibility to the communities it serves and to being a force for good in society?

Ethan Allen’s Design Centers and Service Centers help local communities in many ways.

We hold events to support local not-for-profits, and some of our Service Center managers have good relationships with local chapters of Habitat for Humanity. Lately, in the vein of thinking about what it means to be a proud American brand, I have been focusing on the larger contribution that Ethan Allen makes by creating a culture of dignity and respect for all, setting an example that we hope other businesses will follow.

I always highlight our commitment to North American manufacturing – not just American, but North American – because I believe the skills and work ethic of the associates in our Mexico and Honduras plants contribute to our ability to continue investing in manufacturing in the United States. I chose, for example, to purchase our plant in Silao because I realized that the community of leather craftsmanship found there – people who have been dyeing and color-blending leather, and tailoring leather furniture for generations – simply could not be found anywhere else. Bringing our Silao associates into the Ethan Allen family has enabled us to grow this category while freeing up our North American workshops to do more of what they do best, which in turn helps them to thrive from a business perspective.

We also use our influence to elevate our vendors and their communities as much as we can, no matter where they are in the world. We have a strong social responsibility commitment through our Supply Chain and Manufacturing Codes of Conduct, which our vendors have to follow if they want to continue working with us. We work with our suppliers and educate them, making sure they know what they need to do to ensure safety and fair treatment for their workers. Our team also attends labor compliance seminars and meetings with people from all countries and industries where we contribute thought leadership based on our experience and learn from others.

What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

New York City has certainly been hit harder by the pandemic than any other major city, with about twice the national unemployment rate and so many commercial property vacancies. Wall Street has been pushing hard to get workers vaccinated and back into their offices and reopening Broadway will hopefully boost tourism, but with the way work patterns changed during the pandemic, New York City may never go back to the way it was.

These changes have a trickle-down effect.

Businesses save money on real estate and utilities when they let people work from home, but because they’re no longer using physical office space, the service that cleans the office loses a client, and its employees lose a paycheck.

Local coffee shops and restaurants that used to serve those office workers lose a big portion of their customer base. I think it remains to be seen how much those small businesses can recover and that’s a significant concern.

We talk about how much automation has affected manufacturing jobs in New York and throughout the U.S., and service industries were already beginning to feel those same impacts. These changes in work patterns are only going to accelerate those losses and we need city government and government at all levels to look ahead and think about how we will address that.

As far as public/private partnership, ideally private entities like Ethan Allen have more flexibility to experiment and innovate, while public entities have the reach, communications, and logistics networks necessary to scale private innovations for the greater social good. The agility of a private entity combats the sometimes slow movement of government bureaucracy, while working with public entities reminds companies that business can and should serve a greater purpose.

What advice do you offer young people interested in a career in the industry?

As you run your business, never forget that the products you make can be very personal to people. Home is a haven, and COVID has brought that even more into focus for us. Helping create beautiful homes is fun and rewarding as we touch people’s lives. Through design service, technology, and exceptional craftsmanship, we help people achieve the beautiful, comfortable home of their dreams.

•

VOLUME 44, NUMBER 4

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A History of Resilience An Interview with Roger G. Arrieux, Jr., New York Managing Partner, Deloitte US EDITORS’ NOTE As Deloitte’s New York Managing Partner, Roger Arrieux leads Deloitte’s largest office and oversees more than 6,500 professionals. He currently serves as the Chairperson of the Harlem YMCA Board of Directors, Chairperson of the Black Achievers in Industry Steering Committee, and is a member of the Board of Directors of the A Better Chance organization. In addition, he participates in leadership activities with various other charitable organizations. Arrieux earned a BBA degree from Baruch College and an MBA from Columbia Business School.

steady investments to augment our extensive range of capabilities. Having all of these resources under one roof to serve client needs and tackle issues from a multitude of lenses is a source of differentiation for us and, I believe, one of the key reasons for our consistent industry leadership.

The pandemic has been a challenging time for all, but at the same time the bold investments we’ve made over the years have allowed us to naviRoger G. Arrieux, Jr. gate it from a position of strength. The current environment has prompted us to make even greater investments in our people, acquisitions, alliances and technology solutions FIRM BRIEF Deloitte (deloitte.com) provides that will serve our organization well into the industry-leading audit, consulting, tax and future. I am confident that with the accelerated advisory services to many of the world’s most pace of technological change, the next generaadmired brands, including nearly 90 percent of tion of leaders will be met with even more the Fortune 500® and more than 7,000 private rewarding and exciting opportunities in our companies. Deloitte’s people come together for profession. the greater good and work across the industry How do you define the Deloitte differsectors that drive and shape today’s market- ence and what sets the firm apart in the place, delivering measurable and lasting results industry? that help reinforce public trust in the capital Deloitte is differentiated by several key markets, inspire clients to see challenges as characteristics: the size and scale of our global opportunities to transform and thrive, and help network; the breadth of services we bring lead the way toward a stronger economy and a to the marketplace; our talent experience; healthier society. Deloitte is a part of the largest and our culture of innovation, inclusion, and global professional services network serving purpose. The amalgamation of these attributes clients in the markets that are most important equips and inspires our people to do their to them. Building on more than 175 years of best work, and the impact Deloitte is making service, Deloitte’s network of member firms for clients, the capital markets, and society spans more than 150 countries and territories. more broadly is ultimately a reflection of their distinct contributions.

Will you highlight Deloitte’s history and heritage and what have been the keys to the organization’s consistent industry leadership?

Our roots go back 175 years. We’ve been at the intersection of business and technology and have served clients through three industrial revolutions. We have a remarkable history of resilience which we owe to our founders who had the prescience to take strategic risks and make long-term, forward-thinking investments even in the toughest of times. They not only laid the groundwork for an incredibly strong foundation that we’re continuing to strengthen, but also paved the way for an innovative and entrepreneurial mindset that is deeply embedded in our culture. This has empowered our growth as a multidisciplinary organization as we’ve made

Our people represent diversity in every sense of the word – in terms of geography, gender, race, skillsets and more. Over the last couple of decades, we have significantly expanded the type of experiences and skillsets we look for in the people we hire. What has resulted is a vast array of disciplines, perspectives, and backgrounds in our people – our workforce includes healthcare experts, data scientists, veterans, accountants, psychologists, engineers, forensics experts, designers, writers, economists, scientists, and even former professional athletes.

This intentional effort over the years to build an environment with such diversity of thought has activated the full power of our organization.

When we bring together the ingenuity of our people, especially in an age of rapidly proliferating technology, there really is no challenge we aren’t equipped to tackle.

How do you describe Deloitte’s culture and what have been the keys to maintaining culture during the pandemic?

Our people are at the core of our culture – all fostering an environment that promotes inclusion, trust, respect, collaboration, high performance, innovation and purpose every day. The way our people came together over the past year and a half is incredibly illustrative of this culture. Despite the multitude of their own personal concerns and challenges, they continued to take great care of each other, show up in our communities and brilliantly serve clients.

The key to driving and maintaining our culture has always been to prioritize and invest in our people. A crucial part of that is

“Our people are at the core of our culture – all fostering an environment that promotes

inclusion, trust, respect, collaboration, high

performance, innovation and purpose every day.”

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VOLUME 44, NUMBER 4

“We have a remarkable history of resilience which we owe to our founders who had the prescience to take strategic risks and make longterm, forward-thinking investments even in the toughest of times.”

ensuring the talent experience evolves as their needs evolve and that there is continued alignment between the values of our organization and that of our workforce. We achieve this through active listening, empathy, authenticity, inclusiveness, and empowering our people to engage in meaningful work that not only results in a tangible difference for our clients, but also for society as a whole. We are committed to continually enhancing the opportunities for growth and development at Deloitte in order to make an impact that matters for our people, clients and communities. It is the very reason we launched our Purpose Office earlier this year and named our first Chief Purpose Officer as part of a concerted effort to embed purpose into every facet of our business, including connecting our people with the types of projects that reflect their core values and passions.

What has made Deloitte so successful at building long-lasting client relationships and client loyalty?

The relationships we build with clients are based not only on the high-quality services we provide, but on a shared sense of values and commitments. Our clients are operating in an increasingly complex and highly matrixed environment, and what we do exceptionally well is help them see and navigate the interconnected pieces to the issues they’re trying to address as well as recognize the untapped opportunities that exist for their organizations.

We are unmatched in the breadth and scale of our capabilities, and we bring all of it together to accomplish amazing things that simply can’t be achieved working in a silo.

The very traditional nature of how companies interact is fundamentally changing. Since we’ve built a deep portfolio of ecosystem and alliance relationships, we’re able to collaborate with other organizations to combine resources and deliver enhanced value, insights and custombuilt solutions to those we serve. Above and beyond our work, many of our clients choose Deloitte because there is an alignment of values, and the reciprocity in our relationship allows us to make a positive impact for society and our broad range of stakeholders.

The last year and a half was a testament to all of this as we brought together the agility and resilience of our organization to respond to the changing needs of our clients, while also collaborating with them on COVIDrelated relief efforts.

VOLUME 44, NUMBER 4

Deloitte has had a long-standing commitment to diversity, equity and inclusion. How is the organization building upon its efforts and what does accountability look like today?

Diversity, Equity, and Inclusion (DEI) is foundational to who we are. It’s a business imperative woven into every aspect of our organization, and we aspire to set the standard for DEI by creating the culture and systems that empower all of our people to thrive. We have refreshed our multi-year DEI strategy to heighten our focus on equity. This includes enhancing equitable talent and business systems and processes within Deloitte, as well as working with organizations like OneTen, Management Leaders for Tomorrow, and others in the marketplace, to orchestrate actions in our communities that help create equitable outcomes for all. Just recently, we announced a $75 million investment to increase racial and ethnic diversity in the tax and accounting fields as part of our new Making Accounting Diverse and Equitable (MADE) commitment. As we continue to make significant investments across our diverse communities, we are demonstrating our allyship in visible and impactful ways – whether that’s speaking out against all forms of racism or advocating for our LGBTQIA+ community.

Our senior leaders play a significant role in driving accountability. They are deeply engaged in our DEI strategy and committed to our DEI investments within Deloitte and externally. Through the recent launch of our inaugural DEI Transparency report, we took further steps to show how important we feel accountability is for driving greater equity in society and the marketplace. The data in that report ultimately allows us to set goals that effects real change and take ownership for reaching our goals.

What do you see as Deloitte’s responsibility to the communities it serves and to being a force for good in society?

More than ever, we’re seeing the need for the collective business community to deepen its role in helping address some of the world’s most critical societal issues. We also know that our own people want to be a part of something bigger; they want to build careers with us where they can fulfill their passions, do purpose-driven work, and connect to the causes they care about most. For us, operating with

purpose is not just a societal responsibility, but also a strategic priority, and our size and scale allows us to make significant contributions and produce substantial outcomes.

The business landscape, more broadly, has dramatically shifted as well. The pandemic has further underscored the significant interest from key constituents – employees, investors, suppliers and others – to make certain that leading companies are incorporating purpose into their core strategies.

Deloitte is headquartered in New York.

What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

We have three offices in New York City and thousands of Deloitte professionals who call New York their home office – we’re very proud of our economic footprint here.

We’ve seen time and again that New York City’s energy, cultural dynamism and resiliency bounces back str onger after each crisis which comes from this city’s special ability to turn challenge into opportunity.

Strong public/private partnerships are absolutely critical to recovery, rebuilding and future success. Through organizations like the Partnership for New York City, for example, Deloitte and business organizations across the city are coming together to push forward with priorities such as infrastructure modernization and a more equitable healthcare system.

This aggregation of assets across New York City’s ecosystems will continue to be fundamental to tackling issues at scale and building a tech-driven economy that is inclusive and sustainable.

What advice do you offer young people interested in a career in the industry?

One piece of advice that I would offer is to take in a broad worldview. Success in professional services is more than just being very knowledgeable in a particular subject or specializing on an issue. Everything is connected in the world we serve, and if you can model those connections in your own experiences and your own thinking, you’ll be better equipped to tackle complex issues with an interdisciplinary perspective. Very often, we find the solutions to disparate problems intersect in unexpected ways. When you’re tuned into those crosscurrents, you can bring exceptional value to your teams, clients and community.

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LEADERS 75

NEW YORK CITY

A Relationship Business An Interview with Michael A. Rodriguez, Chief Executive Officer and President, Alliance Building Services EDITORS’ NOTE Michael Rodriguez Will you highlight the history and began his career as a porter at heritage of Alliance and how you the World Trade Center in 1988. define its mission?

Following the 1993 bombing of the Alliance was created in 1992 when World Trade Center, he left janitomy business partner, Gary Green, saw rial services and began a superthat service companies were not visory role at a prominent security fulfilling their promise to clients and company. Rodriguez then returned providing high-level, quality service. to his roots at the World Trade Center He felt that there was an opportunity as a janitorial supervisor before for a company to lead in the industry joining First Quality Maintenance in by doing what it says it is going to 1995. In 2000, he was appointed do, being transparent and being laserMichael A. Rodriguez Pr esident of Alliance Building focused on client service. Alliance Services and assumed the additional started as a small company and when role of CEO in 2020. In 2009, Rodriguez was chosen I joined in 1995, we had roughly five buildings as one of Crain’s 40 most dynamic businesspeople and approximately 35 employees. We have built under age 40 in New York City. In 2010, he the company through organic growth and develreceived the Los Niños Image Award for Business oping deep client relationships and today we are for the Committee for Hispanic Children and servicing somewhere in the 75 million square Families, Inc. and in 2014, he was honored at feet range with well over 3,000 employees. It has the National Jewish Health’s AIR Society The Sky’s been amazing to see the growth of Alliance and it The Limit Benefit. Under the Alliance banner, he is because we have a firm commitment to always has sponsored several community events including mean what we say and to execute on what we “Swing for a Cure” Golf Classic to benefit The say. We are open and transparent with our clients Herophilos Fund for Pancreatic Cancer Research and when we make a mistake, we acknowledge at Columbia University Medical Center for the last it and fix it. They know they can trust us which ten years. Rodriguez also advocates for the better- has allowed us to build a very strong reputation ment of the Latino community by serving on the in the industry.

Board of the Committee for Hispanic Children How important has it been to maintain and Families, Inc. and the Diabetes Research the company culture and service mentality Institute. He provides substantial contributions as Alliance has grown in size and scale? to several organizations including Nontraditional I have been with Alliance for 26 years and Employment for Women (NEW), Big Brother Big if I think back to my early days at the company, Sisters of New York City, St. Francis Food Pantries it was challenging to sit with an owner and and Shelters, Nassau Suffolk Services for Autism try to convince him that we could clean their (NSSA) and enCourage Kids Foundation. building better than anybody else. It helped that I had gained hands-on experience in cleaning COMPANY BRIEF Founded in 1992, Alliance early in my career, so I knew what it took to Building Services (alliance.us) provides comprehensive facility-related services for approximately 75 million square feet of space in the New York Tri-state area. Alliance has become an industry leader in building maintenance and security services by taking the time to understand client’s needs and creating partnerships for mutual success. Its unified management team, seamless communication, use of the latest industry technologies, and cost-effective procedures create the most dynamic solutions for its clients’ facilities. Alliance offers facility maintenance and janitorial services, security officers and security technology systems, building restoration, and flooring through its brands – Alliance Maintenance, Alliance Security, Alliance Restoration and Alliance Flooring.

clean a building and to provide quality service. I brought that experience to Alliance and it helped lead to our being able to work with some great building owners who gave us a chance to service iconic buildings. When you get that chance, it is an opportunity to prove yourself and to build a long-term relationship. We are focused on building relationships and every person on our team is committed to serving clients and executing on our mission.

How challenging is it to differentiate in the industry and how do you describe the Alliance advantage?

It is a challenge since we all use the same labor force so when we take over a building, we are required to use the same employees at the building. The key difference becomes the strength and expertise of the management team. Our management team believes in taking care of employees and investing in our workforce. We know that if we care and support our people in the field, they will care and support the buildings that they service. This includes acknowledging their birthdays, being there for them when they have a death in the family, and supporting them when they need time off or are dealing with an illness. We want our employees to come to work wanting to do their best for the company because they know that we want to do our best for them.

Will you discuss Alliance’s leadership in providing security services?

One of my first responsibilities in management during my career was in security at the World Trade Center after the bombing in 1993 when security was at a premium. While I did not have past experience in security at that time, I did have experience in dealing

“When you get that chance, it is an opportunity to prove yourself and to build a long-term relationship.

We are focused on building relationships and every person on our team is committed to serving clients and executing on our mission.”

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“Our management team believes in taking care of employees and investing in our workforce. We know that if we care and support our people in the field, they will care and support the buildings that they service.”

with labor – whether that was motivating or disciplining employees or negotiating with the unions – which helped shape the security goals of the World Trade Center. This experience made it a natural fit when I joined Alliance to have cleaning and security as service offerings because the foundation for both is labor which is our specialty. We also have a restoration business which is another offering that is based on labor.

How did Alliance adapt its business to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

At the beginning of the pandemic, our services were at a huge premium and we were able to help our clients deal with their sanitizing and safety concerns on a daily basis. However, when New York City closed down, it put us in a difficult position as there was nothing to clean.

We were fortunate to land an account with the New York City Housing Authority (NYCHA) which allowed us to employ 400 people sanitizing every NYCHA building in the city and boroughs which comprised of 2,200 apartment buildings.

This was clearly a challenge. The first few weeks the people in the buildings were nervous when we would show up at their building as they did not know us, but over time our staff was able to build relationships with them and make them feel comfortable which allowed for them to embrace us. This was a difficult assignment and we made sure that these buildings were safe and sanitized and our team stepped up during this difficult time to meet the challenge.

Alliance is a leader in the Tri-state market. Are there opportunities to expand into other markets and parts of the country?

We are not opposed to expanding and are always looking into opportunities and will continue to do so. At the same time, New York City is so big and has so much density and such vast real estate that there are still tremendous opportunities for growth here. We want to capitalize on all of the new developments happening in New York City and we are focused on continuing to grow our business in this market.

What have been the keys to Alliance’s ability to build client loyalty and longlasting business relationships?

It is a privilege to service the buildings we work with and to have clients that are some of the best real estate owners and landlords in VOLUME 44, NUMBER 4

the industry. We do not take these relationships for granted in any way. Our clients allow us to be a part of special buildings that they have put their hearts and souls into creating, and this is a responsibility that we do not take lightly.

We also build relationships with the tenants in the buildings since while the owner gives us the right to service the building, we need to have the tenant want us to be there and know that our goal is to execute on their vision for the space. We need to know what the priorities are for the tenant and to meet their needs and expectations so that the employees working in these spaces are comfortable and able to perform at their highest levels.

You mentioned the talent of your management team. Will you highlight how critical it has been to build such a strong and experienced management team?

This has been one of our biggest differentiators. In 2009, we landed the cleaning contract for Yankee Stadium and Citi Field at the same time which was a massive undertaking. It took the talent and expertise of our leadership team and all of our employees to meet this challenge. I remember at the time we had a young man who worked for us as an analyst and his job was to put the numbers together for these two accounts. He had recently graduated from college and was a numbers person. When we started the project, he was so knowledgeable about it because he had been working on the numbers for so long. We decided to put him out in the field and he worked closely with me and we worked long hours running the project.

He was so eager to learn and so hungry that he was promoted to supervisor and then manager, and he is currently our VP of Operations. This is one example among so many that I could give you of the people in our company who have a desire to learn and lead and who grow into management roles with Alliance. It is my responsibility to provide our people with the tools and skills needed in order to grow in the company since this is a service business and our biggest asset is our talent and human capital.

Alliance is a company that is committed to the communities it serves and supports many causes. What has made this so important?

We have a diverse workforce and employ many minorities from all of the boroughs, and I am a minority leading the company who grew up in Brooklyn, so I think the right thing to do

is to make an impact on the community. We live in the communities we serve and want to help keep these communities strong and vibrant.

What do you see as the keys to effective leadership and how do you describe your management style?

I have never gone into a meeting and introduced someone from the team by saying that the person works for me. I say that we work together. I believe in teamwork and collaboration and working together in the best interests of the company and our clients. I also believe in providing opportunities for growth and advancement in the company in order to keep our people interested and excited about the business so that we retain our talent. Our goal is to build the best team and to provide careers for our people where they are challenged, enthused and fulfilled every day they come to work.

What do you feel have been the keys to your success as a business leader?

I had great mentors and was fortunate at a young age to find people who were willing to share their time and expertise with me. They saw something in me, and even though I knew my ability, they were able to see it and help me reach my potential. I believe in hard work and never quitting which are characteristics that I possess, but the mentorship was so important to help me see opportunity and they tried to not only teach me what to do, but also what not to do. There is no substitute for hard work and putting in the time, but one piece of advice that I offer to all young people beginning their careers is to try to find mentors who can help guide you and support you in your career journey.

Alliance has had strong growth and success during your time as CEO. Do you take moments to reflect and celebrate the wins?

We work hard, but we certainly play hard as well. We make sure to celebrate the wins since I think it is so important to build that camaraderie as a team and to let our people know that we could not have done it without them. We recently had a company outing which we held outside to manage all COVID protocols. There was a moment when you could look around and see that everyone there was having fun and enjoying being together which is a special feeling and makes you appreciate and value that you are part of a company like Alliance.

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LEADERS 77

NEW YORK CITY

Alliant’s Growth 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 K2 Intelligence.

our clients. With a changing world, no company can grow simply based on its history, no matter how successful it has been. It has to be open to change which has proven to be an integral part of Alliant’s growth. It’s “sink or swim” in any business. The insurance industry is so diverse, with so many unexpected turns, that I believe we will always have more options to expand and grow.

How is technology impacting James W. Crystal the way insurance products and services are delivered?

COMPANY BRIEF With a history dating back This year, more than ever, technology has to 1925, Alliant Insurance Services (alliant.com) proven to be a key part of the insurance indusis one of the nation’s leading distributors of try, helping us to keep on top of products and diversified insurance products and services. communication with clients, underwriters and Operating through a national network of offices, brokers. The fact that Alliant has remained on Alliant offers a comprehensive portfolio of ser- top of its game and has been able to create new vices to clients. types of coverage and effectively communicate their benefits to clients is a testament to this What have been the keys to Alliant’s capability. Although we have not been in the growth and leadership in the industry office physically, we have not skipped a beat, and how critical is innovation to Alliant’s proving to our clients that the “show will go on” business? and that we were, have been, and always will I believe that one of the important keys to be, here for each and every one.

Alliant’s growth is the new employees who are What do you see as Alliant’s responsijoining us. This is important for growing not bility to the communities it serves and to only the size of Alliant but, more importantly, it being a force for good in society? is the welcoming of new people and leadership We need to be there for our communiwho bring knowledge and thought processes ties, not only for insurance, but also to help under the Alliant umbrella, thereby adding them in times of need. Our employee associdiversity, along with new, fresh, out-of-the-box ates, working through our company outreach ideas. These new and innovative ideas expand programs, have a proven connection with the company from within and, ultimately, impact those communities.

“With a changing world, no company can grow simply based on its history, no matter how successful it has been. It has to be open to change which has proven to be an integral part of Alliant’s growth.”

What do you feel are the key characteristics needed to be successful as an insurance broker?

Being self-motivated is very important, although not easy for some people. Reaching out to see how Alliant can better assist a potential client, as well as being in constant communication with current clients, are a must. Developing creative solutions for challenging insurance issues is critical as it demonstrates to the client/potential client the interest and desire to achieve what they may have thought was impossible. Having experienced this past year with the pandemic, it is also important to be patient and understanding with our clients and to truly listen to their needs, while still being a pit bull when it comes to achieving results for those clients.

What are the keys to New York’s recovery and rebuilding from the pandemic?

New York is known to have experienced many challenging times over the years, but we have always pulled through due to the fortitude and resilience of the people. Following the last year living with COVID, I feel that if we remain strong and pull together, we can achieve anything.

What has made the insurance industry so exciting and dynamic for you?

The challenges over this past year, although stressful, have made it exciting and stimulating. When an underwriter or associate says that something cannot be done, it acts as a stimulus for me to get it done, or at least get as close as possible to what is needed/desired by the client.

This last year has been especially dynamic and challenging. The pandemic not only affected the United States, but the entire world. Working with people in other countries, hearing their stories about how COVID affected them both in business and personally, puts a different perspective on life because some of it is out of our control. With insurance, we can take what we have experienced and learned and then put that into perspective for our clients in achieving the best and most thoughtful results.

What advice do you offer young people interested in a career in the insurance industry?

I would emphasize to those interested in insurance, or even those who don’t know anything about insurance but who are energetic, who enjoy problem solving, who want to constantly learn about an evolving industry, and who are hard workers and dedicated to their clients, that this is the place for you.

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78 LEADERS

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Fostering a Sense of Belonging An Interview with Karen L. Pavlin, Managing Director, North America Inclusion & Diversity Lead, Accenture

Karen Pavlin in front of the Apollo Theater in Harlem, New York City

EDITORS’ NOTE Karen Pavlin is Accenture’s North America Inclusion & Diversity lead and a managing director in Accenture’s Northeast (NE) market unit.

In her role as North America I&D lead, Pavlin leads the firm’s efforts to advance change and continue accelerating equality for all across North America, creating a sense of belonging and ensuring all of Accenture’s people feel seen, safe, connected and courageous. Prior to her current role, she led account strategies to drive large-scale transformation, thought leadership and innovation for the firm’s top Financial Services and Communications, Media and Technology (CMT) clients. Pavlin joined Accenture in September 2017 after spending 20+ years at Xerox Corporation. She sits on the Board of Directors of the Apollo Theater and iMentor National Organization.

She was also the recipient of The Network Journal’s Top 25 Black Women in Business in 2019. Pavlin holds a BA and a Master’s degree in Marketing from the University of Virginia.

COMPANY BRIEF Accenture (accenture.com) is a global professional services company with leading capabilities in digital, cloud and security.

Combining unmatched experience and specialized skills across more than 40 industries, it offers 80 LEADERS

Strategy and Consulting, Interactive, Technology and Operations services – all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Its 569,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. Accenture embraces the power of change to create value and shared success for its clients, people, shareholders, partners, and communities.

Will you discuss your new role and how you will focus your efforts as North America Inclusion & Diversity Lead?

In May 2021, I proudly took on a new role as Accenture’s North America Inclusion & Diversity (I&D) lead. I direct the company’s efforts to build support for and accelerate our efforts to promote a culture of equality and inclusion across North America. Success for me will be measured in many ways, but most clearly, I want to focus on fostering a sense of belonging. I want to help create space for people to safely share their life experiences and lived experiences. That’s how you begin to create a culture of inclusion.

How critical is it for Accenture to build a diverse and inclusive workforce in order to bring diverse perspectives and experience to the table when addressing client needs?

It’s critical to our culture that we build a team where everyone can be seen, safe, connected and courageous – that means that diversity and inclusion programs and initiatives are critical to who we are as an organization. We believe this deeply, and from this belief comes a commitment to make change for all of us to do better. Diversity and inclusion isn’t just the right thing to do – it’s the smart thing to do. It matters in our work. But more than that, it matters in what we stand for.

Will you highlight Accenture’s initiatives in regard to diversity and inclusion and the importance of having metrics to track the impact of these efforts?

We have set bold goals for our workforce demographics, and we are holding ourselves

“Diversity and inclusion isn’t just the right thing to do – it’s the smart thing to do. It matters in our work. But more than that, it matters in what we stand for.”

VOLUME 44, NUMBER 4

“Success for me will be measured in many ways, but most clearly, I want to focus on fostering a sense of belonging. I want to help create space for people to safely share their life experiences and lived experiences. That’s how you begin to create a culture of inclusion.” accountable to them. In 2021, we are making progress on our 2025 goals to increase African American and Black representation from 9 percent to 12 percent and managing director representation from 2.8 percent to 4.4 percent, and increase Hispanic American and Latinx representation from 9.5 percent to 13 percent and managing director representation from 3.5 percent to 4.7 percent. We’re making progress – sometimes slower than we would like, but in our view, if we want to drive large-scale transformation, we have to track where we’ve been and identify where we want to go.

How do you plan to engage Accenture’s workforce in its diversity and inclusion efforts?

I’m taking the time to learn more about how inclusion makes us a stronger organization, and how each of us can do our part to help build bridges, to build trust, so that we can all show up as ourselves. I participated in a Women in Tech panel with producer and director Mimi Valdes and a MLK Day event with Mary J. Blige. Recently, I had the privilege of leading a conversation with Common for our African American/Hispanic American Employee Resource Group (ERG) Leadership Summit.

If anyone wants to be active in diversity & inclusion issues at Accenture, there are many ways to get involved. I have many great resources to tap into and learn from. We launched the Black Founders Development Fund, we are active in the MOM Project, we have relationships with the Hispanic IT Executive Council, Girls Who Code, the

Reaching Out MBA Conference, and the National Urban League. We’ve also built strong networks and employee resource groups across more than 20 dimensions of diversity.

How critical is it for you to have such deep commitment and engagement from Accenture’s board and management team for its diversity and inclusion work?

It’s critical because leadership matters – if leaders value inclusion, it will happen. I am honored to sit on the North America Leadership Team – that demonstrates the kind of commitment Accenture is devoting at the highest levels to these issues. I’ll give you an example: our global management committee has 40 members, 27 percent of whom are women, including our Chief Executive Officer, Julie Sweet. We have deep commitment and engagement from the board and management team on gender goals, and we cascade those goals down through the organization and even include them as part of performance evaluation and reward for our senior leaders.

How do you define Accenture’s culture and how critical is culture to the success of the company?

Our culture is defined by a focus on each person. Each one of us – in every position, at every level, in every country – we are Accenture.

We also know that getting to this kind of culture takes decades and the work never ends. We’ve been deliberate about building a culture where our behaviors and beliefs, the way we grow our people, and the way we do business every single day, reflect our core beliefs and bring out the best in our people.

“Our culture is defined by a focus on each person. Each one of us – in every position, at every level, in every country – we are Accenture.”

When we do this work well, not only do we succeed as a company, but we are a place where people are excited to work, and that is really what matters. When you start from that position, it becomes easier to see diversity and inclusion as paths to a stronger culture, a stronger team, a stronger company.

What do you see as the responsibility that leading companies have to being engaged in the communities they serve and to being a force for good in society?

We have long believed that building trust with our people, clients and communities is essential to our future as an organization. Maybe because of the way I was raised, that is all I’ve ever known in my professional life. People want to work in organizations which are part of solutions, part of positive change, part of making things better. Doing that consistently will make you a better organization.

Are you optimistic about New York’s recovery and rebuilding from the pandemic?

I am proud to live in the New York area and I love it. New York City continues to recover and for good reason. There’s no better place to work and live – it’s got incredible energy. In our recent survey from Accenture and Tech:NYC, 58 percent of C-suite participants report their organization is planning to increase the number of tech hires in 2021 as much as 20 percent above 2020. A majority of respondents are confident they can find the tech talent they need within the New York City talent pool, though brain drain remains a potential concern.

What advice do you offer young people beginning their careers during this unprecedented time?

Three things: First, push yourself. I love the fact that I’m deep into my career and I’m still learning. Second, be comfortable in your own shoes. I am so glad that I work at a place where I don’t have to leave myself “in the car” and come into work as a different person.

Don’t let “silent identity” creep in. Think about what makes you unique and be that person.

Third, don’t be afraid to turn “off” every so often. We can be excellent at our jobs and still not be “on” some days. We have to give ourselves and everyone around us the room to say, “I can’t do it today.”

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LEADERS 81

NEW YORK CITY

Rebuilding New York An Interview with Vik Sawhney, Chief Administrative Officer, Blackstone EDITORS’ NOTE Since joining including tens of millions of teachers, Blackstone in 2007, Vik Sawhney firefighters and other pensioners, with started Blackstone Capital Markets financial security and to improve the and also served as the Chief Operating companies and communities we interact Officer of the Private Equity group. with for the better.

Before joining Blackstone, he worked Will you highlight Blackstone’s as a Managing Dir ector in the long commitment to New York?

Financial Sponsors Group at Deutsche Blackstone’s commitment to New Bank, and prior to that was an York dates back to 1985 when Steve Associate at the law firm of Simpson Schwarzman and Pete Peterson founded Thacher & Bartlett. Sawhney reprethe firm. We have always supported the sented Blackstone as a Rockefeller communities in which we live and Vik Sawhney Fellow during 2010-2011, and work, and New York has remained especurrently sits on the board of the cially close to our hearts. Through the Blackstone Charitable Foundation. He is also the Blackstone Charitable Foundation, we encourage Board Chair of Dream, an East Harlem-based our New York-based employees to volunteer with educational and social services organization. He local organizations. Teams have the opportunity to graduated from Dartmouth College and received a give back to our city all year-round, from handsJD from Harvard Law School. on volunteering through partners such as Riverside Park or NY Cares to mentoring through organizaFIRM BRIEF Blackstone (blackstone.com) is the tions including Build NYC or StreetWise Partners. world’s largest alternative asset manager. It seeks At the onset of the COVID-19 pandemic, to create positive economic impact and long-term Blackstone and our charitable foundation worked value for its investors, the companies it invests in, quickly to provide relief where the city needed it and the communities in which it works. It does this most. We contributed an anchor donation to the by using extraordinary people and flexible capital New York State COVID-19 First Responders Fund to help companies solve problems. Its $684 billion in to support frontline workers and their families. assets under management include investment vehi- Additionally, Blackstone’s Stuyvesant Town Peter cles focused on private equity, real estate, public Cooper Village launched the StuyTown Food Pantry, debt and equity, life sciences, growth equity, oppor- a partnership with Blackstone Charitable Foundation tunistic, non-investment grade credit, real assets partner, City Harvest, delivering more than one and secondary funds, all on a global basis. million pounds of groceries to those most in need.

What is your outlook for New York’s How do you define Blackstone’s culture and recovery and rebuilding from the pandemic? how critical is culture to the success of the Thinking back to April 2020 and seeing how firm? far we have come, I am proud of the resilience of We have core guiding principles that shape New York City. Looking ahead, I am bullish on everything we do: accountability, excellence, integ- New York’s continued recovery. rity, teamwork and entrepreneurship. These qualiAt Blackstone, we are investing in both busities have been shared across the firm for over 35 ness and charitable activity to help rebuild New years. Most importantly, we rely on the diversity of York. Recently, the firm’s real estate debt platform ideas generated by our people who come from a led the financing of a $1.25 billion redevelopment wide range of backgrounds and experiences. of a 19th-century warehouse on Manhattan’s West Our close-knit culture enabled us to navigate Side into a 21st-century office complex. the uncertainty we faced during the pandemic Additionally, the Blackstone Charitable together. We were able to quickly establish new Foundation committed to bring its signature college ways of working thanks to the trust we have built entrepreneurship network, Blackstone LaunchPad, with one another and our clients. My favorite new to nine City University of New York (CUNY) staple is BXTV, a weekly Monday morning meeting campuses. Through the CUNY-LaunchPad partacross the firm where we share updates on the nership, the next generation of New Yorkers will macro-economy and the business, and for a little gain the entrepreneurial skill-building they need to bit of fun, conduct a weekly photo contest. This graduate college ready to help rebuild New York. culture and engagement is key to our success. It What do you see as Blackstone’s responsiallows us to deliver on a goal: to provide our clients, bility to the communities it serves?

82 LEADERS

Blackstone’s scale means we are uniquely positioned to create value by positively impacting the communities in which we live and work. Our responsibility to the communities we serve is at the foundation of our philosophy. Across our portfolio, we have firmwide mandates to target at least onethird diverse representation on portfolio company boards for new control investments and to create employment opportunities and career mobility at our portfolio companies for people from underserved communities, both in the U.S. and Europe.

It is our responsibility to foster economic mobility and to hire and promote the best and brightest.

In my personal life, I serve on the board of DREAM, a charter school based in East Harlem and the South Bronx which aims to empower all children to recognize their potential. I think we often forget the multiplier effect of impacting one child.

Through supporting educational organizations, we have the opportunity to change the structure of society for the better.

How critical is it for Blackstone to build a diverse and inclusive workforce?

Diversity and inclusion are critically important to our culture and make us better investors. To us, being a successful investor and a good citizen of New York City are both individual pieces of the same whole. Diversity, equity and inclusion are not a siloed workstream at Blackstone – they are high priority values embedded in everything we do. We recognize that we still have work to do within our firm and across our industry. We recently welcomed Devin Glenn as our first Global Head of Diversity, Equity and Inclusion. She will work to implement policies and initiatives that will help Blackstone achieve a more diverse and inclusive workplace.

Our commitment to diverse workforces extends beyond our walls. Blackstone LaunchPad’s expansion to CUNY is only one part of our Charitable Foundation’s $40 million commitment to expand its LaunchPad entrepreneurship and career preparedness program to minority-serving institutions. We want to make sure that young people from diverse backgrounds across the country have access to the entrepreneurial skill-building they need to participate in the 21st century economy and ensure workforces across the country are more diverse and inclusive.

What advice do you offer young people interested in a career in the industry?

My biggest piece of advice would be to work really, really hard. If you enter work with the attitude to dedicate yourself fully to your work – especially at a young age – you will be on the path for a long and successful career.

•

VOLUME 44, NUMBER 4

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The Future of Healthcare An Interview with Kenneth L. Davis, MD, Chief Executive Officer, Mount Sinai Health System EDITORS’ NOTE Dr. Kenneth Davis What have been the keys to Mount attended the Icahn School of Medicine Sinai Health System’s strength and at Mount Sinai and completed a resileadership in the industry? dency and fellowship in psychiatry It starts with our people. We and pharmacology, respectively, at need people who are committed to Stanford University Medical Center. each other mor e than they ar e Upon returning to Mount Sinai, he committed to themselves, who see became Chief of Psychiatry at the the higher good, who put their ambiMount Sinai-affiliated Bronx Veterans tion in second place, and who feel Administration Medical Center and that Mount Sinai has been a part of launched Mount Sinai’s research them for a very long time. This is why program in the biology of schizowe generally promote from within as Kenneth L. Davis phrenia and Alzheimer’s disease we know the importance of having therapeutics. Davis was appointed people who have grown up inside CEO of Mount Sinai Medical Center in 2003 the system. I am a prototype of that having after spending 15 years as Chair of Mount Sinai’s spent all but six years of my career here. My Department of Psychiatry. He was the first director first encounter with Mount Sinai was when I for many of the institution’s research entities and was a patient at the age of seven and it is also received one of the first and largest program project the place where the rest of my family received grants for Alzheimer’s disease research from the care. This focus brings a bigger commitment to National Institutes of Health. Davis also served as always do what is best for the institution and, in Dean of the Icahn School of Medicine at Mount turn, what is best for our patients.

Sinai from 2003 to 2007 and as President of the Has it been challenging to maintain American College of Neuropsychopharmacology in culture as Mount Sinai has grown in size 2006. In 2002, he was elected to the Institute of and scale?

Medicine of the National Academy of Sciences, It is critical to maintain culture and it is and in 2009 his undergraduate alma mater, Yale very difficult. When we have taken over other University, presented him with the George H. W. hospitals, we have tried to bring our culture Bush ’48 Lifetime of Leadership Award. into those hospitals. Many times, this may cause some people to leave or seek other opportuniINSTITUTION BRIEF Mount Sinai Health System ties if they do not feel comfortable and we (mountsinai.org) encompasses the Icahn School of support their decision. Culture is at the heart of Medicine at Mount Sinai and eight hospitals, as any organization, and it is our priority to have well as a large and expanding ambulatory care people who understand our culture, believe in network. The eight hospitals – Mount Sinai Beth our culture, and want to be a part of our culture.

Israel, Mount Sinai Brooklyn, The Mount Sinai How proud are you to see the strength Hospital, Mount Sinai Queens, Mount Sinai St. and r esilience of your workfor ce in Luke’s, Mount Sinai South Nassau, Mount Sinai addressing the challenges caused by the West, and New York Eye and Ear Infirmary of pandemic?

Mount Sinai – have a vast geographic footprint The challenges have been so great on a daythroughout the New York metropolitan region. The to-day basis and I am proud of what we accomMount Sinai Hospital is ranked number 14 in the plished and how we adapted to address the nation by U.S. News & World Report and ranked pandemic. For instance, at this very moment, in the top 20 nationally in eight medical special- we have a 350-nurse staffing shortage and ties in the 2019-20 “Best Hospitals” guidebook. The another 150 nurses are out with a healthcare New York Eye and Ear Infirmary of Mount Sinai is disability which is primarily COVID, so this puts also ranked nationally in ophthalmology. us 500 nurses down today. We all cope, and The Icahn School of Medicine at Mount Sinai our people step up and fill the void without opened in 1968 and has more than 6,500 faculty complaining or making excuses. Our people rose members in 34 academic departments and 39 clin- to the challenge and know that this is necessary ical and research institutes. A renowned medical when you choose this career. The hardest part is school and graduate school, it is ranked number that while they all chose healthcare as a career four in the nation among medical schools for and knew that they would be at the bedside overall research funding per principal investigator. taking care of patients and were committed to 84 LEADERS

serving patients, they never signed on to putting their lives on the line which is what happened with COVID. Our team’s lives were in jeopardy on a daily basis since COVID is so transmissible.

Before vaccination was available, we tragically lost a few of our staff to this deadly virus.

We created the Center for Stress, Resilience and Personal Growth to respond to the emotional and mental health needs of our people who were on the front lines of this fight.

Our commitment to supporting and taking care of our people is at the heart of our culture.

Will you discuss the importance for healthcar e leaders, and the industry more broadly, to focus on lessons learned from the pandemic in order to be better prepared for future crises?

Every Wednesday, I have a conference call with the CEOs of the major health systems in New York during which we share our challenges and our solutions. It has been very useful to hear how each of our institutions copes with similar problems and issues. We focus on what is around the corner and what we will need to address going forward which is critical to most effectively addressing future challenges.

What do you see as the role of the hospital in the future and has the pandemic impacted the focus on the number of beds required or the most appropriate size of a hospital?

This is the paradox. We know that the longterm outlook for hospitals is that care is becoming mor e ambulatory because of advances in medicine. However, when COVID hit, it was all about the need for more beds in the hospital to care for patients. This has shown us that we must have the capacity to rapidly expand in case of another pandemic. In Mount Sinai’s case, for one of our facilities, Beth Israel Hospital, we decided to make the site the best option for protecting us from surges, so we concluded that rather than constructing a micro-hospital for this facility, to modernize Beth Israel and keep extra units in storage so, should we face other variants or other viruses, we are ready.

Are you concerned about the ability for the industry to attract and retain the talent needed to address the future challenges in healthcare?

Medical students approaching a career in medicine tell me how proud they are about how this industry stepped up during a VOLUME 44, NUMBER 4

“We created the Center for Stress, Resilience and Personal Growth to respond to the emotional and mental health needs of our people who were on the front lines of this fight. Our commitment to supporting and taking care of our people is at the heart of our culture.” difficult time and how committed they are to serving patients. They want a career that is meaningful and gives them purpose. As difficult as the past 18 months have been for the profession, I believe that it has reinforced for young people going into the industry the meaning and purpose that medicine offers as a career.

How critical is it for medical schools to evolve their curriculums to address the future of medicine?

The best medical schools are aligned with the best hospitals. If you are not on the cuttingedge of providing next generation medicines and therapeutics, you will not be teaching your medical school students for the future and preparing them for what is next in healthcare. You can evaluate medical schools by the quality and depth of the partnership they have with a hospital. Since we are one of the rare places where a hospital gave birth to a medical school, rather than where a university had a medical school and tried to find an affiliation with a hospital, we integrate exploration of next generation care and learning for the future as part of the curriculum.

Will you discuss Mount Sinai Heath System’s commitment to building a diverse and inclusive workforce?

This is a priority for us. It is a fact that i f t h e h e a l t h c a r e provider is of the same nationality or speaks the same language as the patient, that patient is much more likely to comply with the care, and compliance is critical to a positive outcome. We need a medical school and a healthcare workforce that reflects the diversity of the communities we serve. This is not easy to do and it has been most difficult to attract Black males to the industry. We are providing scholarships and proactive programs in college to identify Black males that may have an interest in joining the profession and becoming physicians, but it has been challenging and we need to continue to do the best we can to make strides in this effort.

What do you see as the role that leading health systems have in being engaged in the communities they serve?

The determinants of health outcomes are largely socio-demographic – whether you are employed, what you eat, the quality of where you live. We have to be engaged in all of these areas in order to get the best outcomes. It is our role to ask questions, to provide information, and VOLUME 44, NUMBER 4

Part of the Mount Sinai campus in Manhattan’s Upper West Side

to be a part of the community in order to be most effective and provide the best care.

Mount Sinai Health System places a major focus on the hospitality part of healthcare and the patient experience. Will you highlight the importance of having a service mentality?

This is critical, and we have to remember that when you are running a hospital, you are also running a big hotel. For Mount Sinai Health System, that consists of eight hotels and a number of ambulatory hotels where patients stay briefly.

New York City has three of the top twenty hospitals in the country, so it comes down to how you treat the patient. Being more gracious and kinder starts with the security guard as a person enters the hospital and continues with every person that patient will come into contact with during their stay. Hospitality and a service mentality are critical to the success of a hospital.

When you lead an institution that is constantly focused on being prepared to address unforeseen challenges and crises, is it difficult to take moments to appreciate and celebrate all the achievements t h a t h a p p e n a t M o u n t S i n a i Health System on a daily basis?

I should be able to do this, but it is very difficult. Someone once said, “Your team has done a great job.” I remember thinking about what it takes for someone to use an adjective like “great” with me since it is not the way I think. I am always focusing on what is next and continuous improvement. It is just not who I am to focus on past accomplishments. However, it is hard to put into words how thankful and proud I am to lead an institution like Mount Sinai Health System and to be a part of a team that is so committed to taking care of patients and improving communities.

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NEW YORK CITY

Creating Positive, Enduring Change An Interview with Yael Taqqu, Senior Partner, McKinsey & Company EDITORS’ NOTE Yael Taqqu is a 50 telecom operators, five of the top Senior Partner in McKinsey’s High 10 tech providers, 11 of the top 12 Tech, Media & Entertainment, and media and entertainment conglomerTelecommunications (TMT) pracates and over 200+ start-ups. We serve tice. She is also Managing Partner clients from across the tech sector, of New York, where she unites prachelping them to drive growth, build tices, functions and pathways in capabilities, integrate digital and the firm’s global headquarters, one analytics tools into their organizaof its lar gest and most diverse tions, and transform the ways in which offices. As a leader in TMT, she they work to improve their business partners with consumer and enterin substantial, sustainable ways. Our prise clients providing guidance on work spans helping a leading national Yael Taqqu strategy, commercial growth, and newspaper to successfully digitize digital transformation. She received its platform with a premium content a BA from Yale University and an MBA from model, to working with Emirates Team New Harvard Business School.

Zealand to leverage AI in its boat’s redesign which led to the team winning the 36th America FIRM BRIEF McKinsey & Company (mckinsey.com) Cup yacht race. is a global management consulting fir m Will you pr ovide an overview of committed to helping organizations create McKinsey’s global network of Experience change that matters. In more than 130 cities Studios and how you define their purpose? and 65 countries, its teams help clients McKinsey Experience Studios are a series across the private, public and social sectors of immersive innovation learning spaces for our shape bold strategies and transform the way clients to participate in experiential workshops, they work, embed technology where it unlocks capability building programs, and interact with value, and build capabilities to sustain the the local tech and start-up communities. They change – not just any change, but Change that are designed to accelerate digital transformation, Matters – for their organizations, their people, each offering a unique and customized experiand in turn society at large. ence from analytics boot camps and hackathons to concept sprints and design thinking workHow do you define the McKinsey difference shops. We launched the first of the Experience and what sets the firm apart in the industry? Studios in New York and Toronto in 2016, and Our people and our culture differentiate then quickly expanded globally to include Berlin, us. McKinsey is motivated by our purpose to create Paris, Mexico City and Sydney. positive, enduring change in the world. We are guided by a strong set of values including a deep commitment to diversity and making positive social impact through our work.

I have a creative background and I wasn’t sure that I would fit in when I started, but I quickly discovered that McKinsey is made up of a diverse range of colleagues from all walks of life, skill sets and backgrounds. My colleagues include medical doctors, designers, engineers, coders, data scientists, business managers, civil servants, entrepreneurs, and researchers.

Collectively we tackle all kinds of challenges for our clients, and we’re doing it with teams of amazing people all over the world.

Will you provide an overview of McKinsey’s Technology, Media & Entertainment and Telecommunications Practice?

Our TMT practice is one of the largest at McKinsey. Globally we work with 20 of the top

How critical is it for McKinsey to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

It’s definitely critical. Our core belief is that economies are stronger when we create growth opportunities for everyone – an inclusive economy. This must start from within.

We recently committed to delivering meaningful change as part of McKinsey’s 10 Actions in support of racial justice and equity and have since launched the McKinsey Institute for Black Economic Mobility, a research institute and think tank dedicated to inclusive growth. We also created the Black Leadership Academy (BLA) that helps to accelerate Black leaders in their organizations, engaging 5,500+ participants from 250+ organizations, including 850+ participants for The Black Executive Leadership Program and 4,700+ for the Management Accelerator since its launch.

We’r e a founding member and pr o bono supporter of the Taskforce on Higher Education and Opportunity, alongside hiring from 40+ public and private two-year and four-year, and Historically Black Colleges and Universities. We provide grant support to fund internships for Black graduates through the nonprofit Generation that we also founded, so they can gain work experience as a bridge to higher-wage and high-growth job opportunities.

Do you feel that there are strong opportunities for women to grow and lead in the industry?

“Our core belief is that economies

are stronger when we create growth

opportunities for everyone – an inclusive economy. This must start from within.”

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“Our people and our culture differentiate us. McKinsey is motivated by our purpose to create positive, enduring change in the world. We are guided by a strong set of values including a deep commitment to diversity and making positive social impact through our work.”

McKinsey is an unbelievable place to grow as a woman – into a senior leader in our company, or as a leader in the world. At its core, consulting is all about opportunity and we’re committed to attracting, retaining, and developing the most talented and qualified people in the world. If we do not have equal representation of women, we are missing out on critical talent.

We have written and spoken about women being “the only” on a leadership team or in a boardroom, and I am encouraged that my colleagues and I find ourselves being “the only” less and less. I am also encouraged at how many discussions about inclusion I have with clients. We’ve long researched about the business case for diversity, and we regularly talk to clients about how diverse leadership works for us and how it can work in any industry.

In the past year many of our locations have hit our 50 percent recruiting aspiration, and beyond. We have more women in leadership than ever before, but we still have so much more work to do on this journey. We’re not afraid – we’re committed.

What do you see as McKinsey’s responsibility to the communities it serves and to being a force for good in society?

We are laser focused on driving holistic impact in the communities in which we operate, ensuring we’re able to create a lasting, sustainable difference. With our knowledge base and network of partners, we believe that we have

a unique opportunity and responsibility to use our expertise, network and capabilities to help address the world’s most pressing social and environmental challenges.

I’ll give you a few examples. Amid the challenges of the pandemic, McKinsey colleagues helped scale our impact and be a force for good in a time of great need. We published over 600 COVID-related insight articles and reports.

Over the last year we supported nonprofits in many ways including dedicating over 222,000 hours to global social responsibility initiatives, helping raise $30 million with the International Rescue Committee on COVID response efforts, supporting the upskilling of 260,000+ healthcare workers through our coalition with Generation, and helping Feeding America deliver over five billion meals through its network.

We understand there is more work to be done and our journey here continues, which is why last year we committed $2 billion in cash and in-kind support to social responsibility efforts by 2030.

Will you highlight McKinsey’ presence in New York and the strength of the New York office?

I’m incredibly proud to lead our New York office, the largest of McKinsey’s locations and one that reflects the city’s diverse melting pot. We have seen recent growth and count nearly 2,300 colleagues across our multiple locations in the city. We also tap into a network of more than 3,000 alumni from M c K i n s e y i n t h e N e w Yo r k a r e a ,

“The strength of our New York community is an integral part of our office – and as our global headquarters, we’re proud to be a leading light for the firm.”

many of whom are business founders, CEOs, nonprofit leaders, and public sector leaders in government. The strength of our New York community is an integral part of our office – and as our global headquarters, we’re proud to be a leading light for the firm.

Through our client service, extensive pro bono work and our growing network of colleagues and alumni, we’re able to play an integral role in the city’s dynamism and growth.

What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

There is no doubt that the pandemic hit New York City hard, bringing with it real social and economic challenges. The city experienced a staggering loss of lives and livelihoods – the human costs are incalculable and will not be forgotten. It also exacerbated preexisting issues linked to equity, homelessness, rising crime rates and threatens to leave wider gaps between the city’s wealthy and more vulnerable groups.

While there are many indicators that the city is beginning to recover, it is also at an inflection point with an opportunity to address some of these deeply rooted social issues. How well leaders in the private, public, and social sectors work together to tackle these challenges will have a powerful impact on the pace and nature of the city’s recovery. I believe New York has the opportunity and imperative to come back stronger than ever, through a renewed partnership between public and private sectors. It’s an exciting time and we’re committed to making our mark on this journey.

What advice do you offer young people interested in a career in the industry?

We are a firm of problem solvers, and we do it in the service of driving change for our clie n t s . We a r e c h a r g e d w i t h h e l p i n g make institutions stronger, more resilient and ensuring they can make more of a meaningful impact. Problem solving and collaboration are constants, but above all, we look for people who bring their whole selves to work and who thrive on energy from their colleagues and clients doing the same. We look for people who can work across borders and cultures and who are inclusive, empathetic leaders. It’s a hugely exciting time to join our industry and I believe it’s one of the very best professional development environments you’ll find, no matter what your career ambitions.

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LEADERS 87

NEW YORK CITY

Creating Value in Media and Communications An Interview with Strauss Zelnick, Founder and Managing Partner, ZMC EDITORS’ NOTE Strauss Zelnick FIRM BRIEF ZMC (zmclp.com) i s founded ZMC in 2001. He has a long a leading private equity firm history of leading media and commucomprised of experienced invesnications enterprises and is deeply tors and executives that invests in and involved in originating investments, manages a diverse group of media and advising executives, and guiding communications enterprises. Founded the strategic and operational initiain 2001, ZMC’s investment philosophy tives across all portfolio company centers on operational value creation investments. Zelnick currently repredriven by targeted investment themes, sents ZMC as a director of Education deep sector expertise, and strong partNetworks of America, Inc. He serves as nerships with industry and operating Chief Executive Officer and Chairman executives. ZMC approaches its investStrauss Zelnick of the Board of Directors of Take-Two ments in collaboration with manageInteractive Software. Previously, he was ment teams and has a successful track on the boards of Cast & Crew Entertainment Services, record of actively adding value to portfolio Alloy, and Naylor. He also served as Chairman and companies. ZMC is currently investing out of CEO of Columbia Music Entertainment, Chairman ZMC III, L.P., which closed on $775 million in of ITN Networks, Chairman of Direct Holdings commitments.

Worldwide and OTX. Prior to forming ZMC, Zelnick was President and Chief Executive Officer of BMG Will you highlight the history and heritage Entertainment, at that time one of the world’s largest of ZMC and how the firm has evolved? music and entertainment companies with more than This is our 20th anniversary having been 200 record labels and operations in 54 countries. founded in 2001 with an eye towards building Before joining BMG Entertainment, he was President a collection of media and communications and Chief Executive Officer of Crystal Dynamics, a assets that would benefit from the explosion producer and distributor of interactive entertain- of digital technology, which we saw as a clear ment software. Earlier in his career, he spent four opportunity, but was not as obvious to tradiyears as President and Chief Operating Officer of tional media and entertainment enterprises.

20th Century Fox where he managed all aspects of We invested first without our own source of Fox Inc.’s worldwide motion picture production and capital and worked with top-tier private equity distribution business. Zelnick spent three years at firms. We closed nine transactions between Vestron Inc., two as the company’s President and Chief 2001 and 2007 and built up a meaningful Operating Officer. He also served as Vice President of portfolio. During 2007-2008, we raised our International Television Sales at Columbia Pictures. first private equity fund and in 2009, we took Zelnick holds a BA from Wesleyan University, as well over Take-Two Interactive, which has become as an MBA from Harvard Business School and a JD our largest company. In 2015, we raised our from Harvard Law School. second fund, followed by our third in 2019 that

we are investing out of now. We started as an independent sponsor and evolved into a wellfunded private equity firm.

Has the focus on media and communications assets remained consistent over ZMC’s 20 years?

We always defined media pretty broadly, which led us to entertainment, telecommunications, software, and services. We describe ourselves as a media and communications enterprise and we are flexible when opportunities are presented to us since we are futurefocused and looking at the next 5, 10, or 15 years.

What have been the keys to the strength and leadership of Take-Two? Ta k e - T w o h a s c e r t a i n l y b e n e f i t t e d from the growth in interactive entertainment. The company has an extraordinary team of talented, creative people who have developed and continue to develop what we believe are some of the best interactive assets in the business, which they market and distribute exceptionally well throughout the world. Our intellectual property is second to none.

How did ZMC’s portfolio companies perform during the pandemic and address this unprecedented time?

We were certainly worried early on, and were first and foremost focused on the health and safety of our people. We are fortunate that we are a successful enterprise and have resources in order to take care of our team.

We did not furlough any employees, reduce salaries, nor take any government assistance funds. We had saved for a rainy day, and

“Take-Two has certainly benefitted from the growth in interactive entertainment. The company has an extraordinary team of talented, creative people who have developed and continue to develop what we believe are some of the best interactive assets in the business which they market and distribute exceptionally well throughout the world.”

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“We describe ourselves as a media and communications enterprise and we are flexible when opportunities are presented to us since we are future-focused and looking at the next 5, 10, or 15 years.”

the pandemic was certainly the definition of a rainy day. It is during tough times that a company needs to step up and increase its focus on taking care of its people and making them know that they are going to be the priority.

We were fortunate as we are a business that largely exists in a digital world, so moving to remote work was pretty straightforward. We have a group of IT professionals who were able to move us to remote work very quickly and seamlessly. The demand for our services remained strong and, in many instances, grew during the pandemic.

Will you discuss ZMC’s commitment to diversity and inclusion?

We have a pretty diverse company from a gender perspective, and are working to become more diverse from an ethnic perspective and have made strong progress in this area. We have people responsible for DEI and ESG in all of our portfolio companies, and we have an executive in charge of diversity and ESG at ZMC as well. Diversity of opinion, thought, and background is crucial if you want to be at the cutting-edge of where business is going.

Diversity is consistent with high performance and we believe it is of paramount importance to continue to focus on equity, diversity, and inclusion going forward.

What do you see as the responsibility that ZMC and its portfolio companies have to the communities they serve?

We have always said that we serve four constituencies: First and foremost, we serve customers and have to deliver great products and services. Second, we serve our colleagues

who make all of our businesses work every day.

We need to serve our colleagues if we expect to effectively serve our customers. Third, we serve our investors and shareholders, who deserve a return on their capital. Finally, we serve ourselves, but this comes last. We believe that being an active participant in the community is critical and all of our companies are engaged in the communities in which they operate.

How important is the management team in place at a company when ZMC is reviewing an investment opportunity?

Generally speaking, we are investing in the management team, and it is very rare that we would look to replace the management team that is already in place. We have only done this in turnaround situations. Most of our investments are in growth companies and we are actually betting on the management team that is in place which has worked out very well for us.

ZMC is headquartered in New York City. Are you optimistic about New York City’s recovery and rebuilding from the pandemic?

I would never bet against New York, which has shown time and time again that it has the ability to recover and rebuild. New York City is resilient and has so much to offer that I am confident about its future. Having said that, we do need strong leadership in New York City. It is very challenging to run such a large and dense city. For New York City to continue to thrive, the trains need to run on time, the streets need to be cleaned, people need to feel safe and, at the same time, we need to have a forwardthinking tax policy in order to make sure that we keep people and businesses in New York.

What do you see as the keys to effective leadership and how do you focus your time in leading ZMC, Take-Two, as well as being engaged in your other portfolio companies?

You need to set priorities and know that you can’t be all things to all people at all times.

I think that you can have a few priorities at any given time, and for me that is my family and friends, my work, fitness, mentorship, and charitable endeavors. These are things that really matter to me, and they are where I focus my time and energy.

What advice do you offer young people who are beginning their careers during this unprecedented time?

My first piece of advice is to know what you want and what matters to you and how you define success since every person has his or her own definition of what success means to them both personally and professionally. I encourage people to think ahead 5 or 10 years and paint a watercolor picture of what one’s personal and professional life will look like and then move toward that vision. Most people have their own set of desires that are personal and unique to that individual. Once those are defined, I share three pieces of advice that I received during my career. First, work hard since there is no substitute for hard work, especially early in your career as it will distinguish you from others. The second is to listen – we are taught to talk, but we are not taught to listen, and it is amazing what you will learn when you listen. Lastly, never compromise your integrity since at the end of the day it is the only thing that you have.

•

“Most of our investments are in growth companies and we are actually betting on the management team that is in place which has worked out very well for us.”

VOLUME 44, NUMBER 4

LEADERS 89

ANN ABERNETHY Aspen, CO aabernethy@ aspenrealestate.com

BONNEAU ANSLEY Atlanta, GA bonneau@ ansleyatlanta.com

MAUREEN ATKINSON Southern California Hawaii maureen@maui.net

KYLE & ELISE BAUMANN Atlanta, GA KyleBaumann@ AtlantaFineHomes.com

EMILY BEARE New York, NY ebeare@corenyc.com

PAUL BENSON Park City, UT paul.benson@ evrealestate.com

LISA COLE Bend, OR lisacole@bhhsnw.com

SALLY DALEY Vero Beach, FL sally@ daleyandcompany.com

GARY & MICHELLE DOLCH Austin, TX gary.dolch@ compass.com

MICHAEL DREYFUS Palo Alto, CA m.dreyfus@ggsir.com

BILL FANDEL Telluride, CO bill.fandel@compass.com

MATT & JULIE FAUPEL Jackson Hole, Wyoming mattfaupel@jhrea.com juliefaupel@jhrea.com

LINDSEY HARN San Luis Obispo, CA soldbylindseyharn@ gmail.com

NINA HATVANY San Francisco, CA nina@ninahatvany.com

JEFF HYLAND Los Angeles, CA jeff@hiltonhyland.com

MARK ICUSS Chicago, IL mark.icuss@ compass.com

DAVID KORNMEIER New York, NY dkornmeier@bhsusa.com

LIZ LEEDS Vail, CO lleeds@slifer.net

MACK MENDENHALL Jackson Hole, Wyoming mackmendenhall@ jhrea.com

SANDRA MILLER Santa Monica, CA sandra.miller@ evrealestate.com

SHAUN OSHER New York, NY sosher@corenyc.com

ANN MARIE NUGENT & JIM WALBURG San Francisco, CA annmarie@ annmarienugent.com

CREIG NORTHROP Clarksville, MD CNorthrop@ NorthropRealty.com

CHRIS RICHARDSON San Luis Obispo, CA chris@ richardsonproperties.com

KAREN TERRA Jackson Hole, Wyoming karenterra@jhrea.com

MARK WAITE Maui, HI mark@QE-HI.com

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NEW YORK CITY

A Global Elite Firm An Interview with David Beveridge, Senior Partner, Shearman & Sterling EDITORS’ NOTE David Beveridge Relationships have always been leads the strategic direction and at the heart of our firm and have led operations of Shearman & Sterling. us to advise on some of the most Prior to assuming this role, he significant disputes and transactions served in various r oles acr oss since our firm was established in 1873. the firm, including as its Global Our founders counted luminaries M a n a g i n g P a r t n e r, R e g i o n a l such as Henry Ford and members of Managing Partner-Americas, and the Rockefeller family as early clients Capital Markets-Americas Practice which developed into long-standing Group Leader in the firm’s New York working relationships for the firm. We office. He also previously headed the were retained by the predecessor of Capital Markets-Europe practice in Citibank back in 1891, a robust relaDavid Beveridge London, where he practiced for tionship that continues to this day. over a decade. Beveridge represents Following World War II, we were both issuers and underwriters in the full spec- one of the first firms to decide to go global, a trum of debt, equity and hybrid security offer- prescient move that set the stage for our inteings, including high yield and IPOs, and has grated international platform, reflecting the way extensive experience with cross-border private so many of our clients do business. We have equity, acquisition financing and debt restruc- since taken crucial roles on issues of internaturing transactions. He was named a leading tional historical importance, such as negotiating practitioner for capital markets by Chambers the release of Americans in the Iran Hostage Global, Chambers USA, Chambers UK, The Crisis and helping privatize public sector indusLegal 500, IFLR1000, Who’s Who Legal and PLC tries in Germany after the fall of the Berlin Wall.

Which Lawyer. Beveridge earned his BA from The firm’s growth trajectory is extremely posiWashington & Jefferson College and his JD from tive. Our deep bench of experience in various the University of Texas at Austin. sectors enables us to be nimble and adapt to changes in the market, serving our clients when FIRM BRIEF Shearman & Sterling (shearman.com) and how they need us the most. We currently has a long and distinguished history of supporting its clients wherever they do business, from major financial centers to emerging and growth markets. The firm represents many of the world’s leading corporations and major financial institutions, as well as emerging growth companies, governments and state-owned enterprises, often working on groundbreaking, precedent-setting matters. The firm has more than 850 lawyers around the world speaking more than 60 languages and practicing U.S., English, French, German, Italian, Hong Kong, OHADA and Saudi law, with nearly half of its lawyers practicing outside the United States. Combining legal knowledge with industry expertise, its lawyers provide commercial advice that helps clients achieve their ambitions. Shearman & Sterling is committed to forging long-term relationships with its clients, providing them with genuine insight and practical advice, and supporting them as they navigate the challenges of the 21st century global economy.

are focusing on the continued execution of our strategy to expand our core practices with the greatest potential for the firm, aligning with market opportunities.

How do you define the Shearman & Sterling difference and what sets the firm apart in the industry?

Our people, expertise and the cross border global nature of the firm are what set us apart.

We are a global elite law firm, advising on some of the most significant marquee disputes and transactions that shape our clients’ businesses and the industries in which they operate. Our successes point towards excellence and our robust global platform. Our lawyers and staff operate with a mindset of distinction and dedication throughout everything they do. During the pandemic, we prioritized our people and communities and ensured we retained our culture and positioned the firm strongly for the future. Our focus on our attorneys and staff allows them to utilize their expertise and our platform to help our clients achieve their business objectives.

How do you describe Shearman & Sterling’s culture and what have been the keys to maintaining culture as the firm has grown in size and scale?

“We are people-focused, first and foremost. We

invest in our talent and are dedicated to fostering an environment that is inclusive, collaborative

and innovative. This has not changed as we have grown, and our focus remains on sustaining an

environment that allows our workforce to flourish.”

Will you highlight Shearman & Sterling’s history and heritage and what have been the keys to the firm’s growth and success?

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“Our people, expertise and the cross border global nature of the firm are what set us apart. We are a global elite law firm, advising on some of the most significant marquee disputes and transactions that shape our clients’ businesses and the industries in which they operate.”

We are people-focused, first and foremost.

We invest in our talent and are dedicated to fostering an environment that is inclusive, collaborative and innovative. This has not changed as we have grown, and our focus remains on sustaining an environment that allows our workforce to flourish. The pandemic necessitated remote working, but our people demonstrated they could work efficiently, effectively and productively while working away from the office. As we have grown over the years and most recently during the pandemic, we have used technology to help retain our culture which is focused on helping our people reach their highest potential both in their personal and professional lives. As mentioned earlier, the firm’s trajectory is extremely positive and all of our people have played a part in our continued growth, both collectively and individually. We strive to acknowledge the contribution our personnel have made, and will continue to make, to our strong growth momentum, showing our appreciation for their efforts.

What has made Shearman & Sterling so successful at building long-lasting client relationships and client loyalty?

It really comes down to the quality of work, understanding our clients’ needs and working in partnership with them. We prioritize the needs of our clients, taking the time to understand their unique objectives, anticipating issues and aligning our strategies with their goals. Whether our clients are long-standing or working with us for the first time, we make it a priority to deeply understand their business goals and objectives. We have a strong global platform encompassing distinguished lawyers with a range of expertise. We are committed to continuing to expand our offerings and growing core practices in key geographies, enhancing our position as a global elite firm. Our continued success is borne out in our client work: we continue to attract some of the most significant marquee disputes and transactions across borders and find ourselves at the forefront of emerging and transformative industries including FinTech, technology, healthcare and new energy industries.

How critical is it for Shear man & Sterling to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

Diversity and inclusion are part of our fabric as a global elite law firm, and I’m proud VOLUME 44, NUMBER 4

of what we’ve accomplished so far. However, as is true everywhere, there is still more to do. The firm and our clients benefit daily from having diverse perspectives and persons with different backgrounds and viewpoints. We recognize that our future success requires an inclusive culture and that the success of diverse talent increases exponentially with active mentoring and sponsorship. We are very active in our efforts to attract, retain and promote diverse attorneys and staff. Our efforts include: • We are Mansfield Certified, and over a third of our practice group heads in the U.S. are diverse.

• In 2020, two of our notable new internal initiatives were the Open Forum conversations and the Inform to Transform anti-bias training series – both of which have helped spark a culture shift at the firm.

• This year, we established BUILD, the Black Undergraduate Internship & Lawyer Development program, a paid summer internship with a focus on mentoring, sponsorship and career development for talented Black legal students in the U.K. • We started an Inclusion Network Conference in 2020 with a focus on engaging and supporting our diverse talent, with sessions such as “You Belong Here: How to Overcome Impostor Syndrome in the Workplace” and “The Power of Mentorship and Sponsorship.”

• We’ve been appointed as a lead partner on the General Counsel for Diversity & Inclusion Initiative as the organization expands its reach and continues its research-based efforts to promote diversity and inclusion in the legal profession.

• We are also proud to have won the Asian Diversity Initiative of the Year at ALM’s Asia Legal Awards in 2021 for our women lawyers mentoring program.

Attracting diverse talent and fostering their growth within our firm is of utmost importance to us and we are excited to continue our efforts.

Will you highlight Shearman & Sterling’s commitment to pro bono work?

We are deeply committed to promoting social justice and have a robust and wideranging pro bono practice at our firm. We have a long history of being involved in some of the most important cases in the pro bono and human rights field. During the pandemic, we doubled our investment in pr o bono work, with outreach programs to our various

communities around the world, supporting families, nonprofits and small businesses. We also continue our work for low-income entrepreneurs around the globe, assisting with micro-financing and development work in Africa and elsewhere. It is a true source of pride to be able to utilize our breadth of legal experience to better the lives of hard-working individuals. The American Lawyer has ranked the firm within the Top Ten of its “Pro Bono Scorecard” for the past five years, honoring our breadth of commitment to pro bono work.

Shearman & Sterling is headquartered in New York. What are the keys to New York’s recovery and rebuilding, and are you optimistic about New York’s future?

New York is an unstoppable force. The efforts to recover and rebuild are well underway, and a crucial aspect has been the coordination between private and public entit i e s . We a r e a n a c t i v e m e m b e r o f t h e Partnership for New York City, working with heads of industries and government officials to share resources and expertise. We used the pandemic as an opportunity to accelerate our strategy and take a long-term view. The city is taking a similar track, having a good look at issues that arose and using that knowledge to navigate through the new normal. I have every confidence our great city will be back in full form before long.

What advice do you offer young people interested in a career in law?

Choose an area of law that interests you and that you are eager to learn more about.

The more you enjoy what you do, the more success you will see in this field. Building relationships is also very important. Your contemporaries from college, law school and even those you meet in your personal life could end up being your colleagues, clients or opposing counsel. Building and maintaining your network will help you achieve your career aspirations. Practice integrity in your work as well as your relationships, and the profession will reward you. Being licensed to practice law and having a passion for justice enables you to make a difference in the world – as a lawyer you are truly able to be the change you want to see. In our recruitment efforts here at Shearman & Sterling, we look for young lawyers with drive, passion and reliance – lifelong learners who will forever keep striving to be the best.

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NEW YORK CITY

Continuous Improvement An Interview with Louis A. Shapiro, President and Chief Executive Officer, HSS EDITORS’ NOTE Lou Shapir o HSS is a purpose-driven organiAs an organization, we at HSS operate assumed his current position zation with a long history of sup- under the philosophy of “Leadership By All,” in October 2006. Previously, porting its employees, patients and where everyone is a leader regardless of role. he served as Executive Vice communities. How do you define This philosophy is what allows us to provide Pr esident and Chief Operating HSS’ purpose? the very best care to patients every single day.

Officer of Geisinger Health Our purpose, the reason why we It’s one of the reasons we as an organization System’s Clinical Enterprise. exist, is to help people get back to have been ranked the top hospital in the nation He began his career at what they need and love to do bet- for orthopedics for 12 consecutive years by Allegheny General Hospital ter than any other place in the world. U.S. News and World Report and the world in Pittsbur gh and then joined With respect to patient care, we are #1 according to Newsweek.

McKinsey & Company as a singularly focused on delivering the Will you provide an overview of the leader within their healthhighest quality patient care, improv- expansion of the HSS campus with its new Louis A. Shapiro care practice. Shapiro is ing mobility and enhancing quality 12-story tower and how this will impact a fellow of the American of life for all. As an academic medical HSS’ ability to serve its patients?

College of Healthcar e Executives, for mer center, we also have a responsibility to advance In order to meet the growing demand for Chair of the Gr eater New York Hospital the science of musculoskeletal medicine which our services, HSS is investing in new facilities Association Boar d of Gover nors (2014- includes orthopedic surgery and rheumatology, and enhancements to our main campus on the 2015), and serves on multiple nonpr ofit through research and education.

Upper East Side of Manhattan. At the heart of boar ds.

What have been the keys to HSS’s suc- this plan is construction of the Anna-Maria and cess and consistent industry leadership?

Stephen Kellen Tower. This 94,000-square-foot INSTITUTION BRIEF HSS (hss.edu) is the worl d’s leading academic medical center focused on musculoskeletal health. At its cor e is Hospital for Special Sur gery, nationally ranked No. 1 in orthopedics (for the twelfth consecutive year) and No. 4 in rheumatology by U.S. News & World Report (2021-2022), and named a leader in pediatric orthopedics by U.S. News & World Report “Best Childr en’s Hospitals” (2021-2022). HSS has a main campus in New York City and a growing network of related facilities. In 2020, HSS per formed mor e than 35,000 sur gical pr ocedur es, and people from all 50 U.S. states and 89 countries traveled to receive care at HSS. In addition to patient care, HSS leads the field in research, innovation and education. Through HSS Global Ventures and the HSS Education Institute, the institution is collaborating with medical centers and other organizations to advance the quality and value of musculoskeletal care and to make world-class HSS care more widely accessible nationally and internationally.

HSS is the official hospital for a number of pr ofessional sports or ganizations and teams including the New York Giants, New York Mets, New York Knicks, Brooklyn Nets, UFC, US Rowing, US Biathlon, US Lacrosse, and USA Basketball. HSS is one of only three hospitals in the United States designated as a Medical Center of Excellence The HSS main campus in New York City (above and following page)

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“In order to meet the growing demand for our services, HSS is investing in new facilities and enhancements to our main campus on the Upper East Side of Manhattan. At the heart of this plan is construction of the Anna-Maria and Stephen Kellen Tower.”

clinical building will expand care for joint replacement and spine conditions with three private inpatient floors, physician offices and exam rooms, and on-site imaging to support our high-quality musculoskeletal care. The added capacity created by these new inpatient units and renovation of existing floors in the main hospital will allow HSS to transition from 30 to 70 percent private patient rooms across the main campus, an institutional priority underscored by the pandemic and necessary to optimizing the healing environment for our patients. We plan to break ground this fall and open the building in 2024.

What do you see as the biggest challenges facing leading health systems and hospitals as you look to the future?

Healthcare is evolving like we’ve never seen it before due to the acceleration of many interconnected industry trends. Consumers are VOLUME 44, NUMBER 4

rapidly changing how and where they utilize healthcare services. Growth in the use of digital technology is transforming the care delivery ecosystem. In orthopedics, the shift from inpatient to outpatient has accelerated, resulting in more traditionally inpatient procedures being done in an outpatient surgery setting. The ability to adapt to these trends, and in many instances prepare for their continued acceleration, will require navigating uncertainty, embodying a culture of agility, and ensuring continued teamwork and collaboration.

What is your vision for the evolving role of the hospital as health systems grow their ambulatory care and outpatient facilities?

As outpatient facilities become more the norm, we will likely see hospitals become increasingly focused on the treatment of patients with complex needs. HSS has been at the forefront of this trend. Patients come to us from all

over the world to receive complex orthopedic care at our main campus location in New York City; meanwhile, we have opened locations throughout the New York tristate region, plus an outpatient surgical center in West Palm Beach, Florida, to better meet the needs of patients requiring ambulatory care. This approach has allowed us to ensure an added level of oversight for those patients who need to be admitted to the hospital while enhancing the overall outpatient experience.

There is a great deal of discussion about New York’s future. In leading an institution like HSS with such a long and storied history in New York, are you optimistic that New York will recover and rebuild in order to remain a leading global city?

I am very optimistic. New York has faced many challenges before COVID, and it will no doubt face many more. New York bounces back. That’s what we do. HSS is investing in the critical infrastructure needed to increase our patient care capacity at our main campus in Manhattan. We wouldn’t be doing that if we didn’t believe in the future of the city.

What do you see as the keys to New York City’s recovery and how critical is it for there to be a strong public/private partnership working together to secure New York’s future?

At HSS, we are constantly adapting to a changing landscape as needs and priorities shift. If you do everything exactly how you were doing it before a crisis, you will not succeed. New York has a tremendous opportunity to continue to grow and evolve as a city. I believe that partnerships of all kinds, including those between the public and private sectors, can only make us stronger as a community.

We saw that play out in New York during the pandemic, and we will continue to see that as investments are made across the city in pivotal industries such as technology, life sciences, and healthcare.

What advice do you offer young people interested in building a career in healthcare?

Stay true to your values and principles, especially during difficult times, and never settle for the status quo. There’s always room for improvement. A commitment to continual improvement on the part of everyone at HSS is what has made us the world-class organization we are today.

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NEW YORK CITY

Investing in People An Interview with George Pyne, Chief Executive Officer, Bruin Capital EDITORS’ NOTE Geor ge Pyne Will you highlight Bruin Capital’s founded Bruin Sports Capital (now business and how you define its Bruin Capital) in 2015 after 25 years mission? transforming businesses in sports, Bruin is an investment and operentertainment, media, commercial ating company with a mission to build r eal estate and academia. This high-performing, high-value global included taking IMG from a talent sports companies that deliver significant representation firm to a global sports returns to our investors. If we are not and entertainment conglomerate that adding measurable value to our portfolio ultimately sold at record returns. He companies, then we aren’t doing our orchestrated NASCAR’s meteoric rise jobs. Every day, we ask ourselves how from a regional niche into a multibilcan we help our portfolio companies. Is George Pyne lion-dollar sports league. He also orgathere a door we can open, an introducnized one of the world’s largest debt tion we can make, or an acquisition we restructurings (at the time) for Portman Companies should target that will accelerate their goal trajecacross its 19 lines of businesses. Earlier, his compre- tory? Then we go to work. hensive analysis of Atlanta’s Education System led to sweeping reforms of the city’s school board. He is a board member of the National Football Foundation and the National Catholic Charities for the Archdiocese of New York. Pyne was Captain, All-Ivy League, and All-New England honoree as an offensive lineman at Brown University.

FIRM BRIEF Bruin Capital (bruincptl.com) is an international investment and operating company specializing in all aspects of the media ecosystem with a concentration in sports, entertainment, technology, marketing, advertising, live events, licensing, and brand strategy. Today, Bruin companies operate out of 50 offices across five continents with 2,100 employees. Bruin investors include The Jordan Company, CVC Capital Partners, Rock Ventures, NNS, and a prestigious family investment fund group.

“When we back a company, we see it as an investment in people, and to support them we have a team of operators who have run highly successful global organizations.”

How do you define Bruin Capital’s culture and how critical is culture to the firm’s success?

Having a great culture is an x-factor in realizing the full potential of a business. At Bruin, we’ve developed an ideas-driven, operationally focused organization that partners with leadership teams. This partnership is a meaningful distinction about Bruin. When we back a company, we see it as an investment in people, and to support them we have a team of operators who have run highly successful global organizations.

We’ve walked in their shoes, built the plans, and made the tough decisions. It means we can relate to them in ways beyond strictly financial operations and cultivates a trust that’s really the rocket fuel for growth. It’s one of our greatest strengths and why companies are interested in working with us.

Will you provide an overview of Bruin Capital’s portfolio companies?

We now have seven companies in our portfolio; most offer state-of-the-art technologies that enhance the ways fans experience and enjoy sports. Their services include live streaming, gambling intelligence, advertising technology, consumer data and intelligence, sports simulation, and training. These are the growth areas within the new, highly diversified global sports and entertainment ecosystem. Virtually every major sports entity uses one of our companies to connect with their global consumers.

Now, billions of fans interact with their favorite sports, teams, activities, and interests through our companies’ technologies and services.

96 LEADERS

How have Bruin Capital’s portfolio companies adapted the way they work to address the challenges caused by the pandemic?

You learn a lot about a company during disruption, and we are incredibly proud of how our companies navigated the pandemic. In the early days, while it all was unfolding, it was clear that it would not be business as usual for a long time.

We dug in and worked with our companies every day to ensure they had the necessary resources, capital, and operational infrastructure to support their personnel and clients. Now, as we move back toward a sense of normalcy, our companies are emerging stronger. This is a testament to their leadership and we are quite proud of them.

Bruin Capital is headquartered in New York. What is your outlook for New York’s recovery and rebuilding from the pandemic?

New York will bounce back as it always has, and we’re starting to see that already. It’s important to remember that the pandemic is not a New York crisis or an indication of something fundamentally wrong about the city. New York thrives on its culture of social experiences. Pressing pause on all of that had a profound impact, but we also saw some innovative ways that industries and businesses combatted their challenges and reinvented themselves. Now, with significant pent-up demand from people to get out and be social, they’ll turn to all that New York has to offer.

How important is a strong public/private partnership for New York’s future success?

Public/private partnerships can serve cities, including New York, very well. There’s a constant tension around a municipal budget and some critical projects are inevitably deprioritized from a lack of capital. A public/private partnership can step in and address those shortfalls very effectively.

They are successful because both sides share the risk but also bring more expertise and resources against realizing a project’s goals. As such, the returns far transcend just capital. The legacy of a public/private partnership can help the city operate better and that’s good for everyone.

What advice do you offer young people beginning their careers at this uncertain time?

Keep your eyes wide open. Disruption and transformation are really opportunity in disguise.

There’s a huge appetite for new thinking and new approaches across every sector and that is what you represent. Your value to any business is far more than just a salary, it’s who you are, your values, interests, and experiences, especially now.

Remember, change equals opportunity.

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VOLUME 44, NUMBER 4

We advise on the most complex deals and cases, working across practice areas globally on ground-breaking, precedent-setting matters. We partner with our clients to provide them with the legal and commercial insight needed, making use of technology and data, to achieve their ambitions.

NEW YORK CITY

Transformative Change An Interview with Bruce E. Mosler, Chairman of Global Brokerage, Cushman & Wakefield, Inc. EDITORS’ NOTE As Chairman of Award by the New York Council Navy Global Brokerage and the Veterans League of the United States in 2017.

Initiative Program at Cushman & He most recently received the 2018 Wakefield, Inc., Bruce Mosler Honorary Doctoral Degree by the advises major tenants and invesRabbinical College of America. Mosler tors on strategic real estate matters, sits on numerous boards, including managing key client relationships serving as Chairman of Cushman & on behalf of the firm globally. Widely Wakefield’s Global Advisory Board respected as one of the commercial and, most notably, has directed much real estate industry’s most influof his attention toward veteran and ential and talented professionals, military issues. He is the Founder and Mosler has leased millions of Chairman of Cushman & Wakefield’s Bruce E. Mosler square feet worth billions of dollars Military and Veterans Pr ogram throughout his career, has been a and currently the Co-Chairman of formative leader at Cushman & Wakefield for the Intrepid Sea, Air and Space Museum. over 20 years, and has executed deals that have From 2011-2017 he served as Chairman of shaped the fabric of New York City. Mosler served BENS (Business Executives f o r National as President and CEO of Cushman & Wakefield Security), where he continues his engagefrom 2005-2010, leading the firm from $800 ment as Chairman Emeritus on their Executive million in sales to $2.1 billion and diversifying Committee. His previous roles include the the company’s revenue stream by 30 percent DBB (Defense Business Board) and the Senior through expansion of the business in Europe Civilian Advisory Board of the United States and the Asia-Pacific region. Prior to this, Mosler European Combatant Command (EUCOM). was President of U.S. Operations and imple- Mosler also serves on the Board of Governors of mented a number of initiatives for the firm, the Real Estate Board of New York (REBNY) and including creating national leadership roles in is a member of the boards of the IAVA (Iraq and Industrial, Retail and Multifamily and creating Afghanistan Veterans of America), Navy League the Cushman & Wakefield Alliance, a first-of-its- of the United States, Police Athletic League kind affiliate network of top independent real (PAL), ISW (Institute for the Study of War), and estate companies operating as a unified team Syracuse University Institute for Veterans and with Cushman & Wakefield. Before the start of Military Families (IVMF), among other civic and his illustrious tenure at Cushman & Wakefield, charitable organizations.

Mosler served as President of the Eastern Region at Galbreath Riverbank. Mosler has enjoyed FIRM BRIEF Cushman & Wakefield (cushman prolific, long-term relationships with a number wakefield.com) is a leading global real estate of public and private companies and not-for- services firm that delivers exceptional value for profit organizations over the years, overseeing real estate occupiers and owners. Cushman & real estate strategies for projects large and small, Wakefield is among the largest real estate services including Brookfield Properties, RXR Realty, firms with approximately 50,000 employees in Vornado, JPMorgan Chase, NYU University over 400 offices and 60 countries. In 2020, Hospital (The Langone Center), Citigroup, the the firm had revenue of $7.8 billion across Brooklyn Nets and MetLife, among others. Mosler core services of property, facilities and project is the recipient of a myriad of industry honors, management, leasing, capital markets, valuaincluding a two-time recipient of the Real Estate tion and other services.

Board of New York’s (REBNY) Deal of the Year Award for ingenious brokerage. Well-known for How critical is culture to the success of his commitment to a number of civic causes, Cushman & Wakefield?

Mosler has been recognized with several philI think that culture is the backbone of any anthropic industry awards, including REBNY’s organization. When it comes to creating the Kenneth R. Gerrety Humanitarian Award ethos, the standards, the ethics and the moral, and Louis Smadbeck Brokerage Recognition culture is critical and is truly the foundation of a Award, the US Marine Corps-Law Enforcement company’s success. Cushman & Wakefield has a Foundation’s Commandant’s Leadership Award strong culture centered around teamwork, collaboand the Leadership in Support of the Military ration, quality, service and making a difference.

98 LEADERS

How did Global Brokerage adapt is business to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

I am exceptionally proud of how Cushman & Wakefield positioned itself throughout the pandemic as I feel that, in many ways, we took the lead in the industry. We immediately formed a Recovery Readiness Task Force with our professionals across the globe to develop best practices, products and partnerships for the recovery process and to help landlords and tenants prepare for what was ahead. We had a unique perspective because of our experience with the 800 million square feet of buildings we manage in China. Based on what we learned in China, we implemented a safe return to the office, and we were the first during the pandemic to produce and share our lessons learned for free, including our award-winning Six Foot Office design concept, our Recovery Readiness operating manual and the emphasis of the importance of workplace innovation.

“The pandemic was a huge accelerator for technology for the future, but we also focused on the workplace of the future and have spoken with many young professionals entering the workforce about what they want from a work environment.”

VOLUME 44, NUMBER 4

“When it comes to creating the ethos, the standards, the ethics and the moral, culture is critical and is truly the foundation of a company’s success. Cushman & Wakefield has a strong culture centered around teamwork, collaboration, quality, service and making a difference.”

Cushman & Wakefield was at the forefront of working with and advising our clients to help them return to a safe workplace. The pandemic was a huge accelerator for technology for the future, but we also focused on the workplace of the future and have spoken with many young professionals entering the workforce about what they want from a work environment. We found that most people want to come back to the office because that is where you get mentorship, learn about the organization and experience the culture which allows you to advance your career. The younger generation wants to interact, collaborate and socialize with each other.

Clearly, the office will need to look different with more collaboration areas and a rotation of the workforce, with a component that will take advantage of flex space and work from home.

I think that the bulk of people will return and I am proud of Cushman & Wakefield for being a leader in developing plans for how to ensure the return is safe, employers understand the needs of employees, and owners understand the needs of tenants. During the pandemic, Cushman & Wakefield was there for our clients and we continue to be there to advise and provide information based on our knowledge and expertise which is what our clients expect from us.

How has the role of Cushman & Wakefield evolved when it comes to the needs and expectations of your clients?

The role has changed over the past seven or so years as real estate and technology has become a more significant focus for companies based on the impact that it has on a balance sheet. We have had to reevaluate the role of the modern real estate advisor – and I call them advisors rather than brokers – and the expertise that is needed to be successful throughout the full real estate lifecycle, whether it is expertise in tax or appraisals, since industry knowledge and specialization today are not bonus items, they are must haves. There are now workplace innovation experts and property management experts, which are all critical if you want to supply a full range of services to your clients.

We have expanded the range of services we offer to effectively serve our clients, not only when it comes to the execution of portfolio optimization, but also for the execution of a deal. Since the industry has become more institutional and global, this level of expertise and VOLUME 44, NUMBER 4

breadth of service offerings is a must have. We do not transact; we shape a deal and then our consultants shape the transaction and tailor it to the balance sheet or to the needs of the company.

Real estate has become professionalized and Cushman & Wakefield is constantly looking to adapt and improve. We want to make transformational, long-term changes that will positively impact our clients and the greater industry. For example, diversity, equity and inclusion (DEI) is something we have been working on for the past few years and, while the industry has a long way to go, we have taken steps in the right direction. More than 60 percent of our board of directors is diverse and over 40 percent of them are women. We need to reflect the diversity of our communities if we want to grow and gain market share and, while this is something Cushman & Wakefield has always been committed to and has been part of our culture, we are accelerating this focus and are putting significant resources and capital behind our efforts, including building a dedicated DEI team to help establish and implement global firmwide priorities and metrics for things like recruiting, talent development and supplier diversity.

What do you see as the responsibility that leading companies have when it comes to being purpose-driven and a force for good in society?

This is an issue that Cushman & Wakefield has focused on for a long time and the company has been committed to participating actively and making a difference in the communities in which we live and work. We believe that our actions can have a direct impact on the world which leads us to focus on ESG, DEI and other major topics. We support organizations like Avenue for Justice which works to keep youth out of prison in a supervised program by providing court advocacy, tutoring and mentorship and getting participants the drug, alcohol and mental health treatment and job training they need to succeed. We are engaged with the Intrepid Museum which reminds all of us that the price we pay for freedom is not for free. Our employee resource groups (ERGs) take up their own passion causes and give their time and expertise to impact several areas of need. This has always been a part of our culture and values and is one way that Cushman & Wakefield differentiates itself from its competition.

Will you highlight Cushman & Wakefield’s Military and Veterans Program and how you define its mission?

This program was created for two fundamental reasons. First, we feel that those that serve and protect our freedoms have earned the opportunity to have a productive and successful career. Second, we know the value of attracting talent from the military which is one of the most diverse talent pools in the country. We understand the special kind of leadership that this talent pool brings to our organization. Leadership is enhanced by being in difficult situations and many of the women and men in the military have had to deal with these types of situations. In addition, the teamwork that is required in the military is a valuable asset for our organization and a key ingredient to success.

We know the value of bringing these highly educated women and men into our organization and the expertise, teamwork and leadership that they will add to Cushman & Wakefield. This program is helping to accelerate our growth and enhance our culture and, at the end of the day, provide the best service to our clients.

Are you optimistic about New York’s recovery and rebuilding from the pandemic?

I have no doubt that New York will continue to be the financial capital of the world, the technology capital of the world and the cultural capital of the world. New York has so much to offer and, while it will take time, I am confident that New York will come back and be stronger than ever.

What do you tell young people about the keys to building a career in the real estate industry?

I tell young people not to skip steps.

Everybody wants to be successful which is why you enter business, but you need to take the time to know your product, know the client base, understand the challenges and opportunities, surround yourself with a team and find mentors. A mentor accelerates the learning curb exponentially and allows you to understand the context behind the decisions that are being made at the organization. It is important to keep in mind that sometimes slower is faster and you should take your time and give yourself the chance to learn, grow, understand and have the intellectual capacity and knowledge to offer to clients.

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NEW YORK CITY

The Welcoming Front Porch of the Archdiocese An Interview with William R. Biddle, Executive Consultant, The Archbishop Fulton J. Sheen Center for Thought & Culture EDITORS’ NOTE Before assuming INSTITUTION BRIEF The Sheen Center his curr ent role, William “Bill” for Thought & Culture (sheencenter.org) Biddle joined the Tilles Center is a New York City arts center located at Long Island University in in NoHo that presents a vibrant mix 2016 and has almost 30 years of theater, film, music, art and talk of experience as an execuevents. A project of the Archdiocese of tive director leading artistic New York, The Sheen Center serves all and financially successful New Yorkers by presenting per forper for ming arts facilities and mances and artists that reflect the true, presenting and producing in the the good, and the beautiful. Named for arts. The geographic scope of his the late Archbishop Fulton J. Sheen, career spans from metro Detroit best remembered as an inspirational William R. Biddle to Hampton Roads, Virginia to author, radio host and two-time Emmy Long Island, New York. Biddle Award-winning television personhas pr esented mor e than 1,500 diverse ality, The Sheen Center reflects his modern-day per for mances and educational r esiden- approach to contemporary topics. The Sheen cies, including Andr ea Bocelli, Blue Man Center is a state-of-the-art theater complex Group, New York Philharmonic, John Legend, that includes the 270-seat off-Broadway Loreto Harry Connick, Jr, David Copperfield, and Theater, equipped with five-camera high-defiAlvin Ailey American Dance Theater. His nition TV and live-stream capability and a programs have sold more than $90 million multi-track recording studio; the 80-seat Off-Offin tickets, and fundraising totals more than Broadway Black Box Theater; four rehearsal $70 million. During his tenure at the Tilles studios; and an art gallery.

Center, Biddle successfully placed the Tilles Center on a financially sustainable path Will you discuss the history and heritage of and raised private funds to renovate both the Sheen Center for Thought & Culture and theatres in the complex. Prior to leading the how you define its mission?

Tilles Center team, Biddle was the inaugural One of the reasons I decided to explore executive director of the award-winning, I.M. t h i s o p p o r t u n i t y w a s when I r ead the Pei designed, Ferguson Center for the Arts at “ A b o u t ” s e c t i o n on the website. I was Christopher Newport University in Hampton truly captivated by the description of The Roads, Virginia. A frequent winner of the S h e e n C e n t e r and its mission. Named Virginia Living Magazine’s “Best of Virginia,” after the late Archbishop Fulton J. Sheen, the Ferguson Center sold mor e than $30 b e s t known for his popular radio and TV m i l l i o n i n t i c k e t s a n d m o r e t h a n two ministry in the 1950s and 60s, The Sheen million patr ons passed thr ough its doors Center for Thought & Culture is a project of under Biddle’s direction. Biddle has served the Archdiocese of New York, presenting in various leadership capacities with many more than 75 events in theatre, film, music, professional and community-based organi- and thought per season. The Sheen Center for zations. He has served as a principal grant Thought & Culture is a forum to highlight the evaluator for state and regional arts orga- true, the good, and the beautiful as they have nizations and is a consultant to national been expressed throughout the ages. Cognizant p e r f o r m i n g a r t s o r g a n i z a t i o n s . H e h a s of our creation in the image and likeness of God, co-produced national Broadway tours and The Sheen Center aspires to present the heights has been nominated and received numerous and depths of human expression in thought and awards for excellence in the arts throughout culture, featuring humankind as fully alive. At his career. Originally from Salem, New Jersey, The Sheen Center, we proclaim that life is worth he r eceived his education in theater and living, especially when we seek to deepen, production management from Rowan University explore and challenge ourselves – Catholic and as a professional theater program fellow and non-Catholic alike – intellectually, artisreceived his Masters from the University of tically, and spiritually.

Michigan. In addition, Biddle is a graduate of It perfectly captures a wonderful goal for the School for Public Assembly Management the Archdiocese of New York and I am grateful and the Commercial Theatre Institute. to be a part of such a lofty endeavor.

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Will you highlight The Sheen Center for Thought & Culture’s programs, performances and events?

Moving forward we intend to truly integrate visual, literary, film and performing arts and find ways to combine to create interesting performances and collaborations with a focus on faith and finding the true and beautiful in life. We will continue to offer thought provoking programs that explore difficult issues in our society and faith.

We have had thought leaders such as Professors Robert George and Cornell West discuss Civility in America, and have had Broadway stars such as Kristin Chenoweth and Vanessa Williams. We have had several interfaith discussions with various religious leaders. Our stages and studios have been graced my many masters in their field. Our rental opportunities have included events with television artists from Henry Winkler to music icons like James Taylor.

Will you provide an overview of The Sheen Center for Thought & Culture’s facilities?

We have two theaters, the Loreto and the Black Box. The Loreto is a neoclassical proscenium house with 19th century architecture and details that have been lovingly restored to this unique and beautiful space.

Our Black Box is a “funky downtown” theater that allows us to present performances to a smaller audience. We have a beautiful, lightfilled art gallery and four studio spaces. We also have a chapel just off our entrance that reflects the history of the building as the Church of Our Lady of Loreto which stood in the space some 100 years ago.

The Sheen Center for Thought & Culture is planning a new exhibit in October. Will you discuss this exhibit and what guests can expect to see?

We are thrilled to be exhibiting the work of two artists who are dear friends of the Archdiocese of New York. Both Jan Dilenschneider and Lynn Mara have exhibited in some of the most prestigious art galleries in the Tri-state area. To have them together for the exhibit, “There will always be light, there will always be hope” at the Sheen Center is magnificent. Even more exciting is that we are going to exhibit their work beyond the gallery space and into our common areas and studio spaces.

This is the perfect time to show the work of these two artists whose pieces bring you to joy, to light, to hope.

VOLUME 44, NUMBER 4

The Sheen Center for Thought & Culture has an experienced and engaged board. How valuable has it been to The Sheen Center’s work to have such a dedicated and supportive board?

I have only been working with the board for a few months, and even in that short time and during the hiatus from live performances, we have seen incredible dedication and support. Our board members fully understand the value of our mission and the need to offer art in all its forms to bring people closer to their faith and to really see the true, the good, and the beautiful.

How critical are metrics to track the impact of The Sheen Center for Thought & Culture’s work?

Very important. We are a revenue based nonprofit within the Archdiocese of New York. Our ticket sales are an indicator, but so are our memberships and sponsorships. We know we are doing good work because of the results.

How did the Sheen Center for Thought & Culture adapt the way it works to address the challenges caused by the pandemic?

Like many performing arts organizations, we made the pivot to virtual events since so many folks were looking for digital content. We stuck to our mission and offered a variety of online events for our patrons. Moving forward, we will be incorporating virtual and hybrid events into our pr ogramming as virtual programming allows us to increase our reach outside of our existing footprint.

The Sheen Center for Thought & Culture is located in New York City. Will you highlight The Sheen Center’s commitment to New York’s recovery and rebuilding from the pandemic?

Our first exhibit in the gallery emerged from the vision of our newest board member, Amanda Bowman. The exhibit is entitled Portraits of Grace. It captures in photographs the Church’s response to the pandemic. You c a n r e a l l y s e e t h e good work that was accomplished by so m a n y t h r o u g h o u t the Archdiocese. The gallery exhibit is the gateway to a deeper and compr ehensive website (https://www.portraits-of-grace.com) that was cr eated to highlight the incredible accomplishments achieved by the good people of New York. The website includes photos, video and testimonials and serves as the starting point for the live version of this project that will include video mixed with

live performances by musicians and spoken word artists showcasing work created during the pandemic based on their experiences and how their faith and community helped get them through the pandemic.

What are your priorities for the Sheen Center for Thought & Culture as you look to the future?

We will be working with our board to create an ambitious new strategic plan that will guide our actions into the future. In a postpandemic world, all arts centers will be struggling with remaining fiscally sustainable. The Sheen Center will be no exception and we will live within our means by balancing original diverse programming and rental programs. I view The Sheen Center as the welcoming front porch of the Archdiocese where all people are welcome and we showcase the true and the beautiful in life. We want to engage the curious in a family-friendly environment providing thought provoking programs to inspire our patrons to learn and engage more in both faith and arts programs. We intend to be financially sustainable as a leader in faith-based programming taking a national leadership posture through collaboration, serving as a resource and providing professionally produced performances for our regional audiences and suitable for touring. I am truly inspired by the words and life of Archbishop Fulton J. Sheen. My favorite quote of Archbishop Sheen has now become my daily inspiration for The Sheen Center – “Believe the Incredible and you can do the Impossible.”

“There will always be light, there will always be hope.

Art and culture are critical for reflection, entertainment and renewal.

Artists’ interpretations are often what we need to make sense of things around us. That is why I am pleased that two of my favorite artists have had work on display at The Sheen Center for Art and Culture. Jan Dilenschneider and Lynn Mara both show incredible skill and talent in their paintings. Their exhibit, ‘There will always be light, there will always be hope,’ is what we all need now! And, of course, those are precisely themes preached by ‘the Light of the World,’ Jesus! ” - His Eminence, Timothy Cardinal Dolan, Archibishop of New York

VOLUME 44, NUMBER 4

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JAN DILENSCHNEIDER

Trees in the Mist There Will Always Be Light

About Jan Dilenschneider Emerging from a family of artists, Jan Dilenschneider has painted all her life. Yet, she never had a desire to exhibit or sell her work until the spring of 2013, when a friend simply insisted on buying two paintings.

Soon afterward, her studio doors opened to the world. She was offered a solo show at the prestigious Galerie Pierre-Alain Challier in Paris’ historic Le Marais district, which started a remarkable chain of events: four successive additional annual solo gallery shows in Paris, followed by a solo show in the Abbaye Saint Andre in Avignon, European Art Fair at the Grimaldi Forum in Monaco, and Art Paris Art Fair in the Grand Palais.

Domestically she has had five solo shows at Bellarmine Museum in Fairfield University, Sill House Gallery at Lyme College of Fine Arts, Griffin Gallery in Ohio, and to celebrate the 90th anniversary of the Palace Theatre.

She participates in studio work with Silvermine Art Guild and has won awards at Silvermine and The National Academy of Design in New York and The North Shore Art League in Chicago.

The Institute of International Education, which administers the Fulbright Scholarship Program, established the Janet Hennessey Dilenschneider Scholar Rescue Award in the Arts as part of the IIE’s Scholar Rescue Fund to protect free expression and creativity in challenged countries around the world. She is currently working on a Fulbright Residency program with Silvermine Art Guild.

She serves on the Board of Connecticut Arts Council, Family Centers in Greenwich, Connecticut, and is a member of Silvermine Art Guild.

She has developed a unique style of expressionistic painting. Though many art critics have compared her work to the Impressionists, she says that while she loves their color palette at heart she is an Expressionist.

Her inspiration comes from the ever-changing landscape around her Connecticut home. Living by the sea, she is inspired by shore grasses bending in the breeze, blue skies reflecting in the cool water and extraordinary trees silhouetted against the green lawns.

She and her husband, Robert, live in Darien, Connecticut. They have two sons, Geoffrey and Peter.

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Leaves in the Morning Light

Jan Dilenschneider – Artist Statement “As an artist one wants to be relevant and make a difference in peoples lives. I have thus chosen the title of my first Manhattan exhibition to be “There will always be light, there will always be hope.” It is a reminder to the viewer that art can heal, art can soothe the soul.

Artists have the right and responsibility to communicate a message and this is what I want to say at my first exhibition at The Sheen Center for Thought & Culture in October.

One can look into the light reflected through and between the trees and see beyond the deep troubles many have experienced in the last year.

The painting There Will Always Be Light is an example of uplifting, soothing light. Part of the energy here comes from the contrast of the blue/mauve water against the slightly golden light. I love generating this kind of effect. I say the colors “sing” together.

Similarly, in the Trees in the Mist painting, the flowering tree next to the light green budding tree uses the special color relationship called “simultaneous contrast.” They are opposite colors on the color wheel with one color modifying and enhancing the other. They “vibrate” and “sing.”

Creating these color relationships is my passion.

Leaves in the Morning Light offers a different approach. The under painted canvas is then covered with a dark “Prussian Blue” and the images of the leaves are revealed via a squeegee and sponge. The leaves come alive. The sunlights are re-enhanced to remind the viewer that there will always be light.

Until recently most of my work has emphasized preserving the heart of nature – wanting people to be more aware of the importance of protecting our ecology.

Whether it is healing and calming the soul and creating hope or promoting protection of our ecology, I believe the artist has a mission, even a responsibility, to highlight what is helpful or needed in the world. I love the saying, “If words could say everything we would not need artists.”

The still life or landscape is often a stand-in so the color, the stroke, the movement can play themselves out.

According to the artist J.M.W. Turner, color should define and enhance the emotion of the subject, not just accurately color it.

Freedom of gesture and stroke is important and one of the keys to my work, be it bold and slashing, wispy and wavy, or soft and blended. I want the work to look fresh… in motion.”

Comments about Jan Dilenschneider’s work by the French Gallery owner Pierre-Alain Challier: “When I first exhibited Jan Dilenschneider’s paintings, they met with immediate success. Ever since then, the American artist has met with collectors in Paris, eschewing the customs and expectations of contemporary art.

Classically trained in oil on canvas, Jan Dilenschneider became a master of emotions and movement in the wake of the devastating hurricanes, which profoundly have influenced her, by opening up the prospect of abstraction as a means of catharsis. Her style suddenly became more spirited, teetering between representation of the real and abstraction, ultimately drawing these together.

Jan Dilenschneider is a very involved artist.

She throws herself headlong into the painting, revealing the life force of the water and wind, highlighting the beauty of the world and the need to preserve its landscapes. One can sense the intense energy in the depth of her canvases.”

Comments about Jan’s work by famous French landscape designer Louis Benech: “What I like about Jan Dilenschneider’s paintings is the power of her lines and the support of the material. They portray the contradiction between nature’s true fragility and our unswerving tendency to believe that it is eternal – in all our conscious unconsciousness.

I personally do not appreciate softness – like Jan Dilenschneider we must dare to be brutal and to be transported by our work when creating.”

VOLUME 44, NUMBER 4

LYNN MARA

Love Your Neighbor

Smile. It’s Contagious

About Lynn Mara Artist and Long Island native, L ynn Mara is a pr olific painter that captur es the American spirit thr ough her iconic works. Her Impressionist style tur ned abstract expr essionist was influenced by friend and fellow Southampton artist, the late Jack Reggio, as well as Andy Warhol, Fairfield Porter, Helen Cantrell and Richard Diebenkor n. Her multifaceted tableaus pr eserve American cultur e with moder n flair. Whether it’s abstract American flags (portrayed in vibrant colors well beyond red, white and blue), horses (fr om a perspective that pushes and expands beyond the limits of the canvas), sur fers, beachgoers, farmers, people doing what they do – her paintings are “big,” executed in her signatur e bold color, layers of under painting and mixed media, particularly in her more recent mixed media collage work that she r efers to as “conversation starters.” These ar e painstakingly arranged and packed with various media, historical context, and scriptural or lyrical “truths” that reflect on popular American issues and topics in an amusing way.

Her work has been featur ed on the Hampton Jitney, at MetLife Stadium in the Legacy Club, and she was the 2017 Hampton Classic poster design winner. Her flag paintings were a gift to each member of the LPGA Solheim Cup in 2019 in Scotland. Her mediums include acrylic paint, oil pastels, hand cut stencils, spray paint, and photographic images for her most recent collage work, among others. There’s tremendous light and hope and optimism in her work, and sometimes, just a little irony.

She is currently working on a 10th anniversary piece since Super Bowl XLVI for the New York Giants which will be given away at Giants Stadium this season.

She is a member of the Silver mine Art Guild, New Canaan, Connecticut, and Guild Hall, East Hampton.

VOLUME 44, NUMBER 4

No Man Discovers Anything Big (Unless He Makes Himself Small)

Lynn Mara – Artist Statement “People often ask how long I have been painting and I tell them I have been an artist since my earliest recollection. As a child, I learned under the experienced hand of Southampton artist, Jane Doescher, at her studio on South Main Street. However, my mother was my biggest source of encouragement. I think we’re all intuitively born artists, creators.

For me, paint is the way music comes out of my horn. It’s an expression of joy and love and gratitude. It’s what I do when I’m happy and I paint nearly every day; eight, ten, twelve hours a day.

Painting is more like play than work. I lose all track of time while I’m painting in my studio.

But this past year, during the pandemic, was the most transformative period in my art career. For sure, it was a gift of time whether we recognized it or not. It helped me focus on what’s important and what is not. God, family, friends, health and yes, the sense of purpose that I derive from

In God We Trust

painting and a sense of connectedness to every person and all of nature.

This transformation occurred on long walks during COVID. I paid a lot of attention to nature, particularly when the shoots and bulbs began to emerge as they always do in late winter to early spring. Those shoots and bulbs, signs of hope, and the tenderest and most fragile origins of life, push up from their dark underworld through the rock-solid frozen earth. They bloom and become exactly what they are intended to become in all their beauty and splendor; nothing more, nothing less. They don’t fight or resist their Creator. They have no fear, anger, jealousy, self-loathing, or self-consciousness. It occurred to me that the same lifegiving spirit and energy that “draws” the shoots and bulbs to itself is drawing you and me too. We just have to get out of our own way.

So, I went back to the studio and began to paint with abandon. I lost the fear of failure and self-consciousness. I experimented with new and old materials I had in the studio, but in a new way. It was very exciting. I fell back in love with spray paints, pastels, mixed media and collage work. I began to hand-cut my own stencils and apply layers upon layers in abstract paintings and so much more.

The one constant through all my years of painting, however, is my bold use of color. That’s the heart of my music. It’s actually hard for me to tone it down. One gallery owner once described my work as having a joie de vivre (meaning an exultation of spirit). That’s exactly what I want viewers to experience. A lightheartedness.

Joy. Happiness. Hope. A sense of peace and that all is well with the world, exactly as God intended it to be.

Yes, it’s been a very good year. My heart is full of gratitude.”

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P A L MFortis B EArduis A C |HBrave / in N Difficulty EW YORK

Fortis Arduis | Brave in Difficulty Three Centuries in Art Constantin Kluge (1912 - 2003) Master Painter of the City of Lights

Constantin Kluge was born in Riga, Latvia, in 1912. A cosmopolitan from birth, Kluge and his family arrived in Manchuria in 1920, he learned to speak Mandarin and would acquire an early education in Chinese calligraphy and the art of Chinese ink painting. In 1925 the émigré family moved again to the French “concession” of Shanghai, where Kluge would graduate from the French Municipal High School.

By the time he was seventeen, he was a very active member of the Shanghai Art Club. In 1931 Kluge left Shanghai for Paris to study architecture. He spent six years at the l’Ecole des Beaux-Arts and, in 1937, graduated with the title of French Government Architect.

Known for his iconic scenes of Paris and its environs, Kluge was considered a master painter of the City of Lights, alongside his post-impressionist predecessors such as Édouard Cortès and Eugène Galien-Laloue. Each one of Kluge’s paintings is a love letter to Paris and its inhabitants. In the iconic streets, buildings, and public landmarks of Paris, Kluge found his paintings’ true protagonists. It was from those elements that he both understood and captured the spirit of the city. He painted Paris and its environs as a cherished memory, as an iconic moment in time, as a treasure for everyone to enjoy.

In Kluge’s work, each element has the space to tell its own story.

The sky is given ample room to provide an uninterrupted display of summer clouds or winter hues. Every reflection of light, from a tree leaf to architectural detail in a beloved Parisian bridge, is given equal voice. Each composition has balance and harmony supported by a beautifully crafted foundation of precise proportions, perspective, and form.

Findlay Galleries proudly continues to represent the works of Constantin Kluge, since 1962.

165 W O RT H AV E N U E PA L M B E A C H , F L O R I D A 33480 • (561) 655 2090

Constantin Kluge | Le Pont Marie | 1969 oil on canvas | 35 x 51 1/8 in.

32 E A S T 57 T H S T R E E T , 2 N D F L O O R N E W Y O R K , N E W Y O R K 10022 • (212) 421 5390

NEW YORK CITY

Inclusivity and Authenticity An Interview with Pamela Liebman, President and Chief Executive Officer, The Corcoran Group EDITORS’ NOTE Pamela Liebman their clients. We’ve based our entire began her career as an agent at business model around prioritizing Corcoran. She became a partner in relationships over transactions and 1990 and was appointed President earning and keeping clients’ trust and Chief Executive Officer in 2000. through our unwavering commitment Liebman studied at the University to integrity and innovation. I’ve always of Massachusetts, Amherst, and reinforced the importance of bringing at the European Business School value to every conversation which is in London. She is recognized as a why we were the first New York City leading real estate expert by top brokerage to release a market report domestic and international media and the first to launch a dedicated outlets such as The Wall Street business development and training Pamela Liebman Journal, The New York Times, and center, Agent Studio. At Corcoran, we Financial Times and, since 2007, prioritize developing our agents’ skills has consistently been recognized as one of the and love bringing them to the next level. most powerful women in New York by Crain’s How do you describe Cor coran’s New York Business. culture and what have been the keys to maintaining culture as the firm has grown FIRM BRIEF Founded in 1973, Corcoran in size and scale? (corcoran.com) is one of the largest residential Corcoran’s tagline is “live who you are,” real estate firms in New York. After expanding an ethos that remains incredibly relevant and to other luxury markets and acquiring leading showcases a shared focus on inclusivity and firms in the Hamptons and South Florida, authenticity. After launching our affiliate Corcoran now operates 27 offices, employs more network, “live who you are” also emphasizes than 2,200 agents, and has achieved sales of how Corcoran can help you find the home that’s over $21 billion annually. just right for you – whether that’s in an urban, suburban, or resort market. With our deep How do you define the Corcoran difference experience in high-end, competitive East Coast and what sets the firm apart in the industry? markets, it felt like a natural move for Corcoran What really sets our agents apart is their to expand throughout the country and now, market expertise, neighborhood fluency and globally. We are well positioned to scale our the ability to forge strong relationships with growth throughout the remainder of this year,

adding to the strength of our overall network which ultimately helps us attract the very best of the agent community. I’m proud to say that the more we’ve grown, the stronger we’ve gotten.

How did Corcoran adapt its business to address the challenges caused by the pandemic and how proud are you to see the way your team showed resilience during this unprecedented time?

Pandemic or not, our agents are always our first priority. With COVID restrictions in place last spring, we took that time to ensure that our agents had the tools and the knowledge needed to rule the recovery. We looked at it as a period of professional growth and doubled down on our virtual tools, refreshed our website and established a strategic presence on new social platforms. Our agents really jumped at the chance to improve their skills and they were eager at the opportunity to become even more successful. At the same time, we were also growing our affiliate network and we needed to quickly create an environment that let our rapidly expanding community know exactly how we were pivoting to assist them with their business goals. I remain incredibly proud of our team’s agility and hard work.

What is the state of the New York real estate market coming out of the pandemic?

Manhattan had the best spring season for closed sales in six years and the strongest second quarter for contract activity since

“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.”

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VOLUME 44, NUMBER 4

“Corcoran’s tagline is “live who you are,” an ethos that remains incredibly relevant and showcases a shared focus on inclusivity and authenticity.”

2007. We’re seeing a lot of buyers eager for more space which means the high-end of the market is also soaring, pushing the sales of larger homes to new heights. In the Hamptons, the high-end buying spree continued to surge throughout the first half of 2021 with the number of sales over $3 million nearly tripling. Interest in the North Fork isn’t waning either and at this point, the only thing slowing down the East End market is our very limited inventory.

How critical is it for Corcoran to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

Diversity is vital to our success. Along with Realogy, we strive to cultivate and maintain a diverse, equitable and inclusive culture that represents the shared experiences of our clients, affiliate broker/owners, agents and staff. Our commitment to DE&I includes mandatory unconscious bias training and education throughout the year to not only broaden our perspectives, but to reflect the needs of the clients we serve.

Additionally, Corcoran’s Diversity & Inclusion Executive Committee works to actively support key milestones throughout the year, from Black History Month to International Women’s Day to Pride Month.

From a recruiting perspective, we are committed to broadening our approach to ensure we’re 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 internal promotion decisions to talent reviews.

What do you see as Corcoran’s responsibility to the communities it serves and to being a force for good in society?

We have an incredible responsibility to our communities and since its inception our philanthropic arm, Corcoran Cares, has raised more than $4 million for worthy charities across New York City, the Hamptons and South Florida. From backing important social issues to celebrating the LGBTQIA+ community during Pride Month, I am endlessly proud of the work that we do and the organizations that we continue to partner with. Most recently, following the catastrophic Champlain Towers South condo collapse, we were intimately involved in providing direct assistance to the survivors. In addition to immediately supporting on the ground after the collapse, we met with several local officials and offered Corcoran’s Surfside office as a temporary station for first responders. Thanks to incredible support from our agents and staff, to support the long-term needs in the community we have raised over $72,000 to help those who have been directly affected.

What ar e the keys to New York’s recovery and rebuilding from the pandemic?

I truly believe that the only way we’re going to get through this pandemic is if we do so together and that really comes down to more New Yorkers getting vaccinated.

Corcoran is a proud supporter of The Creative Coalition’s National Blue Ribbon Task Force to Stem COVID-19 Vaccine Hesitancy. Led by The Creative Coalition and the Yale University School of Public Health, this first-of-its-kind task force brings together corporate leaders, the entertainment industry, the nation’s top doctors – including Dr. Anthony Fauci – and NGOs to tackle this important initiative. I applaud this inspired approach to tackling vaccine hesitancy.

What advice do you offer young people interested in a career in real estate?

In addition to understanding the product and the market, I always reinforce the importance of connecting with your clients. This is a relationship business and you need to be empathetic and you need to have personality. For agents just starting out, it’s vital to stay hungry – you’ll work exceptionally hard – but you also need balance. At the end of the day, make sure that you’re making time for whatever it is that recharges you and keeps you focused. When I was an agent in my 20s, I would ride my bike in Central Park to clear my mind at the end of the day or I would carve out a couple of hours for a round of golf.

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“Diversity is vital to our success. Along with Realogy, we strive to cultivate and maintain a diverse, equitable and inclusive culture that represents the shared experiences of our clients, affiliate broker/owners, agents and staff.”

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NEW YORK CITY

A Center of Excellence in Preventive Care An Interview with Dr. David Levy, Chief Executive Officer, EHE Health EDITORS’ NOTE Dr. David Levy is only an essential part of personal and an accomplished physician execuprofessional growth; it is also a cornertive with a record of achievement in stone of thriving families, businesses, complex systems involving patients communities and the economy as a and a range of organizations. He whole. While medical care in the U.S. is a renowned strategic thinker who is among the best in the world, it is has executed effective strategies for also the most expensive. That is partly his own enterprises and a diverse because we have a health system that set of public and private sector entiis structurally focused on treating sickties. At Franklin Health, he used his ness and not enough on maintaining insights to create a scalable business wellness. that helped patients and families At EHE Health, we emphasize David Levy receive better, more satisfying care. evidence-based preventive health to As strategy leader at PwC, he led the help people stay healthy and produceffort to recommend public health and hospital tive for longer in life. From a health optimireform for the Louisiana Recovery Authority zation and cost perspective, it’s more effective after Hurricane Katrina. Dr. Levy then directed and efficient to prevent or delay illness and the team that helped California’s Department of injury before they occur than to treat them after Public Health re-engineer the state’s catastrophic the fact. We all know this like we know that surge response system. He earned an MD and it’s better to put oil in the car rather than to an MS in epidemiology from McGill University. replace an engine after it seizes, yet for a host of reasons – simple and complex – some people COMPANY BRIEF EHE Health (ehe.health) was are more fully engaged than others in managing founded in 1913 as the first healthcare provider their health and healthcare. Disregarding those emphasizing the power of preventive care. It people who are not engaged and failing to seeks to give people lifestyle skills geared towards understand their distinct social, psychological, optimal health, per formance, productivity economic and environmental circumstances and longevity. U.S. President Woodrow Wilson for avoiding or delaying care can be costly endorsed the company’s diet and tens of thou- and leads to disparities in health access and sands of preventive exams were conducted as outcomes that are detrimental to society. the company began its long history as a leader in Companies want to partner with EHE the field. EHE Health has been at the forefront of Health because we take a behavioral-centric progressive healthcare for more than 100 years approach to engaging people wherever they and is committed to empowering people with the are in their health journey. We augment best tools for their health. workplace health programs with measurable, data-driven, technology-enabled health EHE Health is a purpose-driven organization with a long history of supporting its employees, patients and communities. How do you define EHE Health’s mission and purpose?

I’ll tell you what we all eventually realize, which is that life is a journey and our health – more than wealth, power, fame or just about anything else – determines how that journey is going to go and for how long. EHE Health’s mission is to inspire and empower people to actively manage their personal and family health journey and help them navigate it, starting with preventive care. We do that by partnering with employers who have a vested interest in the health and well-being of their employees and on whom half the U.S. population relies for access to healthcare. Mental and physical health is not

improvement strategies that engage more people, produce better health outcomes and deliver a greater return on the value of investments in healthcare.

What have been the keys to EHE Health’s success and consistent industry leadership?

EHE Health has been an innovation leader since it was founded in 1913. In fact, you might say the company was one of the original health industry disruptors of the 20th century by introducing a business model and science-driven approach to extending life and wellness that was fairly radical at the time and is still progressive to this day. True to its roots, EHE Health is a center of excellence in preventive care, now with a nationwide network of primary care physicians and clinics dedicated to delivering enhanced, patient-centered care. The company has made significant investments in technology and is the first and only health organization of its kind that is an omnichannel health engagement platform.

We use sophisticated behavioral analytics and customer segmentation strategies, many of which were pioneered by the retail and financial services industries, to understand and engage members. The functionality of our platform, which now includes mobile connectivity and APIs (application programming interface) in partnership with other leading health innovators, makes it easier for people to organize and manage all their health activities, access health information and connect directly with their doctor and other clinicians in a seamless, personalized user experience.

“At EHE Health, we emphasize evidence-

based preventive health to help people stay healthy and productive for longer in life.”

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“EHE Health’s mission is to inspire and empower people to actively manage their personal and family health journey and help them navigate it, starting with preventive care.”

The investments we’ve made in technology and innovative solutions have supported a strategic shift in our business in recent years. One of my first initiatives as CEO was to expand the reach and scope of the company from one that primarily catered to executives to one capable of delivering a highly personalized, patient-centered care experience, at scale, across large, diverse and geographically dispersed employee populations.

How did EHE Health adapt the way it works to address the challenges caused by the pandemic?

We responded quickly to minimize the risk of COVID-19 for our employees and patients, and anticipated our clients’ need for solutions to protect their employees and ongoing operations. By as early as April 2020, we had developed and operationalized a comprehensive Safe at WorkTM Management System, giving companies capabilities and access to resources to conduct on-site and remote COVID-19 testing, contact tracing, rapid-response communication and real-time, enterprise-level monitoring of workforce health and protocol in compliance with individual state and federal guidelines. We later expanded the offering to facilitate vaccine rollout and help companies prepare for the return to a new normal of work, one that calls for ongoing vigilance and response to an everevolving health threat.

We also adapted our core business by modernizing the patient experience and innovating new ways to re-engage people in health services that sharply declined during the pandemic. While a comprehensive, in-person health assessment by a physician remains the

gold standard of care, we also now offer a virtual patient experience that goes beyond the limitations of telemedicine, as well as an alldigital experience that’s more of an entry point on the path to a more engaged health journey.

What important lessons can be learned from the pandemic and how are businesses responding to post-pandemic realities as life returns to some degree of normalcy?

COVID-19 altered the workplace, shifted business priorities, exposed gaps and weaknesses and forced us all to think differently. It’s unrealistic to expect a return to prepandemic business as usual. Painful as it’s been, the experience and lessons learned create opportunities to be better, stronger and more resilient in the future. The new reality is that even with vaccines, COVID-19 and its variants aren’t going away. We need to learn to live with the risks and respond swiftly and smartly to inevitable, isolated outbreaks.

One lesson learned from this is the importance of maintaining optimal health. COVID-19 was more dangerous and deadly for people with underlying health risks, and it compressed time by posing an immediate lethal threat to people for whom health and wellness was some future priority. This further underscores the importance of more widespread engagement in preventive care and in re-engaging those people who skipped or deferred care for nearly two years. The concern now for many businesses is the pandemic after the pandemic, with greater risk of more advanced, debilitating and costly chronic conditions and mental health issues.

“True to its roots, EHE Health is a center of excellence in preventive care, now with a nationwide network of primary care physicians and clinics dedicated to delivering enhanced, patient-centered care.”

COVID-19 also compressed time for the healthcare industry and accelerated the adoption of technologies that enable more consumercentric access and interaction that other industries had been using for two decades.

We all also became much more aware of how connected we are as a society and the role that business leaders have to play in strengthening the health of communities. Offering employees access to quality healthcare is no longer regarded as a purely moral and ethical responsibility. Nor is the focus of population health management primarily about cost containment. Workforce health is now a strategic business priority with a clear, direct link to better business outcomes and long-term sustainability.

Companies that partner with EHE Health are setting themselves apart from competitors by looking at their health and wellness offering as an investment, not an unavoidable cost or line item to cut. Metrics around employee health that were rarely considered by the C-suite as an area for future investment are now recognized as material to financial performance. Moreover, many organizations now see workforce health as a core part of their mission and accountability to stakeholders. COVID-19 exposed health disparities among racial, ethnic and socioeconomic populations. This is an area where employers are in a position to address this by better engaging diverse groups in a culture of health and giving them a path and tools to navigate their health journey.

Will you discuss EHE Health’s focus on building a diverse and inclusive workforce in order to mirror the diversity of its patients and the communities it serves?

Racial disparities in health status are real and rooted in a long history of discriminatory practices and unconscious biases that affect the way people seek and experience care. As part of our core mission, EHE Health is committed to the elimination of racial disparities in access to high-quality care. Given our business model, we are in a position to advance this goal by setting an example for our employees and the companies with which we partner. We have worked hard to create a diverse and inclusive culture where everyone, across race, ethnicity, age, gender and sexual orientation, feels they are treated with dignity and respect, and our employees reflect the diverse population of members we serve.

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WHERE PREVENTION MEETS INVENTION. EHE Health has led the way in preventive health for more than 100 years.

And we’re not stopping now.

During the pandemic, we’ve innovated new pathways to care while also keeping workforces safe and businesses thriving.

Pathways like EHE Health PulseTM Digital, which integrates with wearable devices for remote clinical intervention and rich population health data, and EHE Health PulseTM Virtual, which goes beyond telehealth with at-home labs and care navigation.

With greater access, more of the people we serve can be proactive with their health—and ready to protect it.

We stay ahead of the curve so you and your employees can stay on top of your health.

And your business can stay on top of the competition.

Want to learn more? Let’s connect.

Visit www.ehe.health/leaders or call 800.362.8671.

NEW YORK CITY

Corporate Purpose An Interview with Daryl Brewster, Chief Executive Officer, CECP EDITORS’ NOTE Daryl Brewster has served as the CEO of Krispy Kreme Doughnuts, Inc.; President of Kraft’s $6-billion North American Snacks, Confections, Cereal, and Pet portfolio; President of the $2-billion Planters Specialty Products Company; and Managing Director of Campbell Soup’s U.K./European operations. In addition, Brewster serves on several public, private and nonprofit boards.

to be a “force for good in society” and help build a better world through business, has remained the same. The field of corporate social responsibility has evolved from a “philanthropy mindset” to one that’s driven more than ever by corporate purpose. Chief Executives for Corporate Purpose most accurately reflects what CECP stands for today.

Will you provide an overview of the services that CECP provides to its member companies?

Daryl Brewster ORGANIZATION BRIEF Chief CECP provides its 230+ affiliExecutives for Corporate Purpose® ated companies with a host of (CECP) is a trusted advisor to companies on their services including custom benchmarking, corporate purpose journeys to build long-term fast track consulting and insights, strategy sustainable value and tell their impact stories. and communications support, as well as Working with CEOs and leaders in corporate opportunities for deeper engagement such responsibility, sustainability, foundations, investor as customized studies and forums tailored relations, finance, legal, and communications, to the company’s specific areas of focus.

CECP (cecp.co) shares actionable insights with its We also offer a Comprehensive Services CEO-led coalition to address stakeholder needs. package, which provides companies access to Founded in 1999 by actor and philanthropist CECP’s CEO Investor Forum Network, webiPaul Newman and other business leaders, CECP nars, the ESG Snapshot, issue briefs, and is a movement of more than 200 of the world’s more. We primarily serve CEOs and leaders largest companies that represent $11.2 trillion in in the corporate responsibility, corporate revenues, $23 billion in total community invest- sustainability, corporate foundation, investor ment, 14 million employees, 30 million hours of relations, finance, communications and legal employee engagement, and $21 trillion in assets counsel spaces. Our services are structured under management. CECP helps companies trans- around five Centers of Excellence: form their strategy by providing benchmarking • Societal/Community Investment and analysis, convenings, and strategy and • Employee Engagement communications in the areas of societal/commu• Environmental, Social, Governance/ nity investment, employee engagement, environSustainable Business mental social governance/sustainable business, • Diversity, Equity & Inclusion diversity equity inclusion, and telling the story.

• Telling the Story Companies looking for support on their Will you highlight CECP’s mission and purpose journeys and help in advancing their purpose? priority areas are invited to explore our website Since its founding in 1999 by Paul Newman at CECP.co or reach out to info@cecp.co. and leading CEOs, CECP has focused on How did CECP adapt its business to empowering the world’s leading companies address the challenges caused by the on their purpose journeys to drive long-term pandemic? business success through positive social impact.

Overnight, the team transitioned to 100 Today, more than 230 companies representing percent virtual/remote work and began reaching over $7 trillion in revenue are part of the CECP out to our network of 230+ companies to learn network, along with 20 like-minded country their top priorities and concerns. In response, organizations around the world representing we increased the frequency of our events for two-thirds of global GDP. CEOs and corporate leaders to provide them CECP has evolved its name to Chief a space to safely discuss their struggles and Executives for Corporate Purpose. How best practices around COVID-19 and social does this effectively represent CECP’s work? justice. The team escalated CECP’s annual Over the last 22 years, CECP’s name has cadence of one in-person Board of Boards for changed, but the organization’s driving mission affiliated company CEOs and approximately 25 VOLUME 44, NUMBER 4

webinars for corporate leaders to over a dozen virtual CEO Roundtables and nearly 50 webinars for corporate leaders, all of which had record engagement and net promoter scores.

Our companies told us what they needed, and I am delighted to say that the CECP team delivered.

How proud are you to see the leadership of CECP’s member companies in supporting their communities and providing support for those in need during this unprecedented time?

Incredibly proud. Societal investment increased by 41 percent last year and, according to the Edelman Trust Barometer, business is now seen as the most trusted industry and is the only one viewed as both ethical and competent. For example, companies like American Express and Hilton, both of which were highlighted as CECP Spotlight Companies this year, pledged up to one million hotel room nights to medical professionals on the front lines. Of course, with higher trust comes higher expectations. To quote one of CECP’s founders, Paul Newman, companies can continue to “do more.”

What do you see as the responsibility that leading companies have to being a force for good in society and addressing societal issues?

This cannot be seen as a “nice to do.”

Addressing societal issues is essential for the well-being of your stakeholders and for the long-term sustainable success of your business. When companies use their resources and influence to benefit society, everyone wins.

CECP is headquartered in New York. Are you optimistic about New York’s recovery and rebuilding from the pandemic?

Yes, I am optimistic. New York City will continue to change, adapt, recover and rebuild as it always has, ever since its days as the Big Oyster.

What do you tell young people beginning their careers about the importance of working for a company that is purposedriven and making a difference?

My advice is to consider not only how you can make a living, but also how you can make the world a better place as you do so. As Winston Churchill noted, “We make a living by what we get, but we make a life by what we give.”

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An Enterprising Environment An Interview with David Amsterdam, President – U.S. Capital Markets and Northeast Region, Colliers EDITORS’ NOTE David Amsterdam How do you describe Colliers’ culture is President – U.S. Capital Markets and how critical is culture to the and Northeast Region at Colliers. success of the company?

He is responsible for managing Commercial r eal estate is a and executing investment sales, competitive industry. The most debt and equity, and structured talented professionals go where they finance transactions across the U.S. believe they are most likely to succeed. and in critical global markets. In Every firm is always looking for an addition, he leads the firm across edge to help attract the best people. At all service lines in top-tier cities, Colliers, we know that we’ve built the including New York, Boston and best platform in the industry. We boast Washington, D.C. Prior to joining a global footprint that’s supported David Amsterdam Colliers, Amsterdam served as locally by the best on-the-ground Partner of Perave Capital, a fully professionals in the business, so when integrated real estate investment and advisory brokers consider their ability to succeed, they firm. He has previously held leadership positions know Colliers will provide them the tools they at some of the most notable real estate firms in need. But what really sets us apart from the the world, including Cushman & Wakefield and other big commercial real estate firms is a strong, SL Green Realty Corp. Amsterdam was named top-down culture that our employees subscribe to Crain’s New York Business 40 Under 40, an to. It’s a huge advantage and it is unique among annual honor reserved for the most influential our biggest competitors.

New York professionals, and in 2018, 2019, 2020 If I had to use one word to describe our and 2021 he was named to the Commercial culture at Colliers, I would use “enterprising.”

Observer Power 100 list. In 2019, he was named What sets us apart is not necessarily what we a national “Influencer in Real Estate Finance” do, but rather how we do it. Our enterprising and selected as a “Best Boss in the Business” by environment encourages professionals to think Real Estate Forum which also named him to differently, to be entrepreneurial, collaborate its “50 Under 40” list in 2018. Amsterdam has and to develop and share ideas that always also been named a “Rising Star” by Real Estate place the success of our clients first. While Weekly and was a Real Estate Board of New other firms operate in siloed, singular enviYork nominee for “Most Promising Commercial ronments, our brokers work closely with their Salesperson.” He is a member of the Board of colleagues across industries and across geogDirectors of Friends of Hudson River Park and raphies, routinely relying on the expertise of The First Tee. He is a member of the Real Estate our analytics, research and workplace strategy Advisory Board of Syracuse University, and has teams to support their efforts and find success. been active in numerous charitable organizaOur mission is to encourage employees to tions. Amsterdam holds a BA from Syracuse be enterprising, collaborative, relationshipUniversity. minded and experts in their fields. But above all, we encourage doing what’s right. This COMPANY BRIEF Colliers (colliers.com) is a value extends beyond the company walls and leading diversified professional services and pertains to doing what’s right for our clients and investment management company. With opera- within our communities. A great example of tions in 66 countries, its more than 15,000 our culture is how our employees continued to enterprising professionals work collaboratively support one another and our clients throughout to provide expert advice to real estate occupiers, the pandemic. Even with all the uncertainty that owners and investors. For more than 25 years, comes with a global pandemic, we believe our its experienced leadership with significant insider employees approached the COVID-19 crisis ownership has delivered compound annual with creativity and resiliency that benefited our investment returns of almost 20 percent for share- clients. We look at our continued growth even holders. With annualized revenues of $3.3 billion through these uncertain times and attribute it to ($3.6 billion including affiliates) and $45 billion our strong company culture. of assets under management, the company maxiWhat is your outlook for New York mizes the potential of property and accelerates the City’s commercial real estate market coming success of its clients and people. out of the pandemic?

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While the Delta variant has made it tough to predict exactly when Manhattan will rebound to its pre-pandemic levels of activity and growth, our outlook for the city is very optimistic. That outlook is not just based on the fact that we love New York, but it’s based on empirical trends that we’ve been following over the last several months.

First, the amount of space that companies have leased in Manhattan has increased every month since the spring of this year. This is mostly the result of the nationwide vaccine distribution and the fact that employers are saying that it’s time to get back to the office.

Some large companies with significant workforces like Goldman Sachs and Morgan Stanley are actually back in the office already and we’re seeing more organizations following suit.

As a result, the “freeze” we saw on leasing activity that defined 2020 is thawing out. In August of this year, we actually saw organizations take almost 2.5 million square feet of space, which was the highest leasing level we had seen since January 2020. What’s really encouraging within that statistic is that more and more tenants are signing deals to take new office space, instead of just renewing their leases. If you wind the clock back to the fourth quarter of 2020, just a third of leases we tracked were new deals or expansions. By Q1 of this year, more than half of deals were new leases and by Q2 about 70 percent of leases were tenants taking new space.

In addition to tenants taking new space, more tenants are also signing longer leases. The term of the average deal signed so far this year has increased across the board compared to 2020. This reflects organizations again committing to New York for the long haul.

What are your views on the future of work and the lasting impact that the pandemic will have on the role of the office?

The simple fact of the matter is that both employers and employees want to get back to the office. That sentiment has been backed up by the increase in office leasing activity we’ve seen over the last several months. The majority of our clients have expressed that while they’ll likely implement some flexibility into their plans moving forward, the office will still be the centerpiece of their organization and there are a few reasons for that. First of all, junior level employees need face-to-face interaction. They need it for training purposes and they need it to understand how VOLUME 44, NUMBER 4

“Our enterprising environment encourages professionals to think differently, to be entrepreneurial, collaborate and to develop and share ideas that always place the success of our clients first.”

an organization operates. It’s hard to learn the intricacies of a job through a computer screen.

Additionally, it is extremely difficult to establish and become part of a company culture if you are not physically present.

When it comes to the future of work in New York specifically, there are several rapidly expanding industries that simply aren’t compatible with remote or hybrid work environments. Some of the fastest-growing fields in the city, like life sciences and healthcare, can’t operate remotely and as those sectors continue to expand, they will likely take up a larger percentage of space once occupied by different organizations and sectors.

How critical is it for Colliers to build a diverse and inclusive workforce in order to bring diverse perspectives and experiences to the table when addressing client needs?

At Colliers we know that diversity and inclusion make us better and championing these ideals is not something we take lightly.

Diversity and inclusion strengthen our business by enriching our culture and we pride ourselves in attracting, developing and retaining top, diverse talent from around the world. As part of that, we have been working hard to foster an environment in which everyone at Colliers, regardless of background, gender, ethnicity, age, religion, sexual orientation or experiences feels respected and comfortable bringing their authentic selves to do their best work.

We’re heavily focused on making diversity and inclusion one of our top priorities, not only because it’s the right thing to do, but because it makes us better as an organization and it is one of the ways we will continue to lead our industry into the future. We not only want to attract the best and most diverse talent, we want that talent to feel comfortable approaching their work with authenticity. We want our employees to bring their authentic selves to the table, every day. When diverse people with diverse thoughts come together, you see that translate to exceptional performance and results for your business.

As the Executive Sponsor of our Working Parents and Caregivers Employee Resource Group, I am also focused on providing an outlet and avenue for those managing the difficult task of either raising a family or taking care of a family member while working full time.

We have several Employee Resource Groups focused on the health, wellness and diversity of our talented team members across the globe.

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What do you see as Colliers’ responsibility to the communities it serves and to being a force for good in society?

Just as Colliers believes it has a responsibility to foster a strong internal culture, our firm is also committed to doing good in our communities. All Colliers professionals are encouraged to be a force for good in their communities and are provided information on how to support a range of charitable initiatives and causes that have local impact. As a result, Colliers professionals regularly contribute their time to nonprofits and other groups that are working to improve the communities and the lives of people where they live.

Personally, I am a member of the Board of Directors of Friends of Hudson River Park, the longest waterfront park in the United States, which has improved miles of underutilized piers and parking lots along Manhattan’s West Side, turning it into a world-class recreation area.

Hudson River Park has also been responsible for economic development and job creation, attracting $3 billion in new construction at 94 new buildings in adjacent neighborhoods. I also serve on the Board of Directors of The First Tee, which provides learning opportunities for youth through sports, and am involved in numerous other charitable organizations.

There is much debate about New York City’s recovery and rebuilding from the pandemic. Are you optimistic about New York City’s future and what needs to be done to make sure that New York City remains a leading global city?

New York is one of the greatest cities in the world and its long-term recovery has never been in doubt. While the pandemic struck at the heart of New York and shut down a lot of what makes this city such a desirable “live-work-play” environment, much of that is now back. Over the last several months, the city has reawakened, with Broadway shows returning, Madison Square Garden open, the Yankees back in the Bronx, restaurants and bars staying open late, museums reopening and much more. Each of these elements are critical when it comes to supporting Manhattan’s office market in that they attract top talent to live and spend money here. With those elements back, the health of the city is returning.

In addition to the entertainment aspect, it’s an exciting time for New York City’s transportation infrastructure. The East Side Access

project, which will bring Long Island Rail Road commuters directly into Grand Central Terminal, is scheduled to be completed next year and is probably one of the most critical upgrades to New York’s commuter hubs in decades. In addition, there’s the growing likelihood of approval and construction of the much-needed Gateway Project kicking off within the next few years.

This project will ensure the continued and improved access of Amtrak and New Jersey Transit commuters under the Hudson River, one of the busiest commuter lines in the country.

Lastly, nearly 25 million square feet of new office construction and major renovations are expected to come online between 2022 and 2024. That’s the largest supply increase in a three-year period since the 1980s. While that supply will initially create additional pressure on the market in the short term, in the long term, this new office product is paramount to keeping Manhattan as a competitive global city.

The success of projects such as One Vanderbilt, 1 Manhattan West, 30 Hudson Yards and 3 World Trade Center demonstrates the strong demand tenants have for the efficiencies and quality of product to help recruit and retain talent.

What advice do you offer young people interested in building a career in the real estate industry?

I think one of the most important things that I would advise every junior person looking to make their mark in commercial real estate would be to find a mentor. Working closely with someone who is willing to give you advice, answer your questions along the way and help you build your career in the industry is invaluable. Those who have walked the steps before you have knowledge that is very difficult to find elsewhere. There is not a textbook to teach what we do each day, hence why it is important to be working in-person with your team each day.

Along those lines, I would encourage junior brokers to focus on building their network. While technology is advancing our industry quickly, this is still a traditional industry at its core and picking up the phone or meeting your contacts in person will help you stay sharp with trends, garner market intel, and really learn the business outside of your daily routine. That said, don’t turn your nose up at technology. The information available at our fingertips today is astounding compared to what we had access to 20 or even 10 years ago. Become an expert in the proptech tools that will help give you and your clients a competitive edge.

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NEW YORK CITY

Reimagining the Way that Money Moves An Interview with Jason Lee, Founder and Chief Executive Officer, DailyPay, Inc. EDITORS’ NOTE Jason Lee is a Will you highlight DailyPay’s hisfintech entr epr eneur and the tory and heritage and how the Founder and CEO of DailyPay. company has evolved?

A financial engineer by trainWe started DailyPay in 2015 on ing, Lee spent nearly two decades the principle that American workers on Wall Str eet cr eating numershouldn’t have to wait until payday to ous new products and markets to use, spend and save money they’ve manage areas of risk. An innovaalready earned. Money should be tor with a mission, purpose and in the hands of the people when they real results, he is a well-known need it and when they earn it. Our public speaker and author whose first-of-its kind technology platform work has been featured in Forbes, transforms the way money moves Jason Lee CNBC, The Wall Street Journal, and is creating a new financial system and Bloomberg. He has been recthat starts working the moment work ognized as one of the premier thought lead- starts. At the center of our on-demand pay techers in global finance by the International nology platform is Pay Balance – a real-time Financing Review and Milken Global Institute accumulating balance of available funds to and has been named the Gold Winner for every user we serve. Since this breakthrough “Innovator of the Year” for the 2020 CEO solution, DailyPay has expanded and launched World Awards and one of the Top 20 Digital numerous products addressing needs for HCM Innovators in Benefits. Thr oughout Lee’s companies, employers and, of course, individulong-standing career in the financial ser- als and their families. vices industry, he has served as Chairman of DailyPay currently serves millions of the Board of SafeSpace, a social services non- employees and has partnered with 80 percent profit based in New York City dedicated to of the Fortune 200 companies that offer an onfamily rights advocacy. He co-founded The demand pay solution. While we have been in Alicia and Jason Lee Foundation with his hypergrowth since our launch, we have barely wife, Alicia, in 2020. He is an ardent sup- scratched the surface of the market opportuniporter of organizations focused on fair rep- ties in our product lines. resentation, equity, and re-entry including How do you define the DailyPay differThe Kalief Browder Foundation, House of ence and what sets the company apart in Renewed Hope, Innocence Project, and Defy the industry?

Ventures, all of which focus on the rights of DailyPay builds and scales with purthe falsely accused, in particular for those pose and principle to ensure the highest who do not have the resources or means for level of accessibility in a reliable manner fair representation. Lee is a graduate of the at all times.

University of Pennsylvania.

We support employers with: •A full service offering with no change COMPANY BRIEF DailyPay (dailypay.com), to existing payroll processes. The versatility, powered by its industry-leading technology white-glove service, agility, and innovation of platform, is on a mission to build a new finan- DailyPay has powered our award-winning platcial system. Partnering with America’s best- form, recognized consistently as best-in-class by in-class employers, including Dollar Tree, industry experts.

Berkshire Hathaway and Adecco, DailyPay is •KPI reporting and analytics – we provide the recognized gold standard in on-demand simple, transparent, compliant reporting at the pay. Through its massive data network, pro- partners’ fingertips. This includes compliance prietary funding model and connections into reports and employee adoption trends to ensure over 6,000 endpoints in the banking system, program success.

DailyPay works to ensure that money is always •No wage deductions in the right place at the right time for employ• F ortress capital position with ample ers, merchants and financial institutions. liquidity and funding DailyPay is building technology and the mindFor employees, we provide: set to reimagine the way money moves, from •Access to pay wherever and whenever the moment work starts. you want it 114 LEADERS

•Simple and transparent experience with no hidden fees •Three ways to save •No debiting •24/7 in-house customer support How do you describe DailyPay’s culture?

Our biggest strength is our people, united by our shared values and purposedriven by our mission. Our culture, extending from how we recruit to how we serve our end-users, is founded upon the following seven values: •Do your Research: We rigorously research, study and share our knowledge.

•Start Simple: When taking on something new, DailyPayers start simple. Test, learn, iterate.

•See the Circle: Every DailyPayer is personally committed to our mission and we are all working towards the same goal. We collaborate cross-functionally to ensure our partners and users benefit from the full breadth and depth of our team.

•Pull the Wagon: DailyPayers know that winning takes teamwork, ambition and diligence – not egos. We pitch in and do whatever it takes, while our leaders pull the wagon alongside the team.

•Move the Line: We consistently challenge ourselves and each other to focus on incremental improvement. We embrace change and innovation and are never complacent with our market leadership.

•We Win with Diversity: Diversity is more than just the sum of our many parts. It’s not just the right thing to do, but how we win. Whether through our diversity of backgrounds, experiences, opinions, or views, it’s how we build a sustainable business.

•Act Like an Owner: We seek the best long-term outcome, even if it causes short-term sacrifice. DailyPayers are maniacally focused on the long game, building the best solutions for our stakeholders.

DailyPay also supports employee career development and is proud of our internal career progression and mobility. At DailyPay, we strive to create an inclusive, positive work culture in so many ways and offer a wide range of benefits – equity ownership, free workout classes, meditation, care packages, holiday activities, mental wellness care, and unlimited PTO. VOLUME 44, NUMBER 4

“DailyPay’s full-service on-demand pay solution is fueled by Pay Balance, a digital representation of money employees have already earned, empowering them to track, budget, spend and save what is rightfully theirs, whenever they want.”

Will you pr ovide an overview of DailyPay’s solutions and industry expertise?

DailyPay’s full-service on-demand pay solution is fueled by Pay Balance, a digital representation of money employees have already earned, empowering them to track, budget, spend and save what is rightfully theirs, whenever they want. Pay Balance increases in realtime as employees work, creating the effect that they have already been paid. DailyPay has spent the last five years building technology that can accurately determine a consumer’s Pay Balance in real-time. Through Pay Balance, DailyPay is completely reimagining the way that money moves. Employees can now enjoy unprecedented financial freedom instead of waiting until payday like the archaic financial system of yesteryear.

Along with DailyPay’s on-demand pay solution, we recently launched our ExtendPX product, which allows HCM providers to provide on-demand pay directly to clients through a powerful open API. In the past year, DailyPay introduced the PayEx Platform which upgraded DailyPay from a singular product to a holistic, pay experience ecosystem. DailyPay has loaded four unique products, designed for both employers and employees, onto the platform to provide a contactless, seamless pay experience.

Will you discuss DailyPay’s commitment to innovation and where innovation is taking place in the business?

Innovation is embedded in DailyPay’s name and platform. We’re always anticipating what the next need is going to be. This year alone, we announced three new products (REWARD, ExtendPX, RTP Network), a rebrand campaign, our Series D funding announcement, and much more.

DailyPay recognized gaps in the payroll and financial systems and developed solutions accordingly. For example, many HCM providers don’t offer on-demand pay so DailyPay introduced ExtendPX which flips the system by bringing on-demand pay to employees via HCM provider. It’s a triple win solution that offers HCM providers a flexible menu of modules to embed an on-demand pay solution that’s right for them.

Our recent rebrand campaign is a result of DailyPay’s desire to stand apart from other industry players. It was an excellent opportunity to dig deep and reassess our purpose – how it has expanded from helping employees take their first steps toward financial freedom to creating VOLUME 44, NUMBER 4

the world’s next financial system by rewriting the invisible rules of money. We worked months on our brand messaging, even to the meaning of our logo. The “flipping coin” or “sunset” symbolizes how DailyPay is flipping the financial system by building a financial technology platform that starts working the minute work starts.

How critical is it for DailyPay to build a diverse and inclusive workforce?

At DailyPay, we prioritize our employees and take our DEI initiatives seriously. We believe that we can only succeed when we actively chase after diversity and inclusion internally and externally. “We win with diversity” is a core value that influences everything we do, from recruiting to product design to community engagement. Last year, DailyPay formed its first Diversity Leadership Committee consisting of DailyPay members who work with the C-suite team to create a more inclusive culture. We also have employee resource groups (ERGs) that make an effort to not only uplift but educate our DailyPayCommunity. We’re proud to have built dynamic employee resource groups that provide mentoring, career development, networking, and many more opportunities.

Our four ERGs are a cornerstone of our culture. Currently, DailyPay offers the following resource groups for our employees: •DailyPride – group of DailyPay employees who identify as LGBTQIA+ •DailyNoire – group of DailyPay African American/Black employees •DailyWomen – group of DailyPay women employees •DailyGray – group of DailyPay employees with a wealth of work experience Will you elaborate on DailyPay’s focus on being a purpose-driven company?

The DailyPay platform is redefining the way businesses relate to their employees.

For employers, we offer a universal solution that benefits employers and seamlessly integrates into any payroll system without adding additional burden to a company’s current workforce and finances. Companies with DailyPay have been able to fill open positions 53 percent faster than those who don’t offer it. The Mercator Advisory Group recently published a study detailing how DailyPay delivers superior productivity, retention and engagement gains, including a 35 percent improvement in turnover. DailyPay is now the must-have benefit for employers competing in a digital world.

For employees, one of DailyPay’s long-term goals is to help every American worker achieve financial stability. That is no easy feat. However, with DailyPay, employees are one step closer to achieving financial freedom and stability.

According to recent research, 59 percent of employees using DailyPay are more motivated to go to work and 80 percent report that their satisfaction with their employer has improved.

With DailyPay’s Pay Balance, employees have full transparency into how much they’ve earned enabling them to take the next best financial step, whether it’s working an additional shift or putting a certain percentage into savings. But we don’t stop there. DailyPay equips employees with financial literacy resources to guide employees in the right financial direction.

DailyPay is headquartered in New York.

What are the keys to New York’s recovery and rebuilding from the pandemic?

Safety has been the top priority in New York and at DailyPay. With a majority of New Yorkers receiving the vaccination, New York was able to gradually lift restrictions. For the past year and a half, DailyPay employees have been working remotely. However, as the state slowly started to recover, we wanted to offer our employees various work options. We devised a strategic roll out plan that closely matched our city’s recovery plan. Prioritizing our employees’ health and safety, we’ve been opening our company doors in phases to offer the option to work in the office and to slowly ease back into a “normal” workplace. We’re consistently monitoring the current COVID situation in New York and preparing for any unforeseen circumstances.

What advice do you offer young people interested in a career in the industry?

DailyPay has a paid internship program that students can apply to. They will be connected with a DailyPal, a buddy system, and be mentored by a direct manager. Every intern receives an orientation to learn more about the company and culture as well as training and networking opportunities. Another great way to learn more about the industry is to connect with people in the industry. Simply shoot employees a LinkedIn message and ask them out on a virtual or physical coffee chat to learn the ins and outs of the on-demand pay industry. Search for networking opportunities to get your foot in the door and to network with other industry professionals.

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READY TO OWN A PIECE OF THE BIG APPLE

Purchasing a home in such a diverse area as metro New York requires a lender with a strong suite of mortgage products that can serve the special financing needs of its residents. At Citizens, our financial strength allows us to offer clients a variety of mortgage options, such as condo and co-op* financing, first-time homebuyer products, renovation construction-to-permanent loans, jumbo loans and much more.

We look forward to serving you in the New York metro area, as part of the acquisition of Investors Bancorp, along with the HSBC branch transaction.

With support throughout the entire borrowing process, the team at Citizens is positioned to help you.

Ace Watanasuparp NMLS ID# 483972 National Director of Strategic Sales 917-859-6439 ace.w@citizensbank.com

Thomas Drew NMLS ID# 485350 Regional Sales Manager Metro NY 516-410-2674 thomas.drew@citizensbank.com

*Financing for co-ops is available only in New York City’s five boroughs and the counties of Nassau, Rockland, Suffolk, and Westchester. Mortgages are offered and originated by Citizens Bank, N.A. Citizens is a brand name of Citizens Bank, N.A. (NMLS ID# 4433960). All loans are subject to approval. Equal Housing Lender. © 2021 Citizens Financial Group, Inc. 1584314_HL21

NEW YORK CITY

Cultivating Relationships An Interview with George A. Stamboulidis, Partner, BakerHostetler EDITORS’ NOTE A seasoned litigator, and experience in many industries, George Stamboulidis has tried dozens including energy, media, manufacof complex federal jury trials as a turing, healthcare, financial services prosecutor and as a defense attorand insurance, consumer products, ney. Recognized for his experiand hospitality. ence in the areas of white collar and business defense, he is regularly Will you highlight BakerHostetler’s engaged by corporations, directors history and heritage and what have and officers to advise and defend in been the keys to the firm’s growth complex federal grand jury and regand success in New York? ulatory investigations. He counsels BakerHostetler was founded in and successfully represents Fortune 1916 when Cleveland’s former mayor, George A. Stamboulidis 100 companies on FCPA issues, attorney Newton D. Baker, and two of including conducting reviews to his friends each deposited $500 into a make best practice policy enhancements to cor- firm account. Today, we are among the nation’s porate compliance policies, revise and optimize top 100 law firms, with nearly 1,000 partners and corporate training programs, and conduct test- associates across 17 offices contributing to our ing to ensure that the policy enhancements are clients’ successes. The values they share are the followed. He also routinely advises on enhanced same ideals on which our firm was founded: love due diligence. Stamboulidis is trusted for his and respect for the law, respect for each other integrity and sound judgment in corporate mon- and the courage to make hard decisions on the itorship positions. He has been appointed a fed- basis of what our attorneys know to be right. eral monitor five times by the U.S. Department In 2001, our New York office was founded of Justice (DOJ). Stamboulidis is Managing with those same values and in that same entrePartner of BakerHostetler’s New York office and preneurial spirit. Like our founders – together co-leader of the firm’s White Collar, Investigations with two friends, I opened our New York office and Securities Enforcement and Litigation team, in July 2001, just two months before the 9/11 which is ranked in Chambers USA: America’s attacks. Twenty years later, we’re emerging Leading Lawyers for Business. He is a nationally from a pandemic with nearly 200 attorneys in recognized lecturer on corporate criminal liabil- New York and a platform that supports a wide ity and the use of proactive defense tactics, and range of major-league practices including litigahe regularly presents to members of the finan- tion, white-collar defense, securities, corporate cial services, insurance, pharmaceutical, energy, and capital markets, e-discovery, cybersecurity construction and real estate industries, among and data privacy, restructuring and bankruptcy, others. intellectual property and more.

An important part of our growth and success FIRM BRIEF BakerHostetler (bakerlaw.com), one in New York can be attributed to our 12-year role of the U.S.’ largest law firms, represents clients as counsel to the Securities Investor Protection around the globe. With offices coast to coast, its Act (SIPA) Trustee for the global liquidation of nearly 1,000 attorneys litigate cases and resolve Bernard L. Madoff Investment Securities LLC disputes that potentially threaten clients’ com- (BLMIS), one of the largest financial frauds in petitiveness, navigate the laws and regulations U.S. history. The New York office has overseen that shape the global economy, and help clients the unprecedented BLMIS liquidation on a global develop and close deals that fuel their strategic basis, managing more than 1,000 lawsuits involvgrowth. The firm has six core practice groups: ing approximately 4,000 defendants worldwide.

Business, Digital Assets and Data Management, Significant money is rarely recovered for victims Intellectual Property, Labor and Employment, of Ponzi schemes, however, we have recovered Litigation, and Tax. Within these groups are more than $14.46 billion on behalf of the SIPA several large specialty practices, including anti- Trustee for distribution to Madoff’s victims, reptrust, bankruptcy, healthcare, energy, middle resenting nearly 80 percent of lost principal. market mergers and acquisitions, complex We’ve been able to take our experience with this commercial litigation, data privacy and secu- unprecedented matter and leverage it to build rity, patent prosecution and international tax. a Chambers-ranked E-Discovery and Advocacy BakerHostetler attorneys have broad knowledge Management team.

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We’ve also been incredibly strategic in developing our privacy practice, which is led out of New York. We are the first firm to launch a practice group around the concept of “everything data” – our Digital Assets and Data Management Group, which has been named a “Cybersecurity Powerhouse” by BTI and a “Pacesetter” in Cybersecurity Services by ALM Intelligence Pacesetter Research.

Importantly, our White Collar, Investigations and Securities Enforcement and Litigation practice in New York got off to a fast start and continues to be one of our premier offerings, with our firm having been appointed as a federal monitor five times by the Department of Justice. With deep experience as independent examiners and receivers, our core group of former assistant U.S. attorneys and SEC enforcement attorneys has propelled the firm to become a national leader helping corporate clients navigate government investigations and implement best practices to mitigate risk. Our growth has been driven by our success in retaining excellent talent and staying on the cutting edge of new and developing areas of legal practice.

How do you define the BakerHostetler difference and what sets the firm apart in the industry?

The BakerHostetler difference starts with our attorneys and their commitment to our clients. Our priority is understanding the businesses of our clients and letting that dictate our legal strategy. We also value retention and relationship-service as a key to success – we have some clients who have been with the firm since its inception, and many who have worked with us for decades over hundreds of matters. These institutional relationships continue to grow not just because we provide clients with excellent legal advice, but because we care about their growth and success. We know their employees, we visit them regularly (including frequent virtual check-ins during the COVID-19 pandemic), and we learn about trends and challenges in their industries. In short, we know where they have been and we know where they want to go – our job is to help them get there. Our emphasis on relationships has also been the key to building our client base as the firm continues to expand into different markets in the U.S., including the Southeast, Texas, Mid-Atlantic and West Coast regions.

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How do you define BakerHostetler’s culture and what have been the keys to mainlining culture as the firm has grown in size and scale?

The firm fosters a culture of respect and teamwork, while nurturing generosity within the communities where we live and work. We embrace people of diverse backgrounds and viewpoints because doing so makes us a stronger law firm and enables us to provide the most effective counsel to our clients. This culture of respect and decency has enabled us to grow to nearly 1,000 attorneys across 17 offices coast to coast. We opened offices in Dallas, San Francisco and Wilmington, Delaware, in 2020 – even amid the COVID-19 pandemic. Those shared values are what has driven and sustained our growth.

How critical is it for BakerHostetler to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

At BakerHostetler, our commitment to diversity and respect for people of all backgrounds is essential to our identity and to our business. Recruiting, developing and promoting diverse talent enables us to best serve our clients and makes us a stronger, more successful firm. Our commitment to inclusion and diversity promotes the best in our practice, leadership and community. Fostering a supportive, inclusive environment allows us to bring together a variety of perspectives and experiences to provide creative solutions for the challenges our clients face. Greater understanding and appreciation for issues of race, gender, sexual orientation and culture also makes us better attorneys, a stronger firm and a more respectful place to work.

As part of our commitment to increasing diversity we are participating in the Mansfield Rule 5.0 Certification process, which launched on July 15, 2021. The goal of the Mansfield Rule is to boost the representation of historically underrepresented lawyers in law firm leadership. It also seeks to offer a platform for firms to work together to progress as a community rather than attempting to make progress in isolation. This initiative has become the standard by which law firms in the United States track and measure that they have affirmatively considered at least 30 percent women, lawyers from underrepresented racial and ethnic groups, lawyers with disabilities, and LGBTQ+ lawyers for top leadership roles, senior-level lateral hiring, promotions into the equity partnership and participation in client pitch meetings. We are extremely proud to be a Mansfield participating firm and believe it will lead to greater success for our firm and our clients.

Will you highlight BakerHostetler’s commitment to pro bono work?

Pro bono service is a core value ingrained in our firm’s culture. BakerHostetler was founded by partners who were active in giving back to the communities where they practiced.

This dedication endures today, over a century later, through the firm’s delivery of legal services to underserved and underrepresented communities. We recognize the importance of applying 118 LEADERS

our expertise and resources to assist those in need. When the firm accepts a pro bono matter, we are committed to supporting that representation fully, with the same standards of professionalism, excellence, and respect as any other work undertaken by the firm.

BakerHostetler partners on pro bono matters alongside a wide range of social justice and civil rights organizations, including the American Civil Liberties Union, Human Rights Campaign, Transgender Legal Defense & Education Fund, Volunteer Lawyers Project, Her Justice and The Veterans Consortium, just to name a few.

“The BakerHostetler difference starts with our attorneys and their commitment to our clients. Our priority is understanding the businesses of our clients and letting that dictate our legal strategy.”

What do you see as BakerHostetler’s responsibility to the communities it serves and to being a force for good in society?

Our firm was founded by lawyers with public service backgrounds in government, who then brought that commitment to community support into their legal practice. We take seriously our calling to be a force for good in our communities. Beyond encouraging our attorneys to achieve the level of pro bono services established by the American Bar Association, we encourage participation in local communities through volunteer efforts and charitable contributions. Our lawyers and personnel hold

leadership positions with a wide variety of local and national nonprofit organizations. They serve on and advise civic, social, educational and commerce-focused boards throughout the country. Our entire New York office participates annually in events like Cycle for Survival, a Legal Aid Society fundraising drive and various clothing and food donation drives to help support those in need.

What are the keys to New York’s recovery and rebuilding from the pandemic and how critical is a strong public/private partnership to New York’s future success?

The key to New York’s recovery is in our shared community – our people, our government, our businesses working together. A strong public/private partnership is critical to New York’s future success. To bring this interview full circle, I mentioned that we launched our New York office in the shadow of 9/11. On that awful day 20 years ago, the only house of worship in New York that was actually destroyed was the Saint Nicholas Greek Orthodox Church located near the World Trade Center. BakerHostetler has supported the effort to rebuild Saint Nicholas through pro bono assistance, and for me personally as a member of the Greek Orthodox faith, I continue to serve as a member of the Friends of Saint Nicholas board of directors. It’s another reflection of how being a part of our community is such an essential part of who we are as a firm. Now 20 years after its destruction, we are about to complete a total reconstruction of the church and national shrine which will be open to all. Our partnership with Saint Nicholas has literally been about the rebuilding of New York and we look forward to more opportunities to partner with the community as we emerge out of the pandemic.

What advice do you offer young people interested in a career in law?

At the end of the day, being a lawyer is about personal relationships and helping clients navigate and solve their challenges. People and businesses come to you with their most pressing issues. Our work is about solving the problem, but it’s also about creating an environment of mutual respect and trust that allows you to work as a team to get the best results in the most efficient way. That’s true not just of the relationship with clients, but also with your co-workers, your co-counsel – even adversarial counsel.

The better your relationships, the more effective and efficient you can be with your practice.

Many times, after a hotly contested litigation, my former opposing counsel will refer clients and matters to me. That is the greatest testament you can have as a lawyer and it happens because you treat others with respect. I always tell young lawyers the simple advice to work hard, always be prepared and give every matter your best effort. My advice to young people is to pursue those interests because the law is a fascinating profession. I also encourage them to understand that your reputation will ultimately be one of your greatest assets. It’s truly a collaborative profession and I’m very fortunate that BakerHostetler is a firm that places a premium on cultivating strong relationships.

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NEW YORK CITY

A Reputation for Excellence and Integrity An Interview with Scott Durkin, Chief Executive Officer, Douglas Elliman EDITORS’ NOTE Scott Durkin FIRM BRIEF Established in 1911, joined Douglas Elliman in 2016 Douglas Elliman Real Estate (elliman.com) after a 26-year career with The is the largest brokerage in the New York Cor coran Gr oup in New York Metropolitan area and the third largest and recently assumed the role of residential real estate company nationCEO. Since beginning his career wide. With more than 7,000 agents, as a sales agent in 1991, Durkin the firm operates approximately 100 grew his reputation, becoming a offices in New York City, Long Island, protégé of Barbara Corcoran and the Hamptons, Westchester, Connecticut, working dir ectly alongside her New Jersey, Florida, California, Colorado, for many years. He was directly Massachusetts and Texas. Moreover, involved in many major mileDouglas Elliman has a strategic global Scott Durkin stones, including the sale of the alliance with London-based Knight Frank company to NRT/Realogy and the Residential for business in the worldwide acquisition of brokerages in the Hamptons, luxury markets spanning 61 countries and six Palm Beach and New York. During his tenure continents. The company also controls a portfolio at Corcoran, he also held several corporate of real estate services including Douglas Elliman positions including Chief Operating Officer Development Marketing, Douglas Elliman Property and Senior Managing Director of the Chelsea Management and Douglas Elliman Commercial.

Flatiron office, which ranked in the top 10 nationwide of all Realogy companies during Will you highlight Douglas Elliman’s history the 11 years of his leadership. Durkin serves and heritage and what have been the keys on the board of directors of God’s Love We to the firm’s growth and success?

Deliver, for which Douglas Elliman agents Douglas Elliman was founded in 1911 in and staff have been instrumental in helping New York City and more than a century later to raise over $1 million for clients of the orga- has grown to become one of the largest residennization too sick to shop or cook for them- tial real estate brokerages in the nation. We have selves. He is also a board member of the Have earned our reputation for excellence and intega Heart Animal Welfare Fund and sits on rity, and we empower our agents to embody the committee for the 2020 Breast Cancer those values every day. We have strategically Research Foundation Palm Beach luncheon. expanded to all of the regions our clients call He is an avid equestrian who is active in the home – Westchester, Connecticut, Long Island, United States Dressage Federation and the the Hamptons, California, Colorado, Florida, United States Equestrian Federation.

Massachusetts and Texas.

Douglas Elliman may not be in every market, but we are everywhere our clients want us to be. Our global affiliation with Knight Frank sets us apart like no other company. We are not a franchise; we are a independently held, integrated company with the same DNA, whether you work in Montauk, Malibu, Miami or Massachusetts.

How do you define the Douglas Elliman difference and what sets the firm apart in the industry?

As one of the largest independent real estate brokerages in the country, Elliman is a force to reckon with in this highly competitive industry. We are a private company, not a franchise. Our leaders all possess the same professional DNA, with long and varied real estate backgrounds, committed to maintaining a deeply entrepreneurial and collaborative Elliman culture.

In keeping with our commitment to be the number one technology – driven real estate brokerage in the country, we launched MyDouglas, a powerful and exciting single-sign-on portal designed to help our agents easily manage their business and build their brands.

How do you define Douglas Elliman’s culture and what have been the keys to maintaining culture as the firm has grown in size and scale?

A lot of brokerages talk about their agent count, their stock price, their technology and their sales volume. That’s all well and good, but they don’t have what we have at Douglas Elliman: the best agents, managers and staff in

“Ours is a culture of connection and community among real estate professionals who provide a level of service that is unparalleled in the industry. It’s a culture steeped in a 110-year history of innovation, entrepreneurship and the power of yes, where our agent’s ideas are met with open minds and unwavering support.”

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“Our leaders all possess the same professional DNA, with long and varied real estate backgrounds, committed to maintaining a deeply entrepreneurial and collaborative Elliman culture.”

the business, all united by a powerful shared culture. Ours is a culture of connection and community among real estate professionals who provide a level of service that is unparalleled in the industry. It’s a culture steeped in a 110-year history of innovation, entrepreneurship and the power of yes, where our agent’s ideas are met with open minds and unwavering support. We are also bound by a genuine sense of friendship and mutual respect that inspires people at all levels and areas of the business to come together and reach new levels of success.

We have hosted events like Altitude, Summit, Winter Equestrian Festival in Wellington, Florida, and Hamptons Classic to bring Douglas Elliman and Knight Frank agents together as often as possible. Two years ago, I was in Dubai with 35 top agents learning about new residential opportunities in that incredible city. We also had 50 agents in London two years ago connecting with their peers from Knight Frank who were there from literally around the world. Around this time of the year, we’re usually busy touring all our regions to share updates to “The Wealth Report” with Knight Frank. The pandemic compelled us to pivot, so we hosted a company-wide webinar to discuss wealth and global markets and will be continuing with that this year.

At Elliman, we pride ourselves on a culture of entrepreneurialism, connectivity and the fact that we are a independently held company and that the DNA from office to office, whether it is in Malibu or Miami or Manhattan, is the same.

How did Douglas Elliman adapt its business to address the challenges caused by the pandemic?

Douglas Elliman is a technology-driven company. We utilize best-in-class technological tools to help our agents drive their business, be more efficient and to free them to focus on the most important aspect of real estate, and that is their relationships. COVID-19 compelled us to embrace telecommuting and remote work across the board.

The shelter in place experience showed us that the Elliman family is extremely adaptable and effective regardless of where we work from. During this time, we created a manual titled “Elliman Everywhere” in order to support our agents and their businesses from anywhere. Our technological resources allow our agents to be just as productive remotely.

What is the state of the New York real estate market coming out of the pandemic?

The Manhattan market continues to see rising prices, surging sales and more bidding wars. Activity has generally been up across the board and prices have rebounded somewhat as well. In Brooklyn, we are setting record prices consecutively each quarter pulling more listing inventory on the market and in Queens, price trend indicators set records as the number of sales doubled from last year. In Riverdale, sales reached their highest total in three years as price trends edged higher.

Long Island, the Hamptons and North Fork continue to stay robust markets. There are record prices, fast moving markets, lots of sales and limited inventory.

In Westchester, Putnam/Dutchess and Hudson Valley we continue to see robust conditions, record price growth, heavy sales volume and limited supply. These conditions are continuing to occur despite the rapidly improving conditions in the city.

What do you see as Douglas Elliman’s responsibility to the communities it serves and to being a force for good in society?

Elliman agents and employees are people who truly show up and do their part in standing up for the communities where we live and work. Across the country, they spot problems and bring solutions in the spirit of giving back. It is in our DNA. Through the corporate initiative Elliman Cares, we have raised money for God’s Love We Deliver, the AAPI Community Fund, St. Jude, the NAACP Legal Defense and Educational Fund, and much more.

In September, we hosted an Elliman Gives Back weekend with multi-city, multi-event days of service opportunities enabling our Elliman family members to participate in fundraising and volunteering across the country. In Florida we had the St. Jude Walk/Run for Team Victoria, we participated in the Ride for Love for God’s Love We Deliver in the Hamptons and at SoulCycle in Hudson Yards, volunteered in Los Angeles to help prepare and package client meals for Project Angel Food, and for those that weren’t in those locations, we invited everyone, wherever they were in the country, to use that time to give back in whatever way they could.

What advice do you offer young people interested in a career in real estate?

Lead your business with fearlessness and passion – the rest will follow.

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“Douglas Elliman is a technology-driven company. We utilize best-inclass technological tools to help our agents drive their business, be more efficient and to free them to focus on the most important aspect of real estate, and that is their relationships.”

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NEW YORK CITY

Building Trust An Interview with Kathryn Kaminsky, Vice Chair – US Trust Solutions Co-Leader, PwC EDITORS’ NOTE Kathryn Kaminsky which was launched just this July. oversees the largest Trust platform It brings together our combined in the world, bringing together the Audit, ESG, Digital Assurance and firm’s combined Audit, ESG, Digital Tax Reporting capabilities to best Assurance and Tax Reporting capahelp clients as they seek to build trust bilities to best help clients as they seek with their stakeholders. As co-leader, to build trust with their stakeholdI’m also responsible for the quality of ers. Previously, Kaminsky served service, excellence in the work peras the firm’s Tax Leader where she formed by over 21,000 partners and worked with clients to shape busistaff, developing diverse teams and ness strategy through an underdriving innovation. standing of the impact tax events What was the vision for Kathryn Kaminsky can have on an organization’s launching the Trust Solutions goals, as well as the opportunities platform? policy changes can present for cross-functional Our Trust Solutions platform was launched efficiencies. She is sought out as a leader- this July, alongside our new firm strategy, ship mentor and regularly speaks at universi- The New Equation, and we couldn’t be more ties, conferences and PwC functions regarding excited to be first movers to lead in this way career development. Kaminsky is also a member and we feel we are set to transform the proof the board of the United Way of New York City fessional services industry at-large. To develop and the Ronald McDonald House. She gradu- this new practice, which is the world’s largest ated from the University of Western Ontario and Trust platform, we started by doing a lot of is a certified public accountant in New York and listening – to our clients, our partners, our peoNew Hampshire and a member of the American ple and our stakeholders. We studied where Institute of Certified Public Accountants. the world is headed, what our competitors are doing and what our clients need in the coming FIRM BRIEF PwC’s (pwc.com) purpose – to build years. The need for organizations to build trust trust in society and solve important problems – is was a theme that really came through in these at the core of everything the firm does. It guides conversations. Gaining and maintaining trust how PwC serves its clients, its people and the is a critical success factor for virtually every world. To help its clients build trust and deliver organization. Under Trust Solutions, we bring sustained outcomes, PwC provides professional services across two segments: Trust Solutions and Consulting Solutions. Within these segments, it brings a range of capabilities to help organizations solve faster, solve more and realize more value. These capabilities include cloud and digital, deals, ESG, cybersecurity and privacy, governance/boards, risk, transformation, tax services and much more. Across its global network of more than 284,000 people in 155 countries, PwC is committed to advancing quality in everything it does.

together our Assurance and Tax Reporting capabilities to better serve the needs of our clients as they seek to build trust with their stakeholders and society at large.

How do you define the PwC difference and what sets the firm apart in the industry?

Our purpose at PwC is to build trust in society and solve important problems, and that starts with putting our clients at the center of everything we do. We are committed to our purpose and aren’t afraid to be bold and disrupt our business as the world changes – and it’s changing at a pace we’ve never seen before.

We take the time to listen, really listen, to our clients, partners and people. Business model changes are bold and brave moves, and ultimately, as first movers, we feel we can deliver greater value to our clients.

How do you describe PwC’s culture and how critical is culture to the success of the firm?

We’re a purpose-led business and PwC’s culture is extremely critical to the success of the firm. It starts with how we treat our people and also our clients. We are human led and tech powered, and invest heavily in bringing the best people, capabilities and technology together to support our clients. People are key to our culture and by investing in them and their success, we create better opportunities for everyone long term.

“Our Trust Solutions platform was launched this July, alongside our new firm strategy,

The New Equation, and we couldn’t be more

Will you provide an overview of your role and key areas of focus?

Client service is, and always will be, my biggest passion. As Vice Chair – US Trust Solutions Co-Leader at PwC, and a senior relationship partner on a few of our key accounts, I work closely with C-suite leadership, boards and senior management to help create and execute their strategic vision, and in this capacity I oversee the firm’s Trust platform 122 LEADERS

excited to be first movers to lead in this

way and we feel we are set to transform the professional services industry at-large.”

VOLUME 44, NUMBER 4

“Organizations can no longer solely rely on building trust with clients and teams. They now have the immense responsibility of gaining confidence from all stakeholders and society overall.”

How did PwC adapt its business to address the challenges caused by the pandemic and how proud are you to see the way PwC’s workforce showed resilience during this unprecedented time?

Proud doesn’t even cut it – I’m more confident than ever in the strength of our people and our firm because of how we responded to the pandemic. The care and resiliency our people showed during a really tough time was unlike anything I’ve seen. Never did they waver from our client-centric mentality; our people are a passionate community of solvers and they continued to put clients at the center of what we do and were able to deliver high-quality work – whether it be through the busy seasons of tax and audit or other engagements – while being remote and dealing with the complex circumstances of the pandemic.

Frankly, no one had ever done this before or had been faced with these particular challenges, so we had to be nimble on our feet for both the well-being of our people and to continue to provide valued services to our clients – there really has not been an emerging issue this complex during my career. Our teams didn’t miss a beat. We all had to learn to do our jobs differently and be cognizant of the unique situations that our clients and colleagues were in. I believe being flexible and nimble has made us stronger on the other side.

How critical is it for PwC to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

We are committed to increasing the diversity of our workforce and doing it with consistency and support for our people. Building a culture of belonging through diversity and inclusion is one of the most important things we do as a firm. It’s so important to us that last year we released our first Diversity and Inclusion Transparency Report which reports on our diversity strategy and data and the progress of our actions to have a truly diverse organization where our employees and partners have equal opportunity to reach their full potential.

Candidly, in addition to this being the right thing to do, it’s also good for business and will be a competitive advantage in talent recruitment and retention and also in the value we provide to our clients. It makes us stronger as a firm.

Do you feel that there are strong opportunities for women to grow and lead in the industry?

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In short, my answer is a resounding “yes.”

It’s particularly important to me to mentor female and diverse members of our profession to ensure they have the same opportunities I’ve had. We also need to remember how much the pandemic has set women back and stay committed to promoting gender equity. There are three things that I believe can help drive this promotion specifically within professional services. First, we should embrace the blurred lines between our work and personal lives. I personally have found that being open with colleagues and clients about what is going on in my life outside of work can help build the strongest relationships. This is so important for both women, especially working mothers, and working parents generally. Second, we should rethink responsiveness and balance priorities. I embrace what some may think are “small” habits, but ones that have big impacts, like blocking family time on my calendar and keeping my work and personal phones separate so I have moments that I can truly “check out.” Lastly, and I can’t stress this enough, strong allies at work – both male and female – are critically important for female advancement in the workplace. This has always been true, but it is especially crucial now as the pandemic has exposed where support systems may be crumbling, or nonexistent, for women.

It’s up to all of us to make our unique voices heard and to amplify the voices of others in the room who might be overlooked.

What do you see as PwC’s responsibility to the communities it serves and to being a force for good in society?

Organizations can no longer solely rely on building trust with clients and teams. They now have the immense responsibility of gaining confidence from all stakeholders and society overall. Edelman’s 2021 Trust Barometer found that for the first time, business is the most trusted institution in the world, overtaking NGOs, government and media. Eighty-six percent of survey participants expect CEOs to publicly speak out on one or more social challenges, and sixty-eight percent think that CEOs should step in when the government does not fix societal problems. This is a huge responsibility for the business community and we, as a firm, are doubling down. It’s why we refreshed our global strategy – to better serve our clients as they work to build trust with their stakeholders and deliver sustained outcomes.

What are the keys to New York’s recovery and rebuilding from the pandemic?

The challenges New York faces are no different than what many other cities are facing. Organizations must recognize that “business as usual” is no longer possible.

They are operating in a new normal. It isn’t solely about a fiduciary responsibility to shareholders, rather it’s also about advancing a good, purposeful agenda for their people and the communities they serve.

Now we know it’s also about safety. COVID has brought this realization front and center and society expects this of organizations and their stakeholders are demanding it.

But here’s the thing: embracing this isn’t just the right thing to do; it’s also good for business. The sooner business leaders and organizations recognize this and adapt to today’s landscape of serving a broader set of stakeholders and focus on how to proactively build trust with them, we’ll see a more accelerated pace of recovery.

Individually, there’s a role we can all play too. We still must practice safe social habits, but the more we go to restaurants or get takeout, check out shows and go shopping – that all helps the recovery.

What advice do you of fer young people inter ested in a car eer in the industry?

I have three pieces of consistent advice for our people. I encourage everyone to be bold – to always speak up and raise their hands for new experiences. I am also a lifelong learner and believe in the power of staying intellectually curious. Constantly asking questions and seeking opportunities to learn and grow can go a long way. And most important, people should have fun and enjoy themselves along the way. It is important to celebrate wins, both big and small.

I was a history major who has since spent my entire career in accounting, audit and tax and dedicated to client service, particularly in the financial services space – a sharp turn from social studies. I’d encourage young people to think about the leadership aspects of public accounting – the writing and storytelling that we help our clients with.

If you’re intellectually curious and open to learning, the industry can open doors for you that you never imagined.

•

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Passion and Purpose An Interview with Stephen B. Siegel, Chairman, Global Brokerage, CBRE EDITORS’ NOTE Prior to the merger What have been the keys to the with CBRE, Stephen Siegel was strength and leadership of CBRE’s Chairman and CEO of Insignia/ Global Brokerage business?

ESG. He initially rose to promiI always had a vision that it was nence in the industry at Cushman important to be a full-service company & Wakefield, wher e he became and CBRE represents that vision as Pr esident and CEO at age 37. there is literally nothing that a broker Renowned in the industry not only or client needs that we are not able to for the number of deals he has provide. We listen to clients and proclosed, but for his philanthropic vide solutions based on their specific activity, Siegel at one point in his situation and CBRE sets the trends for career sat on more than 16 nonthe industry. This is a key differentiator Stephen B. Siegel profit boards. In 2015, he was celefor CBRE and, along with the talent and brated, along with fellow honorees expertise of our team, is what has made Queen Latifah and Danny Meyer, for his con- us the industry leader. tributions to the Young Women’s Leadership Network’s CollegeBound Initiative, a program that creates opportunities for low-income students to attend college and serves nearly 13,000 students each academic year. He is regularly among the Commercial Observer’s Power 100, a yearly ranking of the most power ful people in New York commercial real estate, and has been named by Crain’s as one of the 100 Most Influential Business Leaders in New York City. In 2005, Siegel was featured in the Urban Land Institute’s book, Leadership Legacies: Lessons Learned from Ten Real Estate Legends and, in 2011, he was featured in the best-selling Commercial Real Estate Brokers Who Dominate: Eight Traits of Top Producers.

Siegel has also been honored with Commercial Property News’ Lifetime Achievement Award.

How is CBRE’s Global Brokerage business positioned for success during these FIRM BRIEF CBRE Group, Inc. (cbre.com) is the unprecedented times? world’s largest commercial real estate serWe needed to adjust our business in order to vices and investment firm with 2020 reve- address the challenges caused by the pandemic nues of $23.8 billion and more than 100,000 which included cutting expenses and adjusting employees (excluding affiliate offices). CBRE our workforce. This was a difficult time for all has been included on the Fortune 500 since companies, and we were committed to protecting 2008, ranking #122 in 2021. It has been our employees’ health while continuing to serve voted the industry’s top brand by the Lipsey the needs of our clients. We looked for ways to Company for 20 consecutive years and has create new business during the pandemic and to been named one of Fortune’s “Most Admired work with tenants and landlords to try to create a Companies” for nine years in a row, includ- level of security during this uncertain time. I do not ing being ranked number one in the r eal think that anyone could have imagined the length estate sector in 2021 for the third consec- and duration that the pandemic would have and it utive year. CBRE offers a range of integrated is still a challenge as we face the variants. services including facilities, transaction and What do you see as the impact of the project management; property management; pandemic on the future needs of companies investment management; appraisal and for office space? valuation; property leasing; strategic conI can only give you my personal opinion sulting; property sales; mortgage services, which is that while there will be physical changes to and development services. the office in the future to allow for social distancing

“Culture is created when people are together sharing ideas and building trust as a team which only happens in the office environment.”

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and more open and flexible spaces, I do not believe that there will be a significant reduction in the amount of space that is needed for companies to operate their businesses, even if they have hybrid work schedules. Many companies that talked about working from home as a long-term option early in the pandemic have realized that you need to be in the office interacting with your colleagues in order to build culture and drive collaboration.

Culture is created when people are together sharing ideas and building trust as a team which only happens in the office environment. Young people join companies to be a part of something and to feel the energy and build relationships which can only happen in the office.

What do you see as the key characteristics needed to be a successful broker?

You need to have a high energy level and a passion to be a part of the real estate industry no matter what particular area of the business you decide to pursue since there are so many facets and diverse opportunities in real estate. I tell young people interested in real estate to intern in the industry while they are in school and show their passion and interest for the business. There is no substitute for hard work, drive and commitment in order to be successful.

What is your outlook for New York City’s recovery and rebuilding from the pandemic?

I am always optimistic about New York City.

This City has gone through many challenging and difficult times and always recovers and comes out stronger. It is going to take time for things to recover, but New York will recover. Companies want to be in New York City in order to have access to intellectual capital, and the best talent wants to be in a city like New York. New York is already showing its vibrancy with busy restaurants and crowded streets. Sporting events are crowded, parks are full, tourism is coming back – now we need to get people back in their offices. There is no place like New York and its future is bright.

You have been a leader in the real estate industry for many years. Do you ever think about slowing down?

I do not think about slowing down. When you are passionate about what you do and respect and like the people you work with, there is no reason to slow down. When I go to a new business pitch, I have the same drive and desire to get the business as I did when I first started in the industry. If the time comes when this is no longer the case, which I do not expect will ever happen, that will be when I know it is time to slow down.

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VOLUME 44, NUMBER 4

NEW YORK CITY

Fostering Connections An Interview with Jim McCann, Founder and Executive Chairman, 1-800-FLOWERS.COM, Inc.

Jim McCann (right) with brothers Kevin (center) and Chris (left)

EDITORS’ NOTE In 1976, Jim McCann bought his first of many retail flower shops in the New York metr opolitan ar ea. 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 pr ovider of gifts designed to help customers express, connect and celebrate. The company’s e-commerce business platform features an all-star 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 126 LEADERS

a broad-range of products and services designed to help members grow their businesses profitably; Napco SM, 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.

What have been the keys to 1-800-FLOWERS’ industry leadership and how do you describe the company culture?

We believe in developing genuine relationships with our customers. We help them express and connect to the important people in their lives. Everyone appreciates being remembered, and that’s at the core of our work. Our company also has an entrepreneurial spirit. While we keep our mission front and center, we’re eager to embrace new technologies that help us reach more customers in better ways, whether that includes AI, automation or meeting customers where they are.

In terms of culture, we reward staff for experimentation. We encourage people to

dream big while staying outcome focused.

For example, last year under the leadership of Melissa Owen and Meredith Weinberg, we launched a digital peer-to-peer support platform called Connection Communities (1800flowers. com/connectioncommunities) powered by an app called Wisdo. This was outside our core gifting business, but we thought that creating a place for our community to have genuine dialogues in online forums dedicated to loneliness, relationship advice, and coping with loss, to name a few, was a risk worth taking. We now have a quarter of a million people in dialogue on our platform. You could say we’re relentless in the pursuit of improvement throughout the company.

How did 1-800-FLOWERS adapt its business to address the challenges caused by the pandemic and how proud are you to see the resilience displayed by your workforce during this uncertain time?

COVID-19 has obviously been devastating for many businesses, and we’re not out of the woods yet. For us, a company that focuses on fostering connections between people, it was a crucible. Lockdowns and quarantine isolated people, and it was extremely lonely and difficult for many. Not being able to sit with your family and friends is not a natural part of the human experience. We found that we’ve been uniquely positioned to expand upon our mission during the pandemic. It has been a crucial time to help people express themselves and connect to loved ones from a distance, even if that’s just a few frustrating blocks away.

We’ve continued to deal with all the dayto-day challenges of running any business.

Needless to say, the safety of our employees was of the utmost importance. We are always proud of our team, but their resilience and the way they stepped up to serve our community in such a difficult time blew us away.

1-800-FLOWERS is headquartered in New York. Are you optimistic about New York’s recovery and rebuilding as you look to the future?

I am cautiously optimistic, because I see great leadership in the business community as well as the not-for-profit and religious sectors.

However it takes strong governmental leadership to rally those forces. We have a new governor, Kathy Hochul, and it will be interesting to see how she addresses the economic and community recovery in the state as well VOLUME 44, NUMBER 4

as New York City. Add to that the upcoming city mayoral election, and there are lots of unknowns to factor in. I’m confident that businesses can rally as they have done every time they’ve been knocked down. Cooperation and commitment to staying and flourishing in New York will be key.

What do you see as the r ole that nonprofits and foundations can play in New York’s recovery and rebuilding?

Business and government programs will be critical parts of New York’s recovery. There is a lot of focus on these areas, but no doubt about it, nonprofits are part of this equation, too.

Many of our communities are really hurting right now and it’s going to take continued efforts by nonprofits to reach the most vulnerable people.

The critical role of nonprofits to New York was spelled out in June by the Human Services Council’s Recovery Taskforce. Its report acknowledged that nonprofits have long been a backbone of New York’s economic and social fabric. The combination of government resources and private donations provide services to over 2.5 million people in New York each year. That’s an impressive number of people served.

However, the current picture is far from rosy. The report goes on to explain the financial crisis facing nonprofits in the wake of the pandemic and urges a substantial increase in government funding. So we find ourselves in urgent need of the services of nonprofits, but there’s a severe financial crisis in the sector. The HSC report said a majority – 51 percent to be exact – reported a decline in revenue in 2020, with an average drop of nearly $9.1 million. HSC estimates New York could lose more than 1,800 nonprofits due to funding cuts and COVID-19 losses.

Obviously, government support is crucial, but there will always be a funding gap.

Corporations have an opportunity to step up to support nonprofits with money and expertise, if possible. They need to encourage volunteerism in their workforce. We can also raise our corporate voices in the quest for increased government funding for the nonprofit sector.

You personally commit your time and energy to many causes. How do you decide where to focus your efforts?

My brother Chris and I have dedicated our time and resources to Smile Farms, a nonprofit we founded to create jobs for people like our brother, Kevin, who has a developmental disability.

Smile Farms helps solve a real problem – the lack of meaningful work opportunities for this community. It helps people with developmental challenges earn a paycheck and build their selfesteem and confidence through being part of a team, gardening and seeing the fruits of their hard work. The organization now has 10 campuses in New York and is eyeing further expansion. We also have volunteer days for the 1-800-FLOWERS team members who can meet our Smile Farms farmers and get their hands dirty alongside them.

That has a tremendous impact on both groups – you can’t put a price tag on that feeling of being part of something special.

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Connection Communities Internet landing pages

One of our Smile Farms partners is the Independent Group Home Living Program (IGHL), an organization that provides residential, day, vocational and social engagement opportunities for 7,500 people with disabilities in Suffolk and Nassau counties in New York. It’s a stellar resource for people with intellectual disabilities, helping them realize their full potential and become contributing and integrated members of our communities. “Having our programs remain operational helped our greater community by employing 3,200 people during the pandemic,” said Walter Stockton, the CEO of IGHL, when we were talking about New York’s recovery. “This allowed the family members of those we support to go back to work as they were able.”

What have been some of the additional benefits of your philanthropy?

When you’re passionate about giving back to the larger community, it shows, and you can do so alongside likeminded people. Smile Farms truly exemplifies “doing well by doing good.” Not only has it brought our family closer together across generations, but it also serves as social glue at 1-800-FLOWERS. I have been so impressed by all the people who consistently volunteer to help Smile Farms.

What do you see as the responsibility that leading companies have to addressing societal need and focusing on more than just the bottom line?

Most large corporations have social responsibility built into their business model – and the word “responsibility” is in there for a reason. If social responsibility is done right, it can also benefit the bottom line. Many consumers want to support companies that positively impact the societies in which they work and do business. Team members also enjoy being part of a company that helps tackle societal need – especially if they can do practical, hands-on volunteering with their co-workers.

How critical is it for 1-800-FLOWERS to build a diverse and inclusive workforce that mirrors the diversify of its customers and the communities it serves?

I believe every company needs to take some time for self-reflection. Are our hiring practices fair and equitable? If not, how best can we encourage broader, more diverse recruitment? As a corporation that holds creating jobs for people with developmental challenges close to its heart, I believe we are aware of the barriers that can keep workers out of employment. We have diversity both on our team and on our Board and will continue to make every effort possible to recruit for diversity of backgrounds, thoughts and experiences.

What advice do you offer young people beginning their careers during this unprecedented time?

Get credentials in your field, then work hard and get “caught” doing it – your boss needs to see what you’re doing so you get the credit you’re due. Be present. Make sure you’re where the decisions are made and show people how involved and engaged you are and that you want to play a role. Assume that the word résumé is a verb and always think about building your résumé of experiences and relationships. Build relationships with a purpose.

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Creating Breakthroughs An Interview with Ana Kreacic, Chief Knowledge Officer, Oliver Wyman and Chief Operating Officer, Oliver Wyman Forum EDITORS’ NOTE Ana Kr eacic globally and $2 billion in revenue. Our leads the New York office of Oliver history engrained in us a strong entreWyman. She is the Chief Knowledge preneurial mindset and a thirst for Officer of the Oliver Wyman Group deep specialized knowledge, genuine and the Chief Operating Officer of partnership and compelling candor – the Oliver Wyman Forum. Kreacic with clients, colleagues and communihas extensive experience working ties. These principles give our people with clients on a range of issues, a lot of autonomy and empowerment including strategy, offer developto find better ways to work and make ment and start-ups. She is passionate lasting impact. Our people are one of about mentoring, immigrant causes our greatest strengths – and what’s and women’s initiatives. Kreacic kept me here for 18 years. We apply Ana Kreacic sits on the comp any’s Global the principles to help clients create Inclusion & Diversity Council and breakthroughs in their toughest chalserves as the executive sponsor of the Women of lenges and to contribute to society by driving Oliver Wyman (WOW). She has sat on boards of employment and economic growth. We use several nonprofits focused on the arts and inte- our global platform for the greater good in grating skilled immigrants. She received her BA education, the environment, disaster relief and in economics from the University of Maryland refugee support. and her MBA from the Wharton School.

How do you define Oliver Wyman’s culture and what have been the keys to FIRM BRIEF Oliver Wyman (oliverwyman.com) maintaining culture as the firm has grown is a global leader in management consulting. in size and scale?

With offices in 60 cities across 29 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation. The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan.

The Oliver Wyman Forum (oliverwyman forum.com) is committed to bringing together business, public policy, and social enterprise leaders to create innovative solutions to the world’s toughest problems. We use research, collaboration, and community building to help business and global leaders address the climate crisis, cyber risk, city readiness in a disrupted world, the future of mobility, the use of data, evolving consumer needs, and inclusion and diversity.

“Our history engrained in us a strong

entrepreneurial

mindset and a thirst

for deep specialized knowledge, genuine partnership and

Will you highlight Oliver Wyman’s history and heritage and what have been the keys to the company’s consistent strength and leadership in the industry?

Oliver Wyman has grown exponentially since I joined the firm in 2003. Merging from a collection of specialist boutiques founded in the 1980s, we now have more than 5,000 employees 128 LEADERS

compelling candor –

with clients, colleagues and communities.”

Culture is all about the alignment of one’s values and behaviors. We are a valuesdriven firm so every decision and action we take is tested against our values. We invest in a culture that supports and celebrates straightforward, open and respectful interactions based on trust and inclusion. We start by hiring people who share our values. These are self-starters who want autonomy and a culture of constant improvement and innovation. They also must work well in teams and believe that we can achieve the most if we have common aspiration and collective endeavor rooted with a strong moral compass.

Once we find these people, we enable them to move as fast as they are able through different stages of professional development.

Many of our people have longer tenure than other consulting firms, in part because of our culture and approach and because we attract individuals who love the service and impact of consulting.

Maintaining culture as a company grows is a never-ending task. Last year, all our global staff got together virtually for “Ollies” celebrations – our own Oscars celebrating our people’s personal and client achievements. All our partners still get together globally every year, strengthening our culture. We reinforce this with an organizational structure that views bureaucracy as something to be constantly pruned like the Japanese weed kudzu – otherwise it overwhelms its host.

Will you provide an overview of Oliver Wyman’s solutions and industry expertise?

We are well known for our work in the financial services industry, but today we have deep expertise across 11 industries. For example, in some countries, our work in private capital, transportation, retail and consumer goods and healthcare outpaces even our financial services presence. We are growing quickly in areas like media, telecommunications, technology, manufacturing and energy. Across these industries, our focus is on helping business and governments solve complex problems where we can create value and accelerate their impact. Increasingly, we are bringing to these industries not only our traditional strategy and risk capabilities, but our digital, organizational effectiveness, and operational capabilities. It is important to note that we are equally defined by what we don’t do.

We don’t tell clients what they already know or create theoretical plans that will sit on shelves.

VOLUME 44, NUMBER 4

“Culture is all about the alignment of one’s values and behaviors. We are a values-driven firm so every decision and action we take is tested against our values.”

One of our most ambitious endeavors is to help clients meet their net-zero carbon emission pledges. The challenge is enormous, and pathways vary, but we’re finding ways to help everyone from an oil and gas client convert a refinery to biofuel to the Glasgow Financial Alliance for Net Zero accelerate the global industry transition to net zero emissions.

Whatever the challenge, we’re able to harness the capabilities of Oliver Wyman, Lippincott and Marsh McLennan – to provide the most impact, whether in private capital or solutions such as restructuring, payments, risk and business performance transformation. Our clients seem to agree with our approach – 76 percent of them have told us we provide more impact than other management consulting firms.

How did Oliver Wyman adapt its business to address the challenges caused by the pandemic?

As a firm where most staff travel every week, COVID required us to adapt overnight.

First, we prioritized the safety and job security of our employees by cancelling travel and shifting to virtual work and events. We followed with a commitment to protect everyone’s jobs in the thick of the pandemic. As mental health stress rose, we introduced formal programs like group virtual meditations, buddy/manager virtual check-ins with every colleague, and training on ways to cope. We also had to adapt for many colleagues who finished school virtually and have only known virtual work and teaming.

With clients, all hands were on deck working closely on their immediate needs – ensuring liquidity, identifying cost reductions, solving for supply chain disruptions, and assisting government responses to COVID. We also mobilized a 50-plus cross-business team of experts in risk and healthcare to build the Pandemic Navigator. The publicly available tool provided real time data and analysis and was rated in the top three models globally by the Centers for Disease Control and Prevention’s COVID Forecast Hub – the only consultancy to achieve that ranking. Over time, our work shifted, and we focused on helping our clients build back better. We also tapped into the Oliver Wyman Forum, the hub for Oliver Wyman’s flagship research and a platform for engaging business, public policy and societal leaders. With so many fundamental shifts in the markets and our societies, and huge variances in the challenges VOLUME 44, NUMBER 4

and performance of firms, solutions require more cross-sector collaboration and innovation than ever before.

How critical is it for Oliver Wyman to build a diverse and inclusive workforce?

We think it is essential to build a diverse and inclusive workforce. At Oliver Wyman, we lead with inclusion to empower everyone equitably, and we aspire to something more – we want everyone to feel a true sense of belonging.

We know that when we create truly inclusive environments and cultures, we are more likely to attract and retain a richly diverse population.

If inclusion is our method, belonging is our goal and our accountability.

This means having, but going beyond, targets and metrics and inclusion councils and accountable leadership, which are all critically important. It means understanding individual progression journeys of our colleagues with targeted sponsorship and career planning to support them. It means fostering an inclusive culture that supports world-class talent, and a work environment of mutual respect. It is a way of life, rooted into our values, woven into our business strategies, and lived daily in the spirit of our firm culture. It means holding inclusion festivals, openly exploring topics such as disability, neurodiversity and social mobility, and valuing the individuality of each of our colleagues.

We believe that our differences make us stronger and encourage innovation and solutions. As an executive sponsor of Women of Oliver Wyman, I’ve personally seen the huge progress we can make within organizations and society.

What do you see as Oliver Wyman’s responsibility to the communities it serves?

Our goal is to positively and meaningfully impact our employees, clients and society. We do this in several ways. Part of the client work we do is explicitly focused on making societies better as I mentioned earlier with our climate initiatives or the Pandemic Navigator. Another way is through the Oliver Wyman for Society program. For example, we offer pro bono consulting services to organizations whose work improves communities and lives around the world. We don’t mandate top down which organizations and communities are chosen.

Instead, our local office teams volunteer and fundraise for organizations that address issues close to home. They also are heavily involved

in supporting the pro bono consulting efforts where we have multi-year relationships to help support longer term change.

We also take stands on some public matters – like our support for integrating refugees through job hiring and our climate commitments. As a global firm, it is important that we represent the societies that we operate in and the clients that we serve.

Oliver Wyman is headquartered in New York. What are the keys to New York’s recovery and rebuilding from the pandemic and are you optimistic about New York’s future?

We’ve been headquartered in New York for a long time, and we recently commemorated the 20th anniversary of the September 11th attacks when Marsh McLennan lost 295 colleagues and 63 consultants in the World Trade Center. So while the pandemic has been brutal, exposing strengths and vulnerabilities of cities, I’m optimistic about New York’s resilience. We are committed to this city. The recovery will take time and resources, including from the private sector. We will need to make sure the urban environment is safe and welcoming, but we also have a once-in-a-lifetime opportunity to rethink and reimagine our city and our priorities across transportation, retail, education, health and the highly digitized post-COVID economy.

We can work together to build a more sustainable, inclusive and resilient community if New York’s business and government leaders, entrepreneurs, residents, nonprofits and academia work together.

What advice do you offer young people beginning their careers during this challenging and unprecedented time?

Young people should expect to see more change – in their personal lives, on the job, and in the world – than many of us have experienced in decades. They likely will face bigger challenges and make strategic decisions far more frequently than their parents.

One of the best ways to remain resilient and relevant is to be adaptable and learn about new topics, challenges and industries.

Surround yourself with people you can learn from and find things that you love to do at work and outside the office. You need to learn to balance stress, which is a given in uncertain situations, and be honest and open in your communications, especially in listening and engaging actively.

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NEW YORK CITY

High-Quality Developments An Interview with Eran Polack, Chief Executive Officer, HAP Investments LLC and HAP Construction LLC EDITORS’ NOTE As CEO and HAP Investments is keenly Co-Founder of HAP Investments, focused on identifying and investing Eran Polack oversees a diverse in projects strategically situated in portfolio of residential and emerging and prime markets in the commer cial r eal estate that is New York metropolitan area. Founded renowned for its location, proxin 1998, HAP Investments has successimity to mass transit, and innofully acquired, designed and develvative construction and design. oped a diverse real estate portfolio.

He is an established entrepreneur HAP Investments leverages its with a long history of successful two decades of experience, knowlr eal estate ventur es in Easter n edge, and expertise along with its Eur ope, Israel and the United strategic partnerships to continuEran Polack States. Polack’s strengths are the ally assess and stay ahead of market early identification of emerging trends and best position its developregions and the development of projects tai- ments for financial success. The firm collored for those markets. He was one of the laborates with global partners including top first developers to identify East Harlem as lenders, investors, architects and brokers to well as the Jour nal Squar e neighborhood ensure each project is distinctive and delivered of Jersey City as areas in preliminary stages on time and within budget. Over the years, of urban revitalization. Polack was also an HAP Investments has built up an international early leader in the revival of Neve Tzedek, a business by understanding how to approach highly coveted neighborhood located in in the each market and adapt to the different laws, heart of Tel Aviv. zoning codes and customs of each location.

How do you describe HAP COMPANY BRIEFS HAP Investments LLC I n v e s t m e n t s ’ c u l t u r e ? (hap-ny.com) is a privately held, full-service The company’s talented and seasoned real estate investment and development com- professionals are passionate and fiercely pany. Founded by partners Eran Polack, Amir committed to every project and adhere Hasid, and Nir Amsel, the company is head- to a hands-on approach to all aspects of quartered in New York City with an office in development from start to finish. From Tel Aviv, Israel. For more than 20 years, HAP land acquisition through design, construction has developed a diverse portfolio of residen- and property management, HAP Investments tial and commercial projects internationally. carefully oversees every development to With a history of excelling in global markets, deliver premier quality and maximum value. the firm is currently focused on identifying Known for its entrepreneurial spirit and and investing in projects strategically situ- ability to navigate complex projects, HAP ated in emerging and prime locations within Investments has earned a stellar reputation the New York metropolitan area. Its U.S. port- for always persevering and building highfolio is currently comprised of 11 residen- quality developments despite any challenge. tial buildings totaling more than 1.8 million How did HAP Investments adapt its square feet of projects both completed and in business to address the challenges caused various stages of development. by the pandemic?

HAP Construction (hapconstruction.com) Renting and selling apartments in is a full-service construction management Manhattan was a significant challenge due company dedicated to building high quality, to high vacancies and the physical limitations contemporary projects that ar e deliver ed caused by the pandemic, but we were able on time and on budget. It is committed to to achieve many of our goals using remote using sustainable construction methods showings and other technology tools such and available green materials, saving on cost as virtual marketing and sales platforms. while also helping the environment.

Throughout the pandemic, we were able to renegotiate our construction contracts, as Will you highlight HAP Investments’ his- well as reorganize the company’s finances, tory and heritage and how the company to make sure our projects remained on time has evolved? and under budget.

130 LEADERS

Will you provide an overview of HAP Investments’ portfolio and current development projects?

HAP Investments was one of the first developers to identify East Harlem as well as the Jour nal Square neighborhood of Jersey City as areas primed for development. Before moving to the U.S., I was also an early leader in the revival of Neve Tzedek.

HAP Investments has continued to develop multifamily projects throughout the pandemic including the Maverick, a mixed-use residential development in Chelsea, as well as 65 Franklin Street in Tribeca and 500 Summit Avenue in Jersey City.

How critical is it for HAP Investments to build a diverse and inclusive workforce?

It is essential to build a diverse and inclusive workforce. Real estate development and construction must continue to be leading industries in this area in New York.

What do you see as HAP Investments’ r esponsibility to the communities it serves?

The company’s development approach features the deep respect for the communities in which it works, ultimately creating buildings that enhance the lives of both its residents and neighbors.

HAP Investments is headquartered in New York. What are the keys to New York’s recovery and rebuilding from the pandemic?

As New York City begins its recovery, we must all do our part to help the industries that were most affected by the pandemic including the entertainment and tourism sectors. It is essential to rebrand the city to make it exciting and positive again.

This will require public-private partnerships to create new projects like the High Line in Manhattan, which will help support local businesses along with the real estate industry.

What advice do you offer young people inter ested in a car eer in r eal estate?

Those interested in a career in real estate must work hard and be consistent, honest, and transparent in everything they do. Young professionals should also be open to learning from others including colleagues, partners and customers.

•

VOLUME 44, NUMBER 4

CORPORATE PURPOSE; INVESTING IN SOCIETY

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NEW YORK CITY

A Responsible Business An Interview with Rudolph (Rudy) Wynter, President, National Grid New York EDITORS’ NOTE In Rudy Wynter’s years. Today, we’re focused on building more than 30-year tenure at a smarter energy grid, enhancing storm National Grid and its legacy comparesiliency, promoting economic growth nies, he has served in several senior and preparing for the next generation and operational roles, most recently of cleaner energy. In fact, we’re transas Chief Operating Officer of the forming our electricity and natural gas company’s Wholesale Networks & networks with smarter, cleaner and more Capital Delivery business. He has resilient energy solutions to meet the also held senior positions of respongoal of reducing greenhouse gas emissibility in National Grid’s Shared sions to net zero, including from the sale Services, Customer Operations, of electricity and gas to customers – a Strategic Planning, Engineering, goal we announced last October.

Rudy Wynter and Operations. He is the President We’re doing this while keeping of National Grid’s New York busisafety, reliability, affordability and ness, leading the company’s regulated energy customer service at the forefront. Our energy delivery portfolio, which provides electricity and systems provide essential services to homes natural gas service to four million customers and businesses, and power economic sectors across the state. Wynter is a board member of the including manufacturing, healthcare, banking, Partnership for New York City, Energy Insurance nanotechnology, agribusiness, education, Mutual (EIM), Grid Wise Alliance and Green- defense, medical research and development, Wood. He is also a member of The American transportation, entertainment and tourism, Society of Mechanical Engineers, the American service industries, and much more. Though Gas Association, and the Edison Electric Institute. we’re one of the largest energy companies in the Wynter earned his bachelor’s degree in mechan- U.S., we know one of the keys to our success ical engineering from Pratt Institute and has an is fostering local relationships with customers, MBA from Fordham University. communities and other stakeholders.

How do you describe National Grid’s COMPANY BRIEF National Grid (national culture and how critical is culture to the grid.com) is an electricity, natural gas, and success of the company? clean energy delivery company serving more Culture is very critical to our success. It’s than 20 million people through its networks in the differentiator that makes us unique as a New York, Massachusetts and Rhode Island. company and it guides how our colleagues act, National Grid is transforming its electricity and feel and think. Culture represents our unique natural gas networks with smarter, cleaner and personality, expressing our core values, behavmore resilient energy solutions to meet the goal of iors and beliefs. It’s a huge motivational force reducing greenhouse gas emissions. As part of its for our colleagues and motivator for people to commitment to a clean energy future, National come work for us. If we want to attract the best Grid is a Principal Partner for COP26, the UN and brightest, we must have a culture in place global climate summit, which will be located in which people can thrive. We’re a purpose in the U.K. in November 2021. driven organization and people want to work for a company that makes a difference. To Will you highlight National Grid’s history keep culture meaningful and relevant to our and heritage in New York State and what colleagues, we must keep evolving to reflect have been the keys to the company’s today’s world and business best practices. consistent industry leadership?

Our culture is based on our three fundaIn New York State, we have a long tradi- mental core values: Do the Right Thing, Find a tion through our various legacy companies of Better Way and Make it Happen. These values providing natural gas and electricity service allow us to put customers and communities upstate and natural gas service in Brooklyn, Staten first, be transparent in our operations, and Island, parts of Queens and Long Island. We know help our most vulnerable customers in times our business is fundamentally linked to the overall of need. We’re passionate about living our economic health and well-being of the communi- values and for us doing the right thing is also ties we’re privileged to serve. Of course, the way ensuring everyone is respected and can bring we serve our customers has evolved over the their whole, authentic self to work. This enables 132 LEADERS

colleagues to fulfil their potential, find better ways to work together and deliver on our ambitions as a business.

How did National Grid adapt the way it works to address the challenges caused by the pandemic?

Like other businesses, we had to pivot and adapt right away. Like always, we had to ensure the safety of our colleagues, customers and communities, while continuing to deliver essential electric and gas services. Thousands of office colleagues now had to work from home – unprecedented circumstances for our office-based staff. Our Information Technology colleagues did a superb job in ensuring we had the necessary tools and capability to connect to our systems and communicate with each other. For some crucial areas like our electric and gas control rooms, we had to sequester colleagues for weeks at a time to ensure we had proper levels of staffing and on-site management. These services could never be comprom i s e d , a n d o u r c o l l e a g u e s made huge sacrifices in being away from their families. Our colleagues in the field ontinued their essential work, in compliance with the latest PPE and COVID-protocols.

At the same time, we had to focus on providing solutions to customers who were – and still are – suffering from the pandemic’s financial and personal impacts. We wanted to ensure customers knew we’re in this together and committed to helping them throughout the pandemic. We took some actions at the onset of the pandemic, including: • Donating nearly $1 million across New York State to support hunger relief, human services agencies and others • Providing enhanced economic development support to New York businesses producing critical pandemic supplies • Pausing disconnections and fees, late payment charges and collections-related activities and offering flexible payment plans • Launching extensive customer outreach through e-mails, letters, traditional and digital media, webinars, and calls to provide information on managing energy bills, offering flexible payment and billing options, and providing details on financial assistance and energy savings programs • Encouraging customers who are struggling to pay their bills to contact us as soon as possible so that we can help VOLUME 44, NUMBER 4

“Today, we’re focused on building a smarter energy grid, enhancing storm resiliency, promoting economic growth and preparing for the next generation of cleaner energy.”

• Offering the expertise of our Consumer Advocates to provide crisis intervention support for our most vulnerable customers, working closely with county Social Services and community assistance organizations.

How proud are you to see the strength and resilience of National Grid’s workforce during this unprecedented time?

I’m so proud of how our colleagues have risen to the occasion in the face of the pandemic. They continue to show incredible strength, courage and resiliency, adapting to the changes required to safely and reliably serve our customers. Many of them went the extra mile in providing food and essential care items to support our neighbors and first responders in the communities we serve. All our “business as usual” activities – storm restoration, customer service calls, infrastructure upgrades – were made more complex by COVID, but our colleagues have performed admirably throughout, no matter what the obstacle.

How critical is it for National Grid to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

As we reflect on a year of historic change throughout our country, we’re reminded of the need to continue to combat racism and intolerance. This was an opportunity for us to take a hard look at how we can recommit ourselves to pursue long-lasting change. In the last year, National Grid introduced its Responsible Business Charter, which identifies where the company can have the most impact on society.

Within this charter, the company has laid out several targets it must achieve to advance inclusion, equity, and diversity, including hiring, promotions, retaining diverse colleagues and transparency around progress. We’ve made good progress so far – we’ve hired a Global Chief Diversity Officer, put in place dedicated resources to support our Inclusion and Diversity efforts, and increased training and development opportunities for our colleagues – and we will continue to build on these key actions.

I’m pleased that we honored Juneteenth as a company holiday beginning this past June for all our colleagues, encouraging them to use the time away from work as a day of reflection and to celebrate Black communities, particularly in the neighborhoods where they live and work. Providing a level playing field for our colleagues for upward progression, creating VOLUME 44, NUMBER 4

more inclusive environments on our teams and really celebrating our differences, are more important now than ever.

What do you see as National Grid’s responsibility to the communities it serves and to being a force for good in society?

We’re committed to be a responsible business in everything we do. We do this first by delivering the electricity and gas that our customers and communities rely on. We’ll always do this reliably, safely, and in a fair and affordable way. We apply this responsibility every day based on our values – doing the right thing, finding a better way and making it happen. Society expects it of us, and we know we can make a positive impact.

We’re also committed to shaping a sustainable economy for all, in partnership with others in our industry and beyond. We have a responsibility to demonstrate our contribution to society more broadly – whether that’s by making sure young people today become the problem solvers of tomorrow, or in tackling climate change by reducing our own emissions through our own net zero plan, and helping our customers use energy more efficiently.

Responsibility and transparency have always been important to us. Over the past few years, we’ve taken a hard look at where we can create the most positive impact on society.

We adapted the way we manage our business responsibly, looking at everything from our strategic investment process to our role in the community and our business processes and policies. We’ve identified where we can have the most impact on society: the environment, the communities we serve, our people, the economy, and our governance. For each, we have set out commitments and how we will achieve them.

Another initiative I’m very excited about is something we’re calling Project C – C standing for community. We began Project C on September 17 with a day of service, furthering our proud partnership with the people and communities where we live and work. When you think about all our businesses in New York, we have a deep, rich legacy of community engagement. Project C provides us with more focused attention and resources tying together some key issues around the state to really launch a concerted effort to be there for those communities more than we’ve been in recent years. Key issues Project C will focus on include environmental justice,

workforce development, deeper community engagement and volunteerism.

National Grid has a strong presence in New York. How is the company supporting New York’s recovery and rebuilding efforts from the pandemic?

We must continue to support all our customers, especially those most vulnerable from the impacts of the pandemic. Making sure they have the resources they need from us, and pointing them to assistance programs outside the company too. I also see a recommitment to businesses across the state – especially small business – who’ve been overwhelmed from changes to the economy due to the pandemic.

Our local economic development and energy efficiency programs can play a key role in recovery. We know regional, county, and local economic development organizations have limited resources to support the entirety of their business communities under normal circumstances, let alone when there are seismic shifts in the economy. This is true even of communities that possess robust and diversified business ecosystems. That’s why we’re launching a Small Business Technical Assistance Support Grants initiative to provide funds for regional or local economic development partners to provide direct outreach and technical guidance to small businesses in our service territory. To complement this, our customer area is launching a program of value-added services specifically targeted to small businesses.

How is National Grid working to build the energy workforce of the future?

We’ve always valued reaching out to young people and promoting STEM education. The youngsters of today will be our colleagues of tomorrow. The energy industry is at a critical moment as we need to help enable the transition to the cleaner energy future we all want and need. We see our business playing an important role in that transition. Our net zero goals, while ensuring no customers are left behind, will offer exciting and challenging times for our colleagues. With all that, we’re committed to developing the next generation of engineers and energy company workers who are well-prepared to address the long-term needs of our industry. Through our comprehensive STEM programs, our partnerships with educational institutions, vocational schools and veterans’ groups, we’ll help build the energy workforce of the future.

•

LEADERS 133

NEW YORK CITY

Advocating for the Occupier An Interview with David Goldstein, Vice Chairman, Savills North America EDITORS’ NOTE David Goldstein region – a role I am honored to have, began his real estate career with especially considering how quickly Savills (then Studley) in New York the real estate industry is evolving, City in 1990. To date, he has pandemic and otherwise. Overall, my executed transactions valued in approach remains the same. I pride excess of $3 billion dollars across myself on being a trusted advisor the tri-state area and the United to my clients, but just as important States. As vice chairman, branch to me is offering mentorship to our manager of the New York City office, next generation of leaders across and a member of the Savills board the key disciplines of our occupierof directors, Goldstein provides strafocused platform. tegic dir ection and leadership The pandemic has turbocharged David Goldstein and has helped the New York office disruption across all industries so become a premiere tenant reprenavigating these new challenges sentation practice for the entire region. He is and unlocking opportunities for our tenant also a member of Savills’ national Law Firm clients is where I find myself spending most Practice Group and serves on the firm’s exec- of my time. Organizations are embracing more utive committee. He has represented clients dynamic ways of working and expect so much including Ralph Lauren Corporation, Wilmer more today than the execution of a traditional Hale LLP, Jones Day, Pillsbury Winthrop LLP, J. real estate transaction. They have complex Crew, American Securities, The New York Public workplace and workforce needs, often across Library, The Government of Canada, Skidmore multiple locations and/or regions. They Owings & Merrill LLP, Burberry, Covington & deserve to have the most up-to-date informaBurling, Kirkland & Ellis LLP, Abercrombie & tion and supporting analytics – and 24/7 access Fitch, John Wiley & Sons, Sprinklr, Pinebridge to true experts – to make the best real estate Investments, Fr eshfields, DKNY, United decisions for their respective organizations. We Healthcare and Tiffany & Co. He is an active offer a diverse community of experts working member of the Real Estate Board of New York, together as one to solve problems and accelthe DWH Foundation for Leukemia Research, erate change. and the Special Olympics. Goldstein earned a Where do you see growth opportuniBA in business administration, business, and ties for Savills during this unprecedented commercial real estate from the University of time?

Colorado at Boulder.

Nationally, we have made significant investments to our business – either via FIRM BRIEF Established in 1855, Savills (savills.us) acquisitions, strategic partnerships with is one of the leading real estate advisors in the world. Savills helps organizations find the right real estate solutions that ensure employee success. With services in tenant representation, workforce and incentives strategy, workplace strategy and occupant experience, project management, and capital markets, Savills has elevated the potential of workplaces around the corner, and around the world, for 165 years and counting.

third-party service providers and, of course, recruiting top-talent from across the industry.

Our growth has been commensurate with the resources we’ve invested in, specifically the disciplines of workplace strategy, labor analytics, project management and, of course, technology.

The office is no longer the place where people come to and shut their door, turn on their computer, do their work and then go home. It is a much more dynamic environment geared towards learning, training, mentoring and, ultimately, idea creation. We are finding that companies are evaluating the best way to meet these needs, whether it be through remote work, hybrid work, in-person work or some elegant combination therein. The last 16 months have shown us that, if anything, nobody really “wants” an office. They want what an office can “deliver” to the organization – culturally, physically, financially. Real estate decisions are no longer confined to the C-suite – they now touch stakeholders across HR, IT, finance, etc. – so offering a “community of diverse thought” seems like the best approach.

How do you differentiate Savills from its competitors?

We are the only major player that is dedicated exclusively to the needs of the occupier and, as a result, we tend to think differently around all these topics. When it is in your DNA to advocate rather than to “arrange” transactions, we feel that it unlocks bigger ideas and broader thinking around modern-day occupancy concepts.

“Organizations are embracing more

dynamic ways of working and expect so much

Will you discuss your role and key areas of focus?

I have been lucky enough to call Savills (formerly Studley) home for three decades now and have held several roles within the organization. Recently, in addition to my current, day-to-day responsibilities, I was named market leader for the New York 134 LEADERS

more today than the execution of a traditional real estate transaction.”

VOLUME 44, NUMBER 4

“The office is no longer the place where people come to and shut their door, turn on their computer, do their work and then go home. It is a much more dynamic environment geared towards learning, training, mentoring and, ultimately, idea creation.”

We think of what we do, we think of how we do it and, most importantly, we think about the why of what we do – which is all about advocating for the occupier. It is exciting to have a platform for creating change and for hopefully creating something very special that becomes a lasting legacy for an organization because, ultimately, the real estate footprint is a canvas upon which all the artistic and creative work gets done – and being a part of that drives us more than anything. Executing complexity if you will.

How critical is it to have a diverse and inclusive workforce in order to bring diverse perspectives and experiences to the table when addressing client needs?

If we go back to 2017, we put an increased emphasis on building a more robust diversity and inclusion platform to address some of the disparities in the industry in general since this is an industry that has traditionally been dominated by male players. In 2018, we announced the Building Inclusion and Diversity (BID) board which was designed to build awareness and establish dialogue around these initiatives and programs to make sure that diversity was a priority and was happening across all parts of the organization. Since June 2020, we launched specific initiatives designed to address the lack of racial and gender diversity within commercial real estate. We created employee resource groups (ERGs), beginning with Black Excellence United (BEU) and the Women’s Initiatives Network (WIN). These employee-operated networks collaborate across all business groups,

locations and company levels on recruiting, retention, collaboration and advancement for diverse members.

In October 2020, we launched the Junior Broker Development Program (JBDP) which is a 15-month rotational program aimed at providing candidates who have graduated from four-year institutions the opportunity to advance their respective commercial real estate careers.

The inaugural class was comprised of eight young professionals in New York City and two in Washington D.C. and was 90 percent diverse.

The associates were paid a full salary over the term. Once the term ended, 100 percent of the offers we made were accepted – a testament to the success of the program, but also to our inaugural class. We have expanded the program to Chicago, Los Angeles and Houston, and we welcomed our second class of junior brokers after Labor Day. This program reflects Savills’ commitment to offering a comprehensive education for the next generation of Savills associate brokers.

What are your views on New York City’s recovery and rebuilding from the pandemic?

The building blocks are in place as we are blessed to have the most educated and diverse workforce in the country – our talent is really our best currency. We also have a fighting spirit that is unique to New York, so I’d never bet against this great city. While there is robust ongoing debate over the long-term impact on offices and office space, the consensus is that there is a need to have a place for people to

“We are the only major player that is dedicated exclusively to the needs of the occupier and, as a result, we tend to think differently around all these topics.”

unite, congregate and collaborate. I think that the key to recovery is restoring the confidence in the safety of New York so that the 24/7 vibrancy of the community can really shine, which has been the driver for young people from all over the country and all parts of the world to want to come to work and live in New York. People come to New York because they want a diverse and interesting workplace, but they also want to experience sports, theatre, music and culture in a thriving community that gives back.

Are you surprised to see the type of growth and development in different parts of New York and in the boroughs?

The traditional geographic boundaries have shifted to the west and the south when looking at the population growth of the young and educated in New York. This is also true with the growth that has occurred in Brooklyn and the New Jersey waterfront. The infrastructure and transportation enhancements have allowed access to different parts of the city and has activated the growth and redevelopment of these areas.

What advice do you offer to young people interested in building a career in the industry?

I tell them that there is not one playbook for success, and you need to put your own imprint on every opportunity to become an invaluable part of your organization. You must give as much as you take, and you must immerse yourself culturally in the mission of the organization. You cannot be afraid to bring ideas to the table that may get rejected because it is ideas that ultimately unlock opportunity.

Learn every aspect of the business – i.e., leasing requires finance expertise, understanding of capital markets, underwriting skills, etc., so be well-rounded.

What has made the industry so special for you?

I value the mentorship that I have received throughout the years from those within the firm and the industry at large as I was growing my career. There are so many people that gave their time and expertise to help me unlock my potential and it is very rewarding to now be that person for some of the younger people in the industry. It is a privilege to be able to be a part of the growth and success of the next generation of leaders and to watch the impact that they are making for the organization and our clients.

•

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72%

80% 80% of the Fortune 200 who offer on-demand pay use DailyPay to create a better culture that increases retention and fosters diversity, equity and inclusion.

72% of workers with increased financial stress due to the pandemic, and 57% of employees who did not are looking for an employer who cares for their financial well-being according to a recent Josh Bersin report.

Learn more at dailypay.com.

NEW YORK CITY

Building Successful Partnerships An Interview with Kyle Wool, President of Wealth Management, Revere Securities LLC EDITORS’ NOTE Kyle Wool serves offering a full suite of services designed as President of Wealth Management around the unique needs of existing at Revere Securities and is also the a n d emerging entrepreneurs. Our Head of Rever e Private Wealth team has an exceptional track record Management which provides inteof expertise in all aspects of financial grated strategies designed to help markets including Wealth Management, build, manage and preserve wealth Private Wealth Management, Family for wealthy families, endowments Office Planning, Corporate Executive and foundations. Previously, he was Services, Institutional Trading and an Executive Director at Morgan Investment Banking.

Stanley and the head of The Wool Our core mission is for Revere to Group. Prior to Morgan Stanley, be a fully integrated financial partner Kyle Wool Wool was a Managing Director at that our clients can rely on for advice Oppenheimer and Co. Inc., and and assistance in all aspects and at all from 2010 to 2013 was based in Hong Kong stages of their financial lives. To walk you through where he served as a Managing Director of the an example of what a typical lifecycle with our Professional Investors Group for Oppenheimer clients often looks like: Our investment bankers Asia Ltd. Wool has been a featured speaker on identify an entrepreneur with a new, exciting Executive Services and Wealth Management at company and help raise money for that company, the China Entrepreneurs CEO & CFO Forum. assisting in taking them public via an IPO. Then He has also been a featured speaker on U.S. we engage the clients with our corporate execuMarkets and Foreign Direct Investments at the tive services to help them hedge and monetize the Fujairah U.A.E. International Business Forum. new wealth that was created via that IPO process.

He is active in various philanthropic endeavors Post IPO, we engage the founders with our Family both domestically and abroad. He currently Office division, which handles all of the sophistiserves as a board member of LifeLine NY and the cated planning structures that protect their wealth, CIRSD (Center for International Relations and as well as with our Wealth Management division, Sustainable Development) as well as the Lang which ensures that intelligent investments respect Lang International Music Foundation. In 2019, their risk tolerance and grow their money over Wool was honored by Crown Princess Katherine time at a reasonable rate of return to outpace with the LifeLine Humanitarian Award. inflation. Ours is truly an all-encompassing, enduring approach and it’s quite exciting.

FIRM BRIEF Revere Securities LLC How do you describe Revere Securities’ (reveresecurities.com) is a global broker-dealer culture and how important is it for the firm firm providing strategic and financial support to have an entrepreneurial spirit? to institutional investors, hedge funds and Entrepreneurial spirit is exactly what defines individual investors. The firm’s professionals Revere Securities. It is the most critical component are involved in all components of the sales and trading process and include extensive compliance and operational personnel. In addition, Revere Securities provides differentiated corporate access, helping institutional clients gain access to management as a component of their investment process. The firm has industry focused sales specialists who possess “buy-side” experience and provide a sound, alternate perspective to the investment process.

of our organizational culture. Everyone at Revere thinks of themselves, first and foremost, as business owners – owners of Revere and owners of our clients’ companies as well. We approach decisions for both as if they are our very own with that level of care, respect and commitment.

We are extremely selective about who joins the company, seeking out those who bring more than an elite and proven level of financial services expertise. They must have a partner mentality as well.

Our goal is to cultivate a reputation for successful partnerships akin to what we saw among the Wall Street icons back in the day with Salomon Brothers, Dean Witter and Merrill Lynch.

So many times when I meet someone, they still share stories from the ’80s and ’90s about who they worked with at Merrill or Lehman, and how those were the great times for our industry. We want to capture and rekindle that legacy of excellence and give clients confidence in knowing the best times are yet to come with Revere because we build businesses together.

How do you define your role at Revere Securities and what are your key areas of focus?

My title is President of Wealth Management and Principal of the firm, but unofficially – and as appropriately – my titles could be Chief Visionary Officer and Chief Evangelist of Revere. As the former, I focus on creating a unique entrepreneurial experience and opportunity for seasoned Wall Street veterans to be a part of. For the latter, I focus on getting the message out to like-minded professionals about what Revere Securities is, what we offer, and as importantly, where we are going as a company.

“We are extremely selective about who joins the

company, seeking out those who bring more than an

elite and proven level of financial services expertise.

Will you provide an overview of Revere Securities and how you define its mission?

Revere Securities is a global broker-dealer firm providing strategic financial support to institutional investors, hedge funds and individual investors. We are seasoned Wall Street veterans VOLUME 44, NUMBER 4

They must have a partner mentality as well.”

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“Our core mission is for Revere to be a fully integrated financial partner that our clients can rely on for advice and assistance in all aspects and at all stages of their financial lives.”

What is the Revere Securities difference and what sets the firm apart in the industry?

Revere’s company culture is what sets us apart from other firms. Our team is composed of seasoned Wall Street executives who have joined forces to build something really special.

The diversity of experience among our senior executives gives us unique insights into many markets that other banks may be slow to enter and an understanding of multinational cultural nuances. For example, I come out of the wirehouse model. I also lived in Hong Kong for three years. Our new Co-Head of Investment Banking was the CEO of a major Chinese securities firm.

Our Head of Trading ran equities for one of the largest French banks. Our unique mix of talents and market expertise gives us an advantage and creates an environment in which people are genuinely excited to come to the office and share their ideas for the benefit of their colleagues and clients.

Will you highlight Revere Securities’ service offerings?

Two aspects of Revere that I think are very exciting are our new ETF (RSPY) on the NYSE and our comprehensive services for new entrepreneurial companies and the executives that work for them. We launched our own ETF at the end of last month (pronounced Are-SPY) ticker symbol RSPY on NYSE. We did this because it goes along with our forward-looking ideology.

Typically, when a customer buys an S&P 500 ETF or mutual fund, you are buying the current weighting of the S&P 500’s 11 sectors. For example, if tech and healthcare have outperformed very well over the last 6 to 12 months, they will have a larger weighting in the S&P 500

than maybe they should have for a client’s risk tolerance. So, what we decided to do is create our own ETF of the 11-sector spider and weight it in a forward-looking way to capture the sectors we believe will be the outperformers over the next 6 to 12 months. We make adjustments as we see fit, as this is an active ETF. I’m proud to say the NYSE gave us the honor of ringing the closing bell of the NYSE on August 31 for our new ETF to spotlight (RSPY), which was very special to all of us at the firm.

The second unique offering we have is our fully integrated approach to our entrepreneurial clients, which curates the right mix of services for every stage of their financial lifecycle – guiding and advising them on how to do an IPO, raising the capital for them, helping manage and advise the company and its executives on all aspects of cash and wealth management for themselves and their families’ multi-generational wealth.

Where do you see the greatest opportunities for growth for Revere Securities as you look to the future?

As outlined before, I think the synergies we are creating between banking and wealth management of new and exciting companies will be a huge growth engine for years to come.

Additionally, the launch of our first ETF (RSPY) will be the first of hopefully a series of these to come, which will employ even more sophisticated alpha-generating aspects such as put and call writing on various Revere weighted ETF. I also think the largest growth factor will come from people wanting to join us, and in that same vain people wanting to merge or be acquired by us. This is something we are

“The diversity of experience among our senior executives gives us unique insights into many markets that other banks may be slow to enter and an understanding of multinational cultural nuances.”

exploring right now as we strategize ways to truly expand the firm’s culture and reach.

Will you discuss your focus on building the Revere Securities team and attracting talent to the firm?

As mentioned earlier, recruiting experienced professionals is a major goal of ours and has been since I joined the firm. However, I also think there are many opportunities in which people may want an exit or have a liquidity event and, rather than just being absorbed by a bulge bracket firm or a wirehouse, they may be more interested in partnering with us to continue to work in the industry.

What do you see as the keys to effective leadership and how do you describe your management style?

I think the real key to effective leadership is to always think in the terms of “we” and “ours” rather than in terms of “mine” and “I.” This goes back to the traditional Wall Street ideology built around the concept of partnerships. At Revere, we don’t want the first answer to always be “no,” which it has been more often than not among the larger banks as they exit certain business lines and focus on traditional banking such as lending over middle markets or international, for example. Though our answer may not always be “yes,” we want our partners to know we looked at it, explored the possibility, and made a business decision truly based on the feasibility of the request. I believe this to be very important to build lasting relationships with our partners.

What advice do you offer to young people interested in building a career in the industry?

I would advise anyone interested in our line of work to keep an open mind and to explore all aspects of the financial industry to discover which part of the industry piques their interest the most. A great way to do this is through internships, volunteering and traveling to other financial centers like London, Dubai, Hong Kong and Singapore to see how they are similar and how they are different. The range of opportunities is wide, complex and very different, so I would encourage prospects to get a range of work experiences under their belt. Try a large bank, a large wirehouse, private equity, venture capital or a start-up. See where and what you enjoy the most. I’m a firm believer in, “If you can find a part of the business you really like, you will never work a day in your life.”

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Finding the right firm to find the right home.

260 West Broadway, 1/2C

NEW YORK CITY

Team-Oriented Practices An Interview with Neil Barr, Chair and Managing Partner, Davis Polk & Wardwell LLP EDITORS’ NOTE Neil Barr has a located in 10 offices in the world’s key wide-ranging commercial practice financial centers and political capiadvising companies, senior executals, collaborate to deliver exceptional tives and boards on complex transservice, sophisticated advice and actions and corporate strategy, creative, practical solutions. including issues related to corporate governance and corporate finance.

How do you define the Davis Polk He has represented Fortune 500 difference and what sets the firm companies, major financial instiapart in the industry? tutions, private equity and other Davis Polk’s core strength is our asset managers, and high-net-worth consistent, intense focus on teamindividuals on their most signifiwork. It sets us apart in the industry.

Neil Barr cant matters. Barr was previously We delivered exceptional client head of the Davis Polk Tax practice. outcomes last year against the backHis tax work has been recognized by numerous drop of a tremendously uncertain environment industry publications and focuses on U.S. and and a scary time for us all personally, and this cross-border mergers, acquisitions and dispo- is a testament to our guiding values. If you look sitions, joint ventures, spinoffs and split-offs, at what we’ve done in M&A, capital markets, and group structuring. Among his pro bono finance, restructuring, litigation – these are and community activities, Barr serves on the inherently team-oriented practices, and they Executive Committee of the Partnership for New were huge drivers of our success last year.

York City and the advisory boards of the Mount This level of teamwork is only possible Sinai Department of Medicine and the University because we have exceptional people. The spirit of Virginia’s McIntire School of Commerce. He is of our people, who are skilled, creative and a member of the Economic Club of New York. innovative, and our dedication to our clients, Barr earned his J.D. from Georgetown University no matter the circumstance, is what made the Law Center. year we just had happen. We operate in a way that makes our institution unique.

FIRM BRIEF Davis Polk & War dwell LLP How do you describe Davis Polk’s (davispolk.com), including its associated enti- culture and what have been the keys to ties, is a global law firm with world-class prac- maintaining culture as the firm has grown tices across the board. Clients rely on Davis Polk in size and scale? for their most challenging legal and business Davis Polk’s leadership remains steadmatters. The firm’s approximately 1,000 lawyers, fast in the view that our people are our most

important asset and greatest competitive advantage. Not only are our lawyers and business services personnel brilliant, forward-thinking and collaborative, they’re also down-to-earth, friendly, good people. I am proud that in addition to our culture being centered on excellence, innovation and client service, it is also warm and inclusive.

Davis Polk’s people-first mentality long pre-dates my becoming Managing Partner, but nonetheless, taking care of our community is my focus and priority. At this point, the majority of my time as Managing Partner has been in the time of COVID-19, so my commitment to this mission has manifested in unique ways.

Promoting wellness and providing stability, support and a sense of future certainty has been essential. In practice, this has included mental health counseling and enhanced wellness resources, the establishment of affinity groups, market-leading compensation, active lateral hiring to offset high activity levels, consistent firmwide town halls with ample time for questions, and fun events to ease the transition back to the office.

The last year and a half has demonstrated exactly what makes Davis Polk special. Our community has displayed excellence across the board – in work ethic, skill, resilience, and willingness to go above and beyond for our clients and for each other.

What has made Davis Polk so successful at building long-lasting client relationships and client loyalty?

“The spirit of our people, who are skilled, creative and innovative, and our dedication to our clients, no matter the circumstance, is what made the year we just had happen. We operate in a way that makes our institution unique.”

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“We are committed to advancing diversity and equity of opportunity within the firm, ensuring that everything from recruiting to career development is done in an equitable, inclusive way.”

While we continue to attract many new, exciting clients – household names, new economy names, blue chip companies – we never waver in our commitment to existing clients, many of whom we have worked with for decades. Those clients appreciate our deep understanding of their businesses and the markets in which they operate and the judgment we are able to offer them given this depth of knowledge.

How critical is it for Davis Polk to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

Diversity, equity and inclusion continue to be top priorities for me personally and for our firm. We are committed to advancing diversity and equity of opportunity within the firm, ensuring that everything from recruiting to career development is done in an equitable, inclusive way. I am proud to say that our 2021 summer associate class was the most diverse we’ve ever had – 55 percent of our summers are women and 60 percent are racially/ethnically diverse or LGBTQ+.

In 2019, we brought on Francine RosadoCruz as Davis Polk’s first Chief Diversity, Equity & Inclusion Officer. Francine has been instrumental in taking our DEI efforts to the next level. She has been especially influential in educating our community establishing, for example, a robust DEI training curriculum.

She also led the formation of our partnership with the NeuroLeadership Institute to use social psychology, behavioral psychology and neuropsychology to improve our interactions.

As proud as we are of the accomplishments we have made, we know there is much more work to do. We’re committed to effecting real changes that will have a positive impact not only within our firm, but on our clients and our communities.

Will you highlight Davis Polk’s commitment to pro bono work?

Davis Polk has been committed to pro bono work since our founding. We devote tens of thousands of hours to pro bono cases annually, advising a variety of nonprofits and small businesses as well as individuals. Our lawyers take on matters related to asylum and immigration, civil rights, criminal justice, domestic violence, election protection and voting rights, and LGBTQ+ rights, among other areas.

Last year, to support our growing needs in the realm of racial justice, we hired Diane Lucas to serve as our first-ever Pro Bono Counsel for Racial Justice Initiatives. Diane works with lawyers across the firm and with our nonprofit and community partners to develop, supervise and promote matters that reflect our commitment to creating systemic change to address racial and social injustice and inequality.

What do you see as Davis Polk’s responsibility to the communities it serves and to being a force for good in society?

As a leader in the legal industry, we are in a very fortunate position and we take responsibility for advocating for justice and making contributions to support the well-being of our communities and broader society. At

Davis Polk, we promote a culture of community involvement. We have instituted a number of initiatives to encourage and support our employees in giving back through charitable donation matching and time off for volunteer work. During the pandemic, Davis Polk made a significant donation of PPE and donations in each of our local communities to charities that are committed to helping those fighting the pandemic on the front lines.

In terms of being a force for good in society, many of our lawyers, myself included, are active members of community and charitable organizations working to make the world safer, healthier, more equitable and more sustainable. Davis Polk’s leadership has been vocal about violations of individual freedoms and trends of discrimination recently, and we will continue to use our position of influence to stand up for what is right.

What advice do you offer young people beginning their careers in law?

First, empathy is essential. Treating your clients’ problems as your own will help you partner with them more effectively to accomplish their goals.

I think one thing that sets the great lawyers apart from the good is having the confidence to give your clients practical and strategic advice on difficult issues – not just provide technical answers to their questions.

To do this, you must work hard to develop the business acumen necessary to understand your clients’ business and how your advice impacts it in all of its complexities.

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“As a leader in the legal industry, we are in a very fortunate position and we take responsibility for advocating for justice and making contributions to support the well-being of our communities and broader society.”

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NEW YORK CITY

A Commitment to Excellence An Interview with Jeffrey M. Weiner, Chairman and Chief Executive Officer, Marcum LLP EDITORS’ NOTE Jeffrey Weiner joined Marcum in 1981 and has led the firm since 1990, when he was named managing partner. In June 2017, he was named to his current post. Weiner is a nationally recognized expert on personal business management for the entertainment industry. He is a founding member of the LEA/Leading Edge Alliance.

to see the opportunities, challenges and solutions in every engagement, based on innovation, proactivity, teamwork and open communication.

Beyond our commitment to excellence, our consistent industry leadership can be attributed in some large measure to our active involvement in the AICPA and our investment in supporting new industry-wide initiatives, such as DAS (dynamic FIRM BRIEF Marcum LLP audit solution) software. We also are a Jeffrey M. Weiner (marcumllp.com) is a top-ranked founding member of LEA Global and national accounting and adviare the exclusive U.S. affiliate firm of sory services firm dedicated to helping entre- ECOVIS – two international accounting associapreneurial, middle-market companies and tions – and we maintain close relationships with high-net-worth individuals achieve their goals. our competitors here in the U.S. as well. This Marcum offers industry-focused practices with is a very collaborative industry and we have specialized expertise to privately held and an open exchange of ideas and business stratepublicly registered companies, and nonprofit gies. Because we are so active and visible at so and social sector organizations. Through the many levels of the industry, other firms look to Marcum Group, the firm also provides a full Marcum as a leader. complement of technology, wealth manageAt the same time, we continue to invest ment, executive search and staffing, and stra- in our own business with an eye towards what tegic marketing services. Headquartered in New the practice of accounting will look like in the York City, Marcum has offices in major busi- future and how our role as trusted advisors to ness markets across the U.S. and select international locations. Marcum is committed to the advancement of diversity, equity and inclusion.

The firm is a founding member of LEA Global and is the exclusive U.S. partner firm of ECOVIS International.

“Marcum is both

Will you highlight Marcum’s history and heritage and what have been the keys to the firm’s industry leadership?

Marcum has thrived since our beginning in 1951 as a local accounting firm with two partners in Queens, New York. The firm today would be unrecognizable to our founders, Ed Marcum and Ed Kliegman, who were my mentors from the time I joined in 1981. I became managing partner in 1990, by which time Marcum had grown into a respected regional firm of 20 people on Long Island. Today, Marcum is ranked #15 in the U.S. accounting industry, with more than 350 partners, a staff of 2,500, over a dozen specialized industry service groups, and 36 U.S. and international offices.

From the way we service clients to the training and development of our associates, Marcum is committed to excellence in every aspect of our operation. Our focus on client success compels us to look beyond the numbers 142 LEADERS

an accounting and an advisory firm, intimately involved in helping our clients in every aspect of their business and personal needs.”

our clients will change over time. Marcum is both an accounting and an advisory firm, intimately involved in helping our clients in every aspect of their business and personal needs.

Our advisory division offers 10 different service specialties, from valuation, forensic and litigation support services to risk advisory services and technology consulting. The shift from traditional compliance services towards highly nuanced advisory services will continue to accelerate and will shape the way Marcum and the industry as a whole operate in the future.

For example, one of the fastest growing segments of our business is our Marcum Technology division. As we expanded our technology solutions capability to support the rapid growth and increasing complexity of our own business, we started leveraging this knowledge and experience for the benefit of our clients, as well as for other accounting firms. Marcum Technology is focused on helping companies (including our competitors) evaluate, run, grow, and secure their businesses, with four distinct service portfolios – Digital Advisory Services, Infrastructure Solutions and Services, Strategic IT Consulting, and Cybersecurity & Digital Forensics.

How do you define the Marcum difference and what sets the firm apart in the industry?

Marcum is an entrepreneurial firm specializing in serving the business and personal financial needs of the middle market and entrepreneurs. Although we’re a large firm, we’re very nimble. We do not get bogged down in layers of bureaucracy. Our business leaders at the regional, service line and industry group levels are empowered to make the decisions they need to make. We don’t micromanage people. That helps us keep the business moving forward and ensures that our clients and our teams are being well-served.

How do you describe Marcum’s culture and what have been the keys to maintaining culture as the firm has grown in size and scale?

Every office, region, service line, industry group and staff level has its own culture, sometimes even floor by floor in the same office.

We accept that there are different cultures in different aspects of our business. What’s important is that we are all working from the same set of values and use the same strategies in serving our clients and growing our business.

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“From the way we service clients to the training and development of our associates, Marcum is committed to excellence in every aspect of our operation.”

What has made Marcum so successful at building long-lasting client relationships and client loyalty?

Marcum’s goal is to deliver unparalleled client experiences that enrich our clients’ lives.

It may sound lofty, but we aim high. That means making sure we are intimately involved in our clients’ industries as well as their businesses. We have more than a dozen specialized industry groups and our team members are thought leaders in those industries, so we are able to function as key advisors to our clients at multiple levels. We not only pride ourselves on close client relationships; we also keep in close touch with their experiences in working with us. Beyond responsiveness and a sense of urgency in how we serve clients, that also means actively looking for ways to improve that service on a continual basis.

How critical is it for Marcum to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

Marcum is fully committed to Diversity, Equity & Inclusion (DEI) as a strategic priority for the firm. A diverse and inclusive workforce is essential to our future and to the future of the accounting industry as a whole, which has a long way to go in this area. In fact, we just promoted the largest and most diverse class of associates to the partner level in our history – 12 women and 17 men. In 2020 we established a dedicated DEI director position and a national DEI Task Force comprised of partners (including me) and associates to help lay the groundwork for a comprehensive, integrated DEI initiative firm-wide. The task force has now been rolled into our National DEI Steering Committee and regional DEI boards which drive the mission on the ground in all Marcum offices.

Marcum’s DEI policies, programs, and services across the firm are designed to nurture a strong sense of belonging for all associates and enable them to see pathways to leadership. We have an incredibly diverse pipeline of future leaders, including those from underrepresented groups. I’m both excited and encouraged by the energy they will bring to help shape the future of our firm.

What do you see as Marcum’s responsibility to the communities it serves and to being a force for good in society?

The Marcum Foundation is Marcum’s charitable giving arm which is principally devoted to supporting causes that focus on improving the health and well-being of children. Our national charity partner of choice is St. Jude Children’s VOLUME 44, NUMBER 4

Research Hospital. In fact, we formed teams around the country for the 2021 St. Jude Walk/Run to fight childhood cancer which took place September 25-26. Marcum is a national sponsor of the event, together with Amazon and Window World. The Marcum Foundation also raises funds for local charities in communities where we have offices through special drives and events, volunteering, a firm-wide planned giving program and the annual Marcum Day of Service.

What are the keys to New York’s recovery and rebuilding from the pandemic and how is Marcum adapting its business during this unprecedented time?

Anyone who knows that answer for sure could be the next mayor. All I can suggest is what we are doing at Marcum to keep our business intact and our people safe. For now, as the Delta variant accelerates as a wildcard, we are requiring anyone who wants to work in person in a Marcum office, or visit a Marcum office, to be vaccinated. Anyone who is unvaccinated due to health, religion, personal choice or anything else needs to work remotely.

At the outset of the crisis, I made a commitment to full transparency, to keep associates

“Marcum is an entrepreneurial firm specializing in serving the business and personal financial needs of the middle market and entrepreneurs.”

informed about how we were managing the firm, how we were adjusting to circumstances, and what success now looked like. I also made sure staff had a voice in the decisions we were making. We held Executive Committee calls twice a week, and once a week we held regional managing partner calls and partner calls. I also hosted Town Hall calls with the entire firm monthly – and still do – to share the most current information. Staff are invited to submit questions anonymously for me to answer about anything and everything, and I answered each and every one of them spontaneously. During the pandemic, our regional leaders followed this lead and hosted regional calls with their teams as well. We also surveyed our people regularly to get their input about the changes and decisions we had to make and their feedback helped guide management’s decision-making throughout.

The investment Marcum has made in technology proved itself every step of the way as we forged forward throughout the pandemic.

The fact that we were so prepared technologically to flip the switch and go from working in the office to working remotely literally overnight is something I am extremely proud of.

I am also very proud of our technology team who built the infrastructure that allowed that to happen. Not only did the operations transition go like clockwork, client service continued the same as always, without any interruption. In fact, I could argue that during the pandemic client service actually improved because it was so important to us that we were really, truly there as advisors to our clients in their time of greatest need.

What advice do you offer young people interested in a career in the industry?

The sky is the limit when it comes to opportunities for people entering the field of accounting now – there is such a demand for candidates that they virtually can write their own ticket. The old days of earning your stripes by doing mind-numbing data entry for hours on end are a thing of the past due to automation. Students coming out of college now will be practicing accountants the day they report to work. Moreover, the foundational knowledge you acquire in accounting is the basis for a career in any field of business. The goal of every business is to be profitable, and if you know money, you have the foundational knowledge to be a business leader.

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NEW YORK CITY

Creating Lasting Relationships An Interview with Shyda Gilmer, Chief Executive Officer and Co-Owner, Sherry-Lehmann Wine & Spirits EDITORS’ NOTE Shyda Gilmer is the CEO and Co-Owner of SherryLehmann Wine & Spirits, the leading New York fine wine and spirits retailer. He brings more than 20 years of experience in business, wine and philanthropy, with a commitment to quality that continues to lead SherryLehmann and the Sherry-Lehmann Foundation to a bright future.

Sherry-Lehmann Wine & Spirits at 505 Park Avenue in New York City

fine wine and spirits, we also pride ourselves on trusted brands, at all price points. All of our products are purchased from primary sources, so that we can ensure perfect provenance and authenticity. We place an enormous amount of time and resources educating our staff and making sure that they have the proper tools to best serve our customers. Finally, we were pioneers in offering proper COMPANY BRIEF Sherry-Lehmann temperature-controlled storage for our Shyda Gilmer Wine & Spirits (sherry-lehmann.com) customers, with over 80,000 square is currently in its 87th year of busifeet across America and abroad, and ness. The Sherry-Lehmann stor e combines take meticulous care of every single bottle, be old-world charm with modern sophistication it $10 or $10,000. and caters to wine pundits and amateurs alike.

Sherry-Lehmann has developed deep Sherry-Lehmann is consistently rated the number- relationships with the leading brands in one wine shop in New York by the Zagat Survey the industry. How critical are these relaand was referred to as the most “justly celebrated tionships to the success of the business? wine store in the nation” by Vanity Fair. The store The deep, long-lasting relationships that is located at 505 Park Avenue in New York City. we have built over the last 87 years are critical to our continued success. Our suppliers Will you highlight Sherry-Lehmann’s history have come to trust our ability to not only build and heritage and what have been the keys brands, but to support them in the market year to its consistent strength and leadership in in and year out. We have been proud to excluthe industry? sively launch new products throughout the During Prohibition, Jack Aaron was a well- years in America such as Dom Perignon, Chivas known supplier of spirits and was regarded as a Regal, and Georges Duboeuf’s Beaujolais to great connoisseur of whiskey. Naturally, after name a few. repeal, he decided to take his ready-made client How did Sherry-Lehmann adapt its base and go into the liquor business. So, on March business to address the challenges caused by 6, 1934, he founded Sherry Wine and Spirits. Our the pandemic and how proud are you to see first store was in the Louis Sherry building on the way your team showed resilience during Madison Avenue and 62nd Street, which is now this unprecedented time? home to Hermès. Our growth continued at a rapid Over the last five years, we had been pace under the leadership of the Aaron family, investing heavily in our warehouse logistics, and in 1965, we took over our closest competitor, temperature control, and IT systems to be able to M. Lehmann, and thus our name was changed to ship across America and the globe. So, while the Sherry-Lehmann. We were early to develop our pandemic no doubt dramatically accelerated the Bordeaux futures business with the great successes trend of online shopping we had already been of the 1959, 1961, 1966, 1970 and 1982 vintages. anticipating, we were quite well prepared. We Throughout the decades of growth, we have are incredibly proud of our entire warehouse and always been laser focused on offering our clients delivery team, and how they managed the incredexceptional service, competitive pricing, and the ible surge in demand we experienced. We are also best selection possible. proud of the early action we took to protect the Will you provide an overview of Sherry- health of our employees and their families during Lehmann’s business and how you define the the pandemic, while also providing safe contactSherry-Lehmann difference? less delivery to all our customers.

Our business is predominantly still wine Do you feel that a brick-and-mortar and Champagne, representing over 90 percent. store will remain relevant in the future as A vast majority of this is European wine, partic- consumers accelerate their online shopping? ularly from France and Italy. While we are Absolutely. Our well-known presence as an best known as being the dominant player in anchor tenant on the Upper East Side on Park 144 LEADERS

Avenue is essential to our heritage, to our partners and suppliers, and to our thousands of customers.

Having the flagship store provides an opportunity for customers to experience the Sherry-Lehmann brand in an innovative and memorable way. There is no question, however, that we have seen a significant drop in foot traffic since the pandemic, but there is still a great deal of customers who enjoy coming into the store and receiving the personalized service that we always provide.

What are the keys to New York’s recovery and rebuilding from the pandemic?

The number of vacancies in Midtown Manhattan is indeed troubling. We need to see employees returning to the office and a rebound in tourism, both of which are critical for all retailers and restaurants in New York. This could take some time, but we believe we are almost there. After 87 years in business, Sherry-Lehmann has seen many economic cycles in New York, successfully navigated them, and in 2021, we are investing into it. We strongly believe that New York will be back stronger than ever and we are well positioned once offices start to return to their normalized occupancy, hotels reopen, and tourism ramps up once again.

What do you see as the keys to effective leadership and how do you describe your management style?

I think the key is to be able to prioritize our goals as a company and being responsible for accomplishing those objectives. Our team always has a short, medium, and long-term plan, and we measure ourselves on a constant basis.

Being an effective communicator is also critical – you need for the entire team to understand their roles, objectives, and ensure that everyone is pushing in the same direction. Finally, creating lasting relationships with employees, partners, suppliers, and customers is paramount – trust must be earned, it is not given.

What advice do you offer young people interested in a career in the industry?

I would say that finding a person who has the life or job you want is a great start. I am a huge believer in having a mentor, someone who can help you navigate the complexities of the work environment while also being your advocate and supporter. I would also say that being communicative is key. We are always looking for innovation from the next generation. Be confident, yet humble, and above all, always be a team player.

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700 FIFTH AVENUE & 55TH STREET • NEW YORK • 212.397.9000 • wemPE.COM Hamburg Berlin Duesseldorf Frankfurt Munich London Madrid Paris Vienna

NEW YORK CITY

Adapt and Evolve An Interview with Bess Freedman, Chief Executive Officer, Brown Harris Stevens (BHS) EDITORS’ NOTE Bess Freedman Will you highlight Brown Harris is the first CEO of luxury r eal Stevens’ history and heritage and estate firm Brown Harris Stevens. what have been the keys to the Freedman, previously the firm’s firm’s growth and success?

Co-President, joined Brown Harris Brown Harris Stevens has been a Stevens when its President, Hall leader in the real estate industry since Willkie, appointed her in 2013 to 1873 because of our ability to adapt, foster business development for the evolve and look to the future. We are agents and the firm. Prior to joining the largest privately held real estate BHS, Freedman served as Senior brokerage on the East Coast with 2,500 Managing Director at Corcoran accomplished agents in New York where, as an agent, she attained City, the Hamptons, Hudson Valley, Bess Freedman great success at their Carnegie Hill Connecticut, New Jersey, Miami and office. She earned her undergradPalm Beach. uate degree from Ithaca College and her law degree This year we launched some incredible from the University of the District of Columbia, services including Curate, our amazing preDavid A. Clarke School of Law, in Washington, market home renovation program; Bridge Loans, D.C. Before entering real estate, she practiced law which help our clients finance their future home as an Assistant State’s Attorney in Montgomery while in the process of selling their current home; County, Maryland, and also worked at Legal Aid BHS Now, our new and improved content-driven as an attorney. Freedman is a member of the blog developed by our homegrown newsFlorida, Washington, D.C. and Maryland Bar, room; and The Lead, a comprehensive monthly and worked in New York pro hac vice. company-wide webcast featuring interviews with politicians, entrepreneurs, and publishers.

FIRM BRIEF Brown Harris Stevens (bhsusa.com) How do you define the Brown Harris is one of the most prominent privately held real Stevens difference and what sets the firm estate firms in the world. Established in 1873, apart in the industry? the company is headquartered in New York City, We are a legacy firm with a history that no operates offices in the Hamptons, Connecticut, New one can match, but it’s our level of service and Jersey, Palm Beach, and Miami, and oversees the integrity that sets us apart. While we have set sale of marquee properties around the world. Its many price records over the years, much of our operating divisions offer a full suite of residential business comes from sales of $1 million and sales services, residential property management, under. For us, luxury is much more than just new development marketing and sales, relocation, price; it’s about our phenomenal service that appraisal and consulting, commercial sales, you will not find anywhere else. Even with all of healthcare real estate and insurance services. the advances in technology and marketing, the

most important thing is how you treat someone.

This will never change.

How did Brown Harris Stevens adapt its business to address the challenges caused by the pandemic and how proud are you to see the way your team showed resilience during this unprecedented time?

The real estate market slowed to a trickle at the height of the pandemic. Agents were not allowed to physically show properties in New York City, and there were numerous restrictions in many of our other markets as well. Moreover, we were all forced to work remotely for several months. My team was absolutely incredible – we adapted so quickly that it was easy to miss that a seismic shift was taking place. Our marketing team developed a virtual showing tool kit for our agents and their clients so they could actually partner to get properties shown to prospective buyers. We held numerous Zoom conferences and webcasts to keep our agents motivated which eventually inspired our monthly show called The Lead which is now in place. These virtual forums, while not intended to replace the human element, keep the company informed and offer a sense of togetherness even when we are all working from different places. Not to mention, while many businesses closed or reduced their footprint during the pandemic, Brown Harris Stevens more than doubled our agent count. So far in 2021, we have already far surpassed the business that we did in 2020 because many markets like Palm Beach, the Hamptons, and Fairfield County actually saw a tremendous boom due to COVID last year. We’re already on track to blow past our own records.

“So far in 2021, we have already far surpassed the business that we did in 2020 because many markets like Palm Beach, the Hamptons, and Fairfield County actually saw a tremendous boom due to COVID last year. We’re already on track to blow past our own records.”

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“We are a legacy firm with a history that no one can match, but it’s our level of service and integrity that sets us apart.”

What is the state of the New York real estate market coming out of the pandemic?

We are in a remarkably good place considering everything the city went through the past 18 months. Our Q2 Manhattan market report showed that apartment closings surged in the second quarter, with activity returning to – and in some cases surpassing – p r e - COVID-19 levels. The explosion of luxury closings brought the average resale price up 21 percent from just the prior quarter to its s e c o n d - h i g h e s t l e v e l e v e r. P l u s , a record number of contracts were signed during this time, so the strong market is expected to continue. As long as people stay vigilant and get vaccinated against COVID-19, I believe we will thrive.

How critical is it for Brown Harris Stevens to build a diverse and inclusive workforce and will you discuss the firm’s efforts in this regard?

It is incredibly important to build a company that includes diverse people, perspectives, experiences and strengths. As real estate professionals, it is part of our ethical duty to offer equal opportunity and access to our services and that doesn’t start and stop with our clients. This past election day in November, I gave employees the day off so that they could get to the polls and cast their votes without feeling like they had to choose between coming to work and exercising their rights. BHS proudly joined the Human Rights Campaign’s Business Coalition for the Equality Act, a group of 300+ leading U.S. employers supporting bipartisan legislation to provide

the same basic protections to LGBTQ+ people as are provided to other protected groups under federal law. Before New York declared Juneteenth a statewide holiday, I offered the day off to employees as a way to honor and reflect upon the many enslaved people who were not freed until long after the Emancipation Proclamation was signed into law in this country. I believe very much in the words of Dr. Martin Luther King Jr: “the arc of the moral universe is long, but it bends toward justice.”

Without diversity of thought and experiences, creativity and growth are stifled. I never want to stop growing and learning and I lead my company with this in mind. Always strive to be better than you were the day before.

What do you see as Brown Harris Stevens’ responsibility to the communities it serves and to being a force for good in society?

Brown Harris Stevens established the Helping Hands program, a philanthropic foundation designed to give back and better the daily lives of those in need through action-based support for local not-for-profits in each market.

The foundation has collected more than 25,000 coats for those in need, raised tens of thousands of dollars for men’s health, and participated in Operation Backpack, school revitalization programs, and blood drives. Our agents and staff are very supportive of these initiatives and it’s a way for us as a company to give back to the communities which have given so much to us. I believe companies and people who hold positions of influence ought to use those positions to give back and help whenever possible.

What are the keys to New York’s recovery and rebuilding from the pandemic?

I am very optimistic about the next Mayoral administration in New York City. We are in need of a change, and I believe the next Mayor should be actively working with police to stamp out crime while enforcing accountability. We need sound tax policy rooted in economics and not politics; demonizing the wealthy and chasing them to lower tax states like Florida is not a good strategy for our longterm growth. Vaccinations need to continue so we can protect against COVID-19, especially for the sake of the most vulnerable and our children.

What advice do you offer young people inter ested in a car eer in r eal estate?

First of all, don’t believe everything you see on TV. While real estate reality shows are entertaining, they are not realistic. You probably won’t start out making millions of dollars a year selling glamorous penthouses. Real estate is as tough as it is rewarding. I encourage anyone new to think about joining a team with an experienced agent at the helm; they will be a mentor and offer practical advice while you earn part of the commission. Also, lean into your management support. They are there to help you take your business to the next level.

Take advantage of all the training and classes offered by your brokerage or realtor association. Most importantly, don’t give up. Some days are really tough, but the beauty of real estate is that your luck can change with just one deal.

•

“It is incredibly important to build a company that includes diverse people, perspectives, experiences and strengths.

As real estate professionals, it is part of our ethical duty to offer equal opportunity and access to our services and that doesn’t start and stop with our clients.”

VOLUME 44, NUMBER 4

LEADERS 147

NEW YORK CITY

Investing in New York’s Future An Interview with Ace Watanasuparp, Senior Vice President and National Director of Strategic Sales, Citizens Bank EDITORS’ NOTE Ace Watanasuparp and treasury management services, began his mortgage industry foreign exchange, interest rate and c a r e e r a s a l o a n o f f i c e r with commodity risk management soluCitibank in Queens. By 2005, he tions, as well as loan syndication, was ranked the sixth highest corporate finance, merger and acquiproducer in the United States for sition, and debt and equity capital a total funded volume of $189 markets capabilities. million. In 2006, Watanasuparp was recruited to grow market share Will you provide an overview of for Bank of America in Queens as your role and key areas of focus? a B r a n c h M a n a g e r. I n 2 0 0 9 , I started a new role as the Watanasuparp was recruited to National Director of Strategic Sales for Ace Watanasuparp Wells Fargo as an Area Manager Citizens Home Mortgage in February and was also tasked to manage the 2020, a month before the pandemic. joint venture between Douglas Elliman and To say the least, it was a very interesting time Wells Fargo. In 2012, Watanasuparp accepted to embark on a new role, but I was extremely the role of President for Douglas Elliman’s excited at the same time to be working with financing arm DE Capital where he worked our senior mortgage leaders on a national scale closely with Dottie Herman and Howard Lorber as previously I was the regional sales manager to grow market share in New York, New Jersey, for metro New York. Some of my core responsiConnecticut and Florida. Prior to his current bilities were to focus on strengthening internal role, he served as a Vice President at Citizens partnerships within the bank, continue to Bank and expanded the bank into new markets recruit, grow and retain our loan officer workand captured unprecedented market share in force, and help with our digital transformapurchase financing as well as refinancing. tion journey. With the environment changing Watanasuparp earned a BS degree in finance due to the pandemic, investing in technology from the University of Connecticut and studied was critical, but we’ve really been focusing law at New York University School of Law. our efforts on our integration between mortgage operations and sales. Working with the COMPANY BRIEF Citizens Financial Group, different business lines from the retail bank Inc. (citizensbank.com) is one of the nation’s is a big part of our growth strategy for the oldest and largest financial institutions, with remainder of 2021 and beyond. $185.1 billion in assets as of June 30, 2021.

How do you describe Citizens’ culture Headquartered in Providence, Rhode Island, and how critical is culture to the success of Citizens offers a broad range of retail and the company? commercial banking products and services to So many companies use the word individuals, small businesses, middle-market “culture” to define who they are, but culture companies, large corporations and institutions. truly starts with the people in the company.

Citizens helps its customers reach their potential From our senior leadership team to every by listening to them and by understanding their single person on our staff, our colleagues’ needs in order to offer tailored advice, ideas voices and opinions matter. Leaders like our and solutions. In Consumer Banking, Citizens Chairman and CEO, Bruce Van Saun, and provides an integrated experience that includes our Head of Consumer Banking, Brendan mobile and online banking, a 24/7 customer Coughlin, continually engage with their teams contact center and the convenience of approx- to ensure everyone feels valued. imately 3,000 ATMs and approximately 1,000 As our success starts and ends with our branches in 11 states in the New England, colleagues, it is more than critical that we make Mid-Atlantic and Midwest regions. Consumer sure our colleagues feel like family. Like many Banking products and services include a full other companies impacted by the lasting effects range of banking, lending, savings, wealth of COVID-19, Citizens has prioritized their management and small business offerings. In colleagues well-being first. While adjusting Commercial Banking, Citizens offers a broad to our new normal, Citizens remains flexible complement of financial products and solu- by allowing remote work wherever possible, tions, including lending and leasing, deposit supporting colleague work-life balance and VOLUME 44, NUMBER 4

discovering different ways to acknowledge our teams’ great work. The amazing people here is one of my main reasons for being with Citizens for the last six years. Investing in our colleagues makes for a successful culture and a successful company.

How do you define the Citizens difference and what sets the company apart in the industry?

What attracted me to Citizens was its entrepreneurial spirit and strong desire to grow. That was even more apparent with the acquisition three years ago of Franklin American Mortgage Company and recently the two acquisitions – HSBC area branches as well as the New Jersey-based Investors Bancorp.

But the key factor that brought me here was the people. A mentor of mine always told me that, “The people make up the organization, not the other way around,” so I not only look at who I will be working for, but who I will be working with. Above all it’s the support and career growth within the company that continues to build leaders organically within the organization. Whether it’s sponsorships to continuing educational MBA leadership courses, or promoting a mentor program, the company is committed to their colleagues’ growth.

Will you discuss Citizens’ presence in the New York market and your outlook for growth for the business in New York?

Growth in New York will be tremendous as we add one million new customers with the acquisition of HSBC and Investors Bancorp.

When I joined Citizens Bank in 2015, one of the biggest challenges was that there was no brick-and-mortar presence here. We chose to align with some of the biggest real estate firms in New York, such as Douglas Elliman, and focus on the real estate community. Recent acquisitions will enable us to further expand in the New York and New Jersey metro area with over 150 bank branches. Our commitment to the New York market has never been stronger and we are so excited to now have a physical presence that customers can now access in-person.

How did Citizens adapt the way it works to address the challenges caused by the pandemic?

Prior to the pandemic, we invested resources into our technology knowing that if we wanted to attract the next generation of LEADERS 149

“Citizens is committed to building deep partnerships among our customers, colleagues and communities by fostering a culture where all stakeholders feel respected, valued, and heard, and have a sense of belonging.”

buyers (Millennials and Gen Z’s) we would need to create a point of sale offering and user interface that was seamless and user-friendly.

We also knew that this subset of consumers loves to use the Internet and rarely meet face to face. The pandemic accelerated our adaptation to new realities tremendously. We went to remote work from home 100 percent overnight and needed to invest in enough laptops and bandwidth to support our workforce. We also needed to continue to keep our team morale up by setting up coffee talks through WebEx and Zoom to stay connected with our colleagues. Over-communication became a critical part of our business model as we wanted our team to feel well informed on the changes we were making to adapt to the new normal and give a sense of comfort if folks wanted to just feel heard. We also created different ways to continue to acknowledge and recognize our team’s accomplishments even though we weren’t all together. The pandemic forced all of us to deal with things we were not prepared for, and really pushed our leadership team to think outside the box and solve problems as swiftly and meticulously as we could. I think the pandemic taught us a lot about who we were as an organization and what we needed to do to support our employees and customers.

Are you optimistic about New York’s recovery and rebuilding from this crisis?

This is a great question because from my experience, New York City is one of the most resilient cities in the world. We have been through 9/11, Hurricane Sandy, and now a pandemic that many economists predicted would be a five-year recovery for New York. I can tell you in just a little over 12 months since the pandemic in March, New York retail, food and beverage industry, and nightlife are seeing a huge resurgence. There will be many commercial landlords who will have to reevaluate the usage of their premises as folks adapt to a new normal regarding working from home.

Price per square footage for retail storefronts are increasing, landlords are seeing a tremendous amount of inquiry and interest from a new generation of operators, and many folks who have left New York for the sunny beaches and tranquility are now coming back to New York because they miss the hustle and bustle.

The New York real estate market continues to lead the way for our economic recovery as we make our way out of the pandemic.

150 LEADERS

How critical is it for Citizens to build a diverse and inclusive workforce to mirror the diversity of its clients?

Citizens is committed to building deep partnerships among our customers, colleagues and communities by fostering a culture where all stakeholders feel respected, valued, and heard, and have a sense of belonging. We have been on a multiyear journey to enhance awareness and improve opportunities within the organization and in our communities, which has accelerated since we became an independent publicly traded company in 2015. Despite our progress, we acknowledge that there is an opportunity to further increase the representation of women and people of color at all levels of our organization, and we have implemented several recruiting and development initiatives to facilitate progress, including the following: • Partnerships with community organizations and historically black colleges and universities to help identify qualified diverse candidates • Recently expanded diverse hire commitment through which we interview a slate of at least 50 percent diverse candidates for senior openings • Development programs specifically designed to build a strong pipeline of diverse emerging talent internally • Partnership with National Association of Minority Mortgage Bankers (NAMMBA) Within the company, there are six business resource groups (“BRGs”), each sponsored by senior leaders who serve as cultural ambassadors within the business to help formulate and influence our diversity, equity, and inclusion strategy: Citizens Pride (LGBTQ+), Prism (Multicultural), Citizens Veterans, Citizens WIN (Women), Citizens Awake (Disability Awareness) and Elev8 (Rising Professionals).

What do you see as Citizens’ responsibility to the communities it serves?

As Citizens Helping Citizens, we help feed our neighbors, build stronger communities and support the economy. During Financial Literacy Month, we hosted a Financial Empowerment Series, published the Teens & Personal Finance Survey with Junior Achievement, and distributed $1.5 million to support financial education for 235,000 individuals. In June, we published our 2020

Corporate Responsibility Report, Building Tomorrow Together, which is aligned to industry recognized standards and includes the outcome of our inaugural materiality assessment. We continue to advance our social equity commitment through partnerships, volunteerism, and workforce development investments. We also had more than 4,000 colleagues log over 122,000 volunteer hours during 2020, supporting 1,685 organizations. This is especially impressive given that a majority of 2020 volunteering had to be performed virtually. We made strides in the area of environmental stewardship over the past year, bringing the spirit of our credo to life by working to help create a healthy and sustainable future. This includes minimizing our operational impact on the environment by striving to reduce greenhouse gas emissions, using less paper and water, and generating less waste.

What advice do you offer to young people interested in building a career in the industry?

A first piece of advice I would offer to young people interested in building a career in the industry is to ask if they are interested in the career for the money or do they have a genuine interest in real estate, mortgage or have an empathy to help people. This is a service industry and you are helping people achieve their dream of home ownership. You will have to build a book of business which takes time to build with credibility and trust.

Instant gratification does not exist if you are looking for long-term success and a scalable career.

Second, do you have a passion to learn?

Understanding the suite of products and your competition’s products will help identify opportunity and solutions.

Third, are you surrounding yourself with people who are successful in your industry and can they be a mentor so that you can learn from their mistakes and create your own path to success?

Last, but not least, don’t be afraid to fail.

Instead, embrace those moments and use them as an opportunity to get better, learn from those failures, and continue to improve, no matter what stage you are in your career.

Get comfortable being uncomfortable, as that will continue to push you to become a better version of yourself every single day.

•

VOLUME 44, NUMBER 4

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NEW YORK CITY

Seizing Opportunity An Interview with Kent M. Swig, President, Helmsley Spear, LLC EDITORS’ NOTE Kent Swig is also Owner and Co-Chairman of Terra Holdings, LLC, which is the parent company of Brown Harris Stevens, Halstead Property, and Vanderbilt Insurance. He is also Owner and President of Swig Equities, LLC; Owner of Falcon Pacific Construction, LLC; Chairman of Dignity Gold, LLC; and Principal in The Swig Company.

Swig holds an AB degree in Chinese history from Brown University, and attended Hastings College of Law in San Francisco where he was selected for the Law Review.

Next, we focused on our own opportunities. Fortunately, for us, we had just moved into new offices at 444 Madison Avenue with a 4,000 square foot outdoor terrace that enabled us to meet in person in a safe and secure manner. One of our main focuses was on taking advantage of the disruption in the real estate brokerage industry where many firms made personnel and broker cutbacks. We recognized at Helmsley Spear that growth opportuKent M. Swig nities often occur on a countercyclical basis and we set our sights on growing the number and quality of our staff and brokers.

Over the past year, we grew our company’s infraHow has Helmsley Spear adapted its busi- structure and broker count to over 35 agents ness to address the challenges caused by the along with complementary services in marketing, pandemic? financial analysis, administrative assistance, IT This past year was truly extraordinary as support, among other services. the world had not seen anything like the COVID The result of our actions is that Hemsley pandemic since the Spanish flu in 1918. Clearly, Spear, founded in 1866, has now become one of all businesses needed to adapt rapidly to the new the finest boutique real estate firms in New York environment and seek new ways to survive and City and continues to be the oldest, continuously prosper. For us at Hemsley Spear, our focus was operating real estate company in America. several fold. First, we coordinated and worked Where do you see the New York City with our existing clients to provide advice real estate market and what is your outlook and support for their needs and worked with for its recovery? landlords and tenant clients to bridge the gap Many pundits have expressed that New York between what rents were due and what tenants City’s commercial real estate market will not fully could pay. Through open and constant commu- recover for many, many years; I disagree with this. nication and creativity, we were successful in While I clearly recognize that the market has been overcoming many of these obstacles. negatively affected by the pandemic which has led

“We recognized at Helmsley Spear that growth opportunities often occur on a countercyclical basis and we set our sights on growing the number and quality of our staff and brokers. Over the past year, we grew our company’s infrastructure and broker count to over 35 agents along with complementary services in marketing, financial analysis, administrative assistance, IT support, among other services.”

to higher availability rates, lower rents, and more landlord concessions, I project that the market will recover much faster than some others think.

My prediction is based on several factors, one of which is that there is no replacement for in-person meetings and contacts. Without in-person contact, creativity, opportunity, productivity, comradery and worker happiness are all significantly diminished. These important features in business cannot be achieved by working from home.

It is ironic that while many businesses claim that due to technology such as Zoom, they can work from home and do not need to be in the office, the technology companies are doing the opposite – they are expanding their office footprint.

Facebook has leased over 1.7 million square feet at Hudson Yards which is still under construction for their tenant improvements and, in the middle of this pandemic in July 2020, Facebook leased an additional 750,000 in a to-be-built building at the Farley Office Building at Moynihan Station.

Amazon bought the former Lord & Taylor building from WeWork, and Google has announced the record-breaking purchase of St. John’s Terminal for $2.1 billion as well as the hiring of over 10,000 new employees, most of whom will be working in office buildings.

In addition, there are many new office projects under construction such as the new JPMorgan Chase world headquarters building at 270 Park Avenue. This is the site where JPMorgan Chase demolished its 52-story building and is constructing a spectacular 1,425 foot tall, 2.5 million square foot tower that will house over 14,000 workers.

There are many projects along Madison Avenue and the Penn Plaza area that are in the works, along with other projects like the one at the current Grand Hyatt Hotel that will be demolished and replaced with a new 83-story, mixed-use building being built by RXR and TF Cornerstone.

In regards to the residential market, since January 15 of this year, the residential transaction volume of new apartment and townhouse sales transactions has been staggering. While prices had been in decline, the sheer gross dollar volume of new investment in new apartment sales is a clear indicator that New York City is indeed strong and highly desirable. This is also reflected in the massive resurgence of residential rental activity as well where the volume of activity has exploded and rental pricing is soaring.

People clearly want to live and work in New York and I am confident that New York will recover and come back stronger than ever.

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152 LEADERS

VOLUME 44, NUMBER 4

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Shared Commitment An Interview with Neil L. Rock and Agnesine (Nesa) Amamoo, Partners – Real Estate, Skadden, Arps, Slate, Meagher & Flom LLP EDITORS’ NOTE Neil Rock is the head of Skadden’s Real Estate Group. He is experienced in acquisitions, developments, financings, restructurings, sale/leasebacks, leasing, partnerships and joint ventures, fund formations, and infrastructure transactions. Rock repeatedly has been selected for inclusion in Chambers Global: The World’s Leading Lawyers for Business and Chambers USA: America’s Leading Lawyers for Business. He was named as a 2020 Real Estate MVP by Law360 and also has been selected for inclusion in Best Lawyers in America. Rock earned a BA degree from Brandeis University and a JD cum laude from Fordham University School of Law where he was a member of the Fordham Law Review.

Nesa Amamoo’s practice focuses on a range of matters related to real estate, real estate finance and private equity, including U.S. and offshore private placements, public and private REITs, joint ventures, opportunity zone funds, acquisitions and sales, construction and development projects, leasing and real estate-related capital markets and syndicated loan transactions and other credit facilities. Amamoo is active in pro bono work representing, among others, nonprofit organization The Eye-Care Foundation. She was named as one of Crain’s New York Business’ 2020 Rising Stars in Real Estate and Real Estate Forum’s 2018 50 Under 40 in recognition of her transactional work and pro bono contributions. She also has been named as an Empire State Counsel Honoree by the New York State Bar Association. Amamoo earned a BA from Brown University and a JD from Harvard Law School.

Neil L. Rock

Agnesine Amamoo

FIRM BRIEF Founded in 1948, Skadden, Arps, Slate, Meagher & Flom LLP and affiliates (skadden.com) is one of the world’s most highly respected law firms. Skadden has 22 offices, approximately 1,700 attorneys and more than 50 distinct areas of practice. The firm’s clients include approximately 50 percent of Fortune 250 industrial and service corporations, as well as financial and governmental entities, startup companies and nonprofits.

What have been the keys to Skadden’s Real Estate Group’s strength and leadership in the industry?

Rock: What distinguishes our real estate practice is the strength of our firm globally. Our real estate team’s focus goes beyond what most people think of when you mention real estate – we work with attorneys from Skadden’s 50-plus practices to advise clients on any type of matter that involves real estate in any way. As an example, for one client that primarily operates real estate

in the healthcare space, attorneys across many of our practices have helped represent this client, including with respect to the acquisition of public companies, secured and unsecured financing transactions, equity issuances, recapitalization and restructuring transactions, and executive compensation and employment issues, to name a few.

Amamoo: As one of our clients recently put it, we’re a “one-stop shop” – the real estate team gets to know our clients’ businesses and helps them address essentially any legal need that arises.

Will you provide an overview of your roles and key areas of focus?

Amamoo: Key areas of my practice include private equity and real estate finance. I advise sponsors and investors on the formation, operation and capitalization of a wide range of funds, as well as on financings, acquisitions and dispositions. I also represent real estate companies, financial institutions and borrowers in the origination and sale of a variety of debt instruments. This past year, I helped close several opportunity zone fund deals, which I consider particularly rewarding because they provide tax incentives for investing in low-income communities. We completed deals for large projects in Queens and the Bronx.

I started at Skadden as a summer associate.

One of the qualities that attracted me to the firm and that has kept me here throughout my career is that, although I’m a “real estate” attorney, I’m a general practitioner. The broad scope of our practice affords me the opportunity to advise clients on an array of real estate, corporate and other commercial matters. Members of our group are not siloed into specific areas of practice. We

“What distinguishes our real estate practice is the strength of our firm globally. Our real estate team’s focus goes beyond what most people think of when you mention real estate – we work with attorneys from Skadden’s 50-plus practices to advise clients on any type of matter that involves real estate in any way.”- Neil Rock 154 LEADERS

VOLUME 44, NUMBER 4

“Whether you are negotiating a deal or appearing before a judge, it is extremely important to call on the experience and insights of people with a wide range of backgrounds and perspectives to understand the different concerns or the different interpretations of provisions in a document that people may have.” - Neil Rock strongly encourage the growth, development and evolution of our attorneys. In my new role as a partner, I’m involved in mentoring younger attorneys and expanding our capabilities.

Rock: The focus of my practice seems to change about every three to five years. Right now, I spend a significant portion of my time on infrastructure transactions – we advised the Metropolitan Transit Authority on the renovation of Penn Station, and Nesa and I are currently representing the Port Authority of New York and New Jersey in the redevelopment of JFK International Airport. I also advise public and private companies with respect to their real estate portfolios in numerous sectors including healthcare, office, residential and student housing. As the head of our real estate practice, I also help cultivate client relationships and assist colleagues in developing their practices.

How critical is it for Skadden to build a diverse and inclusive workforce?

Rock: Making progress on diversity, equity and inclusion is essential for the success of the firm. Whether you are negotiating a deal or appearing before a judge, it is extremely important to call on the experience and insights of people with a wide range of backgrounds and perspectives to understand the different concerns or the different interpretations of provisions in a document that people may have. I was taught at a very early stage of my career that everyone who attends a meeting should plan to participate – we all have something to add.

Amamoo: I completely agree. As leaders, we have to encourage all of our colleagues to

speak up and voice their opinions. The very definition of “inclusion” is valuing everyone’s ideas in order to come up with the most creative solutions. The Real Estate Group’s commitment to diversity comes from the top down – with Neil as my sponsor, we participated in the firm’s Career Sponsorship Program. Our group also actively participates in the Skadden 1L Scholars Program which provides diverse 1L summer associates with law firm, in-house and public interest experience. I frequently work with our DEI team, including most recently by judging an innovation competition for high school students as part of the firm’s involvement in helping to increase diversity in the pipeline into the legal profession. Our group has hosted several discussions about inclusion, and throughout the pandemic we held voluntary small group discussions on race and mental health. I could go on and on.

What sets Skadden apart in the industry?

Amamoo: Most law firms would say they focus on attention to clients – after all, this is a service business, and that’s necessary.

But what sets Skadden apart is our shared commitment to that mission: We promote teamwork and we value and rely on each other’s knowledge. If I’m working on a deal and I hit an issue I’m unfamiliar with, I can call a colleague and get immediate support from one of the brightest, most knowledgeable attorneys in the profession. When you extend that teamwork across our entire firm, it’s an unbelievably powerful tool and our clients know they can rely on it.

What advice do you offer young people interested in a career in law?

Amamoo: Pursue your dream and don’t give up. A career in law can be very rewarding.

On great days, you’ll be closing deals that appear on the front page of The Wall Street Journal and thinking, “I made it!” But the profession can also be demanding and you really need to stick to it. The best advice I’ve received is to stay centered and focused on your goals because the biggest rewards usually require overcoming challenges.

Rock: Agreed. I also think it’s important to look to the future and figure out what you aspire to do as a lawyer. Do you want to argue in front of the Supreme Court? Negotiate hostile takeovers?

Work on transactions that will change the landscape of a city or the nation? Find an experienced attorney or two who excel at what you’re interested in, don’t be shy about asking for their advice, and then focus on achieving your objective, knowing that you don’t get to start where you want to end.

You have to work your way toward it.

Also, try to maintain an open mind, because objectives can change. Neither Nesa nor I originally wanted to be a lawyer. Nesa planned to go into private equity. I wanted to be a sports agent.

But I am about to celebrate my 33rd anniversary with Skadden. What changed? I was given tremendous respect and responsibility from day one and when I was a fourth-year associate, I was the lead negotiator on a large transaction for the first time and realized, “This is what I want to do – I want to negotiate transactions. I want to provide strategic advice.” So give yourself time to figure out where you want to be, and then go for it.

•

“One of the qualities that attracted me to the firm and that has kept me here throughout my career is that, although I’m a “real estate” attorney, I’m a general practitioner. The broad scope of our practice affords me the opportunity to advise clients on an array of real estate, corporate and other commercial matters.” - Nesa Amamoo VOLUME 44, NUMBER 4

LEADERS 155

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One Region An Interview with Dorothy L. Alpert, Tri-State President and Principal, Avison Young EDITORS’ NOTE Strategic commerclients collaborate with an empowered cial r eal estate leader Dor othy partner that is invested in their success.

Alpert r ecently joined A vison The fir m’s integrated talent realYoung as its new Tri-State President izes the full potential of real estate by and Principal. Alpert joins Avison using global intelligence platforms Young following a 30+ year career that provide clients with insight and at Deloitte, where she focused on advantage. strategy and operations consulting in the real estate industry, including What excited you about the opporleading the firm’s real estate services tunity to join Avison Young and practice in the U.S. wher e she made you feel it was the right fit? fostered significant client relationI spent my career at Deloitte and Dorothy L. Alpert ships. Building on a strong foundawas about a year and a half away tion within business advisory and from their mandatory retirement age. leading large-scale client relationships, Alpert Since I was in between assignments, I decided also has demonstrated experience leveraging to retire early and get a head start on what I technology to enhance client service capabilities. wanted to do next. It was not long into my As the co-founder of the ULI Women’s Leadership retirement when I was approached by Avison Initiative, Alpert is an advocate for diversity, Young and I discovered that there were multiple equity and inclusion in the commercial real factors that made it feel like the right opportuestate industry. She has been honored as one nity for me. One was that after having spent of Real Estate Forum’s Women in Influence: over 30 years at Deloitte, I was going to be Legends, Real Estate Forum’s Women to Watch, able to be involved in many aspects of the firm and Real Estate New York’s Women of Influence. which would build on the many career experiShe holds an MBA from Fordham University and ences I had during my time at Deloitte, such a BA in Mathematics from Bates College. as leading the U.S. Real Estate practice, serving as the chief of staff to our managing partner, and FIRM BRIEF Avison Young (avisonyoung.com) leading large client relationships. This made me creates real economic, social and environ- feel very prepared to join a firm like Avison mental value as a global real estate advisor, Young that has different service lines, has prinpowered by people. As a private company, its cipals who in many ways act as partners, is in

a growth phase, and has people and a culture that felt very similar to what I had experienced at Deloitte. I had around 23 interviews before I took the position which indicates that I had a very strong affinity for the people and culture of Avison Young.

What were your priorities for the business as you assumed your role?

My style is to observe first, and not come in with any preconceived notions. I am on my listening tour and am spending time in our Tri-State offices. Since my role is regional, I have been to our offices in New Jersey, Long Island and Connecticut as well as New York. One priority coming out of these visits is a focus on building on the opportunity for the offices to work together as one region since we have tremendous resources throughout this area. My plan is to do a lot of listening and then to regroup with the managing directors of each of the offices to discuss what I have observed and where I see opportunities for the growth of service lines that are already in place and that will build momentum behind our efforts to make Avison Young the firm of choice in the Tri-state region.

How do you define the Avison Young difference and what sets the firm apart in the industry?

All firms have industry knowledge and talent, but I do think that Avison Young has a differentiator. It is our proprietary technology

“All firms have industry knowledge and talent, but I do think that Avison Young has a differentiator. It is our proprietary technology platform that puts data together with analytics which is a really powerful tool. It has been a key asset in driving the solutions to match our clients’ business needs.”

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“Since my role is regional, I have been to our offices in New Jersey, Long Island and Connecticut as well as New York. One priority coming out of these visits is a focus on building on the opportunity for the offices to work together as one region since we have tremendous resources throughout this area.” platform that puts data together with analytics which is a really powerful tool. It has been a key asset in driving the solutions to match our clients’ business needs.

What are your views on the future of work and the lasting impact of the pandemic on the role of the office?

The layouts of offices are certainly going to have to change to make people comfortable.

I think there will be some companies that go to a hybrid work model and others that will want their people in the office. The disruption will increase activity in the office market and Avison Young is positioned to serve companies with any needs they may have as they adapt to this changing environment.

Are you optimistic about New York’s recovery and rebuilding as it faces many challenges from the pandemic?

I am on the board of the American Red Cross in Greater New York and I co-chair the Tiffany Circle, which is a group of women philanthropists. We had a luncheon recently where the topic was the outlook for New York’s recovery.

Kathy Wylde, who leads the Partnership for New York City, spoke at the event and I was really enthused by the optimism that Kathy shared about New York’s future. We had filmed messages from people across different industries and they too were quite optimistic about New York’s recovery. We need to be realistic

because it will not be a quick recovery and it will take time for New York to turn around, but I feel that it is starting to get better and I am confident that New York will recover and come back even stronger in the future.

How critical is it for Avison Young to build a diverse and inclusive workforce in order to bring diverse perspectives and experiences to the table when serving clients?

This has been a focus and priority for me throughout my career. There is an organization in real estate called the Urban Land Institute and I co-founded the Women’s Leadership Initiative at the Institute. I also participate in WX, which is an organization that promotes the advancement of women in real estate, in addition to mentoring young women beginning their careers. I am impressed at the number of women at Avison Young who are in leadership positions.

There is still a lot to do in the real estate industry in regard to diversity and inclusion, not just in regard to women, but across all areas of diversity. At Avison Young, we are committed to lead in this area since we are after the best talent and the best talent comes from diverse people with diverse backgrounds and perspectives.

What do you see as Avison Young’s responsibility to the communities it serves?

This is very important to Avison Young. For example, our firm-wide annual day of giving is on October 6. In New York, we will close the

office and will gather in the Bronx, as long as we are able to based on the state of the variants. This year, we will spend the day devoting our time and efforts to Samaritan House. We select a different organization to support each year which shows the commitment Avison Young places on corporate responsibility and community engagement.

Employees want to work for a company that has a purpose and is making a difference, and if you want to attract and retain the best talent, it is critical to be focused on more than just the bottom line.

How do you think the people who have worked with you over the years would describe your management style?

I think they would say that it is not about Dorothy, but is rather about the team. I played team sports in college and I am team player. I think they would also say that I am a lowmaintenance partner.

What advice do you offer to young people beginning their careers during this uncertain time?

I tell them to get engaged early and to be proactive. I would also tell them to find mentors.

You did not take much time off between leaving Deloitte and joining Avison Young.

Do you have the ability to slow down or are you always looking for the next challenge?

I need intellectual stimulation and when this opportunity came along, it just felt right.

•

“I am impressed at the number of women at Avison Young who are in leadership positions. There is still a lot to do in the real estate industry in regard to diversity and inclusion, not just in regard to women, but across all areas of diversity. At Avison Young, we are committed to lead in this area since we are after the best talent and the best talent comes from diverse people with diverse backgrounds and perspectives.”

158 LEADERS

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Employee-Ownership An Interview with Andrew D. Pearl, Vice President and Division Manager, Swinerton EDITORS’ NOTE Andrew Pearl rests in the entrepreneurial spirit of the heads up Swinerton’s New York company culture nurtured by the City office – its first in the 133-year ownership structure. company history. Beginning in When disaster struck San Francisco 2007, he worked at Swinerton on in 1906 and a major earthquake the West Coast in various posidestroyed 28,000 structures, the only tions and successfully opened and buildings left standing were built of managed other regional offices. He concrete by Swinerton, making them the ascended quickly to become one first to pioneer reinforced concrete as a of the youngest Vice Pr esidents building material to withstand the presin firm history and a member of sures of California earthquakes. the Swinerton Builders Board of Since joining Swinerton in 2007, Andrew D. Pearl Directors. Pearl has served on the I’ve experienced the power of employeeboard of directors of the Greater ownership firsthand. As an entry level San Francisco Chapter of Habitat for Humanity employee working on our first renewable energy and is and active member of the NY Liberty solar array project at the Harrah’s Casino in San Chapter of Young Presidents Organization. Diego, it was obvious we had little interest in He recently joined the board of Rebuilding remaining a conventional commercial construcT o g e t h e r N Y C . Pearl ear ned a bachelor’s tion company. As an eager kid from New Jersey degr ee in architectur e fr om Keene State with aspirations far beyond my experience, I knew College and a master’s degree in construction Swinerton fostered an environment of innovation management from the University of Southern and opportunity like no other.

California. Additionally, he is DBIA Certified Fast forward 14 years and that spirit remains and a LEED Accredited Professional. alive and well. Just this year we’ve already launched three new business lines and opened COMPANY BRIEF Founded in 1888, Swinerton our first office in New York City. Even better (swinerton.com) is a $5 billion full-service is that each of these concepts were initially national commercial construction company with conceived and fully sponsored by people within financial strength, national clients, project diver- the organization. Take, for example, Timberlab, sity, and a company culture that is proud of its a fully integrated turn-key mass timber delivery 100 percent employee ownership. It currently has solution with the ability to design, fabricate and 20 offices in nine states across the country and is erect mass timber structures across the country. ranked #17 on the ENR 2021 list of top contractors in the country. It represents diverse market sectors including affordable housing, aviation, education, corporate and critical facilities, gaming, healthcare, hospitality, interiors and special projects, industrial, life sciences, mass timber, public/ civic, residential, retail, parking structures, and renewable energy. Swinerton is headquartered in Concord, California.

Several years ago, a concept was proposed to Swinerton shareholders by an employee-owner industry expert that we start a new business line, and building off of our success and growth in the mass timber market, Timberlab was born.

Countless other examples exist within the organization as we embark on the “March to 2030,” our 15-year business plan, released in 2015 with a simple yet ambitious goal to set up the company for the next 130+ years through geographic expansion, innovative delivery solutions and diverse business lines, to name a few.

How do you describe the Swinerton culture and how critical is culture to the success of the company?

Swinerton has been a 100 percent employee-owned company since 1980 in which nearly 5,000 employees, half of which represent the trade, share in the company’s profits and are thoroughly committed to its success.

Our culture defines who we are and establishes the standards for how we operate. It is simply defined by employee-ownership, but difficult to understand without being part of it. Similar to the mantra at Texas A&M about being an Aggie: “If you’re on the outside looking in, you can’t understand it. If you’re on the inside looking out, you can’t explain it.” At Swinerton you’re a part of something bigger than yourself. Every day we look for ways to enhance shareholder value and do what’s in the best interest of our fellow employee-owners.

“Just this year we’ve already launched three

new business lines and opened our first office

Will you highlight the history and heritage of Swinerton and what have been the keys to its industry leadership?

Founded in 1888 as a masonry and contracting firm, Swinerton put down its roots in Los Angeles by following the post-gold rush era. Since its founding, the Swinerton family of companies has operated first as a familyowned and then employee-owned organization, without external stakeholders or investors. Our ability to stay agile and adapt to an ever-changing set of circumstances largely 160 LEADERS

in New York City. Even better is that each of these concepts were initially conceived and fully sponsored by people within the organization.”

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“Swinerton has been a 100 percent employee-owned company since 1980 in which nearly 5,000 employees, half of which represent the trade, share in the company’s profits and are thoroughly committed to its success.”

Even after 14 years with the organization while in California, I am regularly reminded of the power of our culture. Pick up the phone and call another employee anywhere in the country and if they don’t pick up the first time, expect a call back shortly and with a “How can I help?” mindset.

Opening an office in New York and onboarding a new team of talented staff has once again highlighted how powerful our culture really is. New employees are shocked at their first exposure to the collaborative and positive attitude they feel when meeting with other employees. When the light goes on and they realize what they have just joined, it reinforces my passion for this organization.

How do you define the Swinerton difference and what sets the company apart in the industry?

Several years ago, our corporate marketing team performed an exhaustive brand awareness study with the aid of an external agency. Over many months, the agency interviewed hundreds of people, some from within the organization and many from outside, on how they perceived Swinerton in the marketplace. In the final analysis, the agency reported their findings that consistently people felt “peace of mind” when working for or with the organization. Some of this stems from knowing that the job would get done, but also from the positive interactions they have with our people.

Introducing innovative solutions such as new technology, self-performing work, or pioneering procurement strategies like public/ private partnerships, are all value-adds that Swinerton can offer, but the true difference is in our people. We stop at nothing to deliver on our commitments and do what we say we will do.

It is our people that set us apart in the industry.

Will you discuss Swinerton’s expansion into the New York market and your outlook for growth in New York?

Expanding into New York is a play from the “March to 2030” playbook. It is deliberate in approach, focusing on serving our clients on a national basis and offering a fresh approach to how construction projects are delivered.

New York is the largest construction market in the United States with nearly $60 billion in construction revenues put in place annually across the five boroughs. There are regions in the country that combined don’t come close to those figures.

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So, the work is here. Our growth plans are strategic, disciplined and patient. We do not intend to quickly outgrow our ability to deliver on our promise, but rather to build a sustainable business with steady, consistent, and responsible growth year-over-year. Our unique advantage in supporting the New York office is a $5 billion organization that is financially solvent, debt-free and passionate about the investment strategy.

How is Swinerton planning to address New York City’s post-pandemic recovery, specifically in regard to office space?

The story of COVID-19 and the impacts on the workplace environment are still very much untold. In recent months, New York has seen a significant ramp up in the commuting workforce, signaling the return-to-office future state is real, but what that looks like from a physical environment and what changes may be implemented is still unknown.

Some companies have taken a “wait and see” approach to return their workforce.

Others are bullish and have set dates for when employees must report to the office. In both cases, change is inevitable. Trends like the open-floor workplace with high-density seating may not survive a post-pandemic world. Perhaps offices will revert back to hardwalled offices and low-density large stations spread out over larger footprints. Whatever the future may bring, we are confident in our ability to adapt to our clients’ needs, no matter what they may be.

How critical is it for Swinerton to build a diverse and inclusive workforce?

Building high performing teams demands that we explore every avenue to draw the very best and brightest to our industry and develop their talents and leadership. Developing teams that are diverse in experience, background and thought is what has kept us on the leading edge of innovation throughout our existence. In 2020, Swinerton signed AGC’s Culture of Care pledge, which affirms our commitment to a work environment that is free of harassment, hazing and bullying. We commit to hire and pay based on skill and experience, regardless of ethnicity, gender identity, nationality, race, religion, sex or sexual orientation. We retain high-performing employees by identifying and removing barriers to advancement. We empower every individual to promote a culture of diversity and inclusion. Swinerton was included in Fortune’s Best

Workplaces for Diversity and employees are pledged to a “Culture of Care” commitment (Swinerton’s Equity & Inclusion Program).

In order to continue our efforts to educate our employees and encourage a more culturally inclusive environment, we established an Equity & Inclusion Council which reports directly to the Executive Committee. Our vision is to build a workplace that mirrors the diversity of the communities in which we work at all levels of the organization and fosters an environment where all feel safe, respected and able to thrive, and where Swinerton leverages the strengths everyone has to offer.

What do you see as Swinerton’s responsibility to the communities it serves?

Our role in supporting the communities in which we serve is a tremendous responsibility and we take it seriously. Across the organization, we partner with national organizations like Rebuilding Together and American Red Cross, offering resources and expertise to support the cause. Recently, I was honored to be accepted as a Board Member for the local New York City chapter of Rebuilding Together.

Next month, our team will be volunteering at GrowNYC, a local nonprofit organization aimed at improving New York City’s quality of life through environmental programs that transform communities.

In 2002, we for med The Swinerton Foundation which helps build sustainable cities and neighborhoods by partnering with community-focused nonprofit organizations to support health, social services, cultural, education and environmental programs that benefit all members of the community. The Swinerton Foundation also serves as a catalyst to encourage and expand the philanthropic endeavors of Swinerton employees.

What advice do you offer to young people interested in building a career in the construction industry?

Stay humble, stay hungry and never stop learning. If you don’t know how to solve a problem, administer a new technology or understand contract language, ask questions.

Be a sponge of information and get involved.

The construction industry offers such a diverse range of career opportunities, not solely based on operations. Your role today will not be the same years from now. So, stay open-minded and say “yes” to new opportunities, because it’s unknown what will come from them.

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NEW YORK CITY

Integrity and Quality An Interview with James Borynack, Chairman and Chief Executive Officer, FINDLAY Galleries EDITORS’ NOTE Eighteen years FINDLAY Galleries specializes in impresbefore acquiring FINDLAY Galleries sionism, European Modernism, l’École International, Inc. in 1998, James de Rouen, l’École de Paris, and 20th Borynack pur chased FINDLAY Century American Art. The gallery Galleries in New York, having curr ently represents more than 40 already been its Director and Senior contemporary artists worldwide creating Vice President. His relationship more than 50 exhibitions annually with the company began in 1972 within their gallery network. when he was hired as a salesman after having served as a partner W i l l y o u h i g h l i g h t F I N D L AY at De Noyer, a boutique specialGalleries’ history and heritage izing in European high-fashion and what have been the keys to James Borynack imports. He has also been assoFINDLAY Galleries’ longevity and ciated with various governmentability to stay relevant? related positions, including Cultural Attaché Understanding what the correct choice of art and Ambassador for Republicans Abroad was for us to represent during the different art International. In addition, he served as North movements over the past 152 years and having American President of the auction house Phillips the insight to select the artists that would renew Son & Neale. He is an alumnus of New York’s our leadership in both period and contemporary Parsons New School for Design. art is our heritage and key to future successful years. We maintain our integrity as a business GA L L E RY B R I E F A s a r t d e a l e r s s e r v i n g by ensuring an uncompromising level of quality individuals, institutions and corporate collec- in the art we represent. When we reunited an tors, FINDLAY Galleries International, Inc. iconic American family in art, by merging Wally (findlaygalleries.com), was founded in 1870 in Findlay Galleries and David Findlay Jr. Galleries, Kansas City, Missouri. With galleries in New York we captured a broader range of art to repreand affiliates in London and Paris, in addition sent, making our presence in the art world more to its flagship premises in Palm Beach, Florida, inviting and significant.

The entrace to FINDLAY Galleries, New York gallery at 32 East 57th Street 162 LEADERS

FINDLAY Galleries flagship premises in Palm Beach, Florida

Will you pr ovide an overview of FINDLAY Galleries’ business?

FINDLAY Galleries has learned to rely on its ability to renew and adapt to the market.

With that comes awareness and judgment calls regarding the depth of artistic movements and trends. Having a contemporary management team mixed with a seasoned sales team can rocket up great initiatives that keep pace with the development of “now” tactics while advancing our long-term strategic programs for the future. Our websites and virtual exhibitions are renewing bi-monthly and our electronic catalog hits grow regularly. Alongside our digital tactics, we continue to garner success with our aggressive p r i n t m e d i a budgets. As a worldwide brand, we are one of few established representational and abstractionist galleries providing full retail services and offering both renowned living and period artists to the many thousands of our active clients globally.

How do you define FINDLAY Galleries’ culture?

We are proud to be a business based upon integrity and quality. Our corporate culture calls for the transmission and preservation of VOLUME 44, NUMBER 4

tried-and-true standards refined over 150-plus years. The magic happens when we couple those standards with a constant effort to improve. This approach is defined by the leaders within our company, but in the end it all comes down to every member of our staff understanding the advantages and benefits of working within that culture which is in turn what allows our clients to enjoy those benefits as well.

Will you highlight your galleries in New York and Palm Beach and is there a consistent feel to the galleries?

Each location has its own style while still maintaining the core of the experience. The FINDLAY Galleries’ experience is the enjoyment of beautiful art in a way that doesn’t impose certain postures or restrictions. Everyone is welcome to visit any of our galleries at any time. Both our galleries are always open during business hours and personal appointments can always be arranged. Another integral part of the experience is the contact with our art consultants. They provide insightful and inspiring commentary which makes the experience even more remarkable. In regard to the main differences, it is perhaps the overall style – our New York Gallery at 32 East 57th street (2nd floor), features a large open floor plan in a space designed by I.M. Pei as a part of Pace’s previous location in Midtown. The look is minimal and yet personal. The gallery on Worth Avenue in the heart of Palm Beach was opened in 1961 and remodeled in the eighties by world renowned designer Valerian S. Rybar.

Regardless of which style and location, the art and the way in which it is exhibited is proof positive of the fact that great works of art from any period and style can be aesthetically copacetic with any type of architecture – all it takes is vision.

How did FINDLAY Galleries adapt its business to address the challenges caused by the pandemic and how proud are you to see the way your team showed resilience during this unprecedented time?

John Ferren, From Paris to Springs exhibit at FINDLAY Galleries, New York from October 4 through November 16, 2021

FINDLAY Galleries turned 150 years in 2020 whilst the world was burdened by the pandemic; in spite of it, we significantly improved our ability to reach our clients globally. We communicated clearly with our staff and our artists and chose to focus on confidence and beauty. Our marketing programs expanded into new avenues along with an increased budget. We celebrated with two exhibitions monthly online and increased our catalogue mailing by twofold. By 2021, we had presented 24 exhibitions with an increase in our client base (collectors) by 40 percent just in South Florida alone. Our staff in New York focused on reaching out to international clients and as result we saw a doubling of sales to the Pacific Rim. I am very proud of the way our team reacted and executed. They are the kind of people who choose to see the opportunity in crisis and that was very rewarding for me as their leader.

What are the keys to New York’s recovery and rebuilding from the pandemic?

Chuang Che, All Within Time exhibit at FINDLAY Galleries, Palm Beach from October 2 through November, 2021 VOLUME 44, NUMBER 4

The key is the people, just as in every great organization, as the most valuable resource is human capital. New York will rebound because of the strength, resiliency and resourcefulness of its people. The city has always attracted the brave, strong, talented and hopeful. These trying times will not be different. The question is what the government and officials will do to help the people rebuild. With a new Governor and an incoming new Mayor, there will be opportunities for the city to reemerge triumphant over this pandemic.

What do you see as the keys to effective leadership and how do you describe your management style?

I am most fortunate to have an exceedingly collaborative team. I continue to oversee our contemporary artists group along with most of our art purchases for inventory. Having joined Wally Findlay Galleries 48 years ago, I have an insider understanding of its unique history and the people who were instrumental in its building and one of the very few who had a friendly relationship with each member of the greater Findlay family. I focus through the good counsel of my COO and life-partner of 20 years, my wise and talented Gallery Directors from Palm Beach and New York, my daughter, currently President of the Findlay Institute, and a very astute and informed circle of art consultants throughout our galleries. I am as well enlightened by our coterie of gallery affiliations worldwide.

What advice do you offer young people interested in a career in the industry?

They key to success in life is passion, which in turn becomes effort. Without passion along with the ups and downs of the journey, achievements can result in empty promises. If you wish to be an artist, a curator, an art dealer, an art critic, etc., make sure that is what you are most passionate about and follow it with all your heart. Careers in the arts are filled with difficulty and uncertainty, and those who persevere through the hardships while still maintaining their spark will be those who will look back and consider all of it worthwhile.

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NEW YORK CITY

A Homemade Food Store An Interview with Dean Poll

Dean Poll in front of Gallaghers Restaurant

EDITORS’ NOTE Dean Poll was born and raised on Long Island, New York, in a family with a long line of famous food personalities and restaurateurs. After working with his father in New York City, Poll and his brothers came back to Long Island and opened a restaurant, naming it “Pappas” after their father’s Brooklyn restaurant.

In 1987, Poll and his brothers proceeded to open Bryant & Cooper, a prime steakhouse in Roslyn. In 2000, Poll took on his most ambitious project alone, the Loeb Boathouse in Central Park. After he painstakingly restored it to its glory as one of New York’s most beloved, successful and visited institutions, Poll sought to identify other famous New York institutions in need of similar restoration. In January 2013, Poll acquired the legendary Gallaghers Steakhouse on 52nd Street and Broadway and, after a nine-month renovation, reopened it in 2014. Most recently, in 2020, he became a partner in William Poll (williampoll.com), a specialty gourmet food market on Manhattan’s Upper East Side.

Will you highlight the history of William Poll and its importance in New York?

William Poll was established by my grandfather, Angelos Poll, in 1921 on 81st and Lexington Avenue. At that time, it was a store that had house accounts and primarily served the affluent families living on the Upper East Side. In addition to the store, they also offered catering services.

During the summer months they would close up shop in Manhattan and open a summer location 164 LEADERS

in Southampton, due to the store’s clientele summering on the East End of Long Island. As a result, my father grew up in Southampton in the 1920s and early ’30s.

In 1927 the store moved from 81st to 78th and Lexington. In 1932 my grandfather had an untimely death and his brother, William, took over the operation of the store. In 1939 the store, then called “A. Poll,” was renamed “William Poll.” In 1957 the store was relocated to its current address, 1051 Lexington Avenue, between 74th Street and 75th Street.

In 2020 I became a partner in the operation of William Poll, joining my cousin Stanley Poll, who is the son of my grandfather’s brother, William.

What inter ested you in becoming involved in this family legacy business and made you feel it was the right timing?

I decided to partner with my cousin, Stanley, for a number of reasons. One is that there was no succession plan in my Uncle Bill’s family. I just felt like 100 years of a successful business should be nurtured and celebrated. Another reason I got involved is that with COVID there has been a tremendous return to eating at home. William Poll is not a grocery store; it is really a “homemade food” store. We make very fine meals for people to enjoy at home, as well as offer elegant canapés for small cocktail parties. What we really are is an off-premise kitchen, preparing food for home consumption and entertaining. I believe that the market for homemade foods is going to expand in the coming years.

A third reason, as we’ve all heard, is that during the pandemic there are people who have left New York and now miss the city. What we offer is a piece of the city they love. Every day we ship to Palm Beach, Texas, Colorado, California and the Carolinas.

While those relocated New Yorkers are away, they want the quality foods they enjoyed in Manhattan that simply cannot be found elsewhere.

Who is the William Poll clientele?

Our clientele is everyb o d y . We s e r v e s c h o o l teachers, hospital workers and other locals who come

in during their breaks. A great deal of our business comes in by phone from the captains of industry and hosts of society who direct their staffs to call in an order. We also provide meals, sandwiches and snacks for those who fly by private aircraft out of Teterboro – often times that snack is caviar.

How would you describe William Poll’s food and what are some of its signature items?

Our food is classic American gourmet.

We’re known for our perfectly trimmed domestic and imported smoked salmon, baked potato thins and delicate sandwiches. They’re the opposite of the overstuffed deli sandwich. People always say they’re “to die for.” As a result, our sandwich platters are very popular at corporate board meetings. We’re known to be expensive and we’re equally known for delivering the highest quality and the best service. That’s why people who demand the best love William Poll.

What are your priorities for William Poll as you look to the future?

During the first quarter of 2022, we are prepared to close to remodel our building and to create a shipping department on the second floor.

We are also considering, once again, opening a satellite location in Southampton as well as having a store in Palm Beach. Because we ship quite a bit to Beverly Hills, we would like to have a store there as well, but family management cross-country presents obstacles. However, we will not rule that out in the future.

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A vintage photo of William Poll (middle) VOLUME 44, NUMBER 4

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Personalized Service An Interview with Gul Turkmenoglu, Area General Manager, InterContinental New York Times Square EDITORS’ NOTE In her current role, Our opening plan had three phases Gul Turkmenoglu manages all aspects and the occupancy levels drove it. In the of the InterContinental New York Times beginning, we had 15-30 percent occuSquare and its day-to-day operations. pancy and rates were below $200, so we Previously, she worked with Denihan strategically went for high weekend occuas General Manager for their owned pancy first and captured the local market. and managed hotel, The Benjamin. She The weekdays came when customers was subsequently promoted to Regional started to travel from other cities Vice President overseeing Denihan’s and boroughs. We also followed the city luxury portfolio. Turkmenoglu started guidelines very closely and aligned our her career with the opening of the openings based on the guidance.

Conrad Istanbul, serving in a number How proud are you to see the Gul Turkmenoglu of management positions. She was strength displayed by your team then promoted to Director of Rooms at during this unprecedented time? the Conrad Cairo and thereafter relocated to New I feel so lucky to have such a strong team – York City to join the executive team of the Waldorf the InterContinental Times Square “Brave Team.”

Astoria leading various departments for six years. Everyone worked together and pursued one goal, Turkmenoglu served in Executive Leadership to open sensibly and keep building the business so roles with the Millennium Group, Highgate and we have a self-sustained hotel that can survive the Morgans Hotel Group prior to joining Denihan. pandemic and keep growing. Staff and guest safety She received her BS degree in tourism and hotel has been our number one priority. management from Çukurova University in Turkey Our owners were also terrific and have and her MBA from NYU Stern School of Business. supported us through the pandemic as well as our corporate team. Since we were so lean, they PROPERTY BRIEF Rising 36 stories above the pulse worked as part of our extension – especially the and pageantry of Times Square, the InterContinental revenue management and marketing teams.

New York Times Square (interconny.com) is a hub of tranquility amid the constant hum of New York City.

The LEED-certified property includes 603 guestrooms and luxury suites as well as more than 10,000 square feet of meeting and event space. Its design highlights include a sculpture garden and tree-inspired columns.

Guests can sip signature cocktails at The Stinger Cocktail Bar and Kitchen or enjoy the 24-hour fitness center and personalized in-room beauty services.

Will you provide an overview of InterContinental New York Times Square and how the property is positioned in the market?

We opened our doors to the public on October 8, 2020 and have been safely welcoming our guests since then. Our immediate opening positioned us as a market leader from a RevPAR perspective, and although our competitors are back in the game, we have been able to keep our number one position.

We recently opened our breakfast with a la carte continental and hot American Breakfast options.

Unfortunately, the market is still very soft and rate recovery is slower than the occupancy.

October 2021 will mark InterContinental New York Times Square’s one year of re-opening after COVID-19. How has the property adapted the way it works this past year to address the challenges caused by the pandemic?

166 LEADERS

How is InterContinental New York Times Square addressing health and safety concerns due to the pandemic?

We have been following the CDC and NYC guidelines strictly. All our sanitizers are EPA-approved N List chemicals, we use HEPA filters in our vacuums, and have sanitizers on both guest and non-guest areas.

What are the keys to the New York City hospitality industry and hotel business recovering from the pandemic?

First, the city needs a plan where all the parties are aligned. I feel that everyone is trying to do good things, but individually. We have an excellent opportunity to clean NYC streets so let’s use it.

Will you discuss InterContinental New York Times Square’s focus on offering personalized service and a customized guest experience?

We have never stopped providing personalized service to our guests. We reach out to every guest for which we have the means, for example by e-mail or phone, before arrival. We use “Zingle” as a text messaging system to connect with our guests swiftly 24/7. Speed of service is essential for us. I just received a beautiful thank you letter

InterContinental New York Times Square 1,400-square-foot Manhattan Suite VOLUME 44, NUMBER 4

“I feel so lucky to have such a strong team – the InterContinental Times Square ‘Brave Team.’ Everyone worked together and pursued one goal, to open sensibly and keep building the business so we have a self-sustained hotel that can survive the pandemic and keep growing.”

The 2,100-square-foot bi-level Penthouse Suite (above and below)

from a guest about the responsiveness of our team.

They had forgotten their Bose Earbuds in the safe and when they called the hotel, our security team handled this request with a high sense of ownership and speed. The guest received them in the mail the next day.

How critical is it for InterContinental New York Times Square to build a diverse and inclusive workforce to mirror the diversity of the guests it serves?

Extremely critical. The IHG Diversity and Inclusion Board commitments – Listen and Learn, Advocate and Act – are embraced by all the team members. We participated in staff committee activities during the past two years and are on target to have everyone go through the unconscious bias training, which I believe is excellent.

How do you define the role of the general manager and what are the keys to being effective in the role?

My role as a GM is to support my team and help them succeed in achieving our goals. To do that, I feel that being accessible and creating a clear communication line between all parties is extremely important. Therefore, I encourage constant collaboration in decision-making and encourage them to VOLUME 44, NUMBER 4

work together to solve problems. The other key component is to be alert and agile against the everchanging market conditions. I work with my executive team to develop different strategic plans which we are ready to implement at any time.

Do you feel that there are strong opportunities for women to grow and lead in the industry?

It depends on the leadership level.

Unfortunately, despite all the efforts of leading hotel companies, there are many fewer women CEOs or COOs in our industry than others. However, I am happy to see that more women are holding GM and regional positions than before.

What advice do you offer to young people interested in building a career in the hotel industry?

I would advise them to spend the first few years working in different places and learning about other cultures. From a business perspective, while the operations may be similar, the business dynamics are different from region to region. However, in the end, hospitality is all about people management. Whether it’s the guest, your colleague, or ownership, understanding, empathizing, and respecting people around you empowers continuous learning through teamwork and collaboration, and brings success.

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NEW YORK CITY

The Premier Address for Luxury Watches and Jewelry on Fifth Avenue An Interview with Ruediger Albers, President, Wempe USA EDITORS’ NOTE Ruediger (Rudy) Albers, President of Wempe USA, began his association with Wempe 34 years ago. Joining in 1987 as a master watchmaker and sales professional at Wempe Hamburg, he quickly ascended, transferring to New York and advancing to General Manager, now leading the U.S. operations for more than 30 years. He set the tone for expert service and specialized curated guidance offered by Wempe to its elite clientele, embodying the company’s mission to be the very best in each of its markets.

Avenue and 55th Street in New York City, offering featured boutiques for Rolex and Patek Philippe, along with an unrivalled selection of the most prestigious watch brands and fine jewelry, including the brand’s own.

Will you highlight Wempe’s history and heritage and what have been the keys to Wempe’s consistent leadership in the industry?

Wempe, with its 143-year history, Ruediger Albers remains a family-owned business led

by CEO Kim-Eva Wempe. In 1980, her father, Hellmut Wempe, fulfilled his dream and opened in New York. Today, it ranks among COMPANY BRIEF Since 1878, Wempe (wempe.com) the top five multi-brand retailers in the world. has curated exquisite timepieces and jewelry. With Wempe employs over 850 dedicated experts in 34 stores in six countries and aboard the cruise their profession throughout 34 stores and brand ships MS Europa and MS Europa II, and head- boutiques in six countries, our watch manufacquartered in Hamburg, Germany, Wempe is ture in Glashuette, as well as in our own jewelry a leader in the luxury retail arena. Wempe’s flag- atelier in Schwaebisch Gmuend, Germany and ship store is located on the iconic corner of Fifth our corporate headquarters in Hamburg.

Playlist BY KIM, the newest Wempe jewelry line featuring 28 stackable rings

The New York flagship store occupies half-a-city block on Fifth Avenue at the ground level of The Peninsula New York 168 LEADERS

How do you describe the Wempe difference and what sets the company apart from its peers?

Wempe’s focus on customer experience continues to be a major differentiator. While Champagne, Swiss chocolates and espresso have always been staples of the shopping experience, it’s the boutique’s unique atmosphere, which feels more as if you are entering a friend’s home rather than a store, that makes the difference. Our seasoned sales professionals work as a team and are poised to turn every visit into a memorable experience. Most of our team members have been with Wempe for at least 10 years, many of them 20 years, and in my case 34 years.

Will you provide an overview of the watch brands that Wempe works with and what are the key factors you look for when partnering with a brand?

Wempe is proud to offer the best of the best.

Our major partners Rolex and Patek flank the store and give us access to their most desirable and collectible timepieces. We recently added Girard Perregaux and Ulysse Nardin to our offering and both have been instant successes.

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How did Wempe adapt its business to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

Wempe has managed remarkably well through the pandemic, creating two independently functioning teams to ensure everyone’s safety. We were able to stay operational throughout with the exception of the state-mandated three-month shutdown.

Despite being located in one of the world’s busiest tourist destinations, we have always placed our focus on the local customer which has benefited us greatly as borders remain closed to most foreign visitors. Our closeknit relationships with our clients allowed us to continue to conduct business and tap into clients’ desires to treat themselves while being unable to travel.

of the Peninsula lobby to incorporate our Rolex Boutique into our flagship store – a true sign of our continued commitment to New York City.

How do you define the Wempe experience at your flagship store on Fifth Avenue in the heart of New York City?

“Everyone leaves happy” is our simple mantra and it’s what keeps clients coming back and spreading the word. There is always something new and exciting to discover. Our Buben & Zoerweg Collectors Salon on the lower lever is a must-see for every timepiece collector. We created this special showroom which holds the answers to all your watch storage, winding and safe-keeping needs.

Whether spy- or bullet-proof glass, or fingerprint recognition, we are happy to assist in creating your customized safe or watch winder solution.

The titanium Girard Perregaux Laureato is limited to 230 pieces worldwide and exclusively available in the U.S. at Wempe

including A. Lange & Söhne, Breguet, Breilting, Cartier, Chopard and Vacheron Constantin, just to name a few.

How critical is the jewelry category for Wempe and will you highlight this offering?

We have made gr eat strides in our jewelry sales over the past five years and continue to be on an upward trajectory. Our newest collection “Wempe Playlist By Kim” is geared to attract a younger audience – the next generation of Wempe shoppers. We have added branded jewelry by Messika, Paris as well as Wellendorff to our collection. We are doing well with our very own and unique Wempe cut, which offers exceptional brilliance due to 80 additional facets.

The Watch Collectors Salon at the lower lever offers the perfect solution for your watch storage, winding and safe-keeping needs VOLUME 44, NUMBER 4

The Wempe Iron Walker Tide is the perfect wristwatch for all boaters and water sport enthusiasts

Will you discuss Wempe’s presence in New York and its deep commitment to the New York market?

Since 1980, Wempe has been the premier address for luxury watches and jewelry on Fifth Avenue. We doubled our footprint in 2016 and are now occupying 5,500 square feet at the ground level of the venerable Peninsula Hotel at Fifth Avenue and 55th Street. We have the great privilege of operating the Rolex Boutique inside the Rolex Building on 53rd Street which is slated to be completely remodeled from the ground up over the next four years and will begin in January 2022. We are therefore temporarily expanding our footprint into part

Will you highlight Wempe’s emphasis on service and quality at the highest levels?

Wempe is very proud of its easily accessible state-of-the-art service department which is just one out of three authorized Patek Philippe service centers in all of the United States. Our master watchmakers continuously undergo training with the brands including Rolex, Cartier and others enabling us to have access to spare parts and to repair watches to the exacting standards set by each brand.

What is your outlook for New York’s recovery coming out of the pandemic?

While many of our clients were able to work remotely, I hear so often that they are missing the energy of the city. There is no doubt in my mind that New York will be back stronger than ever once the pandemic is declared over.

Foot traffic is up significantly, and we are looking forward to what could well be our strongest fourth quarter ever and soon we’ll also be going live with Wempe e-commerce.

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NEW YORK CITY

A New York Institution An Interview with Jerry Katzoff, Chairman, Il Mulino Greenwich Village RESTAURANT BRIEF For over 40 years, Il Mulino 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.

Il Mulino restaurant on West 3rd Street in Greenwich Village

beginning, along with a large part of our staff who have been with us throughout the 40 years, and they embrace our culture. This is the reason why we are able to provide such consistency with our food and service.

What can guests expect from Il Mulino as you look to the future?

We are continuing to invest in the restaurant but will never change What have been the keys to the the character and mystique of the strength and leadership of Il space. There is a certain feeling that Jerry Katzoff Mulino and what has made the our guest gets when they walk into Il restaurant stand the test of time?

Mulino. At the same time, it has been The keys have been incredible food along 40 years and it is time to refresh this iconic with impeccable service. This has been true restaurant. We have expanded our already for the 40 years that the restaurant has been fantastic wine list and will make cosmetic in existence and continues today, even with changes to give the restaurant a fresh look the pandemic. We will never sacrifice on the for today’s times. Our patrons are global and quality of our food or the service levels at the when they visit New York City they often dine restaurant. with us multiple times during their time in How important has it been to have Manhattan. such longevity of the staff at Il Mulino?

How important is it for the restaurant This is one of the most important parts of to offer the dishes that it is known for over our success since we have very loyal patrons. all these years while still keeping the menu This starts with our General Manager Claudio fresh and current?

Mambelli, who has been with us since the The menu has stayed consistent which honors our history, but our patrons know that all requests at Il Mulino will always be prepared for them by the chef. The hallmark of Il Mulino is that all the dishes we serve including our vegan and gluten free options will be consistent with the flavors and taste that are Il Mulino.

How did the restaurant adapt its business to address the challenges caused by the pandemic?

COVID has impacted every restaurant in the city and around the country. We followed all the health protocols. We have created some outside seating which has become the trend in New York City. Our committed staff stayed with us and we are able to continue to serve our guests with the quality experience that Il Mulino is known for.

Will you discuss the experience and expertise of Il Mulino’s workforce?

We have a professional, highly trained waitstaff, servers and busboys. They are compensated well and when they work at our restaurant, they see it as a career. We also invest the time and resources in professional development. We want the staff to always understand our values A table at Il Mulino and become a member of the Il Mulino family.

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Are you surprised to see the growth and development of the area around the restaurant?

It is amazing to see the growth of the area.

When we started the business, NYU was there, but not in the prominent way it is today with the law school and their educational executive offices located nearby. It has been exciting to see how Greenwich Village has grown and we are fortunate to be a part of it.

Il Mulino’s Spaghettini alle Vongole

As Il Mulino celebrates 40 years in business, are you able to take moments to reflect and appreciate the strength and impact of the restaurant?

We celebrate all the time, but we never rest on our laurels. Our growth and commitment to excellence continues and will always continue.

Our patrons come to Il Mulino for moments of celebration in their lives which carries on as a tradition throughout their entire family. It is amazing to see how Il Mulino is the favorite restaurant of people from all over the world and it is gratifying to see the impact it has made on people’s lives. We will continue to invest in the restaurant to offer the highest levels of food and service. Il Mulino looks forward to another 40 years and more.

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VOLUME 44, NUMBER 4

WINE & SPIRITS MERCHANTS Since 1934

505 Park Avenue at 59th Street, New York, NY 10022 • 212-838-7500

www.Sherry-Lehmann.com

NEW YORK CITY

Cutting-Edge Design An Interview with Joshua Caspi, Principal, Caspi Development EDITORS’ NOTE Joshua Caspi Will you highlight Caspi Develophas been engaged as a real estate ment’s history and heritage and developer, owner and manager how the firm has evolved? since 1999 and has been involved Caspi Development began in the in over $1.5 billion of real estate 1950s with my grandfather, Joseph executions including developCaspi’s acquisition of several highment, acquisition, reposition and profile apartment buildings throughout r estructuring. His accomplishManhattan, the Bronx and Westchester. ments include hotel, office and Our portfolio further diversified in the residential buildings throughout 1990s when my father, Steven Caspi, Westchester, Manhattan, Brooklyn, expanded into premier office buildings the Bronx and Long Island. He and entered the hotel market, acquirJoshua Caspi counts among his capstone early ing and developing both boutique and projects the Renaissance Corporate large hotel properties. Today, Caspi Center in downtown White Plains and the Development is a third-generation firm specialWaverly Apartments in Clinton Hill, Brooklyn. izing in hospitality, residential, and commercial Caspi started out his development career cre- properties with an unparalleled reputation for ating concrete superstructures on the Upper design, construction and project completion.

West Side of Manhattan, assisting in developing One of our most recent projects is Hotel Barrière a new branch of the New York Public Library, Le Fouquet’s New York. Located in Tribeca, the and contributing to the expansion of Columbia elegant five-star hotel will feature 96 beautifully University. In the mid-2000’s, he successfully appointed guest rooms and suites, as well as sevdeveloped several high-end, for-sale condomin- eral intimate food and beverage destinations and ium projects in South Florida, including the world-renowned amenities such as a private spa, Retreat in South Beach. More recently, he swimming pool, an interior courtyard, state-ofacquired and sold two office buildings on the the-art screening room and board rooms.

Bowery in Manhattan partnering with RWN How do you define the Caspi and Artemis to create a groundbreaking pre- Development difference and what sets built office program for those properties. In the firm apart in the industry?

Westchester, he developed 120 Bloomingdale The firm is very nimble and proven in its Road in White Plains and brought that property ability to pivot rapidly in anticipation and to 100 percent occupancy. In Manhattan, he response to adjusting market conditions. Our developed 79 Walker Street in TriBeCa and led principals draw from a depth of expertise to the financial restructuring of 456 Greenwich strategically react and be in the lead of an evolvStreet in Tribeca, a six-star luxury boutique ing market. Cutting-edge design and a refined hotel with expected completion in 2022. He is aesthetic have also emerged as cornerstones of active in civic and charitable endeavors, and the firm. That, coupled with our ability to secure as a hospital board member led the very success- prime locations, has allowed us to further difful recent expansion of White Plains Hospital ferentiate ourselves within the market. in Westchester County. Caspi attended Boston How do you define Caspi Development’s University prior to beginning his career in real culture? estate.

We love what we do, and we do it well.

For three generations, we have prided ourselves FIRM BRIEF Caspi Development (caspi on our acute attention to detail and ability to development.com) is a real estate firm with a recognize properties with untapped potential. reputation for excellence in design, construction As a firm, we have the acumen to analyze the and project completion. With a track record risk and reward of opportunities, the conviction of both metropolitan and suburban achieve- and confidence to make decisions, and the abilments, Caspi Development thrives in the compet- ity to get any job done. itive Westchester and New York City landscapes.

Will you provide an overview of Caspi Bringing three generations of experience to the Development’s portfolio and current develtable, Caspi Development taps into its knowledge- opment projects? able site selection and financial entrepreneurship Our portfolio remains diverse and includes to succeed in a variety of markets. residential, commercial, and hotel properties 172 LEADERS

A rendering of the exterior of 456 Greenwich Street

as exemplified by recent projects like 144 West Street, 157 West 18th Street, and 134 Broadway.

Located in Greenpoint, Brooklyn, 144 West Street offers boutique luxury apartments and a ground-floor commercial space as vibrant as the surrounding neighborhood. Originally built as a horse stable in the early 1900’s and later used as an electrical supply house, we reimagined 157 West 18th Street and transformed the space into ground-floor retail with full-floor boutique office suites above that are ideal for mid-size companies looking for a unique space. Similarly, we also transformed 134 Broadway in Williamsburg, Brooklyn. Originally built in 1901, this historic six-story building now features boutique fullfloor office opportunities with high-end finishes, modern amenities and connectivity options that will meet the needs of the TAMI sector.

How critical is it for Caspi Development to build a diverse and inclusive workforce?

Caspi Development’s diverse and inclusive culture has played an enduring role in our rich and unique heritage. Our team operates as a family in the truest sense – we are unwavering in our support and all take on multiple roles within the operation to ensure execution of our business plan.

What are the keys to New York’s recovery and rebuilding from the pandemic?

I am encouraged to see restaurants returning, curtains rising on Broadway, and New York’s iconic cultural institutions reopening their doors.

There is an incredible sense of optimism and enthusiasm from New Yorkers and tourists alike.

What advice do you offer young people interested in a career in real estate?

Find an opportunity at a firm of your dreams and reach for the sky. In this industry, you must be persistent, determined and unfaltering in pursuit of your success.

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NEW YORK CITY

Brand Intimacy An Interview with Mario Natarelli, Managing Partner, MBLM EDITORS’ NOTE With early career Brand Intimacy measures emotraining as an architect, Mario tional bonds we form with the brands Natarelli uses these fundamenwe use and love. Behavioral scientists tals to balance the art and science have proven that we make decisions of brand building. In addition to based on emotion, yet most of the building a successful digital marways we measure, build and manketing business that was acquired by age brands don’t reflect this. Brand Interpublic and later became part Intimacy creates a new and more of the formation of FutureBrand, elevated form of loyalty, built for our he is keenly aware of the role that modern times and underpinned by the digital plays and he has pioneered connections formed between brands software as a digital operating sysand all their stakeholders.

Mario Natarelli tem for optimizing and managThe benefits of Brand Intimacy ing brands. Over the past 17 years, are numerous. Our decades of research Natarelli has led teams across three continents, have proven the more intimate the customer, working for clients of varying sizes and indus- the more engaged they are and the more they try focuses, mostly in the areas of technology, are willing to pay for a product or service. Top real estate, travel, sports and hospitality. His love performing brands from our annual study also of architecture has inspired his work in desti- significantly outperform the Fortune 500 and nation, real estate, and luxury categories where S&P 500 indices in annual revenue, profit and he has helped shape a quarter-trillion dollars of stock price. value. Natarelli earned a bachelor of architecture degree from the University of Toronto.

FIRM BRIEF MBLM (mblm.com) has invented a new marketing paradigm, Brand Intimacy, delivering expertise and offerings across three areas of focus: Agency, Lab and Platform. With offices in five countries, its multidisciplinary teams help clients build stronger bonds and deliver optimized marketing outcomes and returns for the long term.

What was your vision for launching MBLM and how do you define its mission?

I built a digital marketing company into a major holding company and then sold it. The vision of the partners in creating MBLM was, and still is, like most start-ups or spin-offs – to create a better, more nimble company.

The timing was also key, as the world of brand building and marketing was dramatically evolving and we saw an opportunity to define a new paradigm.

How do you describe MBLM’s culture?

MBLM is familial and professional. We are diverse in that we speak 15 languages and represent over 20 countries. The focus is mainly on serving our clients and generating the best outcomes for them, while creating an exacting and yet still collaborative environment.

Will you discuss the concept of Brand Intimacy and how this is at the foundation of MBLM’s work?

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“Brand Intimacy

creates a new and more elevated form of loyalty, built for our modern times and underpinned by the connections formed between brands and all their stakeholders.”

Will you provide an overview of MBLM’s service offerings?

We help clients transform their brands.

From research and insights to brand strategy naming and brand identity or logo design, we ensure a brand has a compelling promise and focus.

We then help the brand shape a strong narrative or story for its brand. Here the work involves content creation and merchandising, and integrated campaigns. We also help clients orchestrate their brands across touchpoints and channels and specifically around helping them design and build their digital presence.

How do you define the MBLM client and how broad is your target market?

We work with businesses and institutions of varying sizes. We intentionally work across industries, and with both B2B and B2C brands.

The range of brands and businesses helps us to learn and improve while keeping the work fresh.

MBLM has expanded internationally.

Will you highlight MBLM’s global footprint?

We have offices in five countries – U.S., Canada, Mexico, UAE and Korea. We recently added the Seoul office, and we couldn’t be happier with how business is progressing there.

How critical is it for MBLM to build a diverse and inclusive workforce?

MBLM, since its inception, has been global in perspective and diverse in make-up. Like most professional services firms since the Black Lives Matter movement, we’ve renewed our commitment and provided more focus, resources and effort in this area. In a matter of months, we’ve organized local and global teams that have enhanced our hiring processes, increased our transparency, and further improved our team diversity and a sense of inclusivity.

Since we are a relatively small team, we have been agile and quick to act. With that said, we have much more we would like to do and see this as a continual and ongoing process of improvement and enhancement.

MBLM is headquartered in New York.

What are the keys to New York’s recovery and rebuilding from the pandemic?

I wish we had the answer – we desperately need and want our vibrant and inspiring city back. As New Yorkers, we know you can never count the city out. We are confident of a rebound and we see some promising signs.

What advice do you offer young people interested in a career in the industry?

A career in branding is thrilling. We collaborate with strategists, namers, designers, developers and numerous other disciplines to shape and transform a business and a brand. My advice is to stay positive, hungry and open.

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VOLUME 44, NUMBER 4

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 organi ation 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 its footprint in New York, Chicago, H ouston, Los Angeles, San Francisco and Washington D .C.

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, 43 of which are ranked on the 2021 Fortune Global 5 00.

As of March 2021, CGCC’s Chinese member companies have cumulatively invested over $ 125 billion, employ more than 220,000 people, and indirectly support over one million jobs throughout the United States.

The Chamber’s experience of working with renowned institutions and distinguished business leaders across a broad range of sectors make it an essential platform for any business to better understand, engage with, and contribute to some of the most critical issues and dealmaking between the world’s two largest economies. CGCC also publishes frequent research, including its flagship Annual Business urvey R eport which assesses Chinese Enterprises operating in the . . and identifies key trends and overall business sentiment.

CGCC Foundation Established in 2014, CGCC Foundation is a 501(1 ( 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.

178 LEADERS

VOLUME 44, NUMBER 4

U.S.- China Business Community 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.

www.cgccusa.org contact@cgccusa.org 19 E 48th Street, 3rd Floor, New York, NY 10017

Vision Mission CGCC is committed to creating value for Chinese and American enterprises, generating economic growth, promoting business exchanges and cooperation between China and the United States, and enhancing understanding, trust, and interaction between the U.S.-China business communities.

VOLUME 44, NUMBER 4

Uniting U.S.-China business communities and advancing opportunities for our members to achieve economic growth and prosperity, and positive social impact.

Values Member-Centric Our members’ interests lie at the core of what we do and drive every decision we make.

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.

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CGCC Annual Business Survey ince , the Annual Business urvey on Chinese nterprises in the . . has been one of the flagship pro ects of CGCC and CGCC Foundation. The survey aims to identify key trends and overall business sentiment of Chinese enterprises in the U.S. and provide readers with the opportunity to gain deeper insights into the development of these industries.

Survey Methodology The report is based on CGCC’s Annual Business urvey on Chinese Enterprises in the U.S. The data was collected through a survey of senior executives sent to 1000+ companies, all of which are U.S. operations of Chinese companies. The survey is usually conducted between February and April each year and includes around 200 responses. The report outlines the ma or survey and interview findings, linked to historical data from prior CGCC surveys, where available.

The survey was comprised of a set of questions for all participants, along with additional questions tailored to each year’s focused areas and topics. CGCC also conducted a targeted set of interviews with company executives from different sectors. CGCC compiled the data from across the survey and interviews and identified several key themes. The partner analyzed the data and supported the drafting of the report.

The publication is generally composed of three sections: the core report, which includes narratives of ma or findings, analyses and recommendations, based on survey results with historical survey data for selected questions; Appendix includes the remainder of the survey results in a question-by-question format and extracts from CGCC’s interviews with chief executives on various topics about Chinese investments in the U.S.

Partners Partnering with professional research institutions and service providers including Institutional Investor, PwC and Ernst & Young, the survey report has historically received strong feedback from both Chinese and American press, research institutions and other organizations.

Each year, CGCC sends out well-designed questionnaires to hundreds of Chinese companies operating in the . . and receives valuable firsthand information that reflects the current . . business environment.

The writing and publication of the report shed further light on both the impacts and contributions of Chinese enterprises to the U.S. economy and local communities and the challenges these enterprises face while operating in the U.S.

2021 Survey Report The business operations and investments of Chinese companies in the United States were severely challenged in 2020, which was an unusually volatile year amid pandemic-related disruptions and uncertainties in U.S.-China relations. n its eighth consecutive year, the Business urvey details the experiences and sentiments of Chinese companies in the U.S., based on responses from 183 c ompanies and a select number of executive interviews conducted in early 2021. For the first time, the report also provides specific sector insights in financial services, energy and electric vehicle ( EV ) , and the U.S. capital markets.

Please scan the Q R code to read and download the full report.

Seeking a knowledge partner to co-produce the 2022 Annual Business Survey Report on Chinese Enterprises in the U.S.

www.cgccusa.org 180 LEADERS

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The Annual Business urvey forms an integral part of the CGCC U.S. - China business community, which helps member companies update business operations, and reflects timely issues encountered in the U.S. market. The writing and publication of this report helps the U.S. to better understand the current state, achievements and contributions of Chinese companies to the U.S. economy and its local communities. We also hope the report can help promote an environment that is more conducive to foreign investments and their business development.

We are currently seeking a knowledge partner to co-produce the 2022 survey and report with us. The survey itself will be conducted from February to May of next year and the report will be released in June of 2022.

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The knowledge partner is expected to provide professional services in: • Advising in the survey construction process • Supporting data collection, analysis, report drafting and design • Providing input on maximizing company participation and overall project impact The partnership would be performed on a pro bono basis, with the knowledge partner receiving the below, with potential for further negotiation: • ecogni ed as the official partner of CGCC in the production of the report • Co-branding on the report release and presentation • Participation in the report release event

CGCC and the partner will further discuss the specific scope and roles for the project once a partner has been selected. CGCC reserves final editorial control of the report, as well as ownership of the project copyright.

Submission D eadline Any interested parties should send the following information before Monday, D ecember 13, 2021, to Abby Li at abby.li@ cgcusa.org.

Materials to Submit: • Brief introduction of your organi ation • Overview of your organization’s expertise in conducting surveys of this nature • Overview of your organization’s knowledge of Chinese foreign business in the United States • Brief outline of your organi ation’s analytical and editorial capabilities LEADERS 181

Chairman’s Message am delighted to share with you the findings of the eighth Annual Business urvey on Chinese nterprises in the United States, a resource created by China General Chamber of Commerce — USA ( CGCC) , with support from Ernst & Young P, the . . firm Y . The report provides first-hand data on, and analysis of, key trends and the overall business sentiment of Chinese companies operating in the U.S. market. ince the first survey in , we have been witnessing growth and deeper intertwinement of U.S. and Chinese economies as part of an ever-more connected global economy. This interconnectedness, as shown across our eight surveys, benefits both countries’ economic activities and serves as an integral part of the bilateral business relationship. After a volatile 2020 due to the global effects of COV ID -19, and as the post-pandemic recovery continues, we believe the eighth CGCC business survey comes at a critical time because it provides important data and insight to help relevant stakeholders better understand the position of Chinese investments in the U.S. and supports more fully informed and data-driven decisionmaking.

Tensions in U.S.-China relations in recent years, alongside the negative effects of COV ID -19, have impacted our members’ views on the U.S. business environment and affected their confidence. ome have delayed new investments in the . .

Yet, within this backdrop, it is exciting to see the clear optimism and resilience on the part of Chinese companies, as seen in this year’s survey. Our members have generally responded well to the pandemic’s dual role as an accelerator of transformation and amplifier of disruptive forces. Beyond capital and production investments, Chinese companies are seeking to strengthen their long-term competitiveness in the U.S. market through effective legal compliance, stronger brand

recognition, better use of technology, and streamlining business operations.

While the survey data tells a compelling story, we know that there’s more that lies beneath the surface. That’s why we’ve combined findings from our nearly survey responses ( gathered throughout March and April of 2021) with qualitative insights: from interviews conducted by CGCC of interviewed chief executives from leading Chinese companies.

These interviews provide important context to the numbers and yield valuable advice to other Chinese companies on how to operate successfully in the U.S. on how U.S. companies can deepen their cooperation with their Chinese counterparts. hope you en oy reading this report and find it useful and informative. As businesses from both countries still hold deep commercial interests in investing in each other’s economies, CGCC remains committed to carrying out more constructive engagement and dialogues, building bridges and achieving greater synergies to encourage better understanding and cooperation between U.S. and Chinese business communities.

Chen X u Chairman, China General Chamber of Commerce—U.S.A. President C O, Bank of China . .A.

2021 Survey Report Key Findings Scan here to watch a three minute video on sur ey s ey findings

Compared to previous years, Chinese companies surveyed expressed their optimism about the direction of the bilateral relationship and economic cooperation going forward, anticipating a more predictable and stable U.S. business environment.

1.

V aryi ng s ector impacts of COV I D - 19: R espondents suggested revenue and profitability suffered in 2020 due to a tougher business environment in the U.S., primarily related to COV ID -19. The pandemic’s impact was negative for most but varied by sector. xpectations on when revenue and profitability will return to pre-pandemic levels vary by sector, as well, but generally, Chinese companies surveyed are somewhat more positive on the near-term economic outlook than they were last year.

2.

P ositive change s that w ill endure: COV ID -19 catalyzed many surveyed Chinese companies to make positive, long-lasting changes, including accelerating digital investments and product innovation. In addition, respondents suggested these investments would enhance their ability to identify and manage emerging risks.

3.

Sustained parent companies’ commitment to the U.S.: Surveyed companies reported that their parent companies continue to see the U.S. remaining an integral part of their global strategy. To support a sustainable, long-term U.S. strategic presence, parent companies suggested they continue to accept lower profitability than at home and support increasing levels of reinvestment of profits into their . . operations.

4.

I nvestments in branding and understanding : Surveyed Chinese companies continue to invest in elevating their brands as part of a continuation of their U.S. operations and access to U.S. capital markets. They view such investments as especially important in raising brand awareness and recognition, educating stakeholders ( including shareholders) on Chinese companies, and countering antiChina/Asia sentiments in public discourse.

Since the last survey, the United States and China have both prioritized economic growth, but that economic interdependence exists alongside competition. Throughout the past several years when the CGCC surveys were conducted, responses have indicated that the evolution of U.S.-China diplomatic and economic relations greatly affected corporate performance, investment strategies and overall priorities. D espite the many uncertainties, surveyed Chinese companies continue to view the U.S. as an investment priority and remain firmly committed to the market in the long term.

When set in the context of prior surveys, this year’s results show:

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2021 Survey Report Key Findings new products and services ( notably in “green finance . b.Energy and electric vehicle ( EV ) : Chinese energy companies operating in the U.S. indicated they are highly focused on developing and implementing long-term low-carbon strategies to address climate change and support a broader transition to a low- or zero-carbon economy. A small group of Chinese companies also responded that they are evaluating opportunities and challenges to investing in the EV sector, given the technological advancements in the U.S. EV market.

5.

Continued enhancements to compliance: Chinese companies indicated they continue to adapt to changing U.S. government policies and enforcement priorities at the federal and state levels. After several years of enhancing employee training and working with thirdparty organizations, Chinese companies reported they are also prioritizing strengthening their compliance systems and procedures to navigate what is perceived to be a complex legal and regulatory environment in the U.S.

7.

On specific sectors or areas: a.Financial services: Throughout the ongoing COV ID -19 pandemic, Chinese financial services companies reported they have been focused on delivering services and products to their customers and communities in need. To support growth and compliance, they observed they are prioritizing enhancing risk governance ( including credit and liquidity risk management) and innovating

c.Continued access to U.S. capital markets: Survey respondents indicated that the U.S. remains one of the top choices for Chinese enterprises to launch their Initial Public Offering ( IPO) to gain global exposure, enhance their brand and access liquid markets.

Surveyed companies indicate more investment in public relations could improve U.S. market participants’ understanding of their organizations.

6.

Optimistic outlook of the U.S. business environment: Looking forward, Chinese companies indicated they are more optimistic about the overall U.S. operating and economic environment than last year and are becoming more positive about U.S.-China relations. In terms of future business objectives, they remain highly focused on growth and profitability, but are increasingly focused on strengthening brand recognition and their corporate image in the U.S. and consolidating and streamlining their businesses.

www.cgccusa.org 184 LEADERS

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2021 Survey Report Interview Highlights Advice for Chinese companies operating in the U.S.

Stay focused

Watch for emerging risks

n reflecting on their experiences of operating in the . . in recent years, surveyed company executives identified the following key points to share with other Chinese companies, including “Invest in industries that you are the most familiar with and fully analyze the feasibility of each project, including resources, industry, U.S. policy, etc.” ibers, the . . subsidiary of a leading polyethylene terephthalate P T staple fiber manufacturer based in China, with an annual throughput of 120 million lbs in the U.S.

“Strengthen management’s awareness of risks and mitigations, be aware of the U.S. regulatory environment and be ready to respond.”

CBC, the largest bank in the world by total assets as of operating in the U.S.

with

branches in the . . and over

years of

Be aware of the abundance of resources in the . .

Leverage opportunities

Maintain regulatory compliance

Engage your local community

Localize strategies

— Sinopec, one of the largest integrated energy and chemical companies in China with integrated upstream, midstream and downstream operations, strong oil and petrochemical core businesses and a complete marketing network

“Compliance should be a top priority; seek the right internal and external resources and constantly enhance compliance capabilities.”

Bank of China . .A., a branch of one of the big four commercial banks in China with the largest global footprint among them, has proudly served the U.S. and Chinese business communities for over 40 ye ars

“Continue to be a proactive and responsible community member.”

Bank of China

“Understanding the U.S. consumer market is key, because consumer tastes vary greatly from state-to-state.”

— K arma Automotive, a southern-California-based, global producer of luxury electric vehicles and subsidiary of Wanxiang Group

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LEADERS 185

2021 Survey Report Exclusive Q&A CGCC: How did your company seize the opportunity in response to the crisis? Can you share your experiences with us?

Linhua GUAN CEO, Surge Energy America Scan here to read CGCC Leaders Profile featuring Guan Linhua

In 2019, the realized price of natural gas in the Permian Basin was negative. Much of the natural gas is used to generate electricity, and the company’s oil fields used a lot of electricity. So we decided to take advantage of the negative price of natural gas in 2019 to lock in the price of electricity for operation. This is a sound plan for long-term development of the company. The 2021 winter storm in Texas was unforeseen and negatively impacted many oil companies. We shut down our oil fields before the storm. Because of this, we were able to sell the unused electricity back to the grid at market prices and achieve a sizable profit. The electricity we saved as we shut down the field beforehand also prevented more than 20,000 Texas households from power outages during the once-in-a-century winter storm.

The meaning of the word “crisis” in Chinese contains not only “danger” but also “opportunity.” Only by taking precautions and being prepared for danger in times of peace can we avoid chaos. More importantly, we should always look for business “opportunities” during times of “crisis”.

In the face of crises, one of the reasons we can seize opportunities in a timely manner is the flexibility of the company’s decision-making processes. I have experienced the decision-making system of large companies where I worked before. When I had the opportunity to manage a smaller size company myself, I decided to remove unnecessary “red-tape” processes.

CGCC: Chinese companies can encounter challenges in adapting to the American market. Based on BYD’s experience, what should Chinese companies do to adapt to the unique characteristics of local U.S. markets?

Patrick DUAN

My overall feeling is that most senior management needs to be localized. Most management concepts and processes can be learned. But, at the operational level, those concepts and processes need to be localized. Management methods and concepts that can be used very successfully in other places are not necessarily suitable for local markets in the U.S. In many cases, some re-examination and adjustments are needed. Globalization is actually a

process of localization. For example, in terms of product technologies, while we can take general approaches and comply with local laws and regulations, from the expectations of customers and the way customers communicate, to how local employees operate, Chinese companies have to feel like they are operating like a local American company.

Deputy Director of Operations, BYD America www.cgccusa.org 186 LEADERS

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CGCC: JN Fibers’ business involves resource recycling and fiber fiber product processing. In recent years, the energy materials industry has been discussing the trend of new energy and renewable energy transformation. How will this trend affect production and future development of the industry?

Sun SUNYA Ya

CEO/President CEO/President of of JN JN Fibers, Fibers, Inc Inc..

Scan Scan here here to to read read CGCC CGCC Leaders Leaders Profile Profile featuring Sun Sun Ya Ya

The effects will be significant, significant, both positively and negatively. On On the the positive positive side, side, our our prodprodand negatively. ucts ucts use use 100% 100% recycled recycled PET, PET, aa low-carbon low-carbon industry, industry, which which truly truly recycles recycles and and reuses. reuses. In In terms of quality, quality, our our products products can can replace replace terms of virgin virgin materials. materials. So, So, after after entering entering the the U.S. U.S. market, over the past five five years, we have been working to slowly slowly educate educate our our clients clients to working hard hard to to replace replace producing producing new new products products with with recyrecycling, and it it has has been quite successful successful for for us. us. cling, and been quite Our products are beneficial beneficial to our company, our our customers customers and and society. society. It It is is aa win-win win-win situsituation with multiple multiple parties. parties. This This is ation with is the the reason reason why why II have have always always believed believed that that we we have have very very good good development development prospects prospects in in the the U.S. U.S. The negative impact impact of of the the new new trends trends to to us us The negative is In recent recent years, years, as as the the envienviis also also obvious. obvious. In ronmental protection concept concept gets gets strengthstrengthronmental protection ened, more and and more more large large companies companies have have ened, more also also started started developing developing their their PET PET recycling. recycling.

The proportion of recycled fi fiber ber materials

is globally, not not just just in in the the U.S. U.S. is increasing increasing globally, — in Europe.

Europe. Compared Compared with with — especially especially in producing, producing, recycling recycling materials materials for for packaging packaging will the cost cost and and directly directly affects affects compacompawill lower lower the nies’ nies’ raw raw material material procurement procurement and and costs, costs, and and thus thus affecting affecting the the price price competitiveness competitiveness and and profitability profitability of the companies’ products.

Generally Generally speaking, speaking, II think think this this trend trend is is very very positive, positive, from from both both technology technology and and cost cost perspectives. energy perspectives. Low-carbon Low-carbon renewable renewable energy is definitely definitely a very promising area. Our experience rience in in this this industry industry for for more more than than 20 20 years years has has proved proved that that low-carbon low-carbon products products do do not not have have to to be be costly. costly. We We can can achieve achieve aa win-win win-win situation situation both both economically economically and and environmenenvironmentally. Our fiber fiber factory is a true application of materials and and has has expanded expanded to to of recycled recycled materials recycling recycling of of our our upstream upstream companies. companies. This This broader impact is even more beneficial beneficial to society. society.

Thank You for Being Part of CGCC We are sincerely grateful for each and every CGCC Board company. Your continued support lays the foundation of what we have achieved now.

And And our our special special thanks thanks to to the the following following members members who who helped helped us us carry carry out out our our mission mission further. further.

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LEADERS 187

INTERVIEW

Detect, Assess, Respond and Learn An Interview with General Stanley McChrystal, Founder and Partner, McChrystal Group EDITORS’ NOTE General Stanley fight against Al Qaeda, and leverage McChrystal, a retired four-star geninsights gained from that experience eral, was the former commander of to partner with clients in transforming U.S. and International Security themselves to better compete and win.

Assistance Forces in Afghanistan How has McChrystal Group where he developed and impleevolved over its first decade in mented a comprehensive counterbusiness? insurgency strategy. He is a senior In the 11 years since our foundfellow at Yale University’s Jackson ing, McChrystal Group has deepened Institute for Global Affairs, where our experience and expertise in a range he teaches a course on leadership. of business sectors, from healthcare to He sits on the boards of Navistar banking, while expanding our capabilStanley McChrystal International Corporation, Siemens ities to include AI-based analytics that Government Technology and JetBlue offers clients a sophisticated look at Airways. He has recently completed his latest their organizations, and the McChrystal Group book, RISK: A User’s Guide. His memoir, My Academy that offers a range of leadership develShare of the Task, as well of his previous book, opment programs.

Team of Teams: New Rules of Engagement What interested you in writing your for a Complex World, were New York Times new book, RISK: A User’s Guide, and what bestsellers. He also co-authored Leaders: Myth are the key messages you wanted to convey and Reality, a Wall Street Journal bestseller. through the book?

McChrystal is the Chair of the Board of Service In the past few years, with more time to Year Alliance where he advocates for a future observe, study and reflect, I concluded that my in which a year of full-time service is a com- approach to risk throughout my career, like mon expectation and opportunity for all young many other leaders, focused too often on exterAmericans. He is a graduate of the United States nal threats rather than on the internal actions I Military Academy at West Point and the Naval could take to make my organization more resilWar College. McChrystal also completed year- ient. Our new book explores how we are often long fellowships at Harvard’s John F. Kennedy our own greatest risk, but that we have the abilSchool of Government and at the Council on ity to change that.

Foreign Relations.

Who is the book targeted to and who are you hoping to reach with its message?

FIRM BRIEF McChrystal Group (mcchrystalThe book is written for anyone that deals group.com) was founded in 2011 as a global with risk – which means all of us. We hope to advisory services and leadership develop- show leaders that taking a proactive approach ment firm led by a diverse mix of professionals from the military, intelligence community, academia and private sector who specialize in transforming stagnant and siloed organizations into cohesive, adaptable “teams of teams.” This broad spectrum of expertise delivers innovative leadership solutions to American businesses to help them transform and succeed in challenging, dynamic environments.

Will you provide an overview of McChrystal Group and discuss your vision for creating the firm?

McChrystal Group is a unique consulting firm designed to enable our clients to operate with speed and effectiveness in today’s increasingly complex environment. From the outset, we sought to build a diverse team of professionals, including Special Operations veterans from the 188 LEADERS

to strengthening their organization’s resistance to risks of all kinds will pay off in countless ways.

You and your team were at the center of the COVID response throughout the past year and a half, helping states set up fusion cells to coordinate action across branches and agencies of government. Will you discuss this work and lessons learned from these efforts?

COVID-19 was an almost classic example of a threat that emerged and found many organizations and governments unable to respond effectively. It wasn’t a failure of science. The pandemic was long-expected and followed a predictable pattern, but organizational failures hindered the mounting of a coherent defense and the world has suffered as a result.

McChrystal Group’s work focused on the basics of communication, coordination, decision-making and overcoming inertia – and produced often dramatic results. COVID has reinforced the reality that many risks can never be avoided, only responded to effectively.

How do you feel U.S. leadership has dealt with COVID-19 and what could have been done differently?

The United States’ response to COVID-19 can only be considered a disappointing failure.

Despite an advanced medical system and a disproportionate wealth in resources, Americans were infected, got sick and died in far higher numbers than can be justified. Almost every shortcoming was self-inflicted. Failure to communicate a unified narrative and rally a national

“An organization or society’s ability to respond to emerging risks depends upon an integrated system – a series of factors like effective communication, correct timing, leveraging diverse capabilities and leadership. The system need not be perfect, but we must have the ability to Detect, Assess, and Respond to risks – and then Learn from the experience to be better prepared for the next risk.”

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response, spasmodic decision-making, the politicization of proven public health measures, and other missteps reflected a nation and population ineffectively mobilized against a lethal foe.

Despite an almost miraculous scientific success in developing vaccines, our inability to fully leverage its power to protect reflects our inability to act in our own best interests. Our leaders have failed us – and we have failed to select and demand more of them.

What needs to be done to better manage the capacity to effectively respond to threats and future risks?

An organization or society’s ability to respond to emerging risks depends upon an integrated system – a series of factors like effective communication, correct timing, leveraging diverse capabilities and leadership. The system need not be perfect, but we must have the ability to Detect, Assess, and Respond to risks – and then Learn from the experience to be better prepared for the next risk. The system, which can be called a “risk immune system,” functions similarly to the human immune system and must be protected and strengthened to maintain its health. That requires an intentional effort by leaders.

How critical is it to focus on lessons learned from the pandemic in order to be better prepared for unforeseen events?

It is essential to learn from the experience and mistakes that have been made during COVID; we cannot afford to repeat them. But it would be ill-advised to be so focused on the specific items that fell short that we ignore the systemic failures. Each emerging threat – a new pandemic or onrushing asteroid – demands a different response, but all require the ability to Detect, Assess, Respond, and Learn.

How did your military training and experience prepare you to effectively evaluate and manage risk?

While it was never perfect, the military’s habit of planning in detail, but then questioning the assumptions used in planning, in pressure testing plans with war games and tabletop exercises, and with conducting brutally honest after-action reviews, helped to build the capabilities to respond to threats – both expected and unexpected. Additionally, the strong focus on unit cohesion and small-unit leadership provided invaluable sinew.

How concerned are you about the power of propaganda and misinformation that is so prevalent in society today?

The unprecedented capability to transmit information, accurate or inaccurate, represents the most existential threat of my lifetime. Some will scoff and say that nuclear weapons are more lethal, but we’ve seen that the ability to inspire and mobilize people with misinformation produces movements and actions that are incredibly powerful and almost impossible to control.

Will you discuss your thoughts about the four tests leaders and teams can use to evaluate their communication?

Effective communication relies upon (1) the physical ability to transmit information, (2) the sender’s willingness to pass it, (3) the VOLUME 44, NUMBER 4

information’s accuracy, and, finally (4) the ability of the recipient to receive and understand it. Too often we forget or assume “yes” on one or more of these essential tests and are surprised when communication is ineffective. Communication is literally a prerequisite for an organization to function, and yet is often left unquestioned.

Do you feel that resilience can be taught or is it a trait that a person is born with?

While there are some personal traits from birth that can be helpful, I think resilience is

the product of personal development. At its heart, individual resilience begins with a person’s gaining clarity of their values and sense of self-identity. Absent that mooring, it is difficult to respond to adversity. So, developing resilience begins with values, can be increased with the study of others (particularly history), and then is honed with personal experience.

Nothing increases confidence and the ability to rebound from setbacks better than having done it before.

•

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INTERVIEW

Customer Experience An Interview with Melissa Arnoldi, Executive Vice President and Chief Customer Officer, AT&T Consumer EDITORS’ NOTE Melissa Arnoldi entertainment and communications is the Chief Customer Officer for experiences across TV, mobile and AT&T Consumer. Most recently, she broadband. Additionally, it serves served as the Chief Executive Officer high-speed, highly secure connecof Vrio Corp., a multi-billion-dollar tivity and smart solutions to nearly AT&T digital entertainment services 3 million business customers. AT&T company in Latin America with Latin America provides pay-TV services more than 9,000 employees across across 10 countries and territories in 11 countries and more than 10 Latin America and the Caribbean million subscribers during her and wireless services to consumers tenure. Prior to that, Arnoldi served and businesses in Mexico, where it is as the President of Technology and the fastest growing wireless provider.

Melissa Arnoldi Network Operations, directing a Xandr provides marketers with innovateam of nearly 200,000 employees. tive and relevant advertising solutions She was responsible for global information, tech- for consumers around premium video content nology development, network deployment and and digital advertising through its platform. operations, as well as AT&T’s Intellectual Property group, Labs and Foundries. Since joining AT&T What aspects of your role at Vrio will in 2008, Arnoldi held roles of increasing respon- you bring into your position as Chief sibility focused on IT merger integration, system Customer Officer? consolidation and new product launches. She When I became CEO of Vrio, I had a vision also supported systems and operations across to become the leading digital entertainment multiple business segments, including AT&T’s provider in the region, while also becoming Mobility and Business Solutions. Arnoldi came the best place to work. The Vrio team delivered, to AT&T from Accenture, where she was a building a best-in-class digital entertainment partner in the Communications and High-Tech experience and connecting customers whenConsulting group. She serves on the board of ever and wherever they want. In 2021, we directors of NASDAQ Inc. and also sits on ranked third in the multinational category for the council for Extraordinary Women on Latin America’s Best Workplaces list by Great Boards. She has been honored as one of the National Diversity Council’s “Top 50 Most Powerful Women in Technology” and received a Silver Stevie Award for Women in Business for “Maverick of the Year” in 2015. In 2016, Arnoldi was showcased by FierceWireless as a woman leader to watch for her key contributions in the engineering and technology fields in the telecom industry. She holds a bachelor’s degree in accounting from the University of Memphis and an MBA from Georgia State University.

Place to Work®. We accomplished our goals in terms of technology and culture transformation.

I want to help foster and shape the same kind of evolution as the Chief Customer Officer of AT&T Consumer. In this role, I’m honored to lead field technician and customer service teams that support roughly 180 million annual customer interactions. They work every day to deliver the best customer experience, and we want to support them and this mission.

Ultimately, we know that happy employees, equipped with the best processes and technology, lead to happy customers.

How do you describe the AT&T culture and how critical is culture to its success with customers?

We have four culture pillars at AT&T: Serve Customers First, Move Faster, Act Boldly, and Win as One. Notice that our first pillar is about the customer, because we know how integral our customers are to our success. If we don’t do our best to serve them when and how they want to be served, we can’t achieve our aspirations as a company. Now more than ever, customers have choices, and we want to be the first connectivity provider that comes to mind – not just because of our ability to provide unrivaled products, services, and network connections, but because of our dedication to understanding, valuing, and appreciating our customers.

“Competition in the telecommunications

industry has always been fierce, and customer

COMPANY BRIEF AT&T (att.com) is a diversified, global leader in telecommunications, media and entertainment, and technology.

It executes in the market under four operating units. WarnerMedia is a leading media and entertainment company that creates and distributes premium and popular content to global audiences through its consumer brands, including: HBO, HBO Max, Warner Bros., TNT, TBS, truTV, CNN, DC Entertainment, New Line, Cartoon Network, Adult Swim and Turner Classic Movies. AT&T Communications provides more than 100 million U.S. consumers with 190 LEADERS

experience is becoming a true differentiator.

Doing this starts with enabling our teams for success.”

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“Now more than ever, customers have choices, and we want to be the first connectivity provider that comes to mind – not just because of our ability to provide unrivaled products, services, and network connections, but because of our dedication to understanding, valuing, and appreciating our customers.”

Competition in the telecommunications industry has always been fierce, and customer experience is becoming a true differentiator.Doing this starts with enabling our teams for success.

We’re making it easier for our dedicated teams to serve customers first by providing them with the updated training, technology, and tools needed to succeed. We’re also creating an environment of empowerment and collaboration to deliver on our remaining culture pillars, which drives our teams to develop the best experiences for our stores, in customers’ homes, over the phone, and online.

How has AT&T adapted the way it works during the global pandemic to best serve customers?

COVID-19 has affected everyone in our AT&T family, from our customers to our employees. Understanding this, we knew early on that the only way we were going to be able to serve our customers effectively was to ensure our teams were taken care of, personally and professionally. In addition to our pre-existing sick-leave and paid-time-off benefits, we gave employees extra time off should they need to care for sick family and friends. When possible, we also allowed our teams to work from home. However, due to the nature of work for some of our customerfacing teams, that’s not always possible. When our teams work in-person, we take precautions designed to meet or exceed guidelines set by the U.S. Centers for Disease Control and Prevention, as well as those determined by local authorities and key members of the community.

Early in the pandemic, our teams adapted to serve customers on their terms by embracing change and introducing new contactless, omnichannel experiences – such as new abilities for customers to buy online and pick up in store, receive a distanced curbside pickup, or interact remotely with virtual sales experts.

We also updated and continue to enhance the tools we use to communicate with customers before dispatching our technicians to provide self-help and appointment rescheduling where appropriate for safety. When in-person appointments are necessary, we strive to keep both our customers and teams safe by asking appropriate COVID-19 related questions before arrival.

Technicians will dispatch only if the screening results are negative, and if they have a way to VOLUME 44, NUMBER 4

keep their hands and equipment clean. While at the home, our technicians practice social distancing while delivering on our commitment to best-in-class service.

Where do you see opportunities for the telecommunications industry to improve the customer experience?

We believe the entire telecommunications industry has room to improve the customer experience, and that starts with listening to our customers’ needs. That’s why my team exists – we are dedicated to listening to customers and finding ways to make their experience better. We harness the power of data, analytics, and technology to better serve our customers, quickly and effectively. We’re also focused on using that technology to help predict and resolve customer needs before they even arise.

We know our customers care about speed, convenience, personalization, and flexibility so our goal is to create a seamless experience that feels special and unique to them, no matter where or how they choose to engage with our brand.

It will take time for the industry to make up ground in customer experience, but I can say that for AT&T, we’re making customerfocused changes unlike any we’ve made before. We want to become a leader in this space – not for ourselves, but because our customers deserve a connectivity provider that truly puts them first.

What responsibility does AT&T and its teams have to the communities they serve?

At a high level, AT&T meaningfully impacts the communities we serve in two ways: delivering connectivity and creating a positive customer experience. Since the pandemic started, we’ve seen the critical nature of AT&T’s core products and services. When parents and children transitioned to working and learning at home, our broadband allowed them to connect seamlessly. When grandchildren could only safely keep in touch with their grandparents over the phone, our wireless network helped make it happen. We’re proud of this impact, but we also recognize that a digital divide exists and not everyone has the same access to connectivity. That’s why we’ve committed $2 billion over the next three years to help bridge the gap. As a part of this investment, we’re offering low-cost broadband to eligible

customers and investing in projects that improve digital education in underserved areas.

However, the products and services that we sell are only part of the equation. We have tens of thousands of customer-facing employees that can make a significant difference for our customers and we’re encouraging our teams to act when they see an opportunity to give back. One example of this comes out of El Paso, where our field technicians visited a customer’s home and saw that a young boy had created an improvised basketball hoop. The technicians took the initiative to go back and pour concrete for a new court, and they bought a hoop and basketball to go with it. It was a small gesture, but it meant a lot to our customer. This is the kind of impact we can have when we think broadly about our role.

How do you define effective leadership?

Effective leadership is about demonstrating courage and creating a culture that moves us forward, one where people are inspired, excited and empowered to bring their best selves to work. Inspired people do more – without it feeling like more. At AT&T, we still have a long way to go to solidify the kind of winning culture we dream of, but we are getting there together.

Leaders also need to use technology and the power of data to make the best decisions for the business. In our case, it means to constantly assess the needs of our customers and find new and improved ways to deliver the best experience.

What are your key priorities for AT&T’s customer experience efforts as you look to the future?

I’ve started to think of it in terms of achieving simplicity. What does that mean? First, it means that we’re easy to do business with. We show an appreciation for our customers’ time, knowing that we operate in a fast-paced world with many choices. Second, we build trust through consistency. Our customers need to be able to count on us to deliver the same quality every time they interact with us or buy our products. Third, we anticipate their needs. We know their preferences and how they use our services which makes it easier to care for them. Finally, we treat them well when things go wrong. We build trust and loyalty by taking ownership to make things right.

When we get this right, we build lasting customer relationships.

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INTERVIEW

A Best-In-Class Approach to Golf An Interview with Hoyt McGarity, Chief Executive Officer, 8AM Golf EDITORS’ NOTE Hoyt McGarity is there – I was always on the outside the President of 8AM Golf, commulooking in. I started caddying when I nicating and implementing 8AM’s was 12, working my way through vision, mission and direction across every private club in the Hamptons. As I the entir e 8AM Golf portfolio. advanced as a golfer, I was able to get a McGarity has a deep background full scholarship to Lynn University, and in golf, as a player, entrepreneur after my college career, played profesand business leader. He was a sional golf from 2006 to 2010 – everystand-out collegiate golfer at Lynn where from Canada to Europe to South University and played competiAmerica – all around the world. Even as tively for more than four years on a player, I was already very interested in various professional tours. He then equipment, so when my playing career Hoyt McGarity turned his energy to entrepreneurwas winding down, I started a company ship, co-founding Modern Golf, a called Modern Golf, and then True Spec Canadian club fitting company, in 2011. Three in 2014, working with all of the original equipyears later he became CEO of True Spec Golf, a ment manufacturers and developing business brand agnostic club fitting company, and Club relationships throughout the industry. However, Conex, the global leader in adjustable golf club things really started to take off when I met adapter systems. In 2017, McGarity assumed Howard Milstein and began working with one of the role of President and CEO of Miura Golf. his companies, Miura Golf. Howard then acquired Soon after, Howard Milstein consolidated his True Spec in 2018, as well as GOLF Magazine and golf investments into a holding company, 8AM Golf.com. From there, we created the 8AM Golf Golf, where McGarity became President. He brand as home to all his golf companies, including was recently named by Golf Inc. as an “Up and Nicklaus Companies and GolfLogix. Over the past Coming Superstar” in the magazine’s Power half-decade or so, I’ve been immersed in virtu2020 issue. ally every aspect of the golf business, and this breadth of experience – and the diversity of the COMPANY BRIEF 8AM Golf (8amGolf.com) companies that make up the 8AM brand – gives us was created by businessman, philanthropist and a unique perspective on all aspects of golf, from golf entrepreneur Howard Milstein as the holding media to equipment to golf course design and company that oversees his golf companies – all product licensing. of which are dedicated to helping golfers at every 8AM Golf is a group of golf businesses level enjoy the game more. 8AM Golf companies that cover the full golf experience, from include: GOLF Magazine and GOLF.com, the #1 golf course design, to clubs and fitting, to media brands in golf; the Nicklaus Companies the leading media brand in golf. What ties (in partnership with Jack Nicklaus); legendary all of the brands together? club maker Miura Golf; True Spec Golf, a brandEach of the 8AM Golf companies is bestagnostic club-fitting company that has fit more in-class – we believe that is what defines our than 30,000 golfers worldwide; GolfLogix, the brands. They are premium brands that enhance most-downloaded GPS app in golf; Club Conex, the enjoyment of the game by providing the a global leader in the design and manufac- highest quality golf experience. This is true turing of adjustable golf club adapter systems; for Nicklaus Companies, for example, which Fairway Jockey, which provides golfers with the offers the best golf course design services in the ability to buy custom clubs online; and Chirp, a world, building on the legacy of the greatest free-to-play gaming app that lets golfers wager golfer of all time. This is also true for Miura, the on the outcome of pro golf tournaments, rounds legendary maker of hand-crafted, forged irons and shots.

by Master Craftsman Katsuhiro Miura, as well as True Spec, our brand agnostic club fitter with You have been around the game of golf proprietary technology and more than 35,000 your entire life. Will you highlight your combinations of club heads and shafts. background and how it informs your vision Quality is very important to 8AM and for 8AM Golf and its companies? its founder, Howard Milstein. How does this Golf has been my entire life. I grew up in passion for excellence inform your approach the Hamptons, but not as part of the clubs out to the brands and companies you work with?

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True Spec Golf studio in Scottsdale, Arizona

Howard Milstein’s commitment to excellence informs everything we do, so each brand integrates with and brings out the best in the others.

We want great companies and, more importantly, we want great people. This is a hallmark of Howard’s approach as well. If you look across our businesses, we have great people who are entrepreneurs and have a passion for what they are doing. They think for themselves and work well together – all in the interest of advancing our mission. Best in class is always our goal: we want great companies and we want great people.

We look at a lot of companies across the industry who are interested in working with us, but very few make the cut.

Golf is a sport known for giving back to the community. How has 8AM and its owners led the way in these efforts, and how important is philanthropy to the golf industry?

Howard Milstein set the tone for giving back immediately by becoming a Trustee of PGA REACH and donating $1 million to the PGA’s foundations in honor of Jack Nicklaus and all of his charitable efforts over the years. This is an important part of our work, too. We firmly believe in doing well by doing good – that part of our mission flows from the legendary leaders who have made 8AM what it is today: Howard Milstein, whose charitable and civic efforts have made an impact in a wide range of areas, and Jack Nicklaus, whose philanthropic greatness is as impressive as his record as a golfer. That sense of mission inspires all of us. We look for ways to bring the game of golf to underserved communities in all of the areas in which we operate. Look, I didn’t grow up at private clubs, right? Golf has given me a career and a life I could have only dreamed of. We look to bring that kind of opportunity and access to others so that they can experience the best of this incredible sport as well.

What are your priorities for 8AM Golf as you look to the future?

I believe golf has a great future, and 8AM is going to be right in the center of it. We’re going to continue to grow, not necessarily just in size, but in excellence, creating a series of best-in-class companies that enhance every element of the golf experience. In the coming months, we’re going to diversify our portfolio, moving into other areas of the golf world as well – including gaming, food and entertainment – all with great partners and a deep sense of enjoyment for what we do.

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INTERVIEW

The Art of the Possible An Interview with Dr. Nido R. Qubein, President, High Point University EDITORS’ NOTE Dr. Nido Qubein You have served as HPU president HPU, 25 percent of class time is devoted to became the seventh president of High for 17 years, much longer than the hands-on learning, such as service work or in Point University in January 2005. Since average tenure for university pres- labs. It’s one thing to take a political science that time, enrollment has quadrupled, idents. Why is mentoring college class on local government. It’s quite another campus has expanded from 90 to students so important to you? thing to hand a hot meal and a patriotic T-shirt 500 acres, and academic schools No one gets far without the to a first responder as a way to thank them have grown from three to 10. He has help of others. I’ve been blessed, for their service during a global pandemic. It’s served as past president of the Big throughout my life, with meaningful one thing to learn about educational dispariSouth Conference and teaches a class mentors and others that have helped ties among inner city youth in a social justice to all freshmen titled, “The President’s me along the way. I’m grateful for class. It’s quite another thing to work oneSeminar on Life Skills.” In this course, the extraordinary opportunity to on-one with children in the community on a Dr. Qubein shares with students the mentor and help transform the lives regular, impactful basis. We prepare students Nido R. Qubein habits, skills, values, and practical intelof our HPU students who will go for an ever-changing world with an innovative ligence that one must apply to succeed on to serve the world. High Point philosophy toward education that has drawn in an ever-changing world. The author of 11 books, University prepares graduates to live a life interest from college leaders, parents and Dr. Qubein received an associate degree in business of both success and significance. There is students alike. Our approach to teaching and from Mount Olive College, a bachelor’s degree in nothing better than being able to help others learning blends scientific strategy and creative human relations from High Point University, and a achieve their dreams. artistry in a way that enables students to navimaster of science degree in business education from Why is experiential learning woven gate the world as it is going to be, not merely the University of North Carolina at Greensboro Bryan so intricately throughout HPU’s academic the way it is today.

School of Business & Economics. In 2009, he was model?

You have surrounded your students awarded an Honorary Doctor of Letters in Humanity There’s a Chinese proverb I share with with global leaders on a regular basis. Why degree from the University of North Carolina at students in my President’s Seminar on Life is that important?

Greensboro.

Skills, a class I teach for all freshmen. It says: We surround our students with dozens of “What I hear, I forget. What I see, I may accomplished individuals, in addition to our UNIVERSITY BRIEF Founded in 1924, High Point remember. But what I do, I understand.” At gifted faculty, because we want our students University (highpoint.edu) is a 97-year-old liberal arts institution located in the Piedmont Triad region of North Carolina. At High Point University, every student receives an extraordinary education in an inspiring environment with caring people.

“America’s Best Colleges” 2022 Edition, published by U.S. News & World Report, ranks HPU #1 among all regional colleges in the South (the tenth consecutive year at #1). It also ranked HPU for the seventh consecutive year as the #1 Most Innovative Regional College in the South for innovation in curriculum, faculty, students, campus life, technology and facilities. HPU was named, for the eleventh consecutive year to the national “Colleges of Distinction” list.

HPU also earned Fields of Study distinctions for the Phillips School of Business and the Stout School of Education. High Point University has been named one of the nation’s top institutions for undergraduate education by The Princeton Review. HPU is recognized in “The Best 386 Colleges: 2021 Edition” for its academic programming, as well as positive survey responses and feedback from students, parents, and higher education leaders across the country. In addition to including HPU in “The Best 386 Colleges,” the new Princeton Review rankings recognized HPU for Best College Dorms (#1), Most Beautiful Campus (#9), Best Career Services (#19) and Most Active High Point University’s campus is ranked among the Top 20 Most Beautiful in the Nation by The Princeton Review. HPU is also recognized as #1 Best Regional College in the South and #1 Most Innovative Regional College in the South by U.S. News & World Report.

Student Government Association (#19).

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VOLUME 44, NUMBER 4

Dr. Nido Qubein, High Point University’s President, has led a total transformation of HPU since 2005 that includes quadrupling enrollment. Dr. Qubein is a regular presence on HPU’s campus.

He even teaches a class, titled The President’s Seminar on Life Skills, for all freshmen.

to believe that they too can accomplish their goals. Something amazing happens when students have continuous exposure to highlysuccessful executives and leaders – they learn that everyone has failures on their way to success. Our unique “In-Residence” program attracts extraordinary industry leaders who coach, mentor and work with our students VOLUME 44, NUMBER 4

on campus. A few of these accomplished leaders include Apple co-founder Steve Wozniak, HPU’s Innovator in Residence; Netflix co-founder Marc Randolph, HPU’s Entrepreneur in Residence; Dallas Mavericks CEO Cynt Marshall, HPU’s Sports Executive in Residence, and many others. When students meet and connect with these industry titans,

they learn the most important lesson of all: the art of the possible. No longer is Mr. Wozniak the genius behind Apple Computer – he is a real person and a mentor to them. But beyond these accomplished leaders, I remind our faculty and staff that students see us as heroes, models and mentors. I remind our team of this important realization: We live, students watch and students learn. That’s why we must all contribute to the positive development of their mind, their heart and their soul. We provide impactful mentors to guide students not only in their four years on campus, but throughout their lives. Students do not merely enroll at HPU; they join our HPU family.

How important is servant leadership to HPU’s culture?

This world would be a better place if we all modeled the values of service, joy, generosity, gratitude and respect through everyday interactions, like holding a door, smiling at a stranger, waving to a friend and picking up trash. In my President’s Seminar on Life Skills that I teach for all freshmen, I encourage them to think of life as an act of stewardship with one-third earning, one-third learning and one-third serving. I’m very proud of our students, faculty and staff who contribute 110,000 volunteer hours each year. High Point University was recently recognized by United Way of Greater High Point for the second largest campaign in the city. The HPU family contributed $260,000 this year to support the UWGHP and its 27 partnering agencies, an 829 percent increase since 2004.

High Point University is recognized as one of the most beautiful campuses in America. Will you discuss the significance of its design?

On our campus, we want students to not only be knowledgeable with content, we also want them to be confident with context. That is why, in addition to classrooms on campus, you’ll also find boardrooms, learning labs and collaborative spaces that reflect the style of global corporations. We want students prepared to navigate the real-world environment with knowledge, of course, but also with the confidence that comes from competence, and competence comes from experience.

In a competitive marketplace, life skills, which are learned and earned through experience, are difference makers.

High Point University is known to be continually transforming. What does its future hold?

As HPU’s transformational growth plan continues, the university has continued to pursue additional healthcare programs. Establishing the state’s only private School of Dental Medicine and Oral Health reflects HPU’s commitment and innovative approach to healthcare education. Another part of this plan is an $80 million library that will provide ample study space for students and house a new admissions center.

It is expected to be completed by 2024, which is HPU’s 100th anniversary. Our future remains bright and we continue marching onward and upward with faithful courage.

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INTERVIEW

Creative Innovation An Interview with Andrew Collins, President and Chief Executive Officer, Sentient Jet EDITORS’ NOTE As the President The idea was that someone could just and CEO of Sentient Jet, Andrew purchase 25 or 50 hours at a time and Collins is responsible for a $450 have the flexibility of choosing anything million aviation business. In 2018, from a light jet all the way up to a mid, Collins, on behalf of parent company super-mid or large cabin aircraft, and have Directional Aviation, led the acquisithat jet delivered to them within just 10 tion of international digital charter hours of advanced notice. With the Jet provider PrivateFly (London, U.K.) Card, Sentient Jet created an entirely to help establish a $100 million, new industry segment that offered then on-demand global platform. In addiunheard-of flexibility and convenience tion to helming Sentient Jet, Collins for personal and business travel in private is also the Global Brand Leader aircraft at all-inclusive fixed rates with Andrew Collins for PrivateFly, acting as the team’s guaranteed availability, seamless booking executive sponsor as this platform is and industry-leading value. further enhanced. In recent years, Collins has We’ve continuously innovated beyond the Jet motivated a significant digital and technology Card throughout our years in business. Sentient transformation at Sentient Jet and its parent Jet was also the inventor of the “first-to-market” company, Directional Aviation. This has included model, framing the company as a leader in safety the creation of retail product, online consumer with an Independent Safety Advisory Board “touch points,” novel mobile applications, and composed of former top officials of the FAA and a brand-new, supply-side platform for driving NTSB, and a Chief Safety Officer. Additionally, further efficiencies in flight-time procurement. Sentient Jet co-invented TripCheq – a compreCollins received his BA from Union College in hensive analysis of operator credentials, including Schenectady, New York, and a master’s degree detailed information on the operator, aircraft, and from the Sloan School of Management at MIT. pilots, further giving our flyers peace of mind when booking travel with us. Sentient Jet is also proud COMPANY BRIEF Sentient Jet (sentient.com) has continued to perfect the jet card model for more than 20 years as an alternative to jet ownership, fractional arrangements, and other jet card programs. Sentient Jet certifies every single aircraft, pilot, crew, and flight that flies in its program to ensure the safety of its clients.

O p e r a t o r s a r e t e s t e d annually and the company’s safety standards exceed FAA Part 135 regulations in various categories. Supported by an extensive 24/7 customer service operation, Sentient Jet strives to make each private jet travel experience an extraordinary one.

Will you highlight Sentient Jet’s history and heritage and what have been the keys to the company’s strength and leadership in the industry?

Sentient Jet was formed in 1999 with a mission to provide safe and efficient private aviation to travelers around the globe. At that time, the charter market was fragmented and purchasing jet time was a confusing process for many. Simplifying it and reducing the friction of trying to book a flight provided a big opportunity for us. We created the Jet Card, which was a first in the aviation industry and led to a Harvard Business School study calling us “the uber of private jets before Uber even existed.”

196 LEADERS

of having introduced an all-inclusive digital platform designed to allow for seamless scheduling, payments and transactions and more.

We attribute much of Sentient’s success and leadership in the industry to our amazing team of product developers, engineers, customer service liaisons, pilots, operators and countless other employees. They drive the company forward with creative innovation and new ideas that continue to evolve the entire private aviation industry.

How do you define Sentient Jet’s culture and how critical is it to maintain culture as the company grows in size and scale?

We greatly value our culture as our team members are the greatest strength of the company.

As we continue to scale and expand our operations internationally, we’re actively working to maintain a culture of respect, open communication and creative innovation.

How proud are you to see the strength and resilience of the Sentient Jet team during the pandemic as they continued to take care of the needs of customers?

While the pandemic put a strain on most parts of the travel industry, private aviation became increasingly popular. We saw an

The interior of a Sentient Jet is perfect for business or leisure travel VOLUME 44, NUMBER 4

A wide variety of Sentient jets are available for clients with only 10 hours of advanced notice

unprecedented demand from travelers who turned to Sentient Jet as a safe and convenient way to travel domestically making 2020 our busiest year to date. I’m incredibly proud of the work the Sentient Jet team has done to keep our customers safely flying to their destinations.

Because of our team’s strength and hard work, we’ve been able to expand our transatlantic flights and grow the company in an overall economically difficult year.

Will you highlight Sentient Jet’s safety program and how this focus has helped differentiate the company?

We’ve invested millions of dollars in our safety infrastructure to give card owners a hightouch private aviation experience. Our Sentient Certified process ensures that every operator who flies for our programs – along with every pilot, aircraft and flight – is individually certified

by Sentient to ensure our customers’ safety. The Sentient Jet app shows fliers when their aircraft has passed all its safety checks and gives realtime access to the pre-takeoff Sentient Jet Certified Safety Report. Composed of former officials from the FAA and NTSB, Sentient’s Safety Advisory Board is the first of its kind and serves to guide and inform safety initiatives alongside Sentient’s Chief Safety Officer.

With over 20 years of proprietary data, which includes over 100 million pieces of unique data on Sentient Certified® aircraft, pilots, airports and other daily-use operational information, we have established a safety program that is one of the most stringent in the private aviation industry, maintaining standards that often exceed the FAA’s regulations.

Will you discuss Sentient Jet’s commitment to innovation and where is innovation taking place in the business?

By keeping our eyes on areas that have opportunity for advancements, we keep Sentient Jet at the head of the entire private aviation sector. In our routes and rates division, we recently announced our international expansion with the launch of a new Transatlantic Program that offers Jet Card owners fixed one-way rates with guaranteed availability to Europe. We also introduced guaranteed hourly pricing to destinations worldwide.

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We’re working on new features and innovations for our mobile app as well which makes the Jet Card experience easier than ever to navigate. From the launch of the mobile app in 2016 through the end of 2020, we reached $100 million in mobile transactions, with $50 million of those bookings taking place in 2020 alone.

Sentient Jet’s card owners have continued to embrace mobile booking enthusiastically and we expect to reach $100 million total in mobile transactions by the end of 2021, matching our entire revenue from mobile transactions in just one year. We are also projecting that 25 percent of total sales in 2021 will come from mobile transactions, showing that the ease and accessibility of mobile will be a lasting trend in the private aviation space.

How critical is it for Sentient Jet to build a diverse and inclusive workforce and will you discuss the company’s efforts in this regard?

Open and honest feedback and communication is a key part of Sentient Jet and one of the best ways we facilitate that is with a diverse and inclusive workforce who provides us with a wide range of perspectives.

What do you see as Sentient Jet’s responsibility to the communities it serves and will you discuss Sentient Jet’s climate commitment?

We take our mission very seriously when it comes to providing clean and safe flights to our communities, but we understand we have a responsibility to keep communities safe from the other effects of aviation – primarily its effects on climate. Since January 2021, every Sentient Jet flight flown is both carbon and emissions neutral.

This goes beyond most common carbon offset programs by offsetting all aviation emissions, including water vapor, aerosols and nitrous oxide, which together account for two thirds of emissions an aircraft produces when flying.

Through our new sustainability initiative, and at no expense to Jet Card Owners, Sentient Jet is offsetting all flights 300 percent to account for other, non-CO2 emissions by funding a multitude of carbon offset projects like forestry and renewable energy that reduce emissions equivalent to those from flying. Sentient Jet has teamed with environmental leader 4AIR to review its flight volumes, shared impact in the skies and various options to drive its new sustainability initiative forward.

What advice do you offer young people interested in building a career in the industry?

This is a wonderful industry that has a great deal of innovation happening in it right now, be it creative business models, new digital technologies, or the promise of the future of flight via quiet, electronic aircraft and vehicles. The most important thing you can do is understand where things fit in the landscape and learn as much as you possibly can, either while working or as you prepare to find your first position. Following Aviation International News, Corporate Jet Investor, and Business Jet Traveler should give you a strong snapshot of the business. I did not have an aviation background. I came from a business and technology path but have learned to love aviation and what it stands for. I think this is the type of journey you want when it comes to a career.

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The Sentient Jet app allows clients to handle all their jet needs from scheduling to the safety record of the plane and crew LEADERS 197

Top: The Work is Play Collection by Mio Culture at Design Pavilion, Manhattan Bottom Left: Tiffany Gomez of Gomez Design Studio Photography by: Jenna Bascom

Design is Core to New York City’s Identity and Creative DNA. At NYCxDESIGN, our mission is to support, empower, and grow the city’s incredible design sector.

Our internationally renowned Annual Design Festival, established in 2013, showcases the immense talent and diversity of the city’s designers, makers, and manufacturers, along with cutting-edge design businesses and districts, and world-class cultural and academic design institutions.

The Festival attracts 300,000+ national and international visitors to the city, generating significant economic activity across the boroughs with hundreds of events about design and innovation, creativity, culture, inclusivity, sustainability, and resiliency.

As a non-profit organization, NYCxDESIGN also runs an impactful yearround program increasing diversity, equitable opportunity, and inclusion within the city’s design professions. We educate the city’s young adults about design and inspire them to become the city’s designers of tomorrow.

With new executive leadership, and recently granted 501(c)(3) tax exempt status, NYCxDESIGN now actively seeks Board members and supporters to join us in catalyzing an exciting and thriving design sector for all of New York City. Please contact eblack@nycxdesign.com.

Learn more at nycxdesign.org

INTERVIEW

The Power of Community An Interview with Julie Faupel, Founder and Chief Executive Officer, REALM EDITORS’ NOTE Prior to the launch their clients. Using the platform’s dataof REALM, Julie Faupel co-founded base, agents develop profiles for buyers, Jackson Hole Real Estate Associates sellers, and properties. REALM then which is a market leader and the connects agents with other agents in 2011 and 2014 recipient of the REALM whose properties pair with the coveted Christie’s International Real passions of their clients based on an Estate Global Affiliate of the Year extensive range of metrics. Brokers can award. Earlier, she had 12 years use the information sourced by REALM of management and consulting to provide those clients with the highest experience for luxury hotels and levels of tailored, white-glove service. small businesses. Faupel has served REALM fosters valuable r elationon the Jackson Hole Community ships between real estate professionals Julie Faupel Foundation Board for the past eight and strengthens existing relationyears. She is the former Jackson Hole ships between agents and their clients Chamber of Commerce Board Chair, has served through collaborative, lifestyle-inspired expeon the Christie’s International Real Estate Global riences and the power of data.

Advisory Board and is a member of the Young Presidents Organization, Global One Chapter. What was the vision for creating REALM Faupel and her husband are avid supporters and how do you define the company of entrepreneurship as trustees of the Silicon mission?

Couloir and independent investors in a number When I transitioned from luxury hospitality of start-up ventures. They are dedicated commu- to real estate, I was taken by the fact that in nity contributors through numerous organiza- hotels we had the ability to replicate a guest tions including Co-Challengers of Old Bill’s Fun experience regardless of market, but in real Run, Rungius Members of the National Museum estate there were so many barriers to providing of Wildlife Art, and Sponsors for the Jackson that same level of service. As I learned more Hole Center for the Arts. about the industry, I started to recognize that the “silos” in real estate were creating a disconCOMPANY BRIEF REALM (realm-global.com) nect between the agent and the overall client is a patented proprietary platform designed to experience. revolutionize luxury real estate by connecting Prior to REALM, whether by brand or real estate professionals and their discerning geography, there was no way for me to reach clientele to properties that fit their clients’ inter- out to other real estate professionals and “actiests and lifestyle, removing much of the guess- vate” their sphere of influence directly. With work to create a custom, bespoke experience. REALM, agents can capitalize on the insight REALM membership is by invitation only and the of extensive public data as well as the insight services offered feature a proprietary technology shared by other top professionals to optimize platform that enriches client data and improves the overall client experience in a completely the overall real estate experience for agents and encrypted environment.

As REALM has taken shape over the last year, it’s been about so much more than the relationships enhanced by technology – it’s become a movement of sorts. A community of professionals that share the same ethos and respect for the profession. REALM strengthens the individual through the power of community. It’s exciting to watch this group define that statement every single day.

How do you describe REALM’s culture and how critical is culture to the success of the company?

REALM’s culture is essential to its current and future success. There are several things that define who we are and contribute to our success: First, we ask agents to upload their client database to the platform. We sign an NDA and an agreement that clearly outlines that this valuable data will always be the property of the member. As these clients are truly the lifeblood of an elite agent, they must trust us implicitly. We take that responsibility seriously.

Second, REALM is an annual subscription.

There are no additional fees or costs to the member-agent on top of that. We want every member to feel that REALM is a value. We only work with elite agents, and we strive daily to be an integral part of their future business, while honoring the success that they have had to date.

Third, REALM is humble. As a membership, we represent the most accomplished group of real estate professionals ever assembled. That said, the candor and humility shown by the REALM community on our weekly calls, memberto-member communications or in-person meetups is remarkable and truly foundational to the success of the platform going forward. Again,

“REALM is not the first community of elite professionals, but we are the first who combine the top agents, data and patented technology solutions together in order to provide the highest level of service to our clients.”

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“As REALM has taken shape over the last year, it’s been about so much more than the relationships enhanced by technology – it’s become a movement of sorts. A community of professionals that share the same ethos and respect for the profession.” individually, the membership has achieved great things but, collectively, we are all better for the REALM community.

Will you pr ovide an overview of REALM’s service offerings and how do you define the REALM difference?

Our service offerings define the REALM difference. REALM is not the first community of elite professionals, but we are the first who combine the top agents, data and patented technology solutions together in order to provide the highest level of service to our clients.

One of the largest differentiators about REALM is that we are entirely brand-agnostic.

We exist to break down barriers and serve individual real estate professionals and developers that engage in the platform.

We are also the first-ever solution that has been developed by top producing real estate professionals for our peers. Because we are intentionally member-driven, we stay close to the industry and the shifting needs of our constituents. We are extremely proud that since inception, every solution implemented within the REALM platform has been an idea sourced from a REALM member.

Another key difference with REALM is that we foster connections amongst our members, but we do not get involved in the transaction.

We are relationship enablers and communitybuilders. We leave the mechanics of the transaction to the individuals that are stewarding the transactions.

How has REALM adapted its business to address the challenges caused by the pandemic?

REALM launched in the heart of the pandemic. We quickly recognized the opportunity to truly “lean-in” and be a resource

and leader through very uncertain times. Our concept quickly became a virtual community, and we used the shifting consumer psychology to study how adversity was affecting the definition of luxury in the minds of our members, our advisors, and the clients that we all serve. We provided programming and thought leadership regarding how to set our clients at ease through the challenges of lockdown. We also implemented strategic partnerships, technical innovations and mastermind groups to help support our members’ professional goals.

How proud are you to see the strength and resilience of REALM’s members during this unprecedented time?

An elite real estate professional must be resilient. If you’ve achieved the echelon of success that our REALM members have, you have likely survived a recession or two, a business setback, difficult clients and transactions, cut-throat competition and a constantly changing industry. The pandemic created challenges that none of us could have expected, but the grace, camaraderie and innate service mentality that our membership displayed is inspiring. I’ve never been prouder to call a group of people my colleagues.

Where do you see the greatest opportunities for growth for REALM? The REALM technology is patented, and that patent encompasses all luxury sectors. We have been strategic with our growth and we will continue to be the most discerning membership in whatever new verticals we expand. We see tremendous opportunity in building out an elite ecosystem of trusted advisors that share the REALM ethos and commitment.

Will you highlight REALM’s global network?

REALM is in 35 states, 10 countries and includes 12 of the most exclusive developments in the world. Our reach spans top producers from over 100 different real estate brands and our strategic partners include family office advisors, wealth managers, private aviation and publishing.

What advice do you offer to young people interested in a career in real estate?

Working in real estate is not only exciting, but it can also be incredibly rewarding. That said, it’s hard work, competitive and, sometimes, overwhelming. There is so much that can be learned from those who have navigated this challenging path successfully. We are all looking for talented, smart, proactive people who are excited about the field and serious about a career. Finding a great mentor will foster learning and growth for a junior agent, while enabling an individual to create their own reputation under the guidance of someone established and credible. Real estate is more than a career – it is a lifestyle. It can be so rewarding, but not without sacrifice. In short, you must be ready for it all.

What are your priorities for REALM as you look to the future?

Quality and culture are fundamental to everything that we do. My priority is to ensure that we protect the incredible culture and enthusiasm that we are building among our members and our internal support team, while also continuing to innovate. The quality and the integrity of the membership and the overall platform will never be compromised. We are building something that can bring about positive change in the industry, and we understand the responsibility which this entails. As I said before: We’re ready for it all.

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“Because we are intentionally member-driven, we stay close to the industry and the shifting needs of our constituents.”

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INTERVIEW

Breakout Business Performance An Interview with Frank Calderoni, Chief Executive Officer, Anaplan EDITORS’ NOTE Frank Calderoni Today, Anaplan is recognized, is the Chief Executive Officer of most recently by Gartner, as having Anaplan and the Chairman of the pioneered next-generation strategic company’s Board of Directors. He planning and performance manageis a technology industry veteran ment – delivering essential connected with over 30 years of successful execplanning capability that drives future utive leadership. He also spent more value creation by linking financial and than a decade at Cisco, during operational plans to grow revenue, which he was named one of the expand margins, optimize assets and best CFOs of 2012, 2013 and 2014 manage risk. We are transforming

by Institutional Investor and CFO how more than 1,700 leading global of the Year by the San Francisco companies see, plan and run their Frank Calderoni Business Times in 2015. Prior to businesses.

Cisco, Calderoni held senior leadHow do you define the Anaplan ership roles at QLogic Corporation and SanDisk advantage and what differentiates the Corporation. Earlier in his career, he spent 21 company in the industry? years at IBM. Calderoni previously served on Complexity and change have outgrown the board of Palo Alto Networks and currently and outpaced static planning and siloed serves on the board of Adobe Systems, Inc. He systems. At Anaplan, we believe connecting earned a BSc in accounting and finance from strategy and plans to execution and results Fordham University and an MBA from Pace dynamically across your enterprise is not just University. the future; it’s required for leaders to drive business forward, today. Anaplan is a transformative COMPANY BRIEF Anaplan (anaplan.com) is way to see, plan and run your business. You can a transformative way to see, plan, and run view and contextualize current performance in a business. Using its proprietary Hyperblock™ real-time and predictively forecast and model technology, Anaplan lets clients contextualize future outcomes for faster, confident decisions. current performance in real-time, and fore- As situations change, you’ll be ready to rapidly cast future outcomes for faster, confident deci- pivot strategies, redeploy resources, and optisions. Anaplan believes that connecting strategy mize plans for growth, efficiency and demand. and plans to execution and results across the enterprise is required to move business forward today. Based in San Francisco, Anaplan has 20 offices globally, 175 partners and more than 1,700 customers worldwide.

Will you highlight the history and heritage of Anaplan and how the business has evolved?

Unlike most San Francisco-based tech firms, our roots aren’t in Silicon Valley. The concept for Anaplan was born in a converted barn in Yorkshire, England, in 2006. The company’s name is a combination of the words “analysis” and “planning.”’ In 2008, Anaplan patented Hyperblock®, the technology that creates Anaplan’s single modeling environment for various business lanes. That’s the revolutionary software feature that enables our modelers to explore and implement change in minutes.

However, in that same year, Anaplan was incorporated, and its headquarters opened in San Francisco. In October of 2018, the company went public and is listed on the NYSE. 202 LEADERS

“We are transforming how more than 1,700 leading global companies see, plan and run their businesses.”

Imagine your teams not just navigating and surviving, but thriving, amid constant volatility so you can overcome obstacles and seize opportunities you see right now and the ones you could never see coming. Anaplan defines the future of breakout business performance.

Will you pr ovide an overview of Anaplan’s services and solutions?

Anaplan helps global businesses accelerate revenue growth, expand margins, optimize assets and manage risk by connecting financial and operational plans. We’ve built a Cloud-native, SaaS platform deployed on public and private clouds to run complex global businesses across retail, financial services, consumer packaged goods, telecommunications, and life sciences and healthcare. Anaplan solutions help our customers realize the promise of digital transformation with real-time insight, predictive forecasting, and continuous modeling of the link between operational and financial plans to respond to ever-changing market conditions.

From the central office to the farthest reaches of an enterprise – factory floor, retail outlets, regional subsidiaries – teams can access a single source of real-time truth and make confident decisions to drive ideal business outcomes. We offer solutions for finance, sales, marketing, supply chain, HR and IT. While Anaplan is an industry leader, it is not a household name. Is brand awareness important for Anaplan or are you more focused on awareness within your client base?

We are working on both. We have a brand awareness campaign running, but we also focus on potential customers. These days, people are making choices about what to buy and from whom – driven not only by product or service quality, but also by whose values align with their own. When I talk to our customers, they tell me they chose Anaplan because our enterprise executives took the time to thoroughly evaluate their operations, discover the root of their problems, and demonstrate our platform solutions. They feel good about doing business with us. I believe that’s a direct result of the culture at the foundation of Anaplan’s brand.

Our customers not only choose us, but they also often come to be our spokespeople, even working with us to close new deals. It’s one of the things I’ve learned in my many years in business. Having shared values motivates people to buy your product, advocate for your VOLUME 44, NUMBER 4

“Given the enormous competition for talent that many organizations now face, embracing diversity and inclusion can ensure competitive advantage and sustained growth. That’s why we sponsor Anaplan For All, a free program run by Correlation One, that recruits and trains underrepresented people in Anaplan modeling.” service and invest in your company. Serving our customers, employees, shareholders and communities is our priority which increases brand value and awareness.

How did Anaplan adapt the way it works to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

When we suddenly had to go virtual in March 2020, Anaplan ensured our employees had the resources to continue doing their best work. We offered a stipend to purchase home office equipment and a monthly allowance for phone and Internet service. Then, when we realized how hungry our people were for information, I increased the frequency of my company-wide virtual meetings. During the sessions, employees were encouraged to ask me anything. It’s all part of an effort to ensure our people feel connected and supported.

We promoted company-sponsored mental health initiatives, created a flexible work program that allowed employees to reduce their work hours, and started offering well-being days which are paid rest and recovery days meant to prevent burnout. I am incredibly proud of how our workforce responded to our leadership and support. Instead of merely maintaining productivity, Anaplan saw an increase.

Then, when our people settled into a workfrom-home pattern, they turned their attention and creativity to help others. They worked with our extended Anaplan community to launch Anaplan Helps, a program that offers free access to our planning platform for 90 days to organizations facing challenges related to COVID-19.

Within a month of the program’s launch in May 2020, we saw an 80 percent increase in downloads which was the most we’d seen in over three years. I could see how they made a difference because the most downloaded apps were Anaplan’s Workforce Planning, Hospital Staffing Model and Emergency Supply Chain Response Tracker.

I think that’s a clear demonstration of our team’s resiliency and what it means to have upstanding corporate character.

How critical is it for Anaplan to build a diverse and inclusive workforce?

A diverse and inclusive workforce is essential for Anaplan and every organization to reach its potential. We fundamentally believe every person here should be empowered to be VOLUME 44, NUMBER 4

themselves and do their best work. Not only is it the right thing to do, but it’s also a good and practical business decision – innovation, collaboration, creativity and customer experience are all more powerful when driven from varied perspectives. Given the enormous competition for talent that many organizations now face, embracing diversity and inclusion can ensure competitive advantage and sustained growth.

That’s why we sponsor Anaplan For All, a free program run by Correlation One, that recruits and trains underrepresented people in Anaplan modeling. Our first cohort graduated 45 fellows in June 2021, and since Anaplan modelers are in such high demand, many quickly secured jobs either with one of our many partners or us. Our second cohort is training now.

Additionally, gender parity is a business priority for Anaplan. That’s why we signed the Paradigm for Parity pledge in 2019. Using the Anaplan platform, we’ve achieved pay parity across the organization at every company level from top to bottom.

I want to make sure we hear every voice in our organization and that those voices are representative of the world around us.

Gender and race are just some of those areas.

It’s equally essential to have viewpoints from various backgrounds, cultures, nationalities, LGBTQ+ individuals, the neuro-diverse, and non-binary or non-gender conforming people.

I think everyone has something to contribute, and the more voices you listen to, the better off you are. I want Anaplan to enjoy the dividends that diversity brings.

What do you see as Anaplan’s responsibility to the communities it serves and to being a force for good in society?

It is critical for every organization to reflect the communities it serves and have a positive impact on those communities. At Anaplan, we give our employees the time and space to be active members of their local communities.

We’ve had open dialogue at company meetings and town halls about some of the challenging issues facing our society today, such as systemic racial injustice and the impact of the COVID-19 pandemic on their personal and work lives.

To that end, we’ve worked to identify obstacles, develop solutions and execute strategies that will make a difference within our organization. I believe a company defines success by its financial performance and role in making the world a better place.

What interested you in writing your new book, Upstanding, and what are the key messages you wanted to convey through the book?

I’ve always wanted to share a business strategy that I’m passionate about, creating an Upstanding corporate character. As I mention in the book, when the pandemic hit 18 months ago, followed by a global recession and social unrest, it put corporate character in the spotlight. In the past, being professional meant not discussing personal opinions not related to the business. However, that era is gone, and today, stakeholders hold companies accountable for their positions on societal, environmental and governance issues. So, with all the change happening, the timing felt right, and I wrote the book to share my insights and best practices from those I admire and respect.

How do you define the keys to effective leadership?

In my opinion, influential leaders are the ones who can listen, interpret new information and adapt. One of the latest tools I learned during the pandemic was the importance of having empathy. To me, this meant listening and asking questions to understand someone else’s point of view. This was especially useful as we were all forced overnight to work from home full time. You have your own experiences, but the people you work with may have a different reality they’re dealing with.

It’s up to each of us, as leaders, to understand other points of view. In the end, you may not draw the same conclusions, but seeking to understand is a way of showing you care. The second key to effective leadership was the advice my father taught me when I was much younger: to be persistent and always strive to do your best.

What advice do you offer to young people interested in a career in the industry?

There are multiple paths to success. Do what you’re passionate about, then demonstrate that capability to a potential employer. Talent can come from anywhere, and we at Anaplan are working to remove what once was a typical barrier to entry in the industry. Once you’re in, I encourage everyone to approach their work and every interaction as an opportunity to learn.

This is a tool that will serve you well throughout your career.

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INTERVIEW

A New Golden Era An Interview with Daniel A. Hostettler, CHA, President and Chief Executive Officer, The Boca Raton, and President, North America, Relais & Châteaux EDITORS’ NOTE Daniel Hostettler river, engaging events, and unparal- meals and cocktails were available for guests and has been the President of Relais leled experiences for all ages. Designed members, and the resort made it a mission to & Châteaux North America since as an ideal escape, remodeled rooms continue to provide world-class service. We’re November 2017 and became the and suites will welcome guests to a stay continuing to navigate this bold new world of President and CEO of The Boca like no other – where modern innova- travel and are committed to being proactive and Raton in April 2021. Previously, tion, iconic style and ultimate leisure thoughtful about our offerings and programhe served as President and Group converge. ming. We understand that today’s traveler Managing Dir ector of Ocean is placing a great deal of trust in us, and our House Management where he was What excited you about the oppor- employees are as well. The Boca Raton’s top instrumental in the development, tunity to lead The Boca Raton and priority continues to be the health and safety of growth and management of the made you feel it was the right fit? our associates, members and guests.

Ocean House and its sister propThe opportunity to lead The As such, we continue to modify our Daniel A. Hostettler erty, Weekapaug Inn. Previously, he Boca Raton through its most signifi- protocols based on CDC guidelines, as well as served as President and Managing cant evolution is the capstone of my Occupational Safety and Health Administration.

Director of Lajitas – The Ultimate Hideout; as career in the luxury hospitality industry. To be In addition to our rigorous cleaning and sanitiManaging Director of La Posada de Santa Fe given the opportunity to lead a storied resort zation standards, and enhanced training for our Resort & Spa in Santa Fe, New Mexico; and the like this one back to its place among the top staff, we are taking it a step further. The Boca Summer Lodge Hotel and Spa in Dorset, resorts in the world, while totally reimagining Raton now requires all associates to be vacciEngland. He also held a variety of positions with the guest experience into five distinct lodging nated against COVID-19 or take weekly PCR Meadowood, Napa Valley, and was part of the properties each with their own service teams, tests. This policy is designed to comply with all opening team of The Peninsula, Beverly Hills. His amenity program and experiences only happens applicable federal, state and local laws. In fact, education includes a BSBA in hotel and restau- once in a lifetime. we have partnered with the Board of Health rant management from the University of Denver; How has The Boca Raton adapted its Department to make vaccines available for our a BSBA in finance from the University of Denver; business during the pandemic and how employees on-property. a GMP from the School of Hotel Administration, proud are you to see the strength and resilThe Boca Raton launched a transforCornell University; a CDP from The Wharton ience of its workforce during this unprec- mational renovation in September 2020.

School at the University of Pennsylvania; and edented time?

Will you highlight this transformation and Certified Hotel Administrator (CHA) from the The Boca Raton was resilient through the what guests can expect from the property?

American Hotel & Motel Association. pandemic. When the work from home orders This is a monumental year ahead for The began, the resort team became creative. To-go Boca Raton. Our resort originally opened in PROPERTY BRIEF The Boca Raton (theboca raton.com), amidst 200 waterfront acres, is a private, gated resort which provides a yearround escape for its members and guests. For nearly 100 years, people have experienced its unique vision of the coveted South Florida lifestyle. Now, a property-wide transformation is inspiring A New Golden Era, with new ways to eat, play and stay. Fresh energy revitalizes the Beach Club with new poolside culinary offerings, engaging events and unparalleled experiences. With generous living spaces, Bungalows invites guests to stay and enjoy easy access to all The Boca Raton has to offer. Every culinary experience is being reimagined. The Boca Raton is collaborating with Colin Cowie on its new Mediterranean offering, Marisol at the Beach Club, and with Major Food Group on its latest opening, The Flamingo Grill, a fresh take on the American chophouse. A dreamy oasis expertly designed to fit every kind of waterfront desire, Harborside is unveiling a reimagined Pool Club with three sparkling pools, luxe cabana A rendering of a pool at the Harborside Pool Club service, fresh drink and dining offerings, a lazy 204 LEADERS

VOLUME 44, NUMBER 4

A rendering of the Harborside Pool Club

1926 as The Ritz-Carlton Cloister Inn and has since become an internationally recognized landmark. We are now entering a new golden era which is the most meaningful evolution in the resort’s history, and will define The Boca Raton as one of the world’s most preeminent Five-Star luxury resorts and private clubs. This winter, The Boca Raton will unveil a $175 million phase one physical transformation. There will be enhancements to every guest experience, from exceptional accommodations to dynamic culinary concepts and innovative programming.

Our iconic resort is spread over 200 lake and oceanfront acres and will feature a collection of five hotels located beachside and harborside, each with its own personality and style.

Our lodging products will reemerge as five distinct brand experiences. Beach Club is our oceanfront luxury escape featuring three pools set on a private stretch of golden beach. Yacht Club will reopen as an adult-only, all-suite luxury hotel with views of Lake Boca Raton and its yacht-lined promenade. The 27-story Tower will be incredible – the building is undergoing a $45 million complete transformation by Rockwell Group, and will offer luxurious, modern design and brilliant coastal vistas.

Bungalows is a residential hideaway which is ideal for extended stays. The three-story hotel features two-bedroom suites with full kitchens and furnished terraces and balconies. Cloister is the iconic heart and soul of the resort with grand architecture, lush grounds and hidden gardens.

We are a private club, which means that only our club members and resort guests are permitted to use the grounds and facilities – a truly exclusive setting.

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How important has it been to maintain The Boca Raton history and heritage during the transformation and finding the right balance between protecting its tradition and making the property modern and current?

As we approach the 100th anniversary of The Boca Raton, it has been a priority of our ownership to bring this iconic property back to its rightful place as one of the top resort destinations in North America. We refer to the current evolution of The Boca Raton as “A New Golden Era” because it will pay homage to the resort and club’s storied past while introducing innovative new amenities and a commitment to a five-star service standard.

The historic architecture story of The Boca Raton is a critical aspect of our brand DNA and a unique point of differentiation. We’re committed to preserving the past as we lead the property into the future. In order to do that authentically, we’ve been working very closely with the Boca Raton Historical Society to ensure that our design plans complement the original vision for the resort. When planning our renovation, we spent countless hours studying the resort’s original designs, which was a vision of famed architect Addison Mizner. The Boca Raton originally opened in 1926 as The Ritz-Carlton Cloister Inn. We’ve looked through incredible historic images that showcased the resort’s many chapters.

At the same time, we are introducing new concepts that will inspire the extraordinary, along with enticing new amenities. As an area that will be fun for the whole family, the centerpiece of our waterfront destination will be Harborside Pool Club, a four-acre lakefront oasis featuring luxury cabanas, four pools, a 450-foot lazy river, two three-story-high slides, a double-standing

wave pool, a retail boutique, a 7,100 square foot event lawn, a kids club and a teens lounge, as well as new waterfront dining options.

How will culinary play into the guest and member experience?

The Boca Raton is creating one of the most exciting culinary destinations in the country. We are referring to it as “A World of Flavor,” which includes four signature restaurants in partnership with Major Food Group (MFG). The Flamingo Grill opened this summer as a glamorous take on the mid-century American chophouse. This winter, we’ll unveil Sadelle’s, the inventive brunch hotspot with locations in New York and Las Vegas, as well as all new restaurant concepts exploring Japanese and Italian cuisine.

There will be several other new food and beverage options – from fine dining to waterfront bites. Palm Court will feature shared plates and views of Lake Boca Raton, serving as a central gathering place for guests and members.

I’m also very excited to unveil our plans for MB Supper Club, featuring live music and exquisite cuisine. The experience will be a throwback to the supper club era of Frank Sinatra when exclusive dinners with a show were offered in intimate, elegant settings. These are just a few of the highlights of what’s to come.

What advice do you offer young people interested in a career in the hospitality industry?

I have always felt that if you find something you love to do, you will never work a day in your life. The hospitality industry is a way of life, and it’s not for everyone, but if one enjoys being of service, meeting new and interesting people daily, and creating world-class experiences, then there is no better way to make a living.

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INTERVIEW

Creative Transformation An Interview with Kieran Bowers, President, Swire Properties, Inc. EDITORS’ NOTE Kieran Bowers has holds a master’s degree in surveying held the position of President of Swire from the University of Reading, United Properties since 2017 following years Kingdom. in numerous high-level positions for the highly diversified global business COMPANY BRIEF Established in group. In the U.S., he oversees Swire’s Hong Kong in 1972, Swire Properties most ambitious project to date, Brickell (swir epr operties.com) has investCity Centre, the 4.9-million-squarements across Hong Kong, the Chinese foot mixed-use project that completed mainland, Singapore and the United its first phase of construction in 2016.

States. Swir e Pr operties Inc. is a Bowers began his career with John leading South Florida international Swire and Sons, Hong Kong Limited developer of urban real estate and the Kieran Bowers in 1998 as the assistant to the general U.S. operation of Hong-Kong based mana g e r o f C a t h a y P a c i f i c Swire Pacific Ltd. Cargo, Swire’s Hong Kong-based airline subsidiary. Throughout his career, he moved into manage- Will you discuss the history and heritage of ment roles responsible for sales, marketing and Swire Properties and how you define the operations in both the passenger and cargo sectors in Swire Properties’ difference?

Japan, Pakistan, Sri Lanka, Saudi Arabia and the Swire Properties Inc. is part of a highly Netherlands. From 2005 to 2008, he was respon- diversified global business group which sible for the airline’s network development in China, has been in operation for over 200 years.

Southeast Asiaand the United States. In 2008, Within Asia, Swire’s activities principally Bowers assumed the role of Portfolio Manager for come under the group’s publicly quoted Swire Properties Inc., overseeing office leasing for a r m , S w i r e P a c i f i c L t d . E l s e w h e r e i n Taikoo Place, Swire’s mixed-use development recog- the world, businesses are held by parent nized as one of Hong Kong’s best-planned business company, John Swire & Sons Ltd. Swire’s hubs. In 2010, he moved to development and valu- principal interests are in trade, aviation and ation for Taikoo Place, focusing on the redevelop- real estate. ment and regeneration of industrial buildings and In regard to real estate specifithe surrounding community of the development. In cally, Swir e Pr operties has investments 2012, he moved to Beijing to serve as the general across Hong Kong, the Chinese mainland, manager for Indigo, Beijing, the retail-led mixed- Singapore and the United States. In the use development and joint venture between Swire U.S., Swire Properties Inc. was established Properties and Sino Ocean Land. In 2015, he spear- in Miami in 1979 and today is one of South headed the repositioning of the private residen- Florida’s leading international developers tial neighborhood, Taikoo Shing, and the six-level of urban office, hotel and condominium retail center, Cityplaza, in Hong Kong. Outside of properties. In its 40-year history in Miami, his business endeavors, Bowers serves as the Vice the company’s primary focus has been the Chairperson for Friends of The Underline, a ongoing master planning and development 501(c)(3) nonprofit organization that is trans- of Brickell Key in downtown Miami, and forming the underutilized land below Miami’s Brickell City Centre, a $1 billion landmark Metrorail into a 10-mile linear park, urban trail mixed-use complex. and canvas for artistic expression, and he also Adhering to our core values of integrity, actively participates as a Board Member at the originality, long-term focus and quality, we Phillip and Patricia Frost Museum of Science aim to create sustained value by developing and the Vizcaya Museum & Gardens. He is and managing large-scale mixed-use projects on the advisory board for the ULI SE Florida & that serve as focal points of the surrounding Caribbean and the University of Miami Master of u r b a n a r e a s . C r e a t i v e Tr a n s f o r m a t i o n Real Estate Development + Urbanism Program. captures what we do and how we do it. It Bowers graduated from Pembroke College, underlines the creative mindset and longOxford University with an honors degree in ter m approach that enables us to seek Oriental Studies with a concentration in out new perspectives and original thinking Japanese. A Chartered Surveyor, he is a member t h a t g o e s b e y o n d t h e c o n v e n t i o n a l . I t of the Royal Institute of Chartered Surveyors and also encapsulates our ability to unlock the 206 LEADERS

potential of p l a c e s a n d c r e a t e v i b r a n t d e s t i n a t i o n s t h a t can engender further growth and create sustainable value for our stakeholders.

Will you provide an overview of Swire Properties’ portfolio and current development projects?

Swire Properties’ portfolio comprises office and retail properties, serviced a p a r t ments, hotels and luxury r esidential projects. We are committed to offering visionary d e s i g n , s u p e r i o r f a c i l i t i e s , outstanding management services, convenient infrastructure and high space efficiency at prime locations while also prioritizing the interests of the people who live and work in our communities. While we primarily focus on key markets in Hong Kong, the Chinese mainland, and the U.S., we also assess other markets with investment potential.

The company has an office in Singapore to explore opportunities in the Southeast Asia region.

Over the past 50 years, Swire’s enduring commitment to neighborhood and community building unlocked the potential for Brickell as we know it today. At the turn of the 20th century, the exquisite views of Biscayne Bay attracted the Brickell family, catalyzing the creation of Millionaire’s Row, a collection of palatial winter homes along the bayside area.

Exponential growth throughout the ’50s and ’60s saw the urbanization of Brickell and its transformation into the financial center of Miami. In 1978, Swire Properties acquired interests to develop a site on Claughton Island, which was later renamed Brickell Key. From 1993 to 2008, Swire spearheaded an ambitious plan for the island, developing notable residential buildings such as the Tequesta Point towers and ASIA Brickell Key. Following the success of this visionary project, Swire set its sights on the creation of Brickell City Centre, a mixed-use development with a strong sustainability component. Today, BCC, as it’s known to locals, is a unique live-work-play destination in the heart of Modern Miami, as well as a testament to Swire’s unparalleled foresight.

Forward thinking to its core, a Swire property is a long-term plan with a prosperous vision for the future.

How did Swire Properties adapt its business to address the challenges causes by the pandemic?

VOLUME 44, NUMBER 4

Brickell City Centre in Downtown Miami

The health and safety of our employees, our partners, and our customers was always our first and top priority. From there, we trusted the expertise and experience of our hardworking staff. Our teams embraced and adapted to new means of communication through technology platforms and acted with flexibility and empathy both interdepartmentally and with our external partners. Much like every business, across industries, some delays and setbacks were to be expected, but I’m proud to say that despite the unprecedented circumstances the business continued to push forward with meaningful growth, including the signing of new premium tenants like LUCID Motors, Indochino, and CH’I at Brickell City Centre – The Shops.

Ultimately, whether we did it consciously or subconsciously, I’m proud of the team who took this opportunity to embrace Swire’s core values acting with integrity, delivering quality work despite facing challenges, and maintaining long-term focus through some very original and creative means.

Will you discuss Swire Properties’ SD 2030 strategy?

Through our SD 2030 Strategy, our goal is to become the global sustainability leader in the industry by 2030. The strategy is built on five pillars – places, people, partners, performance (economic) and performance (environment) – which underpin our business activities that contribute to our social impact across the globe. An example of how we’ve done this in Miami includes advocating an urban lifestyle with The Underline, the land below Miami’s Metrorail transformed into a 10-mile linear park, urban trail and public art destination. Swire joined The Underline team and to date has committed a total of $1.1 million to the organization and continues to be a major sponsor of this transformational project. In February 2021, the park’s first section, “Brickell Backyard,” officially opened with over 30,000 native plants and VOLUME 44, NUMBER 4

trees, art installations, a sound stage, outdoor gym, meeting and dining tables, and gathering spaces. Swire sponsors the “Flex Court,” a flexible outdoor space for recreational activities, and has a continued partnership with the organization, hosting annual programming that will underwrite the ability to service underserved youth communities and promote a wellness-driven and sustainable lifestyle.

Other examples of how Swire is making significant social impact include initiatives such as “Home Grown,” an ongoing program that partners with Miami-based nonprofits and community leaders to expand their philanthropic scope throughout South Florida, and “PLANT (People, Lifestyle and Nature Together),” which provides ongoing educational and interactive experiences that inspire environmental action and a more sustainable lifestyle. Swire partnered with The Lotus House, a foundation dedicated to improving the lives of women, youth and children experiencing homelessness, for “Home Grown at The Village,” a program to instill knowledge and empower the women of Lotus House via culinary learning opportunities led by Miami’s top culinary talents. The company also worked with the Overtown Youth Center (OYC) aiding over 40 families (180 individuals) with one year of fully paid Internet/Wi-Fi service to those who needed access to the Internet for online schooling that was required during the COVID-19 pandemic.

Will you elaborate on Swire Properties’ project, Brickell City Centre, and the impact that this project will have on the Brickell community?

Brickell City Centre (BCC) is a landmark $1.05 billion, 4.9 million square-foot, mixed-use development in Downtown Miami. The project’s first phase includes a 500,000-square-foot luxury and premium retail center, two residential towers, the 352-room East Miami hotel and two mid-rise office towers. The project is LEED®-registered for Neighborhood Development – currently one of the largest in the United States. Sustainability elements include the $30 million CLIMATE RIBBON™, a

masterpiece of art and science that includes an elevated trellis that spans 150,000 square feet, connecting the project’s three city blocks and acting as an environmental management system.

Last year, Swire Properties sold the two office buildings for $163 million, marking the largest sale to close in South Florida during the pandemic. Having averaged close to 100 percent occupancy and with a tenant base comprised of some of the corporate world’s most respected companies, these two office buildings, Two and Three Brickell City Centre, have stood out as benchmarks of Brickell’s fast-growing office market. Additionally, in May 2021, Reach and Rise Residences at Brickell City Centre sold out completely, further demonstrating the City and neighborhood’s global appeal.

BCC has become the heartbeat of the Brickell neighborhood and a key attraction and point of reference for the City of Miami.

It plays a major role in the evolution of the neighborhood into an exciting destination to work, live and play that will attract people and companies for years to come.

South Florida is one of the most desirable markets in the country. Where do you see the greatest opportunities for growth for Swire Properties in the market?

We believe that Miami and the neighborhood of Brickell, which is the city’s commercial and finance center, have tremendous potential for growth. We’ve seen this growth especially over the last few months with many migrating to South Florida during the pandemic. The area is attracting major innovative corporations that are relocating from around the globe to Miami, and specifically to this neighborhood.

Residents have easy access and appreciate the urban lifestyle, walkability, and central location to the city’s key attractions. Brickell is where Swire began when the company arrived in 1978, acquiring the island of Brickell Key, and we intend to continue to focus on its creative transformation for years to come.

What attracted you to the real estate industry and has made the industry so special for you?

I studied Japanese at University and I was interested in a career focused on Asia, but not Japan specifically. A friend introduced me to the Swire prospectus for their management trainee program and the variety of businesses they operate across multiple geographies was very attractive. Twenty-one years later, I’m still curious, learning and travelling.

What advice do you offer young people inter ested in a car eer in r eal estate development?

This is likely applicable across all industries, but I can remember in my first year telling my boss that some of the numbers he was using for a pitch were inaccurate. I thought I was doing a good deed. Turns out, those numbers were “preferred” because they supported his case. The lesson learned is to ask questions so that you fully understand the context you’re operating in and, equally importantly, the way you deliver the message is as important as the message itself.

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INTERVIEW

Embracing the Community An Interview with Maria Zec, Regional Vice President, USA East Coast, The Peninsula Hotels and General Manager, The Peninsula Chicago EDITORS’ NOTE Since March 2002, Maria Zec has served as General Manager of The Peninsula Chicago and she assumed her current post with The Peninsula Hotels in May 2007. Prior to this, she served as Managing Dir ector and Hotel Manager at the New York Palace Hotel. Zec holds a BS in business management and a BA in French from Purdue University.

Cantonese cuisine and this restaurant has been named the Best Chinese Restaurant in Chicago by Zagat. During Chicago’s warmer months, our outdoor Terrace is perfect for al fresco dining overlooking Chicago’s skyline. Z Bar presents beautiful city views of Chicago’s iconic Michigan Avenue. An array of globally inspired cocktails, boldly flavored food, and the latest tunes from around the world are featured at Z Bar. How will the property celeMaria Zec PROPERTY BRIEF The Peninsula brate its 20th anniversary this year Chicago (peninsula.com/chicago) and will you discuss the leadership has been recognized as a premier property with of your team in reaching this milestone?

Forbes’ Five-Star and AAA Five Diamond awards I am impressed with the tenure of our team. since its grand opening in 2001. The property Twenty percent of our colleagues have been features 339 luxurious guest rooms and suites with the hotel since we opened 20 years ago and offers a 15,000-square-foot spa and fitness which is an inspiring number in our industry. To center, 24-hour room service, a ballroom, and commemorate The Peninsula Chicago’s 20-year seven additional meeting and event rooms as well anniversary, the hotel is offering a variety of ways as two distinctive restaurants and Z Bar. for guests to partake in celebrating this milestone, while also giving back to the community: Will you pr ovide an overview of The •To show our appreciation for their loyalty, Peninsula Chicago and how the property is guests can receive 20 percent off the best availpositioned in the market? able rate for guest room or suite reservations The Peninsula Chicago opened in June when reserving at least 10 days in advance for 2001. It was important to us that we embrace stays through December 31, 2021. the local community and develop strong relation•Over the years, select menu items have ships with business and civic leaders. It wasn’t become favorites at the various Peninsula restaulong before the community reciprocated and, to rants. Now through 2021, a selection of classic this day, the hotel is recognized among local resi- favorite menu items are available in The Lobby. dents, business leaders and the social commu•“The Pen 20” is a specialty cocktail with nity as a favorite destination. What is especially an Asian influence of jasmine pearl tea, French impressive is that the hotel continues to receive lavender and topped with Champagne – now accolades and recognition today, 20 years later. that’s worth celebrating.

This is a wonderful reflection of the dedication, •The Peninsula Chicago is making a onecommitment and pride that our staff embraces in for-one meal donation to the Greater Chicago taking care of our guests.

Food Depository through 2021 with a donation The hotel is perfectly situated overlooking of a meal for a person in need for every culinary Lake Michigan in the heart of the shopping classic ordered, as well as The Peninsula 20th district on Michigan Avenue. The hotel features Anniversary Dumpling and The Pen 20 celebra339 guest rooms and suites; an award-winning tory cocktail. To date, we have donated 18,000 Spa, a half-Olympic length swimming pool, meals. outdoor sun deck and fitness center; a variety of How proud are you to see the strength meeting and event venues – many of which have and resilience displayed by The Peninsula natural daylight and views of the city; and two Chicago’s team in addressing the challenges restaurants and a rooftop bar. The Lobby features caused by the pandemic?

20-foot floor-to-ceiling windows allowing for a I am so proud of our team. We have such lot of natural sunlight. In addition to breakfast, dedicated and loyal employees that are the lunch and dinner, The Lobby serves Peninsula’s heart and soul of our hotel and the reason why signature Afternoon Tea, Sunday Brunch, as well our guests feel connected to the property. I love as “Chocolate at The Pen” on weekends, featuring that our employees are anxious to get back to live entertainment. Shanghai Terrace features serving our guests.

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The Lobby at The Peninsula Chicago

Will you highlight The Peninsula Chicago’s focus on building a diverse and inclusive workforce to mirror the diversity of the guests it serves?

It is essential that our workforce is diverse and inclusive. The hospitality industry has positions in all levels and skill sets, from culinary to engineering and everything in between. Our industry traditionally attracts international staff as well which mirrors the diversity of our guests.

We seek to employ colleagues with varied backgrounds and from communities throughout Chicago for the very reason of creating an inclusive and diverse team that reflects our community and clientele.

The Peninsula Hotels has a commitment to art and celebrating emerging artists. What are The Peninsula Chicago’s art initiatives?

Since 2016, The Peninsula Chicago has been the premier hotel sponsor for EXPO Chicago, the city’s annual contemporary art fair which brings together some of the best galleries, artists, and collectors in the world. Annually, the hotel transforms The Lobby to showcase internationally acclaimed artists’ work for the public and guests to enjoy for a six-week special exhibition. We love shining a light on emerging talent as well as transforming our lobby into an even more grand art gallery. Over the years the hotel has featured numerous artists’ work including Kerry James Marshall, Tony Tasset, Nick Cave, Gaetano Pesce, James Nares, Iván Navarro and many more.

This fall we will install work by Chicago artist Bob Faust titled “with all, and still…” and this exhibit is on display in The Lobby on the fifth floor of the hotel through 2021.

This is the latest exhibition of The Peninsula Hotels’ “Art in Resonance” program, a global initiative in support of contemporary architecture. This exhibit is a series of layered, billboard-scaled works created from photographic details captured by Faust from eight of Chicago’s 77 neighborhoods. The result is a colorful and immersive experience that feels as if the billboards have been transformed and transported to our hotel lobby, providing an industrial counterpoint to the elegance of the surrounding hotel spaces. A QR code allows guests to view the photographs at the origin of each work, and in doing so, understand more about the Chicago neighborhoods that were the inspiration for the panels.

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INTERVIEW

An Authentic Brand An Interview with Eric Brass, Chief Executive Officer and Co-Founder, Tequila Tromba exist then. As a result, Tromba was created in 2012 by me, Nick Reid, James Sherry, and Marco and Rodrigo Cedano.

What have been the keys to Tequila Tromba’s strength and leadership in the industry?

Marco Cedano has been working in the tequila industry for more than 40 years and is truly a legend in the industry – he created the first batch of premium 100 percent blue weber agave – the batch that started the premiumization of the industry. Marco worked on several aspects of the production process so co-founding his own brand was a logical next step. We were told by many it would be impossible to start a brand without significant capital.

We built the brand with a meager $10,000 – initially showing up at bars with a backpack full of tequila that we got people to taste. We heard so many “no’s” before we got a “yes,” but that kind of tenacity has embodied itself into the Tromba culture. By relying on the ultrapremium quality of the tequila, our authentic

Eric Brass

EDITORS’ NOTE Eric Brass grew up in Toronto, Canada with ambitions of entering the world of finance and making his mark with an eye for detail and sharp fiscal reasoning. Moving to Guadalajara, Mexico for a six-month university exchange program in 2005, he struck an immediate friendship with Australian roommate Nick Reid and later with James Sherry. Enticed by the culture, the land and the people, it was over sips of tequila that a passion for the agave spirit was born and an idea to educate the greater populace on the nuances of truly remarkable tequila emerged. From passionate intent, the storm of Tromba began to build under the guidance of Master Distiller Marco Cedano and his son, Rodrigo.

COMPANY BRIEF Tequila Tromba (tequila tromba.com), named for the intense rainstorms that rejuvenate the agave fields of the Jalisco Highlands, emerged when a group of young tequila lovers teamed up with the original Master Distiller of premium tequila, Marco Cedano. Building the brand out of their backpacks bottle by bottle, bar by bar, they remain uniquely distiller-owned and have become one 210 LEADERS

of the of the world’s top craft tequilas. Their entrepreneurial spirit, obsession for quality, and passion to change the way the world sees tequila has brought them to where they are today – and they look to celebrate their commitment to craftsmanship in every sip. Tromba currently sells Blanco, Reposado and Añejo tequilas with a forthcoming launch of an Extra Añejo in Fall 2021. Tromba is sold in North America and Australia.

Will you highlight the history and heritage of Tequila Tromba and how the brand is positioned in the industry?

Tequila Tromba is hand-crafted by father and son duo, Marco and Rodrigo Cedano.

Marco, the father, is a disruptor in the tequila industry who pioneered 100 percent blue agave tequila, which has helped elevate the taste and quality of the tequila category over the past 15 years. In 2005, while studying in Mexico, I noticed a gap in the tequila market and found that many tequilas were simply low quality or were too expensive and inaccessible. Together with my business partners, we sought to create a craft tequila at a moderate price that didn’t

Tequila Tromba Anejo VOLUME 44, NUMBER 4

Tequila Tromba Blanco Margarita

Mexican pedigree and the relationships we fostered at each establishment, we have built a brand that stands for true craftsmanship and quality.

How do you differentiate Tequila Tromba with so many brands in the tequila space?

It’s Marco’s knowledge and history in the industry combined with Rodrigo’s eye to the future that make Tromba unique. Our goal is to create a tequila that respects the past, while redefining the present, and that is why Marco enlisted his son Rodrigo as apprentice Master Distiller. So many brands in the tequila space have moved away from their roots to rely on the spectacle of celebrity. Our “celebrity” is, and always will be, Marco – he is the best craftsman in the business.

Will you pr ovide an overview of Tequila Tromba’s product offerings?

Our portfolio of premium tequilas includes Blanco, Reposado and Añejo and this November we will be adding an Extra Añejo to our portfolio as a limited release in the U.S. What are the key markets for Tequila Tromba and where do you see opportunities for growth for the brand?

Tromba is currently available in North America and in Australia. In the U.S., we are particularly str ong in what some might consider traditional tequila markets – Texas and California. We are currently in 23 states and expanding rapidly across the U.S. We are very excited about our new partnership with Sazerac/375 Park Avenue Spirits as our distribution arm in the U.S. We are working hard with them to collaborate with industry partners of all sizes to help rebuild the on-premise business and breathe new life into the hospitality industry.

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How do you define the Tequila Tromba customer and how broad is the target market?

The Tromba customer is someone who appreciates a quality spirit and a brand with an authentic story that is made by real people.

Tromba fans are not persuaded by celebrity endorsements and flashy marketing campaigns.

They form their own opinions and seek out handcrafted quality brands.

Has technology impacted the tequila making process or is it still about the hand craftsmanship?

We are always keeping an eye to the future, embracing technology that enables better business practices and connectivity. That said, nothing can replace the value of hand craftsmanship. Ours is a high-touch business. The brand was born from a personal narrative and built by forging meaningful relationships with our vendors and customers.

What are your priorities for Tequila Tromba as you look to the future?

The tequila category has really taken off and there are more than 1,600 brands being produced in Mexico today. With this increased demand, we are facing an agave shortage and, more importantly, there are agave species that ar e near extinction.

One of our key priorities is preserving this beloved and sacred plant. That’s why we have launched the Endangered Agave Program (EAP) and committed to planting wild agave in a designated sanctuary near the base of the Volcán de Colima for every bottle sold to help save endangered populations of the prized species. We kicked off last month in honor of Mexican Independence Day and for every case of Tromba sold, one endangered agave will be planted with a goal of planting 5,000 plants representing five species that are in most need of protection. No agave on the sanctuary will be harvested to produce spirit products – instead, the plants will be allowed to mature, flower, and seed to create a rich source and ecosystem for mezcal producers to replant their own crop development. In order for future generations to enjoy Tromba, we must ensure that these endangered species are nourished and repopulated.

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Tequila Tromba Highlands agave fields in Jalisco LEADERS 211

INTERVIEW

Apogee’s Mission An Interview with Ric Roth, President, Primecard, Inc. and President, 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).

His most recent venture is Apogee Rewards, Inc.

Apogee’s mission is to provide our various stakeholders ongoing value not readily available in the market: • Merchant partners (restaurants, attractions, nightlife/entertainment, and retail) gain incremental revenue from out-of-town customers • Consumers save 25 percent or more on dining, nightlife/entertainment, attractions and shopping for COMPANY BRIEFS Primecard business and leisure travelers when Ric Roth (primecard.com) is a member-based travelling to an Apogee destination program that provides discounts of up • Distribution partners gain increto 50 percent at its network of 500+ merchants in mental and ongoing revenue streams from their South Florida and the New York Metro area. Since current customers on products and services 1985, the company has provided its 100,000+ that they are not currently providing members with value-based offers at premier dining, • Wholesale partners enjoy substantial retail, entertainment and travel venues. The savings on Apogee’s Loyalty and Incentve product. mission at Primecard is to provide merchants and What did you see in the market that cardmembers with value that they cannot readily made you feel that there was an opportuachieve on their own or through other sources. nity for Apogee?

Primecard achieves this by continually creating We realized that SMB merchants have a innovative programs that allow them to leverage very difficult time reaching the travel, incentheir existing expenditures through savings oppor- tive and loyalty providers to market their busitunities and new customers. nesses. At the same time there wasn’t a robust Apogee is focused on revolutionizing international business and leisure traveler the way tourists purchase at their destination focused program that provided the consumer from simply spending to always saving. The with savings opportunities at a network of goal of Apogee is to develop a program that merchants covering most (excluding air, offers a combination of upfront savings and hotel, car and cruise) of their spending once usage rebates to travelers while guiding them they arrive at their destination. to restaurants, entertainment venues, attractions How critical has it been to conduct market and retailers. The benefits of Apogee are not research and to study the state of the industry restricted to just consumers, but to merchants in your development of Apogee? and distributors. It is an easy-to-follow and Market research, including consumer and explore tour-guide that allows consumers to merchant surveys, continues to be very imporspend less time searching and more time doing, tant to help our team understand the need and without breaking the bank. potential scope of Apogee for all stakeholders.

Will you discuss your plans and vision for launching Apogee and how you define Apogee’s mission and purpose?

Apogee is the evolution of our vast experience in developing Primecard. Primecard offers its members savings each time they use their Primecard to pay for purchases at our partner restaurants. Since its inception Primecard has: • Partnered with 15,000+ merchants • Purchased over 15,000,000 million meals from our merchant partners • Onboarded over 1 million members • Provided over 150 million dollars in savings to its members 212 LEADERS

Will you provide an overview of Apogee’s offerings and how the company will be positioned in the industry?

Apogee is a downloadable Tour Guide and mobile payment app that will provide our various stakeholders with ongoing benefits. Apogee will guarantee incremental business to its merchant partners through the prepurchase of their products and services. Apogee will offer consumer partners both discounts of 15 percent on average for preloading funds onto the Apogee platform as well as rebates of 5 to 25 percent for taking certain actions within the Apogee merchant partner network. Apogee will offer distribution partners commissions of 5 to 10 percent on all loads generated by their customers in perpetuity.

Apogee will offer wholesale partners incentive and loyalty discounts of 20 to 30 percent on all loads that they purchase.

Will you highlight the different partners that Apogee will work with and how critical these partnerships are to the success of the company?

Merchant partners are represented by SMB businesses in the restaurant, nightlife/entertainment, attraction, and shopping space in major tourist destinations throughout the world.

Distribution partners are companies currently selling air, hotel, car – with a focus on OTA’s – as well as CVBs, convention centers and meeting organizers who are looking to both incentivize their customers and create additional and ongoing streams of revenue.

Who is the Apogee customer and how broad is its target market?

Apogee is a B2B2C model with the consumer being the end user, and the market is every business and leisure traveler planning a visit to an Apogee destination city.

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“Apogee is a downloadable Tour Guide and mobile payment app that will provide our various stakeholders with ongoing benefits.”

VOLUME 44, NUMBER 4

Creating inspiration since 1927.

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INTERVIEW

A Unique Luxury Experience An Interview with Giuseppe Aquila, Chief Executive Officer, Elmo & Montegrappa S.p.A. EDITORS’ NOTE In more than 20 initiatives we had already set in motion years at the helm of Montegrappa, before the pandemic have meant that our Giuseppe Aquila has been a driving reaction has been more of an acceleraforce in legitimizing writing instrution than a pivot. Ecommerce has been ments as a global luxury category. a very important area of focus for a few After leaving college, Aquila spearyears now, and we have used the last 15 headed the brand’s international months to improve discovery and perforexpansion with a renewed commitmance online, while also strengthening ment to luxury and private bespoke our offering of online-only product. production. His vision of pens as In particular we have more than objets d’art won awards and helped tripled our offering on our online foster a thriving collector commuConfigurator platform over the last Giuseppe Aquila nity. Over recent years, a focus on year and this has been an important contemporary customer experience driver of attention, relationships has seen him open more than a dozen mono- and sales. Our custom design program now brand boutiques and break new ground with has a much wider price coverage which attracts an avant-garde approach to materials, design and both new and repeat shoppers, and we have engineering. been making regular updates to the materials and color options to keep things interesting.

COMPANY BRIEF Italy’s first pen manuInternally, production has generally been facturer, Montegrappa (montegrappa.com), smooth since the shock of the initial lockdown, has been setting standar ds for pr estige but disruptions further up the chain continue to writing instruments for more than a century. In complicate scheduling at times. Our “Progetto km0” the early twentieth century, portable foun- initiative that we launched in 2019 has helped in ta in pens wer e the technological r evolu- this area. By migrating production of auxiliary items tion of the day, and the Venetian maker’s in-house and partnering with suppliers close to earliest customers included the young Ernest Hemingway. Today, pens offer refuge from digital technology. For owners ranging from Quincy Jones to Sir Jonathan Ive, Montegrappa pens are a catalyst for creativity and a symbol of personal identity. Montegrappa’s latest launch – Montegrappa Configurator – is the world’s first full customization platform for fine pens, objects that have been undergoing a renaissance in recent times. “Create the most interesting pen in the world” is the challenge laid down by Montegrappa Configurator, a newly launched platform that gives users unprecedented opportunities to create fine writing instruments to their e xac t requirements. Handmade at Montegrappa’s custom shop close to Venice, the custom designs take less than two weeks to go from drawing board to desk. The launch of the service represents a major milestone as the luxury marque prepares to celebrate its 110th anniversary in 2022.

How has Montegrappa adapted its business in order to address the challenges caused by the global pandemic?

Retail disruptions and reduced travel during the pandemic have been a double impact for luxury brands, including Montegrappa. Fortunately, 214 LEADERS

our headquarters, we have managed to minimize disruptions and increase our agility significantly.

How is Montegrappa positioned for growth as many of the markets around the world begin to reopen and recover from the pandemic?

Very well, we think. Work from home has reacquainted many potential customers with their desk inventories and we are seeing more curiosity in prestige and luxury pens. Our retail partners are facing pent up demand and difficult times have inspired many of them to lift their game. Over the last year we have introduced exciting new products at all price points which passive shoppers are now discovering.

Additionally, select dealers are installing upgraded brand display systems and we have just launched a new training program, also with a view to building relationships with new retail partners, particularly in the horology segment.

Then there is Montegrappa Configurator, which is a totally unique experience both in the writing segment, and perhaps even in luxury. Our launch of the ZERO silhouette last year brought a whole new contemporary aesthetic, accessibility and design versatility to

Montegrappa Fine Leather raw materials (above) and finished products (opposite page) VOLUME 44, NUMBER 4

our repertoire and has generated a huge boost.

Its wider appeal and surprise factor have really helped to validate our commitment to custommade. Select retailers also now have access to the Configurator platform – both online and via a special touchscreen counter. We are also pushing out a similar platform for B2B clients called Business Bespoke.

Finally, the last year has seen us launch new programs in partnership with names like Formula 1, Sea Shepherd, Monopoly, David Bowie and Harry Potter. All have been tremendously effective at bringing Montegrappa to broader attention and using familiar themes to demonstrate the exuberance and uniqueness of luxury writing instruments.

Will y ou preview some of the new pieces in the collection?

At the top end, we have three releases planned before the end of the year for our Non plus ultra tier. One will be Purgatorio, the sequel to our spectacular Inferno pen made for the Dante Alighieri jubilee. The others are still secret but collectors won’t be disappointed. All I can say is that one involves a collaboration with a partner in Japan, and the other is a Cult series design – easily the most mechanically complex complication pen we have ever made.

We also have exciting new limited edition releases coming to our Formula 1 and Harry Potter programs, as well as an open-edition collection for Monopoly. Meanwhile on Configurator, a new silhouette is in the pipeline that will build on the success of the ZERO, with similar timepiece-inspired heuristics and more value-added options.

Montegrappa is launching a new leather goods collection. Will you discuss Montegrappa’s focus on leather goods and what customers can expect from the collection?

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Montegrappa Fine Leather is an exciting new direction for us. We have dabbled with leather goods in the past, but never with the conviction to build specific distribution or enhance our reputation. Now that we have an established digital sales platform, we can approach this category with more vigor. The main propositions behind Montegrappa Fine Leather ar e top-level Italian craftsmanship backed by full customization. Now that we have optimized the engine behind Configurator and become so good at customproduction at scale, the time is right to apply this experience to new products.

We will be launching the collection with a small range of lifestyle silhouettes and writing accessories, and plan to gradually expand the offering over time. All products offer the same levels of customization and use the same highend materials and superlative craftmanship. We have a special partnership with an atelier in Florence and have worked closely with them to perfect quality and transfer our expertise in custom production.

Every product must be an unforgettable experience, and we place a great deal of emphasis on showing reverence to every product at every level. We don’t want our product to simply feel like a superior pen, but rather as a unique luxury experience in its own right. Recently, though, our approach to customer service has become increasingly centered on personalization and creating products in collaboration with our customers. By creating Montegrappa Configurator, we have been able to revive many of the traditional tenets of luxury and offer them at greater scale and speed. Our customers can create products in a convenient, pleasurable way, and instantly understand pricing and delivery.

Acquiring customers through Configurator and full-bespoke Atelier services has been tremendously helpful at opening the communication channels with our market. I spend a good portion of my days communicating directly with our end-customers, and the trust and access engendered by these relationships is proving enormously fruitful.

How important is it that the leather goods offerings maintain the look and feel that Montegrappa is so well known for?

I think we are perhaps more appreciated for our craftsmanship and originality than for a specific look and feel. For this collection we have worked with Daniela Atzori who is a fabulous young designer from Sardinia on creating bold and crisp designs that resonate more with the contemporary direction of the ZERO than the more nostalgic values of the Extra 1930. The color palette is modern and confident, while shapes and hardware underscore the precision that is central to our vision of artisanal production and accentuate the flawlessness of the materials.

Montegrappa places a major focus on customer service. What are the keys to providing great customer service?

What are your priorities for Montegrappa as you look to the future?

The last decade has seen levels of investment and progress without precedent in our company’s history. Every area of the company has been modernized and strengthened, and we are better placed than ever to respond to opportunities and determine our own path. Now that we have implemented most of the improvements we set out to achieve, we need to work on leveraging that skill set to grow and solidify our reputation.

We are at a point where we can bring unrivalled originality and refinement to practically any project.

Whether our market is China, a specific retail partner or a single collector, we are now in a position to use our strengths and agility to pursue business with full confidence.

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INTERVIEW

Dream Maker Culture An Interview with Deborah Yager Fleming, Chief Executive Officer & Partner, Acqualina Resort & Residences on the Beach EDITORS’ NOTE Deborah Yager Fleming joined Acqualina Resort & Residences on the Beach in March 2004 after having served as Vice President, Sales & Marketing, at Island Outpost where she managed marketing campaigns for 12 boutique hotels. She also garnered valuable experience in New York at Leading Hotels of the World where she held senior management positions and implemented the design of worldwide sales strategies and innovative marketing programs.

Rendering of the new lobby at Acqualina Resort & Residences on the Beach

and suites, all with balconies and water views. As Florida’s only hotel of its kind, built open to the sea with no structural or visual barriers, Acqualina evokes a Mediterranean lifestyle steps off the pristine sand into the Atlantic. The lush grounds are dotted with umbrellas in the resort’s signature red color and lounge chairs punctuate the blue and green hues of its natural surroundings. The gorgeous beachfront locaDeborah Yager Fleming tion has outdoor living room settings with lounge furniture surrounded by palm trees. Our five-star service and pristine PROPERTY BRIEF With a lushly landscaped grounds blend both luxury and convenience 4.5-acres of seaside bliss, world-class restau- for our guests. Our attentive team makes sure rants, curated amenities and spacious rooms every need is met. That includes everything and suites, all with balconies and water views, from serving a Mediterranean lunch on the Acqualina Resort & Residences on the Beach beach to organizing exclusive beachfront (acqualinar esort.com) is at the center of dinners at night.

Miami’s Sunny Isles Beach providing an excluAcqualina Resort is committed to sive experience and an ultra-luxurious beach continuous improvement and investment lifestyle. The property is the recipient of the in the property. What can guests expect coveted Forbes Five Star Award and the AAA from the property as they look to the Five Diamond Award. Acqualina was recently coming year? recognized by the Global Biorisk Advisory We have been working on the new lobby Council, a division of ISSA – The Worldwide designs and look forward to transforming the Cleaning Industry Association, as a confirmed space into an even more beautiful gathGBAC Star accredited facility acknowledging ering place for our residents and hotel guests Acqualina’s increasing best practices and in the coming months. The new designs allow protocols for sanitation during the COVID-19 us to modernize the space while keeping the pandemic. magnificent “bones” of our beloved gallery and condominium lobbies. We commissioned Will you provide an overview of Acqualina STA Architectural Group to help us to achieve Resort and what makes the property so this objective. The palette is influenced by the special? emerald green waters of the Atlantic Ocean.

The magic begins as guests enter through The stately architectural features of the space gilded wrought iron gates and ascend upon will be enhanced and highlighted with varying a cobblestone path that curves to reveal an shades of whites. The furniture will be a selecimpressive domed cupola and the first of tion of contemporary luxury brands, in addition many artistically designed fountains. Beauty to magnificent area rugs. Our gallery will still and artistic features flourish throughout the be very dramatic and warm and welcoming for property. Guests are welcomed and greeted by all who enter. a warm and passionate team who care about We are also looking to enhance our what they do and love going out of their guest rooms and suites at Acqualina. We have way to create “WOW” stories. It has resulted selected a new design concept for all our in numerous awards – one we are most proud bathrooms inspired by the Classic European of is the TripAdvisor award, based on guest Style. We will be using “Vena Oro” marble with comments, as the best luxury beachfront hotel a white base and touches of figuring in the in the U.S. In addition, we are a Forbes Five veins creating a light and fresh look that will Star and AAA Five Diamond awarded resort. brighten the entire space. Light textured wall We offer a 4.5-acre backyard of seaside bliss, coverings will complement the marble with excellent restaurant options, and large rooms the intent of further lightening up the space, 216 LEADERS

while a modern wall-to-wall edge-lit mirror completes the fresh, new look. Additionally, we are changing the overall color palette from ivory to white. Our guests will see this throughout, including our slippers and robes and other room touches we have planned. It’s always an exciting time at Acqualina as we continue to offer an exceptional lifestyle with unrivaled amenities.

How did Acqualina Resort adapt its business to address the challenges caused by the pandemic and how proud are you to see the resilience of your team during this unprecedented time?

We focused on key feeder domestic markets as well as on new local markets. Our sales team continuously promoted our resort through various digital events. We conducted wellness checks and maintained a connection with our guests and the travel advisory community. We adjusted our marketing communications to offer more visuals and wellness, romance, epicurean and family time programs.

In addition, we launched campaigns featuring our spacious suites to include 38 two-bedroom suites and several three-bedroom suites, many with private office space ideal for those wanting to work remotely in a resort environment or for homeschooling.

Our incredible team had to and continues to pivot to address the ever-changing guidelines regarding the pandemic. We continue to remain agile and to adjust our operations by following guidelines set forth by local government officials and the Centers for Disease Control (CDC).

Our team has been supportive every step of the way throughout these challenging times.

Their commitment and efforts have helped us maintain our repeat business and have increased our guest satisfaction score to 96 percent. Our leadership regularly meets to ensure we provide a safe environment for all of our team members, residents and guests which has provided a great level of confidence and peace of mind to all. I am extremely proud and grateful to have a passionate, dynamic team. Every team member goes above and beyond to take care of our guests. Their resilience throughout the pandemic continues to be a source of inspiration for me.

What has Acqualina Resort done to enhance its health and safety protocols coming out of the pandemic?

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We are among the first hotels in the world to become Sharecare Health Security VERIFIED™ with Forbes Travel Guide. This comprehensive facility verification helps ensure that guests and travel planners can book with confidence at Acqualina based on the hotel’s compliance with expert-validated best practices that minimize the risk and impact of COVID-19 and potential future public health events. Acqualina also achieved global sanitation accreditation by the Global Biorisk Advisory Council as a confirmed GBAC Star accredited facility. This makes Acqualina Resort one of the few hotels in the world to receive both accreditations. The GBAC certification and guidance assisted us in building strict processes regarding health security, and Sharecare and Forbes Travel Guide verified that our practices and protocols were implemented successfully.

Attaining the highest seals of approval in outbreak prevention reinforces our commitment to providing great living and lifestyle experiences with the most rigorous health and safety standards in place.

Our resort’s extensive safety measures include the use of innovation sanitation technology in all interior and exterior areas including electrostatic disinfectant tools that combine EPA-approved chemicals with electrostatic molecules to sanitize all spaces ensuring that every area of the property has been effectively and regularly cleaned to the highest standard. This is in addition to our superior level of cleaning and hygienic protocols in place already, as well as frequent hand washing, use of gloves and face masks.

Will you discuss Acqualina Resort’s commitment to service and focus on employee training?

Our Dream Maker Culture of inspired team members who deliver daily “WOW” moments to our guests creates the foundation for our success. We ensure through our

Deluxe One-Bedroom Oceanfront Suite living room

training programs that our team members feel prepared and have the tools they need to be successful. We continuously invest in a quality employee experience with our company and believe in empowering and entrusting each team member to be a dream maker. Our goal is to provide a place where our team members can be confident and effectively communicate and enthusiastically deliver the highest level of service. We take time to appreciate and recognize each team member and openly listen and understand their needs. We have open forums and opportunities for our team members to share new insights and ways we

The front lawn of Acqualina Resort & Residences on the Beach VOLUME 44, NUMBER 4

can work together to achieve greater success.

We have dedicated GEMs (guest experience managers) for each guest and invest in technology platforms to share information quickly and fulfill our guest requests.

How do you define a true luxury hospitality experience today?

I believe it is fulfilled through human connection and a consistent commitment to a quality experience. We need to provide our guests with options that they are comfortable with such as using the Acqualina app to request service or access to individuals that can offer assistance. We strive to give each guest a great living experience through trust and great value.

Our care and attention to each person are key to making a welcoming and great place for our guests to feel at ease and connected to us. Investing in quality to maintain and offer enhanced benefits continues to be necessary for luxury.

What advice do you offer young people interested in a career in the hospitality industry?

There are so many facets to the hospitality industry that makes it exciting every day. The ability to connect with people from different places and learn about them can be truly rewarding. When you work in hospitality, you become a part of a community, a village of individuals who work together to achieve common goals and support one another. Innovation and creativity are greatly welcomed as well as diversity and inclusion.

There is always an opportunity to advance in hospitality – you can constantly grow and learn. Ask for help if you need it, and it will be there for you.

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LAS VEGAS

Never Bet Against Las Vegas An Interview with The Honorable Carolyn G. Goodman, Mayor of Las Vegas EDITORS’ NOTE Carolyn Goodman a vocational counselor in West Las Vegas became the mayor of the city of Las for the Department of Labor training and Vegas in 2011 and was reelected building employment opportunities for in 2015 and 2019. She has been African Americans in a then-segregated an advocate of Las Vegas’ $44.9 city. Born and raised in New York City, billion tourism industry and is a she graduated from Bryn Mawr College board member on the Las Vegas where she served as Student Government Convention and Visitors Authority.

President and earned a degree in She also serves on the Las Vegas Global Sociology and Anthropology. She earned Economic Alliance (LVGEA), Las a master’s degree in counseling at the Vegas Events, the Southern Nevada University of Nevada, Las Vegas.

Tourism Infrastructure Committee, t h e R e g i o n a l T r a n s p o r t a t i o n The Hon. Carolyn G. Goodman Did you always have an interest in Commission, the Transportation public service and what excited you Safety Commission and the Clark County Regional about the opportunity to become the Mayor Flood Control District. She is chair of the Las Vegas of Las Vegas?

Redevelopment Agency and serves on the UNLV Yes, I always was active in social service but Medicine Community Advisory Board; the never had an interest in political service. When we Governor’s Technical Advisory Committee for moved to Las Vegas in 1964 from the East Coast, Clark County School District Reorganization; the I worked in the hotel industry in public relations Governor’s Commission on Tourism; and the U.S. and marketing, thereafter becoming a stay-at-home Environmental Protection Agency (EPA) Local mother busy raising our four little children. As they Government Advisory Committee. She is a founding were only 38 months apart, in fear of my brain member of the UNLV School of Medicine atrophying I pursued a master’s degree at night to Community Engagement Board. Goodman also keep my brain cells alive and active. As the children serves on the Blue Ribbon Committee for Clark aged into preschool, my spare time was spent evalCounty Child Welfare Services. She holds national uating the community’s public education programs leadership roles as a member of the United States and by the time all my children were in elementary Conference of Mayors (USCM), and is a member of school, I realized a need for another educational its Advisory Board, Vice-Chair of its Jobs, Education option in Las Vegas and worked to develop what and Workforce Committee, and serves as the Chair would become Nevada’s first and only indepenof the Mayors’ Business Council. In June 2013, she dent – but nonprofit, nonreligious, independent – hosted the 81st annual gathering of the National pre-K through 12th grade college prep school. After Conference of Mayors in Las Vegas. The USCM managing that school daily for 26 years, I planned honored her with the Mayors’ 2014 Large City to retire as my husband, Oscar, was finishing his Climate Protection Award. Goodman founded third and final term as Mayor of Las Vegas. While Las Vegas’ The Meadows School in 1984, Nevada’s I had held elected offices in high school and had first nonprofit, college preparatory school for pre- been president of the student government of my kindergarten through 12th grade. Recognized college, I had never given thought to running for nationally by the Council for Advancement and any political office, ever. However, our then grown Support of Education (CASE) and the National children were about changing that by pointing Association of Independent Schools with the out that there were so many projects and plans Seymour Preston Trustee Award for Leadership, that their father had started in his 12 years which she additionally devoted much of her life to needed to be finished and they pushed, and I ran. volunteerism in Las Vegas. In 1989, the University Being elected in 2011, it was the first record in the of Nevada recognized Goodman with the presti- nation of a spouse swearing in a spouse sequengious “Distinguished Nevadan” award and in 2006 tially into the same public office, and I am now bestowed upon her an Honorary Doctor of Laws serving in my third and final term completing what degree (PhD). In 2010, UNLV announced her will be a quarter of a century of Goodman banner as Alumni of the Year in Education. She is also waving for Las Vegas. the recipient of the Frances Riker Davis Award for What has excited me for all of these years has public service from her high school alma mater, been what a unique and surprisingly wonderful place Brearley. Early in her career, Goodman worked this is to live, raise a family, enjoy life, and invest. We in the hotel industry. Prior to that, she worked as take great pride in the fact that our city is as diverse 220 LEADERS

and rich in population, nationalities, religions, races, cultures and talents as there is in the world. Everyone works and is important to building this world-class community. All are welcome to become meaningful parts of pursuing their dreams in Las Vegas, a city where those dreams still can come true and which propelled me to run for mayor.

Where does Las Vegas stand in regard to recovery and rebuilding from the pandemic?

Las Vegas is well on its way to returning to pre-pandemic visitation and activity levels. As more and more people are vaccinated and as we see the country and the world reopen, there is enormous, intense visitation and a surging, growing investment interest in Las Vegas. The energy that is building is beyond palpable. People want to travel and have a good time after the pandemic confinement and, of course, Las Vegas is on their radar as a top destination. Total recovery for a year’s loss is just out there to grab.

Las Vegas was deeply impacted by the global pandemic. Will you discuss how Las Vegas adapted to address the challenges caused by the pandemic and how the City is focusing on health and safety going forward?

Las Vegas has always been a destination committed to and maintaining the highest standards in safety and good health practices. How and why else would the city have flourished, expanded and excelled so remarkably over the many decades had it not been for already being a safe and healthy place? We were not broken when the pandemic shutdown constraints were put upon the city, and as we return to full reopening, we remain committed to being at the forefront in all new ways of sustaining our attractive appeal to tourists, businesses, investors and residents alike. Knowing that Las Vegas has always been chameleon-like, at this time once again we are looking toward being on the cutting edge of the “new.” This means innovation, creativity and surely technology. We continue to move forward advancing new technology trends with IT roles in health and safety interactivity at the forefront.

Our International Innovation District downtown has become an incubator and testing ground not only for those in IT in the nation, but also for those in the world at large. Keeping in mind that Las Vegas has always made safety its priority, our focus remains on adapting to the changing world, its challenges, regulations and requests.

We will continue to remain at the forefront of implementing responses in areas of safety and health as needed.

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How do you define the Las Vegas advan- amenities that people travel to for enjoyment, relax- issues that oftentimes prove to be roadblocks to tage and what makes Las Vegas a leading desti- ation, business, sports, and conventions are here to individuals accepting the help and services that are offered. Despite these challenges, the city is nation for business and tourism? enjoy and experience to the fullest.

Never bet against Las Vegas for there is always Will you highlight your efforts on committed to breaking the cycle of homelessness the Las Vegas advantage. We are the world’s top improving inner-city schools in Las Vegas and by every means available.

Will you discuss the creation of the destination for travel and fun and for business your commitment and investment in education? gatherings, meetings and conventions. Our stellar At the onset of my tenure, I committed that the medical district in Las Vegas?

When my husband, former Mayor Oscar reputation for hospitality in our world-class resorts, city of Las Vegas would focus on early learning and our five-star dining opportunities, incredible and preparing our children in readiness for kindergarten Goodman, took office in 1999, he espoused that varied boutique shopping offerings, star-studded and reading matriculation. The school system and certain criteria needed to be met to qualify for entertainment, and now our major league sports all public education have always been beyond the becoming a world-class city. Of primary are all irresistible and part of the Las Vegas advan- purview and control of the city. We thus chose to concern was always safety, but a close second tage. Realize, too, that some 150,000-hotel rooms intervene through the preschool and after-school was providing the finest quality of medicine, medical are just 20 minutes from our international airport, programs. Our Strong Start Program includes education and research, and excellence in healthnot an hour travel, and not spread over many miles. programming in traditional brick and mortar facili- care. Coupling into these basic mandates included Our future is as bright as the sun that shines ties, as well as in mobile units. The latter provide providing classic culture and the arts, professional nearly 365 days a year. With measured intensity to developmental and learning opportunities directed sports and opportunities for open space recreation.

We have seen the city religiously address accomaddressing all challenges with fervor that our resident into some of our most challenged communities. population shares, we continue bonding to face tough Our ReInvent Schools are physical school plishing all of these goals, including the creation times together, whether in the recent recession or this community hubs that we have established to of the Las Vegas Medical District. The vision of past year’s pandemic. Remember, never bet against provide assistance to students and their families the District is to establish the core of medicine in Las Vegas. We handle it all, a huge diverse welcoming by providing wraparound services at the school Southern Nevada. Home to the Kirk Kerkorian family of people adapting to change so that we may itself. The concept is to reinforce the schools as the School of Medicine at UNLV, multiple hospitals and ancillary medical support facilities, the District remain the world’s favorite travel destination and a centers of the community. is centrally located within the Las beautiful, thriving community.

Vegas valley and positioned to cataYo u h a v e c h a m p i o n e d lyze economic development and downtown development for Las growth in the heart of the city. Home Vegas. Will you discuss this focus to the State’s only Level 1 Trauma and how critical this is to the Center and the finest, accredited growth and success of the city? burn unit, the City is moving forward Downtown is where the city in its firm commitment to the District began and it has remained the core and overall healthcare. of southern Nevada. It is a thriving Via a thoughtful master plan, center of business, commerce, the District will help attract new, government, culture and excitehigh-paying employers to the ment. The downtown was a focal region, attract new professionals, point and priority of my husband’s as well as advance a higher quality 12-year term beginning in 1999, and of life. Further development of the has continued to be for me as well District will provide jobs, bolster the thus far during my 10 years in office. health of Southern Nevadans, and As all major interstate roads converge stimulate new development adjainto downtown, growth and new cent to the City’s attractive assets in development have been a natural.

Mayor Carolyn Goodman prepares to present a proclamation at a local event in Las Vegas the downtown, at Symphony Park, We have seen neighborhoods like in the government and business the 18B Las Vegas Arts District come Most recently, the city has approved moving amenities, and in the Arts District. Ultimately, into its own. New businesses have joined existing favorites and the city has done its part by improving forward with a charter school to continue the the District is poised to become a true center of the infrastructure on many streets including Main efforts initiated in our Strong Start Program. These academic medicine in Southern Nevada with its and Fremont Streets, and now a full concentration are just a few of the ways that the city is working partners working collaboratively in the areas of to create strong futures through education. Our education, research and treatment. is on Las Vegas Boulevard.

What do you see as the keys to effective Improvements and additions to many of the goal is to get children reading in kindergarten, hotel-casinos downtown in recent years have learning to love learning, taught by state-licensed leadership and the ability to drive action and included the Plaza, the D, Binion’s, the California and and better-paid faculty, ultimately keeping all impact in government?

I’m non-partisan, and I believe that it is importhe El Cortez to name a few. Transformational to the children engaged in learning and increasing our tant to remember that I was elected to represent all downtown has been the opening of the 777-room high school graduation rates.

How has your administration expanded Las Vegans. Partisan bickering and political gridlock Circa boasting the world’s largest sportsbook and its Stadium Swim complex. The VivaVision refresh of homeless resources and what more can be do not move the ball forward and do nothing to the Fremont Street canopy has drawn millions to done to address the challenge of homeless- improve the quality of life. As a leader, one has to inspect what is expected to be certain that plans the core of the city under which bands entertain for ness in Las Vegas?

On a daily/hourly basis we work to connect are being followed without shortcuts and change. free on weekends and during holidays. Downtown is also where you will find the Las Vegas Medical those facing homelessness with services that can Substantive factual data must be fundamental for District, Symphony Park (theater district), the World assist them in becoming healthy, housed and consideration in the decision-making process.

Market Center (international wholesale furniture, productive citizens. We do this through our MORE Being a good listener and helping to find comproaccessories, and clothing marketplace), and the most Teams that bring our outreach efforts to the streets, mise are essential to finding any and all success. popular outdoor shopping mall, Las Vegas North into the encampments, and into our Courtyard When there is conflict, no one gains, no one wins – Homeless Resource Center. The Courtyard is a low- everyone loses, so fair and just compromise means Premium Outlets, thrive.

Each of us who lives here believes we are barrier, 24/7 safe shelter that is open to anyone a middle ground must be reached, a place where beyond fortunate to live in an exciting, multi- who needs help. Unfortunately, mental health and everyone can agree to give a little to get some of dimensional community like Las Vegas. All the chronic drug/alcohol addiction are fundamental what they want.

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LAS VEGAS

A City Within a City An Interview with Scott Sibella, President, Resorts World Las Vegas EDITORS’ NOTE With over 30 years resort blends contemporary design in the hospitality industry, Scott with progressive technology and Sibella has a history of delivering and luxury amenities. Resorts World Las overseeing excellence at destination Vegas features 3,506 guest rooms and resorts. Before joining Resorts World suites; an innovative, next-generation Las Vegas, Sibella served as President gaming floor; over 40 world-class food and Chief Executive Officer of MGM and beverage options; a 5,000-capacity Grand for eight years. In this role, theatre; distinct nightlife venues; an he was responsible for overseeing extensive retail collection boasting the strategic direction of all resort a wide spectrum of designer and operations at the 5,044-room resort, boutique brands; and more. including The Signature, SKYLOFTS Resorts World Las Vegas was Scott Sibella and The Mansion at MGM Grand, in developed by Genting, a global addition to the 16,800-seat Grand gaming and hospitality company led Garden Arena and numerous restaurants led by Chairman & CEO K.T. Lim, whose leaderby celebrity chefs. Prior to MGM Grand, Sibella ship and expertise in building integrated resorts was the President and Chief Operating Officer of is unprecedented. His vision and expertise The Mirage. He also served as the vice presi- building resorts in destinations around the dent of casino marketing for the Tropicana in world, coupled with his desire to bring someboth Atlantic City and Las Vegas. Additionally, thing unique and different to the Las Vegas he held executive management positions at the Trump Taj Mahal in Atlantic City and the Golden Nugget in Downtown Las Vegas. Active in the Las Vegas Community, Sibella currently serves as the Chairman of the Board for Las Vegas Events, sits on the board of directors for Opportunity Village, Rebel Golf Foundation and Dream Foundation, and also serves on the advisory board for the American Cancer Society’s Coaches vs. Cancer Council. Sibella holds a bachelor’s degree in hotel administration from the University of Nevada, Las Vegas. In 2007, the university named him Alumnus of the Year, an award given to an outstanding alumnus as a symbol of High Limit Room recognition for their accomplishments. experience, challenged us and I think what we PROPERTY BRIEF As the first integrated resort to were able to deliver as a result is something be built on the Las Vegas Strip in over a decade, special. I’ve been fortunate to have worked at Resorts World Las Vegas (rwlasvegas.com) seam- some amazing properties on the Strip and I’m lessly blends the technology and luxury appeal constantly learning, evolving and encouraging of an urban contemporary resort with the tradi- my team to break the mold in order to find new tions and time-honored details of the interna- and better ways to create the best experience tional Resorts World brand. The sleek yet simple for both guests and team members. elegance of this new property was developed with How do you define the Resorts World the intention of bringing the elevated experience Las Vegas difference and what sets the for which the Resorts World brand is known to the property apart from its competitors? modern Las Vegas traveler seeking luxury, value The goal from the outset was to focus on and variety. creating the best guest experience. One of the ways we approached being able to offer someWill you provide an overview of Resorts thing for every level of customer was to partner World Las Vegas and how the property is with great companies such as Hilton. They positioned in the market? are a leader in global hospitality and offer Resorts World Las Vegas is the newest a variety of recognized brands, from the ultraresort on the Las Vegas Strip. The integrated luxury and premium product, to full-service 222 LEADERS

Starlight on 66

brands for those looking for affordable comfort.

By being able to offer all of these within one integrated resort at Resorts World Las Vegas, we give our guests more variety of accommodations than anywhere on the Strip. We looked at similar opportunities and partnerships with global leaders in various industries including entertainment, nightlife, shopping and dining to create a city within a city with memorable guest experiences for everyone.

We have also looked at ways of incorporating the latest technology and interactive experiences into the resort. Because we were building from the ground up, we were able to approach things more intuitively rather than having to adapt to existing environments.

We also worked very hard to make the property easily accessible for our local community so they can take advantage of the dining, nightlife, shopping and other aspects of the resort.

How did Resorts World Las Vegas adapt to address the challenges caused by the pandemic?

Genting Palace main dining room VOLUME 44, NUMBER 4

Resorts World Las Vegas

Our team worked diligently to review every touchpoint across the resort experience through a new lens that is hyper-focused on sanitation and safety. From the very beginning, we’ve always had the vision to build a new kind of resort experience here in Las Vegas – that goal didn’t change so much as the considerations. Being the first resort to be

VIP Pool

built on the Strip in more than a decade, we had a natural advantage to create the cleanest, safest resort experience in Las Vegas simply because today’s technology and advancements didn’t exist ten years ago. Two aspects of the guest experience we looked at very closely were air quality and progressive technology. We partnered with Global Plasma Solutions (GPS), the leader in indoor air quality, to help us provide the cleanest air on the Strip – from casino floor to the guestrooms.

How proud are you to see the resilience of your workforce during this unprecedented time?

I have worked in Las Vegas and in the hospitality/gaming industry for many years and I have seen great resilience through so many different events over those years. The workforce and community of Las Vegas has seen the best and worst of times, and through it all, the city VOLUME 44, NUMBER 4

continues to lead the way for the greater hospitality industry.

I am not surprised that Las Vegas and all of the workers in our industry have risen to the occasion with the challenge of the pandemic.

They are the engine that drives our community. We started the mass hiring process for the opening of Resorts World Las Vegas in the midst of the pandemic and the response we received was incredible. It truly was rewarding to be able to open and play a role in helping our community and our economy at such an important time by creating nearly 6,000 new jobs.

What are you views on the state of travel and tourism to Las Vegas?

We are seeing good numbers in Las Vegas from domestic travel and many of our guests are excited to be able to return to Las Vegas. We still don’t have large numbers of international travelers, but we’re optimistic for 2022 and beyond. We are also seeing the return of some of the convention business and announcements regarding future plans to return. Given our proximity to the Las Vegas Convention Center, I think it goes without saying that we are excited about that and look forward to more conventions returning.

Tiesto entertainment venue

Overall, we are optimistic about the outlook for growth and Las Vegas visitor volume has steadily been increasing since the start of the year. Given current travel restrictions limiting numbers in some sectors, the climbing numbers are a positive indicator.

How critical is it for Resorts World Las Vegas to build a diverse and inclusive workforce in order to mirror the diversity of its guests?

Las Vegas is a diverse town and it is what makes our community so great to live and work in. Our goal and a key differentiation for Resorts World Las Vegas is to offer the best guest experience for every customer. To successfully accomplish that, we need everyone’s help. We worked hard to build a diverse and inclusive workforce and we view this as a constant work in progress to see what we can improve upon and act on ways we can make everyone feel welcome, whether guest or team member.

What do you see as Resorts World Las Vegas’ responsibility to the community it serves and to being engaged in the community?

Resorts World Las Vegas is and will continue to be an active and engaged community partner.

Giving back and being actively involved locally is an important part of our company culture. We are the new kid on the block at the moment, but we are taking our first steps in being a positive and contributing member of Southern Nevada.

There are already organized efforts to mobilize employee volunteers to get out into the community and we are actively working on the framework and structure for our efforts and support for our community.

Judith Lieber store at Resorts World Las Vegas

What advice do you offer to young people interested in a career in hospitality?

The greatest thing about working in the hospitality industry is the multiple facets of the business. From management, to finance, to logistics, to planning, to marketing and even construction. There are so many different avenues you can take in this industry. I would recommend for anyone interested in a career in hospitality to be open to trying different things and learning as many areas of the business as you can. If you understand the challenges, the processes, and the overall day-to-day of the people in various departments, when it comes to operational planning and management, you have a better understanding of what people are experiencing and can better adapt your expectations and creatively strategize on ways for improvement.

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