LEADERS Magazine October, November, December 2025 Volume 48, Number 4

October, November, December 2025

Volume 48 Number 4

NEW YORK A LASTING LEGACY

KALIKOW

ROSENBAUM

SITOMER

ANDREW ROSS SORKIN

PURPOSE BUILDING A STRONG FISCAL FOUNDATION HERSHMAN

HALE

ARSHT

CGCC LEADER TO LEADER PIERRE-VINCENT GIRARDIN

INZERILLO

PERDUE

BARRETT

LEADERS TRIBUTE

“Strive not to be a success, but rather to be of value.”

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On the Cover Peter S. Kalikow, HJ Kalikow & Co. Richard A. Rosenbaum Greenberg Traurig, LLP Harrison Sitomer SL Green Realty Corp.

Michael J. Hershman Soloviev Group Rob Hale Granite Telecommunications Adrienne Arsht Gerald “Jerry” J. Inzerillo Diriyah Company Mitzi Perdue John F. Barrett Western & Southern Financial Group

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VOLUME 48, NUMBER 4

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Los Angeles 444 South Flower Street, 39th Floor, Los Angeles, CA 90071 213-688-8700

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Contents 8 Building A Strong Fiscal Foundation A Conversation with Business Leaders on the National Debt

The Biggest Part Of The Market Is The Middle Marc Solomon, Founder and Principal, The Solomon Organization

Electrifying Icons Justin Lunny, Founder and Chief Executive Officer, Everrati

The Power Of Creativity Andrew J. Robertson, Chairman, BBDO Worldwide

Dare To Grow Daniel Diermeier, Chancellor, Vanderbilt University

Pushing The Envelope Richard D. Fain, Chairman of the Board, Royal Caribbean Group

Transforming Spaces Into Havens Nicholas Fink, Chief Executive Officer, Fortune Brands Innovations, Inc.

News, Not Noise Kartikeya Sharma, Founder, iTV Network

Taking The High Road Imran Razvi, Founder, Higher Ground Financial

Crafting The Future Through Heritage And Insight Gerald “Jerry” J. Inzerillo, Group CEO, Diriyah Company

A Vessel For Positive Change Chris Paul, Founder, Chris Paul Family Foundation

Shaping A Healthier Future Glenn D. Waters, Executive Vice President and Chief Operating Officer, Baptist Health South Florida

Creating The Future Of Healthcare Marc D. Miller, President and Chief Executive Officer, Universal Health Services, Inc.

From The Locker Room To The Boardroom Mike Tepedino, Founder and Managing Partner, Blue Light Capital

A Life Of Service General Stanley McChrystal, Founder and Chairman, McChrystal Group

Building Community Steve Aoki, Founder, Aoki Labs

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Leadership Lessons Adrienne Arsht

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Resilience And Perseverance Rob Hale, Co-Founder and President, Granite Telecommunications

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A Human Institution Serving Human Needs John F. Barrett, Chairman, President, and Chief Executive Officer, Western & Southern Financial Group

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The Power Of Respect Marcy Syms, Founding Trustee, Sy Syms Foundation

Redefining Failure Mitzi Perdue

Advancing Solar Energy Li You, EKL Solar

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Moving Humanity Forward Peter H. Diamandis, MD, Founder and Executive Chairman, XPRIZE Foundation

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The Future Of Beauty David C. Chung, Founder and Chief Executive Officer, iLABS

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Aligning Sales And Marketing Denise Persson, Chief Marketing Officer, Snowflake

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Making A Difference Eric Esrailian

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Financial Empowerment Tom Zheng, Co-Founder and Chief Executive Officer; Sheldon Day, Co-Founder and President; and Richard Sherman, Co-Founder and Chairman, The Players Company

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A World Where People Live Longer, Healthier Lives Tom Frieden, MD, MPH, President and Chief Executive Officer, Resolve to Save Lives

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A Dream Come True Andy Katz

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Redefining Wealth Management Through A Fully Integrated Platform Jason Ozur, CPA, Founding Partner and Chief Executive Officer, Lido Advisors

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Rethinking What’s Possible In Real Estate Chad Roffers, Co-Founder and Chief Executive Officer, Concierge Auctions

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How To Build Lasting Value Jim Dickson, Founding Partner and Chief Executive Officer, Elevation Point

CGCC

CHINA GENERAL CHAMBER OF COMMERCE - USA

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Building A Culture Of Giving R. Barkley Payne, President and Chief Executive Officer, Invest in Others Charitable Foundation

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One Of The Original American Family Offices Andy Busser, President and Chief Executive Officer, Pitcairn

Shaping The Future Of The Beverage Industry Wayne E. Chaplin, Chief Executive Officer, Southern Glazer’s Wine & Spirits LLC

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Serving The Public A Conversation between Nido R. Qubein, President, High Point University and Boris Johnson, Former Prime Minister, United Kingdom

The Distinctive Terroirs Of Washington And Oregon David K. Bowman, Chief Executive Officer, Washington Business, Ste. Michelle Wine Estates

246

People, Place, And Story Mike Osborn, Chief Executive Officer, Willamette Valley Vineyards

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Strengthening The Foundation Of Homeownership David A. Spector, Chairman and Chief Executive Officer, PennyMac Financial Services, Inc.

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Built For Connection Adam Stewart, CD, Hon. LLD, Executive Chairman, Sandals Resorts International

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Help The Little Guy Win Peter Claro, Chief Operating Officer, Jetro/Restaurant Depot

Culture, Community, And Curation Jennie Enterprise, Founder and Chief Executive Officer, CORE:

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Total Life Planning Jason L Smith, CEP®, BPC, Founder and Chief Executive Officer, Prosperity Capital Advisors

202

Embracing Complexity Alex Wolf, Managing Partner, Kingswood Capital Management

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Making Work Optional For Founders Philip G. Palumbo, Founder, Chief Executive Officer, and Chief Investment Officer, Palumbo Wealth Management

206

Creating Something Different Pierre-Vincent Girardin, Winemaker, Pierre Girardin

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Art And Science Silvia Santiago, Master Blender and Senior Vice President, Manufacturing, Destilería Serrallés, Inc.

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A Vision Of The World Stefano Casadei, Owner and Technical Director, Famiglia Casadei

Five Distinct Hotels, One Iconic Resort Daniel A. Hostettler, President and Chief Executive Officer, The Boca Raton

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Regenerative Farming Daniel Fitzgerald, Co-Founder and Winemaker, AVIVO Wines

A Family Of Celebrated Hotels Philip Morris, Vice President, Commercial, Dorchester Collection

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A Storied Icon In The Heart Of The Nation’s Capital Alaina Sweeney, General Manager, The St. Regis Washington, D.C.

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Creations Of Visual Energy Darnell “Solo the Artist” Kirkwood

Enduring Relevance Through Excellence Giuseppe Aquila, Chief Executive Officer, Elmo & Montegrappa S.p.A.

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Investing In A Legacy Abel Richard Bullock, Founder & CEO, Abel Richard

Waldorf Astoria New York

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Four Seasons Hotel Washington, DC

Jōji

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Il Giglio Tribeca

The Peninsula New York

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LEADERS Roundtable 108 VOLUME 48, NUMBER 4

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Alan Hassenfeld: A Life Of Impact

By David W. Schner, President & Executive Editor, LEADERS Magazine

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LEADERS 5

THE STARRETT-LEHIGH BUILDING | 601 WEST 26TH STREET, NEW YORK, NY 10001

LANDMARK ARCHITECTURE, MODERN WORKPLACE. THE STARRETT-LEHIGH BUILDING IS A VERTICAL CAMPUS, OFFERING PREMIER OFFICE SPACE AND A MIX OF PLACEMAKING RETAIL IN THE WEST CHELSEA HISTORIC DISTRICT. 2.3 MILLION-SQUARE-FOOT WORKPLACE DESTINATION

5,000 – 500,000 SF OFFICE SPACE OPPORTUNITIES

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GROUND FLOOR RETAIL OPPORTUNITY ON 27 TH STREET

STUNNING VIEWS OF THE NYC SKYLINE & HUDSON RIVER

RXR acquired Starrett-Lehigh in 2011 and has since invested heavily in its redevelopment, transforming this historic landmark into a dynamic, modern ecosystem.

WILLIAM ELDER

DANIEL BIRNEY

DENISE RIVERA

welder@rxr.com 212.715.6120

dbirney@rxr.com 212.715.6153

drivera@rxr.com 212.924.3880

SACHA M. ZARBA

JEFF FISCHER

EVAN HASKELL

sacha.zarba@cbre.com 212.984.8317

jeffrey.fischer@cbre.com 212.984.6645

evan.haskell@cbre.com 212.984.8049

OFFICE

EXPERIENTIAL RETAIL

LEVEL TEN

EVENTS

COMMUNITY

AMENITIES

DESTINATION DINING

NEW YORK

Contents A Lasting Legacy Michael Dowling, CEO Emeritus, Northwell Health

One Goldman Sachs Nicole Pullen Ross, Region Head, Northeast Private Wealth Management and Head of Sports and Entertainment Solutions, Goldman Sachs

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Vision, Values, And Execution John D’Angelo, MD, President and Chief Executive Officer, Northwell Health

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A Family Business 100 Years Of Kalikow Peter S. Kalikow, President, and Kathryn H. Kalikow, Principal, HJ Kalikow & Co.

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Anticipating Clients’ Needs José L. Tavarez, Managing Director and Vice Chair, Bank of America Private Bank; President, Bank of America New York City

22

Built To Last Richard A. Rosenbaum, Executive Chairman, Greenberg Traurig, LLP

A One-Of-A-Kind Private Aviation Platform George Mattson, Chief Executive Officer, Wheels Up

32

The Pursuit Of Excellence Brad Karp, Chairman, Paul, Weiss, Rifkind, Wharton & Garrison LLP

34

Facilitating The U.S.-China Economic Relationship Wei Hu, President and Chief Executive Officer, Bank of China, U.S.A.

36

Freedom Plaza: Celebrating American Liberty Michael J. Hershman, Chief Executive Officer, Soloviev Group

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Leading From The Front Winston Fisher, Partner, Fisher Brothers; Chief Executive Officer, AREA15; and Chairman, Lionheart Strategic Management

50

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

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A True Partnership Neil J. Oxford, Chair, Hughes Hubbard & Reed LLP

Telling The Story Of Money Andrew Ross Sorkin, Financial Journalist, Author, and Television Anchor

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Redefining The Modern Workplace Harrison Sitomer, Chief Investment Officer, SL Green Realty Corp.

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Winning As A Team Scott Crowe, Executive Vice President, Chief Strategy Officer and Head of Equity Capital Markets, RXR

Advancing Medicine David L. Reich, MD, President, The Mount Sinai Hospital and Chief Clinical Officer, Mount Sinai Health System

42

Across The Sports Ecosystem George Pyne, Chief Executive Officer, Bruin Capital

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Making It Easier For Everyone To Make It Kiersten Barnet, Executive Director, New York Jobs CEO Council

Safeguarding Public Safety Francesco Bruni, Principal, THE VSA Group

Reimagining Affordable Housing Jeffrey Goldberg, Chief Executive Officer, Fairstead

Technology Transformation Deepesh Chandra, Senior Vice President and Chief Digital and Information Officer, Montefiore Einstein

At The Nexus Point Of The Wine And Spirits Business Gino Colangelo, President, Colangelo & Partners

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Enriching Lives And Strengthening Community Seth Pinsky, Chief Executive Officer, The 92nd Street Y

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Adding To The Architecture Of The City Izak Senbahar, President, Alexico Group

A Consultative Role James W. Crystal, Vice Chairman, Alliant Insurance Services

Leading With Discipline Glenn Grimaldi, Chief Executive Officer, Naftali Credit Partners

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A Relationship-Driven Business David Amsterdam, President, Capital Markets | U.S., Colliers

Creating An Environment Of Respect Robert L. Dilenschneider, Founder and Chief Executive Officer, The Dilenschneider Group, Inc.

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Innovative Solutions For The Retail Industry Ivan L. Friedman, President and Chief Executive Officer, RCS Real Estate Advisors

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Rethinking Real Estate Jonathan Bennett, President, AmTrustRE

Innovation Pioneers In Aging Services Jeffrey I. Farber, MD, President and Chief Executive Officer, The New Jewish Home

80

Consistency In Excellence Laurent Ebzant, Area Vice President and General Manager, Park Hyatt New York

Design And Justice Pascale Sablan, Chief Executive Officer, New York, Adjaye Associates

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RISE Values Stephen B. Siegel, Chairman, Global Brokerage, CBRE

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A Partner In Health William Wertheim, MD, MBA, Executive Vice President, Stony Brook Medicine

Trust, Hustle, And Family Avi Hiaeve, Founder and Chief Executive Officer, Avi & Co.

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Shared Values George A. Stamboulidis, Partner, BakerHostetler

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Centered Around Service Tom Guay, General Manager, The Sagamore

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NEW YORK

A Lasting Legacy An Interview with Michael Dowling, CEO Emeritus, Northwell Health EDITORS’ NOTE Michael Dowling Healthcare Institute, and the Institute for pioneering research at the Feinstein Institutes is CEO Emeritus of Northwell Health.

Healthcare Improvement (IHI). Dowling for Medical Research and a visionary approach He is one of healthcare’s most influwas an instructor at the Center for to medical education highlighted by the Zucker ential voices, taking a stand on sociContinuing Professional Education at School of Medicine, the Hofstra Northwell School etal issues such as gun violence and the Harvard School of Public Health. He of Nursing and Physician Assistant Studies, and immigration that many health system earned his undergraduate degree from one of the nation’s largest medical residency CEOs shy away from. His leadership University College Cork (UCC), Ireland, and fellowship programs. has been invaluable to Northwell’s and his master’s degree from Fordham consistent expansion and promiUniversity. He also has honorary doctor- How do you define Northwell Health’s mission? nence. In March 2020, he successates from the prestigious Queen’s University Our mission, at its core, is to be a comprefully navigated the health system Belfast, University College Dublin, Hofstra hensive and trusted resource and partner with the through the first COVID-19 epicenter University, Dowling College, and Fordham community to promote health and wellness and Michael Dowling in the U.S., detailing Northwell’s University. provide equitable access to care for all irrespecexperiences in a book titled, Leading tive of circumstance. The mission, in the case of Through a Pandemic: The Inside Story of Humanity, INSTITUTION BRIEF Northwell Health (north Northwell, is broad and multifaceted. We want to Innovation, and Lessons Learned During the well.edu) is a clinical, academic, and research be the employer of choice – the best place to COVID-19 Crisis. Overall, Northwell treated enterprise with a workforce of about 90,000 and work that provides opportunities for growth and more than 300,000 COVID patients during the annual revenue of nearly $20 billion. Northwell development. We, as one of the largest academic first two years of the pandemic – more than any is the largest healthcare provider and private teaching facilities, educate the future workforce – other U.S. health system. Prior to becoming CEO employer in New York State, caring for more physicians, nurses and others, many of whom in 2002 and joining Northwell in 1995, Dowling than two million people annually through a vast eventually migrate to other parts of the country served in New York State government for 12 years, network of 21 hospitals, more than 950 outpa- to provide care. We invest in science to promote including seven years as State Director of Health, tient facilities, including 75 urgent care centers, discoveries that can cure diseases – thereby Education, and Human Services and Deputy as well as home care, rehabilitation, and end- providing better care to future generations. We Secretary to former Governor Mario Cuomo. He of-life programs. Northwell also pursues tackle societal issues, such as gun violence and was also Commissioner of the State Department of Social Services. Before entering public service, he was a Professor of Social Policy and Assistant Dean at the Fordham University Graduate School of Social Services and Director of the university’s Westchester County campus. Dowling has been honored with many awards and recognitions over the years, including the Ellis Island Medal of Honor, the Presidential Distinguished Service Award for the Irish Abroad, the Alfred E. Smith Award from the American Society for Public Administration, the National Human Relations Award from the American Jewish Committee, and the Foreign Policy Association Medal Award. In 2017, he was selected to serve as the Grand Marshal of New York’s St. Patrick’s Day Parade. In 2022, he was named the most influential leader in healthcare

by Modern Healthcare, ranking number 1 in its annual list of the “100 Most Powerful People in Healthcare,” a list on which he has been featured for 18 consecutive years. Dowling is a member of the Institute of Medicine of the National Academies of Sciences, the Foreign Policy Association, and the North American Board of the Smurfit School of Business at University College, Dublin, Ireland.

He is past chair and a current board member of the National Center for Healthcare Leadership After decades of pioneering bioelectronic medicine research, Northwell recently opened its clinical Center for Bioelectronic Medicine.

(NCHL), the Greater New York Hospital Association, Patients interested in participating in bioelectronic medicine clinical trials, including studies evaluating vagus nerve stimulation, can do so through the new Center. The first Center is located at 350 Community Drive in Manhasset, New York. the Healthcare Association of New York State, the 10 LEADERS

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VOLUME 48, NUMBER 4

“I plan to stay very active. My first obligation is to fully support and promote the success of my successor, Dr. John D’Angelo. He has worked with me for about 20 years. He, thereby, has a firm knowledge of Northwell’s history, its evolution, and most importantly, its culture.” climate change, that negatively affect health. And we aim to be a positive and entrepreneurial influence by constantly promoting those values that build the idea of community – values such as decency, respect, honesty, truth, kindness, tolerance, and trust. These values are more important today than ever given the toxicity of our current politics and political discourse. What we daily observe is not what we should be. To change its course requires more advocacy of these values by more healthcare and business leaders. It’s time for more courage.

You are transitioning to the role of CEO Emeritus. How will you focus your efforts in this new role?

I plan to stay very active. My first obligation is to fully support and promote the success of my successor, Dr. John D’Angelo. He has worked with me for about 20 years. He, thereby, has a firm knowledge of Northwell’s history, its evolution, and most importantly, its culture. We are both passionately committed to the ongoing success of the organization and view the future as full of wonderful opportunities.

There are a number of areas that I plan to specifically focus on. One is leadership development, education and training. One of the first things I did when I became CEO 23 years ago was to create the Center for Learning and Innovation (CLI). I plan to promote its evolution and expansion. I also want to focus on the issue of mental health, an area of growing expansion and concern, especially among young people. I will, obviously, stay very involved in the area of gun violence prevention and safety as well as other societal issues that bear negatively on the promotion of good health – such as the current assault on vaccines and on research. There are no shortage of issues. I look forward to a seamless transition with no disruption to the ongoing operations of Northwell. I am stepping down as CEO, but I am not stepping away.

During your more than 23 years leading Northwell Health, you led the transition of Northwell from a network of Long Islandbased hospitals into one of the nation’s ten largest health systems. Will you discuss this transformation journey?

This is a long story and would require much more space than is allotted here. I will briefly summarize. The entity that began the process was Northshore Hospital under the leadership of Jack Gallagher. There were no health systems in New York back then in the early 1990s – just a VOLUME 48, NUMBER 4

collection of independent facilities and most care was delivered in hospitals. The idea and belief was that if hospitals came together, worked together, they could better serve the community than by being separate and independent. I arrived as the COO at Northshore Hospital in the early 90s. The first merger was Glen Cove Hospital and eight other mergers occurred in the next few years. It was a hectic time, in part because we were doing what had not previously occurred in New York.

Other health systems did exist in other parts of the country, such as Kaiser Permanente in California and Intermountain in Utah.

In the early 90s, with about nine hospitals, we were the Northshore Health System. A huge step occurred in 1997 when Long Island Jewish Hospital (LIJ) joined. This made big news because we were sued by the U.S. Justice Department to prevent the merger. We prevailed and when LIJ joined, we became the Northshore/LIJ Health System. The goal, from the very beginning, was not to amass a collection of independent entities, but to create synergy and integration based on access and quality of care to create a real integrated care delivery system.

Subsequent to the LIJ merger, we continued to expand, change, and evolve. Both Northshore Hospital and LIJ were substantial academic teaching facilities and that investment accelerated. We are now one of the largest academic teaching institutions in the U.S. with about 2,400 residents and fellows, have our own medical school (Zucker School of Medicine in partnership with Hofstra) and our own graduate and undergraduate nursing schools. We also expanded our investment in research – it is now the Feinstein Institutes for Medical Research, a leading national player and the founder of Bioelectronic Medicine – a new and exciting field of discovery and care.

Over the years, we became one of the leaders in expanding the field of outpatient and ambulatory care – providing essential care outside of the hospitals. Today we have 1,050 such locations. We similarly expanded the provision of care in the home as well as our core commitment to expand services in the community. We have a broad portfolio of services and programs in underserved areas across our catchment area.

Our most recent merger (our 20th overall) was with Nuvance in New York and

In its seventh year, The Gun Violence Prevention Forum will welcome 150+ dedicated leaders in-person in New York City, and thousands more virtually, on March 5, 2026. This annual convening of changemakers is hosted by Northwell Health, with the mission to mobilize the collective efforts of leading executives, clinicians, researchers, and policymakers around gun violence as a public health emergency.

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LEADERS 11

“Success is a journey – a journey with twists and turns, ups and downs – but with a momentum of continuous progress. We have created something special – an organization with a strong collaborative and team-oriented culture that is designed to do well, but also always do what is right.”

Connecticut – a seven hospital system with over 14,000 employees.

It’s been an exhilarating journey and a successful one. We are now the largest provider of care in New York and the largest private employer (104,000 employees). What’s important, however, is the creation of a culture that is dedicated to serving the public, taking care of all irrespective of circumstance, promoting the well-being of staff and being a trusted community asset.

How critical were the investments you made in research to the growth of the Feinstein Institutes for Medical Research?

Research – the pursuit of knowledge to prevent and cure diseases – is the key to future health and well-being. The U.S. has been a leader and in the forefront of this effort, investing the necessary resources, building the infrastructure, and facilitating diverse and international partnerships. Unfortunately, it is currently under assault by the firings of a multitude of scientists, the reduction and elimination of resources (grants, etc.), and the promotion of distrust in science – note the circumstance with regard to vaccines and vaccinations.

These efforts will derail promising progress and have a long-term detrimental effect. It is currently having a negative impact on most research centers.

The Feinstein Institutes for Medical Research is the primary research arm of Northwell Health. It receives major grants from the NIH (now at risk) and from investments by Northwell. It is an important system priority – and will continue to be so.

The discoveries that have emanated from Feinstein have improved health for multitudes of patients.

The successes are too numerous to recount here, but I will mention one – bioelectronic medicine – a revolutionary new treatment where a tiny device is implanted on the vagus nerve to dramatically calm down long-term inflammation. Imagine what this advance may mean for so many diseases – such as Rheumatoid Arthritis, Crohn’s Diseases, and many more – all the results of over 20 years of research. To learn more about this, read Dr. Kevin Tracey’s recent book, The Great Nerve.

Will you highlight your commitment to innovative medical education through the Zucker School of Medicine, the HofstraNorthwell School of Nursing, and Northwell’s Center for Learning and Innovation, and how these schools are cultivating the next generation of healthcare professionals?

A major goal and one of my principle priorities was to build a culture of continuous learning and explore new learning methodologies. In 12 LEADERS

a world that is ever-changing, and changing quickly, educational innovation and the provision of opportunities for ongoing lifelong learning is imperative. The status quo is not a productive option. The Center for Learning and Innovation (CLI), as mentioned earlier was, at the time, a major innovation. The equivalent of an in-house corporate university, it provides ongoing education and leadership development for employees. It has been a major success and has become a national model. Because of its infrastructure and extensive use of simulation as a teaching method, it made the creation of the Zucker School of Medicine more easily possible. The medical school’s curriculum is unique. For example, all medical students are trained as EMTs in their first nine weeks – they partake in our ambulance service and see patients from day one. They are in the community. It’s a sophisticated apprenticeship program – learning by doing. It has become extraordinarily successful, with its graduates consistently achieving an unparalleled 100 percent residency match rate into the nation’s most prestigious academic medical centers and highly competitive programs, a true testament to their exceptional preparedness and the school’s

transformative curriculum. The nursing schools are built on the same premise.

Overall, I believe we are preparing leaders for the future – for the world, not of today, but the world of 20 years from now. I believe that we are making a major contribution to the skills needed for the world of tomorrow. All of these initiatives are constantly being reviewed and updated – change is a constant endeavor. We must avoid the dangers of standing still.

What was your reasoning for taking a leadership role in addressing gun violence and recognizing it as a critical healthcare issue?

Gun violence is a public health issue. As many people know – but everyone should – guns are the leading cause of death for kids in the U.S. What a terrible statistic. This is not one of the things that should make the U.S. distinctive. We in the health delivery business see the results daily in our trauma and emergency rooms and in our mental health facilities. The societal and human toll is extraordinary.

I went public about this nine years ago. I took a one-page advertisement in The New

Northwell’s Center for Learning and Innovation (CLI) helps caregivers develop the knowledge, attitude and skills they need to provide comprehensive patient care. Through classes, workshops and other learning opportunities, the Center helps build a culture dedicated to innovation, continuous change, teamwork, and excellence.

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York Times calling for all healthcare leaders to take a stand and treat the issue as a public health issue. We created a division dedicated to this purpose inside Northwell. It has done spectacular work. We hold a national forum on gun violence each year in New York City that is attended by key players from all over the United States. We worked closely with the Biden administration who realized the importance of the issue as distinct from the current administration who have eliminated all action and investments on the issue. We have created a national council on gun violence prevention and safety, now including almost 70 CEOs of other health systems. As said earlier, I plan to continue with this important work. Hopefully, some day we will not be known as the country where guns are the leading cause of death for kids.

How have you approached the CEO transition, and what advice have you given to your successor, John D’Angelo, as he assumes the CEO role?

As mentioned previously, Dr. D’Angelo has worked with me for about 20 years. He has held numerous important roles in the organization. He led all of our emergency departments across the whole health system for many years and was a key innovative player during COVID. He is well versed in the workings of the system. The promotion of an “inside” individual to the top role is important and in my view is, in most cases, preferable to the hiring of an “outside” person who does not have that history and requires a long runway just to get familiarized with the basics of the organization. Having an “inside” person avoids unnecessary disruption and disfunction and facilitates the keeping of key talent.

I now work with John on a daily basis. I make no decisions without his input since he is the one that will live with any consequences. He seeks my advice on issues that he is less familiar with and we openly discuss the ongoing role I will play as CEO Emeritus. We communicate jointly to all employees any new or evolving policies. My advice to him is to be optimistic (despite current national trends), protect and enhance the culture, and think long-term. Leadership is all about managing the present and creating the future.

When you reflect on your tenure as president and CEO of Northwell, what are you most proud of?

Success is a journey – a journey with twists and turns, ups and downs – but with a momentum of continuous progress. We have created something special – an organization with a strong collaborative and team-oriented culture that is designed to do well, but also always do what is right. It’s a team effort and I am most proud of having had the privilege to work with and learn from great individuals and teammates. We have built a strong foundation on which others can now build. The road to success, somebody once noted, is always under construction – it’s a never-ending process.

We have all benefited from the successes of the past, the research that has propelled extraordinary progress – progress we are all so fortunate to have benefited from. Our goal must be to continue to leave a similar legacy to the future generation – our kids and grandkids.

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NEW YORK

Vision, Values, And Execution An Interview with John D’Angelo, MD, President and Chief Executive Officer, Northwell Health EDITORS’ NOTE John D’Angelo Long Island. From an early age, I was assumed the role of President and instilled with the values of respect, Chief Executive Officer of Northwell service, and community – principles Health on October 1, 2025. D’Angelo that have guided me throughout my led Northwell’s operational response life. I chose medicine as a calling, not to the COVID-19 pandemic as a career, and began my clinical path in Operations Chief for the system emergency medicine where I learned command center and was later to lead under pressure, think deciappointed Chief of Integrated sively, and value every member of the Operations. Leveraging lessons care team. from the pandemic, he integrates Over the past 25 years at Northwell, Northwell’s extensive operational I’ve had the privilege of serving in John D’Angelo resources in the post-pandemic era. a variety of roles – from emergency Previously, as Senior Vice President department physician to department and Executive Director of Northwell Health’s chair, from leading the Emergency Medicine Emergency Medicine Service Line, he oversaw Service Line to serving as Operations Chief the clinical and operational performance of during the COVID-19 pandemic. Each role Northwell’s emergency departments, obser- deepened my understanding of the interplay vation units, and a growing network of urgent between clinical care, operations, and leadercare centers, serving nearly 1.5 million patients ship. Most recently, as Market President for annually. As an Emergency Medicine physi- Northwell’s Central Region, I’ve overseen six cian for over 30 years, D’Angelo has a keen hospitals, 260+ ambulatory sites, and more than understanding of clinical care delivery, quality, 23,000 team members. This journey has prepared process improvement and operations manage- me to lead at scale, with humility, urgency, and ment. He has spearheaded numerous initia- a deep commitment to our mission. tives that have distinguished Northwell over the years. A leader in data transparency and access, D’Angelo co-led the creation of Real-Time Actionable Data, enhancing operational data visibility for leaders and frontline staff across Northwell. This innovation earned Northwell’s top award in 2019. D’Angelo has served as the Chair for the Northwell Health Physician Partners Board of Governors & Executive Committee from 2019 -2022. He is also a Professor of Emergency Medicine at the Donald and Barbara Zucker School of Medicine at Hofstra/Northwell. A Long Island native, D’Angelo received his medical degree from SUNY Stony Brook and subsequently completed a residency in Emergency Medicine at Geisinger Medical Center, Danville, PA. He started his career as an attending at Holyoke Hospital in Massachusetts and transitioned to an attending physician at Northwell Health’s Glen Cove Hospital in 2000 and appointed Chair of the Glen Cove’s Emergency Department in 2005. He also served as medical director to numerous EMS agencies throughout his career and served in the United States Army Reserve from 2001-2011.

Will you discuss your career journey?

My journey began in the Bronx, the son of a union electrician, and later continued on 14 LEADERS

How do you describe Northwell Health’s culture and values?

Northwell’s culture is our greatest asset. It is a culture rooted in purpose, driven by values, and defined by a relentless pursuit of excellence.

We are an organization that challenges the status quo, embraces change, and puts people – our patients and our team members – at the center of everything we do.

What sets Northwell apart is our ability to lead with both head and heart. We are datadriven and operationally disciplined, yet we never lose sight of our humanity. We believe in lifting lives – through care, through opportunity, and through innovation. That culture of shared purpose and mutual respect is what has enabled us to thrive in the face of adversity and will continue to propel us forward.

What have been the keys to Northwell Health’s industry leadership?

Northwell’s leadership stems from our ability to anticipate change and act decisively.

We have never been content to follow – we lead. Whether it was launching New York’s first freestanding emergency department at

Northwell’s Street Medicine team, led by then CEO-elect John D’Angelo (center), receives the 2025 Community Health Improvement Award from the Healthcare Association of New York State. The Street Medicine team delivers essential healthcare services to community members who are experiencing homelessness and connects them to comprehensive services, including housing and employment.

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“Northwell’s culture is our greatest asset. It is a culture rooted in purpose, driven by values, and defined by a relentless pursuit of excellence.”

Lenox Health Greenwich Village, pioneering our nationally recognized sepsis initiative, or standing up a system-wide command center during the pandemic, we have consistently demonstrated the courage to innovate and the discipline to execute.

Our success is also rooted in our integrated model – combining clinical excellence, operational sophistication, and a deep commitment to community wellness. We invest in our people, we embrace technology, and we are unafraid to tackle the hard issues – from health equity to behavioral health to workforce development.

That combination of vision, values, and execution is what defines our leadership.

What are your priorities for Northwell as you assume the role of CEO? As I step into this role, my priorities are clear and grounded in our long-term aspirations: 1. Deliver the highest quality care through innovation, discovery, and integrated delivery models.

2. Be the top healthcare employer by investing in our people, fostering a culture of learning, and creating pathways for career growth.

3. Lead nationally in societal wellness and equity, ensuring that our impact extends beyond the bedside and into the communities we serve.

What do you feel are the keys to effective leadership?

Effective leadership begins with purpose. It requires clarity of vision, authenticity of voice, and consistency of action. In healthcare, great leaders are those who keep the patient at the center, who build trust through transparency, and who inspire others to pursue a better future.

I believe in leading with humility and resolve. I believe in developing others, building high-performing teams, and creating a culture where people feel seen, heard, and valued. And I believe that in times of uncertainty, leaders must be both bold and grounded – able to act decisively, adapt quickly, and remain anchored in what matters most.

You have spent more than 25 years at Northwell. What has made the experience so special for you?

Northwell has been more than a workplace – it has been a community, a classroom,

and a platform for purpose. I’ve had the opportunity to grow alongside this organization, to lead through moments of crisis and transformation, and to work with some of the most talented and mission-driven individuals in healthcare.

What makes Northwell special is its culture of possibility. It is a place where ideas are welcomed, where innovation is encouraged, and where people are empowered to lead. I’ve been fortunate to be part of that journey, and I am deeply honored to now help shape its next chapter.

What advice do you offer to young people interested in pursuing a career in healthcare?

Healthcare is a calling. It demands resilience, empathy, and a deep connection to purpose. My advice to young people is to stay grounded in your “why.” Let your values guide you, and never lose sight of the impact you can have on others.

Be curious. Be humble. Seek out mentors. And don’t be afraid to lead – whether at the bedside, in the boardroom, or in your community. The future of healthcare will be shaped by those who are willing to challenge convention, embrace change, and lead with both courage and compassion.

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“Our success is also rooted in our integrated model – combining clinical excellence, operational sophistication, and a deep commitment to community wellness.”

Michael Dowling and John D’Angelo VOLUME 48, NUMBER 4

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NEW YORK

A Family Business 100 Years Of Kalikow An Interview with Peter S. Kalikow, President, and Kathryn H. Kalikow, Principal, HJ Kalikow & Co.

Joseph Kalikow, HJ Kalikow & Co. founder (left); Harold, Joseph’s son (center); and Peter, son and grandson of Harold and Joseph respectively (right)

EDITORS’ NOTE Vince Lombardi once said, from the small village of Timkovichi in the “Leaders aren’t born, they’re made.” Well, a quick Minsk region of Russia (which is today Belarus). visit to the imposing wood paneled conference room He traveled from there to Liverpool where he at the HJ Kalikow & Co. (hjkalikow.com) headquarters at 101 Park Avenue in Manhattan might cast some doubt on this oft-used adage.

On one wall of the well-appointed conference room sits the portraits of three generations of leaders of the Kalikow company – Joseph, its founder; Harold, Joseph’s son; and Peter, son and grandson of Harold and Joseph respectively. Kathryn H. Kalikow, the next generational leader of the company, sits with her father, Peter, as we discuss a company that is celebrating its centennial this year. It does seem as though in the case of the Kalikow family, leaders are indeed born, with each one bringing their own unique vision to advance the firm.

Vince Lombardi, a coach who sought excellence on and off the field, would find in the Kalikow family a model team whose integrity, work ethic and success have defined multi-generational leadership in the real estate industry.

This is the 100th anniversary of the Kalikow company. Will you discuss the history of the company?

Peter: Well, for that you have to go back to my grandfather, Joe Kalikow. Joe was really a born leader. At the age of 17, he traveled 16 LEADERS

Joe Kalikow

tthen boarded a ship and arrived in Maine in January 1900. Joseph Kulakovsy (family name later changed to Kalikow) settled on the Lower East Side of New York.

Like many immigrants, Joe began work in the garment industry and then earned enough money to buy his own clothing manufacturing business. World War I generated a demand for military uniforms which Joe’s company met through hard work, attention to details, and production efficiencies. He leveraged those successes by investing in real estate.

So, he went from manufacturing clothes to investing in real estate?

Peter: Well, it was much more than that.

In 1925, he founded the Kalikow Construction Company and that became his full-time occupation and obsession. He completed his first project at 1312 West 6th Street, a four-story apartment building in Bensonhurst, Brooklyn. He recognized that a growing population demanded more than simply single-family homes.

By the early 1930s, Joe had developed more than seven apartment buildings. This success enabled him to move him and his family to a large home in Borough Park, Brooklyn.

When do Joseph’s sons enter the equation?

Peter: In the 1930s, Joe’s oldest son, Harold, my dad, entered the business and began to play

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a prominent role. During that time, the Kalikow in the Jamaica, Briarwood, Kew Gardens, and company purchased large tracts of empty farm- Flushing sections of Queens. This included over land in Queens – in particular, Forest Hills. In 15 apartment buildings in these areas. the early 1940s, the company developed three luxury apartment buildings in Forest Hills (Mayflower, Normandy and Lafayette).

The Lafayette

In September 1940, Harold married Juliet Citrin. My mom, Juliet, played an important role in advising my dad in his business, so it is very fitting that his granddaughter, Kathryn Harold Kalikow, will lead the company into the next generation.

In the early 1940s, the government mandated that the Kalikow company build housing for workers at defense plants, and they did this for a bit. They then opened a packaging facility to Peter and Harold Kalikow continue helping the war effort. Then, in 1943, my How did the business become HJ Kalikow dad was drafted into the Marines, and my grandfa& Co.? ther stepped in to help run the company.

Peter: A very good question. Well, I joined the business after my graduation from Hofstra University in 1965. After several years at the company, I started to develop the urge to expand the business beyond the low-rise Queens and Brooklyn apartment buildings the company was constructing. I really wanted to expand into the high-rise Manhattan apartment market. So, I ultimately convinced my father to split from his brothers (businesswise) and start to focus on my dream. So, the firm became H (Harold) J Kalikow & Co. Again, I really have to credit my mom with this move.

She really had faith in me.

1001 Fifth Avenue drawing

So, you made the move into the big time – Manhattan?

Peter: Well, I guess you can say so. From there, in the 1970s, HJ Kalikow & Co. went on to develop many high-rise apartment buildings, mainly on the Upper East Side of Manhattan, including the Corniche on East 87th Street, East Winds on East 80th Street, Camargue on East 83rd Street, Concorde on East 65th Street, Ascot on Park Avenue South, and Chequers on West 62nd Street.

In the late 1970s, I built the apartment I live in today at 1001 Fifth Avenue, since converted to a co-op.

Then, the biggest move of the company’s history happened. I wanted to build a large commercial office building. It was a daunting task, but I thought at the ripe old age of 35, I

Harold Kalikow in uniform with Juliet

So, WWII essentially stopped the real estate business for a bit?

Peter: Yes, but after the war, there was a tremendous need for affordable housing for veterans, and the Kalikow company still had those large Queens land tracts on which to build. The apartment buildings, Hyde Park and Cromwell, were completed in Forest Hills in 1951. The Kalikow company, now including Joe’s two other sons, Nathan and Richard, worked to complete developments VOLUME 48, NUMBER 4

101 Park Avenue

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The Kalikows at 101 Park Avenue (above left); 195 Broadway (above right); The Hotel Millennium Downtown New York (below)

was ready – and my father supported me. 101 Park Avenue was born.

Do you think it is the mark of a leader to embark on difficult tasks in the face of adversity?

Peter: Well, you’ve got it right there.

Difficult doesn’t begin to describe it. We built 101 Park Avenue in the early 1980s when interest rates were a staggering 21 percent. Construction was difficult and I was on that site seven days a week making sure the trades were all there, that materials and supplies were getting there, and just motivating people to get the job done. So, I guess this is leadership of sorts.

101 Park Avenue is a 1.3 million square foot commercial office property with a blue-chip roster of tenants. It has won several architectural awards and is considered one of the real trophy buildings in Manhattan. Did this give you a real sense of accomplishment and pride?

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Peter: Absolutely! It was my crowning achievement having been able to start, complete, and fully rent the property in record time. I had a lot of help, but at the end of the day, it was my “you know what” on the line, and the name of HJ Kalikow. I have to tell you that one of the things that gave me immense joy was seeing the look on my father’s face when his brothers and others came to this beautiful building and witnessed first-hand what we had accomplished.

Do leaders brag? Well, I guess sometimes when it is earned.

Before we get into your other impressive life accomplishments and Kathryn’s entry into the business, any other real estate areas you would like to mention?

Peter: Well, there are some others, but I’ll just mention two of which I am proud. They are 195 Broadway and the Millenium Hotel. 195 Broadway was opened in 1918 as the world headquarters for AT&T. It is a magnificent

building noteworthy for its classic Iconic and Doric columns and its Greek ornamentation. As a history buff, I really was into the historical significance of the property. So, I purchased it from AT&T in 1984 and spent time and money modernizing its interior spaces while maintaining the landmark features of the building.

It was very successful for me. On the land that came with the purchase, in the early 1990s, I was able to build the beautiful Millenium Hotel.

It was my first and only hotel, and built to last.

In fact, even though it was directly across the street from Ground Zero, it experienced relatively little damage during that horrific attack.

However, at the end of the day, I really did not see the downtown office market as the real future of the City, so I sold the properties and invested funds back into 101 Park Avenue and other real estate opportunities. Today’s market has proven me right.

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Peter Kalikow giving a speech for the Metropolitan Transportation Authority (above); a young Peter Kalikow with his first Ferrari (below)

Let’s move from real estate to some other topics, including public service, philanthropy, cars and, of course, the company’s next leader, Kathryn. Why did you commit such a large part of your life to public service?

Peter: The Kalikows were always interested in and involved in politics and public service. My dad was very involved in city, state, and national politics. He would take me to all kinds of political events, including political conventions and campaigns. And so, at an early age, I really got to appreciate how important the political process and public service is to our country. And that is why, when called upon, I did get involved in public service. I have served on a number of state and federal boards, but my most prominent by far was Chair of the Metropolitan Transportation Authority. It was a tough job for sure, but I think I made a real difference leading an organization of 65,000 men and women providing public transit service to the people of our region.

Today, as Chair of the Grand Central Partnership, one of the largest business improvement districts (BID) in the nation, I take pride in ensuring the safety, cleanliness, and quality of life the BID delivers.

The Kalikow name is heavily associated with philanthropy. You are a long-time trustee of NewYork-Presbyterian Hospital, founding member of the Museum of Jewish Heritage, member of the Hofstra University Board, and benefactor of the Kalikow School of Government, just to name a few.

How did this come about?

Peter: Well, Joe Kalikow started it all off. In 1921, the Kalikow family founded an organization called Kalikow Family Circle in Borough Park which donated to local Jewish organizations. Harold had similar VOLUME 48, NUMBER 4

involvements. I simply expanded upon this philanthropy and am fortunate to be able to do it. The three you mentioned are such important parts of my life. NewYorkPresbyterian Hospital helps countless people who receive the best healthcare in the world.

The Kalikow School of Government at Hofstra educates the next generation of leaders. And the Museum of Jewish Heritage helps make sure that people never forget the tragedy of the Holocaust and, particularly in these times, help people understand that antisemitism still exists. One of the most important things I’ve been able to do at the Museum is create

the Peter & Mary Kalikow Jewish Genealogy Research Center, where people can trace their Jewish roots.

You are one of the foremost Ferrari collectors in the world. How did this come about?

Peter: I fell in love with Ferraris from a very young age, and my mom would indulge me by buying car magazines for me. Later on, they let me buy my first Ferrari. Since then, other than my family, this is my love, and with Kathryn helping run the business, I can devote even more time to it.

Let’s get to the next generation of Kalikow company leadership. How do you see it, Kathryn?

Kathryn: I’m very excited to follow in the footsteps of my great-grandfather, grandfather, and father. It is a bit daunting to be the fourth generation Kalikow entrusted with the stewardship of the family business, but with the support of my father and his colleagues, I am ready for the challenge. I’ve learned a lot from my father about leadership. The Kalikows have established themselves as builders of quality properties, always ensuring top shelf product and excellent service. I go back to something said about my great-grandfather, Joe Kalikow, in a

1917 piece written about him. It said, “Honesty and fair dealing characterized Mr. Kalikow’s business life and brought him success in the line of his work. ‘Never make a promise that you know you cannot fulfill.’”

How do you see the transition between your father and you?

Kathryn: While I never witnessed it personally, I’ve heard many stories about the transition between my grandfather and father. The relationship and transition were really based upon mutual respect and support.

Harold helped guide his son and relinquished more control when he was comfortable with my

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crown jewel of the business, 101 Park Avenue, remains one of the trophy properties in New York City. This means taking the long view – investing back into the property, making sure we do things like achieving Gold LEED status, and ensuring top-level service to our tenants.

Also, as I watch the other elements of our business – residential, real estate portfolio investments, etc. – I am opportunistic in looking out for other opportunities that build value.

Kathryn, Peter, and Nick Kalikow at 101 Park Avenue (above); Kathryn Kalikow’s portrait added to the wall of leaders of HJ Kalikow & Co. (below)

dad’s ability to do things on his own. I think the ultimate proof of this was my father’s desire to get into the commercial property business and Harold’s support of this.

I believe leaders are always learning. So, as far as my role is concerned, every day I learn more about this wonderful business than I knew the day before, and I am encouraged to make my views known about things. I participate in all facets of the business, whether it be lease negotiations, financings, or new project development. I think my real value-added is my perspective on the younger working people and what they want in both commercial and residential properties. One example that comes to mind is a recent lease deal I did with 5 Iron Golf. When first approached with the concept, my father was somewhat skeptical about how 5 Iron Golf would

20 LEADERS

fit into a world class commercial office building.

But, once we figured out how to create a separate entrance and elevator to its space, I was able to convince my father that this type of amenity – golf simulators, sports bar, event space – would be embraced by existing and prospective tenants and a real draw to 101 Park Avenue. And, in fact, it has been a resounding success.

I will also say that my brother, Nicholas, while having his own movie and graphic novel production company in Los Angeles, is very involved in the strategic direction of the company.

We speak constantly, and I truly value his advice.

And so, as I further develop my leadership skills, my job is to really learn as much as I can, lean on the wonderful people who have worked with my father for many years, and look to the future. This means always ensuring the

Do you ever think you’ll buy a newspaper like your dad did?

Kathryn: Well, I’ll let him take that one.

Peter: Owning the New York Post was an incredible experience, but I’m not sure that I would do it again, and probably would not advise Kathryn to do it either.

Kathryn: I will say this, though. I am following several of the Kalikow traditions in public service and philanthropy. I serve on the board of the Real Estate Board of New York, the Citizens Budget Committee, and the Grand Central Partnership. Also, I love dogs and have become involved in the American Kennel Club and its charitable arm.

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NEW YORK

Anticipating Clients’ Needs An Interview with José L. Tavarez, Managing Director and Vice Chair, Bank of America Private Bank; President, Bank of America New York City EDITORS’ NOTE As Bank of our clients and employees, “What America’s New York City President, would you like the power to do?” This Tavarez is responsible for delivering question gets to the core of how we the unified capabilities of the Bank deliver results and achieve responof America Corporation enterprise sible growth – it allows us to learn across its eight lines of business, to what matters most to the individuals, local clients. In addition to his role as families, and businesses we serve.

New York City President, Tavarez also How do you describe the Bank serves as vice chair, Private Bank. of America difference?

Over his career, Tavarez has held Bank of America’s dedication to senior management positions within our clients and employees sets us Bank of America’s Global Markets apart as an organization. In addition José L. Tavarez Business, and Bank of America to helping clients reach their goals, Private Bank. Tavarez serves on the Bank of America is committed to being Board of Directors for the Partnership for New York a great place to work. By creating opportuniCity, the Board of the NY Jobs CEO Council, the ties for career growth and professional developBoard of Trustees of the Children’s Aid Society, and ment for employees, we continue to attract and the Board of Trustees of the New York City Police retain top-tier talent at every level and across Foundation. He is also a member of the University our eight lines of business. We also invest in of Pennsylvania Athletics and James Brister Society our teammates’ mental, physical, and finanPartnership Board of Advisors. Tavarez earned cial well-being to help support our employees an undergraduate degree in economics from the and their families at every stage of life. For our University of Pennsylvania’s Wharton School and clients, Bank of America’s eight lines of an MBA from Columbia Business School. business provide products, services, and solutions across the entire wealth continuum – from COMPANY BRIEF Bank of America (bankof an individual opening their first bank account, america.com) is one of the world’s leading finan- to a small business owner, an entrepreneur, an cial institutions, serving individual consumers, small and middle-market businesses, and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 69 million consumer and small business clients with approximately 3,700 retail financial centers, approximately 15,000 ATMs (automated teller machines), and award-winning digital banking with approximately 59 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries.

How do you define Bank of America’s mission and purpose?

Our purpose is to help make financial lives better. At Bank of America, we ask 22 LEADERS

investor, or the world’s largest and most sophisticated businesses – often working together to meet our goal of making financial lives better.

How does Bank of America tailor its service offerings to meet the unique needs of clients in the New York City area?

Bank of America invests in New York City to make it a great place to live, work, and do business. To help us serve and meet the needs of the country’s most populous city, we have more than 140 financial centers and more than 630 ATMs. Most of our more than 12,000 New York City employees are based out of the Bank of America offices near Bryant Park in Midtown, where our Global Banking and Global Markets businesses are headquartered.

Another 600 advisors across Merrill and the Private Bank comprise our personal banking and investing arm. In the five boroughs and Westchester County, we create solutions for businesses of all sizes and have provided more than $18 billion in loans to small and mediumsized enterprises.

Will you discuss Bank of America’s investment in technology and AI? Bank of America is a digital innovation leader by several measures, including its

Bank of America recently opened its New York City flagship financial center at Two Bryant Park.

The new center is designed for clients to connect with financial specialists, or have informal meetings, capturing the spirit of Bryant Park’s famous tables and chairs which have hosted gatherings for New Yorkers and visitors for decades.

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global scale, significant annual investments in technology, massive client engagement, and a culture that empowers all employees to explore and develop innovative solutions for individual and corporate clients around the world. The company spends $13 billion annually on technology, of which approximately $4 billion will be directed to new technology initiatives in 2025. These ongoing investments – combined with our high-tech, high-touch personalized approach – continue to enhance the client experience across all channels, and to drive operational efficiencies across our company.

The bank innovates to meet and anticipate our clients’ needs. We’re constantly listening to clients and building innovative solutions to improve and simplify their experiences. From banking transactions to planning for retirement to managing their company’s cash flow, at Bank of America innovation is everybody’s responsibility.

Bank of America holds more than 7,800 granted patents and pending patent applications, the most U.S. granted patents of any financial services company. Technology categories in which new patents were granted last year include AI and machine learning, information security, online and mobile banking, payments, data analytics, and augmented and virtual reality.

This is thanks to the company’s more than 8,100 talented inventors in 14 countries and 42 U.S. states, and a culture that empowers teammates to explore and develop innovative solutions for individuals and businesses globally.

Across such large, complex enterprises, how does Bank of America prioritize its AI projects?

Bank of America innovates to meet and anticipate our clients’ needs. Our approach to technology, overall, focuses on delivering world-class capabilities, at scale, which help our clients navigate and improve their financial lives. We’re continually listening to clients and building solutions to enhance and simplify their experiences. This has been the case for many years with our approach to AI, machine learning, and related technology – the use of which centers on the benefits to our clients,

“For our customers, Bank of America’s eight lines of business provide products, services, and solutions across the entire wealth continuum – from an individual opening their first bank account, to a small business owner, an entrepreneur, an investor, or the world’s largest and most sophisticated businesses – often working together to meet our goal of making financial lives better.” as well as our employees. Our approach to AI includes human oversight, transparency, and accountability for all outcomes.

How critical is it for Bank of America to stay agile and responsive to the rapidly changing financial landscape?

Understanding and adapting to changes in our industry, especially as new technologies and advancements emerge, is crucial as we look to the future. For example, we focus on improving the client experience by implementing digital tools and data-driven strategies to help clients simplify and manage their financial lives. In New York City, we have more than 1.5 million active digital users. Meeting clients where they are, understanding their priorities, and matching their lifestyles will help us continue to deliver success for individuals and businesses in our community.

Will you highlight Bank of America’s commitment to being engaged in the communities it serves?

In collaboration with local institutions and nonprofits, Bank of America helps address

“Understanding and adapting to changes in our industry, especially as new technologies and advancements emerge, is crucial as we look to the future.”

some of our city’s most critical challenges, including food insecurity and job training.

Relief efforts and long-term solutions tailored to New Yorkers’ needs help our communities thrive and remain a key component of our approach to doing business and growing responsibly. Our more than 12,000 employees in New York City are actively engaged in supporting our communities, volunteering over 310,000 hours since 2020 and providing about $81 million in grants.

What has made the finance industry so special to you?

I was initially drawn to the industry’s dynamic environment which provided me with unique challenges and opportunities for growth early in my career. The industry also offers exciting career options, which in my case has allowed me the opportunity to lead teams in three different businesses including capital markets, debt markets and private banking.

Over my career, I have been lucky to work with many inspirational colleagues and mentors.

The industry attracts talented and dynamic individuals. Lastly, finance plays a vital role in the global economy and ensuring the smooth functioning of financial markets. In my close to 30-year career in the industry, I feel as though I’ve contributed directly to the economic growth of many of the clients and communities that we serve. That is truly rewarding to me and serves as my motivation to continue to work in the industry.

What excites you the most about the future of the industry?

Technological innovation such as artificial intelligence is having a transformative effect on how financial services are delivered for their clients and supporting their employees.

Innovation will naturally bring greater efficiency, transparency, and accessibility for consumers and businesses. Data analytics and AI are enabling more personalized financial products and services. This trend can lead to better experiences and bespoke solutions that meet individual client needs.

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NEW YORK

Built To Last An Interview with Richard A. Rosenbaum, Executive Chairman, Greenberg Traurig, LLP EDITORS’ NOTE Richard Rosenbaum enduring relationships with our clients is the Executive Chair man of and each other. For us, it’s personal; Greenberg Traurig. He has long we know each other’s strengths, trust been considered a thought and each other’s judgment, and collabochange leader in the broader legal rate with a shorthand that only comes profession. He joined the firm in from genuine connections.

1985 as its 90th lawyer and has Many of the BigLaw firms, some since been integrally involved in of whom are above us on the “profits forming and successfully executing per partner” list, have substituted the strategies that have led to the money for culture. Money actually is firm’s growth and unique culture their culture, and so internal competiacross the United States, Europe and tion between winners and losers turns Richard A. Rosenbaum the Middle East, Latin America, and into a firm of silos and “fiefdoms.” We Asia. He closely guards the firm’s have always operated with a shared long-term core values while still aggressively purpose. We’re all invested in each client’s and navigating ever-changing times. Rosenbaum each other’s success, which in turn elevates the has always put the firm’s clients and people first, whole firm and enhances the value we deliver understanding that a law firm leader works for and thus, our brand. This team-first, businessthem, first and foremost. He is proud of his work oriented approach isn’t aspirational; it’s operin founding the firm’s renowned and wide- ational. It’s how we achieved $2.7 billion in ranging “commitment to excellence” program, revenue last year and why we’re on track to which ensures that all these values remain core exceed that in 2025. Not by focusing on numbers to the firm’s daily practice and global brand for alone, but on the excellence, teamwork, and many years to come. shared drive and aspirations that collectively lead to those stronger numbers.

FIRM BRIEF Greenberg Traurig, LLP (gtlaw.com) Our “Freedom Within a Framework” struchas more than 2,850 attorneys in 49 locations ture empowers attorneys across America and in the United States, Europe and the Middle East, around the globe to act decisively, without wading Latin America, and Asia. The firm is a 2024 BTI through layers of bureaucracy and people who “Leading Edge Law Firm” for delivering on client do not understand their markets. People who, expectations for the future and is consistently in order to justify their existence, create obstaamong the top firms on the Am Law Global 100 cles to execution, innovation, and being nimble and NLJ 500. on the ground where our clients, our people, and our opportunities actually live.

What makes Greenberg Traurig stand out We are an adult law firm – we trust one among the crowded BigLaw field? another and each of us is accountable for our I am quite often asked by both clients and results. This level of empowerment, more partners considering a move to a new firm, common in small firms that today have so many particularly when their current firm is a tradi- other major challenges to deal with due to lack tional “elite” firm, perhaps the Magic Circle in of platform and critical mass, is virtually absent London or its equivalent in New York, “What across most of BigLaw. is different about GT? You are all large and We all sense that we have entered an era very good law firms.” My answer almost always of profound change in the legal profession. surprises them – maybe they are even a bit skep- Looking back over the years, it has almost tical until they get to know us, as we are unique always been the times of great transformaamong BigLaw. “We’re more than colleagues in tion when GT has found its best opportunia big firm, we’re more than a group of excellent ties to grow, evolve, and truly shine. Unlike lawyers,” I would say. “We are unified, we know firms hobbled by tradition, mergers, vereins, or the industries we are in. And quite simply, we other culture-killing structures, we are always are a family; we trust and respect one another, together, on the same side, ready to nimbly and we are in it together.” That’s not just talk or seize the opportunity. We don’t fear change, a branding gesture when it comes to Greenberg and if we go in a wrong direction, as someTraurig. It is genuinely a core guiding principle times will happen in any business, we take and always has been. Over decades, we’ve built responsibility as adults and adjust.

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Our founders created Greenberg Traurig in Miami in 1967 to fill a gap in excellence, intensity, and culture that they believed the market craved. We were the first to bring a New York-style law firm to Florida and we thrived, becoming the largest in the state. Since then, we moved to New York, Washington, DC, and across America and the world as a one-of-a-kind, independent-thinking, and increasingly large law firm that’s remained nonpolitical, nimble, and entrepreneurial. And as AI now begins to reshape entire industries, we seize this moment too, with our family culture stronger than ever.

We have long understood that momentum only goes in two directions and that standing still is not an option.

We’ve never grown simply to become big, although we certainly did become much bigger than the 90 lawyers I joined 40 years ago. I believe we are the most innovative, clientfocused, unified, and operationally excellent firm in the world, all while recognizing and respecting the power of each individual to make a difference. That is GT. How does Greenberg Traurig foster a culture where attorneys collaborate rather than compete?

Collaboration rests at the core of how we’re woven together. Our founders understood that the way to work towards a common goal was to eliminate competition between lawyers by creating a closed compensation system, where the origination of business is heavily shared and hard work is rewarded, and which views a range of factors in determining fair compensation. That might sound insignificant, but it’s been a cornerstone of our culture, especially as we entered new and different markets, practices, and industries; it removes the internal politics that can plague other firms. When compensation isn’t tied to individual origination or any other one factor in a rigid way, attorneys are free to focus on serving clients and each other.

And like a fine sports team, all positions are respected and rewarded.

We reward shared origination, hard work, extraordinary excellence, teamwork, and being a good firm citizen. Our people are recognized not just for bringing in business, but for contributing to the culture and helping their colleagues succeed. We value generosity over ego. And we are one firm, not a collection of separate locations and practices. It’s why our attorneys are so willing to collaborate across offices, practices,

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“We all sense that we have entered an era of profound change in the legal profession. Looking back over the years, it has almost always been the times of great transformation when GT has found its best opportunities to grow, evolve, and truly shine.” and borders. Our attorneys have the freedom to build relationships and teams that best serve the client, while at the same time they’re empowered and driven to do what’s right, not just what’s profitable or currently en vogue.

This approach fuels innovation with diverse teams sharing intel, challenging each other, and combining strengths. That’s why we invest in operational excellence, cutting-edge technology, and knowledge management systems that foster seamless teamwork across borders and disciplines. Our compensation model doesn’t just incentivize teamwork; it ensures our culture of trust and shared purpose endures across every aspect of the firm.

Scaling a global firm while remaining unified requires strategic intentionality, intense execution, and some degree of patience. Our growth and the elevation of our consistent excellence and brand come when we work together to lift each other up.

In an industry known for turnover, how do you maintain a cohesive, enduring team that adapts together?

In a few words: culture, fairness, respect, empowerment, trust, and business savvy. From day one, we’ve built Greenberg Traurig on a foundation of these shared values. For nearly six decades, we’ve grown organically, focusing on lateral hires who have deep roots and are respected in their local markets. But more than that, it’s essential that they align with our values and add another useful layer to our family. Because we’ve maintained a growth mindset driven by firm culture, we’ve adapted to change without ever losing our identity.

Rather, this approach allows us to actually reinforce our culture, year over year. Many firms are now trying to replicate what we’ve done – hiring laterals, decentralizing leadership, and embracing diverse backgrounds. For them, it’s a trend recommended by a consultant or committee. For GT, it is simply who we are and always have been, and that has made all the difference.

We’ve also created genuine opportunities for growth. Our lawyers and professional staff are often longstanding, not changing like the wind, and this too is part of our secret sauce.

Even our leaders themselves are a nonpolitical team and often stay around, are shown huge respect, and meaningfully contribute well after their term has ended. People here know and see it – if they invest in the firm, the firm will VOLUME 48, NUMBER 4

invest in them. For almost 60 years, our people have not just been building a career – they’ve been building a legacy. In a profession where turnover is the norm, we’re built to last. By investing in upskilling, offering clear career pathways, and fostering a sense of belonging that transcends geography, we maintain not just a team, but a family.

How does GT cultivate the next generation of leaders within the firm?

Leadership at GT isn’t about hierarchy; it’s about service. We believe in “servant leadership,” where those in senior roles support their team, not the other way around. If someone isn’t motivated to do so, no matter how much rain they’re making, they’re not a good fit as a leader at Greenberg Traurig. To instill this ethos, we give our people real responsibility early on.

Associates are involved in client relationships, encouraged to develop their own networks, and given opportunities to lead. We don’t wait for titles; we empower people to step forward and take charge. We want team members who take the reins while promoting others around them.

Because we’re decentralized, leadership isn’t confined to one city or one office. Our leaders are spread across the globe, which means that anyone, anywhere, can step into a leadership role, even at the highest level. Our four most senior operational leaders are based in four different cities. You don’t need to be in New York or London to make an impact; a lawyer just needs to be committed to living the firm’s values and creating successful teams. This is what drives the degree to which we work together, build together, and win together.

Again, it comes back to essential pillars like mentorship, collaboration, and continuous learning. Leaders set the example, inspiring others through trust, opportunity, a shared commitment to excellence, and sincere respect and camaraderie among themselves. Developing future leaders is always a strategic priority. The legal industry is at an inflection point. We saw the rise of AI years ago and understood that machine learning would soon reach into every fabric of society. We expected AI’s evolution would stir a reciprocal change in client demands and expectations. New leaders would have to know how to meet and ultimately exceed those expectations. It’s why we prepare our people for both today’s challenges and tomorrow’s opportunities. Investing in innovation, while offering clear pathways for growth, ensures that

the next generation will be ready to lead with confidence and heart.

With a global presence, how do you maintain a familial culture across continents?

Maintaining a familial culture across continents is one of our proudest achievements. It starts with how we grow. We prioritize cultural alignment as opposed to simply considering top talent or size. Local managing shareholders and global practice leaders ensure every office and practice feels woven to the larger mission.

It’s easy to become disconnected when your people are around the world. To bring them together, we invest in relationships with partner meetings, client gatherings, and industry conferences. There’s no substitute for face-to-face meetups, but sometimes it’s simply not possible.

Instead, we leverage technology to overcome the challenges of borders and time zones. Our decentralized model empowers each office and practice to operate with a degree of autonomy while staying aligned with the firm’s values.

Again, treating our people like adults builds the ideal balance of independence and unity.

In essence, our people take charge and lead locally while staying connected globally.

Ultimately, it comes down to trust and shared purpose. Whether you’re in Miami or Milan, Tokyo or Tel Aviv, Los Angeles or Germany, Dallas or Dubai, Chicago or Warsaw, Brazil or Boston, New York or London, Atlanta or Amsterdam, Washington or Riyadh, or so on, you’re part of the GT family. We know, support and celebrate one another. We’re a global firm with a local heart. And that makes all the difference.

The future of legal services will demand more of us: more cross border collaboration, and more innovative thinking in how we protect our clients. Our global footprint is a strength, but it also means we face ever-evolving geopolitical risks. That’s why we invest in building critical mass in key areas like private capital, finance, compliance, restructuring and special situations, privacy, real estate, M&A, sports and entertainment, energy and infrastructure, tax, employment, all kinds of disputes, and more, ensuring we’re ready to serve clients where and how it matters most to them.

In a world where firms risk losing their identity as they grow, our commitment to family has only made us stronger. Is it a challenging and changing world ahead? Absolutely, and I like our chances.

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NEW YORK

Telling The Story Of Money An Interview with Andrew Ross Sorkin, Financial Journalist, Author, and Television Anchor EDITORS’ NOTE Andrew Ross Sorkin to the characters: larger-than-life people is a distinguished financial jourdoing fascinating things. That curiosity nalist, best-selling author, and televieventually led me to write Too Big to sion anchor, widely recognized for Fail, then produce the film adaptation, his influential voice in global busiand later co-create Billions, a fictional ness and economic discourse. He series rooted in that world. serves as co-anchor of CNBC’s flagWhat has made Squawk Box ship morning program, Squawk Box, work so well? and is a longtime financial columnist Squawk Box just celebrated its for The New York Times, where he is 30th anniversary. I joined in 2011, so also the founder and editor-at-large I can’t take credit for its remarkable of DealBook, a pioneering digital legacy. But I think what has always Andrew Ross Sorkin financial news service. Sorkin is the made it special is the animating idea author of the critically acclaimed behind the show: we’re all waking up book, Too Big to Fail, a definitive chronicle of together, trying to make sense of the news in the 2008 financial crisis, which was adapted real time – often by speaking directly with the into an Emmy-nominated HBO film. He is also people making the headlines. That’s an extraorthe co-creator of the hit Showtime series Billions, dinary thing to witness live. We’ve interviewed which explores the power dynamics of Wall Street virtually every major CEO, entrepreneur, and and high finance. His latest book, 1929, is an political leader – including U.S. presidents – in-depth exploration of that year’s infamous finan- during the most consequential moments of their cial crash. A graduate of Cornell University, Sorkin lives. And between Joe, Becky, and myself, we began his career at The New York Times as a bring different perspectives and backgrounds, high school intern and has since become one of the which shapes the kinds of questions we ask. most respected voices in financial journalism. His How did DealBook come about, and work has earned numerous accolades, including how do you define its mission? a Gerald Loeb Award and recognition from the I had just finished a stint covering mergers Cable Hall of Fame. and acquisitions for The Times in London Will you discuss your career journey?

When I was 15, I started a sports magazine at my high school – not because I was especially interested in journalism, but because I was fascinated by media and publishing. I was drawn to the business side: reaching an audience, selling ads, building something from nothing. That little magazine unexpectedly led to an internship at The New York Times when I was 18. I worked for Stuart Elliott, the advertising columnist. I assumed I’d spend the summer making photocopies and fetching coffee. But somehow, it turned into much more.

Did you know early on that you wanted to pursue a career in journalism?

Not at all. I assumed I’d go to business school or law school after college. But that internship at The New York Times evolved into a part-time job while I was still at Cornell, and I just kept going. I was hooked. I started covering mergers and acquisitions in the late ’90s, right in the middle of the boom. That’s when I realized that if you could tell the story of money, you could explain everything – politics, art, sports, philanthropy, culture. And I was drawn 26 LEADERS

and had returned to New York. As I met with lawyers, bankers, and CEOs, I realized we were all doing the same thing – chasing facts across the internet, piecing together the day’s most important business news. This was before blogs, newsletters, or aggregation services. So I thought: what if I pulled it all together in one place for decision-makers? That was the original idea. Since then, DealBook has evolved dramatically. Today, we have over a million readers a day, and we host the DealBook Summit – a live event that brings the page to life with deep, candid conversations featuring the most consequential figures of the year.

Squawk Box co-host Andrew Ross Sorkin shares how his relentless curiosity has helped him in his career as a journalist

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What made this book different – and especially challenging – was the way it had to be built: from fragments. Virtually no scene came from a single source. Each moment in the book had to be pieced together from diaries, memos, letters, transcripts – bits scattered across archives all over the country. Early on, archivists told me it couldn’t be done, that there wasn’t enough connective tissue to tell a granular, cinematic story.

The biggest surprise was how eerily similar the 1920s felt to today. It’s a cliché, but history really does rhyme. The book offers lessons – about leverage, hubris, the seduction of wealth, and the psychology of crowds. I hope every reader takes away a gem or two that resonates.

What do you feel are the keys to effective leadership?

Everything comes down to one word: trust. You either have it or you don’t. And while it can take years to build, it can vanish in an instant. From observing and spending time with some of the most respected leaders of our time, I’ve come to believe that the key trait they share is clarity of vision. They absorb feedback, listen carefully, but never lose sight of their core mission. They say “no” often – and that willingness to say no is a kind of superpower. And they are endlessly curious.

Andrew Ross Sorkin interviews Jeff Bezos at the DealBook Summit 2024 What advice do you offer to young people What interested you in writing the more. I wanted to read a behind-the-scenes, beginning their careers? book, 1929, and what are the key messages character-driven narrative – an inside-the-room Persistence matters more than talent. you wanted to convey? account of the people at the center of it. What The people who keep knocking on the door – After writing Too Big to Fail about the 2008 were they thinking? What drove their decisions? who find a way in, no matter how small – financial crisis, I felt I should better understand What incentives shaped their actions? So, I wrote are the ones who win. Find people you the most infamous crash of all: 1929. Most of us it. I approached it as a human drama. I wanted admire and study them. Reach out to them. know it led to the Great Depression, but beyond it to read like a novel, but be grounded in fact, Ask questions. Build relationships. The people that, the details are hazy. I read a ton of books so anyone could engage with it – understand it, who keep showing up, again and again, tend on the subject but was yearning for something relate to it, and learn from it. to break through.

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“Everything comes down to one word: trust. You either have it or you don’t. And while it can take years to build, it can vanish in an instant.”

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NEW YORK

Redefining The Modern Workplace An Interview with Harrison Sitomer, Chief Investment Officer, SL Green Realty Corp.

EDITORS’ NOTE Harrison Sitomer commercial properties, primarily in the serves as SL Green’s Chief Investment office and retail sectors. The company Officer, overseeing the company’s manages capital on behalf of public investment platform. He is responshareholders, third party joint venture sible for sourcing and executing partners, fund investors and CMBS bondthe company’s acquisitions, disposiholders. As a company deeply rooted in tions, financings, and joint ventures, New York City, our future and purpose along with debt and preferred equity are inseparable from the city’s success, investments. Sitomer serves on the and we’re committed to contributing to Board of Directors of the American its growth and resilience in everything Friends of the Rabin Medical Center we do. and is a member of the Milken Our business continues to evolve Harrison Sitomer Institute Young Leaders Circle and a in step with the needs of the city, past member of the David Rockefeller supporting the businesses and instiFellowship Program. He received a BA degree tutions that keep New York running. We lead from the University of Pennsylvania and joined in sustainability, foster tenant and community SL Green in 2012. well-being, and drive strong financial performance through a focused, transaction-driven COMPANY BRIEF SL Green Realty Corp. strategy. (slgreen.com), Manhattan’s largest office landInternally, we maintain a culture centered lord, is a fully integrated real estate invest- on excellence, collaboration, and community ment trust, or REIT, that is focused primarily engagement. Our team is the best of the best on acquiring, managing and maximizing the in the industry, and we remain committed value of Manhattan commercial properties. As to supporting their growth through ongoing of June 30, 2025, SL Green held interests in 53 education, self-development, and continuous buildings totaling 30.7 million square feet. This innovation. included ownership interests in 27.2 million What are your views on the current square feet of Manhattan buildings and 2.7 state of the New York City commercial real million square feet securing debt and preferred estate market? equity investments.

We’re in a healthy market right now. New York remains in a league of its own when it How do you describe SL Green’s mission comes to capital and development interest. and purpose?

From a global perspective, the city continues to SL Green’s mission is to maximize long-term offer unmatched liquidity, deep tenant demand, shareholder and investor value by actively acquiring, institutional sponsorship, tenant diversification financing, managing, and repositioning Manhattan and long-term value preservation. High-quality

assets are outperforming, and there’s growing momentum around converting underused office buildings to residential or mixed-use which will further accelerate the success of the city. There’s also a significant scarcity of welllocated office development sites that can be delivered over the next four to five years. That supply constraint, paired with record growth in employment, Wall Street profits, and bank earnings, gives us strong confidence in the long-term strength of a market we’ve thrived in for nearly 30 years.

At the same time, we see significant opportunity from the dislocation between rapidly improving leasing fundamentals and continued macroeconomic debt capital market dislocation.

In July, we announced that our opportunistic debt fund had raised more than $1 billion to target high quality assets in New York City, where traditional financing remains constrained.

What have been the keys to SL Green’s industry leadership, and how do you define the SL Green difference?

The SL Green difference lies in the combination of deep local knowledge and institutional continuity. Manhattan is our backyard, and we’ve built our business around knowing this market better than anyone else. Unlike other REITs with a passive buy-and-hold approach, we actively buy, sell, and reposition assets to maximize returns and adapt to shifting market dynamics.

We are Manhattan office sharp shooters, trading on our deep expertise and a long track record of success. We’ve developed some of the city’s most iconic properties, including One

“As a company deeply rooted in New York City, our future and purpose are inseparable from the city’s success, and we’re committed to contributing to its growth and resilience in everything we do.”

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“New York City isn’t just our home; it’s our business, and it is challenging for us to succeed if the communities around our buildings aren’t thriving. So, we approach every asset through the lens of improving the community and the broader city.”

Vanderbilt Avenue and One Madison Avenue – setting new benchmarks in design and sustainability, and unlocking hidden value through strategic redevelopment. Our commitment to a best-in-class tenant experience has played a key role in encouraging return-to-office and positioning SL Green at the forefront of New York City’s post-pandemic revival.

But the SL Green difference, the variable that makes that work possible, is our extraordinary executive leadership team. I’ve had the privilege of working alongside an exceptional group of leaders, led by our CEO, Marc Holliday, most of whom have been with the company for two decades or more. The access to industry experts who lead

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their respective disciplines within the firm – leasing, legal, tax, finance, operations – is a rare privilege for me. For example, Edward Piccinich, the Company’s Chief Operating Officer, has been with the company for over two decades and oversees hundreds of employees across nearly a dozen verticals. Ed is the most methodical, disciplined,

One Madison Avenue (above and following page)

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and organized person I have worked with, and I have benefited enormously from him and his department’s direct knowledge and experience operating and developing real estate. On the construction cost side, I am able to work directly with Robert Dewitt – Ed’s SVP of Construction who has been responsible for overseeing the development of One Vanderbilt Avenue and One Madison Avenue, as well as our portfolio interior construction and robust development pipeline. I also work directly with Meghann Gill – Ed’s SVP of Operations who oversees the operations of the entire SL Green portfolio from budgeting and capital planning, code compliance, contract management, and operational procedures. It is this direct and precise input from foremost experts who are aligned with our investment objectives that is unmatched in the industry.

Will you discuss SL Green’s focus on providing leading hospitality offerings to enhance the tenant experience?

Our goal is to transform the traditional office experience into more people-centric workspaces of the future. Our tenants are offered a dedicated hospitality team that manages concierge services and building-wide amenity programs, such as gourmet cafés and Michelin-starred restaurants, state-of-theart fitness centers, meeting and event spaces, outdoor green spaces, and more. One Madison Avenue, for instance, has become the hallmark example of hospitality-driven development.

Le Jardin sur Madison, designed by renowned architect David Rockwell, is utilized daily by tenants and their guests as a serene place to work or connect, and in the evening is transformed into a one-of-a-kind event venue that immediately impresses.

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These elevated experiences strengthen tenant loyalty and drive strong leasing momentum.

As we continue investing in both our buildings and the environments within them, we see meaningful returns across the portfolio while redefining the modern workplace.

How is SL Green committed to not just developing buildings, but also to transforming communities, as part of its projects?

New York City isn’t just our home; it’s our business, and it is challenging for us to succeed if the communities around our buildings aren’t thriving. So, we approach every asset through the lens of improving the community and the broader city. SL Green is committed to creating environments where transit, public space, cultural programming, dining, and wellness come together in thoughtful, intentional ways.

The development of our iconic One Vanderbilt is the perfect example. As part of that development, we made a $220 million investment to upgrade the public realm in and around one of the city’s busiest and most iconic transportation hubs, Grand Central Terminal. That public-private partnership has become a model for what’s possible in New York, sparking the revitalization of East Midtown and encouraging other private entities to invest in the area. As a result, Midtown, and especially the Park Avenue corridor, are more desirable than ever, supporting and leading the city’s remarkable comeback.

Will you highlight the talent and expertise of SL Green’s investments team?

Our investments group is a 20-person team that works tirelessly to source and execute all acquisitions, dispositions, financings, joint ventures, as well as debt and preferred equity investments. This highly capable group is at the forefront of structuring complex and

innovative transactions that drive SL Green’s continued growth and success. Their skill, professionalism, creativity, and entrepreneurial mindset have built an environment that not only delivers results, but consistently attracts and retains top-tier talent, strengthening our investment platform year after year. Importantly, our investment group is supported by the leadership team I noted previously. That team sets the tone and leads by example.

You commit your time and expertise to nonprofits and philanthropy. What has made this work so important to you?

New York City has given us so much; we feel a responsibility to give back in any way that we can. I believe we all thrive as New Yorkers when we lift each other up, and I’m committed to supporting the communities we serve and rely on, especially the next generation.

I work on the Food1st Foundation, a nonprofit delivering hundreds of thousands of meals to frontline workers while reactivating restaurant kitchens and jobs. Since the start of the COVID-19 pandemic, Food1st has purchased and delivered more than 1,000,000 free meals across New York City. The foundation serves a dual mission: addressing food insecurity while revitalizing the city’s food and beverage industry by reactivating over 35 kitchens.

Beyond Food1st, we continue to invest in job training programs, youth internships, and other community efforts that make a meaningful difference. Whether it’s feeding underserved neighborhoods or preparing young people for future opportunities, the goal is always the same – leaving a positive, lasting impact on the city we call home.

When you look to the future of real estate, what excites you the most?

I’m most excited about the long-term evolution of New York’s office market and the opportunity to help shape its future. Despite continued headlines about headwinds, there’s clear, measurable momentum underway. Tenant demand is rising, and the appetite for high-quality, welllocated space remains strong – particularly in submarkets like Park and Sixth Avenues, where SL Green continues to lead. The opportunity lies in delivering the kind of product tenants actually want, especially as supply remains constrained.

At SL Green, we’re uniquely positioned to navigate this moment with both strategic focus and financial strength. I’m most proud of the work we’ve done over the past year in launching our first opportunistic debt fund. In Q2, we closed over $500 million in fund commitments, bringing total capital raised to more than $1 billion for our opportunistic debt platform, surpassing our original target and marking a major milestone for the company. That platform is already being deployed to capitalize on loan sales, refinancing opportunities, and other special situations where we can generate strong returns while supporting the broader market recovery.

As we look ahead, we remain confident that New York’s office market will not just recover, but evolve, rewarding those who deliver the kind of product today’s tenants are seeking.

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VOLUME 48, NUMBER 4

NEW YORK

One Goldman Sachs An Interview with Nicole Pullen Ross, Region Head, Northeast Private Wealth Management and Head of Sports and Entertainment Solutions, Goldman Sachs EDITORS’ NOTE Nicole Pullen Ross and intellectual rigor, drawing on is region head of the Northeast collective expertise across the firm Private Wealth Management (PWM) to provide comprehensive solutions, business and also leads the PWM in line with our One Goldman Sachs Sports and Entertainment Solutions ethos and our core values of partner(SES) offering, which her team ship, client service, integrity, and launched in 2018. She formerly excellence. The dedication to diversity served as co-chair of the Americas and inclusion at the firm, where I have Inclusion and Diversity Committee. served as co-chair of the Americas Prior to her current role, Ross was Inclusion and Diversity Committee, head of New York PWM, and before enhances our ability to bring a broader that, was head of the Mid-Atlantic range of perspectives to complex chalNicole Pullen Ross PWM business. She joined Goldman lenges, underscoring the privilege and Sachs in 1999 as a private wealth responsibility we feel in serving our advisor in PWM in New York and continues clients and helping them achieve their unique working with clients as part of her current goals. responsibilities. Ross was named managing You recently took on an expanded director in 2011 and partner in 2020. Prior to role as head of the Northeast region for joining the firm, Ross worked at JPMorgan in Goldman Sachs Private Wealth Management, New York. She serves on the Board of Trustees for which now combines the New York and the Charter School Growth Fund and Hampton Mid-Atlantic businesses. What were the University, where she also serves as the head of driving factors behind the decision to bring the Investment Committee. Ross earned a BS these businesses together? degree in accounting from Hampton University The decision to combine the New York and an MBA from Columbia Business School. and Mid-Atlantic businesses into one new FIRM BRIEF Goldman Sachs (goldmansachs.com) is a leading global financial institution that delivers a broad range of financial services to a lar ge and diversified client base t h a t includes corporations, financial institutions, governments and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world. Goldman Sachs Private Wealth Management (privatewealth. goldmansachs.com) specializes in curating a comprehensive wealth management experience, customized for ultra-high-net-worth individuals and families, as well as select institutions, including foundations and endowments.

How do you describe Goldman Sachs’ culture, and how do the firm’s values help you serve Private Wealth Management clients?

The culture at Goldman Sachs is fundamentally centered on client service, innovation, and a profound sense of responsibility – values we leverage daily to serve our Private Wealth Management clients. Our firm’s commitment to serving in our clients’ best interests means constantly striving to understand their unique financial needs and delivering tailored, differentiated advice. We foster a culture of collaboration 32 LEADERS

region was driven by several factors. As we saw continued growth across the region, we wanted to ensure that we were optimally positioned to serve our clients in the most connected, seamless way possible. This new structure helps us improve how clients and advisors connect across the expanded region.

I started my career at Goldman Sachs as an advisor in New York. As my career progressed and I had more opportunities to engage with teams and clients in other regions, I witnessed the differentiated ways in which our people were advising clients across different offices. As the needs of clients, teams, and the business grew more complex, we wanted to streamline processes, maximize resource capacity, and unify best practices. This change allows for the sharing of best practices across the three offices – New York, Philadelphia, and Washington, DC – broadening the purview of advisors and fostering greater collaboration. The expanded management team also facilitates operational synergies and efficiencies, reinforcing the firm’s strategy and execution by prioritizing accountability and infrastructure improvements.

“We foster a culture of collaboration and intellectual rigor, drawing on collective expertise across the firm to provide comprehensive solutions, in line with our One Goldman Sachs ethos and our core values of partnership, client service, integrity, and excellence.”

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What was the vision for launching the Private Wealth Management Sports and Entertainment Solutions (SES) offering in 2018, and how has the business evolved?

In line with the firm’s commitment to serving the unique financial needs of our clients, we introduced the Sports and Entertainment business in 2018. While we have a long history serving athletes and entertainers, we decided to formally launch the business to provide specialized planning, services, and advice to address the unique wealth planning and investment needs of entertainers, athletes, and team owners. For example, athletes’ highly condensed peak earnings windows present a unique set of financial challenges that may require them to stretch out high, short-term earnings over a lifetime. We are focused on helping them build wealth for the long term.

Along with wealth management advice, we provide clients access to the global resources and network of the firm, including wealth planning, portfolio management and insights, networks and expertise, and philanthropy and community impact.

The business has continued to evolve as these industries have. Wealth creation is starting earlier than ever for athletes with the advent of NIL rights. At the highest level of sports, athletes are earning more than ever before thanks to media revenue and increased commercialization. The rise of streaming, social media, and content-sharing platforms have expanded access to audiences for entertainers, allowing them further reach and more monetization opportunities. Today, athletes and entertainers are increasingly seen as brands in their own right, moving beyond mere endorsements to cultivate their own business ventures. Because of that, athletes and entertainers have turned their focus towards monetizing their brands through media, partnerships, merchandising, and more.

Additionally, as the sports industry has continued to grow, so has investor interest. We are spending a lot of time working with our clients who are team owners, as well as those who are interested in investing in the space.

But one thing is consistent across all of these groups: the importance of having a team of trusted advisors.

Does your clients’ source of wealth make a difference in how you work with them?

No two clients are the same. Across our Wealth Management organization, we aim to provide tailored services to a number of distinct client groups. For instance, clients who are in the financial services industry often have structured compensation, deferred income, and sophisticated investment knowledge, requiring specialized advice on executive compensation, concentrated stock positions, and complex liquidity needs. However, a founder who recently sold their business typically has a sudden influx of liquidity and different needs, such as immediate capital gains tax planning, wealth transfer strategies, and diversification of a highly concentrated asset.

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“In line with the firm’s commitment to serving the unique financial needs of our clients, we introduced the Sports and Entertainment business in 2018. While we have a long history serving athletes and entertainers, we decided to formally launch the business to provide specialized planning, services, and advice to address the unique wealth planning and investment needs of entertainers, athletes, and team owners.”

The launch of our Sports & Entertainment Solutions offering in 2018 is a prime example of how we tailored our offering to fit a unique client base. We understood the complex financial needs of this group and saw an opportunity to offer differentiated services and advice to this unique client group, which now supports hundreds of clients globally. No matter the client’s background, we always offer highly customized services adapted to their unique balance sheet and needs. The firm’s One Goldman Sachs approach ensures that clients benefit from the full spectrum of our global network and resources, curating solutions to optimize their impact and wealth.

You are also involved in a number of organizations focused on promoting inclusion and diversity and advocating for underserved communities. What has made community engagement so important to you?

Community engagement has become deeply important to me because it is intrinsically linked to the core values of diversity and inclusion that I champion both within Goldman Sachs and in the broader community.

My involvement stems from a commitment to fostering environments where all individuals, including those from underserved communities, have access to opportunities and resources to thrive. As a business, we are committed to ensuring that our platform and advice are aligned with and support the diverse interests and needs of our clients. My personal engagement with organizations, including my alma mater Hampton University and the Charter School Growth Fund, underscores a long dedication to educational access and empowerment.

True progress requires active participation in shaping communities and advocating for those who have historically been marginalized.

You have been with Goldman Sachs for more than 25 years. What has made the experience so special for you?

My journey at Goldman Sachs has been truly special, shaped by a combination of profound professional growth, the privilege of working with extraordinary colleagues and clients, and the firm’s unwavering commitment to recognizing and fostering talent. I joined Goldman Sachs in 1999 as an associate in Private Wealth Management in New York. I was provided with a platform that empowered me to hone my skills as a Private Wealth Advisor, focusing on advising individuals, families, and nonprofit organizations.

Being named partner in 2020 was such a proud moment in my career and the opportunities I’ve been given speak volumes about the firm’s culture of rewarding dedication and hard work. The opportunity to continuously learn and evolve, especially in understanding the importance of being bold and confident in my own voice as I took on leadership positions, has been a personal highlight. It’s a testament to a supportive environment that encourages growth beyond just technical expertise.

What advice do you offer to young people beginning their careers?

Be confident and prioritize continuous learning. It’s critically important to be present and bold, recognizing that true confidence stems from a blend of excellence, expertise, and self-assuredness, rather than solely from what you think you know. Identify what makes you unique and embrace it. Different perspectives are not just a matter of inclusion; they are a strategic asset. By contributing your distinct insights, you enrich discussions, drive innovation, and foster more robust and comprehensive solutions.

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NEW YORK

The Pursuit Of Excellence An Interview with Brad Karp, Chairman, Paul, Weiss, Rifkind, Wharton & Garrison LLP EDITORS’ NOTE Brad Karp has served as chairman of Paul, Weiss since 2008 and is one of the country’s leading lawyers and corporate advisors. He has extensive experience successfully defending financial institutions and other companies in “bet the company” litigations and regulatory matters.

West Coast over the past two years – it has been critical to project a clear, consistent strategic vision and professional culture. Every member of our firm needs to understand our goals and how their work contributes to our collective success. It is essential that we be fully aligned and move in the same direction, especially as we navigate new markets and opportunities.

FIRM BRIEF Paul, Weiss, Rifkind, We meet as a partnership for lunch Wharton & Garrison (paulweiss.com) every Thursday which gives me the Brad Karp is a premier firm of more than 1,000 opportunity to continually share my lawyers with diverse backgrounds, strategic vision with every partner in personalities, ideas and interests who provide the firm. That said, leading a global law firm is innovative and effective solutions to their clients’ hardly a solo endeavor; I rely on extraordinary most complex legal and business challenges. The leadership across the firm to accomplish our firm represents many of the world’s largest and objectives. At Paul, Weiss, we have strong leadmost important public and private corporations, ership across each of our core, market-leading asset managers and financial institutions, as well practices – private equity, public M&A, litigation as clients in need of pro bono assistance. and regulatory defense, and restructuring.

I also engage constantly with our associates How do you define the role of chairman and business professionals through our active of a leading law firm? associates committee and via firmwide town Paul, Weiss’s sesquicentennial is this year and, as chairman, my role is to make sure our firm is positioned to survive and thrive for the next 150 years amid continual change. The challenges faced by the elite tier of the legal industry keep changing; there is frenetic competition for clients and top talent, and new disruptive technologies like generative AI present significant challenges as well as transformational opportunities.

My tenure as chair has included several cataclysmic, unprecedented challenges, such as the 2008 Global Financial Crisis, the 2020 COVID-19 pandemic, and the Trump administration’s targeting of Big Law earlier this year. As a leader, I try to plan for the unexpected and build resilience into our organization.

Perhaps my most important role as chairman is to create an environment where talented individuals feel empowered to take initiative, innovate, and lead. By providing our lawyers with the resources, mentorship, and autonomy they need, as well as a world-class platform, we will attract and retain the very best people. In the end, ours is a talent business, where the most successful law firms will be those that have the greatest and deepest talent.

What are the keys to being effective in a leadership role?

As our firm has expanded – particularly with our rapid growth in London and on the

halls, providing me the opportunity to cascade my strategic vision throughout the firm.

What have been the keys to Paul, Weiss’ leadership in the industry, and how do you define the Paul, Weiss difference?

Paul, Weiss has established itself at the pinnacle of the industry by relentlessly pursuing excellence in service of our clients, recruiting the most talented lawyers and business professionals, and delivering consistently outstanding results for our clients. We strive to exceed our clients’ expectations every day and to provide a compelling value proposition.

We are proactive and agile in responding to our clients’ needs. Our recent expansion in London was prompted by clients who asked that we build a world-class platform in Europe.

From 30 or so lawyers in mid-2023, we now have nearly 250 lawyers in London, providing comprehensive English law capabilities for their most sophisticated transactions, including top-tier M&A, financing, capital markets, funds, intellectual property, antitrust, restructuring, investment funds, and, most recently, litigation.

“The challenges faced by the elite tier of

the legal industry keep changing; there is frenetic competition for clients and top

talent, and new disruptive technologies like generative AI present significant challenges as well as transformational opportunities.”

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Our Brussels launch in 2024 further broadened our European regulatory capabilities.

What are the keys to retaining clients and maintaining long-term client relationships?

At Paul, Weiss, we consistently deliver outstanding results because we approach each client’s business challenges as if they were our own, and strive to understand our clients’ businesses, objectives, and appetite for risk. That helps us consistently provide tailored, practical solutions that align with our clients’ goals. Also, our clients like working with us. They know we are fully invested in their success, and they appreciate our culture of professionalism, mutual respect, and shared dedication to excellence, inclusion, and pro bono – all great touch points.

How is technology impacting the way Paul, Weiss works, and how critical is it to balance technology with the need to maintain the human connection that Paul, Weiss is known for?

Technology is transforming the way we operate, driving innovation in the delivery of legal services, and enhancing both efficiency and client outcomes. We were among the very first law firms to recognize and embrace generative AI’s transformative potential and we have invested extensively for several years in emerging AI tools, with the goal of innovating responsibly and comprehensively in service of our clients’ business objectives. Today, we deploy many AI-assisted tools to streamline workflows, improve information security, and deliver higher-quality results for clients. We recently partnered with a generative AI legal tech company, HarveyAI, to create a tool that enables every Paul, Weiss lawyer to convert a multi-step legal task into a reusable AI workflow.

On the e-discovery side, we recently developed a cutting-edge tech solution that can automate transcriptions from large video and audio files and an AI-powered tool for automated translations that can process documents from multiple languages at massive scale.

Alongside technological advances, we remain deeply committed to maintaining the human connection that defines our culture. We believe that technology should enhance – not replace – the collaborative, personal approach that clients and colleagues value and associate with our firm. By thoughtfully integrating new technologies in close collaboration with our clients, our lawyers can continue to deliver exceptional results while preserving the firm’s distinctive culture and deep bonds that set us apart in the industry.

How do you describe Paul, Weiss’ culture and values?

Paul, Weiss is defined by our dedication to legal excellence, client service, pro bono, and inclusion. We set exceptionally high standards for ourselves and our work, while fostering an environment predicated on collaboration and mutual respect.

We value diverse viewpoints; lawyers here are encouraged to bring their full range of talents and perspectives to the table, which leads to more innovative solutions and better outcomes for our clients. And we are deeply VOLUME 48, NUMBER 4

“Paul, Weiss is defined by our dedication to legal excellence, client service, pro bono, and inclusion.

We set exceptionally high standards for ourselves and our work, while fostering an environment predicated on collaboration and mutual respect.”

committed to pro bono service, ensuring that our firm’s expertise benefits not only our paying clients, but also the most vulnerable members of our community who too frequently lack a voice.

What are some examples of pro bono matters the firm has handled?

For nearly a century, Paul, Weiss has had an unwavering commitment to pro bono service.

Year after year, we have mobilized significant resources to represent vulnerable individuals and communities in their most urgent legal matters, frequently in collaboration with nonprofit co-counsel. This investment reflects our belief that we as lawyers have a duty to assist those in greatest need and to safeguard the rule of law.

We recently concluded one of the longest and most meaningful pro bono matters in the firm’s history: a landmark lawsuit and subsequent settlement ensuring that residents of so-called adult homes in New York City – forprofit residential care facilities, licensed by the state, primarily for adults with mental illness – can enjoy integrated, supported housing appropriate to their needs. The effort involved almost 50,000 hours contributed by more than 330 lawyers and other professionals.

When you look to the future of the profession, what excites you the most?

I’m excited by the transformative potential of AI. Generative AI and other AI-assisted technologies are already impacting the way we practice law, and I believe these tools will allow lawyers to focus on higher-level, intellectually stimulating aspects of lawyering by automating time-consuming tasks such as document review, contract analysis, and data comparison. This

will not only enhance the quality of our work, but also create new opportunities for collaboration and innovation, ultimately making us better advisors and more effective problem-solvers for our clients.

Where do you see the most opportunities for growth for Paul, Weiss?

Clients’ needs are continually shifting, and we’ve focused on growth areas where the law is unsettled, where enforcement priorities are shifting, where markets are emerging or growing, and where there is innovation. We recently formalized several new practice groups, including a sports practice focused on transactions and litigation in the sports sector, amid surging interest by private investors in sports assets; an artificial intelligence practice to advise our clients on navigating opportunities and risks posed by generative AI; and a group focused on private credit. We’ve also recently ramped up our global antitrust, IP and technology transactions, asset management M&A and appellate capabilities.

What do you tell young people about the type of career the legal profession offers?

As I frequently told my daughter – now a successful litigation partner at another elite firm – there is no more versatile and rewarding career than the law. Whether your aim is to negotiate multibillion-dollar deals, argue appeals before the Supreme Court, teach at a law school, or engage in a career in public or government service, the legal profession provides extraordinary opportunities to make a meaningful impact and to be intellectually engaged and challenged.

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NEW YORK

Facilitating The U.S.-China Economic Relationship An Interview with Wei Hu, President and Chief Executive Officer, Bank of China, U.S.A. EDITORS’ NOTE Wei Hu was increased financial flows through Hong appointed President and Chief Kong and other offshore hubs, it’s also Executive Officer of Bank of China a sign of growing global confidence Limited, United States Branches in the RMB’s stability and utility. With (BOC U.S.A.), in April 2022. As infrastructure like the Cross-Border President and CEO, he is responsible Interbank Payment System (CIPS) for managing the Bank’s operations expanding rapidly, RMB is becoming across its United States branches, easier to use, faster to clear, and more providing strategic, financial, and convenient to access as it’s increasoperational leadership for the New ingly integrated into global trade and York, Queens, Chicago, and Los investment systems.

Angeles branches. From December Based on recent data from the Wei Hu 2018 through March 2022, Hu Bank of China’s 2025 “White Paper on served as an Executive Vice President RMB Internationalization” – a study of BOC U.S.A. Prior to joining BOC U.S.A., he grounded in feedback and surveys from over held several management positions within Bank 2,200 Chinese enterprises, about 1,100 interof China Group, including serving as Assistant national businesses, and 106 international General Manager, Deputy General Manager financial institutions – here’s a closer look at at the Sydney Branch, and in the Executive the current trends.

Office of Bank of China’s head office in Beijing as the executive assistant to the then CEO and President of Bank of China Group. Hu began his banking career in 2000 as a risk management specialist in the Bank of China Head Office Risk Management Department. Hu received a master’s degree in economics from the Central University of Finance and Economics, majoring in international finance, and a PhD in management from Central South University, majoring in management science and engineering.

overseas companies holding RMB cash or financial assets has risen for three consecutive years – reflecting a steady enhancement of the RMB’s monetary functions.

• Increasing support for Small and Micro Enterprises (SMEs) and trade enterprises: The RMB is increasingly benefiting SMEs as well as foreign trade companies. Surveyed companies with a higher share of import-export revenue showed a greater willingness to use RMB for cross-border transactions. SMEs, in particular, recognize the efficiency and convenience of using RMB, citing lower exchange costs, reduced currency risk, and user-friendly products as major advantages.

• Steadier momentum for RMB regionalization: The white paper also revealed enthusiasm from enterprises in neighboring regions – especially ASEAN countries which responded more positively to RMB than the overall average.

ASEAN companies showed stronger willingness to use RMB, preferred RMB-based trade finance in transactions with China, and rated multilateral cooperation involving RMB more favorably.

These trends underscore RMB’s strong foundation and appeal in a regional role.

• Offshore market expansion: The offshore RMB market has grown in both depth and breadth. More overseas companies reported easier access to RMB products and services, particularly in ASEAN, Europe, and Latin America, while a growing number of overseas financial institutions noted increased client demand for RMB-related services. Hong Kong remains the central hub for offshore RMB activity, maintaining a key role in cross-regional RMB transactions. Other major offshore centers also saw growth in RMB liquidity and activity, strengthening their support roles.

• Enhanced usage in multilateral cooperation: Over 90 percent of surveyed enterprises recognized the advantages of settling in local currencies, and 80 percent acknowledged the convenience of RMB settlement. About 37 percent of respondents believe that multilateral cooperation based on RMB usage promotes • Increasing use of RMB as an international financial and trade stability and facilitates investcurrency: ment and trade. Over 40 percent said RMB plays A large majority of domestic and overseas a constructive role in such cooperation, helping market participants surveyed expressed their inten- unlock further collaborative potential. tion to increase use of RMB in cross-border transThe Bank of China will continue to leverage actions. Overseas enterprises in particular showed its strengths to support the stable and prudent a stronger inclination toward using RMB, especially advancement of RMB usage globally. In 2024, for outbound direct investments. The proportion of the Bank’s domestic and overseas branches

“The RMB has moved beyond being a

niche or ‘alternative’ currency and is now

COMPANY BRIEF As China’s most international and diversified bank, Bank of China (www.boc.cn/en) has a well-established global service network with institutions set up across the Chinese mainland, as well as in more than 60 countries and regions. It has established an integrated services platform based on the pillars of its corporate banking, personal banking, financial markets, and other non-commercial banking businesses, 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. (BOC U.S.A.) (www.bocusa.com) has branches in New York City, Queens, Chicago, and Los Angeles.

How is RMB usage evolving globally?

In 2024, the RMB’s share of China’s crossborder payments reached over 50 percent in some contexts, surpassing the U.S. dollar for the first time. While part of this growth reflects 36 LEADERS

a practical, strategic tool for global

businesses, especially U.S. companies with

operations in China.”

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“Bank of China has been operating in the U.S. for almost 45 years, giving us unmatched experience in navigating the complexities of crossborder business between the world’s two largest economies.”

processed over 43 trillion yuan in cross-border RMB settlements, up 31 percent YoY. Crossborder RMB clearing reached 1,314 trillion yuan, a 49 percent increase, and personal cross-border RMB settlements totaled 117.7 billion yuan, up 134 percent. The Bank has further solidified its role as a primary channel for cross-border RMB use and will continue to offer high-quality, comprehensive financial services to support greater financial openness.

Why should U.S. companies with China operations consider using the RMB? The RMB has moved beyond being a niche or “alternative” currency and is now a practical, strategic tool for global businesses, especially U.S. companies with operations in China. Using the RMB for settlements can sharply hedge foreign exchange risk by eliminating or reducing the need for currency conversions and its relevant costs. By conducting transactions in RMB, a company can eliminate or significantly reduce the need for currency conversions from USD to RMB and back. This insulates the company from unpredictable currency fluctuations which can erode profit margins. For instance, if a U.S. company has a Chinese supplier, paying in RMB locks in the cost at the time the deal is made, providing greater certainty and stability to financial planning. This direct approach can also lead to reduced transaction costs. It also cuts transaction costs and often speeds up payment cycles.

For companies deeply engaged with China, whether sourcing components, selling products, or investing, the ability to transact in RMB not only aligns with counterparties’ preferences, but can also strengthen long-term partnerships and position them more competitively in the market.

Adopting the RMB for settlement can also be a strategic move that enhances a company’s standing in the Chinese market. It signals a strong commitment to long-term partnerships and aligns with the preferences of Chinese counterparties. By speaking the same financial language, U.S. companies can build trust and rapport, which can be a decisive factor in securing better terms, faster service, and preferential treatment. This not only strengthens existing relationships, but also helps attract new business, positioning the company as a more reliable and competitive partner.

What benefits are companies seeing from RMB use?

The benefits extend well beyond cost savings and operational efficiency. They VOLUME 48, NUMBER 4

Bank of China New York Branch and US RMB Clearing Bank

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“While geopolitical headwinds can create uncertainty, our decades of experience through different scenarios have taught us that the fundamentals of the U.S.-China economic relationship are resilient.”

create opportunities for strategic growth and enhanced financial resilience. RMB settlement facilitates smoother trade flows by removing currency as a potential point of friction. This can simplify supply chain management and make it easier to meet deadlines and fulfill orders. The enhanced operational efficiency is a direct result of the reduced complexity and time associated with cross-border payments.

Furthermore, it also unlocks access to financing instruments like Dim Sum Bonds (offshore RMB bonds issued outside of Mainland China, primarily Hong Kong) and Panda Bonds (onshore RMB bonds issued in China). These tools allow companies to diversify funding sources, match liabilities with revenues, and hedge against both geopolitical and currencyrelated volatility, which are critical advantages in an unpredictable global environment. These bonds allow U.S. companies to tap into a vast pool of capital within the world’s secondlargest economy. They can often secure more favorable interest rates than those available in USD markets, providing a crucial source of diverse, low-cost funding.

Using RMB-denominated debt to fund RMB-denominated assets in China is a classic and effective natural hedge. By matching revenues with liabilities in the same currency, companies can protect themselves from both currency risk and geopolitical volatility. This approach can be a critical advantage in an unpredictable global environment, offering a robust way to manage financial risks and secure a more stable footing for long-term growth.

What is your outlook for RMB use in the U.S.?

The trajectory is upward. As more U.S. companies seek ways to manage costs, reduce currency risk, and build stronger links with Asian markets, RMB usage naturally grows. Bank of China USA is at the forefront of this trend, expanding RMB capabilities, educating clients on currency strategies, and offering innovative RMB-denominated financial products. We see the RMB evolving from a supplemental tool to a core element of international business planning for many U.S. and other global firms.

Key Takeaways for Leaders: • Risk Mitigation: RMB settlement reduces FX volatility and operational costs.

• Financing Advantage: Dim sum bonds, Panda bonds and bilateral loans open access to competitive funding.

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• Trusted Partner: Nearly 45 years in the U.S. gives Bank of China USA unmatched bilateral expertise.

• Strategic Resilience: A proven capability to navigate shifting political and economic landscapes.

What differentiates Bank of China U.S.A. from other foreign banks?

Our difference is rooted in history, expertise, and impact. Bank of China has been operating in the U.S. for almost 45 years, giving us unmatched experience in navigating the complexities of cross-border business between the world’s two largest economies. Over the last four and a half decades, we’ve built a track record of facilitating major Chinese investments in the U.S., helping companies establish operations, create jobs, and contribute to local economies. At the same time, we’ve guided U.S. companies into China, helping them tap into one of the world’s largest consumer and manufacturing markets. The result has been billions of dollars in trade and investment, stronger supply chains, and measurable benefits for U.S. businesses and consumers. While this supply chain paradigm is being challenged today, the fact remains that most CEOs agree that the infrastructure, technology, labor, transportation and shipping capabilities and technology are still more cost effective and efficient in China. While geopolitical considerations have played a role in diversifying some of these supply chains, Bank of China still remains a bank of choice for many Fortune 500 companies and local businesses due to the strength of our unified platform and global coverage throughout 64 countries and regions.

How do you balance global strategy with today’s geopolitical climate?

We approach it with a clear sense of mission and an unwavering commitment to compliance. Bank of China’s global strategy is to facilitate legitimate, mutually beneficial trade and investment. In the U.S., that means operating with full transparency, adhering to American laws and regulations, and maintaining constructive dialogue with stakeholders and regulators. While geopolitical headwinds can create uncertainty, our decades of experience through different scenarios have taught us that the fundamentals of the U.S.-China economic relationship are resilient. We focus on risk management robustness, operational excellence, and client trust to ensure we continue

to serve as a bridge for business in both countries, even when the geopolitical environment is challenging.

Bank of China U.S.A. will soon celebrate its 45th anniversary. What are your expectations for 2026 and beyond?

This milestone is more than just a celebration of longevity; it’s a chance to reflect on the role we’ve played in facilitating the U.S.-China economic relationship. Looking ahead to 2026, I see enormous potential for cooperation in areas that matter deeply to both nations: energy transition, infrastructure, healthcare, consumer goods, among others. Even as both countries rightly prioritize their national security interests, it is important to recognize that this relationship should not be a zero-sum game. The reality is that both sides stand to gain far more by working together than by working apart. Collaboration in these areas can drive innovation, create jobs, and deliver benefits to both societies.

Just as economic collaboration builds mutual prosperity, cultural exchange fosters deeper understanding, and therefore, strengthening cultural exchanges and people-to-people connections is vital for building lasting trust and friendship between China and the U.S. These exchanges not only help bridge cultural gaps, but also create valuable opportunities for dialogue, cooperation, and shared learning.

BOC U.S.A. is proud to support a variety of initiatives that promote these ties, including forums, cultural events, and charitable activities. This includes Bank of China U.S.A.’s support for the China General Chamber of Commerce USA and New York’s illustrious Julliard School. Looking ahead, we remain committed to advancing such efforts, further deepening the bonds between our two countries.

We also expect to see more Chinese companies entering the U.S. market, not just as exporters, but as partners, bringing with them cutting-edge skills in areas like green technology, digital platforms, and advanced manufacturing. When those strengths combine with America’s unmatched innovation ecosystem, it creates a powerful opportunity for joint value creation. Our role at Bank of China U.S.A. is to facilitate that partnership, ensuring that capital, expertise, and ideas can flow smoothly in both directions. After 45 years, our mission remains unchanged: to build bridges that bring prosperity to both sides of the Pacific.

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NEW YORK

Freedom Plaza: Celebrating American Liberty An Interview with Michael J. Hershman, Chief Executive Officer, Soloviev Group EDITORS’ NOTE Michael Hershman is Chief Executive Officer of the Soloviev Group (solovievgroup.com), a privately held, muti-billion-dollar company that encompasses Realty and Development, Hospitality, Transportation and Railroad and Agriculture.

Hershman is also the founder of the Fairfax Group, a globally recognized advisor on corporate and public governance transparency and accountability.

That Which Unites Us.” It highlights the journey for a better future in America. Because ideas that led a founding generation to of their sacrifices and hardships, I am here today declare its independence and beckons living the American Dream and embracing the all Americans to continue to pursue opportunities that this country provides. I am democratic ideals as we move along proud to be an American, because this country the path of liberty. Soloviev Group gave my family a second chance to live freely.” is partnering with the Museum of the The award was presented by four-time Grammy American Revolution in Philadelphia, award winner Lenny Kravitz. Actually, we had next to Independence Hall, where two $5.000 prize winners -- one from Brooklyn the Declaration of Independence was and one from Queens. Both were from immisigned on July 4, 1776. Guests interact grant families. with more than 40 large-scale screens What else is planned for Freedom Plaza?

Michael J. Hershman As LEADERS went to press, the showcasing individuals as they With an investment of more than $11 billion, local Community Advisory Council recount their personal experiences there will be a variety of public benefits. voted against a casino for the site. The plans and reflections of life in America. It is free and • There will be almost five acres of badly are now being reevaluated, given the decision. open to the public on Thursday, Friday and needed publicly accessible open space in an area Hershman noted, “Manhattan is the undisputed Saturday evenings. of Manhattan lacking the most open space citycapital of the world, and it deserved a fully inteWe understand there was an essay wide. The open space includes a main lawn with grated resort that would have attracted visitors contest as part of the exhibition. a stunning view of the East River. while serving the needs of its community. We will be New York high school students were asked • More than 500 permanently affordannouncing our revised plans in the near future.” to write an essay on the theme of what it means able homes. to be an American. There was a $5,000 prize.

• Retail, a neighborhood food market, and Will you discuss Freedom Plaza, your new planned The winner was a 15-year-old student from daycare center. development?

Brooklyn who wrote about coming from a • A five-star hotel, conference center and Freedom Plaza, on the largest undeveloped family of immigrants emigrating from Russia to event space, and a state-of-the art casino in site in Manhattan, will be a major entertainment, the U.S. to seek a better future. He said his essay partnership with Mohegan, a leading national hospitality and residential district on the East Side was “about embracing and honoring my parents’ gaming company. of Midtown, adjacent to the United Nations. On almost seven acres along the East River, it will feature two world-class hotels, premier restaurants, more than 1,100 new homes in two residential towers, five acres of publicly accessible green space and a museum dedicated to freedom and democracy. There will also be a casino, below grade and unobtrusive.

Will you highlight the museum of freedom and democracy?

Next year will be the 250th anniversary of the signing of the Declaration of Independence.

We believe nothing could be more fitting than to celebrate this country’s freedoms with a museum.

It is a spiraling shape that also pays homage to ancient theaters of Greece, where democracy was founded. It will trace the history of democracy from the time of ancient Greece and will contain a number of important objects related to freedom and democracy, such as portions of the old Berlin Wall. In addition, we are planning major programing around the themes of democracy and freedom. The museum will also serve as a community center for the local residents.

What is going on in the space right now?

We currently have a major art exhibition Rendering of the luxury hotel lobby and immersive film experience, “Path of Liberty: 40 LEADERS

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Rendering of Freedom Plaza Park

What has been the public reaction to funds will be invested in initiatives that directly services, and other priorities identified by neighthe plans? serve New Yorkers, including housing programs, borhood residents. Finally, ownership in the It has been extremely positive. In a recent workforce development, arts and culture, youth gaming facility will be opened to New York City poll, nearly two-thirds of Manhattan voters residents enabling broader public participation in expressed support for the plan, including the economic upside of the development.

Midtown East, where 57 percent of voters Who are your partners in the project? support the project planned for the neighborWe have a number of outstanding parthood. The project is also supported by a coalition ners. Freedom Plaza is being designed by of 26 key labor organizations and workforce award-winning BIG-Bjarke Ingels Group, which development partners ranging from the Building has won major commissions around the world. and Construction Trades Council of Greater The five acres of open space, including the main New York to SEIU, the largest union of property lawn with a wonderful vista of the East River, is service workers in the U.S., to the painters’ and designed by OJB Landscape Architecture, which operating engineers’ unions. Most recently, we also has won numerous international awards for received the support of the Retail, Wholesale its work. Banyan Tree Hotels and Resorts, a major and Department Store Union in New York. We international luxury hotel brand, will operate one also have the support of the Urban League hotel. Mohegan, a leading international gaming and its president, Marc Morial, who has said: company that also operates the Mohegan Sun “beyond jobs and housing, Freedom Plaza will gaming facility in Connecticut, will operate the become a vibrant cultural destination anchored other hotel, conference center and casino. by power arts programming, a museum and When will construction start? community center.” We also have the support It will depend on the New York State of a coalition of 22 faith leaders from across Gaming Commission awarding us one of three New York City for its positive economic impact new gaming licenses authorized by the legislaand addressing the city’s persistent shortage of ture for downstate New York, expected by the sustainable housing. end of the year. We would look at groundbreaking What will be the economic impact? sometime next year. And while there are other The mixed-use development will be built applicants for the three licenses, we believe our entirely with union labor and directly support proposal is far superior. It promises Manhattan’s the creation of 17,000 high-paying jobs during largest number of affordable housing units and construction and operation. It will generate the only project that offers five acres of publicly nearly $3.2 billion in overall economic impact available green space. It will be a world-class annually, including more than $1 billion in tax entertainment district that provides more than $11 revenue for the city and state. In addition, we are billion in economic investment, thousands upon establishing a community reinvestment fund with thousands of union jobs, a major museum, billions a local governing board that will receive two in economic output, reinvestment in the commupercent of gaming profits, which are expected to nity through gaming revenues and the opportunity generate $200 million over the next 20 years. The to be a part owner of the project’s success.

“Next year will be the 250th anniversary of the signing of

the Declaration of

Independence. We

believe nothing could be more fitting than to celebrate this

country’s freedoms with a museum.”

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NEW YORK

Advancing Medicine An Interview with David L. Reich, MD, President, The Mount Sinai Hospital and Chief Clinical Officer, Mount Sinai Health System EDITORS’ NOTE David Reich was care network. The seven hospitals – The appointed Chief Clinical Officer Mount Sinai Hospital, Mount Sinai of the Mount Sinai Health System Brooklyn, Mount Sinai Queens, Mount in 2024. In this role, he is responSinai Morningside, Mount Sinai South sible for ensuring the safety, effiNassau, Mount Sinai West, and New ciency, and overall integrity of York Eye and Ear Infirmary of Mount Mount Sinai’s clinical care. Reich Sinai – have a vast geographic footprint leads the Health System’s clinical throughout the New York metropolitan and patient care efforts, including region. The Mount Sinai Hospital has quality, patient safety, regulatory been listed in the U.S. News & World readiness, risk mitigation, medical Report Honor Roll for the last ten years. affairs, physician leadership develThe New York Eye and Ear Infirmary of David L. Reich opment, and malpractice. Reich Mount Sinai is also ranked nationally has been President of The Mount in ophthalmology.

Sinai Hospital since 2013, and is the Horace W. Goldsmith Professor of Anesthesiology, Professor How do you define Mount Sinai Health of Artificial Intelligence and Human Health, System’s mission and purpose? and Professor of Pathology, Molecular and CellThe mission of Mount Sinai Health System based Medicine. He was Chair of the Department is to provide compassionate patient care with of Anesthesiology from 2004-2014 and served seamless coordination and to advance medias President of the Medical Board in 2011- cine through unrivaled education, research, 2012. Reich’s research interests include neuro- and outreach in the many diverse communicognitive outcome following cardiac surgery, ties we serve. Mount Sinai Health System’s medical infor matics, and hemodynamic vision is to continue to grow and challenge monitoring. An academic cardiac anesthe- convention through our pioneering spirit, siologist, he has published more than 200 arti- scientific advancements, forward-thinking cles, editorials and book chapters. As a hospital leadership, and collaborative approach to executive, he has enhanced safety and quality providing exceptional patient care in the by forming an institute for critical care medi- many unique communities we serve. Our core cine, rapidly deploying digital innovation values include: tools including AI-enhanced clinical decision • Safety: We protect our patients and our support, and leading in COVID-19 care and colleagues from harm. diagnostics.

• Equity: We create a diverse and inclusive environment for our patients, students, INSTITUTION BRIEF Mount Sinai Health System and colleagues, free from bias, racism, and (mountsinai.org) encompasses the Icahn School favoritism, to foster optimal care and just of Medicine at Mount Sinai and seven hospitals, opportunities based on one’s individual needs as well as a large and expanding ambulatory and abilities.

• Agility: We are flexible and quick to adapt to changes.

• Creativity: We identify and develop forward-thinking approaches to challenge conventions, solve problems, and push the boundaries of medicine.

• Empathy: We demonstrate a deep understanding of our colleagues, our patients, and their loved ones through inclusion, compassion, respect, and caring.

• Teamwork: We are better together by including the diverse perspectives of each team member to achieve outcomes far superior to those any individual could achieve alone.

Will you provide an overview of your role and areas of focus?

I continue as President of The Mount Sinai Hospital. Additionally, as Chief Clinical Officer, I oversee clinical quality, safety, and regulatory functions; patient experience; care standardization; non-physician clinical services; nursing; pharmacy; laboratory; and international clinical consultation services.

Will you discuss your focus on ensuring the safety, efficiency, and overall integrity of Mount Sinai’s clinical care?

The focus of the Chief Clinical Officer (CCO) is to coordinate the portfolio of services listed above to enhance the experience, safety, and quality of patients receiving care in ambulatory and inpatient care settings. One example of this focus is developing AI/machine learningbased predictive models to optimize care for patients at risk of clinical deterioration, falls, pressure injuries, malnutrition, and delirium, etc.

The unifying theme is leveraging technology to bring the right team to the right patient at the right time.

“Mount Sinai is ideally situated to use translational strategies that bring discoveries, including ground-breaking clinical research and artificial intelligence/machine learning tools, into clinical practice.”

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“It is part of the Mount Sinai ‘DNA’ to care for rich and poor alike.

Our commitment to our community is part of our identity.”

What have been the keys to The Mount Sinai Hospital’s industry leadership?

The unified campus of The Mount Sinai Hospital and the Icahn School of Medicine on the flagship campus of the Health System creates a seamless linkage between scientists and clinicians. Mount Sinai is ideally situated to use translational strategies that bring discoveries, including ground-breaking clinical research and artificial intelligence/machine learning tools, into clinical practice. The intellectual power of the hospital-school co-location is ideal for rapid deployment of innovation throughout the seven hospital campuses and the hundreds of ambulatory practices in the Health System.

Will you discuss Mount Sinai Health System’s commitment to leadership development and building the next generation of Mount Sinai leaders?

The leaders of the components of the CCO portfolio mentioned above are chosen based upon their capacity to become future senior leaders within the Health System. This fits an organizational philosophy of leveraging the talents of the experienced leaders that are direct reports to the CEO in preparing their direct reports for advancement into senior leadership positions once they gain leadership experience.

What do you see as Mount Sinai’s responsibility to be engaged in its communities?

Mount Sinai was founded in 1852 to care for poor patients who could not receive care at other hospitals due to religious discrimination that was prevalent at the time. The Upper East Side campus of The Mount Sinai Hospital and the Icahn School of Medicine sits on the “fault line” between one of the richest and one of the poorest zip codes in the United States. It is part of the Mount Sinai “DNA” to care for rich and poor alike. Our commitment to our community is part of our identity.

What do you tell young people about the type of career the profession offers?

I wake up every morning excited for the work ahead. Improving health and treating the most complex medical conditions with cutting-edge science brings great satisfaction to our physicians, advanced-practice providers, nurses, professional staff and support staff. I see that enthusiasm throughout the vast Mount Sinai Health System and encourage young people to consider a career that is rewarding on many levels.

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The Mount Sinai Hospital and Icahn School of Medicine at Mount Sinai in New York City

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LEADERS 43

NEW YORK

Across The Sports Ecosystem An Interview with George Pyne, Chief Executive Officer, Bruin Capital EDITORS’ NOTE George Pyne one of the few investors making a truly founded Bruin Capital in 2015 meaningful difference. Ultimately, we after a distinguished 25-year career want to be behind the businesses that shaping some of the most influential set the standard for the future – where businesses in sports and entertainpeople recognize and respect that it’s a ment. He is one of the rare execBruin-backed company. utives to have transformed three What has made the sports major organizations: reshaping industry so special for you and a IMG from a talent agency into a place where you have wanted to global sports and entertainment spend your career? powerhouse (sold at record returns); I grew up in a small town in leading NASCAR’s meteoric rise Massachusetts, and sports were George Pyne from a regional circuit into a multialways part of my life – my dad and billion-dollar league; and building grandfather both played in the NFL, Bruin into a premier global investment plat- and I grew up on the sidelines watching my form for sports. Pyne serves on the board of the dad referee football and basketball. I played National Football Foundation. A former captain college football, coached, and have watched and All-Ivy League offensive lineman at Brown my kids play – one of my daughters in high University, his career reflects a legacy of leader- school and my two boys in college football. ship, transformation, and impact across the It’s given me great perspective on the competglobal sports industry. itive drive, the fan connection, and business potential throughout the industry. It’s why FIRM BRIEF Bruin Capital (bruincptl.com) is building businesses in sports has felt both the only global investment platform dedicated natural and rewarding. exclusively to middle-market opportunities in sports. With $2.5 billion in assets under management and nearly 40 acquisitions to date, Bruin has built a portfolio of industry-leading companies, including Box-To-Box Films, Fair Play Sports Media, Full Swing, Playgreen, Proof of the Pudding, Soulsight, and TGI Sport. Together, these businesses employ more than 5,000 people and operate across five continents, reaching billions of fans worldwide, serving virtually every major sports league, media company, federation, and rights holder. Bruin’s focus is on driving growth, innovation, and long-term value creation – shaping the future of sports globally.

What is your approach to identifying and evaluating high-potential investments in the sports, media, and entertainment space?

At Bruin, we start with a straightforward requirement: we have to believe an investment can deliver at least a 25 percent internal rate of return. That means it needs strong growth potential – either because it’s in a segment with clear tailwinds, like data or technology, or because our expertise, relationships, and market access can create significant value. Some opportunities check both boxes. We’ve invested in highgrowth areas like sports data with Two Circles, streaming with Deltatre, golf ball-tracking with Full Swing, tech stacks with FairPlay Media, and commercial signage with TGI Sport – each with strong market momentum. We’ve also invested in less obvious growth categories, like hospitality with On Location and Proof of the Pudding, where we knew our operational and strategic value could be transformative.

Ultimately, our evaluation comes down to two questions: Is there a strong tailwind? Can

“At Bruin, we start with a straightforward

What is Bruin’s mission?

Our mission is straightforward: we work closely with talented management teams to build and grow middle-market businesses across the sports ecosystem. Here we see countless growth opportunities – even some that others might overlook – and we pride ourselves on uncovering those hidden gems and helping transform businesses. I’m very proud that we’re really the only ones to specialize in this space on a global scale.

It’s also an exciting time when a select few investors will truly shape the future of the industry.

Think of it like a Renaissance era. We want to be 44 LEADERS

requirement: we have to believe an investment can

deliver at least a 25 percent internal rate of return.”

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we add game-changing value? If the answer to both is yes, that’s where we see the potential for outsized returns – where one plus one can equal four or five.

How do you see the relationship between sports and media evolving over the next 5-10 years?

We’re moving toward a true one-to-one relationship between sports and the consumer.

Historically, sports content was distributed B2B2C – through broadcasters or media partners to the audience. Now, with streaming and digital platforms, we’re shifting to a directto-consumer model, where understanding and maximizing the lifetime value of each fan becomes central. That shift creates enormous opportunities for all the ancillary businesses that support B2C engagement – content personalization, commerce, community, and more. While traditional distribution won’t disappear – just like radio never vanished – the dominant growth will be in direct-to-consumer experiences.

Emerging technology will accelerate this transformation. Think about how gaming has evolved. Fifteen years ago, you played alone.

Today, teenagers play and interact live with friends all over the world. I’ve seen the transformation personally through my kids. That same kind of interactive, immersive experience is coming to sports – both at live events and through digital channels – in ways we can imagine today and in ways we haven’t yet dreamed up.

How do you think AI and emerging technologies will influence the business of sports?

Sports are unique in that live competition is irreplaceable. That said, AI will be transformative on the product side of the

“We’re moving toward a true one-to-one relationship between sports and the consumer.”

business. Player evaluation, recruiting, and What excites me is how technology is game analytics will all become dramatically making sports truly global. We can now connect more efficient, with a pace of change that will with fans anywhere, in more ways than ever be breathtaking. before. Major global sports – football, Formula 1, Where AI’s impact is less clear – at least golf, basketball – will continue to expand into today – is on the consumption side. I’m sure it new territories, and even niche sports like will play a role in how fans experience sports, surfing will be able to reach audiences but the most immediate and obvious disruption that were previously inaccessible. will be in how teams, leagues, and organizations I also don’t see a hard ceiling on the ability analyze data and make competitive decisions. of sports to foster meaningful consumer connecBuilding on that, when you look at the tions. That goes for mainstream or a niche propfuture of sports, what excites you? erty. Sports can now be consumed in countless formats, across borders, and in real time. That reach and accessibility will create entirely new markets and opportunities for growth.

Does anything concern you about the future of sports?

Sports is incredibly durable, so I’m broadly bullish on its future. The one thing to watch is how changing viewing habits – and the commoditization of some content – might affect the economics. Will people still commit several hours to watch a live event in the same way they do today? That’s an open question.

That said, sports remain the best form of reality entertainment: winners and losers, heroes and villains, all unfolding live with authenticity and passion. That’s hard to match, and it’s why I believe the category will remain strong.

Have you been able to take time and reflect on what you’ve built, and the impact Bruin has made on the industry?

Honestly, I don’t spend a lot of time looking back – I’m really focused on what’s ahead. But when I do pause, I feel proud of a few things. We were early in professionalizing sports investing, helping to create a new path in an industry that hadn’t seen that kind of focus before. Building Bruin’s international presence has also been a rewarding challenge – growing globally isn’t easy, and that footprint means a lot to me.

“Sports is incredibly durable, so I’m broadly

bullish on its future. The one thing to watch is how

changing viewing habits – and the commoditization of some content – might affect the economics.”

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NEW YORK

A One-Of-A-Kind Private Aviation Platform An Interview with George Mattson, Chief Executive Officer, Wheels Up EDITORS’ NOTE George Mattson is Chief Executive Officer of Wheels Up. Mattson was a longstanding member of Delta’s Board of Directors. He previously served as a partner and co-head of the Global Industrials Group in Investment Banking at Goldman Sachs from 2002 to 2012, during which time his responsibilities included oversight of the Transportation and Airline practices. Mattson holds a BS degree in electrical engineering from Duke University and an MBA degree from the Wharton School of the University of Pennsylvania.

role at Wheels Up in partnership with Delta has been a unique and challenging next chapter – intense, fast-moving, and transformative – as we build a one-of-akind private aviation platform.

What excited you about the opportunity to lead Wheels Up and made you feel it was the right fit?

When the Wheels Up CEO opportunity emerged from Delta’s decision to make a control investment into the company and form a strategic and George Mattson commercial partnership in September 2023, I saw the chance to build a major business in partnership with Delta – one that would be differentiated and fill a significant, COMPANY BRIEF Wheels Up (wheelsup.com) open white space in the industry landscape. is a leading provider of on-demand private avia- I felt that my deep finance, turnaround, and tion in the U.S. with a large, diverse fleet and a aviation background – combined with my global network of safety-vetted charter operators, extensive knowledge of and relationships with all committed to safety and service. Customers Delta built over 11 years on the board and access charter and membership programs and another 10 years before that working with commercial travel benefits through a strategic Ed Bastian and the Delta team as a strategic partnership with Delta Air Lines. Wheels Up advisor – uniquely positioned me to take on also provides cargo services to a range of clients, this role. including individuals and government orgaI knew it would be a multi-year journey nizations. With the Wheels Up app and website, and a steep hill to climb, but with the support members can easily search, book, and fly.

Will you discuss your career journey?

My path to becoming CEO of Wheels Up really draws – as is the case for most people – on a mix of personal and professional life experiences. My interest in aviation and travel probably harkens back to how I grew up. My dad was a career U.S. diplomat, so throughout my childhood we moved every couple of years, living in five different countries in Europe and Africa before I left for college. I studied electrical engineering at Duke, then earned my MBA from Wharton. My first job out of college was in sales and marketing at IBM, and I then spent almost 20 years at Goldman Sachs, including a decade as a partner and co-head of the Global Industrials Group, where I worked closely with transportation and airline clients, including Delta Air Lines. That led to board roles at Delta Air Lines and Air France-KLM, as well as a private investment in a startup amphibious airline.

They say once aviation is in your blood, it’s hard to shake, and it’s true. There are easier businesses to build and run, but few that are more interesting, complex, and challenging – and rewarding when you get it right. Stepping into the CEO 46 LEADERS

and encouragement of my family and the business partners alongside me, I felt personally and professionally well prepared. The opportunity to lead a transformation and build something truly unique and lasting in private aviation through a pivotal period of change and growth was simply too compelling to pass up.

How do you describe Wheels Up’s mission?

At Wheels Up, our mission is built around putting our customers at the center of everything we do. Operationally, we are on a journey to become the best-run private aviation company in the world – delivering the most consistent, elevated customer experience in the industry.

We are following and leveraging the Delta playbook, which we know well, to make it happen, and we’ve built the best operations team in the industry to execute. In aviation, being a great operator is table stakes – nothing else is possible without it. So, everything begins there.

Strategically – again, for our customers – we are focused on building the most accessible, flexible platform of global aviation solutions that seamlessly span commercial and private aviation through our Delta partnership. Since the beginning of aviation, commercial and

Wheels Up Challenger 300 interior (above) and exterior (opposite page)

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private air travel have operated completely separately. But that’s not how people who can access private aviation actually travel. They use both modes of travel and, ideally, should be able to seamlessly access both – and even combine them in hybrid itineraries – through one company and one relationship.

Today, most providers in aviation offer narrow, rigid, aircraft-centric options that don’t align with how customers truly travel: wholly owned aircraft, fractional ownership (essentially a time share), or jet cards. It’s the hammer-andnail approach. We’re working to do the opposite: to provide a toolkit of aviation solutions from which customers can choose – trip by trip – between private, commercial, or hybrid travel; between a wide range of aircraft types; between on-fleet membership and global charter options.

It all comes back to the customer, knocking down barriers, providing choice, demystifying private aviation access, and attracting more people to the category. In doing so, we grow both our industry and our company.

What have been the keys to Wheels Up’s industry leadership, and how do you define the Wheels Up difference?

Wheels Up started as a domestic, membership-based turboprop company focused on individual leisure fliers. The company grew rapidly over its first 10 years, adding jets to its portfolio along the way and becoming one of the clear industry leaders and most recognized brands in private aviation.

Today, we are a very different company.

Our business is evenly split between our programmatic, on-fleet membership business VOLUME 48, NUMBER 4

and our profitable, growing global charter business – where we are also one of the industry leaders. The vast majority of our fleet is now jets, not turboprops, and we are deep in the process of replacing and modernizing our entire legacy jet fleet. Corporate travel is our fastestgrowing segment, with our go-to-market strategy alongside Delta delivering strong results, and our customer mix is moving toward an even balance between leisure and corporate.

As we continue to transform ourselves – and the industry in the process – the Wheels Up difference lies in leading with customer centricity, delivering a premium experience underpinned by operational excellence. It also lies in providing accessibility and simplifying private travel by knocking down the barriers that have traditionally prevented otherwisequalified fliers from accessing our industry.

Will you elaborate on how Wheels Up’s alignment with Delta has provided an opportunity for the first time in aviation history to create seamless experiences between the separate ecosystems of private and commercial travel?

The vast majority of private aviation customers also fly commercially some of the time.

So, if you think about it, we are simply aligning our joint offerings with how customers actually select travel – which is a great starting point for building a business model and engaging with customers on their terms. Second, we are introducing the idea of “optimizing” travel solutions trip by trip. Tomorrow, it might be a Delta flight on an easily traveled, high-frequency or longhaul route. The next trip could be a domestic

short-haul private flight on a turboprop to a hard-to-reach location, a transcontinental trip with your management team on a larger jet, or a Delta flight to Europe or elsewhere connected wing-to-wing to a private jet for that last mile or to hit multiple hard-to-reach stops. It’s a way to extend the premium Delta One experience to your final destination while eliminating the inefficiencies of connecting commercial travel – all in one relationship, one agreement, one block of funds.

This idea of giving customers a wide range of solutions to choose from across private, commercial, and hybrid travel sounds obvious, but no one has ever done it. And it takes a unique commercial aviation partner to make it a reality, which we have in Delta. Our approach is resonating with customers who see the possibilities it opens up. We are re-educating travelers on how to curate their own travel solutions with our toolkit – trip by trip – empowering them with choice. Pretty powerful, we think.

Commercially, our partnership with Delta unlocks a huge untapped market opportunity.

We are jointly calling on Delta’s 45,000 corporate customers in collaboration with Delta’s sales teams, which is our fastest-growing customer segment. We’re working with the Delta SkyMiles team to identify the subsegment of the 20 million active SkyMiles members who are shared customers. We are co-locating our commercial teams – in New York, Atlanta, Los Angeles, Miami, and other key markets – and working with Delta’s international teams on opportunities with their JV airline partners around the world.

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It’s a long list of opportunities stemming from this unique partnership, and we’re only getting started. Ultimately, over the next few years, as we provide customers with the most robust set of premium aviation solutions, we will integrate our tech platforms to present commercial, private, and hybrid aviation options side-by-side – making them even easier for customers to choose from.

How critical has it been to build the Wheels Up team, and will you highlight the experience and expertise of the team?

Aviation is the ultimate team sport, and building the best team in the industry – at all levels and in all roles – has been absolutely critical, serving as the starting point for everything we have accomplished and will accomplish. Just yesterday, I spent an hour with our pilot leadership group, as I do every month, and we are so fortunate to have such a dedicated group of pilots who take tremendous pride in their work and show such passion for and loyalty to the company. They are not only responsible for the all-important task of safely operating our aircraft, but they are also our ambassadors – meeting and engaging with customers. In fact, compliments about our pilots are among the most frequent pieces of feedback we receive.

Good ideas aren’t found only in the C-suite, far from it. Many of our best ideas come from the frontline team who understand our business intimately. Nothing is possible without a great frontline team.

Building the executive team has been another major focus, and over the last couple of years we’ve attracted exceptional talent – a blend of operations leaders with deep experience running the Delta operation at scale, private aviation operators who understand the unique elements of the sector, commercial leaders, and world-class sales executives. Wheels Up is in the midst of a major transformation, and that requires experienced, mission-driven leaders who understand both aviation and the expectations of modern luxury consumers.

People are starting to see what we’re building, and we’re attracting even more interest from prospective team members who want to be part of it. But you never declare victory when it comes to building and improving the team as it’s a continuous, never-ending process.

What do you feel are the keys to effective leadership, and how do you approach your management style?

For me, effective leadership starts with clarity, focus, and consistency. You need to set a clear vision, communicate it often, and ensure the team is fully aligned around it. I try to keep things simple. This is a complex business, but if you overcomplicate the message or the plan, execution suffers.

The world will try to distract you and your team, so I focus the vast majority of my time and energy on the short list of priorities and initiatives that bring the greatest value. That list will naturally evolve as goals are met and new challenges emerge, but I encourage myself and my team to stay disciplined and mindful of the key priorities we are executing against at any given moment.

My approach is collaborative but decisive.

I want empowered, smart people around the

Wheels Up Phenom 300 (top) and interior (above) 48 LEADERS

table who challenge assumptions. I want to hear all the ideas and perspectives, allow space for open and constructive discussions, and consider risks to any recommended strategy. But once we make a call, we move forward with discipline and urgency. At the end of the day, it’s about setting the pace and creating a culture of accountability, purpose, and momentum.

We won’t get everything right, and we won’t second-guess ourselves or each other. We will remain dynamic in our ability to course correct, learn from every decision, and continuously improve our precision and decision-making.

Leaders need to live the values they want to instill; it can’t just be talk. Actions matter far more than words. Authenticity matters.

I also work to reinforce the importance of listening – to our customers, to the marketplace, and to each other. My goal is to build a culture and mindset that seeks to continuously listen, learn, challenge, and improve. A little bit of progress each day adds up to a lot over time.

What advice do you offer to young people beginning their careers?

The most important thing early in your career is to learn as much as possible in the shortest period of time. By building – through a series of roles, challenges, and opportunities – a deep pool of experience, you develop judgment that sets you up in the later stages of your career for a more diverse and richer set of opportunities. Subject to having enough money to pay your rent, money matters far less early in your career than experiences and learning.

Challenge yourself. Don’t be afraid to fail.

Put yourself out there – you’re supposed to fail some of the time. Learn from every experience, both the wins and the losses.

Ask a lot of questions. Questions don’t reveal a lack of knowledge – they show intellectual curiosity and the ambition to stretch yourself. Senior people appreciate engaged, inquisitive colleagues; they don’t respond well to passivity, timidity, or disengagement.

Find good mentors: people you trust, who you can learn from, and who are invested in your success.

Learn to be uncomfortable when things start to feel too comfortable. Keep stretching yourself.

And most importantly, remember that the journey is the destination.

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VOLUME 48, NUMBER 4

NEW SUMMITS Ascending to new heights with New York’s most transformative buildings.

SLGREEN.COM COMMERCIAL | RESIDENTIAL | RETAIL | FINANCE

NEW YORK

Leading From The Front An Interview with Winston Fisher, Partner, Fisher Brothers; Chief Executive Officer, AREA15; and Chairman, Lionheart Strategic Management EDITORS’ NOTE Winston Fisher accolades it has received, AREA15 serves as Chief Executive Officer of has been named “Best Immersive Art AREA15, the world’s first purposeExperience” by USA Today 10 Best Readers’ built immersive entertainment district Choice Travel Awards, one of “The 10 located minutes from the Las Vegas Most Innovative Urban Development and Strip. He also serves as Chairman of Real Estate Companies of 2020” by Fast Lionheart Strategic Management. In Company, and claimed the #1 spot in 2023, Fisher was nominated by New blooloop’s “World’s Top 11 Immersive Art York Governor Kathy Hochul and Experiences.” AREA15 continues to grow confirmed by the New York Senate in Las Vegas and across the globe. In to serve as a Commissioner on the 2022, AREA15 unveiled its first licensed Port Authority of New York and New pop-up location at Riyadh’s Boulevard Winston Fisher Jersey’s Board of Commissioners. An World and, most recently, announced a active civic leader, Fisher also serves 20-acre expansion of the AREA15 district as a board member of many prominent organi- in Las Vegas, with more to come. zations including the Partnership for New York Lionheart Strategic Management (lionheart City, the Real Estate Board of New York, Regional strategic.com) is an asset management firm which Plan Association, Citizens Budget Commission, has invested nearly $1 billion of capital throughout and as a Life Trustee at Syracuse University. He the United States. The firm manages investments previously served as the Co-Chair of the New York through a series of funds for investors targeting real City Regional Economic Development Council. estate exposure.

Additionally, Fisher is involved in a number of philanthropic activities, serving as a board member of How do you define Fisher Brothers’ culture the Intrepid Fallen Heroes Fund and of the Intrepid and values?

Sea, Air & Space Museum. A firm believer in the We are a family business that values longvalue of providing opportunities for people to earn term success, guided by the belief that our a good life, Fisher created the Middle Class Jobs Project in 2015, which examines a wide range of challenges facing middle class job growth in New York and identifies practical, implementable solutions to expand job opportunities, in collaboration with the Center for an Urban Future. In 2020, Fisher co-authored his first book, The Opportunity Agenda: A Bold Democratic Plan to Grow the Middle Class, outlining innovative solutions to shake up the Democratic establishment and energize voters across the political spectrum. Fisher previously worked as an analyst at JP Morgan Chase and in private equity at Heller Financial. He holds a BA degree in philosophy from Syracuse University.

COMPANY BRIEFS Fisher Brothers (fisher brothers.com) aims to create purpose-driven developments that embrace disruption, foster communities, commit to sustainability, and establish a new standard for emotionally connected real estate.

With more than a century of uninterrupted growth, the experienced team seamlessly integrates innovation, storytelling, and a human touch into every project.

Since opening in 2020, AREA15 (area15.com) has welcomed nearly 13 million visitors, created more than 1,000 jobs, and hosted over 200 live events and performances. Among the numerous 50 LEADERS

people are our greatest asset. Our word is our bond – a handshake carries the same weight as a contract – and we pride ourselves on being direct, straightforward, and honest. While our environment is hard-driving and competitive, it is grounded in mutual respect. We maintain the highest standards of professionalism, yet encourage a culture where laughter, fun, and even the occasional practical joke has their place.

Philanthropy is deeply woven into who we are. While it doesn’t dictate our business decisions, giving back reflects our civic-minded nature and is something we are all quietly proud of. Our longstanding support for organizations such as Fisher House and the Intrepid Museum speaks to our commitment to strengthening communities and honoring those who serve.

What have been the keys to Fisher Brothers’ strength and leadership for over a century?

I would define Fisher Brothers’ strength and leadership as stemming from a few key principles: We’ve always prioritized the business over the family, ensuring that leadership is based on

1345 Avenue of the Americas

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AREA15 in Las Vegas

competence. A core tenet is that the buck ultimately stops with a family member, providing a clear line of accountability for everyone we work with.

We are long-term planners in real estate – we prioritize good, long-term value over the last dollar.

Another key strength is the people we hire; we operate as a professionally run family business, not just a family office.

We consider ourselves “conservative entrepreneurs” who are adaptable and not stagnant.

Our history shows an ever-changing platform, from building development to corporate buyouts, which demonstrates our ability to evolve and embrace new opportunities.

Will you discuss Fisher Brothers’ expansion into new sectors, including experiential retail and entertainment, asset management, and hospitality management?

I think about Fisher Brothers as a real estate investment platform, and my goal has been to expand into different life cycles and sectors where we have expertise. We have always been developers, meaning we understand acquisitions, entitlements, and construction. We also own, operate, and manage our properties, which gives us a deep understanding of day-to-day operations. Furthermore, we are involved in financing, so we underwrite everything ourselves, not just the debt. This comprehensive understanding of the capital stack across residential and commercial sectors allows us to leverage our expertise for value creation.

I’ve also been looking at the changing nature of real estate, specifically the growing importance of emotionally connected, experiential development and operations. For me, this is the future. This is why we created the House brand; it’s not about simply checking off amenities in a multifamily development.

Instead, it’s about building a genuine community and focusing on how people consume and feel in a space. This same principle of emotionally connected real estate led to our expansion into experiential entertainment with projects like AREA15 in Las Vegas. Much like a mall, it’s about a co-tenancy model, but we add a value-enhancing overlay. We apply this same approach to our commercial buildings, which offer amenity-rich spaces. Everything is interconnected through our focus on creating emotionally resonant real estate.

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What was your vision for creating AREA15?

My vision for AREA15 was to address a gap in the Las Vegas market for location-based entertainment. We saw that creative risk-taking was being overshadowed by more predictable designs, so we aimed to create a campus of immersive experiences under a single brand. AREA15 was always envisioned as a platform, inspired by the co-tenancy model of a mall. We believed that having attractions like Meow Wolf and other businesses together would create an ecosystem of commerce and cross-selling opportunities, a synergy they couldn’t achieve alone in a casino storefront.

The riskiest part was building the initial 200,000 square-foot space. I knew we had to create something visually bold and mind-blowing with a strong brand identity. This bold move paid off by attracting a large audience and, in turn, major players like Universal Studios. Universal approached us to build a permanent Halloween Horror Nights experience because they understood our audience and recognized that AREA15 offered the flexibility and ideal location they couldn’t get on the Strip.

Our goal is to leverage our 80 acres to build a premier global entertainment district. We’re not just thinking about individual tenants; we’re creating complementary neighborhoods. Zone 1 focuses on events and family-friendly programming, while Zone 2 is a pop culture hub with Universal, the Museum of Ice Cream, and various retail and dining options. As we expand, we’re exploring new silos like sports to create themed districts that can only be built on our scale. We’re creating a destination where diverse experiences drive unique traffic to our district.

How do you describe the AREA15 experience?

I would describe AREA15 as a campus parallel to the Las Vegas Strip, but it’s more than just a location – it’s an experience. We’ve created emotionally connected real estate where people come to eat, play, and celebrate. It’s home to the largest collection of festival art and functions as a modern amusement park for the imagination. The space is a fun and dynamic playground with so much to do that it can’t be experienced in a single day. Ultimately, AREA15 has become its own unique center of gravity, redefining entertainment in Las Vegas.

What do you feel are the keys to effective leadership, and how do you approach your management style?

I believe effective leadership starts with the principle of leading from the front. I pay close

attention to the details and am always on the ground, walking our spaces to stay connected.

At the same time, I empower my team to push forward, trusting their judgment. I’ve found that people really appreciate a hands-on, respectful approach. My management style is built on being very clear and direct. I expect my team to keep me informed on everything important, but I don’t micromanage. I think the most crucial part of my job is to find the right people and to ensure my team is better than me.

What has made philanthropic work such a part of the Fisher family focus?

Philanthropy is something our family grew up talking about around the kitchen table; it’s simply a part of who we are. Our buildings and land are permanent parts of the communities we build in, so we have a responsibility to support them. Unlike a bank or a hedge fund that can relocate, we are always here. This idea of being a permanent member of the New York City community is deeply ingrained in us as a real estate family. I also hold a personal philosophy, which I believe is echoed in many religions, that true happiness comes from helping others. There is deep satisfaction and reward that comes from giving back.

With all that Fisher Brothers has achieved, are you able to enjoy the process and take moments to celebrate the wins?

To be truthful, no, I don’t often take time to celebrate the wins myself. While it’s important to celebrate with the team, I live in a world where every win immediately makes me think about what’s next. Things are moving faster than ever, and we’re in a time of significant disruption. With the rapid advancement of AI, the reworking of global trade, and changes in labor, robotics, and economic conditions, there’s always a tremendous amount to process.

When we have a win, the very next day I’m already thinking about what needs to happen next based on these macro conditions. Plus, to be honest, it’s just damn fun to be busy.

What advice do you offer to young people beginning their careers?

If I could offer a few pieces of advice to young people starting their careers, the first would be to raise your hand and ask questions.

My father always said that responsibility isn’t given, it’s taken, and I’ve always believed that.

There’s no substitute for hard work. You need to be smart and dynamic, and you have to be willing to push forward.

It’s also crucial to understand what you want out of your life and career. If your goal is to become a CEO, you have to accept that you’re not going to have a perfectly balanced life. I don’t have balance, but I do have priorities – my kids are my top priority, as is my job and my relationship with my fiancée. Other things might suffer as a result, but those are the choices I’ve made. My point is, you have to decide what you want early on. There’s no magic formula – no secret trick or ritual. What I’ve seen consistently is that hard work, grit, and determination are what truly make a difference.

You have to want it and be more ambitious than the next person.

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Creating Value In Media And Communications An Interview with Strauss Zelnick, Founder and Managing Partner, ZMC EDITORS’ NOTE Strauss Zelnick Will you walk us through the journey founded ZMC in 2001. He has a long of your career? history of leading media and commuWhen I started my career, my nications enterprises and is deeply ambition was to be the head of a involved in originating investments, movie studio. In those days, motion advising executives, and guiding pictures were the gold standard of the strategic and operational initiaentertainment. The closest job offer tives across all portfolio company that I got was at Columbia Pictures investments. Zelnick currently repreTelevision, where I was responsible sents ZMC as a director of Education for licensing their programming to Networks of America, Inc. He serves as international television stations. It had Chief Executive Officer and Chairman nothing to do with making movies.

Strauss Zelnick of the Board of Directors of Take-Two It was distribution, not production; it Interactive Software. Previously, he was was in New York, not Los Angeles; on the boards of Cast & Crew Entertainment Services, and it was television, not motion pictures. It Alloy, and Naylor. He also served as Chairman and was the closest that I got to working at a studio, CEO of Columbia Music Entertainment, Chairman so I took the job and did well. That led to my of ITN Networks, Chairman of Direct Holdings being recruited to a company called Vestron, Worldwide and OTX. Prior to forming ZMC, Zelnick which was then the largest independent home was President and Chief Executive Officer of BMG entertainment business – back in the days when Entertainment, at that time one of the world’s home entertainment meant video cassette distrilargest music and entertainment companies with bution. Based on my success at Vestron, I was more than 200 record labels and operations in 54 recruited to become president of 20th Century countries. Before joining BMG Entertainment, he Fox at age 32. In the end, despite taking an was President and Chief Executive Officer of Crystal indirect path, I achieved my goal of running Dynamics, a producer and distributor of interac- a movie studio much earlier than I’d intended. tive entertainment software. Earlier in his career, he I had an entrepreneurial bug. As I thought spent four years as President and Chief Operating about it, what I had really wanted was to run Officer of 20th Century Fox where he managed a movie studio in 1927, not the 1990s. So, I all aspects of Fox Inc.’s worldwide motion picture thought, what is the equivalent of a movie production and distribution business. Zelnick spent studio in the 1920s? And the answer was the three years at Vestron Inc., two as the company’s video game business. That was the next big President and Chief Operating Officer. He also entertainment business. I started paying attenserved as Vice President of International Television tion to video games, as nascent as the industry Sales at Columbia Pictures. Zelnick holds a BA was. Out of the blue, I was recruited to become from Wesleyan University, as well as an MBA from the CEO of a pre-revenue startup called Crystal Harvard Business School and a JD from Harvard Dynamics. I took the job and built the company Law School. to some early success.

I wasn’t quite done running big enterFIRM BRIEF ZMC (zmclp.com) is a leading tainment organizations, though, and was private equity firm comprised of experienced recruited to be CEO of one of the world’s investors and executives that invests in and largest record companies at the time, BMG, manages a diverse group of media and commu- with a proviso that I would start a video game nications enterprises. Founded in 2001, ZMC’s business there, in addition to turning around investment philosophy centers on operational the record business, which I did. My video value creation driven by targeted investment game business was called BMG Interactive. themes, deep sector expertise, and strong part- We took BMG from second-to-last place to nerships with industry and operating executives. number 2 in the business.

ZMC approaches its investments in collaboration Then, in 2000, I had a belief that digital with management teams and has a successful technology would transform entertainment and track record of actively adding value to port- media. There was an opportunity for lots folio companies. ZMC is currently investing out of value destruction, but also a lot of value of ZMC III, L.P., which closed on $775 million creation. That was the thesis behind founding in commitments.

ZMC. We started to buy companies and in 2007 52 LEADERS

took over Take-Two, which at that time was a failing little video game business. In the past 25 years, we have built up both ZMC and Take-Two into a collection of digitally driven media and entertainment assets, which collectively have a value today of around $50 billion. On that basis, it is now one of the world’s largest pure play entertainment companies.

You enjoy being a mentor to other entrepreneurs, whether they are just starting out or have already been successful. How do you identify an entrepreneur?

One of the reasons why I’m allergic to most business self-help books is that I don’t think there’s one playbook. I don’t think that I was a born entrepreneur. I was a very good professional manager. I was good at working for other people. There are numerous styles that work. I’ve met people who became successful entrepreneurs with all different kinds of personalities.

A couple things are necessary. You have to be an optimist. It’s really hard to be a pessimist and a successful entrepreneur because you need to have belief. There’s a leap of faith involved. You have to be willing to work hard, because it’s difficult to create something out of nothing. Apart from that, I’m not sure there is a playbook for being a successful entrepreneur.

I think there are numerous playbooks that can work.

What have been the keys to Take-Two’s success?

Take-Two was a very troubled company in 2007. It was under investigation by four government entities, it had failed to file its financials, it had failed to have an annual shareholders meeting. I replaced the company’s auditors. Its chairman had been indicted, and its CFO was under criminal investigation. The company itself was under criminal investigation. It was losing a bunch of money. It had only $50 million in cash.

Left to its own devices, it was months away from bankruptcy. So, we became compliant, settled with all the agencies, and cut the costs materially.

We also began to diversify the product lineup, motivated our creative teams, and put in place a new executive team. After that, we were off to the races. The turnaround was driven by the creative talent at the company and our ability to engage and motivate them, align interests, and insist that they pursue their passions. That was basically the recipe for regenerating creativity and hit-making within the company.

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“Success is being of service to your customers at scale, and the numbers will flow from that, regardless of whether you’re a private company or a public company.”

How do you approach your leadership style?

There’s no one approach to leadership, but my approach is very inclusive and kind. I pride myself on being a good listener, aligning economic interests, and having a willingness to share economics meaningfully so that people are motivated. I have an appetite to take chances and when things go awry, I take responsibility – I don’t blame others. It’s critical to create a safe place to take risks for a couple of reasons. First, because you don’t get yelled at if things don’t go well. And secondly, we have an underlying financial framework that can survive a failure and live to play another day. I like to say that I’m creatively risk-forward, and financially riskaverse. They go together.

You’ve had very important mentors throughout your career. Who are some of those people and what are the greatest lessons that you’ve learned from them?

My mentors include the late Dick Parsons, who was the CEO of what was then Time Warner.

He was a very important figure in my life, a wonderful person. Barry Diller, who doesn’t like to be called a mentor, but he is. I worked for him for four years, and he’s as smart as anyone on Earth about the media business. Don Gogel, who’s the chairman of Clayton, Dubilier & Rice, who’s been a spectacular mentor throughout my life. Michael Dornemann, who’s on the board of Take-Two and was my last boss when I worked at BMG. There are many others.

As a student, I used to ask visiting CEOs what their best advice was, and it typically fell within three buckets. The first was, work hard.

There’s no substitute for hard work, especially when you start your career. At the beginning of your career, there’s nothing to distinguish you from your peers other than hard work and there’s no substitute for hard work, ever. The second piece of advice is to listen. We’re taught to present, we’re taught to be clever, and to think on our feet. But few people are taught to listen. Being an empathetic listener is first how you learn, but secondly, how you lead.

And third is never to compromise your integrity, because ultimately, it’s all you have.

How do you identify talent?

I try to be a listener and ask people what they care about professionally and personally, and to detail their experience. I ask pretty traditional questions like, “What’s the biggest challenge you’ve faced? What’s VOLUME 48, NUMBER 4

the biggest failure you’ve had, and how did you deal with it?” I try to get the real story and because I am a good listener, I get the idea pretty quickly.

How do you juggle all of the different leadership roles that you hold?

I think the whole notion of balance is actually overrated. Life isn’t balanced at any given time, and if you’re highly ambitious, you need to put a lot of time and energy into your career.

Hopefully, not at the expense of having the life you want.

The best advice I can give anyone is to ask yourself, what do you truly want? What is it that you truly want out of your life, both personally and professionally? Then own it.

In my case, I was – and remain – highly ambitious. That means that sometimes I haven’t been able to fully show up personally as much as I would like or others might like. I try to. I’m very efficient and because I’m the boss, I have the ability to say, for example, this meeting isn’t all that interesting and I’m going to leave. Or I’m not going to do this or fly to this place.

But at times you make choices that are inconsistent with what others may want from you, and I own that. I don’t blame others. I think the bottom line is to know what you want and then be willing to lean into it, recognizing the consequences.

Health and wellness is something that is very important for you. What is your approach to health and wellness, and why do you think it has played such a large part in your life?

For me, it’s not just health and wellness in a solitary way. I was always somewhat into fitness, and then when I started my own company, there were slow moments when I had extra time, so I started leaning more into fitness. And I enjoyed it. I saw the results not just in my own physical health, but in my focus, my mental health, and my ability to perform in all aspects of my life. I started off cycling, and generally by myself. Then as it got colder, I started to train indoors with two or three other people. Then people started bringing friends, and next thing you know we were a group of eight people regularly training together. We decided to try new workouts, and we started meeting at gyms to do high intensity interval training (HIIT) workouts, which I had never done before and was a real eye-opener for me because it was so hard.

That group then continued to grow and turned into something we call The Program.

We have around 220 members in New York, and another 20-30 members in South Carolina.

People all over the world are in our WhatsApp group. We train together 3-5 days a week, and it’s become a really important part of my personal life and social life. I’ve also done a lot of research into fitness and wrote a book on fitness and aging called Becoming Ageless, which has done quite well.

Do you approach leadership differently in a publicly versus privately held company?

Success is being of service to your customers at scale, and the numbers will flow from that, regardless of whether you’re a private company or a public company. The entertainment business is about making huge hits. Huge hits are art, and they need to resonate like art does. Our hits have to resonate, so yes, we’re a for-profit enterprise on the one hand. On the other hand, we make art, which can require significant investment and trust in our teams’ creative processes, and it’s up to us to find the intersection where we are profitable while also creating something that people love. That’s the challenge that we face whether we are public or private.

What would you tell someone who is starting their career about how to prepare themselves for the future of work?

One huge issue is AI. I would advise people, no matter where they are in their career, to look at AI as a massive technological innovation. When you look at it that way, the history of technological innovation is that it enhances productivity, increases employment, and grows GDP. That’s what technology does, and the same thing will happen here. At the end of the day, AI and everything related to it will be ubiquitous. It will be everywhere and inform everything that we do, and it will be totally commoditized and available to everyone. You are still going to need to be smart, innovative, come up with good ideas that serve your customers, and you’re not going to be able to delegate it to a machine because everyone else will have that same machine. Our jobs will be to leverage that machine to create something new, different and of greater value than our competitors. AI will be the great equalizer, and great talent will continue to be the difference maker.

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A True Partnership An Interview with Neil J. Oxford, Chair, Hughes Hubbard & Reed LLP EDITORS’ NOTE Neil Oxford is world as quickly as possible. Today, the chair of Hughes Hubbard & Hughes Hubbard strikes a balance Reed and a partner in the firm’s between scale and agility, allowing it Litigation department. Oxford to tackle its clients’ largest and most focuses his practice on complex complex matters while adapting to commercial litigation and disputes an ever-changing market. The firm and internal investigations. He prides itself on fostering a collaborahas practiced in both the United tive environment within its teams and Kingdom and the United States and across its practices and offices, as well represents U.S. and non-U.S. clients as with its clients and other law firms. in a broad range of civil litigation Hughes Hubbard’s long-held dedicaand regulatory matters, including tion to inclusion and pro bono makes Neil J. Oxford commercial disputes, international its lawyers better and enhances creative arbitration, anti-corruption investiproblem solving. gations and compliance matters. Oxford has significant experience in complex cross-border How do you describe Hughes Hubbard & litigation, including the representation of Reed’s culture and values? sovereigns in significant fraud cases. Oxford’s Hughes Hubbard is a firm that balances current representations include the Danish tradition with progress. We have a storied tax authority as plaintiff in efforts to recover legacy rooted in principled advocacy, landmark proceeds of a $2 billion fraud. Prior to joining cases, and a reputation for integrity that spans Hughes Hubbard & Reed in 2001, he qualified more than a century. What defines us today as a solicitor in Scotland and practiced commer- is our forward-looking mindset and our deep cial litigation at Maclay Murray & Spens LLP in commitment to doing the hard work the right Glasgow. Oxford earned an LL.M. with First way. There’s a quiet confidence here. People Class Honors from the University of Cambridge turn to us when the stakes are high, and the and an LL.B. with First Class Honors from the path forward isn’t obvious; our prior results University of Aberdeen. speak for themselves and attract new clients.

Our culture is built on intellectual rigor, mutual FIRM BRIEF Hughes Hubbard & Reed, LLP respect, and a preference for collaboration over (hugheshubbard.com) is a leading international competition – but when swords must be drawn, law firm that focuses on quality and results. Since we’re ready to fight. its founding in 1888 by Charles Evans Hughes We value substance over flash. Our lawyers (future Governor of New York, Secretary of State are sharp, strategic, and unafraid to take on and Chief Justice of the U.S. Supreme Court), the complexity. Many of us have spent our entire firm has prioritized commitment to its clients careers here, with occasional breaks for governand the ability to mobilize its talent around the ment service, and have been trained since day

one in how to find creative solutions to our clients’ most complex problems. And we find ourselves attracting like-minded talent when partners in other firms see how we practice, and they want to be a part of something that is rather unusual today.

We are also deeply committed to the idea of stewardship – of our profession, our firm, and our broader community. Our values show in our pro bono work, our mentorship of younger lawyers, and the high standards we set for ourselves every day. Hughes Hubbard has been around for more than a century not because we chase trends, but because we remain true to what matters: doing great work for great clients, in a way that earns trust, builds relationships, and leaves the firm stronger for the next generation.

What has led to Hughes Hubbard & Reed’s industry leadership and how do you define the Hughes Hubbard difference?

Industry leadership isn’t something you can proclaim, it’s something you earn, matter by matter, year after year. At Hughes Hubbard, it comes down to three things: trust, tenacity, and an unwavering focus on getting it right. We don’t have hundreds of partners or thousands of lawyers. That’s a deliberate choice. When other firms chase scale and volume, we prefer a true partnership, one where we all actually know each other really well. This breeds better collaboration and even better results for our clients. While many firms talk about service, we live it, with a level of responsiveness and personal investment that our clients remember long after the matter is resolved. When you hire Hughes Hubbard partners, they are on top of

“Our culture is built on intellectual rigor, mutual respect, and a preference for collaboration over competition – but when swords must be drawn, we’re ready to fight.”

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“Public service is woven into the DNA of Hughes Hubbard. It goes back to our founding and to generations of lawyers here who believed that the law is not just a business, but a profession with a responsibility to serve the greater good.”

your matters from start to finish. You will not be handed off to large armies of associates to run up your bill.

More broadly, the HHR difference lies in how we practice: with independence, agility, and an unwavering commitment to excellence. None of our partners practice in one niche area day in, day out. Not only does that make our professional lives vastly more interesting, but it also gives us a much broader base of experience from which to advise our clients. We don’t pretend to do everything, but we’re a go-to firm in areas where precision and sophistication matter. Our practices are laser focused on Finance, M&A, Litigation, Corporate Restructuring & Bankruptcy, International Arbitration, and Investigations – across industries. Whether advising global airlines on highprofile restructurings and financings, major corporations in their M&A deals, helping collectors, museums, and foundations navigate the intricate world of Art Law, or serving as trusted advisors to high-net-worth individuals and families through our Private Client practice – these are spaces where reputation is earned over decades, and we’re proud to be recognized leaders in each.

One other major difference is that, despite having only one office outside the U.S., the vast majority of the work we do is cross-border.

We are able to do this because we have longstanding relationships with the best independent firms in every jurisdiction, and we pick the right lawyer for each specific matter. That avoids the problem other firms experience of having to use the lawyer in the Warsaw office for tax advice when she may actually be a real estate lawyer. Said another way, we invest in people and relationships, not bricks and mortar.

Ultimately, it’s our people who set us apart: lawyers and professionals who combine intellectual firepower with integrity and a genuine commitment to helping our clients, and each other, succeed. Our clients actually enjoy the company of our lawyers, whether together in the trenches of a deal or litigation or catching up over lunch.

How important is it for you to still practice law in addition to serving as Chair?

It’s essential. Practicing law keeps me grounded in the realities our clients face and connected to the day-to-day work that defines who we are as a firm. Leadership from a distance isn’t my style. I believe you lead best when VOLUME 48, NUMBER 4

you’re in the trenches with your colleagues, navigating challenges and solving problems side by side. Being active in the practice allows me to make better decisions as Chair. I see firsthand how our teams operate, where we’re excelling, and where we can grow. It also reinforces the culture I want to preserve: one that values excellence, responsiveness, and integrity in every engagement. And candidly, I still love the practice of law. The intellectual challenge, the strategy, and the relationships are what drew me to this profession in the first place.

Serving as Chair is an honor, but being a lawyer is the foundation of it all.

Will you highlight Hughes Hubbard & Reed’s focus on fostering an inclusive work environment?

At Hughes Hubbard, inclusion isn’t a trend – it’s been part of who we are for generations. Long before diversity became a focus across the legal industry, we were building a firm that worked across borders, languages, and perspectives. We carry on the legacy of our founder, Charles Evans Hughes, an eventual Chief Justice of the United States Supreme Court and notable proponent of women’s suffrage, whose most famous quote is displayed prominently over our entry reception desk: “When we lose the right to be different, we lose the privilege to be free.”

Hughes Hubbard was the first national law firm to elevate a Black woman to partner, the Hon. Amalya Kearse in 1968, who was also the first woman to be elected to the American College of Trial Lawyers. The next woman to be made a Hughes Hubbard partner, Candace Beinecke, eventually became the first woman to lead a national law firm when she was named the Chair of Hughes Hubbard in 1999. We’ve always believed that the best legal thinking comes from bringing different voices to the table. Whether it’s cultural, professional, or experiential diversity, we know it leads to sharper insights and better outcomes.

Inclusion here isn’t just about programs or metrics – it’s about instinctively seeking out and valuing different viewpoints, because that’s what strengthens us. You’ll see that in the way we build our teams, the matters we take on, and the way we support one another. It’s not about checking boxes – it’s about building a community that reflects the world we operate in. And for Hughes Hubbard, that’s always been second nature.

What has made public service and pro bono work such a part of the firm’s culture?

Public service is woven into the DNA of Hughes Hubbard. It goes back to our founding and to generations of lawyers here who believed that the law is not just a business, but a profession with a responsibility to serve the greater good. For example, in New York we have served as primary litigation counsel for the New York Blood Center for nearly 30 years, successfully defending the organization against personal injury and liability claims and protecting a community institution that plays a vital role in public health throughout the region.

That belief has endured because it’s never been performative for us. Our lawyers take on pro bono matters with the same commitment and rigor they bring to our largest corporate clients. Whether it’s advocating for the underserved, defending civil liberties, or supporting humanitarian causes, this work gives meaning and balance to what we do. We also know that public service strengthens our firm. It attracts lawyers who want to practice with purpose. It deepens our skills and broadens our perspectives. And it reinforces the values we stand for: integrity, courage, and a belief that we owe it to our communities. In a world where so many things change quickly, that part of our culture hasn’t – and won’t. We’re proud of that.

What advice do you offer to young people interested in pursuing a career in the legal profession?

First, know your “why.” Law is demanding – intellectually, emotionally, and often personally.

If you understand what drives you, whether it’s solving complex problems, advocating for others, or shaping the world around you, that purpose will keep you grounded through the inevitable long days and difficult matters. Second, be curious.

The best lawyers aren’t just smart, they’re students of everything: business, people, strategy, history.

The more you understand the world, the more effective you’ll be in helping clients navigate it.

Third, remember that integrity is non-negotiable.

Reputation is built over decades and lost in seconds. Your word, your ethics, and how you treat others are the things that will define your career far more than any single matter or client.

And finally, surround yourself with people who challenge and support you. No one succeeds alone. Find mentors, invest in relationships, and seek out places – like Hughes Hubbard – where collaboration is a value, not a buzzword.

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Guy’s heart stopped twice. Back coaching days later.

“I technically died, and here I am. I’m incredibly lucky. I could not have been in better hands.”

—Guy Monseair, City Island Rowing Coach

“We had an immediate critical decision to make in the race to save Guy’s life. We decided to proceed with emergent quadruple coronary artery bypass surgery despite Guy’s swollen and weak heart resulting from his acute heart attack and cardiac arrest. There are very few health systems in the country with the knowledge base and the skill that we have at Montefiore Einstein for managing these kinds of complex life-threatening conditions.”

—Robert Michler, MD Surgeon-in-Chief and Chair, Surgery and Cardiothoracic and Vascular Surgery Montefiore Einstein See Guy’s story at montefiore.org/guy

NEW YORK

Winning As A Team An Interview with Scott Crowe, Executive Vice President, Chief Strategy Officer and Head of Equity Capital Markets, RXR EDITORS’ NOTE Scott Crowe leads banking at UBS, and it was right at the investment strategy and capital time when real estate capital markets formation at RXR. In collaboration began to globalize. As part of that, I with the firm’s founding partners was moved to the London office, and and senior investment professionals, then to the New York office. I have he plays a key role in developing now been in New York for most of and implementing RXR’s investmy career, and moved from the adviment and corporate strategy. Crowe sory side to investment banking, and oversees the firm’s Equity Capital transitioned my career to real estate – Markets team and works closely with operating, managing, and developing.

RXR’s global institutional client base, I have been fortunate in my providing investment insights and career to have exposure to many Scott Crowe tailored solutions. He also serves as parts of the business, whether it is a member of the RXR Investment investment, product development, Committee. Before joining RXR in 2023, Crowe investor relations, strategy – my roles have was the President and Chief Investment encompassed parts or all of these areas which Strategist at BNY Mellon’s real estate investment has helped me as I assumed my role at RXR. management platform, CenterSquare. In this My role touches many parts of the firm, and my role, he was a member of the management and broad experience has allowed me to come to investment committees and oversaw the capital RXR prepared for this role. markets platform. Earlier in his career, Crowe What made you feel that RXR was the held senior positions including CIO of Liquid right fit?

Alternatives at Resource Real Estate, Global Portfolio Manager at Cohen & Steers, and Head of Global Real Estate Research at UBS. Crowe holds a bachelor of commerce degree from the University of New South Wales and University of Singapore, an honors degree in finance from the University of Technology Sydney, and a Certificate of Real Estate Development from Cornell University.

RXR is such a fantastic brand in the industry, and Scott (Rechler, chairman and CEO) and Mike (Maturo, president), along with the entire leadership team, are some of the smartest people in the business. Additionally, RXR is a unique combination of a real value creator as well as extremely financially sophisticated and a true investment manager. I believe this combination is a large part of the future of real estate investment. I believe that as capital becomes more sophisticated and seeks direct access to value creators for increased excess returns, firms like RXR are going to thrive.

The firm is also in an interesting point in its evolution. We have just come through a fairly disruptive cycle in real estate, with COVID and interest rates along with other factors, and I think RXR has navigated those challenges very well and has set itself up to take advantage of opportunities. RXR has a firm foundation in place with a plan to continue to grow and evolve, and this combination suits my skill set and my personality.

COMPANY BRIEF Headquartered in New York, RXR (rxr.com) is a fully integrated real estate company and investment manager that owns and manages over 30.5 million square feet of commercial properties and more than 9,800 multi-family units. RXR specializes in public-private partnerships and master developments, including the $4 billion development of Terminal 6 at JFK International Airport and a 1,100-acre, $3 billion mixed-use development in Raleigh, North Carolina. Additionally, RXR has a multi-billion dollar credit platform that leverages its real estate expertise to originate and acquire commercial real estate loans. RXR’s geographical footprint includes the New York metropolitan region and many of the nation’s fastest-growing markets, including Phoenix, Denver, Dallas, Raleigh, and Tampa.

Will you highlight your career journey?

My career journey actually started in Sydney, Australia, where I was working in investment 58 LEADERS

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Starrett-Lehigh Building

play. Whether it is an office building or an apartment building, humans are social creatures and there is huge value to be able to create an environment where people can socialize, in addition to having other amenities such as food and wellness. This is a critical offering today, whether to office tenants or rental housing customers. In the past, you put up four walls and there was a onedimensional goal – a place where you would go to work or a place where you would go to sleep. Today, it is about creating an ecosystem that incorporates socialization, fitness and wellness, and food offerings. It is then about developing programming and activating the amenities to bring people together.

How do you describe RXR’s culture?

RXR has a very strong culture, and it comes from the top down. The partners here have been together through cycles and have managed them successfully. They have set a strong culture which is one of caring, as well as a culture of winning together. I think that balance is hard to find, and it takes work to maintain, but our leaders are very visible and they set the example and lead from the front.

We work in a very competitive environment, and we work very hard, but it is a place where people are working together. RXR places a big emphasis on winning as a team.

What advice do you offer to young people beginning their careers?

We spend a majority of our day working, and I tell young people to find something that they enjoy doing and that they are passionate about.

If they enjoy what they are doing and put in the work, the results will follow. In addition, try to find a place to work where there are high-caliber people and where there are a lot of opportunities to learn. Lastly, look for mentors who will take you under their wing and teach you.

It was an exciting opportunity to join RXR and Will you discuss RXR’s focus on the with the support of senior leadership and my hospitality side of the business, such as its peers across the firm, I felt that I could help RXR recently opened amenity space at Starrett achieve these goals.

Lehigh, and how critical this is to the As RXR has expanded into new markets, business? how do you describe the firm today?

The amenitization of real estate is one of I think that we are increasingly a national the biggest evolutions of the business over the real estate firm with a majority of our capital last decade. Real estate, at the end of the day, is being invested in markets outside of New where people come together to live, work and York. RXR is focused on taking advantage of opportunities where they are, and one of the strengths that RXR has is its ability to take what we have done in New York and to bring that expertise to other markets. One area of real estate that was accelerated through COVID was the growth of what had been called secondary markets – at RXR, we call these superstar regions. These are markets like Dallas, Tampa, Charlotte, Phoenix – markets where you had population growth, strong physical and social infrastructure, lower cost of living, and good leadership. These cities are going through the same evolution that New York has gone through for a long time, which is becoming large superstar regions that are economically diverse.

As these superstar regions continue to grow, there is some complexity as it relates to urban planning – dealing with public/private partnerships, dealing with various stakeholders of the development of these assets, taking advantage of tax incentives, engaging with the community – and New York is all about these issues, so we are very sophisticated about this with our deep experience in New York. RXR brings a lot to the table as we invest in these markets at a time when these superstar regions 590 Madison Avenue are coming into their own.

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NEW YORK

Making It Easier For Everyone To Make It An Interview with Kiersten Barnet, Executive Director, New York Jobs CEO Council EDITORS’ NOTE Kiersten Barnet is building a workforce and education the Executive Director of the New system that puts every New Yorker York Jobs CEO Council, a nonprofit on a pathway to a family-sustaining membership intermediary focused career. The Jobs Council knows that on scaling market-driven workforce by leveraging the power of the collecdevelopment solutions. Barnet previtive, it can more effectively bridge gaps ously spent 15 years at Bloomberg, between industry, education, governmost recently leading Bloomberg’s ment, and community. The council of Gender-Equality Index (GEI) and CEOs, including Jamie Dimon, Sundar r eporting framework. She and Pichai, and Jane Fraser, are committed her team successfully influenced to hiring 100,000 low-income New hundreds of the largest companies Yorkers into family-sustaining jobs by Kiersten Barnet around the world to measure and 2030, including 25,000 CUNY gradureport new social sustainability ates. The Jobs Council’s 27 member metrics and enhanced the investment communi- companies have hired 52,000 low-income New ty’s ability to direct capital in a way that aligns Yorkers into living-wage jobs at their compawith clients’ values. Skilled at publicly advancing nies over the past four years, including nearly a mission, Barnet has spoken at global stages 10,000 recent CUNY graduates. including Davos and the New Economy Forum and was the host of Bloomberg’s on-camera Will you discuss your career journey? interview series “Invested in Equality.” She is I spent most of the first 15 years of my career a member of the Women’s Forum of New York at Bloomberg. Bloomberg was a great place to and is the co-founder and former steering chair grow up professionally because it’s a global orgaof the U.S. 30 percent Club, a group of influen- nization where if you’re willing to work hard and tial CEOs, including Warren Buffett and Larry stretch yourself, there are endless opportunities.

Fink, committed to diversifying U.S. boardrooms. During my time at Bloomberg, I had the opporBarnet currently serves on the board of directors tunity to travel to nearly 40 countries to meet of CareerWise New York, Washington and Lee with colleagues and clients. These experiences Williams School Board of Advisors. taught me that exceptional companies are built by exceptional people – and the importance of ORGANIZATION BRIEF The New York Jobs CEO having access to a skilled local talent pool. While Council (nyjobsceocouncil.org) was founded at Bloomberg, I founded the U.S. Chapter of the in 2020 by the CEOs of New York City’s largest 30 percent Club, a coalition of CEOs committed private sector employers to solve for growing to diversifying U.S. boardrooms. At the time, just income and opportunity gaps. As an interme- over 16 percent of S&P 500 directors were women diary organization, the council is charged with and, while there were a lot of individual efforts

popping up around the country tackling various aspects of the problem, it was fragmented and largely women talking to women. By galvanizing the chairs and CEOs who were in the positions to make the desired change, we were able to help unite the ecosystem, elevate the conversation, and shine a spotlight on those leading by example.

Since that time, the percent of female S&P 500 directors has doubled. This was my first experience seeing first-hand what business leaders can do when collectively committed to a shared goal.

The work we do at the Jobs Council is founded on the same key learnings: harnessing the power of the collective to build a workforce development and education system that works for all New Yorkers. This is another example of where the private sector is driving meaningful change.

How do you describe the mission of New York Jobs CEO Council?

We like to say that our job is to make it easier for every New Yorker to “make it.” New York City is home to some of the largest employers in the world and a huge workforce, and yet many New Yorkers remain stuck in low-paying jobs and many recent graduates struggle to navigate the labor market. We are founded and funded by some of our country’s most influential CEOs – including Jamie Dimon, Sundar Pichai, Julie Sweet, and Arvind Krishna. As CEOs of companies with a long-standing commitment to New York City and its residents, they understand the importance of education institutions working in partnership with industry to prepare our local workforce. Everything we do is market driven – we focus on in-demand jobs and the skills and pathways connected to those careers and build

“New York City is home to some of the largest employers in the world and a huge workforce, and yet many New Yorkers remain stuck in low-paying jobs and many recent graduates struggle to navigate the labor market.”

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“We’re building a blueprint for sustainable, systemic change. Too often, workforce solutions are built in silos outside of existing systems and focused on quick wins that aren’t scalable – rather than putting in the hard work of changing a system.”

public-private partnerships to scale proof points and fill in gaps. Our biggest partner is the City University of New York (CUNY), which is made up of 25 public colleges and serves as our city’s primary engine for social mobility. We also work with New York City Public Schools to help high schools embed career-connected exposure and learning at early ages.

The data supports that removing barriers surrounding access to information and skills training produces successful hiring outcomes.

Our 27 member companies have hired 52,000 low-income New Yorkers into living-wage jobs at their companies over the past four years, including nearly 10,000 recent CUNY graduates.

What excited you about the opportunity to lead New York Jobs CEO Council?

The COVID-19 pandemic really drove home for me the systemic lack of access faced by too many New Yorkers. Social and economic factors led to disparities in how our communities experienced COVID-19 and highlighted longstanding systemic inequities. At the root of most access gaps – whether it be housing, education, or healthcare – is income. There is a national narrative about education being the great equalizer, but in New York City and many other places, good jobs are the great equalizer.

The assumption that education puts you on an onramp to a good career and social mobility just doesn’t hold up anymore. Education has an incredibly critical role in preparing students for good jobs – but to solve for this, it has to start with a market-driven approach looking at the jobs that bring economic mobility, the skills required to get those jobs, and how to

democratize access to these skills, including through traditional education pathways. So, I was compelled by the opportunity to bridge the gap between some of the world’s largest employers and the 250,000 public university students being educated in their backyard.

The Council recently reached a milestone of hiring over 50,000 New Yorkers. Will you highlight the impact the Council is having on New York, as well as on the broader national conversation on economic mobility?

We’re building a blueprint for sustainable, systemic change. Too often, workforce solutions are built in silos outside of existing systems and focused on quick wins that aren’t scalable – rather than putting in the hard work of changing a system. This isn’t about charity; it’s about change. Our country’s education system isn’t historically built with a connection to business, and this is what we’re changing.

But systemic change is hard – and doesn’t happen overnight. The commitment from the private sector is the catalyst here – the private sector is able to execute and iterate faster than the public sector in many ways. This is a great way to fund and identify proof points that can then be scaled using public resources.

New York is not the only city struggling to ensure its future workforce is skilled, competitive and ready to meet the rapidly changing needs of industry. This is a national problem – although the specific jobs and sectors may differ. Last year we convened similar regional collaboratives from around the country to compare notes and learn how others are effectively bridging the gap between business and education to ensure that the

skills students are learning in the classroom reflect the skills employers value.

Collaboration with CEOs is critical for the Jobs Council’s work. How does the organization work with the nearly three dozen CEOs of member companies?

Four years ago, our member companies set a ten year, 100,000 hiring target to hold themselves accountable – and while we’re halfway there, our member companies contribute far more than jobs. They are redesigning curriculum, providing free skills training, connecting career service teams to recruiting resources, and offering transparency into both the jobs they need today and those they’ll need in the future.

And most importantly, they serve as proof points themselves. If a training program enables a jobseeker to land a job at Amazon or Google, it should be able to meet the needs of small and mid-sized New York tech companies as well.

What are your priorities for New York Jobs CEO Council as you look to the future?

Systemic change doesn’t happen overnight.

We must maintain momentum and focus on scaling the things that are working while also keeping an eye on what lies ahead. Artificial intelligence is fundamentally reshaping how we work and create value, and New York is on the forefront of this innovation. Technological revolutions favor the skilled, and it’s important that we use this moment as an opportunity to ensure that economic gains are felt by all New Yorkers. We’re invested in scaling AI literacy in public education, as this will be critical to any job in any industry.

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“New York is not the only city struggling to ensure its future workforce is skilled, competitive and ready to meet the rapidly changing needs of industry. This is a national problem – although the specific jobs and sectors may differ.”

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NEW YORK

Enriching Lives And Strengthening Community An Interview with Seth Pinsky, Chief Executive Officer, The 92nd Street Y EDITORS’ NOTE Since joining The governments across the New York very local institution, firmly rooted on the 92nd Street Y (92NY), Seth Pinsky region to invest in infrastructure and corner of 92nd Street and Lexington Avenue on has spearheaded a transformative to bring energy and vitality back to Manhattan’s Upper East Side and an institution rebrand and a $200 million master neighborhoods that had suffered from with international reach, the original content of redevelopment plan, positioning historic underinvestment. which secures literally tens of millions of views 92NY for a vibrant future while Joining 92NY as CEO in January from patrons in all 50 states and over 200 counhonoring its 150-year legacy. Under 2020 provided me with an opportunity tries around the world. his guidance, 92NY has reimagined to take another step in my journey.

I love the sheer variety of programming its programming and expanded its Here, I have had the opportunity to that happens here daily – hosting luminaries reach through innovative digital guide an historic institution that has such as Steven Spielberg and Bill and Hillary platforms, including Roundtable, profoundly impacted New York’s civic Clinton, educating thousands of K-12 students which now engages audiences in and cultural life for 150 years to prepare in the arts, providing welcoming spaces for Seth Pinsky all 50 states and over 200 counfor its next 150 years of success. seniors, and fostering civil discourse through tries. Prior to 92NY, Pinsky served What excited you about the moderated political debates. For someone who as President of the New York City Economic opportunity to lead 92nd Street Y and made has spent much of his career focused on urban Development Corporation under Mayor Michael you feel it was the right fit? revitalization and civic life, leading 92NY has Bloomberg, where he led major initiatives What immediately drew me to 92NY is that been an opportunity to do that work at immense including climate resiliency planning and it truly is an institution like none other, holding scale and depth. landmark redevelopment projects. Pinsky has within its unique structure a series of internal How do you define 92NY’s mission and also served as Executive Vice President at RXR contradictions that, rather than undermining its purpose?

Realty and held positions at Merck KGaA and impact, are the secret to its historic success. It At its core, 92NY exists to enrich lives Columbia University. Pinsky holds degrees from is, for example, both a beloved neighborhood and strengthen community. It does this through Columbia College and Harvard Law School. community center and a globally recognized programming focusing on the arts, education, cultural powerhouse. It is a Jewish institution social impact and Jewish life – nourishing mind, ORGANIZATION BRIEF The 92nd Street Y, that reaches out to millions of patrons, both body and spirit. For over 150 years, we have New York (92ny.org) is a world-class cultural Jewish and non-Jewish alike. And, it is a been a place where people from all walks of life and community center where people all over the world connect through culture, arts, entertainment and conversation. For over 150 years, it has harnessed the power of arts and ideas to enrich, enlighten, and change lives, and the power of community to repair the world. As a proudly Jewish organization, 92NY enthusiastically welcomes and reaches out to people of all ages, races, faiths, and backgrounds while embracing Jewish values like learning and selfimprovement, the importance of family, the joy of life, and giving back to its wonderfully diverse and growing community, both locally and around the world.

Will you discuss your career journey?

My career has always centered on my belief that the most satisfying and important work is work that seeks to strengthen and improve one’s community. This conviction guided my ten years in New York City government, culminating in my role as President of the New York City Economic Development Corporation, where I undertook efforts to revive New York City and its economy following the 9/11 attacks, the Great Recession and Hurricane Sandy, as well as my work at RXR Realty, where I focused on opportunities to collaborate with 62 LEADERS

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The 92nd Street Y opened at its current location at 92nd Street and Lexington Avenue in 1900

come together to learn, create, and engage in meaningful conversations and meaningful experiences. Our mission goes beyond presenting world-class programs; it is about fostering genuine connection, sparking curiosity, and helping individuals to grow intellectually, spiritually, and socially.

What makes 92NY unique is that we bring so much together under one physical (and digital) roof: performances by world-renowned artists; rigorous educational programs; a deep commitment to Jewish life; physical activity and robust civic engagement. We do this with the conviction that culture, ideas and experiences, when shared, can powerfully build bridges between communities and contribute to a more thoughtful, inclusive society.

Will you provide an overview of 92NY’s events and programs?

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conversations on global affairs. This breadth is central to our identity.

Our renowned cultural calendar features concerts, dance performances, and literary talks.

Appearing at 92NY has become shorthand for relevance and influence. We also provide extensive classes and workshops in the arts, fitness, and wellness, alongside robust offerings for families, children, and teens. Older adults find connection through vibrant programs such as the Himan Brown Senior Center. Our Bronfman Center maintains our deep commitment to Jewish life and learning. And, our Belfer Center for Innovation & Social Impact leverages 92NY’s global platform to advance dialogue, community engagement, and positive change across the U.S. and around the world through initiatives such as Share our America, which creates opportunities for bridging discussions in our hyperpolarized environment.

What have been the keys to the strength and impact of 92NY? One of our greatest strengths is our ability to evolve while remaining rooted in our core

mission. For over 150 years, we have adapted to substantial changes in our city and country, in technology, and in how people seek connection. This adaptability served us particularly well during the COVID-19 crisis. Then, as we closed our physical doors, we strategically pivoted, moving all of our programming online.

This decision created our global digital audience that continues to grow and today spans the full length and breadth of the country and circles the globe. Post-COVID, our in-person audiences returned, with over 3,500 people per weekday joining us on our Upper East Side campus.

From our founding in 1874 to today, we have created spaces, both physical and virtual, for people to connect across generations, beliefs, and backgrounds. Whether it is through a live performance, a class, or a civic program, we continue to foster the kinds of human connections that are essential to individual well-being and a healthy democratic society.

Will you highlight the talent and expertise of the 92NY team?

The strength of 92NY is our extraordinary staff. Our programmers consistently attract the most accomplished voices in culture, politics, and the arts – each week, we feature programming that would constitute an entire season at many other institutions. Supporting our programmers, our education, development, legal, and operations teams provide strategic insights that allow us to keep evolving. During the pandemic, it was the ingenuity and dedication of our staff that transformed 92NY into a vibrant global force online. We are so lucky to have the dedicated people who work on behalf of our community.

How do you approach your management style?

Having learned from my time working for Mayor Michael Bloomberg, I have developed a management style that focuses on building a bright and thoughtful management team, working with that team to develop an ambitious strategic agenda, and then empowering the team to figure out the best and most effective ways to achieve our goals. Meanwhile, when we collectively face disruptions – which seems to happen with alarming frequency in this environment – we lean into the challenge, developing new and innovative ways to accomplish our mission.

What advice do you offer to young people beginning their careers?

I offer three key pieces of advice. First, don’t wait. Get involved now, define the role you want to play, and start delivering for your community in whatever way you can. Second, stay relentlessly curious and commit to learning constantly. The world changes rapidly and adaptability is crucial. And above all, don’t get bogged down in the tactical and the short-term – though obviously, the tactical and the shortterm are important. To achieve great things, it is critical to remain focused on the horizon, remembering that each step might be hard, but that long and fruitful journeys ultimately make the effort worthwhile.

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NEW YORK

A Consultative Role 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 Pr esident 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 Health System, along with serving on the board of Congr egation Emanuel.

With reference to tariffs, this is in unknown, unchartered water that has been created in 2025. Ultimately, tariffs will be borne by the retail customer, but in the meantime, the insurance industry has to deal with various value changes for both in transportation as well as origination. Costs for manufacturing will rise based on increase in their operating costs as well as raw materials and shippers will bear the cost of increased values of the cargo on board. In addiJames W. Crystal tion, due to the lack of previously recorded examples, there is no way to determine whether shipments will increase or COMPANY BRIEF Alliant Insurance Services decrease.” Ultimately, the value portion of the (alliant.com) is one of the nation’s leading increase will have to be insured and how this distributors of diversified insurance products reflects rates will ultimately be decided by locaand services. Operating through a national tions, loss ratios, and other available information network of offices, Alliant offers a comprehen- as the tariffs affect the business world. sive portfolio of services to clients.

How do you see the role of the insurance broker evolving over the next decade?

What are the most significant global trends The role of the insurance broker will evolve currently shaping the insurance and risk over the next decade into a more consultative management sectors? role. The broker will no longer be exclusively a The most significant global trends shaping vendor of a product for either a commission or insurance right now are tariffs and climate fee, but will be subject to much more analytics warming. Climate is currently undefined and that possibly could be developed by AI. With people in the insurance industry are struggling all of this data available and more precise data to quantify how to deal with the whole subject. evolving about natural disasters and the effect of There is clearly a lack of available information such disasters on premiums, rates, and commison a historical basis and most major insurance sions, there will be a trend for larger accounts companies are adapting to events as they occur to create a much heavier fee-based income. To and trying to see what patterns evolve. achieve higher income, brokers will have to

“The role of the insurance broker will evolve over the next decade into a more consultative role. The broker will no longer be exclusively a vendor of a product for either a commission or fee, but will be subject to much more analytics that possibly could be developed by AI.”

develop much higher sources of information, data, and experience in a larger pool of coverages. This may take a short period of time but will evolve quickly.

What role does digital transformation play in Alliant’s strategy?

Alliant believes the use of AI tools are key to improving internal efficiencies, creating and improving advantaged programs and products for our clients, and helping our employees work effectively in an AI-enabled world. Alliant also believes that the responsible use of data and data security must be a top priority across all our business functions and has, therefore, developed a disciplined and confidential approach to evaluating proposed AI tools that solve for business challenges through our Center of Excellence (CoE), while maintaining a responsible approach to using AI. How is Alliant helping clients better understand the emerging risks that businesses are facing today?

Alliant is trying to help people understand the larger emerging risk pool by providing better data, far more qualified employees other than just salespeople, as well as data preparation and analytics. Ultimately, analytics will be able to be a source of businesses estimating their emerging risks as well as redefining the existing risks. Alliant’s database and vertical structure professionals work together with the sales staff to allow them to differentiate from the more traditional brokers.

When you look to the future of business, what excites you the most?

What is most exciting to me about the future of business is the growth of data and the careful use of AI given the tremendous number of new business structures that are evolving. At almost any time, one reads or knows about a new business venture that is either trying to remake an existing generation of older businesses or creating a new business for the new business world. These facts together will change the corporate universe over a relatively short period of time and affect the sources of information which will help redefine the business world going forward. There will be many new types of businesses, many increased iterations of the existing businesses, as well as a structure that will globally change the economy. Some countries with larger global companies will benefit quickly as the entrepreneurship of global companies will expand from traditional roles.

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HOW COUNTRIES GO BROKE: THE BIG CYCLE

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BIG GOVERNMENT DEBT IS CHANGING THE WORLD ORDER. UNDERSTAND WHY & WHAT TO EXPECT.

NEW YORK

A Relationship-Driven Business An Interview with David Amsterdam, President, Capital Markets | U.S., Colliers EDITORS’ NOTE David Amsterdam business model, an enterprising is President, Capital Markets | U.S. culture, and a unique partnership He is responsible for managing and philosophy that drives growth and executing investment sales, debt value creation. For 30 years, Colliers and equity and structured finance has consistently delivered approxitransactions across the U.S. and mately 20 percent compound annual in critical global markets. He has returns for shareholders, fueled by previously held leadership positions visionary leadership, significant at some of the most notable real inside ownership and substantial estate firms in the world, including recurring earnings. With nearly $5 Cushman & Wakefield and SL billion in annual revenues, a team of Green Realty Corp. Amsterdam 24,000 professionals, and more than David Amsterdam was named to Crain’s New York $100 billion in assets under manageBusiness 40 Under 40, an annual ment, Colliers remains committed to honor reserved for the most influential New York accelerating the success of its clients, investors, professionals, and every year from 2018 through and people worldwide.

2025, he has been named to the Commercial Observer Power 100 list. In 2019, he was named Will you walk us through your career journey? a national “Influencer in Real Estate Finance” I began my real estate career as a broker at and selected as a “Best Boss in the Business” by Cushman & Wakefield, where I had the opporReal Estate Forum which also named him to tunity to learn the fundamentals of the business its “50 Under 40” list in 2018. Amsterdam has under the guidance of some truly exceptional also been named a “Rising Star” by Real Estate mentors. Their willingness to share their experiWeekly and was a Real Estate Board of New ence and insights gave me a strong foundation, York nominee for “Most Promising Commercial not just in transactional work, but in how to Salesperson.” Amsterdam has been active in think strategically, act with integrity, and build numerous charitable organizations and holds a lasting relationships.

BA degree from Syracuse University.

That early exposure to strong leadership and a relentless work ethic has had a lasting impact COMPANY BRIEF Colliers (colliers.com) on how I approach my role today. From there, is a global diversified professional services I transitioned to the equity side of the industry, and investment management company. joining SL Green, a real estate investment trust Operating through thr ee industry-leading and the largest owner of commercial real estate platforms – Real Estate Services, Engineering, in New York City. My time there was incredand Investment Management – it has a proven ibly formative, providing me with firsthand

experience in ownership, operations, and largescale strategy. Gaining an understanding of how institutional owners and investors approach value creation gave me a broader perspective that continues to inform how I advise clients today. I eventually found my way to Colliers, where I have spent the past eight years. This chapter has been exciting – growing our Capital Markets platform, guiding clients through ever-evolving market cycles, and working alongside an extraordinarily talented and thoughtful team of professionals across the globe.

Throughout my journey, I’ve learned that the people you surround yourself with make all the difference. I have been fortunate to work with and learn from leaders who are not only experts in their field, but also generous with their time and committed to building a culture of collaboration, excellence, and innovation.

That’s the kind of environment I strive to foster and pay forward in my own leadership today.

Will you highlight your current role?

I serve as President of U.S. Capital Markets at Colliers, where I am responsible for managing and executing transactions across the country and in critical global markets. In this role, I work closely with our investment sales and debt and equity professionals nationwide to deliver strategic, data-driven solutions for clients across all asset classes. My focus is on aligning our market intelligence, global capital relationships, and transactional expertise to help clients unlock value and navigate an increasingly complex and dynamic real estate environment. By bringing

“At Colliers, we foster a deeply collaborative and entrepreneurial culture, one that empowers our professionals to think creatively, act decisively, and put the client at the center of everything we do.”

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“At its core, our Capital Markets platform is agile, collaborative, and relentlessly client-focused – built to navigate complexity and drive results at every stage of the investment lifecycle.”

together the right people, insights, and capital, we provide forward-looking guidance that supports confident decision-making throughout every phase of the real estate cycle.

Just as important as the work we deliver is how we deliver it. At Colliers, we foster a deeply collaborative and entrepreneurial culture, one that empowers our professionals to think creatively, act decisively, and put the client at the center of everything we do. As a leader, I believe in creating an environment where people are encouraged to take initiative, challenge convention, and work together to drive exceptional outcomes.

Will you provide an overview of Colliers’ Capital Markets platform and what sets it apart?

Colliers’ Capital Markets platform is built to deliver forward-thinking, customized solutions for investors across all major asset classes.

What sets us apart is the entrepreneurial mindset that runs through everything we do, combining deep, localized market expertise with access to a vast global network of capital. This powerful combination allows us to uncover and connect opportunities with the right investors in ways few firms can replicate. Our platform is fully integrated across investment sales, debt and equity placement, and strategic advisory services. This integration gives us the flexibility to design solutions that align with each client’s specific investment objectives, return targets, and risk profile, whether they’re pursuing core acquisitions, value-add strategies, or complex recapitalizations.

We also place a strong emphasis on realtime data and market intelligence. In today’s fast-moving environment, our ability to leverage the latest insights enables us to provide clients with informed, strategic advice that supports confident decision-making.

At its core, our Capital Markets platform is agile, collaborative, and relentlessly clientfocused – built to navigate complexity and drive results at every stage of the investment lifecycle.

How is Colliers leveraging data and technology to drive better results for capital market clients?

At Colliers, data and technology are central to how we deliver value to our clients. Our teams harness a broad spectrum of market intelligence, from research and transaction data to insights on emerging capital sources and active buyer and seller activity, to drive results that VOLUME 48, NUMBER 4

consistently exceed expectations. A cornerstone of this approach is our proprietary integrated listing and research platform. Serving as the operational engine for our Capital Markets business, it provides real-time visibility into active listings, market trends, and transaction activity across all asset classes. This platform enables our professionals to monitor evolving market dynamics, identify emerging opportunities, and deliver data-driven, actionable recommendations. By centralizing this intelligence into a single, cohesive system, we ensure our clients have access to the most accurate, timely, and comprehensive information available. In an increasingly dynamic and competitive real estate environment, this level of insight is essential to making informed, strategic decisions.

What has made your career in real estate so special for you?

For me, it has always been about the people. The relationships I have built over the years – both personally and professionally – are what make this industry truly special. Real estate is, at its core, a relationship-driven business, and that’s exactly what has made my career so fulfilling. I’ve had the privilege of working alongside exceptionally talented colleagues, clients, and mentors who not only challenged me to grow, but also made the work meaningful day in and day out. These connections have shaped my perspective, opened doors to new opportunities, and sustained my passion for the industry through every market cycle.

No matter how much the landscape shifts, it’s the people – the trust, collaboration, and shared ambition – that continue to make this career energizing and rewarding. That’s the real foundation of a lasting career in real estate.

What advice would you give to young people beginning their careers, especially in real estate?

If there’s one piece of advice I would offer to anyone early in their real estate career, it’s this: be present – both physically and mentally.

Make the effort to show up every day. Go to the office. Be in the meetings. Participate in the conversations. So much of what defines success in this business comes not from formal training, but from exposure to decisions being made, strategies being shaped, and relationships being formed. That kind of learning can’t be replicated remotely and isn’t found in textbooks.

Real estate has always been, at its core, a relationship business. The connections you

build early in your career often become the foundation for partnerships, deals, and opportunities decades later. That’s why presence matters – because it’s not just about what you know, but who you know and how you work with them.

Equally important is your reputation as a partner. No matter your role, strive to be someone others can rely on. Be collaborative.

Be accountable. And above all, be respectful, transparent, and honest. These traits may sound basic, but over time they become the pillars of professional trust and that trust is what ultimately drives this business forward.

Real estate is a long game. How you show up today sets the tone for the relationships and opportunities you will have tomorrow.

What major trends or shifts are you seeing across the capital markets landscape right now?

We’re seeing a market poised for reactivation. Despite significant capital raised – over 70 percent of North America-targeted funds since 2022 remain undeployed, totaling roughly $324–$333 billion in dry powder – the environment is shifting. With equity markets coming off record highs, the denominator effect is present, and investor redemption queues are shrinking.

This convergence should support stronger capital flows into the market heading into 2026, a welcome change given the muted investment activity we’ve seen so far.

Through July, transaction volume across major asset classes averaged $31.2 billion per month, about 30 percent below the five- and ten-year historical averages and 26 percent below the pre-pandemic norm. Even so, the lending markets are showing some bright spots.

CMBS issuance is rebounding strongly, with 2024 volume exceeding $100 billion and 2025 on pace for a post-GFC high. Notably, SASB deals accounted for nearly three-quarters of first-half activity, an accelerating trend from pre-2021 norms, and are increasingly being utilized by multifamily and office borrowers.

In particular, we’ve seen renewed activity from office owners in the SASB space, with $17.5 billion issued through July – up dramatically from $2.4 billion in 2024. These dynamics suggest that while overall investment volume has yet to recover fully, key segments, especially on the lending side, are gaining momentum and laying the groundwork for a more active market in the coming quarters.

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NEW YORK

Rethinking Real Estate An Interview with Jonathan Bennett, President, AmTrustRE EDITORS’ NOTE Jonathan Bennett is the President of AmTrustRE, a privately held real estate investment and management firm with a national portfolio spanning office, multifamily, and retail assets.

A seasoned executive with over two decades of experience in commercial real estate and investment banking, Bennett leads AmTrustRE’s strategic transformation, focusing on diversification, modernization, and value creation across its holdings. Before joining AmTrustRE, Bennett served as Managing Director at Nakash Holdings, where he oversaw a broad portfolio of investments across Jonathan Bennett asset classes including hospitality, retail, office, and multifamily. His leadership was instrumental in landmark acquisitions such as the Versace Mansion, The Setai Miami Beach, and major retail properties on the Las Vegas Strip.

creative problem-solving, and innovation through technology. At the heart of our business success is our team of industry-leading experts.

With human capital at the core, collaboration and inclusivity aren’t just aspirational values; they’re critical to our strategy.

Our team is made up of talented, passionate people, and it’s their ideas and drive that fuel our success. We believe the best results come from working together, encouraging different perspectives, and giving people the space to grow. That spirit of collaboration and innovation is what allows us to keep moving forward and creating real impact in our industry as well as our office and residential communities.

Will you provide an overview of AmTrustRE’s portfolio?

At AmTrustRE, our portfolio consists of 12 million square feet of commercial, mixed-use and residential properties in major metropolitan areas across the Northeast, Midwest, and Sunbelt regions. Our portfolio reflects a strategic balance of revitalized core assets and high-potential acquisitions across key U.S. markets.

In Chicago, we’ve invested over $100 million in capital improveCOMPANY BRIEF AmTrustRE (amtrustre.com) is rethinking real estate, ments to upgrade buildings like One East Wacker and 33 North Dearborn, transforming iconic placemaking mixed-use, commercial, and residen- adding hospitality-inspired lobbies, modern amenity floors, and rooftop tial destinations that anchor key markets including Manhattan, Brooklyn, decks to drive leasing momentum and elevate tenant experience. Our and Chicago. investment is delivering meaningful returns already, which is reflected in the strong leasing momentum at both properties. At One East Wacker, Will you discuss your career journey? we secured a total of 35,000 square feet in renewed and new leases, with My career has always been driven by a balance of disciplined execution and big-picture strategy. I started out as an investment banker at American Express where I built a strong foundation in capital markets and asset management. Over time, I gravitated toward leadership roles that allowed me to see the full picture – managing diverse portfolios, mentoring high-performing teams, and navigating unpredictable market cycles.

While working with the Nakash family of Nakash Holdings, I learned one of the most valuable lessons of my career: the best opportunities often emerge in the most challenging markets. After the financial crisis of the early 2000s, when financing was scarce, we acquired prime assets at a low basis and positioned them to outperform once conditions improved. When the market turned, those early investments paid off.

That experience shaped how I lead AmTrustRE today. During the office market challenges brought on by COVID-19 and the broader economic uncertainty that followed, many owners handed properties back to lenders. We took a different approach. Rather than retreating, we reinvested in our portfolio – undertaking major renovations and amplifying marketing efforts. That conviction has paid off, as those assets are now leasing strongly in a recovering market. We also pursued acquisitions at historically attractive entry points, such as 360 Lexington, which is now leasing up. The core lesson remains: conviction and disciplined investment during downturns set the stage for long-term success.

At AmTrustRE, we remain committed to creating value for investors, supporting tenants, and strengthening the communities we serve. By combining rigorous financial management with creative strategies, we are not only maximizing the performance of our portfolio, but also actively positioning the company for future growth.

How do you describe AmTrustRE’s culture and values?

The culture of AmTrustRE is built on a foundation of excellence, integrity, responsibility, inclusion, innovation, collaboration, and posi59 Maiden Lane tivity. We pursue operational excellence with disciplined execution, 68 LEADERS

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On the East Coast, in Manhattan’s Midtown East, we acquired the 268,000-square-foot 360 Lexington Avenue for $65.5 million, where we’re also pursuing major renovations to the various tenant spaces across the property, including a new amenity space with conference rooms, lounge spaces, a cafe and game rooms. Since the acquisition, leasing activity at the property has been particularly strong. Over the past several months, we’ve signed major leases with legacy tenant, Webster Bank, and welcomed new tenants like Signers National. With these transactions, occupancy has surged to 85 percent, reflecting an impressive 65 percent jump from the time of acquisition.

At 59 Maiden Lane, our premier office tower in New York City’s Financial District, we’ve undertaken a substantial transformation of the building’s exterior façade, optimizing aesthetics and energy efficiency of the building. These renovations, along with the addition of a highend boutique fitness concept operated by Fitness International’s Club Studio – which will span the three-floor retail space – are transforming the property into a vibrant, modern office building.

Beyond our Manhattan footprint, we’ve made strong leasing progress at 203 Jay Street in Downtown Brooklyn. A well-located, mixeduse office and retail building, the property features a suite of amenities like a gym, communal outdoor and lobby space, and floor-to-ceiling windows. In the last few months, we’ve successfully engaged and signed several diverse tenant groups, including law firm Rose & Rose, SmartSign, and nonprofit Lindamood-Bell Learning Centers, among others – all of

360 Lexington Avenue

esteemed tenants like Aeropay and the Japan External Trade Organization taking sizeable space at our trophy office tower. The renovations have not only fueled this leasing activity, but also introduced new revenue streams. Since its debut last fall, One East Wacker’s “1 Events” venue has further enhanced profitability, contributing to increased NOI. Now rentable for public and private events, 1 Events has welcomed events such as the Bear Down With COLBA gathering, various real estate industry conferences, and even a private baby shower – all of which are breathing new life into the property and adding benefits for tenants, like discounted access to our expansive suite of amenities. In addition, the venue is available through third-party event platforms, which not only expands visibility but also streamlines booking and coordination for outside hosts, further enhancing utilization and revenue potential.

In the past year, we’ve also diversified beyond office assets, expanding into residential. During the summer of 2024, we acquired Parkline Chicago, a 26-story, 213-unit luxury residential high-rise with top-tier amenities including a sky lounge, fitness and yoga studio, indoor/ outdoor pool with sundeck, and a private dog run. Simultaneously, as part of Chicago’s LaSalle Street Reimagined initiative, we’re advancing the strategic adaptive reuse of 135 LaSalle, a 44-story, landmark office tower in Downtown Chicago, into a mixed-use residential community, comprising 386 residential units and ground-floor retail that will further support Chicago’s revitalization initiative, better known as “LaSalle Street Reimagined.”

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250 Broadway

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which have brought the building to over 95 percent leased. The Amberly, adjoining 203 Jay Street, is a 33-story luxury rental tower with 270 residences. As one of AmTrustRE’s signature Brooklyn properties, it offers panoramic views of the New York City skyline.

Will you highlight the reinvention of 250 Broadway as a Class-A destination?

250 Broadway showcases our commitment to reimagining a mid-century tower into a modern, tenant-driven office destination. Situated in Lower Manhattan, just steps from City Hall Park and surrounded by transit and retail, the building has been revitalized with a refreshed lobby that reflects the energy of its neighborhood. We’ve also introduced an amenity center designed to elevate the tenant experience and create a sense of community.

These updates have attracted a strong mix of tenants – including Pollack, Pollack, Isaac & DeCicco LLP, IGI Global Scientific Publishing, among others – demonstrating how thoughtful design, strategic amenities, and prime location can spark new demand for well-positioned office assets. Building on this momentum, AmTrustRE is reinforcing 250 Broadway’s stature as a premier Downtown Manhattan destination with the landmark signing of WeWork to a 60,000-square-foot lease spanning five floors. As WeWork’s first new coworking deal in New York City since 2019, the partnership underscores AmTrustRE’s vision for 250 Broadway – demonstrating how superior infrastructure, modern amenities, and strategic tenant curation can revitalize an iconic office asset and attract today’s experience-driven tenant base. This success reflects a model proven across AmTrustRE’s portfolio and sets a new benchmark for the broader office market.

Where do you see the greatest opportunities for growth for AmTrustRE? The greatest opportunity for growth lies in thoughtfully reinvesting in our core office assets in strategic gateway cities and adapting responsively to market shifts. In Chicago, we’ve already unlocked momentum through our $100 million-plus revitalization program – modernizing buildings like One East Wacker and 33 North Dearborn with hospitality-inspired amenities that are driving renewed leasing activity and tenant retention. At One East Wacker, we are seeing a particularly exciting opportunity as Google and other major tech players expand their presence in Chicago, fueling broader demand from technology and innovation-driven companies.

With its upgraded amenity space and prime riverfront location, the property is well-positioned to attract this next wave of tenants. Additionally, at 33 North Dearborn, the building’s Central Loop location directly across from the Circuit Court of Cook County has made it a natural hub for law firms and legal service providers, a trend we’ve leaned into by tailoring the property’s amenity package to meet the needs of that community.

Additionally, our ambitious adaptive reuse project at 135 South LaSalle – converting underutilized office space into vibrant residential and commercial use – represents a forward-looking response to evolving urban needs and a significant opportunity to redefine value on LaSalle Street.

Lastly, in New York, our recent $65.5 million acquisition of 360 Lexington Avenue underscores our confidence in the Midtown office recovery; with plans to enhance its efficiency and amenity footprint, we 70 LEADERS

are positioning the building to capture upside as office demand continues to rebound.

Beyond our current portfolio, we’re looking at new possibilities – exploring strategic acquisitions and evaluating expansions into other key metropolitan markets where we believe there could be strong potential for long-term value.

You commit your time to many philanthropic efforts. What has made this work so important for you?

Giving back has always been a guiding principle in my life. To me, leadership goes beyond professional success – it carries a responsibility to uplift the community around you. For many years, I’ve had the privilege of volunteering with a nonprofit organization that provides food to those in need. That experience has offered perspective and reinforced the importance of service at the most fundamental human level.

I also remain deeply connected to my alma mater, Yeshiva University, which played a pivotal role in shaping both my personal and professional journey. Through the alumni network and my work on the university’s real estate committee, I’ve been able to give back to an institution that gave me so much and continues to create meaningful opportunities for its students today.

For me, this involvement is about more than offering time or resources – it’s about building community, supporting the next generation, and striving to make a lasting difference in people’s lives.

What do you feel are the keys to effective leadership, and how do you approach your management style?

I believe effective leadership comes from empowering teams with trust, promoting a culture of transparency, and connecting purpose with performance. At AmTrustRE, I’ve worked to build an entrepreneurial culture where innovation and collaboration thrive – and where people feel encouraged to push boundaries, share ideas, and continually raise the bar.

AmTrustRE started as a legacy company focused on traditional office ownership, but we’ve been intentionally modernizing how we do things – expanding into residential, reimagining our properties with hospitalityinspired spaces, and focusing on creating workplace experiences that really serve our tenants. By combining our history of stability with a forward-looking approach, we’re making sure AmTrustRE stays relevant, resilient, and ahead of the curve in today’s changing real estate market.

What advice do you give to young people beginning their careers?

My advice for young professionals is to embrace a mindset of continuous learning and adaptability. The business world is constantly changing and being open to new ideas, approaches, perspectives and ways of working is essential to staying ahead and achieving long-term success.

Curiosity is one of the most powerful tools you can have – it drives innovation and challenges the status quo. By cultivating this mindset early, you develop the resilience, creativity, and strategic agility needed not just to navigate change, but to lead it.

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One East Wacker Drive (top) and 135 LaSalle Street (above) in Chicago

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Safeguarding Public Safety An Interview with Francesco Bruni, Principal, THE VSA Group EDITORS’ NOTE With decades While working at VSA and soaking of experience in the design and in the energy of late-90s New York, I execution of complex building projpursued several continuing education ects, Francesco Bruni has earned a degrees at NYU. In 2001, feeling that I reputation for excellence, innovahad reached the limits of growth in my tion, and integrity. Under his leadjunior architect role at VSA, I moved ership, THE VSA Group has become to a different architectural firm. I then a trusted partner for high-profile returned to full-time study after being clients, including major institutions accepted into Columbia University’s and cultural landmarks such as the Graduate School of Architecture, Planning Nederlander Organization, which and Preservation. With a master’s degree operates nine Broadway theaters. in hand and five years of professional Francesco Bruni Bruni’s expertise spans architecexperience, I became eligible in 2004 tural design, project oversight, and to begin taking the exams for my strategic planning, making him a sought-after New York State architecture license, which I voice in the industry. His commitment to quality obtained in 2005. This allowed me to return and client satisfaction has positioned THE VSA to VSA as a Senior Associate. In 2010, I was Group as a top-tier firm in New York’s competi- offered to transition the company into a new tive construction landscape. chapter under my leadership. The transfer was finalized in 2012 and since then, I have been Will you discuss your career journey? the owner and president of VSA, working with a Looking back on my career, I see a blend of fantastic group of collaborators and continuing “sliding door” moments paired with daily persever- to deliver consulting services to NYC real estate ance and an ongoing drive for learning and curi- companies – some of whom have been with us osity. In 1995, a sudden health condition prevented since the 1980s. my father from attending a wedding in Florence, Will you highlight the history of THE and I was asked to attend in his place. Freshly grad- VSA Group? uated in architecture, I met Vincent Stramandinoli, THE VSA Group is a consulting firm providing the founder of the well-respected engineering firm, architectural and engineering services since 1985 THE VSA Group, at the reception. At the wedding, to nearly every major real estate company and he offered me a one-year internship that ultimately medical institution in Manhattan. The firm’s shaped the course of my professional life. Had my core mission has always been to provide New father not fallen ill, I may never have started down York City building owners with tailored profesthe path that brought me to where I am today. sional services aimed at maintaining the safety

and efficiency of building envelopes, as well as ensuring the structural integrity of framing systems – often modified to accommodate the ever-changing demands of commercial building occupants.

A pioneer of the façade safety program based on periodic inspections, THE VSA Group – alongside a handful of professionals – was deeply involved with the NYC Department of Buildings in the late 1980s during the development of Local Law 11/98, a regulation well known to any property manager in the city.

Over the decades, this initiative not only helped safeguard pedestrian walkways, but also significantly impacted the NYC real estate landscape.

As a result, the number of DOB-approved exterior wall inspectors has grown from a few individuals to nearly 500 professionals today.

While the industry has often pushed for expansion, VSA has remained true to its boutique – or more aptly, “gazebo-sized” – identity, ensuring daily, hands-on involvement from its principals and senior associates. This personalized approach is the primary reason our loyal clients return to VSA time and again.

The realization that one-third of this 40-year legacy has unfolded under my leadership is both humbling and a profound responsibility – toward our clients, our staff, and ultimately, the city we serve.

How do you describe THE VSA Group’s mission?

The world has transformed over the past 40 years at a pace unmatched in any previous

“The firm’s core mission has always been to provide New York City building owners with tailored professional services aimed at maintaining the safety and efficiency of building envelopes, as well as ensuring the structural integrity of framing systems – often modified to accommodate the ever-changing demands of commercial building occupants.”

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“While the industry has often pushed for expansion, VSA has remained true to its boutique – or more aptly, ‘gazebo-sized’ - identity, ensuring daily, hands-on involvement from its principals and senior associates.”

era of recorded history. This transformation has significantly impacted New York City, its real estate landscape, and the way business is conducted. In the architectural and engineering professions, we’ve witnessed the disappearance of drafting tables, the decline of FedEx-shipped drawing rolls, and the rise of information technologies – culminating in the latest advancements made possible through AI. Despite these sweeping generational changes, the core mission of THE VSA Group has remained constant since its inception: to safeguard public safety while helping real estate owners and their property managers keep the building envelopes watertight and the interior spaces structurally sound and architecturally efficient. Whether it’s a landmarked vaudeville-era theater in the Broadway district requiring meticulous façade restoration, a 53-story Midtown Manhattan commercial tower impacted by a helicopter crash and in need of structural remediation, or a hospital facility on the Upper East Side needing building envelope modifications to accommodate a new MRI installation through the facade, THE VSA Group’s team of engineers and project managers has worked side-by-side with building representatives – from initial assessments, feasibility studies, and budget estimates, through field investigations and construction documentation, to bidding and negotiation, contract administration, construction oversight, and final agency signoffs.

Will you provide an overview of THE VSA Group’s capabilities?

VSA has earned a strong reputation in the industry as a solid and reliable consulting firm, built on an aggressive, results-driven approach to resolving building conditions efficiently – both in terms of time and cost. We offer our clients tailored, personalized engineering and architectural services that address their specific needs. These range from ensuring compliance with safety and energy efficiency codes to coordinating proposed tenant build-out plans with the structural load limitations of the building.

Our services include forensic investigations to identify the root causes of reported building issues, issuing targeted recommendations for resolution, designing scopes of work for bidding and permitting, assisting with contractor selection, conducting periodic construction inspections to ensure compliance with approved drawings and specifications, and securing final signoffs from city agencies.

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Whether the consulting services are based on traditional pencil and tracing paper or on the latest AI-powered technologies, hands-on site assessments, deep knowledge of building construction types, and decades of experience remain the foundation of the trust our loyal clients have placed in THE VSA Group for over 40 years.

What have been the keys to THE VSA Group’s strength and leadership in the industry?

VSA has proudly delivered consulting services to many of New York City’s most prestigious properties, including Lever House, the Ansonia Condominium, the Carlyle Hotel, the Seagram Building, and the Met Life Tower. Our client roster features some of the most prominent institutions in the NYC real estate landscape, such as Vornado Realty Trust, Cushman & Wakefield, The Stahl Organization, The Nederlander Producing Company, Mount Sinai Medical Center, and New York University.

Despite the world-class portfolio and highprofile clientele, the true strength of THE VSA Group lies in the personal relationships we’ve built – rooted in trust – with all individuals involved in our projects. From COOs and portfolio managers of public companies to infrastructure directors, property managers, chief engineers, building staff, general contractors, bricklayers, pointers, and caulkers, we believe that loyalty to people matters more than their job titles.

While the real estate industry can often feel impersonal and transactional, VSA’s continued success is grounded in our commitment to human connection and our ability to solve real, practical problems.

How important has it been to build THE VSA Group team?

THE VSA Group is built on a team of skilled, hardworking professionals who contribute to the firm’s success by making each client representative feel like our only client. I’m proud to work alongside dedicated colleagues – some of whom, like our Comptroller, Evelyn Bruni, and Senior Project Manager, Kenneth Durden, have been with the company since the 1990s and now serve as mentors to our younger team members.

Since taking leadership of the firm in 2012, I have blended legacy team members from the original organization with newly hired talent.

One of my key decisions was to replace the traditional vertical structure with a more agile, flat organizational model. This shift empowers

employees to take greater ownership of their work, rather than relying on direction from upper management.

With this horizontal structure, each team member oversees their assigned project from design through construction completion, engaging directly with owner representatives and members of the construction team. Their involvement in every stage of the project – not just in compartmentalized tasks – makes them more accountable, well-rounded, and deeply invested in delivering successful outcomes.

How do you focus your efforts leading THE VSA Group?

Assisting clients by balancing reactive and proactive approaches is the driving force behind my typical day. Once a resolution to reported building conditions is achieved and public safety is ensured, discussions begin with building representatives to define a scope of work. This scope must integrate mandated repairs with proactive measures to address other potential issues likely to arise in the near term – reducing the need for additional projects and minimizing redundant costs and disruptions to occupants. This level of efficiency is only possible through our deep knowledge of each individual building and the mutual trust we’ve established with ownership, both cultivated over many years of dedicated service.

What are your priorities for THE VSA Group as you look to the future?

Our top priority is to honor the legacy of 40 years spent contributing to a better and safer New York City – while continuing to deliver high-end architectural and engineering services today and for the next 40 years. To achieve this, we must recognize the immense value of the knowledge and history we’ve accumulated through decades of completed projects across countless properties.

Simultaneously, it is important to continue developing the soft skills essential for leading THE VSA Group into the future, such as the ability to communicate clearly and persuasively, the leadership skills to inspire and effectively manage the team, and the time management techniques to improve efficiency and boost productivity.

By investing in both our technical expertise and our people, we ensure the lasting success of THE VSA Group’s mission and our impact on the city we serve.

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Technology Transformation An Interview with Deepesh Chandra, Senior Vice President and Chief Digital and Information Officer, Montefiore Einstein EDITORS’ NOTE Deepesh Chandra and a people-first attitude, which is a is a seasoned healthcare technology quality that began more than 125 years executive with experience leading ago when Montefiore was established digital and analytics transformato care for people with debilitating and tions and healthcare IT modernizachronic illnesses. With Albert Einstein tion. His career spans over 20 years College of Medicine, we combine clinin healthcare leading various aspects ical care with research to deliver the best of technology for large organizations, academic medicine has to offer. We’re with a demonstrated commitment looking to push boundaries and holisto excellence driving transformatically support our patients and their tive change, enhancing operational families. efficiency, and creating diversified Will you provide an overview Deepesh Chandra growth. In his role at Montefiore of your role and areas of focus, and Einstein, Chandra plays a pivotal how these efforts reflect Montefiore role in leading the overall technology strategy Einstein’s mission and leadership? and driving digital and analytics innovation that I am honored and humbled to be Montefiore supports the system-wide mission and goals of the Einstein’s Senior Vice President and Chief Digital institution. Chandra received his BS degree in and Information Officer. I work with our clinical computer science engineering from the National and operational leadership to drive technologyInstitute of Technology & Management and enabled transformations to help our healthcare earned his MS degree from the NYU Stern School system evolve how we deliver consistent and of Business. excellent patient care. Our team of experts in Montefiore technology work together within INSTITUTION BRIEF Montefiore Einstein (monte and across cloud, cybersecurity, digital, data fioreeinstein.org) is a premier academic health and analytics, artificial intelligence, and our system renowned for pushing the boundaries electronic health records system. Our goal is to in every arena, from research to discoveries of life-saving cures, from innovations in patient care to advancements in public health, and to world-class medical education. It is comprised of Montefiore Health System and Albert Einstein College of Medicine. Together they are pioneering patient-centered research and providing exceptional personalized care with over six million patient interactions a year in communities across the Bronx, Westchester and the Hudson Valley. Montefiore Health System is comprised of 10 member hospitals, including the Children’s Hospital at Montefiore, Burke Rehabilitation Hospital, White Plains Hospital, and more than 200 outpatient ambulatory care sites that provide coordinated, comprehensive care to patients and their families. Albert Einstein College of Medicine, home to nearly 1,000 students in its MD, PhD, and combined MD/PhD programs, is one of the nation’s preeminent centers for research, medical education and clinical investigation.

How do you describe Montefiore Einstein’s mission?

Montefiore Einstein’s mission is to heal, teach, discover, and advance the health of the communities we serve. Our physicians, nurses, and other clinical and support staff care with compassion 74 LEADERS

create an efficient, easy, and accessible health system.

What are Montefiore Einstein’s pillars for supporting healthcare technology transformation?

Our pillars at Montefiore Einstein are to support healthcare technology transformation by empowering, unlocking, giving, and enabling. We execute these efforts through meticulous exploration, review, integration, and continuous improvements within our technical focus areas based on our technical transformation strategy. Ultimately, we want to ensure we’re at the forefront in thinking about what our providers expect and how to leverage technology to help our care teams accomplish their goals. We want to empower our clinicians across our healthcare system to access data and information through a “single pane of glass” for all their needs. To drive collaboration across all locations, care settings, and specialties, we must unlock the capacity for everyone to obtain the information and resources they need to support our patients and broader community.

We also focus on giving clinicians time back by providing digital tools that help them deliver care more effectively. We’ve been incorporating

Montefiore Health System’s Henry & Lucy Moses Division

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digital assets like automation and ambient listening technology into our healthcare system to reduce burden with AI-based note creation.

Operationally, the technology transformation enables us to improve resiliency, improve productivity, and positively impact patient care.

Will you describe a few initiatives that you are proud of and that support Montefiore Einstein’s priorities?

There are multiple technology initiatives we’ve been working on to support Montefiore Einstein’s priorities. A few we are proud of are: Our recent work with Amazon One Medical to expand access to high-quality coordinated and specialty care in New York where Amazon One Medical works with us to enable increased access to coordinated care.

We recently kicked off a cloud transformation across Montefiore Health System in partnership with Amazon Web Services. This effort will help us automate and scale our infrastructure to better deliver technology resources to our clinicians and protect our business while improving the resiliency of our information.

Also, we’re improving our cybersecurity maturity across Montefiore through multiple initiatives that include identity management, business continuity, risk management, and attack surface reduction. These efforts will improve our visibility into potential vulnerabilities so we can mitigate them faster and effectively.

Through digital enhancement projects, we are re-imagining the patient experience via an upgraded, centralized provider directory. This will enhance online scheduling and access from searching and booking, to preparing for a visit and checking-in. We want our patients to have the best experience with our health system. That often starts with an online search, and we want to ensure their engagement is guided, intuitive, and supports a range of needs.

There’s an extensive list of additional projects we are working on across all technology domains to improve our artificial intelligence, data, digital, and asset/software management capabilities.

We’re right in the middle of a major transformation for Montefiore technology.

I’m thankful every day for the team of technology experts that have been working so hard, specifically over the past almost two years that I’ve been at Montefiore. The level of dedication to get these projects executed to support Montefiore’s priorities is very high. They have been stepping up the plate to implement, scale, adjust, and align to make not only our technology organization stronger, but also improve Montefiore’s ability to support our clinicians and our patients.

How is artificial intelligence driving further innovation and patient care enhancements?

We have a culture of innovation dating back decades – this includes the early use of artificial intelligence. Before AI was a household term, we were using AI tools for stroke detection, using machine learning models for sepsis detection in patients, calculating personalized risk scores for assessing a patient’s readiness and tolerance for surgery and potential for complications, assessing risk of respiratory failure and prolonged VOLUME 48, NUMBER 4

mechanical ventilation, and using ambient voice involved from day one. We work directly with our AI to reduce the burden of documentation for our patients and clinicians through iterative processes clinical teams, to name a few. We are doubling to integrate patient care priorities into our technodown on AI by surrounding our past efforts with logical solutions. We recently asked for end-user a strong governance framework that engages feedback regarding MyChart features to ensure the directly with our clinical and operational teams. proposed changes met their needs and improved By separating the hype from the practical, we their experience. These changes are now live, and have an emphasis on results, and are engaging we are seeing improvements in expected outcomes.

Similarly, we had a Patient Ambassador with industry partners, while managing risks to program where we asked individuals to help our patients and organization. patients with MyChart questions, including sign-up and opt-in for text messaging. These Ambassadors identified feedback on certain areas to improve, even before we discovered those same areas through parallel discovery processes.

What has made the field of healthcare technology so special for you?

I’ve been working at the intersection of healthcare and technology for more than 20 years.

For those of us who focus on technology, we don’t get to necessarily see the impact we make on patient care on a daily basis. Sometimes, it is bringing a new service into our clinical environment to better manage NICU monitoring or transplant resource organization within our electronic health records. But for me, it is special to know that everything we are doing is aimed at helping people at their most vulnerable moments. I don’t take that lightly. People working in healthcare, including in technology, want to do all we can to make the experience for patients and their families run smoother and more effectively.

In healthcare, we also have the opportunity to look at other service industries to see how they are incorporating technology to make things easier for their customers. There are certainly parallels we can learn from and share our best practices with others. It is empowering to think how evolving technology can help aid a person’s overall care experience. It all comes back to having a sharp focus on helping people in their most vulnerable Our AI work supports clinical, research, and points in life and feeling confident we have done operational efforts across Montefiore. Some of the everything possible to support them. initiatives we are pursuing are focused on early What advice do you give to young people breast cancer detection, enhanced management of beginning their careers? prostate cancer patients, and predicting likelihood I would encourage young people, particuof patients in our emergency departments who larly in healthcare careers, to find and create may need to be admitted to the hospital. We are opportunities to really learn about what patients’ also evaluating tools for chart abstraction to submit needs are and what clinicians need to support select information to patient and professional them. A new technology might sound like it could society registries aimed at enhancing care. Lastly, save a life, or a specific problem – but it might we are initiating the development of Agentic AI not, depending on how it relates to “real people” use cases and see a lot of potential for “AI Agents” benefiting from it and being able to utilize it. Our to support our clinical and operational teams. technology is only as good as its usefulness.

At a strategic level, we want our artificial intelInvest the time and energy to learn about our ligence and automation efforts to be powered by industry’s complexities and nuances. In healthcare, a strong data platform as well as robust tools that it is imperative to understand how technology allow us to build and monitor the performance of plays a role, not just from the patient’s perspecthese initiatives. tive, but from a caregiver’s point of view. We are How do you balance the use of tech- living in a time where technology is moving fast. nology with making sure not to lose the It is changing healthcare at a rapid pace, and we personal touch that Montefiore Einstein is need to understand how technology can help, known for? not hinder. That perspective helps identify how That’s a great question. Montefiore Einstein to make a meaningful impact in our communihas a long, trusted reputation in our communities. ties. It’s an exciting time for technology-focused As with new care innovations, technology cannot healthcare careers – and we’re all patients at some occur in silos – our patients are key stakeholders. point – keep that perspective at the forefront. With When evaluating how to modernize and simplify that in mind, think about how much opportunity care through technology, clinicians are also often is out there.

“Montefiore Einstein has a long, trusted reputation in our

communities. As with

new care innovations, technology cannot

occur in silos – our patients are key stakeholders.”

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Adding To The Architecture Of The City An Interview with Izak Senbahar, President, Alexico Group

EDITORS’ NOTE Izak Senbahar is the President of Alexico Group, the development firm behind highprofile condo projects such as Grand Beekman on East 51st Street, 165 Charles Street, the Laurel on East 67th Street, 56 Leonard, and The Mark Hotel. Senbahar ear ned a bachelor’s degree in mechanical engineering from the Catholic University of America and a master’s deg r ee in international finance from New York University.

By the way, there is nothing wrong with that. It is a respectable business plan. It is just not that enjoyable for us.

We come from an engineering background, so technically we are strong, but we had to work hard to hone our aesthetic skills. We are good listeners, and the artistic community likes us for that. We have been building for over 40 years so early on in the design process we know what we can build and what is cost prohibitive. Fundamentally, we Izak Senbahar want to add to the architecture of the city and at the same time improve the COMPANY BRIEF Alexico Group (alexicogroup.com) quality of life of our buyers. is a leader in luxury residential and hotel development with a commitment to high architecture and design. Izak Senbahar has over 40 years of experience in the fields of development, construction, and property management.

Alexico’s portfolio includes some of New York’s most prestigious properties, establishing them as leaders in their field with a commitment to design excellence.

Will you discuss the history of Alexico Group?

It all started in 1994 with the ambition and the vision to patiently build a couple of relevant buildings in Manhattan. Back then, high-end architecture was limited to Forbes 500 corporations as their extravagant headquarters. The common belief was that individual buyers of newly built residential apartments only cared for the size and layouts of the interiors. Also, most developers did not pay much attention to kitchen or bathroom finishes since the thought was that buyers would redo them to their tastes anyway. I discussed this notion with my dear friend, Costas Kondylis, while we were building a high rise and asked why this was the case.

His answer was that most developers wouldn’t give him a chance to design great architecture because of budget and schedule constraints. I said I would do it, which I did, and ended up really enjoying the process, the challenges, etc.

The buildings we built were received very well.

I then continued with Richard Meier, Herzog & de Meuron, and so on.

How do you define Alexico Group’s culture and values?

It may sound pompous, but I really don’t like the word “good.” My starting point is “great.”

We just don’t want to build a shelter with a roof.

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56 Leonard (above) and The Mark (top)

What have been the keys to the strength of The Mark?

We obsess on making The Mark experience “extraordinary.” I always say we don’t just want to meet our guests’ expectations; we want to surpass them. The strength of The Mark does not just come from one element. It is a culmination of many different elements. It is like a chocolate cake. You need many ingredients in measured doses to make it rise. For one, we built an amazing asset, from the Jacques Grange timeless design down to the impressive shower strength. Then we studied the basics, like the mattresses, the bedding, the tvs, the Wi-Fi strength at length. We made sure it was function over form, not that we ignored form.

Once we got the design and the basics down, we made sure to hire top shelf, competent and nice staff.

How do you describe The Mark guest experience?

I think if you are going to be in the hospitality business, you have to be “hospitable.” We avoid friction with the guests at all costs. We feel by the time the guests arrive at the front desk they are most probably tired and stressed, either from their travels or from their day at work. Hence, our front desk along with our concierge desk need to be ”decompression chambers.” There is an old saying in this business – treat everybody the way you would want your mother to be treated.

What do you feel are the keys to effective leadership, and how do you approach your management style?

Leadership is about gaining respect through hard work and dedication to your product and to your people. Respecting others, recognizing the strengths and talents of people around you, and listening to them. Treat everybody well and be empathetic. If you do all of the above, your colleagues will respect you and you will be a great leader.

What has made the real estate industry so special for you?

Not much different than an artist or a sculpture, you create something that was not there before and it will stay there long after you are gone. So, you better build it right.

What advice do you offer to young people beginning their careers?

Work hard. Embrace what you do. Learn from everybody around you. And don’t be discouraged by “No’s.”

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NEW YORK

Creating An Environment Of Respect An Interview with Robert L. Dilenschneider, Founder and Chief Executive Officer, The Dilenschneider Group, Inc. EDITORS’ NOTE Robert Dilenschneider is the Founder and Chief Executive Officer of The Dilenschneider Group, a strategic counseling and public relations consulting firm. He is considered one of the world’s foremost communications experts and is frequently called upon by the media for commentary on major news stories. He is the author of several books, including The Ultimate Guide to Power and Influence; 50 Plus!; Nailing It; Character; and Respect.

What have been the keys to The Dilenschneider Group’s strength and leadership in the industry?

Not only do we bring clients a unique level of communications counsel, we provide them with new contacts, networks, and relationships.

This opening of new doors helps them to meet their objectives while stimulating new ways of thinking about the challenges they face. Beyond what we do to meet their specific needs, we Robert L. Dilenschneider provide our clients with the information we think they need to see over the horizon and anticipate the changes in the FIRM BRIEF The Dilenschneider Gr oup marketplace, the political realm, and society (dilenschneider.com) provides access to CEOs at large that will affect their operations. To and their communications professionals in do this, we issue annual Trend Reports that fields ranging from mergers and acquisitions describe scores of these evolving changes and to marketing, government affairs and interna- movements, and we supplement those analyses tional media. The firm’s objectives are to bring with Special Reports that look at major new clients a level of communications counsel, developments. creativity and exposur e to networks and Where did you develop your interest in contacts not available elsewhere. writing books?

My appreciation for writing was How do you describe The Dilenschneider instilled early in life by my father, Sigmund J. Group’s mission?

Dilenschneider, who was a longtime newspaOur mission is to bring to clients commu- perman in Columbus, Ohio. He held leadernications strategies that are targeted, innovative, ship positions as the business manager for the and effective. We believe the product of a stra- Columbus Citizen-Journal and later as assistegic communications counselor is not style, it is tant vice president of E.W. Scripps Co., and he judgment. And good judgment is best achieved taught me the overriding importance of integwhen a leader works with a small, carefully rity. I loved roaming around the newspaper’s coordinated group of reliable advisors. For us, building back in those days when huge presses that involves drawing on a team of consultants printed the paper and the area smelled of who have backgrounds in finance, security, ink and pulp. I’m sure those early experiences mergers and acquisitions, government affairs, led to my pursuit of a master’s degree in jourcrisis management, and media relations. nalism years later.

As I developed my career in the public relations industry, it was natural for me to turn to writing books as a communication tool. Most of my books are an outgrowth of my experiences in the field, such as The Ultimate Guide to Power & Influence (2023). Others are inspirational, such as Character: Life Lessons in Courage, Integrity, and Leadership (2025).

What was your vision for writing your latest book, Respect?

I have long been concerned about civility – or more precisely, the lack of it in our social discourse. This led me to initiate the Civility in America lecture series in 2012, which has featured many of the nation’s leading thinkers from a wide variety of professions and experiences. But in recent years, unfortunately, our national discourse has devolved into coarseness, name-calling and mistrust of “the other” – whatever group that might be. Our country has become divided along several fault lines, not just the political ones. It seems that people are entrenched in their views and don’t want to listen to anyone with a different opinion. I felt compelled to do something beyond the lecture series to take the issue of civility to the personal level and develop a roadmap, if you will, for creating an environment of respect in every facet of one’s life.

What is the key message you wanted to convey in the book?

The crux of my message is that each of us has the power, and the obligation, to help forge a culture based on respect. That is reflected in the book’s subhead, “How to Change the World One Interaction at a Time.” In the face of what seems like an intractable situation, you are not powerless – that’s the central

“The crux of my message is that each of us has the power, and the obligation, to help forge a culture based on respect.”

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point. I ask the reader to think about what kind of community he or she wants to live in and then take responsibility for making it happen. Develop respect in family and personal relationships, in the workplace and in our civic institutions, such as education, politics, and religion. And the key to conducting your life with respectfulness – what must come first – is self-respect. My book explains why and how to develop such respect without going overboard.

I may be overly optimistic, but I do believe that together we can change our society to one

in which we listen to each other, respond with respect, agree to disagree at times, and benefit from an atmosphere of civility. Yes, it is possible.

How is the book constructed?

I generally write my books from a business perspective, but I quickly realized that the value of respect has to permeate one’s entire life to be authentic and lasting. So, I explored the nature of respect from a philosophical perspective, from Immanuel Kant’s belief that every individual is inherently deserving of respect, to practical

advice on how to present your opinions constructively.

I’ve always believed lessons are more meaningful when they’re based on personal stories, and so in my book 13 leaders in fields such as education, religion, politics, nonprofits, publishing, and the arts share their views and experiences regarding respect, including how they handled situations of disrespect. For example, Michael J. Dowling is the CEO emeritus of Northwell Health, the largest private healthcare provider and a major employer in New York State (recently expanding into Connecticut). We’ve known each other for decades, ever since he came to the U.S. from his native Ireland.

Growing up in poverty in County Limerick, Dowling embraced his mother’s advice, “Never allow your current circumstances to limit your future potential.” He eventually achieved astonishing success in academia, state government service, and healthcare.

Setting the right culture in the organization is important to him, and that’s why he would meet every Monday with new Northwell employees, typically around 300, to convey the message of respect for one another at every level. Here’s how he expresses it: “I spend quite a bit of time on the issues of decency and respect and honesty and how we relate to one another – how we communicate, how we respect one another’s opinions, how we can have respectful disagreements.

It’s central to the culture we try to create inside of Northwell. But it is also central to the societal culture. What kind of community do you want to be in?”

How has the role of a communications firm evolved?

What is needed by clients today is very different from the requirements of five or ten years ago. A new level of sophistication is called for. It used to be that the communications were only at the CEO level. Over the past 20 years this has changed. We need to get back to helping CEOs understand the public challenges their company faces.

With all that The Dilenschneider Group has achieved, are you able to enjoy the process and celebrate the wins?

We stop and take a deep breath every day and look at what is being done for our clients.

Our goal is not to celebrate success, but to focus on what more can and should be done. We never stand on the past and constantly look to the future and new ways of dealing with what has to be done.

What is a trend that is occurring in the industry today?

There is a media focus now on business that is totally different from what took place just a few years ago – tougher, more critical, sometimes downright hostile. A minor miscue can go viral and destroy reputations, even whole organizations. It doesn’t even have to be a real miscue – it can be an AI fake or a conspiracist’s inflammatory lie. We expect this trend is going to continue and will require whole new ways of thinking and more evolved communications strategies.

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Innovation Pioneers In Aging Services An Interview with Jeffrey I. Farber, MD, President and Chief Executive Officer, The New Jewish Home EDITORS’ NOTE Jeffrey Farber is Will you discuss your career journey?

Pr esident and Chief Executive Since the end of 2017, I’ve been Officer of The New Jewish Home the President and CEO of The New in New York. Prior to his current Jewish Home, where I’ve focused role, Farber served as Chief Medical on expanding critical programs like Officer and Senior Vice President, SkillSpring – a healthcare workforce Population Health, at Mount Sinai development program – and introHealth System. He serves as Board ducing innovative care models. As a Chair of AJAS (Association of Jewish physician-executive, I am proud to Aging Services), Board Vice Chair for lead a healthcare system with more Long Term Care of the Greater New than 175 years of history that is dediYork Hospital Association, and immecated to helping older adults live Jeffrey I. Farber diate past Board Chair of the CMR lives full of meaning and purpose. I Institute. Farber is a graduate of Tufts am a board-certified geriatrician University and earned his medical degree with and a healthcare leader with a career that AOA honors from the Albert Einstein College spans clinical practice, academic roles, and of Medicine. He trained in inter nal medicine at New York-Presbyterian’s Columbia campus and in geriatrics at the Icahn School of Medicine at Mount Sinai. He is a graduate of the Isenberg School of Management at University of Massachusetts Amherst, with an MBA. He is board-certified in both Internal Medicine and Geriatric Medicine and a Fellow of the American College of Physicians. He is a nationally recognized speaker and has twice received federal grant funding through the Health Resources and Services Administration’s Geriatric Academic Career Award. His research has been published in The Annals of Internal Medicine, JAMA Internal Medicine, The Journal of Hospital Medicine, and JAMDA. INSTITUTION BRIEF The New Jewish Home (jewishhome.org) was founded in 1848 as an off-shoot from a local synagogue to serve an emerging need to provide services for older impoverished Jewish women in New York City. It has since grown into an innovative, academic healthcare system for older adults of all races and religions. The New Jewish Home operates a skilled nursing facility in Manhattan, along with a portfolio of home and community-based programs in Manhattan and the Bronx to help older adults. The organization developed a signature workforce development program, SkillSpring, which provides opportunities for underserved youth and young adults to enter the fast-growing healthcare field.

SkillSpring also helps address the underlying ageism in America and advance The New Jewish Home’s vision of a new reality in which ageism is no longer, and society embraces its older adult members.

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executive leadership. I believe ageism is pervasive in our society, and we have both an obligation and an opportunity to improve how we treat the oldest and most vulnerable among us.

I earned my MD degree from Albert Einstein College of Medicine, completed my medicine residency at New York-Presbyterian, Columbia, and a Geriatrics fellowship at Mount Sinai, where part of my training took place at The New Jewish Home. I later earned an MBA from UMass Amherst to strengthen my business acumen and leadership capabilities. At the Mount Sinai Health System, I served as Chief Medical Officer for Population Health and CEO of its Medicare ACO, where I gained invaluable

The New Jewish Home garden

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experience in value-based care and population health management.

I’m deeply committed to improving aging services nationwide and currently serve in leadership roles with the Greater New York Hospital Association, the CMR Institute, and the Association of Jewish Aging Services. I also serve as a Clinical Associate Professor of Geriatrics at the Icahn School of Medicine at Mount Sinai. These positions allow me to advocate for policy changes and share best practices that can transform care delivery for older adults in America.

Will you highlight the history of The New Jewish Home?

As a comprehensive, mission-driven nonprofit healthcare system, The New Jewish Home has been serving older New Yorkers since 1848, making it one of the oldest aging services organizations in the United States. It was founded 177 years ago by Hannah Leo as The B’nai Jeshurun Ladies’ Benevolent Society for the Relief of Indigent Females. They began making home visits to impoverished Jewish older adults, and in 1870 opened a 15-bed, long-term facility on West 17th Street, the first Jewish institution of its kind in America. In 1883, the organization opened a facility on West 105th Street for 140 residents and became a charter member of the UJA-Federation in 1917. In 1973, we opened the first Adult Day Healthcare program in New York State, and we were the first to reopen after the COVID-19 pandemic. In 2006, we established the Research Institute on Aging and began our innovative workforce development program that trains underserved young people for healthcare careers while addressing the ongoing workforce shortage.

While we were first established as a facility to serve New York’s Jewish population during a time when such specialized care was desperately needed, we now serve New Yorkers of all faiths, ethnicities, and backgrounds, reflecting our commitment to inclusivity and community service. Throughout our long history, we have been innovation pioneers in aging services.

We are proud to be the first facility in the U.S. to have a full-time professional social worker, recognizing early on that emotional and social well-being are just as important as physical health. We were also the first to employ a fulltime in-house doctor and to establish a comprehensive teaching system to train professionals in caring for older adults – innovations that are now standard practice across the industry.

Our legacy of innovation continues today as we adapt to meet the evolving needs of New York’s aging population while maintaining our founding principles of compassion, dignity, and excellence in care Will you provide an overview of The New Jewish Home’s portfolio of innovative healthcare services?

Our comprehensive portfolio spans the full continuum of care for older adults, from delivering at-home care to providing specialized medical services like post-acute rehabilitation to adult day healthcare. We operate a skilled nursing facility on the Upper West Side of Manhattan offering outstanding rehabilitation VOLUME 48, NUMBER 4

in partnership with Mount Sinai Health System and NYU Langone Health, as well as long-term nursing home care. Our Manhattan facility is the only one in New York City staffed by a full-time medical team of Mount Sinai physicians and nurse practitioners.

Despite taking on the highest acuity cases, under the leadership of our Senior Medical Director, Dr. Ruth Spinner, we’ve lowered our 30-day re-hospitalization rate to just 12 percent, placing us at the top decile in the nation – meaning if you come to The New Jewish Home for rehab, you have the best chance to get well and go home and not land back in the hospital.

In our ongoing efforts to enhance the rehab experience, we’ve embraced new technology through virtual reality headsets. We have a novel partnership with Mynd Immersive and were first in the nation to bring “The Great American Elderverse” to life powered by our outstanding recreation, rehab, and research programs.

Our Adult Day Healthcare programs in Manhattan and the Bronx offer specialized services for older adults with chronic diseases, memory impairment, and behavioral issues.

As part of our home care portfolio, we offer Geriatric Care Managers and Home Health Aide services as well as a Certified Home Health Agency so older adults can receive clinical care in the comfort of their homes. In the Bronx, we have a Medicaid Assisted Living Program and three Section 202 buildings for low-income older adults.

SkillSpring, our groundbreaking workforce development program, is training the next generation of high-quality healthcare professionals to become Certified Nursing Assistants (CNAs), generating excitement and enthusiasm for career opportunities in healthcare while simultaneously addressing the caregiving crisis in New York City. We started the program back in 2006 for high school students because we saw a staffing crisis on the horizon. The program’s model was so successful that we expanded it to serve 18-27-year-olds from underserved communities. Since then, we’ve transformed over 1,400 lives, and over the past year alone, we secured more than $6 million in new grants. Over the years, we’ve partnered with RiverSpring Living, MJHS Health System, and ArchCare to help recruit, train and hire CNAs. This year, we will proudly train 220 participants, doubling our impact from last year. This program is not just about creating jobs – we’re investing in caregivers who value older adults. We’re forging intergenerational connections that build respect and dismantle ageism.

Through our partnerships with leading medical institutions, we provide access to specialized services including cardiology, orthopedics, and geriatric psychiatry, ensuring that our residents receive comprehensive care without having to navigate multiple healthcare systems and settings.

Will you discuss the importance of The New Jewish Home’s partners to the organization’s success?

At The New Jewish Home, our partners are essential collaborators in our mission, each

bringing unique strengths that help us deliver compassionate care to older adults. These partnerships represent a fundamental shift from the traditional model of isolated longterm care facilities to an integrated approach that leverages the best of what each organization can offer. Institutions like Mount Sinai Health System and NYU Langone Health offer clinical expertise, specialist referrals, training opportunities for our staff, and joint research initiatives which enhance the quality and scope of services we provide. These medical partnerships ensure that our residents have access to the same high-quality specialty care they would receive at a major medical center, without the stress and disruption of frequent transfers. And now, through an innovative partnership with the Alzheimer’s Association, we’re opening a new Extended Day Program in the Bronx to help older adults with dementia and provide caregivers sorely needed respite.

What are your priorities for The New Jewish Home as you look to the future?

Looking ahead, my priorities center on strategies that will position us to meet the evolving needs of older adults while maintaining our commitment to excellence, innovation, and compassion. We’re prioritizing workforce development and sustainability. The aging services industry faces significant staffing challenges, and we must be part of the solution. In New York, nearly 3.5 million residents are over the age of 65 – and that population is growing faster than any other group. The growing population is in stark contrast with the number of openings for Certified Nursing Assistants, a critical position at skilled nursing facilities: New York currently has an estimated 13,000 openings for CNAs – over 5,000 in New York City alone – and the state Department of Labor projects an additional 15,000 positions will be needed by 2030. This gap in people who need care and the number of openings highlights the severity of the shortage and emphasizes the need to bring more people into the industry. That means investing in our current staff, while also working to attract new talent to the field. We’re exploring innovative approaches like SkillSpring, which this year became a registered apprenticeship program through the New York City Department of Youth and Community Development, as well as partnerships with high schools and community colleges.

We’re also focusing on advancing the integration of technology and data analytics to improve care quality. This includes exploring assistive technologies that can help residents maintain independence and live high-quality lives, such as virtual reality.

Last, but not least, we are strengthening relationships with existing partners and exploring new partnerships, as we believe we must work together as a society to continue meeting the ever-changing needs of older adults – providing the highest-quality care possible and ensuring people are able to age with the dignity and respect they deserve.

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Design And Justice An Interview with Pascale Sablan, Chief Executive Officer, New York, Adjaye Associates EDITORS’ NOTE Pascale Sablan, Will you discuss your career journey?

FAIA, NOMAC, LEED AP, is Chief My career has been defined by Executive Officer of the Adjaye both design excellence and a deep Associates New York studio overcommitment to advocacy. I trained as seeing projects in North and South an architect with a passion for cultural, America and the Caribbean. Since civic, and institutional projects that not joining the firm, Sablan has played only shape skylines, but also tell the a pivotal role in the strategic develstories of communities. Over the years, opment of the New York office with I’ve had the privilege of contributing particular attention to communityto landmark projects like the African serving projects, community engageBurial Ground National Monument ment programming, and advocacy in downtown Manhattan and the Pascale Sablan initiatives. She has extensive experiStudio Museum in Harlem, where ence in project management and design became a vehicle for celebrating leading design teams on cultural, civic, and identity, history, and belonging. Today, I serve as commercial projects internationally, and she CEO of Adjaye Associates and am responsible for regularly leads the development of community the Americas and the Caribbean, leading projects engagement strategies to uncover cultural narra- at the intersection of innovation, culture, and tives and deliver built environments that respond community impact. to diverse needs and aspirations. An active voice At the same time, I’ve always believed that in the industry, Sablan served as the Immediate architecture must be more inclusive and reprePast President of the National Organization sentative of the world we serve. That convicof Minority Architects (NOMA), was awarded tion inspired me to establish Beyond the Built the 2021 AIA Whitney M. Young Jr. Award for Environment, a nonprofit that has elevated the her advocacy efforts, and is a member of the work of more than 1,100 diverse designers through American Institute of Architects College of Fellows. 53 global exhibitions under the banner SAY IT She has given lectures at colleges and universi- LOUD. My advocacy has grown alongside my ties nationally and globally, including prestigious practice, creating a feedback loop where leaderinstitutions like the RIBA, Cooper Hewitt, and the ship in one sphere strengthens the other.

United Nations. Sablan holds a bachelor of What has guided me throughout is purpose: architecture from Pratt Institute and a master of proving that the profession can be radically science in advanced architectural design from more just, diverse, and empowering. Every role Columbia University.

I’ve taken on – from serving as President of the National Organization of Minority Architects FIRM BRIEF Adjaye Associates (adjaye.com) (NOMA), to representing the American Institute strives for an architecture that enriches daily of Architects on the Union Internationale des life and meets the diverse needs of the commu- Architectes’ Professional Practice Commission, nities it serves from the intimate to the expan- to chairing both the NYCxDESIGN Board and sive. The firm believes architecture presents Adjaye Associates’ Admin Board – has been in opportunities for transformation – materially, service of opening doors, breaking ceilings, and conceptually, sociologically – and can act ensuring the next generation sees themselves as a catalytic mechanism for bridging and reflected in the built environment. My journey creating relationships between the human has been less about following a straight path body, society, and the world. As a multidis- and more about insisting that design and justice ciplinary studio, research is indispensable to walk together.

Adjaye Associates’ process and it undertakes How do you describe Adjaye Associates’ the responsibility of articulating narratives mission? through understanding the past in order to Adjaye Associates is driven by the belief create a vibrant, socially and environmen- that architecture has the power to transform tally r esponsible futur e. Notions of place- lives and strengthen communities. Our mission making, identity, memory and meaning are is rooted in creating designs that are not only central to the firm’s design process as it aims visually compelling, but also deeply attuned to create structures conducive to positive forms to context – cultural, historical, social, and of human transformation. environmental. We see each project as an 82 LEADERS

Adjaye Associates designs (above and opposite page)

opportunity to tell a story, to honor a place, and to shape spaces that foster connection, equity, and belonging.

The studio is also intentional about pushing the boundaries of innovation. Whether we are working on a museum, a cultural campus, or a neighborhood masterplan, our process is collaborative and multidisciplinary, weaving together art, material research, and community engagement. The result is architecture that feels both contemporary and timeless – rooted in the past yet responsive to the needs of the future.

What excites me most about our mission is its alignment with my own values: to ensure that the built environment reflects the diversity of the people it serves. From Accra to London to New York, our practice is global, but our commitment is always local – listening, learning, and designing in ways that leave communities stronger than we found them.

Will you provide an overview of Adjaye Associates’ approach?

At Adjaye Associates, our approach begins with listening. We invest deeply in understanding the communities, histories, and cultures that shape each project. Rather than imposing a singular style, we develop a design language that is responsive to context – whether that’s a civic landmark, a cultural institution, or

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a neighborhood intervention. This intentionality allows our work to feel specific, meaningful, and enduring.

Collaboration is at the heart of our process.

We engage a wide network of experts – from local architects, engineers, and artists to historians and local stakeholders – to ensure that every perspective is valued and every solution is comprehensive. Our global practice, with studios in Accra, London, and New York, allows us to bring a wealth of experiences to the table while remaining rooted in the unique needs of each place.

We also see design as an evolving conversation between tradition and innovation.

Material experimentation, sustainable practices, and community engagement inform every project, resulting in architecture that is not only beautiful, but also socially and environmentally impactful. Ultimately, our approach is about creating spaces that inspire, empower, and endure.

Will you highlight Adjaye Associates’ history in New York?

Adjaye Associates has had a strong presence in New York since its founding with the commission to deliver the Smithsonian National Museum of African American History and Culture, establishing the studio as both a creative hub and a trusted collaborator in shaping the city’s cultural and civic landscape. From early projects like the Sugar Hill Mixed-Use Development in Harlem to transformative cultural commissions such as the Studio Museum in Harlem and the Princeton University Art Museum, our New York work reflects the city’s dynamism, diversity, and global influence.

The New York studio has always been a place where local impact meets international reach. Our projects span a wide spectrum – museums, memorials, performance spaces, educational facilities, and residential communities – each grounded in the belief that architecture should advance equity and cultural expression.

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The Newton Enslaved Burial Ground Memorial, now under construction, represents one of our most significant contributions: a sacred site and a testament to the power of design to honor untold histories.

Today, as CEO of the New York studio, I am proud to lead a team that reflects the city itself – diverse, visionary, and committed to creating work that matters. Our office continues to engage in projects that not only shape the built environments, but also contribute to global conversations about design, justice, and community.

What are some of Adjaye Associates’ projects in the New York market?

While Adjaye Associates’ practice extends across North America, South America, and the Caribbean, our most significant contributions in New York have helped define the city’s cultural and architectural landscape. The Sugar Hill Mixed-Use Development in Harlem is a model of socially responsive design, combining affordable housing, a children’s museum, and early education classrooms within a striking architectural form. The Studio Museum in Harlem, currently under construction, builds on that legacy, creating a world-class cultural institution rooted in community.

We have also shaped New York’s residential and workplace environments. 130 William, a 66-story residential tower in Lower Manhattan, reimagines the skyscraper through textured hand-cast façades that honor the city’s masonry traditions. The SEIU 1199 Headquarters renovation provided a modern, flexible workplace for one of the largest and most influential labor unions in the United States. And most recently, the Dream Charter School underscores our commitment to education, offering inspiring spaces for the next generation of leaders in New York.

Together, these projects demonstrate the breadth of our practice – from housing and education to culture and workplace – and reflect our mission to design spaces that are both contextually resonant and socially impactful.

What has made architecture so special for you?

For me, architecture is more than buildings – it is a language of memory, culture, and justice. It has the unique power to tell stories, to make the invisible visible, and to transform how people experience their communities. Growing up, I learned quickly that the built environment is not neutral; it reflects the values of those who shape it. That realization gave me both a sense of responsibility and an opportunity: to use design as a tool to celebrate heritage, foster belonging, and create spaces where everyone feels seen.

Architecture is also special because it marries imagination with impact. Few disciplines allow you to dream boldly on paper and then

watch those dreams become lived realities that touch people’s daily lives. Every time I see children walk into a school we’ve designed, or communities gather at a memorial we’ve built, I am reminded of the privilege and power of this work.

As a practice, we’ve embraced storytelling as an essential part of architecture – publishing numerous books and essays that extend the life of our projects and ideas beyond the built form. Earlier this year, I contributed to this legacy by publishing GREATNESS: Diverse Designers of Architecture, a book that amplifies the voices and work of women and BIPOC designers globally. For me, architecture is both art and activism, and through building and storytelling alike, I seek to advance equity, representation, and justice in our profession and our communities.

What advice do you offer to young people beginning their careers?

To those just beginning their careers, I always say: trust that your voice matters.

Architecture, like many professions, has often been shaped by a narrow set of perspectives, but the future depends on a wider range of voices, experiences, and imaginations. Don’t be afraid to bring your full identity and lived experience into your work – they are not limitations, but superpowers that can transform the field.

I also encourage young professionals to seek out community. No one advances alone. Mentors, peers, and networks can offer guidance, support, and opportunities that will carry you through the inevitable challenges of this path. For me, organizations like NOMA provided a sense of belonging and a platform to lead before I even realized I was ready. Surround yourself with people who believe in you, challenge you, and remind you of your worth.

Finally, give yourself grace. Careers are not straight lines; they are journeys of learning, growth, and sometimes setbacks that prepare you for greater impact. Stay curious, stay persistent, and stay committed to purpose. When you align passion with perseverance, you will not only build a career – you will build a legacy.

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RISE Values An Interview with Stephen B. Siegel, Chairman, Global Brokerage, CBRE EDITORS’ NOTE Prior to the 2024 revenue). The company has more merger with CBRE, Stephen Siegel than 140,000 employees (including was Chairman and CEO of Insignia/ Turner & Townsend employees) serving ESG. He initially rose to promiclients in more than 100 countries. nence in the industry at Cushman & CBRE serves clients through four busiWakefield, where he became President ness segments: Advisory (leasing, sales, and CEO at age 37. Renowned in the debt origination, mortgage serving, industry not only for the number valuations); Building Operations & of deals he has closed, b u t f o r Experience (facilities management, his philanthropic activity, Siegel property management, flex space & at one point in his career sat on experience); Project Management more than 16 nonprofit boards. In (program management, project manageStephen B. Siegel 2015, he was celebrated, along ment, cost consulting); and Real Estate with fellow honorees Queen Latifah Investments (investment management, and Danny Meyer, for his contributions to the development).

Young Women’s Leadership Network’s College Bound Initiative, a program that creates oppor- Will you highlight your career journey? tunities for low-income students to attend college If I had to pick a highlight in my career it and serves nearly 13,000 students each academic has been my involvement in growth geographiyear. He is regularly among the Commercial cally and services offered worldwide for three Observer’s Power 100, a yearly ranking of the major brokerage firms. CBRE and the sale of most powerful people in New York commercial Insignia ESG to them in 2003 could not have real estate, and has been named by Crain’s as been a better choice. one of the 100 Most Influential Business Leaders How do you describe CBRE’s culture in New York City. In 2005, Siegel was featured and values? in the Urban Land Institute’s book, Leadership Every great firm starts with great people Legacies: Lessons Learned from Ten Real Estate and CBRE’s focus on hiring and promoting Legends and, in 2011, he was featured in the the best is second to none. Providing every best-selling Commercial Real Estate Brokers service available through internal expansion Who Dominate: Eight Traits of Top Producers. and acquisition to our clients is of paramount Siegel has also been honored with Commercial importance. Our RISE values are the foundaProperty News’ Lifetime Achievement Award. tion of our culture. CBRE’s RISE values stand for Respect, Integrity, Service, and Excellence.

COMPANY BRIEF CBRE Group, Inc. (cbre.com), These values form the foundation of the a Fortune 500 and S&P 500 company headquar- company’s culture and guide its decisions and tered in Dallas, is the world’s largest commercial actions in business and in interactions with real estate services and investment firm (based on clients, employees, and shareholders. They are

central to CBRE’s commitment to an ethical and values-driven workplace that fosters collaboration, trust, and a focus on achieving winning outcomes for all.

How do you focus your efforts as Chairman of Global Brokerage?

My current focus is on representing clients in developing their strategy for growth in the New York area or wherever needed, both on the tenant representation and landlord side of the business.

You devote your time and energy to many philanthropic causes. How do you decide where to focus your efforts?

As important as my business and clients are, philanthropy is as important. Instilled in me by my parents, giving back is automatic. I choose charities where I can make a difference with both time and money. I do not casually choose and have several very personal passions – for example, I am involved with Gift of Life who helped provide my wife Wendy’s lifesaving stem cell transplant and National Jewish Health who has been involved in her double lung transplant as well as aiding many other friends and families.

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

The real estate business and its many diverse opportunities is still a career path I recommend to young people all the time.

CBRE has a summer intern program that is spectacular as an introduction to hundreds of young undergrads from around the world. It proves to be the first step for many for a long career in the business.

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“CBRE’s RISE values stand for Respect, Integrity, Service, and Excellence. These values form the foundation of the company’s culture and guide its decisions and actions in business and in interactions with clients, employees, and shareholders.”

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EDITORS’ CHOICE

Jōji At Michelin-starred Jōji, a chef and sommelier share the culinary stage to create a dining experience unlike any other. Nestled within a serene refuge in the heart of Midtown’s iconic One Vanderbilt, the intimate dining room is infused with authentic Japanese character, designed with a deep reverence of nature to create a refined and serene dining experience that both inspires and delights.

Jōji entrance (top left) and sushi bar (top right) along with samples of Jōji’s culinary creations

The traditional multi-course omakase experience, led by Chefpartners George Ruan and Wayne S. Cheng, is uniquely designed for each guest using only the finest seasonally available ingredients, paired with premium sake and fine wine. With dining operations overseen by Michelin-starred Chef Daniel Boulud’s The Dinex Group, Jōji delivers a sophisticated, elegant culinary journey for every guest. Jōji has been awarded a prestigious Michelin star.

soon training in the kitchen and at the grill station. When his potential as a sushi chef was revealed, he spent nearly 2 decades honing his craft at Masa. This incredible opportunity to train in both front and back of the house in three Michelin-starred Masa developed Chef George’s keen understanding of Japanese cuisine and commitment to fine dining. Chef George introduces his namesake Jōji as an homage, a celebration and an interpretation of the cherished omakase experience.

Born and raised in Hong Kong, Chef Wayne’s culinary journey began at the age of 17, inspired by his upbringing surrounded by the uni farms of his father and the Cantonese cuisine of his grandfather. Since moving to New York City in 2009 to work at three Michelin-starred restaurants Masa and Eleven Madison Park, he has continued to evolve his cuisine, inspired by his Cantonese, Japanese, and European culinary training background.

After successfully developing the kitchen menu at NYC’s hottest new cocktail bar, Martiny’s, Chef Wayne now brings his fresh perspective and unique culinary style to sushi omakase at Jōji.

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Chef George’s innate appreciation for fish and love of food would become a foundation for his rise as a sushi chef. In 2004, Chef George took on an opportunity to work for world-renowned Chef Masa, initially hired as a server. Recognized for his dedication and work ethic, he was VOLUME 48, NUMBER 4

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NEW YORK

A Partner In Health An Interview with William Wertheim, MD, MBA, Executive Vice President, Stony Brook Medicine EDITORS’ NOTE William Wertheim, and now as Executive Vice President who came to Stony Brook in 1996, for Stony Brook Medicine. A constant currently serves as executive vice throughout my journey has been a president for Stony Brook Medicine. passion for mentoring future healthHe also holds the Endowed Chair in care leaders and strengthening the Graduate Medical Education at pipeline of health sciences students RSOM and is a past president of the prepared for the evolving needs of Stony Brook Medicine Community patients and communities.

Medical Gr oup. A graduate of Early in my career, I saw healthHarvard University and New York care through a narrow lens, focusing University School of Medicine, primarily on the individual patient in Wertheim completed his internal front of me. When one sees patients William Wertheim medicine residency at University of for a length of time, one encounters Michigan Hospitals, where he also problems which are harder to fix with served as chief resident. He worked as a clinical a prescription pad or a CT scan. I came to underfaculty member at the University of Michigan’s stand that excelling in healthcare also means Veterans Administration Hospital, then moved understanding the complex worlds people live in, to New York, where he worked at The Brooklyn and the social, economic and emotional factors Hospital Center. Wertheim began his Stony Brook that influence health outcomes. Compassion career by leading the Medical Consult Service. He at the bedside is like good leadership – both later served as associate program director and require us to hear what is being said and, just as director of the primary care track of the Internal importantly, what is left unsaid. Patients, famiMedicine residency, then Internal Medicine resi- lies, and colleagues each bring valuable insights dency program director, followed by executive if we take the time to listen and understand vice chair of the Department of Medicine and their perspectives. That realization continues to associate dean for clinical outreach. He has also shape how I lead. People working in healthcare served as president of the medical staff of Stony Brook University Hospital.

say important things and also leave important things unspoken, but it’s the leader’s role to tease those unspoken concerns out in conversation. Collaboration and trust are essential, and I believe that teamwork and communication are the true foundations of progress.

How do you describe Stony Brook Medicine’s culture and values?

Our iCARE values – integrity, compassion, accountability, respect and excellence – shape how we treat our patients, students, and one another. By embracing these principles, Stony Brook Medicine can foster a culture where innovation is encouraged, collaboration is expected, and people feel supported to do their best work. There is a shared sense of mission across the organization that unites our hospitals, faculty, students, and staff to deliver the best care possible while advancing knowledge and training the next generation of healthcare professionals.

Will you highlight your role and areas of focus?

As Executive Vice President, I oversee the clinical, academic and operational functions of the health system, which includes our hospitals,

INSTITUTION BRIEF Stony Brook Medicine (stonybrookmedicine.edu) oversees all of Stony Brook University’s health-related initiatives – education, research and patient care. It includes the five Health Sciences schools – Renaissance School of Medicine, School of Dental Medicine, School of Health Professions, School of Nursing and School of Social Welfare – as well as the Program in Public Health. It also includes Stony Brook University Hospital, Stony Brook Children’s Hospital, Stony Brook Southampton Hospital, Stony Brook Eastern Long Island Hospital, Long Island State Veterans Home, and more than 200 community-based healthcare settings throughout Suffolk County.

Will you discuss your career journey?

I’ve spent nearly three decades at Stony Brook Medicine, beginning as a practicing internist and growing into leadership roles that allowed me to shape education, training, and clinical operations. I’ve served as Internal Medicine Residency Program Director, Vice Dean for Graduate Medical Education, Interim Dean of the Renaissance School of Medicine, 86 LEADERS

Stony Brook University Hospital (above and opposite page)

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physician practices, and five health sciences schools. My focus is on aligning our system’s strengths to advance access, quality, research and education, while ensuring that we function as one integrated enterprise. I’m also committed to supporting the people behind our mission by promoting transparency, engagement, and a culture where every voice is valued. Every decision we make must account not just for the immediate needs, but also for how we grow sustainably, innovate, and coordinate care and education opportunities across multiple sites.

A significant area of focus is expanding our “front door” to care – through telehealth, digital platforms, and innovative in-person models.

We’re committed to meeting patients where they are, whether virtually or in their communities, and removing barriers that prevent people from getting the right care at the right time.

We’re also building sustained partnerships with community organizations to address health disparities and improve public health outcomes across Long Island. These collaborations help us deliver more targeted, accessible care, especially to communities which traditionally haven’t felt welcome in healthcare settings, and strengthen our role as a trusted community partner.

Will you provide an overview of Stony Brook Medicine?

Our mission is grounded in three pillars – patient care, education and research – and the strength of our system lies in how seamlessly we integrate all three. Stony Brook Medicine is Suffolk County’s only academic medical center and the only Level I Trauma Center for both adults and children. We offer medical and wellness care to 2.9 million diverse residents across Long Island and beyond through a four-hospital network that spans all of Suffolk County. This includes Stony Brook University Hospital, Stony Brook Children’s Hospital, Stony Brook Southampton Hospital, and Stony Brook Eastern Long Island Hospital, as well as the Long Island VOLUME 48, NUMBER 4

State Veterans Home – a 350-bed skilled nursing facility dedicated to serving those who served in our military.

Our system includes more than 1,400 physicians across nearly 150 specialties, a Cancer Center, Heart Institute, and Neurosciences Institute, and a growing ambulatory footprint with over 240 community-based care locations.

We are also deeply committed to research and innovation, with more than 100 active research labs and over 400 clinical trials that give patients access to leading-edge diagnostics and treatments before they are widely available.

What sets us apart is the integration of this clinical strength with our five health sciences schools, where we educate and train future leaders in medicine, nursing, social welfare, dental medicine, and health technology and management. Together, our mission is to deliver world-class care, advance scientific discovery, and prepare the next generation of healthcare professionals to meet the needs of our region and beyond.

What do you see as Stony Brook Medicine’s responsibility to be engaged in the communities it serves?

As a public academic health system, we view community engagement as central to our mission. We are not just a provider of care; we are a partner in health. Through initiatives like our mobile health units which bring preventive services, screenings and health education directly to neighborhoods across Suffolk County, we reduce barriers to care by meeting people where they are.

Our Food Farmacy program addresses food insecurity by providing patients with access to nutritious foods, along with counseling from dietitians and social workers, helping patients manage chronic conditions like diabetes and hypertension through better nutrition and support.

Our library-based health programs, in partnership with public libraries and our health

sciences schools, place interprofessional student teams in local libraries to offer health screenings, resource navigation and wellness education to the public. These efforts help us address social determinants of health while giving students valuable experience in community-based care.

Preparing students to understand and address these broader factors is part of our responsibility to teach them that healthcare doesn’t begin and end in the clinic, but is shaped by where and how people live.

You joined Stony Brook Medicine almost three decades ago. What has made the experience so special for you?

It’s the people and the purpose. I’ve had the privilege of working alongside faculty, staff and students who are deeply committed to improving lives. What makes Stony Brook Medicine so special is the alignment between our mission and our day-to-day work. We’re not only delivering excellent care; we’re pushing the envelope in biomedical research and leading innovation in educating future healthcare professionals who will go on to make an even greater impact.

Over the years, I’ve watched students grow into confident, compassionate leaders. I’ve seen scientific breakthroughs move from the lab into our clinics, improving outcomes for our patients. And I’ve witnessed firsthand how our community programs extend care well beyond hospital walls. That sense of shared responsibility and constant forward motion has made this an incredibly meaningful place to spend my career.

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

Stay curious and stay grounded. Medicine is a field of lifelong learning – not just about science and technology, but about people.

Listen deeply, ask thoughtful questions, and try to understand what your patients aren’t saying just as much as what they are. Compassion, communication and cultural understanding are as essential as clinical skills.

I also encourage students to keep an open mind about what a healthcare career might look like. Embrace new experiences. Challenge the limits of what you believe is achievable and don’t be afraid to pursue ambitious goals.

Sometimes the path may take unexpected turns, and those turns can lead you somewhere even better. Early in my career, I was offered a fellowship I had worked very hard to earn. It was something I deeply wanted, but ultimately, I passed on it because it didn’t align with the family balance I needed at the time. It was a difficult decision, but one that opened doors I hadn’t imagined. That moment led me toward academic leadership and a broader role in shaping healthcare delivery, education, and strategy. It wasn’t the path I expected, but it became the one I was meant to walk. So don’t be discouraged if things don’t go exactly as planned. Challenges often present new opportunities. What matters most is staying open, leading with empathy, and remembering why you chose this calling in the first place. If you hold onto that purpose, you’ll not only succeed, you’ll make a real and lasting impact.

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1926 Joseph Kalikow completes four-story apartment building in Bensonhurst, Brooklyn

1900 Joseph Kalikow emigrates to America beginning the Kalikow Legacy

1930s Joseph Kalikow develops apartment buildings in Queens and Brooklyn 1955 The Amherst and The Carlton Apartments – Kew Gardens, Queens NY

1965 The Barbizon Apartments – Flushing, Queens NY

1973 The Kenilworth, New York, NY

1973 East Winds, New York, NY

1978 1001 Fifth Avenue, New York, NY

1971 Peter Kalikow develops the Momo Mirage

1960 Peter and Harold Kalikow

1969 Park Kensington Apartments – Great Neck, NY

1977 The Carmargue, New York, NY

1978 The Concorde, New York, NY

1983 195 Broadway, New York, NY

1984 The Ascot, New York, NY

1992 The Millenium Hotel, New York, NY

Th e Ful l Stor y

H J K A L I K O W. C O M / C H A P T E R S 1988 Peter Kalikow acquires the New York Post

2001-2007 Peter Kalikow serves as chairman of the MTA

2017 Peter Kalikow – Trustee at New YorkPresbyterian Hospital since 1987

1982 101 Park Avenue, New York, NY

2017 Peter Kalikow and President Donald J. Trump

2023 A New Generation – Peter Kalikow at work with his daughter Kathryn

NEW YORK

Shared Values An Interview with George A. Stamboulidis, Partner, BakerHostetler EDITORS’ NOTE A seasoned litiUSA: America’s Leading Lawyers for gator, George Stamboulidis has Business. He is a nationally recognized tried dozens of complex federal lecturer on corporate criminal liability jury trials as a prosecutor and as and the use of proactive defense tactics, a defense attorney. Nationally recogand he regularly presents to members nized for his experience in the of the financial services, insurance, areas of white collar and business pharmaceutical, energy, construcdefense, Stamboulidis is regularly tion and real estate industries, among engaged by corporations, directors others. and officers to advise and defend in complex federal grand jury and FIRM BRIEF Established in 1916, regulatory investigations as well BakerHostetler (bakerlaw.com) is one George A. Stamboulidis as commercial litigation matters. of the largest law firms in the U.S., Stamboulidis counsels and successwith more than 1,000 lawyers and fully represents Fortune 100 companies on trade 18 offices across the country. The firm handles compliance, AML and FCPA issues, including clients’ most critical legal matters – securing conducting reviews to make best practice policy advantageous outcomes amid regulatory scruenhancements to corporate compliance policies, tiny and bet-the-company litigation; closing revise and optimize corporate training programs, deals that fuel strategic growth; managing and conduct testing to ensure that the policy intellectual property and digital assets; and enhancements are followed. He also routinely providing advice and counsel to facilitate longadvises on enhanced due diligence. Stamboulidis term competitiveness. Its attorneys represent is trusted for his integrity and sound judgment companies across every industry, from marketin corporate monitorship positions. He has been leading global powerhouses to trailblazing appointed a federal monitor five times by the startups, helping clients minimize risk and capiU.S. Department of Justice (DOJ). Stamboulidis talize on opportunities that will strengthen and is Managing Partner of BakerHostetler’s New grow their businesses. BakerHostetler’s six core York office and co-leader of the firm’s White Collar, practice groups – Business, Digital Assets and Investigations and Securities Enforcement and Data Management, Intellectual Property, Labor Litigation team, which is ranked in Chambers and Employment, Litigation, and Tax – include

nationally ranked lawyers backed by the organizational and technological resources only a large firm can offer. The firm’s specialty services include Antitrust and Competition, Blockchain and Digital Assets, Class Action Defense, Commercial Litigation, Digital Risk Advisory and Cybersecurity, Financial Services, International Tax, Labor Relations, and Patent Litigation, among many others.

Will you discuss your career journey?

I was always fascinated by criminal justice and wanted to be a part of our nation’s justice system. Fortunately, after law school I had two judicial clerkships after which I was afforded the opportunity to work for the U.S. Department of Justice (DOJ), first in the federal Organized Crime Strike Force in Newark, New Jersey and then in the U.S. Attorney’s Office in Brooklyn, New York bringing cases as part of the Organized Crime Section and eventually becoming the Deputy and Acting Chief. I then moved on to become the Chief of the Long Island Division of the U.S. Attorney’s Office for the Eastern District of New York. In those positions, I successfully prosecuted many cases involving white collar crime, national security, and organized crime, including the conviction of the boss and other leaders of the Colombo crime family, the underboss of the Lucchese crime family, and the boss of the Genovese crime family.

“Certainly for us, a defining part of who we are is our culture, the core of that culture being respect and collaboration. This is central both to our client service, making sure that our clients not only receive excellent legal counsel, but more importantly, know that we understand and share their business goals and objectives, and that we are their partner in achieving those goals.”

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“For me, advocacy is at the core of what we do – whether you’re prosecuting a case for the DOJ or representing clients in private practice, it’s about showing up every day fully prepared and focused on advancing our client’s cause.”

When deciding to make the transition from government service to private practice, I knew I wanted my practice to bring the same level of exciting and professional challenges on a daily basis that I had while with the DOJ, so it was a natural fit for me to join BakerHostetler as one of the founding members of the New York Office to help grow its White Collar practice. I really enjoyed the entrepreneurial spirit of building something from the ground up, and taking the leadership and trial skills I had honed at the DOJ to help companies and executives resolve their business issues and disputes and build robust corporate compliance and training programs. In particular, I’ve been honored with appointments as a federal monitor several times by the U.S. Department of Justice and feel it represents a great bridge between my early experience with the DOJ and my current private practice.

Having successfully tried numerous jury trials, both as a prosecutor and defense attorney, my clients count on me to effectively resolve their legal issues without litigation when possible and to successfully try their cases when litigation is required.

My career has continued to evolve through taking on additional firm leadership roles at BakerHostetler, as well as through civic engagements such as serving on the Board of Advisors for the Federal Law Enforcement Foundation. At the end of the day, it’s about being of service to your clients and to the community.

How do you describe BakerHostetler’s culture?

Certainly for us, a defining part of who we are is our culture, the core of that culture being respect and collaboration. This is central both to our client service, making sure that our clients not only receive excellent legal counsel, but more importantly, know that we understand and share their business goals and objectives, and that we are their partner in achieving those goals. That carries through to how we work internally – collaboration, communication and deep respect for all of our colleagues. Those shared values are what has driven and sustained our growth over the past 100+ years.

How does BakerHostetler differentiate itself in the industry?

BakerHostetler differentiates itself as a firm in two key ways: first, the depth of our bench across six key practice areas (Litigation, Tax, Business, Digital Assets and Data Management, VOLUME 48, NUMBER 4

Labor & Employment, and Intellectual Property), across 18 different locations, allows us to look at our clients’ initiatives holistically, providing a one-stop shop to seamlessly integrate all of the clients’ potential legal needs. Second, BakerHostetler has been at the forefront of innovations within the legal industry, namely through the development and engagement of different kinds of technologies to maximize efficiencies and accuracy in the practice of law.

Our IncuBaker team has been a leading force in the legal industry on technology, and has been recognized as such by Financial Times’ Innovative Lawyer Awards for its thought leadership in this field.

Will you pr ovide an overview of BakerHostetler’s White Collar, Investigations and Securities Enforcement and Litigation practice?

BakerHostetler’s White Collar, Investi-gations and Securities Enforcement and Litigation team is among the nation’s leaders in all aspects of corporate criminal defense and enforcementrelated litigation in the U.S. and around the world. Our White Collar team, with more than 75 team members from coast to coast, features 15 attorneys in 9 offices who are ranked by Chambers for Litigation: White-Collar Crime & Government Investigations. Three partners have served as presidentially appointed U.S. Attorneys. Other partners also have held prominent leadership roles in the Department of Justice including Division Chiefs, Deputy Chiefs and Assistant U.S. Attorneys in numerous U.S. Attorneys’ Offices, as well as enforcement roles as SEC Senior Counsel, assistant district attorneys, and in-state attorney general offices.

Importantly, our team has been appointed as a federal monitor numerous times by the Department of Justice. With deep experience as monitors, independent examiners, trustees, 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.

What has led to the growth of BakerHostetler’s New York office?

The growth in our New York office has largely been organic, responding to the growing needs of our expanding client base. Our New York platform supports a wide range of practices including complex commercial litigation,

white-collar defense, securities, corporate and capital markets, e-discovery, cybersecurity and data privacy, restructuring and bankruptcy, intellectual property and more.

A pivotal part of our growth came through our engagement as counsel to the Securities Investor Protection Act (SIPA) Trustee for the global liquidation of Bernard L. Madoff Investment Securities LLC (BLMIS), one of the largest financial frauds in U.S. history. The New York office has overseen the unprecedented BLMIS liquidation on a global basis, managing more than 1,000 lawsuits involving approximately 4,000 defendants worldwide with more than approximately $15 billion recovered on behalf of the SIPA Trustee for distribution to Madoff’s victims. We were able to take our experience with this unique matter and leverage it to build a Chambers-ranked E-Discovery and Advocacy Management team, which is available as an asset to all of our clients.

Similarly, we’ve responded to the growing digital security needs of our clients as technology has evolved over the last 20 years through our Digital Assets and Data Management team, which is led out of our New York office. Our team has been named a “Cybersecurity Powerhouse” by BTI and a “Pacesetter” in Cybersecurity Services

by ALM Intelligence Pacesetter Research.

What advice do you offer to young people interested in pursuing a career in the legal profession?

For me, advocacy is at the core of what we do – whether you’re prosecuting a case for the DOJ or representing clients in private practice, it’s about showing up every day fully prepared and focused on advancing our client’s cause.

That is what builds trust and respect – both with clients and with colleagues. So much of the law is about problem solving which requires not just legal and business acumen, but personal relationships – that requires a foundation of trust across the board. That sense of professional integrity runs deep at BakerHostetler and I’m very proud to be a part of a firm that prioritizes these core values.

I encourage young people who are interested in a legal career to work hard and smart, treat everyone with respect, be inquisitive, attentive and passionate, develop a reputation for solving problems, set goals and be attentive to details, maintain your integrity, and respect other people’s and your own time, which is a very precious resource.

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Reimagining Affordable Housing An Interview with Jeffrey Goldberg, Chief Executive Officer, Fairstead EDITORS’ NOTE A Staten Island At Fairstead, our investments go native who once ran a bagel bakery beyond rehabilitation. We prioritize in the Meatpacking Disrict, Jeffrey creating and sustaining community Goldberg is the Founder and Chief services within our properties, ensuring Executive Officer of Fairstead where he residents benefit from valuable support leads and directs all investment and and resources. From the moment we operational decision-making for the invest, we are committed to putting in company. He has extensive experience the work, adding long-term value, and and a 25-year track record developing, bringing needed capital and services to owning, and operating multifamily our communities. Fairstead’s platform is real estate. Goldberg is a co-founder of comprehensive, with an in-house team the private equity/real estate law firm of experts across asset management, Jeffrey Goldberg Sadis & Goldberg LLP. He was named construction, property management, an Entrepreneur Of The Year by Ernst development, and acquisitions. Our & Young and a Crain’s New York Business Notable approach to property management is expansive; we Leader in Real Estate. Goldberg is a member of the go beyond the typical structure to provide services Affordable Housing Developers Council (AHDC) such as insurance, internet, laundry services, secuand the Partnership for New York City. He serves on rity, and more. By combining our investment with the advisory board for Mount Sinai Hospital’s Child resident services, we create a solid foundation for Psychiatry program and is a board member of Gift our communities to succeed. of Life. He earned a BS in accounting from the State What was your vision for creating University of New York-Albany.

Fairstead, and how do you define its mission?

The mission for Fairstead has always been to FIRM BRIEF Launched in 2014, Fairstead bring innovative, transformative, and future-focused (fairstead.com) is a purpose-driven real estate changes to affordable housing development and firm dedicated to building sustainable commu- preservation. At Fairstead, we support residents nities across the country. The firm’s portfolio well beyond just providing shelter, creating resilincludes more than 25,000 units across 28 states. ient communities with on-site services and civic Nationwide, Fairstead has committed millions resources that give our communities the tools to to holistic investments in its residents and the thrive. Our company-wide vision is to continue communities it serves, from on-site healthcare finding innovative ways to own and manage the in Cleveland to financial literacy programs and digital access and security technology in Texas.

Will you discuss your career journey?

As a proud Staten Island native, I began my career owning a bagel bakery in Manhattan’s Meatpacking District. That early experience taught me the value of hard work, adaptability, and building something from the ground up. I went on to co-found Sadis & Goldberg, a financial services and real estate law firm, where I served as both a partner and Executive Committee member, contributing to the firm’s overall management and strategic direction. In 2014, I co-founded Fairstead with a vision to reimagine affordable housing. Over the past decade, we’ve gained invaluable experiences – some to celebrate and others that instilled resilience and reinforced the importance of having a team united by a shared mission. Today, Fairstead has grown into a national leader in affordable housing, owning over 25,000 residences across 28 states and continuing to expand.

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properties we invest in, as well as to invest in new affordable housing projects, while empowering my team to connect directly with residents, think ahead, and ensure that the solutions they design are as enduring as the communities we serve.

We also know that strategic public-private partnerships are essential to this vision. By collaborating with government agencies, elected officials, and local organizations, we can strengthen neighborhoods and deliver stable housing at scale. While housing is the foundation of all we do, it is the accessible resources we provide through nonprofit partners that transform stability into opportunity and bridge critical gaps for residents. Our vision goes beyond housing creation to building resilient, equitable neighborhoods driven by smart investment, shared accountability, and a genuine commitment to the people who call them home.

One thing that differentiates Fairstead is that we step in when others don’t; we take on nuanced projects and create partnerships that completely transform our projects for the better.

Will you provide an overview of Fairstead’s portfolio?

Our current portfolio includes over 25,000 affordable homes across 28 states. We use a comprehensive platform that comprises an in-house team of experts across all disciplines – including asset management, construction, property management, development and acquisitions – to best serve Fairstead’s more than 43,000 residents. With

Rendering of Fairstead’s first ground-up development, Samuel Madden Homes, in Alexandria, Virginia

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Residents of Atlantis Apartments received a special surprise when Virginia Beach native Pharrell Williams returned to the community where he grew up. Partnering with property manager Fairstead, along with LEGO and Adidas, Williams gifted families Pharrell-inspired LEGO sets and sneakers.

significant holdings in the South and Northeast across Alabama, Florida, Texas, New York, Pennsylvania, Ohio and Maryland, we seek to ensure that community impact is prioritized by including social service teams at sites and partnering with local nonprofits to best serve our residents. We use services from affiliated organizations such as ResiHealth and LynxNet to bring free healthcare, internet, and other essential services to our communities. For example, Fairstead has co-located ResiHealth at two affordable senior properties, Owls Nest and Euclid Beach, in Cleveland, Ohio, to provide access to primary care health services to an otherwise underserved community. In addition, at our Essex Plaza affordable senior community in Newark, New Jersey, we have utilized LynxNet – a provider of internet whose team is comprised of professionals with expertise in both real estate and telecommunications – to install free Wi-Fi for all residents.

On the development side, this year we broke ground on our first ground-up development in Alexandria, Virginia. The project, a historic public housing community known as Samuel Madden Homes, is being redeveloped into a new 207-unit affordable and mixed-income community in Old Town Alexandria, one of the city’s most affluent and historic neighborhoods. The sixstory, 295,000-square-foot community will feature approximately 7,500 square feet of open space and 500 square feet of ground-floor community space to be used as a food hub run by local nonprofit, ALIVE!.

On top of each of these initiatives, Fairstead has a pipeline of more than 3,000 units joining our portfolio through acquisitions and ground-up new development. Though we operate nationwide, our impact is deeply rooted in the communities we serve. We bring on-the-ground expertise to understand the unique challenges within each neighborhood and create solutions that address the needs of each community. This blend of national reach VOLUME 48, NUMBER 4

and local focus enables us not only to preserve and develop affordable housing, but also to foster long-term community resilience.

Where do you see the greatest opportunities for growth for Fairstead?

We’re focused on scaling our impact in a way that is both ambitious yet strategic and measurable.

That means expanding the number of communities we serve across the United States, but also ensuring that growth translates into tangible benefits for residents like improved health outcomes, greater access to employment, and stronger resident retention. We see an enormous opportunity to replicate and adapt our model in new markets, leveraging public-private partnerships and community collaborations to deliver services that address local needs. Our goal is to build a future where every Fairstead community is a springboard for opportunity, has access to the resources they need to succeed, and contributes to the long-term vitality of their neighborhoods. Additionally, while our core strength remains major rehabilitation projects, we are increasingly exploring ground-up development, an exciting opportunity for growth in the coming years.

How do you focus your efforts leading Fairstead?

At Fairstead, our team is unmatched not only in expertise, but in dedication to our mission. While their impressive track records speak volumes, what truly sets them apart is their passion for the work we do every day. From on-site property managers who ensure our communities run smoothly to senior leaders shaping our strategic vision, each team member is motivated by the opportunity to make a meaningful impact. It is this shared commitment that enables me to concentrate my efforts on guiding investments, setting clear priorities, and making operational decisions that position Fairstead for sustainable growth and long-term success – ensuring we continue to serve communities with

commitment. I encourage my team to think like entrepreneurs and aim to create an environment where entrepreneurial people can succeed. I value fresh perspectives and exploring ways we can be creative, not only in our investments but also in the services we provide to residents.

What are your views on the critical role housing plays in economic mobility?

Housing is a key pillar of economic mobility because it provides a foundation for household stability and the broader economy. From a wider perspective, a stable housing supply supports the labor market, strengthens financial stability, and fosters long-term economic growth. When housing is accessible and affordable, families can direct income toward education, healthcare, and consumption, critical drivers of human capital development. However, when housing is unstable, economic mobility declines, productivity stalls, and communities face systemic economic decline.

Investing in stable and affordable housing reinforces labor markets, sustains consumer demand, and aids overall economic resilience. Protecting this foundation is essential not only for vulnerable households, but also for the long-term stability and prosperity of the U.S. economy.

Did you always know that you had an entrepreneurial spirit and desire to build your own business?

Yes. My early experience as a bagel bakery owner taught me the fundamentals of business operations and customer service. It was my first opportunity to build something from the ground up – managing different roles and learning how to operate in a fast-paced, competitive environment.

In 1998, I partnered with others to acquire two multifamily properties in Harlem, which marked the start of a growing residential portfolio. Over time, that growth led to a joint venture in 2011 with a family office outside New York. By 2014, we officially launched Fairstead.

For me, it wasn’t only about building a business. It was about addressing a critical societal need through scale, innovation, and impact. Founding Fairstead created the opportunity to assemble a talented, mission-driven team to redefine what affordable housing can look like – for residents, communities, and the broader market.

What advice do you offer to young people beginning their careers?

Pursue work that you’re passionate about because when you truly care about what you do, you bring a different level of energy. Equally important is surrounding yourself with people who share your drive and vision. The right team will push you to think bigger and challenge you. Early in your career, the relationships you build can be just as valuable as any skill you develop – they shape how you grow, the opportunities that come your way, and the impact you’re able to make.

I like to remind young professionals that attention to detail is one of your greatest assets.

Stay open to opportunities for growth, regardless of your current skill set or experience level, and commit to consistently learning and improving.

Strive to become an expert in whichever area you pursue and make a habit of reflecting on what you learn and applying it regularly – these are key to long-term professional success.

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At The Nexus Point Of The Wine And Spirits Business An Interview with Gino Colangelo, President, Colangelo & Partners EDITORS’ NOTE Gino Colangelo founded Colangelo & Partners in 2006 after spending over 10 years in global communications and 10 years running his own retail business, a unique experience in the agency world. He is most proud of the team at Colangelo & Partners, the growth of individual employees, and the partnerships the agency has built with its prestigious, global family of clients.

communications services provider; I wanted my company to be a key player in the categories in which we operated. I also believed strongly that vertical integration – being intimately connected to a specific business category and having a team that was deeply knowledgeable and passionate about the category – was critical for a start-up agency. It’s easy to be passionate about food, wine and spirits, the categories – which are closely related – upon which Gino Colangelo we founded the agency.

FIRM BRIEF In a rapidly evolving Our mission is to operate at the marketplace – and an industry where change nexus point of the wine and spirits business. is constant – Colangelo & Partners (colangopr.com) What have been the keys to Colangelo sits at the epicenter of the wine, spirits, and & Partners’ growth and leadership? culinary conversation. Over the last 18+ years, I was working for a large, generalist, Colangelo & Partners has grown its clientele global agency and thinking about starting my from smaller, entrepreneurial brands to include own business. I had been in my own business regional and national institutions; technology previously and I believe I’m an entrepreneur at and e-commerce companies innovating in the heart. I looked at the landscape of agencies beverage alcohol sector; prestigious, sought- in the wine and spirits industry and noticed after luxury labels; and everything from global, they were all more or less 10-15 people. instantly-recognizable brands to passionate, Looking closely, I noticed that the principals up-and-coming vignerons. of these agencies were wearing too many hats: New business generator, client service lead, What was your vision for creating Colangelo strategist, HR manager, accountant, operations & Partners, and how do you define its mission? officer.

When I thought about starting my own Fortunately, around the time I was thinking agency, I knew I wanted to be more than just a of starting an agency, a brother of mine was in

between businesses. Though he knew nothing about PR – or about wine and spirits – he knew operations. I asked him to join as a partner, responsible for everything – HR, accounting, administration, operations – that was not related to client service or team management. We’ve maintained this clear division of responsibilities for the past 18+ years, and it has worked out very well.

I also didn’t focus on billing and profitability with every client. Some clients were important to the agency because of their reputations. Essentially, I cultivated a client base that would create a brand halo for the agency, and I built a team of dedicated, intelligent and hardworking professionals who love the business in which we operate. Our team is also, by design, quite international. By last count, we have 15 nationalities represented among our 95 or so team members.

Will you provide an overview of Colangelo & Partners’ capabilities and services?

Fundamentally, we’re a wine & spirits communications agency with four core service pillars: 1. Press Relations. We have the most comprehensive and strongest press relationships in the wine and spirits business.

2. Trade Relations. We cultivate a network of Somm contacts for our wine clients, bartender contacts for our spirits clients, importers, distributors, retailers and restaurant owners.

“Essentially, I cultivated a client base that would create a brand halo for the agency, and I built a team of dedicated, intelligent and hardworking professionals who love the business in which we operate.”

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“It’s easy to be passionate about food, wine and spirits, the categories – which are closely related – upon which we founded the agency.”

We leverage these relationships for consulting assignments, events, education and more.

3. Events. We do somewhere between 200-300 events each year. An event could be a pairing dinner for 10 journalists, a guided tasting seminar for 30 Somms, or a 1,000-person tasting for a particular type of wine – Chianti Classico, for example. Most of our events are for the trade, but we do consumer events as well.

And we support client participation in larger, industry events.

4. Digital marketing. This is a broad category that includes social media, influencer marketing, paid media planning, email marketing, website development and creative.

Will you discuss Colangelo & Partners’ focus on integrated communications as the key to propelling a brand’s story?

The wine business (less so with spirits) works on very small margins. Clients need to maximize the reach of every dollar spent on communications. By integrating our communications, we’re able to get a multiplier effect. For example, we work hard to get press hits. When we get them, we want to amplify their reach through social media – the client’s social platforms as well as our agency platforms, which have quite large and relevant fans/followers. If we’re doing an event, we promote through the press and generate content (photos, videos) for social media. Our goal is to leverage every dollar

spent multiple times for our client’s benefit.

Message consistency is just as important as amortizing dollars spent. Whether in the press, a trade event or on social media, the brand look and feel, and the messages we communicate about the brand, should be consistent.

How critical has it been to build the Colangelo & Partners’ team?

Our team strength means everything. My first priority every day is finding, hiring, training, and managing the best people possible for the job. We’re on a continual talent search. If we find somebody who we think would strengthen our team, we will make a hire, even if we don’t have a specific job opening. We need people who are passionate about our business categories – not so hard to find since we work in food, wine and spirits – and great communicators. We’ll hire a PR generalist and teach wine or spirits. We’ll sometimes hire somebody from the trade (a distributor sales rep, Somm, bartender) and teach PR. If we’re lucky, we find somebody with both skillsets.

As Colangelo & Partners approaches its 20th anniversary, are you able to reflect on the agency’s impact and success?

The wine and spirits industry is under threat from a variety of sources – tariffs, antialcohol propaganda, Ozempic, marijuana and more – so there isn’t a lot of time for reflection on our growth and success. If I do stop and

think about it, I’m very proud to have created an agency unique in the wine and spirits business by virtue of our large and diverse client base, our product offerings, and the expertise, diversity and commitment of our team. We have several clients who attribute their growth directly to our work; I’m very proud of that.

Most of all, I’m proud of the team of passionate, hardworking communications professionals we’ve built. We guard our reputation zealously and our reputation is built upon the dedication and great work of our team, many of whom we’ve developed from early in their careers into leadership positions in the agency.

What advice do you offer to young people beginning their careers?

Figure out what makes you happy at work and pursue the type of job that delivers what you’re looking for. We spend a large percentage of our lives at work – getting out of bed in the morning is a lot easier when you love what you do. Also, take chances. Speak up. Don’t be afraid to ask for a tough assignment, even if it’s not exactly within your job description. If you’re not working in an organization that rewards initiative, it would be best to figure that out early and move on, so you have little to lose by taking chances. Be an active listener and listen more than talk. When you do talk, make sure you’re adding value to the conversation and that you can defend the position you’re taking.

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“We guard our reputation zealously and our reputation is built upon the dedication and great work of our team, many of whom we’ve developed from early in their careers into leadership positions in the agency.”

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Leading With Discipline An Interview with Glenn Grimaldi, Chief Executive Officer, Naftali Credit Partners EDITORS’ NOTE As CEO of Naftali projects that benefit from creative soluCredit Partners, Glenn Grimaldi tions and dependable execution in a oversees credit investments for more dynamic lending environment.

Naftali Group’s lending subsidiaries, How do you define Naftali including Naftali Shaked Partners II. Credit Partners’ mission?

In this role, Grimaldi oversees originaNaftali Credit Partners’ mission tions, operations, and asset manageis to provide flexible, reliable capital ment and manages the in-house to experienced sponsors and deliver credit team. He also serves on the strong risk-adjusted returns to our invesNSP II’s credit committee. Prior to tors. The platform focuses on complex this role, Grimaldi was Executive or transitional assets in key U.S. markets, Vice President and Head of U.S. offering financing solutions including Glenn Grimaldi Commercial Real Estate for HSBC first mortgages, mezzanine debt, and Bank, one of the world’s largest finanpreferred equity. Our goal is to bring cial institutions. Grimaldi managed a portfolio of clarity and speed to transactions that benefit from over $20 billion of mortgage investments in over a more customized approach.

45 states across the United States. In addition to his direct involvement in originations and approval of real estate investments, he oversaw a team of over 65 mortgage professionals in all the U.S. gateway markets. Grimaldi has over 35 years of experience in commercial real estate finance and during that time has overseen or participated in the financing of over $100 billion of transactions in commercial real estate. He also oversaw the syndication of over $50 billion in commercial real estate financings with over 75 U.S. and international institutional partners. Grimaldi holds an MBA from Indiana University’s Kelley School of Business.

Will you highlight the expertise and experience of the Naftali Credit Partners team?

Our team draws from institutional lending, real estate investment, and development backgrounds. That mix allows us to approach each deal from multiple angles and structure capital in a way that reflects how projects are actually executed.

We’re closely involved from origination through payoff, which helps us deliver with consistency and clarity.

What do you feel are the keys to effective leadership, and how do you approach your management style?

Leadership, to me, is about knowing your goals and objectives, listening to the needs of your clients, giving your team the tools to make informed decisions, and remaining disciplined to those principles. Consistency, leading by example, and clear communication are important in leading the team, but also in leading all of the constituents outside of the company that rely on us. When expectations are clear and steady, it creates confidence across the board. It sets a tone for the whole team and builds the kind of credibility you need to lead through uncertainty.

What advice do you offer to young people beginning their careers?

The most valuable thing early on is understanding the basics. Listen carefully, ask thoughtful questions, and stay engaged even when the task feels routine. Routine and basics are the building blocks. If you don’t show an What have been the keys to Naftali Credit interest in those, then you can’t advance. Be Partners’ strength and leadership in the dependable, show up and do more than is asked, industry? and don’t be afraid of change. Showing a real We lead with discipline and a long-term interest in learning builds trust and leads to more approach to building trust. Our underwriting responsibility. That’s how real experience starts is thorough, and once we commit to a deal, we to take shape. remain actively involved at every stage. That kind When are your views on the future of of engagement matters, especially when timing is private credit? tight and execution needs to be precise. Borrowers Private credit is becoming a more essential and investors and our bank partners know they part of a more complicated capital stack, and I can rely on us to deliver what we’ve committed to. expect that role to continue expanding. Naftali How does Naftali Credit Partners differ- Credit Partners is well positioned to lead in this entiate itself from other real estate debt funds? new market. There is a real opportunity to rethink We bring a real estate-first mindset to every- how deals are financed and to support sponsors thing we do. Because of the combination of our with good projects in good markets. The challenge development and banking backgrounds, we will be maintaining discipline in a changing market, understand how to structure capital around the but firms with a clear strategy and strong alignrealities of a project. That perspective shapes how ment with borrowers will be in a position to lead we evaluate risk and support sponsors throughout the next cycle. Every deal is different, and every the life of a deal. We are real estate people, not market cycle is different. Helping good clients financial engineers. We pay attention to the needs remains the most exciting thing about the industry of our borrowers, investors and bank partners. to me and always has.

“We lead with

discipline and a

long-term approach to building trust.”

FIRM BRIEF Naftali Credit Partners (naftaligroup.com/ naftali-credit-partners) is headquartered in New York and operates as a subsidiary of Naftali Group, a vertically integrated developer and owneroperator of residential, commercial, and mixeduse properties founded by Miki Naftali. An active participant in the New York and Florida real estate markets, Naftali Credit Partners seeks to provide capital solutions to top-tier sponsors seeking to create the most thoughtfully conceived and wellexecuted projects.

Will you discuss your career journey?

I began my career in real estate finance more than 30 years ago and spent the majority of that time at HSBC, where I led the U.S. Commercial Real Estate group and managed a $20 billion portfolio.

Over the years, I’ve worked on more than $100 billion in transactions across major markets, with a focus on complex deal structuring and long-term relationship building. Then, in 2022, I joined Naftali Credit Partners as CEO to help scale a lending platform built around real estate expertise and reliable, tailored capital. My focus now is on financing 96 LEADERS

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VOLUME 48, NUMBER 4

WHEN CANCER TURNS YOUR WORLD UPSIDE DOWN, OUR EXPERT TEAMS HELP KEEP YOU GROUNDED One of the hardest parts about beating cancer is there are many hardest parts. At Mount Sinai Tisch Cancer Center, we surround you with a dedicated team of expert oncologists, researchers, radiologists, and more. Mount Sinai leads the way with the latest research and clinical trials, so you’re supported with compassionate care through every cancer challenge—from diagnosis to personalized treatment plans.

We get you, and we’ve got you.

Learn more at mountsinai.org/cancercare

NEW YORK

Innovative Solutions For The Retail Industry An Interview with Ivan L. Friedman, President and Chief Executive Officer, RCS Real Estate Advisors EDITORS’ NOTE Ivan Friedman retailers manage their real estate more founded RCS Real Estate Advisors effectively – negotiating rents, exiting in 1981 to facilitate restrucunprofitable leases, and optimizing turing strategies for retail compatheir portfolios. That insight led to the nies. Over four decades, he has founding of RCS Real Estate Advisors. become widely recognized for his In the nearly 50 years since, industry leadership and proven RCS has grown into a trusted advisor track record of successes thanks to for some of the largest retailers and his vast retail industry knowledge brands in the country, managing portand experience, foresight of market folios in excess of 200 to 1,200 stores. trends, and exceptional negotiating Along the way, we’ve helped clients skills. Friedman spent decades as navigate recessions, bankruptcies and Ivan L. Friedman chairman and CEO of national transformations to protect their busiretail companies, successfully naviness and position them for long-term gating turbulent market cycles. When exorbitant success. Brands we’ve represented or have interest rates, inflationary rents, and reces- been long-term clients include Lids, Cost Plus sionary economic conditions threatened the World Market, True Religion, Perfumania, The solvency of many retailers, Friedman developed Fragrance Outlet, Cole Haan, and more. a distinct skill in renegotiating contractual obliWill you highlight RCS’ mission? gations to win the terms necessary for retailers RCS’s mission is simple: to protect and to survive and thrive in difficult market envi- advance our clients’ businesses by executing ronments. Today, Friedman remains a driving on their essential objectives. Every transacforce behind the success of RCS Real Estate tion we negotiate is designed to ensure longAdvisors, working with a team that shares his term success, mitigate risk and deliver the best thorough understanding of and extensive expe- possible terms. We’re not just dealmakers; we’re rience in retail real estate. partners. Our role is to see the world through retailers’ eyes, guiding them through complex FIRM BRIEF Founded in 1981, RCS Real Estate decisions and helping them make the smartest Advisors (RCS) is a leading national retail real moves for their brands and their customers. RCS estate advisory firm that provides innovative, serves as the conscience for our clients. Based tenant-centric solutions for complex real estate challenges. RCS’s team of industry veterans use their in-depth retail knowledge and experience to fight tenaciously for their clients’ long-term success. RCS (rcsrealestate.com) maximizes returns and protects its clients from entering into bad agreements, with a deal-structure mindset rooted in a forward-looking, risk-averse approach. The firm specializes in reducing occupancy costs, restructuring leases and expanding physical footprints.

Will you discuss your career journey?

I grew up in retail – my father owned a ladies clothing store, so from a young age I was immersed in the family business. For the first 20 years of my career, I owned, operated and worked for retail companies, which gave me a deep understanding of how retail works and what makes a business profitable. By the late 1980s, the retail landscape was shifting.

Rents that had traditionally been below market suddenly spiked, creating significant challenges for operators. I saw an opportunity to help 98 LEADERS

on current trends, outcomes depend on each retailer’s unique economics and guiding them through those nuances is a core part of the service we provide.

Will you provide an overview of RCS’ services and capabilities?

RCS specializes in three core areas: restructuring and portfolio optimization, outsourced real estate management, and growth and development. We work with both healthy and distressed retailers to assess portfolios, renegotiate rents, terminate or dispose of underperforming leases, and drive cost savings while preserving profitable locations. For example, with True Religion, we helped the brand restructure its real estate portfolio during bankruptcy proceedings, allowing it to shed unprofitable leases while preserving and strengthening its best-performing stores.

For many clients, we operate as their entire real estate department, handling landlord relationships, lease renewals and strategic planning at a fraction of the cost of maintaining an internal team. We also support retailers looking to expand by identifying the right markets, selecting prime sites, and negotiating favorable terms that set them up for long-term success.

A good example is Perfumania/The Fragrance Outlet, which, after being acquired by private equity, partnered with us to drive growth. In

RCS helped True Religion restructure its real estate portfolio

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strategy needs to be integrated into a brand’s overall business plan. For major players, real estate is a growth engine. RCS helps retailers identify the best opportunities and optimize their portfolios to maximize returns. For smaller or mid-size brands, the stakes are even higher.

Expanding too quickly can be disastrous, which is why we often serve as the compass of the company. For example, with clients like Lids and Cole Haan, we’ve guided strategic store growth, evaluating site selection and lease terms to ensure each location supports long-term profitability. For other growing retailers, we help pace expansion, evaluate risk, and ensure each decision aligns with long-term financial health.

What do you feel are the keys to effective leadership?

Leadership, for me, comes down to caring about people – not just your employees, but their families. I’ve always believed that when you hire someone, you take on the responsibility for their well-being and that of the people who depend on them. That has always been our bottom line. At RCS, that philosophy has created incredible loyalty. Many of our employees have been with us for 20, 30, even 35 years – some starting with us right out of school and continuing their careers here to this day. They know we value them as individuals, and that their personal lives matter as much as their professional contributions. That culture of trust and respect is, I believe, one of the reasons we’ve remained successful for almost 50 years.

What advice do you offer to young people beginning their careers?

Pursue your passion, at least at the beginning of your career. Even if you take a job that feels more practical, keep your passion in sight and see if it can become a viable path forward.

At the same time, be open to where life takes you. Sometimes a career path emerges from unexpected places. My own journey from retail operator to real estate advisor was more accident than plan, but it became my life’s work.

When you look to the future of the retail industry, what excites you the most, and what concerns you the most?

RSC advised Cole Haan on strategic store growth What excites me is innovation. Retail is the first 24 months of our retention, we helped is how much of that cost will ultimately reach no longer just about selling products – malls the company expand from roughly 240 stores to the customer. We’ve already seen companies and shopping centers are becoming hubs for more than 280 by leading market analysis, site decide not to renew leases simply because entertainment, wellness, dining and commuselection, and negotiations. They intend to grow the economics don’t pencil out in this envi- nity experiences. This diversification is creating to 500 stores over the next five years. ronment. With the holidays approaching, most opportunities for new concepts to thrive. For In short, we help retailers reduce costs, retailers have already secured their seasonal example, with clients like Lids, we’ve helped restructure when needed, and grow when the inventory, so pricing should remain relatively integrate experiential elements into store layouts opportunity is right. stable through year-end. The bigger uncer- and site selection, ensuring locations not only What are your views on the state of tainty comes in the spring, when new orders sell merchandise, but also engage customers in physical retail in 2025? could carry higher costs. If tariffs are eased or meaningful ways.

Physical retail remains strong, but it’s a tale normalized, however, we don’t anticipate a What concerns me is the wave of bankof two worlds. On one hand, healthy retailers – significant downturn in retail real estate. Retail ruptcies we’re likely to see in the next two to especially discount store chains like T.J. Maxx – has always been cyclical, and while pressures three years. The weaker retailers, those with are rolling out hundreds of new stores each exist, the strong will continue to outlast weaker heavy debt or outdated models, are struggling year. On the other hand, weaker brands are competitors. to survive, and many won’t. At the same time, struggling, with many filing for bankruptcy or How important is it for brands to treat strong operators are getting stronger, which is liquidating altogether. The uncertainty around real estate as a core component of their widening the gap in the industry. tariffs is creating real angst for retailers. The cost growth strategy?

The challenge, and the opportunity, will of goods keeps rising, and while consumers Real estate is central to growth. The right be helping brands adapt quickly, manage haven’t felt the full impact yet, retailers know locations or footprint can make or break a risk wisely and find their place in this it’s only a matter of time – the real question company’s success, which is why real estate evolving landscape.

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NEW YORK

Consistency In Excellence An Interview with Laurent Ebzant, Area Vice President and General Manager, Park Hyatt New York EDITORS’ NOTE Born and raised the backdrop for bespoke events, the in Paris, Laurent Ebzant gradaward-winning property features uated from the Paris Hospitality spacious guestrooms inspired by New School with an MBA in Hospitality York’s most well-appointed homes Management and was first introwith an abundance of natural light duced to luxury hospitality in and luxurious spa-like bathrooms.

London at the Connaught Hotel, Located on the hotel’s 25th floor, Spa famous for hosting the Royal Family Nalai provides magnificent amenities for Sunday lunch. He has been with and personalized services for optimal the Hyatt family since 1996 when wellness and relaxation, such as an he started his tenure as a night indoor saltwater swimming pool, eucaroom service attendant at the Hyatt lyptus steam room, oversized hot tub, Laurent Ebzant Regency Paris Charles de Gaulle. and 24-hour fitness center boasting Since then, Ebzant has worked at awe-inspiring views of the Manhattan Hyatt properties across the globe, with his latest skyline. The hotel is also home to the Rossano position in the U.S. marking the ninth country he Ferretti HairSpa, which recently debuted a new has called home. location on the hotel’s 8th floor, and The Living Room Restaurant & Bar, serving expertly crafted PROPERTY BRIEF Situated directly across the meals and delicious cocktails. street from Carnegie Hall, one block from Central Park and a short distance to MoMA How do you describe the Park Hyatt New and Lincoln Center, the 210-room Park Hyatt York experience?

New York is a five-star hotel offering proximity At Park Hyatt New York, we define luxury to global icons of both culture and industry. not just by aesthetics or amenities, but through Along with the striking interior architectural thoughtful, personalized service and immersive, design and a rotating art collection setting culturally enriching experiences. Located in the

Spa Nalai reception 100 LEADERS

heart of Midtown Manhattan, steps from Central Park, our hotel offers a serene and sophisticated oasis above the city’s energy. Every detail – from our curated art collection to our gracious staff – is designed to create a sense of calm, comfort, and genuine connection. We aim to make each guest feel not just cared for, but truly understood.

What do you feel are the keys to providing a true luxury hotel stay?

True luxury lies in personalization, attention to detail, and anticipation of guest needs before they’re expressed. It’s about consistency in excellence – from the seamless check-in to the quality of the linen to the intuition of a housekeeper who notices a guest’s preference. At Park Hyatt New York, we invest in our people, because it’s our team that delivers the human touch behind each moment. Luxury today also includes emotional resonance – guests remember how we made them feel.

Will you highlight the strength of Park Hyatt New York’s suite product?

Our suite collection is one of the most impressive in the city. With some of the largest entry-level suites in Manhattan, guests enjoy spacious layouts, stunning city views, and an

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Carnegie Suite living room

understated residential elegance that feels like home. The crowning jewel is our Manhattan Suite – perched on the top floor, with skyline views, it’s a 3,500-square-foot retreat with three bedrooms, three bathrooms, two powder rooms, and two balconies, accommodating up to 10 guests. Guests of the Manhattan Suite can also enjoy one hour of private pool time afterhours in our stunning saltwater pool which features an underwater sound system playing music from Carnegie Hall.

How has Park Hyatt New York approached health and wellness with its fully renovated spa?

Our reimagined Spa Nalai is a tribute to holistic well-being. It reflects our commitment to wellness as a cornerstone of the luxury experience. We’ve created an environment that blends modern design with tranquility – from our saltwater lap pool overlooking the city to

“Our suite collection is one of the most impressive in the city.”

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Carnegie Suite bathtub

tailored wellness journeys by KOS Paris who provide beautiful and restorative treatments.

With the financial pressures of the business today, how important is it to still find time to be with guests and associates?

It’s never been more important. In challenging times, leadership by presence – not just direction – is vital. Engaging with guests allows us to better understand their evolving expectations, and connecting with associates reinforces our shared purpose.

What has made the hospitality industry so special for you?

For me, hospitality is about human connection. It’s the ability to make someone’s day better – whether through a warm welcome, a small surprise, or creating memories that last a lifetime. I’ve had the privilege to work across continents and cultures, but the core remains the same: service, kindness, and authenticity.

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Royal Suite bedroom

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165 WORTH AVENUE , PALM BEACH , FLORIDA 33480 • (561) 655-2090

32 EAST 57 TH STREET , 2 ND FLOOR , NEW YORK , NY 10022 • (212) 421-5390 Copyright © 2025, Wally Findlay Galleries International, Inc. All rights reserved.

NEW YORK

Trust, Hustle, And Family An Interview with Avi Hiaeve, Founder and Chief Executive Officer, Avi & Co. EDITORS’ NOTE Avi Hiaeve is a business owner, an entrepreneur, a father of six, a husband, and a brother.

Hiaeve arrived from Israel at 14 years old and started his own storefront at just 16 years old. Three years later, he had secured a coveted spot in New York’s hallowed Diamond District. He has built lasting relationships with the watch world’s elite. He has created custom pieces for celebrity clients like Jamie Foxx, DJ Khaled, Floyd Mayweather, Sylvester Stallone, as well as the Brooklyn Nets and also sells to jewelers in the wholesale industry.

Avi Hiaeve

COMPANY BRIEF Avi & Co. (aviandco. com) is a family-owned, highly trusted luxury watch and jewelry retailer located in the heart of Manhattan’s Diamond District. Avi & Co.’s unique jewelry and exclusive watch brands include brands such as Richard Mille, Patek Philippe, Audemars Piguet, and Rolex.

At its Manhattan home as well as its locations in Miami and the recently opened Avi & Co. in Aspen, Avi & Co.’s people-first commitment to its customers, many of which are athletes, musicians, and celebrities, demonstrate the company’s dedication to building long-lasting relationships on a foundation of trust.

Avi & Co. emerald-cut diamond band ring

Avi & Co. fancy shapes diamond necklace 104 LEADERS

Will you discuss your career journey?

My journey began with little more than a dollar and a dream. I immigrated to New York at 14, barely speaking English, but I had ambition and an unwavering drive. I worked wherever I could: deliveries, shoveling snow, running food. At 16, I opened my first jewelry store off Canal Street. My parents thought I was out of my mind, but my mother saw something in me.

She told my father, “Give Avi the dollar and let him fulfill his dream.” That moment set everything in motion.

I cut my teeth on Canal Street and then on 47th, learning the business from the ground up. That early hustle shaped who I am. Today, what started as a small storefront has grown into Avi & Co. with showrooms in the Diamond District, Miami, Aspen, and soon, our flagship headquarters on 59th Street and 5th Avenue.

But no matter how far we’ve come, the foundation remains the same: trust, hustle, and family.

What was your vision for launching Avi & Co., and how do you define its mission?

When I started Avi & Co., I wasn’t chasing the idea of a luxury empire. I simply wanted more: more opportunity for myself, for my family, and for my customers. But the vision became clear: to create a place where people could experience luxury that felt personal – not just through our watches and jewelry, but in how they were treated. A young professional

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Avi & Co. fancy yellow cushion drop diamond necklace (close-up below)

Avi & Co. Nous Trois diamond cuff ring

buying their first Rolex should feel just as valued as a celebrity acquiring a one-of-a-kind piece.

Our mission is rooted in trust, authenticity, and long-term relationships. We’re not a corporate showroom. We’re a family business that treats every client like family. That’s what keeps people coming back.

Will you highlight Diamonds by Avi & Co., the next chapter from Avi & Co.?

Diamonds by Avi & Co. represents the natural evolution of the brand and something deeply personal to me. While watches have always been my passion, I started my career in diamonds and over time I began creating custom pieces for close clients: athletes, entertainers, and individuals who wanted to make a statement with something bold, rare, and unique.

What started as one-off commissions turned into something bigger. Diamonds by Avi & Co. is our in-house fine jewelry line – designed, VOLUME 48, NUMBER 4

sourced, and produced with the same precision and edge that defines our name. It’s not about following trends. It’s about creating pieces that reflect individuality and legacy.

Will you provide an overview of the Diamonds by Avi & Co. collection?

The collection is striking and unapologetically bold. From fancy-shaped diamond necklaces to rings featuring vibrant colored diamonds – yellow, pink, and even rarer blue stones – where every design is made to stand out. We blend timeless elegance with unexpected flair: marquise and radiant cuts, thick tennis bracelets, oversized pendants, all finished with a level of craftsmanship that rivals the best in the world. Every stone is matched by hand. Every setting is deliberate. These pieces aren’t just jewelry; they are personal statements. Whether subtle or show-stopping, the goal is always the same: to create something rare, meaningful, and unforgettable.

Do you see additional brand extensions for Avi & Co.?

Absolutely. For us, luxury doesn’t stop with watches and jewelry. It’s a whole ecosystem.

That includes launching our in-house service and certification program, giving every client added peace of mind that their watch is backed not just by a warranty, but by our name and reputation. We’ve also introduced our own timepiece lines, the Iced, Frosted, and Hue collections, and I see more to come, but every extension must reflect the Avi & Co. values of craftsmanship, individuality, and impact.

When you look to the future, what are you most excited about for Avi & Co.?

It always comes back to the people: my family, my team, and the clients who’ve grown with us over the years. I have six children. My parents still work alongside me. We opened in Aspen a year ago, and our new headquarters on 59th Street and 5th Avenue will be a true flagship for the brand.

That building represents how far we’ve come. It’s not just a store. It’s the heart of what we’ve built.

More than expansion, I’m excited about legacy. I want people to see Avi & Co. and know it stands for something: trust, loyalty, and authenticity. I want my children and their children to be proud of what we’ve created. That’s what drives me forward. That’s the future I see.

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NEW YORK

Centered Around Service An Interview with Tom Guay, General Manager, The Sagamore EDITORS’ NOTE Tom Guay is a How do you describe The Sagamore seasoned hospitality professional experience? with over two decades of expeJust that, it is an experience. We rience at The Sagamor e Resort rely on our history, the lake, and in Bolton Landing, New York. A genuine hospitality. The inhabitants native of Glens Falls, Guay trained of Green Island, where The Sagamore at the prestigious Culinary Institute is situated, date back over 150 years. of America and began his career Our forefathers saw that the island as a restaurant chef for Georges. was a centerpiece and focal point for He joined The Sagamore as a sous the lake. As islands go, it is the largest chef at the Trillium restaurant and and has the highest point, boasting quickly rose through the ranks.

360-degree views of the surrounding Tom Guay His career includes executive chef Adirondack Mountains and the crystalroles at renowned resorts such as clear waters of Lake George. For well Big Cedar Lodge in Missouri, The Woodstock over a century, guests have made their way to Inn and Resort in Vermont, and Nemacolin The Sagamore and viewed it as an escape. Still Woodlands Resort in Pennsylvania. Upon the same today, our guests look to get away. returning to The Sagamore, he was Executive The Sagamore offers a true resort experience – Chef for two years before serving as Director of one where guests can check in, spend a week Food and Beverage, then as Resident Manager with us, and never leave the island. for four years befor e becoming General How valuable is it for The Sagamore to Manager. Guay is known for his deep commit- have such a broad accommodation offering? ment to the resort’s legacy and guest experiWe are so lucky to have a diverse offering ence. He played a key role in revitalizing with our accommodations. Stay in the historic historic accommodations like “The First House,” a 3,500-square-foot lakefront home originally built in 1870 for the resort’s innkeepers. Under his leadership, the house was transformed into a luxurious private retreat, blending historical charm with modern amenities.

PROPERTY BRIEF Perched on the serene shores of Lake George in the heart of the Adirondacks, The Sagamore Resort (opalcollection.com/ sagamore) is a historic and luxurious destination that has welcomed guests for over a century. Originally established in 1883, the resort blends classic elegance with modern comfort, offering a unique escape that celebrates both its rich heritage and its commitment to world-class service. The pr operty includes elegant accommodations including the historic main hotel, lakeside lodges, and private estates as well as award-winning dining at restaurants La Bella Vita and The Pavilion. The property also features a Donald Ross-designed golf course offering panoramic views of Lake George. The Sagamore is more than a resort – it’s a destination that captures the spirit of the Adirondacks while delivering the sophistication of a world-class retreat.

Whether hosting corporate retreats, weddings, or family vacations, The Sagamore continues to define luxury in upstate New York.

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main hotel or in one of our homes on the island – we have something for everyone.

Our lodges offer an Adirondack experience, including suites with fireplaces, balconies overlooking the lake, and kitchenets for families looking to cook for themselves. The Hermitage, formerly an 1800s carriage house, offers bi-level suites with lofted king-bed bedrooms. But the crown jewel is the main hotel: three floors of lake and garden views offering suites and connecting rooms.

How has The Sagamore approached its food and beverage offerings?

We take a dynamic approach to food and beverage at The Sagamore. Variety is key, both in cuisine and style of service. In addition, we are fortunate to have restaurants and offerings near the lake, on the lake, and overlooking the lake. In season, we have five restaurants and another three lounges/terraces where guests can enjoy their favorite cocktail and a light bite.

Up at the golf course is our NY Style steakhouse at the Club Grill. On property is La Bella Vita, which offers Italian cuisine with service

The Sagamore on Lake George in upstate New York

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The Sagamore’s lobby

throughout the day. Directly on the water is the open-air Pavilion, offering fresh lobster each day. Two more casual outlets include The LakeHouse, featuring poolside dining, and BRGR Kitchen & Bar, where gourmet burgers are front and center.

Keeping our guests on property is important to us. We also open our kitchens up to resort guests with tours and culinary demonstrations paired with wine throughout the year. Half of my career was spent in these same kitchens as an executive chef. As a result, it is both a passion and a focus for me that will never fade.

Will you highlight The Sagamore’s focus on health and wellness?

At The Sagamore, wellness is experienced in two powerful ways. Outside, nature takes the lead. Wellness here is rooted in fresh mountain air, endless wooded trails, and the wide-open waters of Lake George. The landscape isn’t just a setting; it’s an open invitation to move, breathe, and reconnect. Whether you’re hiking in the Adirondacks, paddle boarding at sunrise, or simply strolling the shoreline, every moment is designed to renew mind, body, and spirit.

Inside our historic main hotel, the Opal Spa offers another tranquil path to well-being.

From deep-tissue massages to detoxifying body treatments – and now a brand-new salt room that promotes respiratory health and deep relaxation – the spa is a sanctuary where stillness and self-care take center stage.

Best yet is to just relax and unwind in an inner tube at the waterfront. Lake George is one of the cleanest lakes in the world and truly a focus of the guest experience.

How important has it been to build The Sagamore team, and to invest in training and service standards?

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We are incredibly proud of our core team – many of whom have been with us for more than 20 years. The average tenure for our leadership team is well over 15 years, (our director of operations has been with us for more than 30 years). Staffing every season is something we approach with great intention. We begin locally, recruiting from area high schools, colleges, and trade programs. Our team is also strengthened by an international workforce, thanks to our participation in H2B and J1 visa programs.

Once on board, every team member receives a comprehensive orientation and introduction to the resort. But the real training happens on the floor – and it never stops. Ongoing, handson learning within each department ensures that our culture of excellence is continually reinforced. To support this, a team of tenured staff came together to define our mission and guiding principles, centered around service – both to our guests and to one another. At the heart of it all: “Be great at what you do, and have fun doing it.”

At The Sagamore, our guests notice everything. And when they see a team that is focused and enjoying what they do, they quickly realize that “we got them.” More than just service standards, we lead with culture, where the mindset is always “consider it done.”

How do you focus your efforts leading The Sagamore, and what are the keys to being effective in the role?

When I meet with new hires, I like to ask them who they work for. Most say “you.” But I tell them the truth: I work for them. While they’ll report to managers and supervisors, my role is to ensure they have everything they need to succeed in serving our guests – from

uniforms, equipment, and supplies to food and beverage products, building systems, and operational procedures.

Every day, I’m focused on removing obstacles so our team can focus on what matters most: the guest experience. I also believe in management by walking around. I tell our team they’ll see me all over the resort – not out looking for mistakes, but looking to catch them doing things right.

Will you provide an overview of Lake Placid Lodge?

Lake Placid Lodge is a sibling Opal Collection property set in Lake Placid, about an hour and half drive north of The Sagamore.

As the only hotel set directly on the tranquil waters of Lake Placid and just a five-minute drive from the downtown Olympic village, this great camp-inspired retreat offers a secluded escape unlike any other. Layered in one-of-akind features and furniture handmade by local craftsmen – think towering hand-carved wooden beds, rough-hewn chairs and tables, stacked-stone fireplaces, and other Adirondack adornments – 32 luxurious guest accommodations are scattered across the sprawling property, including 19 secluded stand-alone lakeside cabins. A slew of on-site activities are right at your fingertips, including lake kayaking or cruising aboard the resort’s 36-foot mahogany Hacker-Craft, fishing, and hiking the property’s various trails – and that’s just the warm-weather activities.

How do you describe the Lake Placid Lodge experience?

The Lake Placid Lodge experience is intimate, immersive, and deeply rooted in Adirondack tradition. Originally built as a private retreat in the 1880s, the lodge has long embraced the spirit of quiet luxury in the heart of the wilderness and, today, stays true to its handcrafted heritage, with each beam, stone, and room designed to reflect the beauty of its setting. With a Relais & Châteaux distinction, the lodge is also as much a culinary and cultural experience as it is a place to stay – where personalized service, fine dining, and timeless design meet a true sense of place. Guests come for the peace, the craftsmanship, the firelit evenings – and leave with a connection that lingers long after.

What advice do you offer to young people interested in pursuing a career in the hotel business?

You have to be all about service to others.

The resort and hotel business is incredibly dynamic – no two days are ever the same. At The Sagamore, we operate almost like a village unto ourselves, with departments ranging from facilities maintenance and groundskeeping to accounting, culinary, housekeeping, recreation, and more. It’s a field that rewards passion, adaptability, and teamwork. If you’re willing to work hard, stay curious, and always keep the guest experience at the center of what you do, the opportunities for growth are endless.

You’ll learn something new every day – not just about the business, but about people and leadership, too.

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LEADERS Roundtable On September 4, 2025, the China General Chamber of Commerce – USA (CGCC) hosted an exclusive LEADERS Roundtable featuring Ray Dalio, founder of Bridgewater Associates and author of the #1 New York Times bestseller, How Countries Go Broke: The Big Cycle, at Bank of China U.S.A.’s Manhattan headquarters. During the roundtable discussion, Dalio shared insights from his latest book, which examines what he calls the “Big Debt Cycle” – a comprehensive framework for understanding how nations accumulate and manage sovereign debt. The book offers timely analysis as the United States, Europe, Japan, and China face significant debt challenges.

Wei Hu, President & CEO, Bank of China U.S.A. and Chairman of CGCC, with Ray Dalio (above right); photos from the event (this and opposite page)

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PURPOSE

Building A Strong Fiscal Foundation A Conversation with Business Leaders on the National Debt LEADERS Magazine asked a select group of business leaders for their thoughts on the current state of the national debt and its potential impact on the future. Here are their responses.

Robert B. Catell, Chairman, Advanced Energy Research and Technology Center at Stony Brook University and Chairman, National Offshore Wind Research and Development Consortium Robert Catell was formerly the Chairman and Chief Executive Officer of KeySpan Corporation and KeySpan Energy Delivery, the former Brooklyn Union Gas. His career with Brooklyn Union Gas started in 1958. Following National Grid’s acquisition of KeySpan Corporation, Catell became Chairman of National Grid U.S. and Deputy Chairman of National Grid plc. He currently serves as Robert B. Catell Chairman of the Advanced Energy Research and Technology Center, National Offshore Wind Research and Development Consortium, and is Chairman Emeritus at Cristo Rey Brooklyn High School. Catell received both his bachelor’s and master’s degrees in mechanical engineering from the City College of New York.

Douglas R. Conant, Founder & CEO, ConantLeadership

Douglas R. Conant

Douglas Conant is the only former Fortune 500 CEO who is a New York Times and Wall Street Journal Best Selling Author, has been a Top 50 Leadership Innovator, a Top 15 Leadership Guru, a Top 100 Leadership Speaker, and twice named a Top 100 Most Influential Author in the World. He is the Founder of ConantLeadership, former President of the Nabisco Foods Company, former President and CEO of Campbell Soup Company, former Chairman of Avon Products, and has served on over 20 for-profit and not-for-profit boards.

Ray Dalio, Founder, Bridgewater Associates A global macro investor for more than 50 years, Ray Dalio founded Bridgewater Associates out of his two-bedroom apartment in New York City and ran it for most of its 47 years, building it into the largest hedge fund in the world and the fifth most important private company in the U.S. according to Fortune magazine. His investment innovations – risk parity, alpha overlay, and All Weather – changed the way global institutions approach investing, and he has received several lifetime achievement Ray Dalio awards. Over the decades he has been a valued macroeconomic advisor to many policy-makers around the world. Because of the impact his thinking has had on global macroeconomic policies, he 110 LEADERS

was named by TIME magazine as one of the “100 Most Influential People in the World.” Today, Dalio remains an investor and mentor at Bridgewater and serves on its board. He is also the #1 New York Times bestselling author of Principles: Life and Work, Principles for Dealing with the Changing World Order, and Principles for Navigating Big Debt Crises. Dalio graduated with a BS degree in finance from C.W. Post College and earned an MBA degree from Harvard Business School. He has been married to his wife, Barbara, for more than 40 years and has three grown sons and five grandchildren. He is an active philanthropist with special interests in ocean exploration and helping to rectify the absence of equal opportunity in education, healthcare, and finance.

Bill McDermott, Chairman and Chief Executive Officer, ServiceNow Bill McDermott was named Chairman in 2022 and has served as a member of the Board of ServiceNow since 2019. Previously, he was Chief Executive Officer and a member of the Executive Board of SAP. Before joining SAP, he served in senior executive roles with Siebel Systems and Gartner, Inc. He launched his business career at Xerox Corporation, where he rose to become the company’s Bill McDermott youngest corporate officer and division president.

McDermott got his start as a young entrepreneur running a small delicatessen business on Long Island, New York, at age 17. He received his bachelor’s degree from Dowling College and his MBA from the Kellogg School of Management at Northwestern University.

Michael A. Peterson, Chairman and Chief Executive Officer, Peter G. Peterson Foundation Michael Peterson is the Chairman and Chief Executive Officer of the Peter G. Peterson Foundation, a nonpartisan organization dedicated to addressing America’s fiscal challenges and building a stronger economic future. The Foundation engages in grant-making, partnerships and research to educate citizens and policymakers and foster solutions to put America on a sustainable Michael A. Peterson fiscal path. Peterson sets the Foundation’s policy direction and strategy, shaping its major programs and initiatives. He is also Chair of the Board of Directors of the Peterson Institute for International Economics, an independent research organization dedicated to strengthening prosperity and human welfare in the global economy. Additionally, he serves on the boards of the Nuclear Threat Initiative and the Partnership for New York City, and is a member of the Council on Foreign Relations, the Economic Club of New York, and Business Executives for National Security. Peterson graduated magna cum laude and with Honors from Brown University, where he was awarded the Taubman Prize for his thesis. He received his master’s degree from the London School of Economics.

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VOLUME 48, NUMBER 4

David M. Rubenstein, Co-Founder and Co-Chairman, Carlyle David Rubenstein is Co-Founder and CoChairman of the Board of Carlyle. Previously, he served as Co-Chief Executive Officer of Carlyle.

Prior to forming Carlyle in 1987, Rubenstein practiced law in Washington, DC with Shaw, Pittman, Potts & Trowbridge LLP (now Pillsbury Winthrop Shaw Pittman LLP). From 1977 to 1981, he was Deputy Assistant to the President for Domestic Policy. From 1975 to 1976, he served as Chief Counsel to the U.S. Senate Judiciary Committee’s SubcomDavid M. Rubenstein mittee on Constitutional Amendments. From 1973 to 1975, Rubenstein practiced law in New York with Paul, Weiss, Rifkind, Wharton & Garrison LLP. Among other philanthropic endeavors, Rubenstein is Chairman of the Boards of the Council on Foreign Relations, the National Gallery of Art, the Economic Club of Washington, and the University of Chicago; a Trustee of Memorial SloanKettering Cancer Center, the Institute for Advanced Study, the Brookings Institution, and the World Economic Forum; an Emeritus Trustee of Johns Hopkins Medicine; and a Director of Moderna, Inc. and the American Academy of Arts and Sciences. Rubenstein is a member of the American Philosophical Society, Business Council, Harvard Global Advisory Council, Madison Council of the Library of Congress, Board of Dean’s Advisors of the Business School at Harvard, Advisory Board of the School of Economics and Management at Tsinghua University, and Board of the World Economic Forum Global Shapers Community. Rubenstein is a magna cum laude graduate of Duke University, where he was elected Phi Beta Kappa. Following Duke, he graduated from the University of Chicago Law School, where he was an editor of the Law Review.

How concerned are you about the national debt right now, and how concerned are you about the debt trajectory in the future?

Catell: Concerns about national debt often revolve around its potential impact on economic stability, inflation, interest rates, and fiscal policy. High levels of debt can lead to increased interest payments, which may crowd out other government spending on essential services like education and healthcare. Additionally, there are worries that excessive debt could reduce economic growth and lead to higher taxes or reduced government services in the future. Monitoring debt levels and ensuring sustainable fiscal policies are crucial for maintaining economic health and public confidence. The future trajectory of the U.S. national debt is projected to continue rising significantly, leading to higher debt levels relative to the size of the economy and having negative economic consequences. The Congressional Budget Office (CBO) projects federal debt to reach about 118% of GDP by 2035 and continue increasing beyond that.

This escalating debt trajectory is driven by sustained imbalances between spending (particularly on healthcare, Social Security, and interest costs) and revenues, along with demographic trends such as an aging population. Under some alternative scenarios with extended tax cuts and added spending, debt could surge even further, potentially reaching 220% of GDP by 2055. The economic effects of continued debt growth include slower GDP growth. High debt crowds out private investment by absorbing capital in government borrowing, reducing investment. Additionally, job losses of millions are forecast due to these effects on the economy and labor market.

Unless significant fiscal policy changes occur, the U.S. national debt will keep rising sharply relative to GDP through mid-century and beyond, imposing substantial long-term economic costs and risks to fiscal sustainability.

Conant: The soaring national debt is very concerning and, despite promises to the contrary, the administration’s initial attempts to reduce the cost of government and raise revenue through tariffs do not promise to materially address the issue. Also, as documented, confidence in the VOLUME 48, NUMBER 4

administration continues to wane, and it is hard to imagine that future actions proposed by the administration will receive the necessary support.

Dalio: I am very concerned about the debt - so much so that I wrote a book about it, How Countries Go Broke: the Big Cycle, to explain the mechanics and the prospects of it. In brief, when debt and debt service build up, they can squeeze out spending, and when there are big government deficits there have to be big sales of debt - more than there is enough demand to buy - so interest rates rise and a debt squeeze ensues hurting the economy and markets which typically leads to the central bank printing a lot of money so a stagflation typically ensues. When the debt and debt service become too large to service under normal conditions and central banks are losing money on the debt they bought, they have to borrow and get deeper into debt to pay their debt, so the debt and debt monetization spiral accelerates. We are very close to that happening – probably about three years.

McDermott: Fiscal discipline is vital – but the real solution is growth.

When borrowed funds fuel innovation and productivity, growth can outpace debt. What matters is not the size of our debt, but our debt-to-GDP ratio. Our path to prosperity is clear: invest in expanding our economy so that our obligations shrink in comparison to what we produce. When debt finances breakthroughs, it becomes a catalyst for productivity, innovation, and long-term economic expansion. But if it doesn’t, rising interest costs can squeeze the pockets of hard-working Americans – reducing job opportunities, raising mortgage rates, and eroding government services. It is our collective responsibility to keep the American Dream alive.

As Colin Powell said: “A dream doesn’t become reality through magic; it takes sweat, determination, and hard work.” Today, that means working together so the United States becomes a global leader in artificial intelligence. AI has become the greatest battle for civilization of this century.

It is also the gateway to prosperity and the requirement for survival. By 2030, it is projected to deliver $22 trillion in global economic growth while eliminating $4 trillion in operating costs. The only question is: how big will America’s share of that opportunity be? That’s why I support government investment to position the U.S. as a leader in AI – accelerating the development of AI skills with a focus on over-innovation, not overregulation. Optimism is the only free stimulus – and America has every reason to merit it. Our formula is simple: net new innovation. Regardless of political shifts, when we keep pushing the boundaries on what’s possible, economic expansion will follow.

Peterson: America is on a damaging and unsustainable fiscal path, yet our leaders continue to ignore the clear threat to our economy. Our national debt just soared past $37 trillion. As a share of the economy, our debt is approaching its all-time high, set just after World War II. Worse yet, unless we change course, a structural mismatch between revenue and spending will push deficits even higher in the coming years. Demographics, high healthcare costs, and compounding interest are the core drivers, and they are all increasing our deficits on autopilot. This growing debt represents a major threat to our budget and economy. We already spend more on interest on the debt than on national defense. The trust funds for Social Security and Medicare will be depleted in just 8 years, which would mean automatic benefit cuts for millions of Americans. And all of this debt burdens our ability to invest and grow the economy in a highly competitive world. We need strong leadership to address this basic challenge of governance. America’s success has always been based on building a brighter future for the next generation. The good news is that there are many budget reform solutions right in front of us.

Rubenstein: I have been quite concerned about the level of U.S. government debt for decades - but to no effect. When I left the U.S. government in early 1981, the total Federal indebtedness was under $1 trillion. Today the debt exceeds $37 trillion, and the annual interest payments on the debt now exceeds $1 trillion annually. These payments now exceed the defense budget, a trend that has historically posed an

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existential threat to other global powers whose debt obligations eventually surpassed their defense spending.

Since 1981, a combination of excessive tax cuts, increased spending on and care of other entitlements, COVID-related costs, and multiple wars has added so much debt to the nation’s balance sheet that it now seems likely the only way to pay it off in time (and to service it for the foreseeable future) is to effectively devalue the dollar – leaving future generations to pay off the debt and interest in devalued dollars. That view reflects conventional wisdom – but it has been wrong for decades. Bond markets have flourished. The U.S. economy has thrived. And the sky-isfalling-soon predictions have failed to materialize. Does this mean that I should be less concerned about the burgeoning debt? And were those who have downplayed debt levels right to focus on other issues? I think not. I continue to believe the debt is out of control and getting worse – at potentially unsustainable levels. But I have been wrong about the impact of the debt phenomenon over the past few decades – and I could be wrong again. But I guess I remember too well the words of Herbert Stein, once the Chair of the Council of Economic Advisors under President Nixon: “If something cannot go on forever, it will stop.” I just do not know when that moment will arrive.

Moody’s recently downgraded the U.S. credit rating, becoming the third ratings agency to do so. What risks does the national debt present to key economic indicators like inflation and interest rates, and why are financial markets watching so closely?

Catell: The projected growth of federal debt is expected to have several negative impacts on GDP growth in the coming decades. As federal debt rises, the government competes with the private sector for capital. This can lead to higher interest rates, which may discourage private investment. With less capital available for businesses, economic growth can stagnate.

As debt accumulates, more federal resources will be allocated to interest payments. This can lead to cuts in critical areas like infrastructure, education, and healthcare, which are essential for long-term economic growth. Reduced spending in these areas could stifle innovation and productivity improvements. As debt grows, investors may begin to question the government’s ability to manage it sustainably, potentially leading to higher borrowing costs or a loss of confidence in U.S. debt.

Such scenarios can trigger economic instability and decreased growth. In summary, the trajectory of federal debt growth is expected to negatively impact GDP growth by crowding our private investment, increasing fiscal pressures, and creating sustainability risks, ultimately leading to slower economic performance over the coming decades.

Conant: While inflation has moderated from its “COVID-driven” high, it is still above the target rate of the Fed with the threat of the U.S. tariff profile potentially driving it higher. Also, despite administration comments to the contrary, there is a serious threat of an economic slowdown resulting from the full impact of the administration’s policies. Overall, the Fed faces a very challenging balancing act.

Dalio: The risks are much higher than are conveyed in the debt ratings. That is because rating agencies rate debt on the risk of debt default, yet countries that have their debt denominated in their own currencies can freely print money so they have a much lower risk of default than they have a risk of printing a lot of money and devaluating money. Said differently, the risks are much higher than are conveyed in the ratings because the most likely scenario includes the devaluation of money as well as the default risk scenario. The big question over the next ten years is going to be what money will be a good store-hold of wealth as well as a good medium of exchange.

McDermott: It’s normal that financial markets watch the biggest economy in the world closely. The stakes are high because U.S. 112 LEADERS

Treasuries serve as the backbone of the global financial system. Regardless of the party in charge, as long as we lead in innovation, I trust in the U.S.’s ability to meet its obligations. When it comes to key economic indicators like inflation, technology truly acts as the ultimate deflationary force. It boosts productivity and fuels growth through constant innovation. The emergence of agentic AI supercharges the outcomes of traditional tech. Since 2022, productivity growth in the most AI-exposed industries, such as financial services and software, has quadrupled. These sectors now enjoy three times higher revenue-peremployee growth than less AI-exposed ones. Meanwhile, productivity actually declined in industries least exposed to AI, like mining and hospitality. That’s why I’m more concerned about tech debt. U.S. organizations lose $2.4 trillion a year to it – more than double what the federal government pays in annual interest on the national debt. This hidden crisis comes with immediate consequences: siloed systems sap efficiency, dragging down performance daily. In that sense, proven architectures that strike the right balance between openness and governance are essential for America to maintain its competitiveness. Only by fostering nimble yet secure innovation can we ensure our leadership in the intelligence revolution, which will drive the necessary growth to confidently pay our debt.

Peterson: The financial markets are watching our elected leaders – and our elected leaders should be watching the financial markets – to begin to grasp the damage and risk they are steering us toward. Moody’s downgrade is a flashing red warning sign that they must reverse course on our accelerating national debt. As interest costs eclipse $2 billion per day and Washington’s response in the recent budget reconciliation is to add trillions more in debt, no wonder the experts are wondering if all this debt will get repaid. As the government borrows trillion after trillion, it puts upward pressure on interest rates, which increases the compounding within the federal budget. Interest costs are now the fastest growing federal “program,” which means we are effectively investing more in our past than in our future - not a good long-term economic strategy. The enormous borrowing and higher rates also add costs for everyone and reduces private sector investment, lowering incomes and job growth. The U.S. has the strongest economy in the world, but our leaders put it in jeopardy when we borrow excessively for current consumption, year after year, in good times and bad. America must get its fiscal house in order soon to maintain its position as a global beacon of financial and economic success.

Rubenstein: The recent downgrade to the U.S. credit rating may well have the same impact of the previous two downgrades - very little.

Stated differently, the three downgrades were really a shot across the bow – a wake-up call meant to remind markets that the U.S. can be somewhat cavalier in the way it handles its debt obligations, at times playing with fire by flirting with the debt limit or running large annual budget deficits (which just add to the overall debt). In reality, the U.S. debt market is still the barometer for global sovereign and corporate debt markets, and the downgrades have not meaningfully (or even modestly) affected the ability of the U.S. government to sell its debt at reasonable interest levels. Over time that may change. And the biggest change is likely to occur – and it has already started – in the value of the dollar. The U.S. has been the world’s primary reserve currency since at least World War II. That means others around the world need to own dollars – the dollar may not be as good as gold, but it is better than most of the alternatives (especially for those with large sums seeking safe debt instruments).

But the dollar’s decline in value this year may be an early indicator that at some point in the future it may not be the indispensable currency to own or in which one can safely park assets. To the extent that the dollar loses its universal appeal, the consequences for the U.S. economy could be significant. Interest rates, inflation, unemployment, and growth could begin to move inexorably in directions the U.S. would neither like nor be able to easily reverse. I hope that this scenario does not occur, but the warning signs of potential trouble in U.S. markets are too apparent to dismiss out of hand.

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W O R L D W I D E LO CAT I O N S

United States, Europe and the Middle East, Asia, Latin America

PURPOSE

Leadership Lessons An Interview with Adrienne Arsht EDITORS’ NOTE Adrienne Arsht is for a premium. Upon the sale of the a business leader and philanthrobank, she made a commitment to pist. Born in Wilmington, Delagive away all her wealth. Her strateware, Arsht is a graduate of Mount gic investments in the arts, resilience, Holyoke College, where she earned and diplomacy have made her a transher bachelor’s degree. She later formative force in both national and received her Juris Doctor from Vilinternational spheres. She made a lanova University School of Law. In landmark $30 million gift to Miami’s 1966, she became the 11th woman Performing Arts Center in 2008 and admitted to the Delaware Bar. Arsht was honored that it became the Adribegan her legal career at Morris, enne Arsht Center for the Performing Nichols, Arsht & Tunnell, and later Arts. She later endowed the Center with Adrienne Arsht joined Trans World Airlines in New $11 million to establish a fully paid York, becoming the first woman in internship program, expanding access its legal department to work in property, cargo, to careers in arts administration. In New York, and government relations. She moved to Wash- she has made historic contributions to the Metington, DC, in 1979, where she founded a title ropolitan Museum of Art, including a $10 milcompany, and eventually relocated to Miami in lion gift in 2022 to support the MetLiveArts series 1996 to lead her family’s bank, TotalBank, as and a $5 million donation to establish the AdriChair of the Board. Under her leadership, the enne Arsht Interns, making The Met the largest bank grew significantly and was sold in 2007 U.S. art museum to offer fully paid internships.

Adrienne Arsht speaking at the Atlantic Council Distinguished Leadership Awards 114 LEADERS

In 2012, her contribution of $10 million to Lincoln Center was recognized with the dedication of the Adrienne Arsht Stage in Alice Tully Hall.

Arsht founded the Adrienne Arsht Latin America Center at the Atlantic Council to focus on the role of Latin America and the Caribbean in the trans-Atlantic community. She also created and funded a Center for Resilience at the Atlantic Council, which evolved into the National Security Resilience Initiative, and launched the Community-Based Resilience Solutions Initiative at the Smithsonian Institution. She has held numerous leadership and advisory roles, including Executive Vice Chairman, Atlantic Council; Trustee Emerita, Lincoln Center for the Performing Arts and University of Miami; Honorary Trustee, Metropolitan Museum of Art; Former Trustee, John F. Kennedy Center for the Performing Arts; Chair, Arsht-Cannon Foundation Advisory Committee; Member, Council on Foreign Relations; Member of the National Advisory Board of the Sandra Day O’Connor Institute for American Democracy; Former President of the Vice President’s Residence Foundation; and Former Board Member of the Blair House Restoration Fund. She has also led initiatives at the U.S. State Department, including the Patrons of Diplomacy campaign, and established the Roxana Cannon Arsht Law Fellowship at Volunteer Legal Advocates (formerly DC Volunteer Lawyers Project) to support legal aid in domestic violence and family law. Arsht’s significant global initiatives have been recognized with numerous honors, including 2025 Horatio Alger Award; Order of Princess Olga, III Degree (Ukraine); Ecuador National Order Honorato Vasquez, Grade: Commander; Ohtli Award (Mexico); Order of Rio Branco (Brazil); Order of San Carlos (Colombia); Orden de Isabel la Católica/Order of the Cross of Isabella the Catholic (Spain); Carnegie Hall Medal of Excellence – first woman recipient; and Er nst & Young Entrepreneur of the Year in Finance (Florida). She holds honorary degrees from Mount Holyoke College, Goucher College, Barry University, and is an honorary member of Beta Gamma Sigma at Georgetown University. She is the daughter of the Honorable Roxana Cannon Arsht, the first female judge in the State of Delaware, and S. Samuel Arsht, a prominent Wilmington attorney. She was married to the late Myer Feldman (d.2007), former counsel to Presidents John F. Kennedy and Lyndon B. Johnson.

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VOLUME 48, NUMBER 4

community. They taught us not just to give, but to step up – to take on the challenges that others might shy away from or simply be unable to tackle. I use this as the basis of my philanthropic decisions and like to think they are game changers. This is how I choose to make an impact.

“Our purpose in life is to help others along the way.”

Sandra Day O’Connor With all the success that you have achieved in business and with your philanthropic work, do you think about your legacy?

I want to be remembered as a good friend and someone who had courage. Our time on earth is a gift. We pay rent for the time on earth and that rent is how we give back. Making the world a better place is the basis for all I do; it isn’t just a goal, it’s a responsibility. I learned these values from both my parents. My mother could have been the child of Don Quixote and Joan of Arc. She tilted at windmills and was willing to die for a cause. I hope that I would do the same.

Adrienne Arsht – 2025 Horatio Alger Award recipient

What does the word “leadership” mean to you?

When you shared the question, I did some AI research on how many books there are with leadership in the title; 57,000! It really underscores how multifaceted and deeply personal the concept of leadership is. Everyone seems to have a different lens on what leadership means. To me, leadership means the ability to inspire, guide, and empower others toward a shared goal and creating an environment where people can thrive. “Leadership” is different depending on the context.

“If your actions inspire others to dream more, learn more, and become more, you are a leader.”

John Quincy Adams Do you feel that leaders are born, or can leadership be taught?

Effective leadership is the ability to get others to follow. It is being empathic and understanding and a good listener. That is how you get people to follow and to be engaged.

I believe leadership can absolutely be taught.

Leadership requires decision making. It takes courage to decide and to take action. Courage can be cultivated through experience, facing challenges and learning from them.

“Leader – Guts to stand out.

Follower – makes a lone nut into a leader.”

TED Talk You’ve championed the idea of “resilience” in many sectors. How do you define resilience?

Individual resilience is mostly genetic, but it can also be encouraged. You can learn from watching others, and decide, “I’m not going to give up.” There are also situations triggered by VOLUME 48, NUMBER 4

stress that can cause cell changes. This is called epigenetics. This aspect of genetics shows how your behaviors and environment can cause changes that affect the way your genes work for you as well as for future generations.

A large part of my interest in resilience was inspired by my sister, Alison. She was two years younger than I, and in 1969 at the age of 25 she was in the Soviet Union as a foreign-service officer and was taken by the KGB and accused of spying. The evidence was fake tape recordings.

They released her the next day, but she came back shattered. Today we might recognize it as PTSD, but then there was less knowledge of how to help. She committed suicide when she was 29. What made her less resilient?

“Your legacy is every life you have touched.”

Maya Angelou to Oprah Winfrey What advice do you offer to young people beginning their careers?

To young people beginning their journeys, I want to say this: obstacles are inevitable. But staying still won’t get you anywhere. When you hit a wall, don’t freeze – rethink your plan. And if that new plan doesn’t work, try another. There is always another path forward.

“You can’t change the direction of the wind, but you can adjust your sails.”

Dolly Parton

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“Courage is not the absence of fear, but the triumph over it.”

Nelson Mandela What makes a good leader, and how do you identify a leader?

A leader has followers. To have followers you must communicate clearly. Senator Bill Bradley, the former New York Knicks player, said that a coach is great when everyone knows what you want, and a great leader compiles a team not with the best player, but with the players who fit together best. A leader must be self-confident. If you don’t believe in yourself, why should others.

“No leader can be too far ahead of their followers.”

Eleanor Roosevelt How did your upbringing shape your values around giving and community impact?

From a young age, my parents instilled in me and my sister, Alison, the importance of philanthropy and being active members of our

Adrienne Arsht was awarded on behalf of the President of Ukraine, Volodymyr Zelenskyy, the Order of Princess Olga, III degree presented by Oksana Markarova, Ambassador of Ukraine to the United States, October 2024

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PURPOSE

Resilience And Perseverance An Interview with Rob Hale, Co-Founder and President, Granite Telecommunications EDITORS’ NOTE In addition to leadtoday as a byproduct of resilience. I ing the tremendous growth and develhave great teammates, and without opment of the business and team at great teammates, none of this is posGranite, Rob Hale and his family are sible. Having said that, without resilperhaps best known for their charitaience, none of this is possible. In ble and philanthropic work. Hale 2002, with my previous company, was awarded the Boston Red Sox we had stunning defeats, including Jimmy Fund Award in 2014 for his bankruptcy, law suits, and even death long-time commitment to the lifesavthreats. Those were harrowing times, ing mission of the Dana-Farber Canand some people would have probcer Institute and the Jimmy Fund. In ably folded up the tent, but I was 2017, Hale and his wife, Karen, completely convinced that we were Rob Hale were honored by the Breast Cancer right and if we would have stayed Research Foundation with the Inauthe course and not gone the public gural Carolyn Lynch Humanitarian Award. route with our previous company, we would In 2018, the pair were honored by Brigham and have continued to flourish. In the spring of Women’s Hospital with the Heritage Key Award. 2002, coming out of bankruptcy, I was so deterAdditionally, Partners Healthcare saluted the mined. We are in a regulated business and there Hales with the Jack Connors Philanthropic Lead- are requirements that take some time to get in ership Award. For 2019, The Chronicle of Philan- place, and those four to five months were difthropy listed the Hales as one of the top 15 most ficult because I could not wait to get back to generous philanthropists in America. Granite has work since I needed redemption and needed to also been recognized as the Most Charitable Com- prove that we were right. pany in Massachusetts. Hale has held or holds Did you know that you had the resilleadership roles at Boston Children’s Hospital, The ience to bounce back and start all over Massachusetts Soldier’s Legacy Fund, The Dana- again?

Farber Cancer Institute, Deerfield Academy, his I didn’t know. I remember my father saying alma mater Connecticut College, and the Brigham to me that we should try to get through the pro& Women’s Hospital. Hale and the entire family cess without bankruptcy, and we tried everyof teammates at Granite host an annual Saving thing possible to make that happen. He said to

by Shaving event to benefit the Boston Children’s me that some people can handle going through Hospital. Hale is also an owner and Director of a bankruptcy, and some people can’t. It is emothe 17-time World Champion Boston Celtics of the tionally gut wrenching, and there was a time for National Basketball Association and the owner of three to four months when I couldn’t sleep and the Boston Cannons of Major League Lacrosse. would wake up early every morning violently sick because of my nerves. It was intense – the COMPANY BRIEF Granite Telecommunications feeling that you are letting down your team(granitenet.com) is a leading communica- mates and letting down your investors. The tions services provider for businesses with morning that the bankruptcy occurred, I had multiple locations. Granite provides one-stop to tell all of our salespeople that they no longer solutions for voice, data, Internet, wireless, video had jobs. My wife took a call that afternoon at and secure network options throughout the our house, and the person said that because of United States and Canada. Granite understands what her husband had done, he was going to that no two businesses are run the same way, come and kill her. It was a gruesome day, and and creates a flexible communications solution except for the day that my father passed away, tailored to each customer’s needs today and in it was the worst day of my life. the future. Granite’s scalability allows its clients’ The next day, I said to myself that I had businesses to grow with imminent demand. tried everything I could to make the company work, but it didn’t work, so I was going to do Will you discuss your career journey and everything in my power over the next month to how resilience has played a critical role in sell the company in order to save as many jobs that journey? as I could, and then I was going to start another We have had ups and downs – dramatic company. The previous company was sold at downs and wonderful victories – and I sit here auction on March 15 of that year, and that is 116 LEADERS

the day that I left. From that day until June 3 when we got regulatory approval for the new company, it was challenging as I couldn’t go to work since there was no work, and I felt like I was a loser and lost my dignity. From June 3 on, my mind switched when I had the chance to go back to work and reclaim my dignity, and I can promise you that we were working fast and hard to make that happen.

When you look back to that time and creating your current company, Granite, has the journey been what you had envisioned?

It is important to remember that when we launched Granite in 2002, the telecom world had just blown up along with the dot-com world. We had concerns with the regulatory environment which was not defined and we did not know how it may impact our business so, to be honest, my early vision was making sure that we were able to survive. In the Fall of 2003, I remember getting a call at 7:30 PM from our controller at the time mentioning we had a profit of about $700,000 and I remember having a euphoric feeling that the business was going to work and we would in fact survive. It was around this time that we changed our business model from being a regional player to being a national provider which really changed who we were.

We were very fortunate early on at Granite to sign up Walmart and Walgreens as customers and they were interested in wholesaling the phone lines they had, so we did a beta test in Boston first and then we expanded it to New England and then to the entire Northeast. They liked the consolidated billing and discounting and decided that the wholesaling was good for their business and that they would do it for the rest of the country. They decided to wholesale their phone lines in their stores which caused us to have to make a decision about what we would be – a regional player in the Northeast or a national wholesaler to provide a one-stop shop for organizations like Walmart and Walgreens. We decided to redefine who we were going to be, which was a company with great service that provided consolidated billing and support as a one-stop shop for national retailers.

It is somewhat ironic that we have won awards and been credited for this business model, because to be honest it wasn’t really our idea, but rather the idea of our customers. Our model has not changed for the most part over the past two decades.

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“We decided to redefine who we were going to be, which was a company with great service that provided consolidated billing and support as a one-stop shop for national retailers.”

Will you highlight the experience and expertise of the Granite team?

The first 70 teammates at Granite all came from my previous company. At a personal level, this was so meaningful to me since they believed in me and trusted that I would rebuild and provide them with career opportunities. In the early days of Granite, we could only fund new employees when we had growth, and this was difficult since there were many previous teammates that wanted to come back, but we could not afford them at that time. When I reflect on the first 70 teammates who believed in me and came with me on the Granite journey, I love the fact that most of them are now millionaires.

How critical has it been to maintain culture as Granite has grown in size and scale?

It has been very important, and it is challenging. This is the responsibility of leadership as we have experienced rapid growth from the early days and we have done this without ever doing an acquisition, ever having debt, or ever taking outside investment. We are fortunate that as we have scaled up to where we are now with about 25 offices nationwide, the first six or seven offices were led by our teammates who had been with us for years and had lived our culture. They knew the expectations and were able to replicate our model. We have extremely low turnover, and the fact I have worked with most of the people on our management team for more than 20 years is very helpful since we have mutual trust and an understanding that we are in this for the long haul. Granite is a lifetime job, and our teammates believe that, and I believe that. When you have this mentality, you focus on promoting from within so as our people grow and assume other roles, they have already experienced and lived the culture.

We do everything we can to push decisions to the people who are closest to the customer. I have found that the best ideas always come from the customer, because they tell you their needs and then it is our job to come up with solutions to address them. I make sure to spend time with customers as much as possible, and I would describe our culture as customer-centric, because at the end of the day, Granite is in the customer service business and the relationship business.

Where did your passion for philanthropy develop, and how do you decide where to focus your efforts?

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I was raised in a family where taking care of the community was part of our culture. I think as you achieve success, any leader if they are being honest with themself will realize that those successes are a byproduct of a great team and a great community. As I began to have even modest success, I realized that my success was firmly a byproduct of a great community, and if we had these successes, we should share them with our community. This has become part of who we are as a company, as well as who me and my wife, Karen, and our kids are as a family, and it is truly joyous to be able to do philanthropic work.

Karen and I have organizations that we support that are important to us as a family, but all of that philanthropy is a byproduct of Granite’s successes. The fact is that I am part of Granite, and Granite is part of me. There are choices that we make as a family for who we support, and there is another facet which I am honored to be part of which is supporting causes that our Granite teammates are interested in supporting.

While my family philanthropy and Granite’s philanthropy are independent, they are in many ways intertwined.

A key aspect when we evaluate an opportunity to support an organization is who the leader of that organization is and how that leader is driving the mission of the organization.

We look to build relationships with the leadership of the organizations we support, because it is not just about giving money, it is also about giving your time, ideas, and expertise to support the mission.

What led to your decision to provide financial support to graduating students?

We have done this for five or six years in a row now, and those are some of the best days of my life. The schools we try to support are generally with students who are first generation, a high percentage are minority, and many are working two jobs – these are students who are busting their butts to earn a diploma, and I am so proud to be able to support them. We give them $500 to celebrate their work, and then we give them another $500 and ask them to give it to an organization or an individual who could use it more. When you look at the backdrop of who these kids are, many of them have most likely not had the chance to do this before. The idea of introducing philanthropy to them is wonderful because it allows them to experience

the same joy that Karen and I get in helping others.

What interested you in becoming a professional sports team owner?

I played lacrosse in college, so becoming involved with the Boston Cannons and the Premier Lacrosse League came naturally to me. It was a great opportunity to invest in a sport that I love.

My involvement with the Boston Celtics came out of the blue. I was approached by them and as someone who grew up as a huge fan and adored the Celtics, the idea of owning a modest piece of the Celtics was stunning. I was delighted to be a part of the equity team, and then to scale up over time has been great.

It has been an amazing opportunity to be able to share in the enthusiasm of this treasured institution.

Do you still think back to 2002 when you went through such a difficult time?

I have to be honest that after what I went through in 2002, there is a fear of failure that exists every day, and it is very real. It is like permanent scars.

What impact did you father have on your career?

He was my best friend. He was not a telecom person – he was businessman. I was able to go to him with many business questions, and he was there to provide advice and guidance.

My father meant the world to me.

You mentioned your wife, Karen. How special is it to be able to work together on your philanthropic initiatives?

She is in charge – let’s be clear about that.

We are partners, and Karen and I have stated goals to give away a certain amount of resources every year. More often than not, Karen is the one who leads those discussions. It makes it even more special to be able to do this work together.

What advice do you give to young people starting their careers?

It starts with basic things like go to the office. It is the same thing I tell my kids – go to the office. The fact is that jobs are relationship-driven, and you are going to learn more and build better relationships when you show up. I also tell them to meet with customers.

The best ideas come from your customers, and you need to make the time and effort to be with your customers in order to build deep and long-lasting relationships.

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PURPOSE

A Human Institution Serving Human Needs An Interview with John F. Barrett, Chairman, President, and Chief Executive Officer, Western & Southern Financial Group EDITORS’ NOTE John Barrett is statewide tax reform in over 75 years. one of Ohio’s most determined supAs a result, Ohio’s business tax comporters of economic development, petitiveness is among the best in the healthcare, education, and the fine nation. In 2024, he was honored as a arts. He is Chairman, President and Great Living Cincinnatian in recogChief Executive Officer of Western & nition of his distinguished leadership, Southern Financial Group. A recogbusiness and civic achievements, nized leader in the business commuand service to the community. nity and financial services industry, Barrett serves on the board of direcCOMPANY BRIEF Western & Southern tors for Western & Southern FinanFinancial Group (westernsouthern.com) cial Group. Former corporate board is a Cincinnati-based diversified family John F. Barrett service includes The Andersons, Inc. of financial services businesses with (1992-2008), Cincinnati Bell, Inc. assets owned and managed totaling (1992-1998), Cintas Corporation (2011-2024), $127 billion. Western & Souther n is one of Convergys Corporation (1998-2016), Fifth Third the str ongest life insurance gr oups i n t h e Bancorp (1988-2009) and Touchstone Invest- world, with a capital-to-asset ratio more ment Trusts (2000-2008). He is active at the than double the average of the 15 largest pubnational level with Business Roundtable and licly traded life insurers doing business in the Americans for the Arts. He serves as a member United States. of the Board of Overseers for the Hoover Institution at Stanford University, is a former chair- Will you discuss your career journey? man of the American Council of Life Insurers When I was 18, I wanted to go to college, and is a Knight of Malta. He has taken an active get a degree, move to New York and work leadership role in many local and regional busi- my way up the corporate ladder at a big comness organizations and nonprofits, including pany in hopes of making it to the highest levthe Cincinnati Business Committee, Ohio Busi- els of management. After graduating with ness Roundtable, the Association of Ohio Life a business degree, I landed a dream job in Insurance Companies, Cincinnati Center City banking in New York City. I learned financial Development Corporation (3CDC), REDI Cin- services inside and out over the next 16 years, cinnati, Thomas Emery Memorial, and YPO but I longed to do more. Given the influence Gold. He is co-chairman of the Greater Cincin- my parents had on my love for Cincinnati, I nati Scholarship Association and deeply com- moved back to my hometown to join Western mitted to improving cancer care and treatment & Southern and haven’t looked back since. I in Greater Cincinnati through his support of love everything about this company and our the Barrett Cancer Center and Cincinnati Can- city. I knew this was where I could make a cer Advisors. As chairman of the Ohio Busi- difference while fulfilling my dreams personness Roundtable in 2005, he led Ohio’s first ally and professionally.

How do you define Western & Southern’s mission?

Our mission, or purpose, is directly tied to the principles upon which our company was founded as a human institution serving human needs. Western & Southern started as a very modest, door-to-door life insurance company, dedicating itself to meeting the needs of working families during America’s industrial age.

Today, our family of companies thrives because we never lose sight of our purpose: to use our financial strength to help provide financial security to those we serve. We earn trust every day by operating with integrity, making sensible decisions, and honoring our promises. Western & Southern continues to grow and diversify, fortifying our financial foundation and embracing new opportunities to meet our customers’ needs through superior service and an ever-expanding range of insurance, investment, and retirement solutions.

What have been the keys to Western & Southern’s industry leadership?

Western & Southern’s industry leadership begins with the strength of our diversification.

With businesses that span investments, retirement, life insurance, annuities, and real estate, they create balance and resilience and contribute to one of the strongest balance sheets in the business. What sets us apart is our culture, the foundation for everything we do. We foster collaboration, take the long view, and create value for customers, communities, and one another. We invest in our associates and are proud to be somewhere to grow, lead, win, and do good for others. When you bring together financial strength, diverse capabilities, customer focus, and an incredible culture, you

“Today, our family of companies thrives because we never lose sight of our purpose: to use our financial strength to help provide financial security to those we serve.”

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“What sets us apart is our culture, the foundation for everything we do. We foster collaboration, take the long view, and create value for customers, communities, and one another.”

create something unique. That is the Western & Southern difference and why we are one of the most secure and enduring financial services companies.

What are your views on the impact of AI on the future of the industry?

Artificial intelligence has become a game changer as it continues to shape nearly every aspect of our lives. Our industry’s adoption of AI is accelerating, transforming business models, enhancing decision-making and redefining competitive advantages at an accelerating pace. At Western & Southern, we believe we are ahead of others in our industry, leveraging AI tools and solutions to enhance efficiency, improve outcomes, and enable us to better serve our customers.

While AI has incredible advantages and our investment is helping us realize some material impacts, it is not a substitute for highquality leadership.

What do you see as Western & Southern’s responsibility to be engaged in the communities it serves?

Western & Southern has been giving back long before it became a corporate responsibility. We play an active role in preserving Cincinnati traditions, helping businesses thrive, enhancing cultural experiences, and supporting its people in many ways. From revitalization efforts downtown like the reimagination of historic Lytle Park, to our longstanding sponsorship of the Cincinnati Open – one of the nine ATP Masters 1000 tennis tournaments worldwide – we continue to proudly invest in the region we call home. These efforts are not just about economic development; they are about

creating opportunity, vibrancy, and pride in our city. We want people to move here and stay here.

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

The keys to effective leadership begin with cultivating the right culture. Culture has been the cornerstone of our success, particularly over the last 40 years. There’s a real camaraderie and sense of togetherness that defines who we are.

We ask a great deal of one another, but there is a mutual respect and sincere caring, both personally and professionally, that makes our workplace special. My role is to foster that culture and uphold the high standards that have guided this company for generations by setting clear expectations, holding people accountable, and then doing everything possible to enable their success.

What has made the industry so special for you?

The financial services industry is special to me because it helps people secure their financial futures. It provides individuals and businesses with the tools to manage money, build wealth, and plan for what’s ahead. It fuels economic growth by channeling capital into businesses, infrastructure and innovation. It safeguards families and communities through life insurance and retirement planning. It promotes stability by helping people navigate uncertainty. And it drives opportunity by creating jobs, fostering entrepreneurship, and enabling access to credit. At its core, the industry is about helping people, companies and communities thrive today while preparing for tomorrow.

With all that you have accomplished leading Western & Southern, are you able to enjoy the process and take moments to celebrate the wins?

Taking time to celebrate not only the wins, but also the journey, is so important. It is like refueling during a marathon – it re-energizes you for the miles still ahead. At Western & Southern, we celebrate how our company is doing quarterly so everyone can put their best effort forward to achieve our goals. We host an annual business meeting to recognize our accomplishments and set the stage for the year ahead. We also have a lot of fun throughout the year, particularly during Associate Appreciation Week, which culminates with a company picnic where associates and their families enjoy the annual W&S/WEBN Fireworks on Labor Day weekend.

What advice do you offer to young people interested in pursuing a career in the financial services industry?

The best advice I can give younger people is to keep learning. Stay curious and ask questions of those around you. Keep an open mind to recognize the wide range of opportunities within the financial services industry. At first glance, you might not associate financial services with fields like information technology. I came up through finance, so I take pride in the strong career paths available there. The reality is that opportunity exists everywhere – investments, sales, communications, marketing, legal, human resources, and beyond. The industry is evolving, and companies like ours are continuously innovating, creating even more avenues for success. This is an outstanding place to build a career. If you bring energy, openness, and a willingness to grow, the possibilities are limitless.

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“Western & Southern has been giving back long before it became a corporate responsibility. We play an active role in preserving Cincinnati traditions, helping businesses thrive, enhancing cultural experiences, and supporting its people in many ways.”

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Crafting The Future Through Heritage And Insight An Interview with Gerald “Jerry” J. Inzerillo, Group CEO, Diriyah Company EDITORS’ NOTE LEADERS Magazine to children, education, and HIV/AIDS. He that in the future will welcome an estimated has published profiles with Jerry was honored with a Knighthood by the 50 million visits a year – many staying in our Inzerillo throughout his distinguished Knights of Malta in Rome, Italy, in 1996. nearly 40 hotels. This is a truly integrated city career, and we had the opportunity to Inzerillo is a founding advisory board that will feature a university, schools, galleries speak with him again about the progmember of the Clinton AIDS initiative. In and museums, world class restaurant brands, ress and developments taking place recognition of his leadership and empa- parks, cycleways and footpaths, a 20,000-seat at Diriyah. Inzerillo is a globally celthetic outreach to the tourism community arena and the Royal Diriyah Opera House. In ebrated visionary in the hospitalduring the COVID-19 pandemic, he was the Wadi Safar, we will have a Greg Norman ity and tourism industry, with a deep awarded the prestigious HOTELS maga- designed championship golf course and an aptitude for positioning strategies and zine “Corporate Hotelier of the World equestrian and polo center – reinforcing the iconic developments. In June 2018, Award” as well as the “Tourism for Peace centuries of horsemanship and equine excelInzerillo was appointed by His Royal Award” by the World Association of Non- lence here in Saudi Arabia.

Highness, Crown Prince Mohammed Gerald “Jerry” J. Inzerillo Governmental Organizations.

In terms of progress, we are moving at Bin Salman of the Kingdom of Saudi pace and transforming from masterplans to conArabia, to be the founding CEO of the newly cre- Will you provide an overview of Diriyah struction and opening new assets. ated Diriyah Gate Development Authority and where the giga-project stands today?

Since opening the restored At-Turaif UNESCO (diriyah.sa), a $63.2 billion project aimed at We are building a city on the outskirts of World Heritage site and neighboring Bujairi Terrestoring and reimagining the ancestral home of Riyadh that is centered on the 300-year-old race dining district in December 2022, we have the original Saudi state. In this role, he is charged birthplace of the First Saudi State in Diriyah and welcomed over three million visits. Construction with developing and implementing a master plan to the historic home of the Al Saud family. This is work on major districts including the Qurain Culturn its 14 square kilometers of development area a $63.2 billion urban development covering an tural District and education focused Northern Disinto one of the world’s greatest gathering places, area of 14 square kilometers. A place where up trict are well underway along with building our encompassing world-class cultural, entertainment, to 100,000 people will live and call home, tens pedestrianized Diriyah Square shopping precinct retail, hospitality, educational, religious, office, and of thousands of technology, media, and edu- that will sit on top of one the largest underground residential assets, with the UNESCO World Heritage cation professionals will work, and a place car parks in the world with 10,500 spaces. site of At-Turaif as its center-point. When complete, the development will add 27 billion Saudi riyals to the Kingdom of Saudi Arabia’s GDP, attract 50 million visitors, and employ more than 55,000 people.

Inzerillo also serves as Vice Chairman of the Forbes Travel Guide. He previously served as President and CEO of IMG Artists, a leader in artist management, performing arts and lifestyle events planning, from 2012 to 2014. From 1991 to 2011, Inzerillo was President of Kerzner Entertainment Group, where he raised the profile of its properties in South Africa, the Bahamas, Dubai, Morocco, Mauritius, Mexico, the Maldives, as well as conceptualized and positioned the start-up of its One&Only and Atlantis brands. He oversaw the launches of The Lost City at Sun City in South Africa, Atlantis in the Bahamas, and Atlantis Dubai. From 1991 to 1996, Inzerillo served as COO of Sun City, the South African resort complex built by Sol Kerzner. While in South Africa, he enjoyed a close personal friendship with President Nelson Mandela and, in 1994, coordinated major portions of his Presidential inauguration in South Africa. In 1987, he was the founding President and CEO of Morgans Hotel Group, later rebranded as Ian Schrager Hotels. While there, he conceptualized and opened Morgans, Royalton and Paramount in New York; the Delano in Miami Beach; and Mondrian in Los Angeles. Inzerillo has long been An aerial view of Bujairi Terrace, the Middle East’s latest premier dining destination involved with philanthropy, especially with respect 120 LEADERS

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Salwa Palace, At-Turaif

We opened our first hotel in December 2024 – the 134-room Bab Samhan, a Luxury Collection hotel, which is also home to the first restaurant in the Kingdom, and second outside his native U.S., from Michelin-starred chef Michael Mina. Dolce&Gabbana opened a luxury boutique just over six months ago with their first café outside of their home base of Portofino in Italy.

Building work is continuing apace across the whole development area – uniquely using traditional Najdi architectural techniques across elements of all our buildings. Those close to At-Turaif are built using the same unique mudbrick styles of our UNESCO heritage site and create a vibrant and unique flavor to what we are creating.

How important has it been for the development of Diriyah to respect its heritage while still driving modern growth and innovation?

As a developer, we were very aware of the responsibility entrusted to us to ensure we both preserved and enhanced the centuries old buildings of Diriyah, ensuring we took the best of the past to apply it to how we are building the future. That meant our master planning process was designed to ensure the protection and preservation of our three centuries of history as the first step and be sensitive to how we developed in the immediate area around it.

But we have also learned an enormous amount from the Najdi architectural heritage of Diriyah, incorporating the same energy efficient VOLUME 48, NUMBER 4

mud bricks they used in the past, traditional cooling systems and other techniques to ensure the sustainability of our City of Earth. Uniquely as well for a project of our size and scale, we have also extended the Najdi design and architectural themes of Diriyah to our new buildings. The restaurants of Bujairi Terrace, our Bab Samhan Hotel and many other buildings like Zallal, our mixed-use complex, all feature traditional mudbrick themes – buildings that look sensational when lit up at night. Our Royal Diriyah Opera House , mixed-use arena, shopping precincts and other areas will either be dominated by these traditional designs or find ways to incorporate them into the look and feel of the buildings – from residential homes to hotels.

What are Diriyah’s main strengths in attracting international visitors and highend tourists, and what new projects and areas are being introduced to further elevate its global appeal?

We are uniquely located from a global and regional tourism perspective – remember that Diriyah is under 30 minutes from King Khalid International Airport and 15 minutes from the center of Riyadh itself. It means we are becoming the visitor gateway to the millions of people from around the world who are now discovering the diversity and amazing destinations that Saudi Arabia has to offer.

Here in Diriyah we have been open to visitors for well over two years and we can offer them a unique blend of the past and the

present; the past when they can explore the restored mudbrick palaces and alleyways of AtTuraif and the present when dining in one of our wonderful Saudi or international restaurants in Bujairi Terrace. Recently, Diriyah launched Zallal, which includes two low-rise office buildings along with 12 mixed retail and F&B outlets, many of which are already open, covering approximately 8,000 square meters and is highly accessible from a 1,400-space basement car park beneath Zallal.

Looking ahead, the Royal Diriyah Opera House is set to open as a cultural landmark spanning 46,000 square meters. It will become a cultural landmark with capacity for about 3,500 people across four unique venues. At its heart there will be an impressive 2,000-seat opera theatre designed to host grand productions and world-renowned artists. Adding to that there is a great ambience to Diriyah – it is cooler and tree lined in the center of the capital and is also home to our annual Diriyah Season festival that celebrates the best of Saudi culture and cuisine from the past to the present. With one international hotel brand already open, we are also partnering with the world’s major luxury hotel brands who are bringing their properties to Diriyah. These include the likes of The Ritz-Carlton; Aman; Raffles; Capella; Orient Express; Oberoi; Armani and many more. So, visitors will be spoiled for choice in the luxurious options we will have to offer. They will also be attracted to the array of world-class museums and art

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King Salman Square at Diriyah

galleries and events we will host at Diriyah, and experience the very best retail brands in our Diriyah Square precinct.

How is Diriyah incorporating sustainability practices into its development to ensure it remains an eco-friendly and future-proof destination?

Sustainable development strategies are at the very heart of how we build and operate our many and varied assets at Diriyah. These range from carbon-positive construction techniques to how we use renewable energy, smart water systems, and cooling systems. Diriyah Company has received seven international sustainability awards – including the first USGBC LEED certification platinum award in the Middle East for a Masterplan. We are also making sure that the LEED and Mostadam certifications will be implemented across all buildings, gold level at minimum working toward NetZero 2050.

Across the development area we are installing systems to reduce energy consumption by 30 percent; diverting 75 percent of construction waste from landfills; and using carbon-negative materials that cut emissions by 90 percent. In addition, we have a robust green landscaping strategy. We are planting over 6.5 million trees, plants and shrubs across the site – enabling treelined boulevards and new parks for everyone to enjoy – something that visitors to At-Turaif and Bujairi Terrace can already experience.

Will you highlight the strength of the Diriyah team and your focus on attracting high-level talent to be a part of the project?

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I am on record stating that being the Group CEO of Diriyah Company is without doubt the highest profile and most prestigious role I have ever undertaken. A huge part of the pride I take in this role is the incredible team of people I am privileged to work with every day. We now have over 3,000 people in the company – with the vast majority being Saudi nationals, and many in senior roles in the organization. Until you get out here to Saudi Arabia, you really have no idea about the range of talent, commitment, and professionalism there is among the mainly young men and women of this extraordinary country. Their passion, creativity, and desire to succeed and put Diriyah on the global map is something that inspires me every day, and I am also learning so much from a wonderful team.

And as a company – not only are we attracting wonderful talent, but we are also ensuring that we develop the people we have and invest in training in the local community. For example, we have partnered with the London Business School and the first in the Kingdom with the Royal Institute of Chartered Surveyors.

Alongside that, we are helping with entrepreneurial courses and other training initiatives to empower the wonderful young people from the Diriyah area.

We are also enormously proud that the Diriyah Company has recently received the accolade of being recognized by Time magazine as one of the 100 most influential companies in the world. This is a powerful global

endorsement of the extraordinary talent and people we have powering Diriyah forward to the future.

What are you most excited about when you look to the future of Diriyah?

I have been privileged enough to have been with Diriyah since the project began back in 2018. What excites me today is seeing how our comprehensive and world-class master plans are now rapidly moving from plan to built reality. The size and scale of what we are building across an area of 14 square kilometers is staggering. We have a 5.7 kilometer tunnel system under Diriyah up to 30 meters down for road transport and utilities helping to enable our pedestrian-friendly and people-first approach to a low-rise and accessible city.

We are continuing to open new assets across the area and welcoming increasing numbers of visits to Diriyah – including hosting world leaders like President Donald Trump very recently and others such as President Emanuel Macron and U.K. Prime Minister Sir Keir Starmer. From sporting celebrities to politicians, everyone who comes to Diriyah is amazed at what they see, and I love how we are enriching lives and continuing to build a vibrant new gathering place for the world.

We are building in our City of Earth a new, sustainable approach to low-rise urban living that bridges the past to the present and future and can be a model for urban developers worldwide.

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Our disciplined, values-driven approach enables us to move quickly and create meaningful value, positioning Bruin Capital to capitalize on the unprecedented renaissance underway in sports. www.bruincptl.com Info@bruincptl.com

PURPOSE

Creating The Future Of Healthcare An Interview with Marc D. Miller, President and Chief Executive Officer, Universal Health Services, Inc. EDITORS’ NOTE Marc Miller is Prescare hospitals, 331 inpatient behavioral ident and Chief Executive Officer of health facilities, 60 outpatient and other Universal Health Services. He was facilities, an insurance offering, a phynamed CEO in January 2021 and sician network, and various related has served as President since 2009. services located in 39 U.S. states, WashHe is a member of the UHS Board of ington, DC, Puerto Rico, and the United Directors, serving on the Executive Kingdom. It acts as the advisor to UniCommittee and the Finance Comversal Health Realty Income Trust, a real mittee. Miller began his career at estate investment trust.

UHS in 1995 and over the years has held various positions of increasing How do you define Universal Health responsibility at hospitals and at the Services’ mission?

Marc D. Miller corporate office. Prior to assuming The UHS Mission states our purexecutive leadership roles at the compose – namely, that we provide superior pany’s corporate headquarters in King of Prussia, quality healthcare services that patients recomPennsylvania, Miller served in various operating mend to their family and friends; physicians preroles at several UHS Acute Care Hospitals. Among fer for their patients; purchasers select for their his regional and divisional management roles, clients; employees are proud of; and investors he served as Group Director responsible for the seek for long-term returns. The UHS Mission, company’s acute care operations in Pennsylva- penned upon the company’s founding in 1979, nia, South Carolina, and Florida; Eastern Region signifies UHS’ long-standing commitment. It has Vice President of the Acute Care Division; Senior been consistently praised over the years by indusVice President and Co-head of the UHS Acute Care try experts for being authentic and for identifying Division; and President of the Acute Care Division. value offered to all key stakeholders.

Miller is also a member of the Board of Directors As a company, we invest significant capital in of Universal Health Realty Income Trust, a real new facility construction, expansions, renovations estate investment trust that has investments in 76 properties located in 21 states. In 2025, Miller was selected to serve as Chair of the Federation of American Hospitals (FAH). Additionally, he has served as a member of the Board of Directors of Premier since 2015. Miller has been named twice to the annual Modern Healthcare Most Influential People in Healthcare list, most recently ranking at #49. He is frequently featured as a thought leader and provides industry perspective for national publications. Miller holds an MBA degree in healthcare from The Wharton School of the University of Pennsylvania and a BA degree in political science from the University of Vermont.

COMPANY BRIEF One of the nation’s largest and most respected providers of hospital and healthcare services, Universal Health Services, Inc. (uhs.com) has grown into a Fortune 300 corporation with annual revenues during 2024 of approximately $15.8 billion. In 2025, UHS was again recognized as one of the World’s Most Admired Companies by Fortune; ranked #271 on the Fortune 500; and ranked #355 among U.S. companies on the Forbes Global 2000 World’s Largest Public Companies.

Headquartered in King of Prussia, Pennsylvania, UHS has approximately 99,000 employees and through its subsidiaries operates 29 inpatient acute 124 LEADERS

and strategic partnerships, all of which position us for future growth. Most recently, we opened the new West Henderson Hospital in Southern Nevada; the public-private partnership Cedar Hill Regional Medical Center GW Health in D.C.; and the joint-venture Southridge Behavioral Hospital in Western Michigan. We are currently operating 34 freestanding emergency departments (FEDs). We recently expanded and relaunched Foundations Recovery Network in the substance use disorder space; launched Foundations Health for medication-assisted therapy services; and are expanding our national network of outpatient behavioral health services.

How critical is innovation to UHS’ growth and industry leadership?

Innovation is a key aspect of everything we do. Our core strategy includes building or acquiring high-quality facilities in rapidly growing markets and investing in our people, as well as giving them what they need to be successful.

Marc Miller joins Mayor Muriel Bowser and the D.C. City Council to cut the ribbon on Cedar Hill Regional Medical Center GW Health, the first new hospital to open in the region in over 25 years

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Super Bowl champion, retired Philadelphia Eagles defensive end Brandon Graham and Marc Miller host a town hall for employees at UHS’ Corporate headquarters located in King of Prussia, Pennsylvania

We innovate in a variety of ways which enables us to better compete in the market and often times lead the market as a top healthcare provider. Our dedication to innovation is key to ensuring our facilities thrive.

What are your views on the role that AI will play in enhancing patient care?

Overall, I am enthusiastic yet cautious about the role AI plays in patient care. Our commitment to technology advancements includes UHS’ investment in General Catalyst, a leading venture capital firm ushering in a new era of patient care through health assurance investments and collaboration. We recently announced that we are working with Hippocratic AI and have released an AI agent to help clinicians make follow-up phone calls to patients, post-discharge. Generative AI agents support clinicians in monitoring patients’ well-being after they leave the hospital by quickly detecting changes in their conditions and fielding questions, which is just one example of utilizing AI to bring positive outcomes to patients. For UHS, we will focus use of AI largely in non-patient facing areas and back-end operational and administrative functional areas. As things evolve there will be many more opportunities to expand outreach with AI in a variety of appropriate areas.

Where is innovation occurring inside UHS? In addition to the AI-powered pilot currently underway, and explained above, UHS is expanding its use of Oracle Health’s Electronic Health Record (EHR) across the network, including behavioral health facilities. This creates a unified EHR encompassing both mental and physical health histories, leading to better care decisions and improved patient safety. We are currently piloting a companion app to follow the in-patient behavioral health stay experience. An VOLUME 48, NUMBER 4

example in the behavioral health space that we are testing is electronic enabled proximity rounding that uses patient wearables and staff tablets to support timely and compliant patient observation processes, improving efficiency and effectiveness of required rounds. We have several facilities that are currently testing this and so far the feedback from staff is overwhelmingly positive.

In Robotics, UHS continues to invest in da Vinci robots to support minimally invasive

robotic surgery enhancing reach, stability, precision and overall patient outcomes. For example, our hospitals in South Texas recently installed the da Vinci 5 surgical robot, marking a significant advancement in their robotic surgery program. The da Vinci 5 is the latest and most advanced robotic surgical system, providing surgeons with improved visualization, dexterity and control during minimally invasive surgeries.

Further, it incorporates force feedback technology, providing surgeons with a sense of touch during the procedure.

Benefits of these innovations across our facilities include better access to care for patients, increased patient engagement, improved diagnostics and efficiency.

What has made the industry so special for you?

Healthcare is personal. It is our mission, through our hospital staff and at our subsidiaries, to deliver compassionate care to individuals during some of the most challenging circumstances and vulnerable moments of their lives. It is a responsibility we take seriously. We find helping others live longer lives to be fulfilling work in many ways. I cannot think of anything more rewarding than a career in healthcare.

When you look to the future of the industry, what excites you the most, and what concerns you the most?

I am excited by the potential to positively impact lives each day, in new and evolving ways.

There are always certain factors that we must overcome to make this happen, and the current business climate projects a number of areas and possible obstacles that we will have to deal with.

But I am confident that our team will be successful in overcoming whatever lies in front of us and find success in many ways in the future.

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Marc Miller joins former patient Steffani Natter, her family and the medical team from Southwest Healthcare Temecula Valley Hospital (located in Temecula, California) who saved her life

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PURPOSE

A Life Of Service An Interview with General Stanley McChrystal, Founder and Chairman, McChrystal Group EDITORS’ NOTE Stanley McChrysnational service and veterans’ issues, was attractive to me. It actually wasn’t until tal founded McChrystal Group in McChrystal is the Chair of the Board later in my career that I started to think about January 2011 to deliver innoof Service Year Alliance. In this capac- being a soldier as being real public service, vative leadership solutions to ity, he advocates for a future in and started to see the difference between the businesses globally to help them which a year of full-time service – a opportunities in the military or government transform and succeed in chalservice year – is a common expec- as opposed to what people could make on lenging, dynamic environments. tation and opportunity for all young the outside. I’m not saying that I felt sorry As founder and chairman, he Americans. McChrystal is a graduate for myself, but I started to frame my decision advises executives at multinaof the United States Military Acad- on more than just money – I wanted to align tional corporations on navigatemy at West Point and the Naval War myself to something that adds value in a way ing complex change and building College. He also completed year-long I can be proud. stronger teams. A retired four-star fellowships at Harvard’s John F. KenHow much did your military experiStanley McChrystal general, McChrystal is the former nedy School of Government and the ence shape your views on leadership and commander of U.S. and InterCouncil on Foreign Relations. the way you lead? national Security Assistance Forces (ISAF) I think it would be wrong to say it didn’t Afghanistan and the former commander of Will you discuss your career journey, and shape it primarily, but to say that everybody the nation’s premier military counter-terror- when you knew that you were interested in the military is shaped the same just doesn’t ism force, Joint Special Operations Command in public service? recognize reality since the military is so big (JSOC). He is best known for developing and That is an interesting question because and provides so many different experiences. implementing a comprehensive counterinsur- I wanted to be like my father from the ear- So, the particular way I lead was representagency strategy in Afghanistan, and for creat- liest age I could remember, so I wanted to tive of first, the general idea of the military ing a cohesive counter-terrorism organization be a soldier like him, but I didn’t think of it based on values, structure, discipline – pretty that revolutionized the interagency operat- as public service. I thought of it as emulat- traditionally recognized things. But then part ing culture. Throughout his military career, ing him. Even when I went into West Point of the way through my career when I went McChrystal commanded a number of elite when I was 17 years old, I was thinking into special operations, I got into things that organizations, including the 75th Ranger Reg- much more about an interesting career that were much more unconventional, much more iment. After 9/11 until his retirement in 2010, he spent more than six years deployed to combat in a variety of leadership positions. In June 2009, the President of the United States and the Secretary General of NATO appointed him to be the Commander of US Forces Afghanistan and NATO ISAF. His command included more than 150,000 troops from 45 allied countries. On August 1, 2010 he retired from the U.S. Army. In 2013, McChrystal published his memoir, My Share of the Task, a New York Times bestseller; and is an author of Team of Teams: New Rules of Engagement for a Complex World, also a New York Times bestseller in 2015. McChrystal most recently authored his latest book, On Character, offering thought-provoking reflections on the discipline required to live up to our beliefs. The book was an instant New York Times bestseller. He previously served as a senior fellow at Yale University’s Jackson Institute for Global Affairs, where he also taught a course on leadership. He currently sits on the boards of General Atomics, Allegiance and Ascendance Trucks, and the FENIX Group. He is a sought-after speaker, giving speeches on leadership and team dynamics to organizations General Stanley McChrystal visiting FLS Carlson in 2004 around the country. A passionate advocate for 126 LEADERS

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bottom up rather than top down, and much more decentralized, so my leadership style evolved with that. In some cases, I like to tell myself that I helped the organizations I was involved with to evolve, but clearly being in that environment shaped me. It is how I think about leadership now.

When you look at the evolving challenges in the world, do you feel that the military is adapting and innovating to meet these challenges?

First, I don’t want to sound critical because it’s really hard to see forward in the military. People on the outside all claim they can, but nobody really can predict the future, and the military is always criticized for not getting it right, but it’s pretty understandable. If you think about armies historically, it started to become an organizational and discipline challenge, and whoever could get a better organization and then create standards for performance of individuals and groups tended to win. I think we are entering a period where two things can be true simultaneously. There is still a need in the military of a large nation to be really organized, but then on the other side of that, you need to have an extraordinarily innovative force that can get demand signals for what works in the battle, what is needed, and then have this relationship so that innovation can go all the way back to the people who are producing the weapons, creating the capabilities, training the force. So, I think we’re not going to go away from the need to be organized, but we are going to have to be much more adaptive than in the past because that speed of adaptation is so much quicker than it has been in previous wars.

How critical is it for schools to change the way they teach future soldiers to be prepared for the challenges of tomorrow?

I think it is critical. There will still be the need for principles, and there are principles in two ways. One principle relates to our values. The other is about the principles of war which turn out to be kind of timeless, but they’re interpreted differently on the battlefield. What we want now is when people are given new information, they bring

General Stanley McChrystal at the Yakima Training Center in Washington State in January 1999

imagination and do it at an extraordinary speed. You need this for people who are actually interacting with the enemy, but you also need to have it back through the entire force because if we think about it, the people up close to the enemy are going to naturally innovate. They are going to try something, and if it doesn’t work, they’re not going to do it again. I think that the kind of people who are going to do well in the military in the future are not solely guys with big biceps and a lot of courage, although there is a requirement for some of that. But there

is a requirement for very innovative, quick thinkers who still have a complete commitment, a disciplined commitment to the cause.

Do you feel that the talent that is needed for the future is coming into the military?

I think that generally, the military gets good talent. The key is creating a structure and a culture that maximizes the talent because you are only going to get a few really innovative, brilliant leaders, which is the nature of the beast. I think we are probably overindexed right now on legacy things which is going to be less valuable in the future than someone who can work a keyboard really well, because as we’ve seen from Ukraine, people operating drones on the battlefield can be 85-year-olds in a wheelchair, and they would be just as effective as somebody else.

How do you balance the need to be a global leader with the concerns that the military will be stretched too thin?

If you look at the history of great empires, they tend to bankrupt themselves and often that’s done because they stretch so wide militarily that it’s unsustainable. On the other hand, I think the strength of the United States, particularly since the conclusion to the Second World War, came from the fact that we went from an isolationist policy in the 20s and 30s to being globalists. We thought we had to be for the Cold War, so we made that our policy, and it paid off in spades. We had interaction around the world economically, we had influence in places partly because our military reach and capability since we could provide support and defense for people, and that enabled us to be the global reserve currency because we were so powerful, and we’ve benefited from that. So, on one hand, I think that people say it costs too much, but on the other hand, I would argue it works extraordinarily well.

The challenge now is that we are trying to be everywhere, but we are also trying to do everything because the spectrum of our potential opponents goes from small nonstate actors using cyber or potential terrorist activities, to well-funded state actors like

“If you look at people who are very successful in what they do, almost anybody who succeeds in a really good way in any sector starts by being very committed and focused, and staying persistent in it and disciplined in it. My military career was over 34 years and there were times when it wasn’t fun, but a lot of that was brick by brick building enough expertise to be effective.”

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General Stanley McChrystal in action in September of 1998

China, and when you try to compete on that entire spectrum, you are trying to be good at it all the way across and that’s always going to be expensive and hard. I think we have to try to do that, but I think that the secret is we can’t do it alone. We have got to use alliances. We’ve got to leverage the capability of allies, which means we must have allies.

What was your vision for creating McChrystal Group, and how do you focus your efforts leading the organization?

I left the service studently in 2010, and I didn’t have a plan. A friend of mine asked me if I wanted to start a business, and I sort of reflexively said yes. While there wasn’t a plan to create McChrystal Group when I was on active duty, we created it and it became a consulting firm. I think in the first few years, although we started working with firms to make them better, I am not sure we had the clarity of why we were doing it. However, as we got more involved inside of firms, we realized there was this great need out there for firms to be able to operate like a team of teams, which is one of the lessons we learned from the counterterrorist fight. It was about three or four years into the company that we became not just a business, but also became a real purpose-driven effort because I believe strongly that there are a lot of organizations that are operating much less effectively than they could, and it’s not for a lack of resources or talent. It’s just because the way they function doesn’t unlock the capability, and that’s the value we offer.

What do you look for when hiring talent for McChrystal Group?

When we first started, you hire people you know, so I hired a bunch of people out of special operations which was great, but many of them were at a point in life where 128 LEADERS

they didn’t want to work many more years, so there was some attrition there. Now, what we look for is a diversity of talent, which means across different ages and genders and backgrounds, and what I do look for increasingly is commitment. We found that if you really want to get organizations to change, you must be passionate and focused because you’re trying to convince another organization that you don’t run to do something that they aren’t doing now. So, I’m not going to say we don’t look for the best talent. We look for good talent, but I think the dominant thing is if somebody is really committed to being part of a team that is going to make a difference.

What led to your interest in writing books?

When I was younger, I always liked to read so I talked about one day possibly writing a book, but when I left the service in 2010 I had no plans to write. I was then asked to write my memoirs and was convinced that I should, so I wrote my memoirs which took me two and a half years. It was very eye-opening because in writing your memoirs, you think you know the story because you were there, but the reality is that you only know a small part of the story because there are all these other things happening. It was a bit of a harrowing experience to write your own story and realize that you are not the star, but it also opens up the idea of what history is. My publisher came to me after the memoirs and said, there’s an interesting book story inside your memoirs and it needs to be expanded, and that was the team of teams idea. We wrote Team of Teams as the second book to capture what we had learned and explain it, and that was a lot of fun to write. We came up with that in 2015 and, at that point, we sort

of had the bug. After Team of Teams which has done extraordinarily well, we then wrote Leaders, which is the study of thirteen leaders since I really enjoy history. We then wrote a book called Risk, and most recently wrote a book called On Character because, at this stage in my life, I wanted to address it since it is increasingly important.

I enjoy writing, but it also forces me to think. It’s not just a case of me putting on a page what I think about something. It requires me to make a journey to determine what I think about something and then as I do that, I go through this dialectic process, sort of pushing and pulling on my own thoughts.

When you finally get it on the page, it can be eye-opening, and sometimes you think differently than you thought you did.

What advice do you offer to young people beginning their careers?

The opportunities are changing, but the fact that there are opportunities doesn’t change. One of the great things about being young right now is that many of the traditional things are being shaken up or erased, which means that opportunities are going to go to everybody. You are not going to be trying to get into this hierarchical economy where you have to start at the bottom and your parents have to be connected. There are going to be all kinds of opportunities.

I tell young people not to be intimated and to be opportunistic. But it is also so important to be committed. Step back and don’t just think about how you are going to make the most money – think about commitment to something. If you look at people who are very successful in what they do, almost anybody who succeeds in a really good way in any sector starts by being very committed and focused, and staying persistent in it and disciplined in it. My military career was over 34 years and there were times when it wasn’t fun, but a lot of that was brick by brick building enough expertise to be effective.

When you look to the future, what excites you the most, and what concerns you the most?

What excites me the most is that we have a very talented, young group coming up.

Technology is going to provide the opportunity to scale with efficiency, so we are going to be able to educate people better, we are going to be able to keep people healthier.

On the other side, we have also got to look backwards. I say that because we have got to understand that the traditional things that can upend a civilization or a nation, most of them still ring true. We still can have the rise of autocratic regimes. We can have the loss of individual freedoms. We can have all of the things that previous generations faced, but they fought for freedom. They fought to protect civil rights. Those things aren’t done.

I think all of those things, arguably, will be more important in the future than they have seemed in the past, but we tend to sometimes think that this only applies to people in history.

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VOLUME 48, NUMBER 4

Welcome to the Warmer Side of Care.

There are many sides of care at Baptist Health. And each one stays true to our values. Bringing humanity, warmth and understanding to every person that comes through our doors. Which is why we’re here to stand by you, through all of life’s moments.

Welcome to Baptist Health.

BaptistHealth.net

PURPOSE

The Future Of Beauty An Interview with David C. Chung, Founder and Chief Executive Officer, iLABS EDITORS’ NOTE David Chung is a indie brand, we really have services serial entrepreneur with more than for all customers which I think sepa25 years of experience in beauty rates us from our competitors. We also and skincare R&D innovation, conmanufacture in South Korea, which tract manufacturing, and premium gives us access to additional resources brand building. Chung continues and expertise. to be inspired by his mother, Judith Will you highlight iLABS’ serEhm Chung, a Korean immigrant vices and capabilities? who helped establish Koreatown We offer three ways to innovate at in New York City. In honor of her iLABS: new product innovation, bases entrepreneurial and philanthropic and textures, and ready-to-launch. spirit, he created the Judith Ehm New product innovation offers a David C. Chung Foundation to support public charfully customized product made for your ities that help Korean Americans, brand. Our team of chemists, techni- products, formulated with new, buzzed-about Asian Americans, and the broader community cians and creatives transform your idea into real- raw materials. with education, social services, and healthcare. ity, developing a trendsetting product that has an Will you provide an overview of iLABS’ extraordinary look, feel and performance. formulations?

How do you describe iLABS’ culture Bases and textures are a starting point and iLABS formula expertise and capabilities and values? short cut for developing a new product. Brands span every category of beauty from OTC (suniLABS’ culture and values aim to embody can choose from our base formulas and textures, screen, acne care, spot treatment); Skincare honesty, transparency, and mutual respect, mak- customizing with skin care actives of choice. (cleansers, masks, toners, moisturizers, creams, ing sure our employees are working in a colReady-to-launch offers what brands need serums, exfoliators, treatments); Hair, Scalp and laborative work environment where we can all most when time is cut short. They are able to Root Care (shampoos, conditioners, masks, oils, achieve shared goals and celebrate successes. choose from a library of sophisticated, finished gels, serums); Body Care (body wash, body To stay client-focused, we believe in a balance between hard work and the importance of rest.

At iLABS we strive to provide an environment that fosters creativity, growth, and collaboration while recognizing the importance of work-life balance for our employees.

What is iLABS’ mission and purpose? iLABS is an innovation-focused, full-service, global beauty company with a proven track record for award winning formulas and product development. The art and science of innovation are in our DNA. Through our worldwide network of talented chemists, scientists and creatives, we bring authentic innovation and cutting-edge technology to every product we design. Whether you’re an established brand or an indie start-up, our team of beauty industry professionals nurture your project through each phase of development, from concept to finished goods. We take the time to understand your goals through access to cutting-edge technologies, raw materials, and the latest marketing analysis. Our dedicated team guides your vision, ensuring your product takes center stage in a crowded market.

What have been the keys to iLABS’ growth and leadership in the industry?

The key to iLABS starts and ends with our reputation. We have built a business on trust and continue to innovate for our customers. iLABS facilities (above and opposite page) Whether it’s an established brand or a smaller 130 LEADERS

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creating seamless user interface that connects multiple departments for a transparent project flow. While AI has played an incredible role in other sectors in the personal care market, it is still in a nascent stage of development. We have seen AI’s impact primarily on the raw materials side of things where scientists are using AI to create new actives with nature as its source.

We have also seen the impact of AI on product development and marketing, which will play a huge role in the future.

How do you focus your efforts leading iLABs? At iLABS, we lead with a hands-on approach to deliver high-quality, effective innovations for our customers. As the beauty industry continues to evolve, our team remains committed to staying ahead of trends and forecasts, which is something we take seriously. Built on a foundation of trust and reputation, iLABS fosters a collaborative environment where every voice is valued and every vision is heard. Together, we’re leading the future of beauty through passion, creativity, and cutting-edge science.

When you look to the next five years, what excites you the most, and what concerns you the most?

When I look to the next five years, I am excited about creating a lasting impact in the beauty industry and to see where iLABS can fit in among trendsetters that have paved the way, even before us. The concern is more generic as I am seeing a lot of brands focusing purely on marketing with “science buzz words” but not as much on the performance and efficacy of their products. At the end of the day, the benefit to the consumer must be at the forefront of any product development cycle, and I know that we will get there. cream, scrub, oils, hand and foot treatments); Nutritional Supplements (supplements, energy, health); and Emerging Trends (k-beauty, sustainable and clean beauty, new formats, fermentation, microbiome).

How critical is innovation to iLABS’ continued success?

Innovation is the heartbeat of our company, and it is a big reason why I chose to name the company Innovation Labs. We strive every day to challenge the status quo. Innovation not only in our formulas, but also innovation in the way things are done in the industry.

One thing that people don’t highlight as much when they use throwaway words like “innovation” in their mission statement is that innovation is always accompanied with risk, and we are exceptionally transparent about that with our customers upfront and that we are willing to go through that journey with them. We are definitely not perfect, but we try to be better than the day before as continuous improvement is what drives us every day.

How is technology and AI impacting iLABS’ business?

Technology plays a major role as it does for any leading industry at the moment, which is why we have our own internal IT infrastructure that supports the business by making operations more efficient, software easy to use, and VOLUME 48, NUMBER 4

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PURPOSE

Redefining Failure An Interview with Mitzi Perdue EDITORS’ NOTE Mitzi Perdue syndicated radio show, and in the write his book. The reason, as I analyzed it, was holds degrees from Harvard Uni1990s and part of the early 2000s, my that he was afraid the great book might not be versity and George Washington weekly Scripps Howard column, The a success. He continually planned to write his University. She is a past President Environment and You, was the most great book but never began, held back by fear of the 35,000-member American widely syndicated environmental col- of failure. He went to his grave 30 years later Agri-Women and was one of the umn in the country. Since what you’re without writing the book.

U.S. Delegates to the United Nations reading is written with the hope of Peter had done the one thing that guarConference on Women in Nairobi. being useful to you, I’d like to share anteed failure; he didn’t put himself out there She’s authored How To Make Your with you some of what made those and try. On the day I realized that Peter wasn’t Family Business Last, and How To career successes possible. My big tip going to write his book, I also realized that even Communicate Values To Your Chilis: Redefine failure. The only real fail- though I had always wanted to write, I hadn’t dren – So They’ll Love It. Perdue ure is not to try. I came up with that been submitting articles, and deep down, like Mitzi Perdue is the author of The I Want to tip because of my own experience. I Peter, I was immobilized by fear of failure. That E g g S cape Book, A Quick Guide didn’t start achieving any kind of writ- day, I decided to redefine failure. For me, a rejecTo Successful Media Appearances, a biography ing or public speaking success until almost my tion slip would be a badge of honor: it would of her husband, Frank Perdue, and six cook- forties. Things changed for me in a single day. be proof that I had put myself out on a limb books, including The Farmers’ Cookbook series It came about because of a close friend with an and dared to try. Within days, I began submitand The Perdue Chicken Cookbook. She was IQ of more than 200. We’ll call him Peter. Peter ting articles to magazines and newspapers, and a syndicated columnist for 22 years, first with wanted to use all the knowledge and wisdom within a year, after an abundance of either rejecCapitol News in California and then nationally that he had acquired because of his phenomenal tions or no answers, I not only got a newspaper with Scripps Howard.

IQ, and he wanted to do this by writing a great column, I got syndicated. That’s been the story book. He even had a title for it: Life, an Owner’s of my life ever since. I fail continuously, but as Will you discuss your life journey?

Manual. By age 68, he had spent a lifetime col- I view it, each failure puts me further along the I love being 84, and if anyone reading this lecting information and wisdom in preparation road to success; in the act of trying and giving worries about getting older, I’m here to share for writing his book. However, he hadn’t started it my all, I’ve honed skills, made contacts, taken that it can be a really great gig. I wouldn’t trade writing it. One day, I realized he never would classes, studied books, attended conferences, all being my current age for being any other age, and I’ll get to why as you read on. But first, what went before these 84 years?

My background before that is I’m the daughter of the Co-founder and President of the Sheraton Hotel chain, Ernest Henderson, and I’m the widow of chicken magnate, Frank Perdue. However, like many if not most women, I didn’t want my identity to be completely defined by the men in my life. I wanted a career of my own and gave up 95 percent of my inheritance.

I had dreamed of being a writer from my earliest childhood, and in fact, I began keeping a diary at age 11. I kept the diary with the hope that the sheer act of writing and observing would help me develop fluency in writing.

My dream did come true. By profession, I’m a journalist, and in the last three years, a war correspondent. I’ve had almost 300 published stories written from and about Ukraine. A fair percentage of these stories were based on interviews in bomb shelters in cities during active attacks. Quick comment on age: I’m living proof that a person doesn’t have to lose their taste for adventure even as an octogenarian.

I also do public speaking, and in my Knollwood Estate (above and opposite page) career, I’ve had a syndicated TV show, a 132 LEADERS

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in the service of getting better at my craft. Redefining failure has been a pay-off deal for me.

It’s meant a syndicated newspaper column with Scripps Howard, a syndicated radio show on the Coast to Coast Radio Network, and a syndicated TV show sponsored by DuPont.

I’ve mentioned how I had always wanted to be a writer, but in fact, I had also yearned to be a speaker. The problems was, I had a genuine phobia of public speaking, a phobia just as strong as a phobia of snakes or spiders.

Oh, and up until almost my 40s, I was so shy that it was painfully difficult for me to enter a room of strangers. How did I change from being shy to someone who enjoys few things more than being on camera or on stage? Someone who lives for the pleasure of sharing things that I hope are useful to others? Here’s what happened. I didn’t want to have a phobia of speaking, and when one day a woman from the Business and Professional Women’s Clubs called (it was a cold call), asking if I’d like to take their public speaking and self-confidence course, I signed up. That was the beginning of probably a dozen public speaking courses and reading many dozens of books on public speaking.

These paid off: I ended up with a syndicated TV show and a radio show. It wasn’t that I had all that much talent, but I did have a grounding in the basics – and most of all, I was ready to VOLUME 48, NUMBER 4

put myself out there in auditions. Further, the speaking courses gave me the self-confidence to get past my shyness. Getting turned down still has a sting, but honestly, my attitude isn’t too far from Babe Ruth’s when he said, “Every strike brings me closer to the next home run.”

My career up until my early 80s has been in communications. Now I’m taking a different tack, and for me, it makes life even more fulfilling. As a war correspondent in Ukraine, I became increasingly aware of the mental toll the war is taking on Ukrainians. By some calculations, more than 90 percent of Ukrainians have conditions that would benefit from mental health support, including anxiety, depression, insomnia, or panic attacks. Unfortunately, there’s a staggering gap between the need for mental health professionals and the actual number of them. I wondered if a ChatGPTtype app, specifically tuned to Ukrainian mental health practices and trained by Ukrainian mental health professionals, could help bridge this gap. I mentioned the idea to General David Petraeus and he encouraged me on the idea. Today, the nonprofit, Mental Help Global (MHG), is the result. We’re still piloting it in Ukraine, but individuals who want counseling will be able to access it on their smart phones, free and 24/7. We’re working closely with the Ukrainian government and half a dozen

universities are advising us or partnering with us, including Harvard’s Program in Refugee Trauma. We haven’t publicized it yet, but through word of mouth, there’s now a waiting list of 37,000. I’ve observed some of the interactions and my personal impression is that while the app doesn’t cure anyone, it makes their burdens significantly easier to bear. I’ve seen Mental Help Global change people’s lives.

The other thing that occupies my time at this age is that my family has entrusted me with selling the family home, Knollwood. It’s a once-in-a-generation estate, 19,000 square feet, 13 bedrooms, and a ballroom that seats 120. In the early 1900s, it served as the Summer White House of President Taft, and Mark Twain used to give readings there. I mentioned earlier that I’d have more to say about why I wouldn’t change being 84 for any age I’ve been before.

The reason is, I feel that with age, I have more knowledge, skills, contacts, and patience, and I’m better able to bring these to bear on carrying out my life purpose: to increase happiness and decrease misery.

I can’t know that Mental Help Global will live up to its promise, and in fact it feels incredibly presumptuous to try, but since I’m the one who preaches, “Redefine failure: real failure is not trying,” I’m all in. I’m loving working on it and loving life.

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Moving Humanity Forward An Interview with Peter H. Diamandis, MD, Founder and Executive Chairman, XPRIZE Foundation EDITORS’ NOTE Peter Diamandis private spaceflight. Everyone told me (diamandis.com) is a New York Times I was crazy – there wasn’t a single pribestselling author and founder of vate team in the world building rockover 25 companies in the areas of ets at the time. But sure enough, 26 health-tech, AI, space, venture capiteams from seven countries signed up. tal, and education. He is cofounder And in 2004, Scaled Composites won, of Singularity University and curamaking history. tor of Abundance360. He serves as Today, XPRIZE is about so much cofounder of two $500 million+ more than space. Our mission is to tackle venture funds: BOLD Capital Partthe world’s biggest challenges through ners, focused on health/longevity, incentive competitions that drive radical and Link-xpv focused on AI. He is breakthroughs for the benefit of humanPeter H. Diamandis the founder and Executive Chairity. We don’t fund research papers. We man of XPRIZE which has launched don’t fund talk. We fund results. We’ve $550 million of incentive prizes driving $10 bil- launched prizes to clean our oceans, extend human lion in R&D. In the field of longevity, Diaman- healthspan, reinvent education, and even build cardis is cofounder and chairman of Fountain Life. bon-removal systems. Our goal is to inspire entreHe has degrees in molecular genetics and aero- preneurs, democratize innovation, and accelerate space engineering from MIT and an MD from technologies that move humanity forward. If it feels Harvard Medical School. He has been named impossible, it’s probably exactly the kind of chalby Fortune magazine as one of the “World’s lenge XPRIZE was made for.

50 Greatest Leaders.” He has written six books What advice do you give entrepreincluding four New York Times bestsellers. His neurs trying to tackle today’s biggest global Moonshots Podcast focuses on AI and other challenges? exponential technologies, routinely exceeding 1 If you’re an entrepreneur with the itch to million downloads. solve big problems, first of all – thank you. We

need more of you. My first piece of advice is this: don’t be afraid to take on something massive. In fact, the world’s biggest challenges are often the world’s biggest business opportunities in disguise. Feeding a planet of 9 billion? Massive. Bringing education to every child on Earth?

Trillion-dollar market. Solving for clean energy or reversing aging? Even bigger. So, think Moonshot. Not incremental. Audacity is a strategy.

Second, embrace exponential technologies.

AI, robotics, 3D printing, CRISPR, and quantum computing are not tools for tomorrow – they’re here now and growing more powerful by the month. A small, focused team with these tools can now out-innovate the largest corporations or governments. We’re living in a world where the barriers to entry are collapsing – and entrepreneurs who leverage these tools can make magic happen.

Third, define your Massive Transformative Purpose (MTP). What’s the big, soul-aligned reason you wake up in the morning? If you’re solving something that matters, people will rally around you – investors, employees, customers. The gravitational pull of a meaningful mission is real.

Finally, be ready to fail forward. Innovation is messy. You’ll stumble. That’s part of the deal.

ORGANIZATION BRIEF XPRIZE (xprize.org) is the recognized global leader in designing and executing large-scale competitions to solve humanity’s greatest challenges. For 30 years, its unique model has democratized crowd-sourced innovation and scientifically scalable solutions that accelerate a more equitable and abundant future.

What inspired you to launch XPRIZE, and how do you define its mission?

The inspiration for XPRIZE started with a childhood dream – I wanted to be an astronaut.

Growing up during the Apollo era, I was enamored with space and certain that NASA would one day take me there. But as I got older, I realized that spaceflight was becoming stagnant.

NASA had shifted focus, the shuttle program was grounded, and the vision for human exploration beyond Earth seemed stalled. That’s when I turned to the past for inspiration. I read about the Orteig Prize, which in 1927 incentivized Charles Lindbergh to fly solo across the Atlantic. That $25,000 prize sparked a $300 billion aviation industry. It was a lightbulb moment: What if we could do the same for space? So, I launched the $10 million Ansari XPRIZE for 134 LEADERS

XPRIZE Founder, Peter Diamandis, at the Hevolution Global Healthspan Summit held in Riyadh, Saudi Arabia, in November 2023

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But iterate fast, learn faster, and keep going. We live in a world where a teenager with a laptop can write an app that reaches a billion people.

The power to change the world has never been more accessible – it just needs to be aimed at something that matters.

What are the characteristics that make a challenge XPRIZE-worthy?

An XPRIZE-worthy challenge has to check a few key boxes. First, it has to be audacious – something that feels bold, maybe even borderline impossible. We love problems that spark the imagination and make people say, “That’s crazy – but what if?” That sense of wonder, that sense of “what if” – that’s the seed of innovation.

Second, it must be measurable and objective. At XPRIZE, we’re not interested in vague goals or open-ended research. We create competitions with clear, quantifiable finish lines. For example, can you build a system that removes 1,000 tons of carbon from the atmosphere at less than $100/ton? Or can you extend the healthspan of a mammal by 20 percent?

Clear metrics allow for bold action – and real accountability.

Third, the impact must be global and scalable. A great prize doesn’t just solve a problem in one country – it has the potential to uplift billions. Whether it’s reinventing learning for children in rural villages or delivering clean drinking water in drought-stricken regions, the outcome must change lives on a massive scale.

And finally, it must catalyze a new market.

The best XPRIZEs don’t just award a winner – they ignite industries. Think of what the Ansari XPRIZE did for private spaceflight. We want to see startups launched, investment capital flowing, and new ecosystems born.

In short, an XPRIZE-worthy challenge is audacious, measurable, impactful, and catalytic. It’s designed to take humanity from “that’s impossible” to “we did it.”

Your book, Abundance, presents a very optimistic future. How do you maintain that optimism in the face of today’s global crises?

I get this question a lot. People look at the chaos in the news – climate change, political division, war – and they wonder how I can remain so hopeful. The truth is, I don’t ignore the problems. I just don’t let them define the narrative. I believe that optimism isn’t about burying your head in the sand – it’s about having a cleareyed view of what’s possible, and then working to make that future real.

Abundance was born from data. When you zoom out, the trendlines are astonishing.

Over the past 100 years, we’ve seen massive drops in poverty, child mortality, and illiteracy.

Lifespan is up. Access to clean water, food, energy, and education is up. And this isn’t happening by chance – it’s happening because of innovation. Entrepreneurs armed with exponential technologies are solving problems that once seemed unsolvable. The problem is that most people don’t hear this story. The media is designed to sell fear, because our brains are wired to pay attention to danger. But that creates a warped sense of the world. My goal – and the goal of Abundance – is to rebalance VOLUME 48, NUMBER 4

Peter Diamandis speaks at the XPRIZE Healthspan Awards Ceremony held in New York in May 2025

the narrative, to show that, while we face real challenges, we also have unprecedented tools to solve them.

My optimism comes from the incredible minds I meet, the technologies I see, and the progress that continues, quietly but powerfully, every day. The future is not something that happens to us – it’s something we create. And I choose to be a builder.

What breakthrough technologies are you most excited about when you look to the future?

That’s like asking a parent to pick a favorite child – but okay, here goes. I’m incredibly excited about AI as a force multiplier. It’s not just transforming industries – it’s becoming a cognitive co-pilot that can help us solve problems faster than ever before. Combine that with CRISPR and gene therapy, and suddenly we’re talking about editing out genetic diseases or even reversing aspects of aging.

Then there’s longevity tech – my personal passion. We’re approaching a time when we’ll detect diseases years before symptoms arise, thanks to liquid biopsies and whole-body MRI scans. Regenerative medicine, cellular reprogramming, and senolytics are on the cusp of revolutionizing how we age.

And let’s not forget robotics and space tech.

Humanoid robots will transform caregiving, manufacturing, and companionship. Starship and lunar habitats are real now, not just sci-fi.

The magic happens at the intersection of these technologies. It’s not one breakthrough – it’s dozens converging at once. We’re living in the most exciting time in human history.

Buckle up.

How do you measure success for XPRIZE? At XPRIZE, success isn’t about the prize money – it’s about the ripple effect. We measure success by whether we’ve catalyzed a new industry, solved a global problem, or created breakthrough innovation that didn’t exist before. If a winning team collects $10 million but the market

they ignite becomes a $10 billion ecosystem, we’ve done our job.

We also track how many teams build viable companies, how much outside capital flows into the space, and whether we’ve influenced policy or inspired new government or philanthropic initiatives. The goal is to create impact far beyond the prize itself.

The Ansari XPRIZE led to the founding of Virgin Galactic and launched the commercial space industry. The Global Learning XPRIZE produced open-source software now helping kids in rural Tanzania learn to read. These are lasting legacies that continue to grow long after the check is handed out.

Ultimately, our mission is to inspire and empower the world to solve its biggest challenges. When we see that happening – at scale – that’s success.

When you look at the impact that XPRIZE has made, what are you most proud of?

What I’m most proud of is how XPRIZE has shown the world a new way to innovate. We’ve proven that you don’t need massive institutions or decades of bureaucracy to solve hard problems. You need a clear goal, the right incentive, and belief in the power of entrepreneurs and innovators worldwide. The Ansari XPRIZE didn’t just get a rocket into space – it shifted our entire mindset about who could go to space and who could build the future. Since then, we’ve taken on education, health, food, oceans, and now healthspan – with the $101 million Healthspan XPRIZE aiming to restore function by 10 to 20 years.

But maybe the proudest moments are the stories of unexpected heroes – teams from small towns or underfunded labs who beat the odds, built something incredible, and changed lives. That’s what keeps me going. The spark of possibility, the democratization of problem-solving. We’ve made it cool to tackle the world’s biggest problems – and that’s a legacy I’m deeply proud of.

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The Biggest Part Of The Market Is The Middle An Interview with Marc Solomon, Founder and Principal, The Solomon Organization EDITORS’ NOTE Marc Solomon Will you highlight your career is the Founder and Principal of journey?

The Solomon Organization, a priI began my career as a property vately held real estate investment manager for one of the legendary New and management firm headquarYork City real estate investment famitered in Summit, New Jersey. With lies. Seeing the opportunity represented nearly five decades of experience by converting apartment buildings to in the multifamily housing sector, cooperative ownership, my first Upper Solomon has built a reputation for East Side investment provided the expestrategic vision, operational excelrience and seed capital for one of the lence, and a deep commitment to formative stages of my career, when my community development. Under his company pioneered the conversion of Marc Solomon leadership, The Solomon Organisuburban garden apartment communization has grown into a vertically ties to cooperative ownership. integrated enterprise, owning and managing Recognizing the power of existing and thousands of residential units across multi- new residents to purchase their apartments and ple states. Known for his hands-on approach carry the cost of ownership at roughly the same and long-term investment philosophy, Solomon amount they were paying in rent was a threshhas guided the firm through multiple real estate old moment in our company’s growth. We first cycles while maintaining a focus on quality, applied the strategy in Queens, New York and tenant satisfaction, and sustainable growth. He then throughout New Jersey, ultimately creating is a respected voice in the real estate industry home ownership opportunities for more than and an active supporter of philanthropic initia- 5,000 families. tives in education, healthcare, and the arts as a In the early 1990s as market conditions board member of National Dance Institute and evolved, we shifted the company’s focus to trustee of the Solomon Organization Charitable Trust.

COMPANY BRIEF The Solomon Organization, founded in 1977, is an investment, management and development company specializing in multi-family real estate. The company is dedicated to enhancing the lives of its residents and advancing the careers of its employees. The Solomon Organization’s work provides renters with upscale environments and lifestyle options that previously were only available in luxury condominium communities and downtown urban areas. Located in Summit, New Jersey, Solomon supports a true vertically-integrated operation, acquiring multi-family real estate in premier suburban markets and impr oves short- and long-term per formance through hands-on management, and through value-add renovation programs that reposition the properties to lead their respective marketplaces. Over the last 30 years, the company has acquired more than 40,000 apartment units, reaching the apex of its industry by adding value and trading upgraded properties for new opportunities. The company currently owns and operates 73 apartment communities with more than 23,000 apartments in 10 states.

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creating a long-term wealth-building strategy through investing in, managing and holding properties rather than focusing on the immediate, but one-time, profits from conversion.

We already were adept at locating strong rental housing stock in emerging markets and upgrading the units with new kitchens, bathrooms and other improvements – now we addressed a market of eager renters rather than prospective homeowners.

What was your vision for creating The Solomon Organization and how do you define its mission?

The Solomon Organization’s investment theme has been “The Biggest Part of the Market is the Middle.” By addressing the needs of traditional working households who value strong school systems, proximity to the workplace and local areas with deep entertainment and cultural opportunities, the company has connected with a cohort of residents who often are unaddressed in the marketplace.

Equally important to its devotion to its customer base, a critical focus of The Solomon Organization has been creating a strong

Manicured grounds and a focus on maintenance are staples of The Solomon Organization communities

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The Solomon Organization emphasizes common amenities at its communities, including comfortable clubhouse rooms that are available for resident events

following in the investment community, where it is esteemed for its consistent returns for prominent families and investors. Its vast professional network includes property owners, brokers and financiers that deliver sources of capital and investment opportunities – some of whom have collaborated with the company over the long-term, in some cases for generations.

How do you describe The Solomon Organization’s culture and values?

The Solomon Organization’s culture and values center around its high-performing staff who are developed to reflect a strong moral compass and a sense of urgency around responding to the needs of the organization. We apply strong central management, intensive training and exceptional integrity to sustain the expansive skill set required to oversee our broad geographic presence. We have a history of elevating from within, providing career development opportunities that reward loyal staff – many of whom spend decades with the firm.

The Solomon Organization staff members have a primary objective: provide residents with singular value in the form of well-kept properties and attentive service. As a result, we have increased lease renewals from our residents to more than 72 percent -- well above the industry average. High renewal rates not only reduce management and marketing costs, but they improve company morale by validating The Solomon Organization’s business strategy and its staff’s hard work.

Will you provide an overview of The Solomon Organization’s portfolio?

The Solomon Organization owns 23,000 apartment units in 10 states. From our headquarters VOLUME 48, NUMBER 4

in New Jersey, the state that once was home to the core of our portfolio, we create scaled presence in regions that promise revenue and value growth. Our four regional divisions are organized to allow senior managers in each area to quickly access properties under their supervision, generating critical connections to staff members and creating expertise in regional demographics and trends.

What have been the keys to The Solomon Organization’s growth and leadership?

Organizationally, Solomon’s keys to growth and leadership stem from our acumen at delivering great value to residents and our ability to motivate staff and affiliates to adopt our mission. From a business strategy perspective, Solomon profits from investing in and improving the housing stock. It identifies markets that lack affordable housing options featuring the product quality and attentive management that Solomon introduces. In combination, these inputs result in a value proposition that has created exceptional rewards for our residents, staff, investors and other affiliates such as brokers and vendors.

Because we have profound adherence to strong values, most importantly doing what we say we are going to do, our reputation for performance and fair dealing has elevated us in the industry and is the most powerful dynamic in our continued success. Our long-term partners stay with us, and we attract new partners who have confidence in us and connect with our values.

We are opportunistic in our disposition strategy, sometimes holding local portfolios for decades and other times exchanging out of highly appreciated investments and reinvesting in new holdings. We are very discriminating in the investments we make – in one recent year we examined more than 1,000 prospective transactions and closed on just three. While many companies will put properties under contract only to pull out, we are admired for our commitment to closing transactions, leading to Solomon being the first choice for brokers and seeing off-market deals from sellers who prefer private transactions to public listings.

Marc Solomon’s three-year chairmanship at National Dance Institute was recognized at a Gala that raised more than $2 million

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“Because we have profound adherence to strong values, most importantly doing what we say we are going to do, our reputation for performance and fair dealing has elevated us in the industry and is the most powerful dynamic in our continued success.”

What do you see as The Solomon Organization’s responsibility to be engaged in the communities it serves?

The Solomon Organization is deeply committed to the communities it serves through several layers of engagement and support.

Philanthropically, The Solomon Organization Charitable Trust, which is funded through the operations of the company, has been active for more than 30 years. I have been a devoted supporter of National Dance Institute, which transforms the lives of New York City children in public schools and their communities. Under the artistic direction of a staff of professional teaching artists in 51 schools and for over 6,500 children per week, NDI uses dance and music to instill in students a love of the arts, a passion for learning, and a desire to strive for their personal best. Among many notable moments, following a three-year term serving as its Chairman, NDI honored me at a Gala at Manhattan’s Ziegfeld Ballroom that was attended by 500 supporters.

It was a truly special evening for me.

I also have supported the Palm Beach Opera for three decades, including serving as its Chairman, and have contributed to many other charitable, civic, and arts organizations, most notably through a range of medical initiatives and Jewish causes, directly supporting Israel and the Jewish Federation.

The Solomon Organization has been recognized for its involvement in the communities where it owns property, including through the innovative Give A Chance program, launched in 2015, which brings together local not-for-profits in a networking and funding event series. Now in six states, Give A Chance distributes $300,000 annually, creating a culture of generosity and connectivity to local communities for the Solomon staff who identify worthy organizations and host the event series.

Solomon also has been a consistent supporter of military charities through discounted apartments for veterans and active service people and donations to numerous local, regional and national organizations.

What has made philanthropy so important to you?

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It is a privilege to use the resources created by our business to fund important initiatives throughout our communities. Equally, I feel an obligation to create advancement opportunities for people who otherwise might not realize their own potential. There is no greater satisfaction than the knowledge that you have made a difference. People in the diverse communities that have been a focus of my philanthropic activity often dedicate themselves to helping others – paying forward the help they received and seeding new successes. It is not possible to describe the personal rewards of being part of that cycle of advancement, and I value it as highly as any success in business.

What do you feel are the keys to effective leadership, and how do you approach your management style?

Personal ethics is the essential quality of the best leaders and they must make their values contagious to the rest of the organization. We provide a strong moral compass to the people around us, and in order for us to truly succeed, our teams need to manifest venerated qualities. Of course, those qualities vary from person-to-person, but the best leaders typically never ask anyone to do anything they would not do themselves and they put the common good in front of their personal objectives.

We show great loyalty to our people by sustaining an excellent work environment, compensating them well and providing opportunities for them to participate in the upside of our investments. The principals at Solomon end up with less of the pie as a result, but by having the level of loyalty and accountability we generate, the pie grows much bigger and much faster.

More broadly, leaders are responsible for creating a culture where the objective is the success of the enterprise. It is axiomatic that all rewards for individuals come from the productivity of the team. We show them the path to succeed, and we try our best to be ahead of their expectations in rewarding and promoting them. By the same token,

recognizing the people who drive success assures their loyalty and reinforces the fundamental adherence to our principles. We understand that there will be mistakes, which we use as teaching opportunities so our people aren’t afraid to innovate, because our benefits from improvement far outweigh the cost of learning from mistakes.

Another important value is respect. At every level of our organization, we insist that our team members are not only prepared in a well-equipped environment that allows them to succeed at their roles, but that they are appreciated for their contributions. That creates accountability throughout the organization for not only yourself, but those around you. Companies thrive when people take pride in their job, and we are always looking for ways to acknowledge strong performance whose work creates profits.

What advice do you offer to young people beginning their careers?

In talking to young people about their ambitions, I often reference Benjamin Franklin’s quote, “Energy and persistence conquer all things,” which, like so many of our best aphorisms, does not tell the whole story but is an important starting point. Without energy and persistence, other personal qualities such as creativity and courage may never find a format for activation.

A vital but sometimes overlooked component of anyone’s success is their family, friends and loved ones. I have been blessed by having people around me who stimulate my ambition through their love and support.

They give meaning to the challenges that we all confront along the way. Younger people should never take that for granted as they pursue their path.

Finally, I emphasize to young people what I’ve told my own sons, which is to trust your instincts. Pursue work that is of great interest to you – as a young person it will be following your passion that creates opportunities. And when your inspiration leads you to an opportunity, don’t be afraid to take a chance. Not everything works out, but if you persist, you will ultimately find your way.

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The Power Of Creativity An Interview with Andrew J. Robertson, Chairman, BBDO Worldwide EDITORS’ NOTE Andrew Robertson is Chairman of BBDO Worldwide.

He served as President and CEO for two decades, during which BBDO was recognized as the world’s most effective network five times, and as Network of the Decade at Cannes Lions. Inducted into the Advertising Hall of Fame in 2022, he has taught guest classes at NYU, UNC, and Wake Forest University, appeared on CNBC, Bloomberg News, and The Today Show, and is a Chairman Emeritus of The Advertising Council.

Will you highlight your career journey?

I fell into advertising at 2:30 AM in a nightclub. I was grimly considering my future and asked the guy next to me, about whom I knew very little except that he had an Alfa Romeo, what he did for a living. He said he was an account director in an ad agency, so I decided I wanted to work in one. I managed to get three offers for trainee positions – two in account Andrew J. Robertson management and one in media planning at Ogilvy – which I took because I liked the people who would be my bosses more. As I look back on it, I realize the single COMPANY BRIEF BBDO Worldwide (bbdo.com) most important thing I did through my career – is a leading global advertising agency network picked great bosses. known for its unwavering focus on creativI moved into account management and then ity and effectiveness. BBDO has built a repu- to J Walter Thompson where I became Deputy tation for delivering compelling campaigns Managing Director before moving to WCRS as that resonate across cultures and drive mea- CEO at the absurd age of 29. After five years surable results. The agency has consistently there, I moved to Abbott Mead Vickers BBDO ranked among the top performers in global in London where my 30-year career with BBDO creative rankings, earning recognition from began. In 2001, I was appointed CEO of BBDO Cannes Lions, The Gunn Report, and Effie North America and moved to New York. Then, Awards. BBDO’s client roster includes some in 2004, I became President and CEO of BBDO of the world’s most iconic brands.

Worldwide, a role I performed for two decades.

In October 2024, the brilliant Nancy Reyes succeeded me as CEO, and I moved to Chairman.

How do you define BBDO’s culture and values?

Soon after I became CEO, I decided that we needed to codify our culture – to take the intuition of our most successful agency principles and turn them into network-wide principles. I got 20 of our best people from around the world together for half a day to brainstorm and define the ten characteristics that best describe the people who do best in and do best for BBDO. I allowed half a day because I thought that if I allocated two days it would take two days. It took 40 minutes to come up with: • They help make the work better • Their clients love them (not just like or respect, love) • They are hand raisers, not finger pointers • They are closers who get to a “yes” or a “no” – not “through a meeting” • They are radiators, not drains (they bring energy to the room) • They are “we” not “me” • They present well • They pick themselves up fast when they’ve been knocked down • They have a healthy paranoia • They do the right thing

“Businesses need ideas to thrive.

Ideas for new products and services, for new experiences, new routes to market, new ways of operating. Ideas, ideas, ideas.”

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Many years later, we added another: • They actively seek out different I knew they were right because they were rooted in the truth of who we are. I knew they were right because they moved into the vernacular of our network without posters being printed or t-shirts.

What have been the keys to BBDO’s industry leadership, and how do you describe the BBDO difference?

Our conviction – and it is a conviction, not just a statement – to the power of creativity to solve big problems for our clients and thus add

real value to their businesses and differentiate ourselves from our competitors. This is central to who we are and, more importantly, how we behave. It drives our actions and our decision making.

You have to be a fool to say you don’t believe in creativity, but saying it and living it are two very different things.

What interested you in writing the book, The Creative Shift, and what are the key messages you wanted to convey in the book?

Businesses need ideas to thrive. Ideas for new products and services, for new experiences, new

routes to market, new ways of operating. Ideas, ideas, ideas. Contrary to what some leaders think, the people in those companies have the creativity to generate those ideas but, in many cases, the very things that make companies super successful – predictability, operational and executional brilliance, process compliance, etc. – conspire to suppress it.

My argument is not that these companies should “change” what they are – what they are works, and matters. Rather that they should use the same discipline and operational excellence to intentionally design and engineer the conditions for those ideas to emerge when and where they need them.

I wanted to write the book to draw attention to this challenge, turn it into an opportunity, and give some practical advice on how to operationalize it. The most important principles are that you will get nowhere without a really well-defined problem; that to generate good ideas you’re going to need a lot of bad ones; and that you should judge them like a banker – managing risk, not pursuing certainty.

What are the keys to striking the right balance between operation and exploration?

I don’t think there is a balance to be struck.

The implication of “balance” is that you can only have a bit more of one with a bit less of the other. I believe that you need to optimize for both. John Cleese said, “Creativity is not a talent. It’s a way of operating.” I think that the key is to make exploration part of the operating system with all the discipline that implies.

How do you approach your management style?

I believe in leading from the front, not directing from behind. I would never ask anybody to do something I wouldn’t do myself, and they know it. I assume positive intent in everyone, but verify. I try to act as an insulator, not a conductor, shielding my people, as far as I can, from pressure so that they can do their best work. And I believe that the only acceptable demeanor is that of plausible optimism. Pessimism gets multiplied, and blind optimism isn’t just not credible, its disillusioning.

With all that you have accomplished in your career, are you able to enjoy the process and celebrate the wins?

Mack Brown won a National Championship as a football coach at the University of Texas. He left to go and be the head coach at UNC. He was asked why he had left a top four program for one ranked in the twenties. He replied that he had promised his wife he would enjoy it more – at Texas the pressure of expectation was so high that his range of emotions was from sheer relief when they won a game, to absolute depression when they didn’t. There was no joy.

I can identify with that as it relates to winning and losing. But I would never trade the experience of the process, which I love, and the team you work with in a top four program for one ranked in the twenties. There’s plenty of time to enjoy it by looking back when it’s all over.

What advice do you offer to young people beginning their careers?

Pick good bosses. And run toward the fires. Anybody can handle the easy stuff.

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Pushing The Envelope An Interview with Richard D. Fain, Chairman of the Board, Royal Caribbean Group EDITORS’ NOTE Richard Fain of Directors. He is former chairman served as Chief Executive Officer of of the University of Miami Board of Royal Caribbean Group from 1988 Trustees, the Miami Business Forum, through January 2022. He has been the Greater Miami Convention and a director of the Company since Visitors Bureau, the UHealth Board of 1979 and its Chairman since 1988.

Directors, and the United Way of Miami Fain is a recognized industry leader, Dade. Fain received the Ultimate CEO having participated in shipping Award from the South Florida Business for over 50 years and having held Journal and accepted the Ellis Island a number of prominent industry Medal of Honor from the National Ethnic Coalition Organization. He positions, such as Chairman of was inducted into the South Florida the Cruise Lines Inter national Richard D. Fain Business Hall of Fame in October 2004.

Association (CLIA), the largest Fain was presented one of France’s cruise industry trade association.

He currently serves on the University of Miami most distinguished awards, the Chevalier de la Board of Trustees and the UHealth Board Légion d’Honneur (French Legion of Honor),

Royal Caribbean ships (above and opposite page) 142 LEADERS

and was named Commander, First Class, of the Order of the Lion by Finland. He was the recipient of the Anti-Defamation League’s 2000 Distinguished Community Service award, and was named the 1999 Statesman of the Year by the Wharton School Club of South Florida, as well as the 1998 Humanitarian of the Year by the American Red Cross of Greater Miami and the Keys. Fain holds a BS degree in economics from the University of California, Berkeley and an MBA from the Wharton School of Business at the University of Pennsylvania.

COMPANY BRIEF Royal Caribbean (royal caribbean.com) has been delivering innovation at sea since its launch in 1969. Royal Caribbean operates 38 ships under the Celebrity Cruises, Royal Caribbean Inter national, Pullmantur, Azamara Cruises, and CDF Croisières de France brands. Each successive class of ships is a record-breaking architectural marvel that revolutionizes vacations with the latest technology. Today, the cruise line continues to dial up the guest experience for adventurous travelers, offering bold onboard thrills, spectacular dining options, breathtaking entertainment, and

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world-class accommodations all while sailing exciting itineraries to 270+ destinations in 60+ countries on six continents. Royal Caribbean has been voted Best Cruise Line Overall for 22 consecutive years by Travel Weekly readers. Additionally, Perfect Day at CocoCay, its private island in The Bahamas, has been recognized as the Private Island Destination by Travel Weekly readers for five years running.

Will you discuss your career journey?

My career journey started in college at UC Berkeley where I met my wife and began building both a meaningful family life and a productive professional one. After business school, I started in an entry-level position in the treasury department of a large conglomerate which led to a London-based shipping company and eventually to Royal Caribbean. I’ve been very fortunate – all my opportunities came through relationships and performance. I have not had to apply for a job or prepare a resume since graduating.

What have been the keys to Royal Caribbean’s strength and leadership in the industry?

A relentless culture that is never satisfied – that is constantly pushing the envelope to reach the next peak. My book, Delivering the Wow, gives examples of innovations that seemed impossible at the start and only became VOLUME 48, NUMBER 4

possible by an unwillingness to accept that something was impossible. Also, never resting on our laurels was critical – each ship class laid the foundation for the innovations in the next generation of ships.

How critical has innovation been to Royal Caribbean’s growth and success?

Innovation has been central to Royal Caribbean since its founding – not just in gee-whiz features on our ships, but in how we develop talent, entertain guests, manage costs, and extend experiences beyond the sea. We aim for leaps, not tweaks. That mindset has fueled our growth and helped redefine what a cruise vacation can be.

You mentioned your book, Delivering the Wow. What interested you in writing the book and what are the key messages you wanted to convey in the book?

People kept commenting on how unusual and interesting the dynamic growth of Royal Caribbean has been and encouraged me to tell our story. Besides, I love storytelling and I hope that Royal Caribbean Group’s stories also contain lessons that might be of interest to our employees, our guests, and the next generation of leaders. One of my favorite stories I tell in the book is how the ice-skating rinks were conceived and how the team overcame serious engineering challenges.

What do you feel are the keys to effective leadership?

It’s the people, it’s the people, it’s the people. If you give people the tools and the privilege of making mistakes (if you never fail, you haven’t really tried), they will self-motivate and nothing is more powerful than that.

Some of my proudest moments have been witnessing junior leaders developing transformational ideas.

When you look to the future of the cruise industry, what excites you the most, and what concerns you the most?

What excites me most is that we’re blurring the lines between cruising and the broader vacation industry – this is no longer just about ships, but about unforgettable experiences. My biggest concern is complacency. When people feel they’ve already arrived, they stop challenging themselves – and that’s when progress stalls.

What advice do you offer to young people beginning their careers?

Join Royal Caribbean! But seriously, wherever you start, don’t be complacent – challenge yourself, take risks, and seek out opportunities to shine. Also, take advantage of mentorship. I was blessed with mentors who challenged me, encouraged me, and gave me room to grow.

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News, Not Noise An Interview with Kartikeya Sharma, Founder, iTV Network EDITORS’ NOTE Kartikeya Sharma is a sitting Rajya Sabha Member of Parliament. He is an Indian entrepreneur, a media personality, and a sports aficionado. He is the founder of iTV Network, and the founder of Pro Wrestling League and Indian Arena Polo League, an initiative of his sporting venture, ProSportify. He is an Oxford graduate with an MBA degree from King’s College London.

regional language channels across different states, we became early adopters of data and AI-driven analytics in Indian newsrooms – raising benchmarks for accuracy, transparency, and audience engagement in a competitive media landscape. “News, Not Noise” has been the cornerstone of all my media ventures.

Drawing on the spirit of reinvention, I also played a pivotal role in expanding the Piccadilly Group into Kartikeya Sharma COMPANY BRIEF iTV Network the premium spirits segment, leading to (itvnetwork.com), also known as the creation of Indri-Trini, India’s tripleInformation TV Private Limited, is one of India’s cask single malt whisky, now celebrated internafastest-growing media conglomerates with a tionally. This affirmed my belief that harmonizing dynamic presence across print, electronic, and tradition with innovation produces exceptional digital platforms. Founded in 2007, the net- outcomes. work operates a diverse portfolio that includes In 2022, I entered the legislative arena as a two national news channels – the Hindi-lan- Rajya Sabha Member of Parliament from Haryguage India News and the English-language ana. In Parliament, I actively serve on multiple NewsX – alongside seven regional news chan- parliamentary committees, including Communinels, five newspapers, and a range of digital cations & IT, Subordinate Legislation, Rules, Privassets. With a reach of over 560 million people ileges, and the Consultative Committee for the daily, iTV Network is recognized for its com- Ministry of Finance – while also contributing as mitment to credible journalism and innova- a member of the Indian Council of World Affairs tive infotainment. Its publications include The and the Post Graduate Institute of Medical EduSunday Guardian, The Daily Guardian, and Aaj cation and Research, Chandigarh. Through these Samaaj, and its content is accessible across tra- diverse roles, I strive to develop policies that ditional broadcast platforms and OTT services seamlessly weave together technology, goverlike Disney+ Hotstar. nance, and economic advancements, benefitting Bharat and creating meaningful, lasting change Will you discuss your career journey? in society.

My career journey has been shaped by a Most recently, through the NXT platform unique blend of legacy, learning, innovation, and the NXT Conclave 2025, I have sought to and a drive for societal growth. Growing up in create a truly global stage bringing together fora family deeply engaged in public service and mer heads of state, astronauts, pioneering scienenterprise, I was exposed early to the dynamics tists, business leaders, technology entrepreneurs, of governance, social change, and entrepreneur- diplomats, sustainability advocates, and cultural ship. My father’s role in national politics instilled icons. The 2025 edition, held at Bharat Mandain me a strong sense of civic responsibility and pam in New Delhi, was inaugurated by the Honleadership, while our family’s hospitality ven- orable Prime Minister of India Shri Narendra tures provided first-hand lessons in building and Modi and was attended by stalwarts like former sustaining value-driven organizations. While hos- Prime Minister Tony Abbott (Australia), former pitality was a natural starting point, my academic Prime Minister Stephen Harper (Canada), former years at the University of Oxford and King’s Col- President Ranil Wickremesinghe (Sri Lanka), emilege London broadened my worldview, sharp- nent physicists like Professor Brian Cox and Dr. ened my analytical thinking, and deepened my Brian Greene, astronauts including Oleg Artecommitment to contribute something distinctive. myev and Mike Massimino, tech innovators like This led me to found iTV Network in 2007 with Awais Ahmed (Pixxel Aerospace) and Yoshi the vision of creating a media platform rooted in Yokokawa (Alpaca), as well as luminaries from integrity, plurality of voices, and technology-led around the world. innovation. Through channels like NewsX and By curating sessions that bridged policy, India News, along with its extensive network of science, technology, business, sustainability, and 146 LEADERS

diplomacy, the conclave facilitated substantive dialogue and launched initiatives with measurable outcomes – such as international trade partnerships, advancement of clean energy solutions, quantum computing, AI ethics frameworks, and collaborative climate action strategies. These collaborations reaffirm India’s emergence not just as an economic powerhouse, but as a solution-driving “world-force” influencing global governance and innovation.

Looking back, the constant threads across my journey – whether in media, hospitality, premium spirits, governance, or convening global leaders – are service, resilience, innovation, and impact. Each phase, with its own set of challenges and victories, has advanced both personal growth and the larger vision of building platforms, products, and policies that endure and inspire.

What was your vision for creating iTV Network, and how do you define its mission?

When I founded iTV Network in 2007, my vision was to create a differentiated, credible, and authentic news ecosystem at a time when much of the Indian media landscape was marred by political bias and sensationalism. I aimed to serve the public with news rooted firmly in facts, presented clearly and without the noise that often clouds meaningful journalism. The intention was to build a platform that fostered clarity, direct engagement, and integrity – qualities that Indian media urgently needed. Through iTV Network, I have built one of India’s most dynamic and comprehensive media ecosystems that truly embodies the spirit of “unity in diversity.” Our flagship channels – NewsX for English-speaking audiences, NewsX Global for international news coverage, and India News for Hindi viewers – serve as the backbone of our national reach, while our extensive network of regional channels in nine states like Uttar Pradesh, Uttarakhand, Madhya Pradesh, Chhattisgarh, Punjab, Himachal Pradesh, Jammu and Kashmir, Haryana, Rajasthan, and Gujarat ensures that local voices are heard and regional stories find their rightful place on the national stage.

Beyond television, we have five print publications – The Sunday Guardian, Aaj Samaj, Daily Guardian, Business Guardian, and India News, along with our robust digital presence through seven online platforms, creating a 360-degree media experience. With over 3,000 journalists and 25 bureaus across the country, iTV Network doesn’t just report the news; we

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shape conversations, bridge linguistic divides, and democratize information access. Our mission has always been to create a media landscape where every Indian, regardless of language or location, has access to credible journalism that informs, empowers, and connects them to the larger national narrative while celebrating their unique cultural identity.

Our mission has been encapsulated in the credo “News, Not Noise.” iTV Network is committed to: • Delivering credible, independent journalism that prioritizes facts and promotes informed, balanced debate on issues shaping India and the world.

• Embracing innovation by launching national English and Hindi news channels like NewsX and India News, and pioneering the integration of AI-driven real-time analytics for precision reporting and enhanced audience engagement.

• Amplifying diverse voices and youth perspectives, exemplified by youth-oriented formats on NewsX, and by cultivating new media talent through initiatives like the iTV Media Institute.

• Expanding public service and social impact through editorial independence and social initiatives run via the iTV Foundation, which focuses on causes such as women’s rights advocacy, digital education accessibility, and community empowerment.

This expansive vision mirrors iTV’s mission to be a trustworthy, innovative, and socially responsible leader in the media industry. As one of India’s fastest growing independent news networks, iTV Network stands for integrity, technological innovation, inclusivity, and impact.

Together, they shape not only national and global discourse, but also the frameworks of media ethics, policy innovation, and social responsibility.

What led you to launch the NXT Conclave?

Launching the NXT Conclave was the coming together of my experiences in media, policy, and entrepreneurship, shaped by my strong belief in India’s place as a global innovation leader. For years, I noticed that the world’s most influential conversations around technology, governance, and the future were often happening outside India, and frequently didn’t include or reflect our unique strengths and aspirations. I wanted to change that narrative, not just for the country, but for the region and the world at large.

With my background growing up in a family where public service and enterprise were always part of the conversation, pursuing my education at Oxford and King’s College London, and building iTV Network into one of India’s largest, most awards-rich news organizations, I learned first-hand the power of bringing together diverse people to drive impact. I’ve seen how collaborating across government, business, civil society, and technology can turn ideas into action.

That’s the philosophy behind NXT: it’s a “dotank” – not just a think tank. We wanted to create a platform where leaders, innovators, and policymakers don’t just discuss solutions, but actually forge partnerships, test new technologies, and set the agenda for action. The inaugural NXT Conclave 2025 at Bharat Mandapam in New Delhi brought this vision to life in a way I had always VOLUME 48, NUMBER 4

hoped for: we had Prime Minister Narendra Modi delivering the keynote, former global heads of state like Stephen Harper, Tony Abbott, and Ranil Wickremesinghe joining us, and Indian cabinet ministers leading sessions on technology, economic transformation, and youth innovation.

What made it truly special was the multidisciplinary participation: astronauts like Dr. Mike Massimino, physicists such as Brian Cox, entrepreneurs from India’s startup ecosystem, and global business leaders all in one place. We had 20 sessions on everything from AI and quantum computing to geopolitics and holistic health, with more than 120 countries represented, and content in 12 languages. Through live demonstrations and roundtables, this wasn’t just about thought leadership; it was about catalyzing realworld collaboration.

“I’ve seen how collaborating across government, business, civil society, and technology can turn ideas into action.”

For me, the NXT Conclave isn’t just an event; it’s a movement for the next decade – one that aims to make India not just part of the global conversation, but actually shape it. By leveraging the reach of my media network, my political experience as a Rajya Sabha MP, and the strategic partnerships we’ve built through NXT, I truly believe we’re laying the groundwork for a transformation that’s both homegrown and globally relevant. That’s why I started NXT and why I am committed to seeing it drive action and innovation, year after year.

What attracted you to public service?

My attraction to public service is rooted in a profound calling that goes beyond the realms of politics or duty; it is a journey toward weaving a larger tapestry of meaning and purpose for society. Growing up in a family where leadership was not just a role, but a responsibility etched deeply into our consciousness, I felt early on that true service is a commitment to the collective awakening and advancement of the community.

It is the art of nurturing possibilities where hope and action meet.

My time at Oxford and King’s College was not just education; it was a philosophical awakening to the interconnectedness of our world – the delicate balance where governance, innovation, and human aspiration converge. Public service, to me, is a sacred space where one becomes a custodian of this balance, a guardian shaping the future with wisdom, courage, and empathy.

Through my work in the media, I witnessed the power of stories to connect hearts and ignite change. Yet, I also saw that meaningful transformation demands stepping from storytelling into stewardship – where policies are not just written, but lived; where ideas are not just debated, but embodied. The Rajya Sabha has become that platform for me, a canvas where the brushstrokes of vision, dialogue, and action come together to paint a future that honors our heritage, yet boldly embraces the unknown.

Serving the public is an embrace of the paradox between tradition and innovation, between the individual and the collective. It is about being a part of a greater pulse, a shared humanity striving toward light and growth. In that sense, my journey isn’t just about politics; it is a philosophical voyage to foster a world where ideas meet impact, where leadership is a beacon guiding us toward a more just and vibrant tomorrow. This is the deeper essence that draws me to serve.

What advice do you offer to young people beginning their careers?

When advising young people starting their careers, I often emphasize the importance of embracing a mindset of continuous learning, bold experimentation, and purposeful collaboration. I believe the future belongs to those who don’t just wait for change, but actively create it.

So, my first advice is to be curious and agile. The world is evolving rapidly with breakthroughs in AI, quantum computing, and other transformative technologies, and staying adaptable is key.

Don’t be afraid to take risks, challenge conventional wisdom, and push boundaries.

Second, focus on building meaningful networks. Young professionals should seek out varied perspectives and form partnerships that amplify their impact. Collaboration is no longer optional; it’s essential for solving complex global challenges.

Third, anchor your ambitions in real-world impact. For young people, this means translating knowledge and creativity into projects, initiatives, or innovations that solve tangible problems and create value.

Finally, nurture resilience and a long-term vision. Your career will have uncertainties and obstacles, but staying committed to your purpose while remaining flexible will help you navigate them successfully. Remember, the goal is not just to build a career, but to contribute to a larger movement of progress and innovation.

In essence, my advice is to be a lifelong learner and collaborator who is fearless in action, rooted in impact, and committed to shaping the future. This mindset will empower young professionals to not only succeed, but also lead transformative change in whatever field they choose.

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A Vessel For Positive Change An Interview with Chris Paul, Founder, Chris Paul Family Foundation EDITORS’ NOTE Chris Paul is a Where did your passion for the 12-time NBA All-Star, two-time sport of basketball develop?

Olympic gold medalist, and one of My love for basketball started at the most accomplished point guards a young age, while playing with my in basketball history. Over a 21-year brother on the hoop my dad built in NBA career, Paul has played for the the backyard.

Hornets, Clippers, Rockets, ThunWhat have been the keys to the der, Suns, Warriors, and Spurs, longevity of your career? consistently elevating each team Hardwork, determination, and with his leadership, court vision, the ability to adapt has helped me and relentless competitiveness. He throughout my 21-year career. is one of only two players in NBA What has made community Chris Paul history to record over 20,000 points engagement and philanthropy so and 10,000 assists. Paul ranks secimportant to you? ond all-time in both assists (12,499) and steals I learned early in my career that being a (2,717), trailing only John Stockton in each cat- vessel for positive change is extremely satisfying. egory. Off the court, Paul is the Founder of the What inspired you to start the Chris Chris Paul Family Foundation which focuses Paul Family Foundation? on education, youth empowerment, and social The foundation was something that was equity. Paul is also a vocal advocate for social a no-brainer for me. From a very early age, I justice, a co-founder of the Social Change Fund, understood the importance of community. My and a producer of documentaries that spotlight family has always been front and center when it issues affecting the Black community. In addi- comes to giving back and being active. tion to his philanthropic work, Paul is a sucWill you provide an overview of the cessful entrepreneur and media executive. He focus areas for the Foundation? has launched ventures in fashion, wellness, The foundation is dedicated to making a and production, and served as President of the positive difference in the lives of individuals and National Basketball Players Association (NBPA), families by focusing on personal development, where he was instrumental in advancing player education, technology, finance and leadership. rights and benefits.

Will you highlight some of the foundation’s key initiatives?

FOUNDATION BRIEF Chris Paul Family FounClub 61 is our Youth Leadership initiative dation (chrispaulfamilyfoundation.org) is ded- that provides a space to support our future leadicated to making a positive difference in the ers. Chris Paul Family Foundation hosts students lives of individuals and families by focusing on education, health and wellness, and leadership. The foundation provides r esources that enrich and strengthen the healthy development of strong communities. In 2005, Paul and his family established the CP3 Foundation, a philanthropic partnership with The Winston-Salem Foundation in honor of his late grandfather, Nathaniel Jones. The foundation was created to highlight Paul’s dedication and love, both to his grandfather’s spirit and to the city of Winston-Salem, North Carolina, for nurturing him from his days as a stand-out high school student-athlete to a national star at Wake Forest University. Recognized as a leader in the area of philanthropy, the Chris Paul Family Foundation continues to use its platform to impact communities and develop young leaders nationally and globally.

for a summer leadership enrichment program that focuses on 12 pillars, including Technology, Financial Education, and Community and Civic Responsibility.

We hope to diversify the nation’s workforce by providing HBCU students the access to learn the business of sports and entertainment through a case-study class co-developed with Harvard Professor Anita Elberse – HBCU BEMS Course.

We have a number of initiatives that provide opportunities to level the playing field for individuals and communities often underserved. Education is extremely important to my family, so we award an academic and athletic scholarship for two high school students in Forsyth County to attend Wake Forest University annually.

How critical have partnerships been to the foundation’s work?

Partnerships are critical to making meaningful impact. It’s important to align with organizations, brands, and supporters that help enhance philanthropy goals.

What do you feel are the keys to effective leadership?

Effective leaders lead from the front. You have to be an active participant.

How do you define success?

Setting goals and achieving them is one way to gauge success. Two of my favorite mantras are “Keep Stacking Days” and “Can’t Give Up Now.” Both phrases push me to be a better person for myself, my family, and my community.

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“The foundation is dedicated to making a

positive difference in the lives of individuals and families by focusing on personal development,

education, technology, finance and leadership.”

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“I learned early in my career that being a vessel for positive change is extremely satisfying.”

Chris Paul at a pregame meet and greet with future HBCU students (top left); HBCU students with Chris Paul at Milken Institute Conference (bottom left); Chris Paul at a Boys & Girls Club ribbon cutting ceremony in Oklahoma (top right); Chris Paul and Club 61 student (center right); Oakland School System students attend Warriors game (bottom right) VOLUME 48, NUMBER 4

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From The Locker Room To The Boardroom An Interview with Mike Tepedino, Founder and Managing Partner, Blue Light Capital EDITORS’ NOTE Mike Tepedino has home and thought to myself, what now? been in the real estate industry for 38 This led to the idea of creating BL Next, years. Prior to founding Blue Light which focuses on four areas that were Capital, he was an original partner important to me – real estate, sports, at HFF and was part of the executive/ kids, and education. I had a vision that management team that took the comthe DNA of an athlete was really special pany public in 2007. He was also part for all the reasons everyone knows: teamof the executive/management team work, collaboration, work ethic, resiliency, that completed the sale of HFF to JLL time management, and athletes are in 2019 for $2 billion. Most recently, highly competitive. These are the charTepedino ran the capital markets acteristics that corporate America wants, business for JLL in the Northeast with needs and looks for when hiring talent.

Mike Tepedino direct management responsibility for The challenge that athletes faced was over 300 employees. During his 26 that they did not have the technical skills years at HFF/JLL, he completed over $51 billion in to compete with the students who took traditional transactions and was widely recognized as one of business classes. BL Next was created to fill this the leading intermediaries in the U.S. Prior to HFF/ void by offering free technical CRE training, resume JLL, he spent six years at Travelers Insurance Com- building and interview prep, live monthly webipany and four years at Legg Mason Real Estate Ser- nars, job and internship placement, mentorship vices. Tepedino graduated from Skidmore College programs, and industry connections. The focus and has an MBA from Fordham University. is to supplement the athlete with the technical skills needed to succeed, provide mentorship, and then FIRM BRIEF Blue Light Capital (bluelightre.com) help with job placement. We are one year into this specializes in flexible, execution-driven real estate effort and have 140 student-athletes participating financing. Leveraging over 100 years of investment in the program. experience and over $60 billion of real estate transI have been loving the nonprofit work, but actions, the firm’s fully integrated platform enables was missing the for-profit part of the business, so I it to provide solutions for borrowers with real estate launched a credit platform. I have always believed opportunities that either fall outside the realm of that you need three things to succeed in business: traditional and/or larger institutional lenders or you need a great business plan; you need capital; simply require a more flexible and straightforward and you need a best-in-class team to execute your capital solution. business plan. The business idea was to fill the void in the market by buying distressed debt and Will you highlight your career journey? doing first mortgages for the middle market, lendGrowing up as a child I always used to stare ing between $15 million and $50 million – which at big buildings, and I had an infatuation with real is a less competitive space. I saw a market opporestate. My father would take me into Manhattan, tunity and had spent my entire life in credit, so it and I was fascinated with skyscrapers and knew made sense to get into the business. We went out that I wanted to get into the real estate business. and formed a partnership with a very large insurAfter college and business school, I asked myself ance company who committed $500 million to our how all of these developers were getting the capital idea which was great, and then we built the team to build the skyscrapers that I had been so enam- around the idea. We have been fully operational ored with as a child. I went into the finance part for about six months, and have been actively closof the business and started as a lender for six years ing transactions. which is where I learned the fundamentals of the How do you balance your time between business, including real estate valuation and under- building the business while building BL Next? writing. At the age of 29, I decided to get into the The reality is that you need to have a great brokerage business and never really looked back. team of people around you, and you have to be I became an original partner at HFF working with willing to delegate and trust others. This has always Mark Gibson who is an amazing salesman, busi- been a part of my management style. nessman, and an even better person. We and othWhat are your plans on how to scale BL ers grew the business substantially over the years Next? and eventually sold it to JLL. I stayed on at JLL for That is an important question. I have four years and then retired at the age of 59. I went learned in the year that I have been doing this 150 LEADERS

that there is an insatiable demand on both sides of the equation – there is unlimited demand from the student-athletes for the technical skills, and there is unlimited demand from the corporations who are interested in hiring studentathletes who possess these technical skills. If you asked me how big we can make BL Next, I would say that we can do 500 kids a year if we had the resources and capital. This is our goal, and it is part of the reason we are having an event, The Starting Block, to help make people aware of what we are doing. The vision for the event is to merge the world of real estate with the world of sports, and my hope is that when people go home they say that it was a valuable experience with great people, and that they like what we are doing and that supporting studentathletes is a cause they may want to be involved with moving forward.

Do you approach the nonprofit work the same way you approach your business?

I do look at it like a business and am always focused on how many schools we have, how may student-athletes we have, how many corporations we have, how much money did we raise. I am a scoreboard watcher – this is just how I am wired.

Are you able to take moments to reflect on the impact that BL Next has made in a short period of time, and do you take time to celebrate the wins?

I look at what I refer to as the small wins, and then there are the big wins. The small wins we get every day when we receive a note from a kid telling us that they completed our program and how grateful they are to have learned the skills needed to put them in a position for success. We get these testimonials almost every day, and it is really gratifying. The big wins are when someone gets hired because they came through the program. The really big wins will be when we have more kids participating which means we will have more people behind us because ultimately, we will need more financial support and corporate partners to hire our kids.

When you look at building more awareness for BL Next, what would you want people to know about its mission?

BL Next is helping student-athletes become better real estate professionals by taking the DNA of the athlete and providing them with the technical skills and mentoring opportunities to succeed in business. We want that kid to excel in the real estate business, just as they excelled on the field.

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Building Community An Interview with Steve Aoki, Founder, Aoki Labs EDITORS’ NOTE Counting nearly three billion music streams to his name, Steve Aoki is a true visionary. Billboard described the 2x-GRAMMYnominated music producer, artist, fashion designer, entrepreneur, futurist, and Dim Mak Records founder as “one of the most in-demand entertainers in the world.” A Guinness World Record holder for the “Most Traveled Musician in a Single Calendar Year,” Aoki has performed at nearly every top festival around the world, including Coachella, Ultra Music Festival, Lollapalooza, Fuji Rock Festival, Tomorrowland, and Electric Daisy Carnival. Aoki also graced recent covers of Entrepreneur Magazine, Success Magazine, Electronic Musician, and Adweek as their “Visionary of the Year.” As a globally successful cross-genre solo artist, Aoki has collaborated with an impressive list of varied artists, including BTS, Maluma, Snoop Dogg, Linkin Park, blink-182, One Direction’s Louis Tomlinson, Machine Gun Kelly, Lil Uzi Vert, 2 Chainz and Daddy Yankee, on top of having released three Platinum singles, six Gold singles, and over ten Top 10 radio records. Aoki approaches each new endeavor with the same sense of dedication he’s put into his past achievements, including the Grammy-nominated Netflix documentary I’ll Sleep When I’m Dead and his memoir BLUE: The Color of Noise. In 2012, he also founded The Aoki Foundation to support organizations in brain science and its research. His influential record label Dim Mak, which celebrated its 25th anniversary in 2021, is known for being a

launching pad for the careers of prominent acts like Bloc Party, The Chainsmokers, Bloody Beetroots, The Kills, Zedd, and Diplo.

COMPANY BRIEF Aoki Labs (aokilabs.vc) is the venture platform founded by global artist and entrepreneur Steve Aoki. Combining strategic capital, brand insights, and community access, Aoki Labs partners with early-stage companies at the intersection of culture and innovation. The platform is actively investing across consumer, health, AI, and emerging tech – with an ethos rooted in collaboration, creativity, and long-term value building.

Will you discuss your career journey?

My journey has always been about building community. I started out throwing small shows in my college apartment, just trying to create a space where people felt connected through music. That passion eventually grew into founding Dim Mak, touring the world as a DJ, and expanding into all kinds of creative and entrepreneurial projects. At every stage, I’ve looked for ways to push boundaries, whether that’s with music, technology, or philanthropy.

It’s never been just about my career – it’s been about creating platforms and experiences that bring people together.

When did you develop your passion for music?

Music has been a part of my life since I was a kid. I was surrounded by so many

“Aoki Labs was born from my curiosity about the future – how science, technology, and innovation can enhance the human experience.

The mission is to back visionary companies that are reimagining how we live and feel, whether that’s through health, wellness, longevity, Steve Aoki 152 LEADERS

consumer products, or digital connection.”

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different influences growing up – punk, hardcore, hip-hop, electronic – and I felt this drive to not just consume it, but contribute to it. When I discovered how powerful it was to connect with people through sound, I knew it was what I wanted to dedicate my life to.

What was your vision for creating Aoki Labs, and how do you define its mission?

Aoki Labs was born from my curiosity about the future – how science, technology, and innovation can enhance the human experience. The mission is to back visionary companies that are reimagining how we live and feel, whether that’s through health, wellness, longevity, consumer products, or digital connection.

At its core, Aoki Labs is about investing in ideas that make life better and more meaningful.

How is Aoki Labs committed to enhancing human well-being by backing companies that are reimagining how we live and feel?

We look for founders and companies who are deeply passionate about solving problems that matter. That could mean advancing health tools, rethinking nutrition, developing AI-driven solutions, focusing on next-gen consumer products, exploring new ways of connecting communities online, or investing in technology that will change the way we live. The through line is human well-being – every investment we make has to tie back to improving how people live, feel, and ultimately thrive.

Will you highlight The Aoki Foundation’s efforts to support organizations in brain science and its research?

The Aoki Foundation is very close to my heart. Our focus has been on supporting brain science, regenerative medicine, and research that can change the future of health. We’ve worked with some of the world’s leading institutions to advance studies around brain health, longevity, and ways to fight diseases that impact millions of lives. I see the Foundation as a way to leave a legacy that’s bigger than music – one that hopefully contributes to breakthroughs in how we understand and improve the human mind.

Did you always know that you had an entrepreneurial spirit and desire to build your own business?

Definitely. Even before music, I was organizing shows, starting small businesses, and trying to create something out of nothing. I’ve always had that drive to build, to take risks, and to bring people together around ideas. Music gave me a platform to do it on a global scale, but the entrepreneurial spirit was always there.

With all that you have accomplished in your career, are you able to take moments to reflect and appreciate what you have achieved?

I try to. My life moves really fast, and I’m always chasing the next project or idea, so it’s easy to keep looking forward. But I’ve learned to pause and reflect, especially when I see the impact of what I’m doing. Seeing fans who grew up with my songs or seeing the breakthroughs of ideas we’ve supported – those are VOLUME 48, NUMBER 4

the moments when it hits me, and I feel truly grateful.

When you look back at your career, what are you most proud of?

I’m most proud of the community we’ve built. From the earliest Dim Mak shows to the festivals and tours today, it’s always been about

connection. I’m proud that I’ve been able to use my platform to not just entertain, but to invest in the future, support science, and inspire others to dream big. At the end of the day, it’s not the awards or the records – it’s the lives touched and the communities built that mean the most to me.

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The Power Of Respect An Interview with Marcy Syms, Founding Trustee, Sy Syms Foundation EDITORS’ NOTE Mar cy Syms’ is a long-time columnist at Family 35-year career in retailing culmiBusiness Magazine and author of nated with the successful combinaMind Your Own Business and Keep tion of Syms and Filene’s Basement.

It in the Family along with her latest She and her father, Founder Sy book, Leading with Respect: AdvenSyms, were spokespersons for the tures of an Off-Price Fashion Pioneer. company and created the tag line, “An Educated Consumer is our Will you discuss your career journey?

Best Customer,” a household logo.

I learned a key career lesson early Since 2013, Syms has been a foundon. When I was 18 or 19, I was a couning Organizer of the ERA Coalition selor at a summer sleepaway camp. I and the ERA Project at NYU Law was paid poorly to oversee a group of Marcy Syms School. Founding Trustee and Prescampers. When the better-paid tennis ident of the Sy Syms Foundation pro left, I volunteered for the job to since 1985, Syms has been supporting the Sy make more cash. I had played a bit of tennis Syms School of Business at Yeshiva University but was hardly a qualified teacher. I called home since its inception. She is a board member of The and asked my dad to send me some articles from Forward and The National Public Radio Foun- the tennis magazine he subscribed to, and made dation. She serves on the advisory boards of the posters from some of their charts and pictures Harvard Kennedy School’s Women and Public of the right way to serve, volley, etc. I told the Policy Center. She is also a funder of Weizmann campers I’d show them the proper stance, or Institute, WNET Public Broadcasting, and whatever, but wouldn’t play with them because countless other nonprofits making the world a that wouldn’t help them learn. I spent the secbetter place. Syms is past Director of Benco Den- ond half of the summer being the tennis countal, the third largest distributor of dental supplies selor, but never actually playing tennis. I really in the U.S., and past Director of Rite Aid Corp., did have chutzpah early on. I didn’t consciously American Materials, and Rebel Media. She is a know how to harness this, but in certain situaformer chair of the Reserve Bank of New York tions it bubbled up. Any entrepreneur needs the Small Business and Agricultural Advisory Coun- “I Think I Can Do This” gene, have faith in yourcil. She r ecently completed the Advanced self and your idea, and believe, with Einstein, Leadership Program at Harvard University and that failure is only a step on the road to success. is a lifetime World Presidents’ Organization at In college I worked for the Audits and Surlarge member and a member since 1988 in IWF veys company, an early B-to-B pollster, makand C-200. She serves on the advisory board of ing some money and learning marketing. I was the Edmond & Lily Safra Center of Ethics. Syms assigned to The Coca-Cola account. This taught

me a lot about branding, how to measure branding, how to expand brands, and most crucially, although I didn’t realize it then, how to use every inch of that precious retail shelf space to your advantage. This was a big part of the success of Syms.

At radio station WMCA, I was the assistant to the CEO. This was a real plum, and he taught me how to produce radio shows and communicate over the airways which came in handy when I later appeared in dozens of Syms TV commercials. I gained great experience, so when I was eventually fired (unjustly), I felt ready to accept my dad’s long-standing offer to join his rapidly growing retail chain. I was keenly aware of the commitment in making this career change, but the fact that I had a career before joining Syms was probably the most important aspect of my later success.

I eventually became the youngest female CEO of an NYSE-listed company.

What interested you in writing your new book, Leading with Respect?

The Society for Human Resource Management estimates that incorporating respect into management could save U.S. companies more than $2 billion a year in turnover costs and time wasted by disgruntled employees. I learned this startling statistic after starting the book, but the initial germ came from my annual talk with students at the Sy Syms School of Business at Yeshiva University in New York. Most of them didn’t know who Sy was and why he underwrote a business school there. I wanted to lay out the facts of my dad and his life and contribution to business and his values and ethics based on respect.

“At the end of 53 years in business in 2012, I was negotiating the closure of Syms’ retail operations and made sure that our coworkers maintained their pensions and were given active support in finding new jobs, continuing to find ways to show the respect for everyone who made Syms their career.”

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“The Society for Human Resource Management estimates that incorporating respect into management could save U.S. companies more than $2 billion a year in turnover costs and time wasted by disgruntled employees.”

Writing the book allowed me to pause and reflect on the points in my career I was most proud of. At the end of 53 years in business in 2012, I was negotiating the closure of Syms’ retail operations and made sure that our coworkers maintained their pensions and were given active support in finding new jobs, continuing to find ways to show the respect for everyone who made Syms their career. Most people worked for us for more than 20 years – pretty unheard of in retail. I wanted to tell their story.

What is a key message you wanted to convey in the book?

Respect is a learned behavior. If you don’t come from a family that practices respect, it’s more difficult to learn. The great advantage you have as a business hiring people is understanding that you have the opportunity to be a gatekeeper and only admit people into your culture that you’ve pressure-tested. When I hired, I always asked candidates to ask me questions, in writing. I looked for questions that showed they had done their homework, visited stores, talked to our co-workers. If they asked about days off or bonuses, I set their application aside.

If they asked why the walls were all painted black or why we displayed shirts the way we did, or why we called our salespeople educators, I gave them a second look.

Who is the book targeted to?

The book is meant for everyone, especially those beginning their journey, or anyone making a career change and transitioning and deciding what kind of leader they want to be, needing the right information to make the next move.

What is your favorite story in the book?

When we were opening one of our early stores in New Jersey, after being solely Manhattan-based, my dad, Sy, and I were told the morning of the opening that we didn’t have all the right permits. We would have to delay the opening, but we had hundreds of people in the parking lot

wanting to get into the shuttered store. Rather than just send them home, we both picked a car hood and used it as a desk to handwrite $10 off coupons for use when the store actually opened. This was a measure of respect for their time and prospective loyalty. I don’t know exactly what percentage of these people used those coupons and became loyal customers, but I know it was a lot.

What are five strategies to build respectful and inclusive workplaces?

Respect isn’t just a moral imperative; it’s a performance driver. Here are five actionable strategies to build better,more respectful workplaces: 1. Model the behavior from the top. Leaders set the tone. If respect, empathy, and fairness aren’t modeled consistently by executives, no policy will compensate.

2. Listen like it maters because it does.

Create structured listening mechanisms (like surveys, feedback loops, or open forums) to let employees voice concerns and ideas safely.

3. Promote transparency and accountability. Inclusion can’t thrive in opacity. Make decisions visible, explain the “why,” and hold everyone from interns to the C-suite to the same behavioral standards.

4. Invest in mentorship and development.

Inclusion isn’t just about hiring diverse talent.

It’s about making sure everyone can rise. That requires committed investment in coaching, access, and sponsorship.

5. Address disrespect immediately and directly.

Even microaggressions, left unchallenged, erode culture. Create clear channels for reporting and a zerotolerance standard because silence is complicity.

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“Respect is a learned behavior. If you don’t come from a family that practices respect, it’s more difficult to learn. The great advantage you have as a business hiring people is understanding that you have the opportunity to be a gatekeeper and only admit people into your culture that you’ve pressure-tested.”

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PURPOSE

Advancing Solar Energy An Interview with Li You, EKL Solar EDITORS’ NOTE Li You is a leading executive in the solar industry and investor in state-of-the-art solar and photovoltaic technologies.

His new U.S. company, EKL Solar, is deploying significant capital and incorporating leading-edge solar manufacturing technology to build a U.S.-based R&D center and manufacturing plant serving U.S. solar companies as well as international markets. In addition to directing overall investment and growth, Li leads the company’s strategy and international expansion.

COMPANY BRIEF EKL Solar is a U.S.based company engaged in advanced manufacturing technology for solar energy modules, increasing the efficiency and lowering the cost of solar energy. It is investing $200 million in research and manufacturing in the U.S. based on its cutting-edge proprietary technology. While the technology was developed in China, EKL invests in and serves XX international markets in the Americas, Asia, Africa and Europe.

What is the competitive advantage of your team and company that drives market leadership outside the U.S.?

We manufacture machines that optimize the process of building solar modules, which are complete, encapsulated units ready for installation as opposed to individual solar panels. Within only three years, we have developed a novel manufacturing process that can more quickly and cost effectively produce solar modules. We sell into major international markets including Europe, Africa, North America, and Asia. A typical order from a solar energy company is five machines per solar module production line with a capacity of 2 GW. Under this industrial arrangement, each line can save the customer roughly $960,000 per year. There was one U.S. client that purchased 20 pieces of our newest 158 LEADERS

machines and saved almost $3.84 million in manufacturing costs this year.

What other benefits are there for your customers in addition to cost savings?

Our international company is already profitable. We constantly invest a significant portion of our profits into research and development to further improve our technology.

The most important benefit to our customers, however, is after-sale service. When we install our equipment,

our engineers embed themselves with the client to make sure our machines are completely and seamlessly integrated into their production processes. In addition, our engineers provide ongoing service support well after a sale.

Who are your customers?

We have three types of customers: • Those that have strong sales and want cost efficiencies • New startups with whom we work to establish initial production lines • Companies suffering losses due to Li You production inefficiencies Aside from supplying new machines, we can also modernize existing equipment. An example of how we work with customers is in Algeria, where we helped not only develop a manufacturing capability for a local company, but developed a solar power plant for them as well. We have across-theboard expertise in solar energy.

Wher e do you plan to be located, how much are you investing, and will EKL be publicly traded?

We currently are scouting locations in the U.S. to launch operations in the next 6 to 12 months. We will be investing some $200 million in capital and expect to employ between 150 to 300 workers. While a privately held start-up company at present, eventually we intend to be listed as a publicly traded U.S. company on NASDAQ. What do you see as the market potential in the U.S.?

We see enormous potential.

The U.S. Solar Energy Industry Association notes that the solar growth rate has averaged 28 percent over the past decade, and the total market value exceeds more than $70 billion. Demand for electricity in the U.S. is increasing at historic levels, driven not only by the country’s re-industrialization policy, but also by increasing numbers of AI data centers that consume vast quantities of electricity, electric vehicles, advanced manufacturing technology such as electric arc furnaces in steel makEKL is in the process of establishing a U.S. solar panel production facility ing, and increased air conditioning in POSTED WITH PERMISSION. COPYRIGHT © 2025 LEADERS MAGAZINE, LLC

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During the development of the tablet pressing technology, every step is meticulously controlled. The image shows the measurement of the edge thickness of a finished photovoltaic panel. Precision is the guiding principle, and perfection is the goal.

a warming planet. There are more than 10,000 solar companies in the U.S. right now, forming a huge customer base.

What are the benefits for the U.S. solar industry?

The U.S. solar market is already fairly developed. We are here not to beat anyone, but to lead the whole industry with our cutting-edge technology and reduce overall costs for the line. So, there will be larger benefits coming to the U.S. from our entry into the market. It is generally acknowledged that while solar energy has been growing fast in the U.S., the growth of the industry’s capacity to actually produce solar modules has been very limited. Not only will we invest $200 million in the new R&D facility and manufacturing plant – we will also develop U.S.based intellectual property and the relevant industrialization that can help drive American exports to international markets. As I said, we expect to employ as many as 300 scientists and workers, which in itself will contribute to the growth of the American manufacturing sector.

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How do you describe your company’s mission?

I would describe it as using technology, science, and research to advance solar energy worldwide for the benefit of the environment and humanity. We currently have some 300 employees outside of the U.S., including many with scientific and engineering backgrounds, and some with master’s and doctoral degrees. This has enabled us to develop the most advanced machines in the world today, and we are getting ready to launch next-generation machines that will give us an even greater competitive edge.

The company has always been dedicated to identifying the existing technological and material boundaries and overcoming them. Solving technology challenges for our customers is our strength. Machinery is only the beginning of our plan. Our EKL Solar Module Manufacturing Project will make a further contribution to the American solar industry.

What led you to become involved in the solar industry?

I have long been engaged in environmental protection and sustainable development

technology investment, including seeking breakthrough technologies in the field. After longterm research into photovoltaics, I realized how solar energy can enhance global development cost-effectively while remaining profitable, so I am devoted to this industry.

How do you see the future of solar energy and EKL? In the U.S. alone, solar energy accounted for 69 percent of all the new electric generating capacity that was added to the U.S. grid in the first three months of this year. That shows not only the strong demand for carbon-free energy, but also its cost effectiveness with its decreasing price and renewable characteristics. We believe EKL will play a leading role in helping U.S. solar companies increase their manufacturing efficiency of solar modules domestically to support America’s re-industrialization goals while simultaneously addressing the country’s surging demand for electricity. It is quite imperative, given global warming and climate change, for us to do everything possible to promote both clean energy technologies as well as innovation.

We remain fully committed to that objective.

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Aligning Sales And Marketing An Interview with Denise Persson, Chief Marketing Officer, Snowflake EDITORS’ NOTE Denise Persson me to the world of campaigns and has 20 years of technology marketcommunications, which fascinated ing experience at high-growth comme. After earning my business degree, panies. Prior to joining Snowflake, I joined Genesys in 1996 when it was she served as CMO for Apigee, an API still a startup – long before startups platform company that went pubwere the coveted career path in Swelic in 2015 and Google acquired in den. That decision shaped my trajec2016. She began her career at coltory. I spent 12 years there, moving laboration software company Genefrom Sweden to France and eventusys, where she built and led a global ally the U.S., ultimately becoming EVP marketing organization. Persson of Marketing. From there I served as also helped lead Genesys through CMO at ON24 and Apigee before joinDenise Persson its expansion to become a successing Snowflake in 2016, when the comful IPO and acquired company. She pany had about 100 people and $3 holds a BA in Business Administration and Eco- million in revenue. nomics from Stockholm University, and holds an How do you describe Snowflake’s culMBA from Georgetown University. ture and values?

Culture has always been central to SnowCOMPANY BRIEF Snowflake (snowflake.com) flake’s success. Early on, we realized we needed is the platform for the AI era, making it easy to codify our values to preserve the camaradefor enterprises to innovate faster and get more rie and mutual respect we had built while givvalue from data. More than 11,000 companies ing us a framework to scale. Today, our eight around the globe, including hundreds of the values reflect both the unspoken culture from world’s largest, use Snowflake’s AI Data Cloud the early years and the discipline we need to to build, use and share data, applications, and execute at scale. The first and most important is AI. With Snowflake, data and AI are transfor- “Put Customers First” – which permeates everymative for everyone. thing from engineering to sales to finance. We also emphasize integrity, accountability, and Would you discuss your career journey? teamwork. A strong culture isn’t just words on a I grew up in Sweden, and while business wall; it becomes the North Star that guides hirwasn’t really part of our dinner table conversa- ing, behavior, and decision-making. tions, my sister exposed me to marketing early What have been the keys to Snowflake’s on. She worked in advertising and introduced industry leadership?

Several things stand out. First, the clarity of our mission: empower every enterprise to achieve its full potential with data and AI. Second, our alignment between sales and marketing. There’s often friction between those two functions, but at Snowflake we worked hard to build trust and absolute alignment, which became a competitive advantage. Finally, discipline in execution – whether it’s in how we scale globally, build our ecosystem of partners, or define our values – has kept us focused while competitors chase distractions.

What do you see as the role that marketing plays in driving growth and scaling revenue?

At Snowflake, marketing serves sales. It’s the first thing I told Chris (Degnan, Chief Revenue Officer) during our initial interview. Our job is to generate demand, build the pipeline, and equip sales to close deals. That means everything from creating awareness and thought leadership, to running targeted campaigns, to delivering qualified leads that sales can convert.

It also means listening to customers, amplifying their voices, and building credibility in the market. Marketing has to move beyond vanity metrics and hold itself accountable to revenue impact. That’s how we scale.

In your book, Make It Snow, you write that it took around six months to build trust between sales and marketing. What did that trust building phase entail and what were the defining moments?

“Early on, we realized we needed to codify our values to preserve the camaraderie and mutual respect we had built while giving us a framework to scale. Today, our eight values reflect both the unspoken culture from the early years and the discipline we need to execute at scale.”

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When I arrived, sales had been running its own demand generation, so there was natural skepticism about marketing. Trust wasn’t automatic; it had to be earned. For us, that meant delivering. As high-quality leads kept flowing in and the pipeline grew stronger, the sales team saw the value we brought.

Over time, we developed implicit trust because results spoke louder than promises. That alignment became one of our greatest strengths and fueled our growth.

What interested you in writing the book, and what are the key messages you wanted to convey in the book?

Chris and I had one of the longest running partnerships between a CMO and CRO in enterprise software. Together we scaled Snowflake from $3 million to $3 billion in revenue. We felt there was no book that explained why sales and marketing must be in perfect alignment, how to achieve that, and what it unlocks for a company. We wanted to share not just strategies, but the reality of building trust, scaling culture, and aligning functions in a way that others could learn from. So we hope Make It Snow is helpful for start-ups or founders who were once in our scrappy position on how to build, innovate, and scale the relationship between marketing and sales.

How is AI impacting the marketing function?

First and foremost, you can’t have an AI strategy without a data strategy. Great AI starts with great data. It’s the mandatory first step; you can’t bypass it. Once you have your data strategy in place, your entire organization can move with confidence. And ultimately, that’s how you scale AI from a set of pilots to a true enterprise capability.

For marketers specifically, the speed and accessibility of AI is truly transformative, especially when it comes to democratization. For years, marketers understood the power of data, but we were often dependent on analysts or technical teams to access and analyze. Today, using natural language as an interface to your data is a complete game-changer. It puts the power of AI

intelligence directly into the hands of the business user. Now, anyone can “talk” to their data and get answers in seconds, which is accelerating both insight and impact. It’s safe to say that the dashboard is dying; we’re now having a strategic conversation with our data agent, who is accessible 24/7.

What do you feel are the keys to effective leadership, and how do you approach your management style?

Effective leadership is about clarity, accountability, and trust. I believe in hiring great people, setting high expectations, and then giving them ownership. I don’t tolerate half-baked strategies, but I also make sure my team knows I’ll support them fully when they execute with purpose.

Leadership also requires empathy – especially in marketing, where you must deeply understand both customers and sales.

My style is upfront, decisive, and impact-oriented, but always grounded in values.

What advice do you offer to young people beginning their careers?

Take risks early. Joining a startup right out of college was the best decision I ever made, even though it wasn’t the safe choice at the time. Surround yourself with people you can learn from, and seek out mentors. Work hard,

stay curious, and don’t be afraid of setbacks – they’re part of the journey. Most importantly, focus on impact. Whatever role you’re in, ask yourself: how am I moving the business forward ? That mindset will set you apart.

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“Together we scaled Snowflake from $3 million to $3 billion in revenue. We felt there was no book that explained why sales and marketing must be in perfect alignment, how to achieve that, and what it unlocks for a company.”

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Electrifying Icons An Interview with Justin Lunny, Founder and Chief Executive Officer, Everrati EDITORS’ NOTE A lifelong car models from an earlier era and redeenthusiast and serial entrepreneur, fining them to electric propulsion. EverJustin Lunny has spent over 30 years rati’s model line-up consists of electric at the intersection of technology, versions of the Porsche 911 (964) innovation, and business. With a Coupe, Targa, Cabriolet in Pure, Signabackground spanning fintech, autoture, Gulf Signature and RSR-inspired motive, education, and sustainabilEditions, ST-inspired G-Series, Land ity, he has co-founded and scaled Rover Series IIA, Range Rover Classic, multiple global ventures. Driven by Land Rover Defender, GT40 in parta passion for design, performance, nership with Superformance includand sustainability, Lunny founded ing officially licensed Gulf Edition and Everrati to redefine iconic cars, creMercedes-Benz W113 SL ‘Pagoda.’

Justin Lunny ating zero-emission vehicles that are Everrati designs, develops, and builds more powerful, rewarding, and timeits cars from a bespoke facility in Upper less than ever before. His vision is to establish Ever- Heyford, Oxfordshire. Everrati restores and modirati as the global leader in sustainable, electrified fies existing classic and iconic cars for its customclassics, merging cutting-edge technology with the ers to enable them to be used and enjoyed in a artistry of automotive history. low carbon world. Everrati does not manufacture vehicles. Everrati is not sponsored, associated, COMPANY BRIEF Everrati (everrati.com) was approved, endorsed, nor, in any way, affiliated launched with the vision of restoring iconic with the manufacturers of the cars they restore.

Where did you develop your passion for cars?

I can’t remember a time when I wasn’t passionate about cars. It’s always been there; part of my DNA, really. Growing up, I was fascinated by the beauty, the sound, the engineering. My uncle was a major influence; he was the person I’d talk to about cars endlessly, and we’d go out driving together whenever we could. He owned a Mercedes-Benz SL which undoubtedly influenced my fascination with Pagodas from an early age. Even as my professional path led me into technology and fintech, cars remained a constant. They were where I’d invest my energy and enthusiasm outside of work, always finding a way to justify a new car or project. That passion never faded, and eventually I found a way to bring it into the center of what I do. Everrati was born from that intersection – a deep love of automotive heritage, and a firm belief in the power of technology to shape a more sustainable future.

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Will you discuss your career journey?

I started my career in the tech and fintech space, building and scaling companies focused on data and digital infrastructure. I was fortunate enough to lead a number of successful ventures, and after selling my last company in 2016, I had the opportunity to take a step back and think more deeply about where I wanted to make an impact next. Cars had always been a personal passion, but I didn’t just want to follow that interest for the sake of it. I wanted to build something that connected with the future.

Around that time, I was struck by two things: the emotional pull of seeing a fully electric Jaguar E-Type at Prince Harry and Meghan’s wedding, and a question about what I was doing to help the planet. That stayed with me.

It was clear to me that electrification was coming, and that there was a growing tension between our love for classic vehicles and the environmental realities of modern life. I saw an opportunity to merge my experience in technology with my passion for cars to solve that problem thoughtfully. That’s where Everrati began.

It wasn’t about creating just another EV brand – it was about preserving the icons we love in a way that respects both their history and the world they now live in.

What was your vision for creating Everrati, and how do you define its mission?

The vision behind Everrati was simple: to take the most iconic cars ever made and ensure they have a future. I wanted to create something that honored automotive heritage while embracing the realities of a changing world.

These vehicles are more than machines – they’re cultural touchstones, symbols of design, engineering, and emotion. But if they’re to remain relevant and useful, they need to evolve.

Everrati’s mission is to redefine these classics with cutting-edge electric powertrains, without compromising their character. That means preserving the look, feel, and spirit of the original car while delivering modern performance and zero emissions. It’s not about making them something they’re not – it’s about helping them

continue to matter for the next generation of drivers.

Ultimately, we’re here to show that sustainability and legacy can coexist. You don’t have to choose between loving cars and caring about the planet. You can do both, and do it well.

How is Everrati driving innovation in electric mobility?

We start by engineering around the soul of the car, not over it. Every Everrati build begins with a complete 3D scan of the chassis. That scan generates 5.2 billion data points allowing us to design an electric powertrain that integrates seamlessly without altering the car’s core architecture. From there, each build takes roughly 6,000 engineering hours, supported by 1,500 engineering drawings and more than 1,500 individual

components. That level of detail means no shortcuts, no compromises – just precision.

Our innovation lies in how we apply modern EV technology to legacy platforms while preserving their original feel. We don’t believe in one-size-fits-all solutions. Each model gets a bespoke system tuned to maintain its character, balance, and handling. In fact, many of our redefined classics are lighter and more agile than their original petrol counterparts.

Through our Artisan by Everrati program, we’re also bringing a new level of personalization to the EV world. Clients are able to cocreate highly customized vehicles that reflect their identity, values, and lifestyle – an experience that’s as emotionally rich as it is technologically advanced.

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Everrati Land Rovers

Our process isn’t about keeping up with trends. It’s about redefining what it means to own and drive a car in a sustainable future – one where legacy and innovation work hand in hand.

How critical has it been to build the Everrati team?

It starts with people who care – deeply – about both the past and the future of automotive design. We’ve brought together a team with backgrounds at McLaren, Rolls-Royce, Rimac, Lotus, and other world-class marques. These are highly-skilled engineers and meticulous craftsmen who understand the responsibility of working on an icon and the precision it takes to redefine it for modern roads.

What sets the team apart isn’t just technical skill – it’s mindset. There’s a shared belief that every detail matters, and that true innovation doesn’t come from cutting corners – it comes from caring enough not to. That shows up in everything from how we design our EV systems to how we test in real-world environments like Vermont winters or Southern California streets.

Culture is just as important. This isn’t a team that’s chasing trends or short-term gains. It’s a group of people invested in building something enduring – where legacy, performance, and sustainability are treated with equal weight. That alignment makes all the difference.

Did you always know that you had an entrepreneurial spirit and desire to build your own business?

I’ve always been drawn to building things from the ground up – whether it was in tech, fintech, or now in the automotive space. I wouldn’t have called it “entrepreneurial spirit” early on, but looking back, the signs were there.

I was never particularly interested in following a fixed path. I wanted to solve problems, challenge norms, and do things differently.

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What really drove me was the idea of creating something meaningful; something that didn’t exist yet, but should. That’s what led me to start companies in the tech space and, eventually, to launch Everrati. The opportunity

to combine a lifelong passion with a purposedriven mission – to preserve automotive icons while making them fit for a sustainable future – was the kind of challenge I couldn’t walk away from. So, in that sense, yes. I’ve always had the desire to build, to push boundaries, and to lead teams that want to do the same.

What are your priorities for Everrati as you look to the future?

Scaling with purpose is at the top of the list. We’re not interested in growth for growth’s sake – we’re focused on doing it the right way, with the same level of craftsmanship, engineering integrity, and client experience that built our reputation in the first place. Expanding our global footprint is a key part of that. We’ve already established strong partnerships in North America, and we’re continuing to grow our presence in regions where there’s a deep appreciation for both classic cars and sustainable innovation.

We’re also investing heavily in R&D. That means continuing to refine our powertrains, exploring new models, and pushing the boundaries of what’s possible without compromising the character of the cars we work with. At the same time, we want to keep elevating the bespoke experience for our clients – offering more personalization, more storytelling, and more ways to make their vehicle truly one of a kind.

Ultimately, the priority is to stay true to our mission: preserving the past, advancing the future, and redefining what it means to drive something iconic.

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Everrati Porsche 911

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electrica furnizares.a.

Together. For over 120 years.

For what matters.

PURPOSE

Dare To Grow An Interview with Daniel Diermeier, Chancellor, Vanderbilt University EDITORS’ NOTE An internationally Will you discuss your career renowned political scientist, managejourney? ment scholar and visionary leader, I was born in Berlin and began Daniel Diermeier is Vanderbilt’s ninth my academic path as a first-generation chancellor. Vanderbilt named Diercollege student in Germany. I later meier chancellor in late 2019. In addicame to the U.S. for graduate school, tion to his role as chancellor, Diermeier with two suitcases and a thousand dolis University Distinguished Professor in lars in my pocket. I started in philosothe Owen Graduate School of Managephy but realized this path was not for ment and Distinguished University Prome. I then quickly moved into politifessor of Political Science in the College cal science, where I developed experof Arts & Science. He is a fellow of the tise in institutions, decision-making, Daniel Diermeier American Academy of Arts and Sciand game theory. In part, this interest ences and the Guggenheim Founwas triggered by being in Berlin when dation. He has published five books, with a sixth the Wall came down. Over time, my interests forthcoming and more than 100 research articles expanded into management, with an emphain academic journals – mostly in the fields of polit- sis on crisis and reputation management. That ical science, economics and management, but also led to faculty and administrative roles at Stanin linguistics, sociology, psychology, computer sci- ford, Northwestern, and the University of Chience, operations research and applied mathemat- cago, where I served as dean of public policy ics. Before arriving at Vanderbilt, Diermeier served and as provost before becoming chancellor at in leadership roles at the Stanford Graduate School Vanderbilt. of Business, the Kellogg School of Management at My time at Stanford was particularly forNorthwestern University, and at the University of Chi- mative. I witnessed firsthand how the university cago, where he served as dean of the Harris School of supported entrepreneurship and innovation in Public Policy. He also served as director of the Ford Silicon Valley, connecting research, talent, and Motor Company Center for Global Citizenship and, capital to generate real economic and social in 2007, received the Aspen Institute’s Faculty Pio- impact. It reinforced the importance of collaboneer Award, called “the Oscars of the business school ration and ecosystem and strategic alignment – world” by the Financial Times. A first-generation col- how institutions can catalyze progress when lege graduate, Diermeier earned a PhD in political positioned at the center of innovation ecosysscience from the University of Rochester. He also holds tems, working together based on a common master’s degrees in political science from the Univer- vision and grounded in the same set of values. sity of Rochester and the University of Munich, and Coming to Vanderbilt offered the opportuhe earned a master’s degree in philosophy from the nity to apply those lessons in a different context.

University of Southern California.

Vanderbilt had strong fundamentals, talented faculty, and a collaborative culture. And it was INSTITUTION BRIEF Founded in 1873 as an insti- ready to pursue strategic, mission-driven growth tution devoted to “strengthening the ties which with intent. It was an optimistic place that did should exist between all sections of our common not think that its best days were behind it. Here, country,” Vanderbilt University (vanderbilt.edu) we could combine clarity of purpose and valhas forged a tradition of academic excellence ues with operational excellence and ambitious infused with a unique spirit of collaboration and initiatives. I did not want to be remembered as collegiality. A private research university in Nash- the person who “did not sink the ship,” and ville, Tennessee, Vanderbilt is a global hub for learn- Vanderbilt and Nashville were the perfect fit to ing, innovation and leadership. Its 11 schools and realize these goals. colleges offer students more than 65 undergraduate How do you define Vanderbilt Univermajors, a full range of graduate and professional sity’s mission? degrees, and leading faculty. The 340-acre camVanderbilt University’s core purpose is to pus – an accredited arboretum just 1.5 miles from provide a transformative education and pathdowntown – is home to groundbreaking interdisci- breaking research. In a culture of inquiry and plinary research, SEC athletics, and a community debate, we create a community driven by radidedicated to free expression and civil discourse that cal collaboration and unwavering commitlives by its motto, Crescere aude, dare to grow. ment to academic, professional, and personal 166 LEADERS

growth. In practice, this means supporting interdisciplinary research, fostering entrepreneurial thinking, and cultivating environments where a range of perspectives thrive. Our mission is values-driven and strategic, and it shapes how we invest, structure partnerships, and prepare students for a rapidly evolving global landscape.

Vital to our mission – and a long-standing value that still guides us today – is the value of free expression. Open inquiry, wide-ranging debate, and the freedom to challenge conventional wisdom are essential to a university’s purpose.

Free expression and open inquiry on college campuses are based on three pillars. One is the principle of open forums – a university’s commitment to providing plenty of spaces where issues can be explored and discussed without the threat of censorship. The second pillar is civil discourse – an equally strong commitment to facilitating constructive conversation and debate among people of differing viewpoints, characterized by basic respect, a willingness to listen and be persuaded by the better argument, and a resistance to rushing to moral condemnation of opponents. Under the third pillar, institutional neutrality, a university and its leaders refrain from taking public positions on controversial issues, in word and in action, unless the issue directly affects the core mission and functioning of the university. It is critical to point out here that the principle of neutrality only applies to universities and their leaders, speaking in an official capacity – not to students or faculty.

At Vanderbilt, our practice of these principles dates back to at least the turbulence of the 1960s. Our chancellor at the time, Alexander Heard, said, “A university’s obligation is not to protect students from ideas, but rather to expose them to ideas, and to help make them capable of handling and, hopefully, having ideas.” We live by that same principle today.

What have been the keys to the strength and leadership of Vanderbilt University?

Vanderbilt’s strength comes from strategic clarity, disciplined execution, and values-driven leadership. This includes thoughtful investment in research, faculty, infrastructure, and student experience – all grounded in our core values.

Innovation is central to our approach.

We encourage cross-disciplinary collaboration and create structures that allow ideas to move quickly from concept to implementation. At the

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same time, we apply business and operational discipline to ensure that ambitious initiatives are executed efficiently and with pace. Leadership at Vanderbilt is about moving intentionally, managing risk wisely, and making decisions that reflect our mission. This combination of courageous growth, disciplined management, and principled leadership has enabled Vanderbilt to maintain momentum, relevance, and credibility in a competitive higher education landscape that is experiencing a period of tremendous change and challenges.

How is Vanderbilt working to make higher education more accessible and affordable?

Opportunity Vanderbilt has reshaped access. We meet 100 percent of demonstrated financial need – without loans – and for all households with incomes of $150,000 or less, tuition is free. That reaches roughly three out of four American families and extends to firstgeneration, international, rural, and urban students who might not have imagined attending a university like Vanderbilt.

But access is more than financial support. It’s about recruiting broadly, supporting the transition to and from college, and creating a culture that is both challenging and supportive. Students are expected to stretch themselves intellectually, but they are members of a community dedicated to the same goal. Structured mentoring, academic resources, and intentional community-building are critical.

This approach reflects both values and strategy. Student talent is distributed widely, and institutions that can identify, recruit, and develop it will thrive. Providing access and opportunity is not only the right thing to do – it’s central to building a high-performing institution.

How is Vanderbilt preparing students for a world increasingly influenced by AI? AI is transformative across every sector. At Vanderbilt, we are embedding computing and AI literacy across disciplines through the newly established College of Connected Computing, and we are investing in research initiatives throughout the university – from biomedical research to the recently founded Institute of National Security. These efforts combine technical expertise with ethics, policy, and leadership, and they reflect the complex ways AI will shape society. Our goal is to produce students who are not just competent users of AI, but leaders capable of evaluating risk, shaping policy, and applying technology responsibly – skills that will be essential for leadership in the decades ahead.

What are your views on the role of higher education in driving U.S. innovation?

Universities remain central to the U.S. innovation ecosystem. Since at least World War II, supported by government funding and private philanthropy, universities have had a tremendous impact on our country’s growth by VOLUME 48, NUMBER 4

fueling innovation across health and medicine, agriculture, digital technology, automotive, and much more. They have been able to do this in large part because academic researchers can take risks that corporate research and development teams cannot. Universities are co-investors in this effort. For every federal dollar invested in research, we invest 50 cents. The Nashville Innovation Alliance, created with the mayor of Nashville, brings together partners from across sectors to expand the city’s innovation ecosystem. The ROI of university research for society is very large. A conservative estimate in a 2020 working paper by researchers Benjamin Jones of Northwestern and Lawrence Summers of Harvard is that every dollar invested in innovation yields at least five dollars in social benefits – and possibly as much as 20. Universities that can convene talent, align capital, and execute strategically are the ones that will thrive in the innovation age.

Vanderbilt University in Nashville, Tennessee

What interested you in writing Mission and Margin, and what is the key takeaway from the book?

Universities often treat finance as secondary to mission, but financial strategy and discipline are central to achieving institutional goals.

Mission and Margin provides a framework for aligning fiscal management with academic priorities. The key takeaway is that financial discipline and mission are mutually reinforcing.

Strong fiscal practices enable investment in research, faculty, and student experience, while mission priorities guide resource allocation.

Institutions that integrate these dimensions are better positioned for sustainable, meaningful impact.

What are the keys to effective leadership, and how do you approach your management style?

I focus on clarity, consistency, and execution, guided by values and principles. Effective leadership isn’t just about making decisions quickly or managing operations efficiently – it’s about leaning into core commitments – the purpose and values that define, differentiate, and guide you – and ensuring the organization acts consistently with them.

What are your priorities for Vanderbilt over the next decade?

Our motto, Crescere aude or “dare to grow,” is both a challenge and a commitment. It guides our vision for Vanderbilt, which encompasses three priorities: excellence in our operations and core mission, furthering our leadership in higher education, and pursuing bold growth – all made possible through our signature approach of multidisciplinary, crosssector radical collaboration.

Among our growth initiatives are several developing efforts to expand Vanderbilt’s presence beyond Nashville. We’re advancing plans to establish a campus in West Palm Beach – anchored around business, computing, and engineering graduate programs – to meet the region’s growing demand for executive education and workforce development amid its emergence as “Wall Street South.”

At our new campus in New York City, we are seeking to expand opportunities for students, faculty, and alumni to connect and collaborate with global leaders in finance, media, policy, and the arts. Plus, we are in conversation with Mayor Daniel Lurie and the City of San Francisco, exploring the possibilities of a downtown presence there.

These strategic footholds will strengthen Vanderbilt’s national and international influence, while opening doors for research partnerships, internships, and career pipelines.

Alongside these geographic expansions, we’re making major investments in research and continuing to build partnerships with industry and government to translate ideas into real-world solutions.

To dare to grow is to unite ambition, purpose, and courage – expanding Vanderbilt’s impact while remaining steadfast in our mission. This is how we will position Vanderbilt as the model modern research university for the decades ahead.

In a polarized environment, how does Vanderbilt ensure its decisions are guided by values rather than external pressures?

At Vanderbilt, we are leading from foundational principles – excellence, free expression, and opportunity and growth for all – while advancing a comprehensive reform framework to modernize higher education. The choice for universities is not whether to reform, but whether to lead that change ourselves or have it imposed upon us. Reform born of real, collective work – driven by institutions committed to doing better – is the most sustainable path forward. In truth, it is the only path forward. Many universities have lost their way through self-inflicted challenges, and a posture of resistance fails because the American public demands reform. By anchoring reform in principle rather than politics, we ensure that decisions reflect enduring values, uphold academic freedom, and restore credibility of higher education in the eyes of the public.

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Transforming Spaces Into Havens An Interview with Nicholas Fink, Chief Executive Officer, Fortune Brands Innovations, Inc. EDITORS’ NOTE Nicholas Fink is Will you discuss your career journey? chief executive officer and a memI have a non-traditional path to ber of the Fortune Brands Innovabecoming a CEO, and I believe that tions’ Board of Directors. He is also unconventional path has equipped me a member of the Board’s Executive well to always explore new areas and Committee. Since being named opportunities. I grew up internationCEO of Fortune Brands Innovations ally and got my undergraduate degree in 2020, he has led the transformain Paris. I moved to the United States tion of the company from a home to study law at Northwestern Univerand security business into a techsity, and following law school I worked nology and innovation disruptor. at a law firm in their corporate practice.

Fink envisioned and spearheaded After making partner, I took a legal role at Nicholas Fink the 2022 spin-off of the company’s Beam Global Spirits & Wine, which was cabinets business and a full-scale then part of Fortune Brands, Inc. But my organizational restructure to position Fortune real passion was around business and brands, so Brands Innovations as a new, more agile and I moved into a variety of business roles at Beam, growth-driven company. As CEO, Fink also led eventually becoming president of the Asia Pacific the company through the COVID pandemic and and South America business. subsequent supply chain disruptions, and has Fortune Brands, Inc. spun off its home divicontinued to grow the company through acqui- sion in 2011 into Fortune Brands Home & Security, sitions. In total, Fink is responsible for 12 major Inc. (FBHS), and in 2016, I had the opportunity acquisitions since joining Fortune Brands in to join FBHS. After some time leading the compa2015, including the transformational 2023 ny’s strategy group, I had the opportunity to lead acquisition of the U.S. and Canada Yale and Fortune Brands’ water segment, with its flagship August smart residential brands and Emtek Moen brand. There I set my sights on innovating and Schaub luxury hardware brands. Prior to and brand building, including building a connected being promoted to CEO, Fink was chief operat- water platform – and our luxury portfolio, House ing officer for Fortune Brands. Before that, he of Rohl. served as the president of the company’s water In 2019, I took on the role of Chief Operating business from April 2016 until March 2019, Officer of Fortune Brands, overseeing the compaand took strategic actions to expand beyond ny’s water, doors and security, and cabinets busithe business’ legacy Moen brand, added con- nesses, and in January 2020, I became CEO, just nected product capabilities, and paved the way weeks before the COVID pandemic hit the U.S. for the House of Rohl global luxury portfolio. Stepping into the CEO role during the COVID Fink sits on the Board of Directors for Constel- pandemic was very challenging, but because it lation Brands and is a member of the New York demanded resilience, resourcefulness, and agility, I Stock Exchange Advisory Council. Fink has a believe the experience ultimately shaped me into a Juris Doctor degree from Northwestern Univer- more adaptive and forward-thinking leader. sity and an undergraduate degree from the How do you define Fortune Brands’ Institut d’Etudes des Relations Internationales mission? in Paris, France.

Our purpose is to elevate every life by transforming spaces into havens. Through our COMPANY BRIEF Fortune Brands Innovations, products, we not only add beauty and functionInc. (fbin.com) is an industry-leading home, secu- ality to people’s lives, but also help them secure rity and digital products company whose purpose their valuables, conserve water and energy, add is to elevate every life by transforming spaces into peace of mind and help people work safer. havens. The company makes innovative products There are not many companies that can say they for residential and commercial environments, with do well and do good; here at Fortune Brands, a growing focus on digital solutions and products we can say that. that add luxury, contribute to safety, and enhance What were your priorities for Fortune sustainability. The company’s trusted brands Brands when you assumed leadership of the include Moen, House of Rohl, Aqualisa, SpringWell, company five years ago?

Therma-Tru, Larson, Fiberon, Master Lock, SenBecause COVID hit immediately after I trySafe and Yale. became CEO and turned the whole world upside 168 LEADERS

down, my top priorities were keeping our associates safe while keeping our operations running to meet the incredibly high demand for our products.

During COVID, the home dramatically shifted from a backdrop to the center stage of daily life as consumers reimagined their living spaces with unprecedented focus – seeking comfort, functionality, and connection in ways they never had before. At the same time, we were also navigating incredibly disrupted supply chains. During that time, we again proved to our customers that we are a company they can rely on.

In 2022, I really started focusing on transforming Fortune Brands, working to evolve the company into a unified, agile growth engine centered on brand-driven innovation, accelerated digital capabilities, and shared organizational strengths, while preserving the unique identity of each of our brands and businesses. I started with initiating a digital transformation, focusing on adding more digital capabilities – both in how we run the business and handle data, as well as in the kinds of products in our portfolio. This digital component was the start of what I envisioned as a sweeping company transformation to best position Fortune Brands to accelerate growth doing what we do best: being a leader in brands, innovation and channel. Our

Nicholas Fink at the New York Stock Exchange

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Nicholas Fink at a Moen groundbreaking event in North Las Vegas

journey included spinning off our largest business segment (Cabinets) in 2022, reorganizing our operating model and leadership structure, rebranding ourselves as Fortune Brands Innovations, Inc. to highlight our increased focus on brands and innovation, and making a transformative acquisition which massively expanded our luxury portfolio and accelerated our digital transformation.

The transformation continues to this day as we are bringing many of our associates into one stateof-the art campus in the Chicago area. We’re on a journey to continue to disrupt our spaces and self.

With leading brands like Moen, Master Lock, House of Rohl, Yale, Larson, and Therma-Tru, among others, we positively impact millions of people every day. With an aligned and innovative team at our campus, we’ll be better able to align operations and use our scale to focus on exciting growth opportunities in really interesting categories.

How critical has internal communication been to bring the Fortune Brands’ team along on its transformation journey?

Since my time as CEO, we’ve added a lot more focus on internal communications – virtual town halls open to everyone, leader touch base meetings, an intranet site and newsletter for our corporate associates. What we’ve discovered we need more of is informal, casual connections between associates that help build camaraderie and trust, which translates into greater opportunities to innovate and ideate. It’s one of the reasons why I’m so excited to be bringing most of our corporate associates together under one roof.

What do you see as Fortune Brands’ responsibility to be engaged in the communities it serves?

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or our Fiberon decking which is made almost entirely from recycled components, we are adding value to our larger community. To me, the positive, tangible impact our products have on people’s lives is a key reason why Fortune Brands Innovations is such an attractive place to work.

What are the keys to successfully leading change and transformation inside a legacy company?

I would boil it down to these six actions, all of which we’re doing at Fortune Brands: 1. Visionary and disruptive thinking – We live in a fast-paced world. You can’t sit still because someone else out there will jump ahead. Better to disrupt yourself than be disrupted.

2. Empowering and inspiring teams – Run a purpose-driven company and make sure everyone understands how to bring that purpose to life.

When there is a clear understanding of the direction we need to travel, people feel empowered to do what needs to be done.

3. Commitment to the vision – Once you have that vision, your purpose, the inspiring “why” behind your company, and you’ve identified how you will get there, go all in. Invest thoughtfully in what is going to make the biggest difference. Invest in the teams and tools you need. I like to say do big things to big things.

4. Driving a culture of continuous improvement – One of our core behaviors is to “Think Big, Learn Fast.” There’s no way to enact transformation by resting on one’s laurels or doing what’s always been done. Part of making real change within companies is being willing to take smart risks. Learn quickly and implement improvements to build success and momentum. This mindset helps make sure teams are always looking for the next opportunity.

5. Commitment to stakeholder value – At the end of the day, you must deliver what you say you will deliver. We are accountable to our stakeholders. While we are shaping our company for the future, we are doing so in a way that’s good for our shareholders, our associates, consumers and communities. That’s lasting change.

What must manufacturing and industrial companies do to win the next generation of talent?

We are very focused on supporting our associates now as well as building that pipeline of leaders. Total compensation and rewards are important, and that means more than just competitive pay and bonuses. We’ve invested in comprehensive health and wellness benefits – touching on everything from mental health to surgery support and parental leave – to support our employees.

We’re constantly looking to upskill our associates, particularly during times of change. Offering defined career paths and training opportunities helps associates feel supported and connected.

People want to know there is opportunity to grow, especially as the pace of technological change continues to quicken.

Finally, being a purpose-driven company is important. The fact that we make tangible products that improve lives is part of how we win talent. We make products that people can buy, can install in their homes, and can interact with multiple times a day. That’s satisfying for many people. They want to see their role in the whole product, not just one

component, and we can connect their work to millions of lives around the world.

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

Listen – ask for feedback and be willing to hear it for what it is. We do this informally every day, but we also take feedback more formally through employee surveys and the result is critical feedback that we just wouldn’t otherwise get or have the ability to act on.

Leaders also need to make sure their team is laser-focused on the company’s purpose (the “why” of your company), what you’re going to do to achieve it, and how you’re going to do it. At Fortune Brands Innovations, we call this our “blueprint” – and if our associates have a deep understanding of that, then leadership can focus on the areas where they can add the most value.

What advice do you offer to young people beginning their careers?

Having an ownership mindset is helpful.

Especially when I was earlier on in my career, my belief that my company was as much mine as anyone else’s, and my willingness to roll up my sleeves and help out wherever I could, better enabled me to identify and solve problems, and to connect with people from across the business.

Part of the move to our new headquarters is embracing new ways of working. We want everyone to feel their role in building that culture and embracing all the benefits of having so many colleagues together in person. You can have lunch and ask someone what they’re working on or troubleshoot a challenge on your walk to the next meeting. There’s no need to wait for a company-hosted networking event. The opportunity to learn and connect will be all around us, and while we’ll find new ways to encourage it, it’s also on every associate to make the culture and the company their own. I highly recommend everyone use an ownership mindset.

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Nicholas Fink speaking at an employee recognition event

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Taking The High Road An Interview with Imran Razvi, Founder, Higher Ground Financial Group

Imran Razvi (seated) and Daniel Razvi (standing)

EDITORS’ NOTE Imran “Raz” Razvi is the founder of Higher Ground Financial Group. He has been taking care of the financial needs of his clients for 30 years. Razvi specializes in understanding each client as a whole person, integrating the client’s personal needs for current and long-term financial health into a plan of preparing for and navigating through the retirement years.

COMPANY BRIEF Higher Ground Financial Group (hgfg.com ) was founded on the belief that faith and family are fundamental pillars of success and that together, they strengthen and fortify people. Higher Ground Financial Group is rooted in the principle that its associates are called to take the high road of uncompromising integrity and always endeavor to help their clients meet their goals. The family-owned business exists to help clients nationwide achieve their financial goals. Higher Ground Financial Group’s goal is to help strengthen family units by putting financial education within their reach.

Will you discuss your career journey?

I have always wanted to help people improve their lives. I began learning about the financial services industry by working for other companies – starting with selling health insurance, then expanding into life insurance and long-term planning. Along the way, I focused on understanding the financial needs of clients, always knowing that one day I wanted to open my own business.

I wanted the flexibility to tailor services to my clients’ needs and manage the process myself.

Once I had the experience, I launched Higher Ground Financial Group and began to grow the business. I also started giving back to the community by hosting free educational seminars – something I truly enjoy.

Over the past decade, I’ve expanded the business and continually sought new ways to meet my clients’ needs. This growth has allowed me to help 170 LEADERS

people in a more personalized way, while also giving me the flexibility to balance meaningful work with quality family time.

Did you always know that you had an entrepreneurial spirit?

Yes, I’ve always known I had an entrepreneurial spirit. I’ve always been able to spot a need and find a way to turn the solution into a business.

For example, back in middle school, other students would often say they were hungry during the day.

Instead of just commiserating with them, I saw an opportunity to help. I went to the store with my mom, bought bulk snacks, and carried them with me throughout the school day. Soon, I was selling snacks to other students. It made them happy to have something to eat whenever they wanted – and it turned into a great little business for me – the first of many times I turned an idea into action.

What was your vision for creating Higher Ground Financial Group?

My vision was to serve God while helping others. I wanted the flexibility to make decisions that would positively impact my clients, and to bring a personal touch that I couldn’t fully achieve while working for someone else. Building my own company has allowed me to align my faith, values, and expertise to genuinely improve people’s lives.

How do you describe Higher Ground Financial Group’s culture and values?

Higher Ground Financial Group’s culture is built on truly listening to and caring for each other – and that starts with our clients. Too often, companies decide what’s best for their clients without taking the time to truly understand them and their personal needs. We make it a priority to get to know our clients in depth so we can serve them in the most meaningful way.

That same commitment extends to everyone within our company. We provide our agents and employees with ongoing support, training, and resources, fostering a workplace where collaboration and individual excellence go hand in hand. We’re more than colleagues – we’re invested in each other’s lives. Everyone knows the spouses and families of their colleagues, and we genuinely care for one another. That connection empowers employees at Higher Ground Financial Group to be at their very best.

Will you highlight Higher Ground Financial Group’s process?

We specialize in helping people reduce and eliminate what we see as the three biggest “killers” in retirement: risk, fees, and taxes. By removing these retirement killers, your retirement income

increases, you gain more protection, and you can pass on more to your heirs – all while paying the minimum amount of taxes legally possible.

Our process brings together client-facing tax attorneys – led by my son, Daniel Razvi, at Higher Ground Legal – and our retirement planners (“distribution specialists”) to minimize long-term taxes in retirement. Most retirement firms either don’t offer tax help at all, or they dance around the subject, providing a few ideas but ultimately hiding behind legal disclosures (“this is not actually tax advice”). It is rare to have tax attorneys working hand in hand with financial advisors to create and implement long-term tax mitigation plans.

The need for this approach is so great that even investment advisors, insurance agents, and CPAs have come to us as clients, because we offer strategies they can’t find elsewhere. Our plans marry risk management with long-term tax strategies, resulting in higher after-tax income in retirement and a greater ability to leave a lasting legacy.

What do you see as the keys to effective leadership?

To be an effective leader, it‘s important to know your goals, understand the purpose behind them, and communicate them clearly to your team.

It’s equally important to know your team members personally and to genuinely care about their individual needs and goals.

Effective leadership also means recognizing the strengths of each team member, encouraging them to use and build on those strengths, and helping them address areas for growth. From there, it’s about providing the training and support needed to help them reach their full potential.

What advice do you offer to young people beginning their careers?

For young people beginning their careers, start by considering your reasons for choosing your path. It’s important to find satisfaction in meeting the needs of your clients. When you focus on that, you’ll have a deeper purpose behind your business goals. Create a mission statement for your business – the joy you get from helping others will carry you through the difficult times and give you the perseverance to keep growing.

It’s also important to be constantly learning.

Talk to people who have been in your industry longer than you and get their input. Talk to your clients, too, and identify areas where their needs aren’t fully met. Be willing to adjust and fine-tune your business. Adjust your goals if needed, but always keep them in mind so you can continue moving forward.

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PURPOSE

Shaping A Healthier Future An Interview with Glenn D. Waters, Executive Vice President and Chief Operating Officer, Baptist Health South Florida EDITORS’ NOTE Glenn Waters is Will you discuss your career responsible for the operations of Bapjourney? tist Health South Florida’s 12 hospiMy journey in healthcare began tals and more than 200 outpatient with a deep belief in the power of syscenters, urgent care centers, and tems to improve lives. I started out in physician practices, as well as Miami hospital operations and over time held Cancer Institute, Miami Cardiac & leadership roles across North Carolina, Vascular Institute, Baptist Health Texas, and Virginia before moving to Orthopedic Care, Miami NeurosciFlorida. I spent 15 years with Bayence Institute, Lynn Cancer InstiCare Health System, eventually servtute, Marcus Neuroscience Institute, ing as executive vice president and and Lynn Heart & Vascular Instichief operating officer, where I helped Glenn D. Waters tute. Prior to joining Baptist Health, lead a large integrated system through Waters served as a senior leader at a period of rapid growth and innovaBayCare Health System in Clearwater, Florida, tion. In 2022, I joined Baptist Health South Florfor 15 years, holding the roles of executive vice ida as executive vice president and COO. Each president and chief operating officer, president step in my career has been guided by a comof BayCare’s hospital division and president of mitment to service, team building, and aligning Morton Plant Mease Healthcare, part of BayCare. strategy with purpose.

He also held leadership positions at Moses Cone What excited you about the opportuHealth System in Greensboro, North Carolina; at nity to join Baptist Health South Florida and Wadley Regional Medical Center in Texarkana, made you feel it was the right fit?

Texas; and at Riverside Health System in Newport Baptist Health has a reputation for cliniNews, Virginia. He is a Fellow of the American cal excellence, compassionate care and deep College of Healthcare Executives. Waters earned community roots. What really stood out to a bachelor’s degree in economics from Hampden- me was the culture – mission-driven, patientSydney College in Virginia and a master’s degree centered and committed to innovation. This in hospital administration from Medical College was an opportunity to lead alongside a talof Virginia, now known as Virginia Common- ented executive team in one of the most wealth University.

ORGANIZATION BRIEF Baptist Health South Florida (baptisthealth.net) is the largest healthcare organization in the region with 12 hospitals, more than 28,000 employees, 4,500 physicians and 200 outpatient centers, urgent care facilities and physician practices spanning across Florida’s Miami-Dade, Monroe, Broward, and Palm Beach counties. Baptist Health has internationally renowned institutes specializing in cancer care, brain and spine care, heart and vascular care, and orthopedic care. In addition, it includes Baptist Health Medical Group; Baptist Health Quality Network; and the Baptist Health PineApp, a virtual health platform. Baptist Health South Florida is an academic and clinical affiliate of Florida International University. A not-for-profit organization supported by philanthropy and committed to its charitable mission of medical excellence, Baptist Health has been recognized by Fortune as one of the 100 Best Companies to Work For in America and is the most awarded healthcare system in South Florida by U.S. News & World Report.

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dynamic, diverse regions in the country. I saw it as a place where my experience could make a meaningful impact, not just operationally, but in shaping a healthier future for South Florida.

How do you describe Baptist Health South Florida’s culture and values?

At Baptist Health, our culture is built on respect, integrity, compassion, and excellence.

We are grounded in our mission to serve all people with empathy and dignity. Collaboration is a defining characteristic of our culture – across hospitals, service lines and support functions.

We foster innovation, invest in our people, and work every day to improve access to care and outcomes for our patients.

Will you provide an overview of your role and areas of focus?

As COO, I’m responsible for the operational performance of our 12 hospitals and more than 200 outpatient centers. My focus includes clinical operations, strategic growth, service line integration, and ensuring our facilities and teams are positioned to deliver outstanding patient care. I also work closely with our executive leadership on systemwide priorities like enhancing the patient experience, workforce development, and strengthening care delivery through innovation.

The main campus of Baptist Health Baptist Hospital in Miami, Florida

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Baptist Health freestanding emergency department in West Boca Raton, Florida

What have been the keys to Baptist Health South Florida’s industry leadership?

Consistency in values, a strong leadership team, and a deep understanding of the communities we serve. We don’t chase trends – we invest in what works: clinical excellence, innovation, and building lasting relationships with patients, partners, and our own employees. Our

not-for-profit status allows us to reinvest in care delivery, technology, and access, and that reinvestment shows up in the outcomes we achieve.

How critical is it for Baptist Health’s workforce to mirror the diversity of its patients and the communities it serves?

Diversity is important because it helps us better connect with the patients and families we

Baptist Health Hospital, Doral, Florida VOLUME 48, NUMBER 4

serve. South Florida is one of the most diverse regions in the country, and understanding the unique needs of our communities strengthens our ability to deliver effective, empathetic care.

Having a workforce that appreciates different perspectives builds trust and supports culturally informed care.

What do you feel are the keys to effective leadership, and how do you approach your management style?

Effective leadership starts with listening. You have to be present, accessible and able to synthesize perspectives. I believe in empowering people – setting clear expectations, removing obstacles and giving teams room to innovate. I’m detail-oriented, but collaborative. I also believe in staying calm under pressure and modeling the kind of behavior that builds trust and accountability.

Leadership is ultimately about service and stewardship.

What advice do you offer to young people beginning their careers?

Be curious. Ask questions, seek feedback and never stop learning. Build strong relationships – your network will carry you further than any job title. Most importantly, lead with integrity. Your reputation is your greatest asset. Don’t be afraid to take on tough challenges early in your career – it’s where the real growth happens. And finally, remember that leadership isn’t about climbing the ladder, but rather about lifting others as you rise.

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PURPOSE

Making A Difference An Interview with Eric Esrailian EDITORS’ NOTE Eric Esrailian is a Mark Gordon, and many others. Addihealth sciences clinical professor of tionally, Esrailian produces films with medicine at UCLA. He attended the a focus on human rights issues, most University of California at Berkenotably, The Promise by Terry George, ley and graduated with a major in starring Oscar Isaac and Christian integrative biology and a minor in Bale; and the educational companion English. He subsequently graduated documentary Intent to Destroy with from the Loma Linda University Joe Berlinger, which was nominated School of Medicine and completed for an Outstanding Historical Doca residency in internal medicine at umentary Emmy. In 2021, Esrailian the University of Southern California. was honored by Pope Francis at the He was named intern, junior resiVatican with the Benemerenti Medal Eric Esrailian dent, and senior resident of the year for his humanitarian activities around during all three years of his resithe world. Esrailian is on the board of dency training. He completed his gastroenterol- the Museum of Motion Pictures Board of Trustees, ogy fellowship at UCLA where he also obtained a the Board of Directors of the Hammer Museum, Master of Public Health degree. He is also a grad- and both the Board of Directors and Governors of uate of the Executive Program in Management the Motion Picture & Television Fund. He has cofrom the UCLA Anderson School of Management. chaired the Academy Museum gala. Esrailian is Esrailian served on the Medical Board of Cal- on the board of the Clooney Foundation for Jusifornia from 2010-2011 after being appointed tice, and also co-hosted their annual gala along

by Governor Arnold Schwarzenegger. In 2012, with George and Amal Clooney, Darren Walker, the School of Medicine awarded him the Lincy and Bryan Lourd.

Foundation Chair in Clinical Gastroenterology. He is closely involved in strategic planning efforts Will you discuss your career journey? for UCLA Health and the David Geffen School I have been incredibly fortunate in my life. of Medicine at UCLA. He also works to facilitate My parents always prioritized education and community engagement with a number of other service. As a child of immigrants and the greatschools and departments within the UCLA cam- grandchild of Armenian Genocide survivors, I pus and its Los Angeles community partners, have always been grateful for my opportuniand he was on the UCLA campus steering com- ties. I always loved science, but I also was formittee for the Centennial Campaign. In 2020, he tunate enough to excel in humanities. I went to launched the UCLA Leaders of Tomorrow series Berkeley as a pre-med student, and while my to emphasize essential leadership skills through plan was initially to double major in biology some of the most influential and successful and English, I had an opportunity to graduate leaders in the community. In 2017, the univer- early, so I ended up minoring in English. Ironisity designated Esrailian as a UCLA Optimist – cally, I am using English now more than ever in among its notable alumni and faculty dedicated my administrative, creative, and business roles. to solving the world’s problems. He is also one In medical school, I learned how to help of the co-founders and the founding president one person at a time. I had first been introduced of the California Institute for Immunology and to public health at Berkeley, but as part of my Immunotherapy (CIII). In 2025, he received the postgraduate training at UCLA, I was also able Ellis Island Medal of Honor. Esrailian is also very to obtain a Master of Public Health (MPH) in active in the entertainment community, respon- graduate school at UCLA. Public health helped sible for tens of millions to charitable organiza- me start to think about how to make an impact tions, and is a trusted connector in Hollywood, on more people in my community – and possilending an “invisible hand.” Esrailian and bly even around the world. My coursework was Academy Award-winning actor Christian Bale excellent, and it also introduced me to finanrecently co-founded “Together California,” an cial accounting and management principles. I organization that builds foster homes for was already at my dream institution, and I just children in LA County. On the investment and wanted to learn how to do every job I do even charitable front, Esrailian has also worked better. Thankfully, without being a full-time stuwith Laura Dern, Barbra Streisand, Leonardo dent, I was able to complete the Executive ProDiCaprio, executives like Jim Gianopulos and gram at the Anderson School of Management at 174 LEADERS

UCLA to supplement what I had learned with my MPH. I was fortunate to be introduced to investing by my parents at an early age. I started with the stock market and moved into tech and then real estate investing as soon as I was able to – real estate became a key pillar of what my family does now in the investing world. My parents were my first teachers, and they continue to teach me to this day. I am truly blessed. Over the years, the most brilliant, successful, and influential mentors, friends, and partners from the business world took me under their wings and helped me to learn and invest together across so many different industries – including Kirk Kerkorian, Vatche Manoukian, Anthony Mandekic, Mike Milken, Ray Irani, Joan Payden, Patty Glaser, Carolyn Rafaelian, and Noubar Afeyan – to name just a few who have been transformational in my life in many ways. My inner circle has been a “Who’s Who” of so many phenomenal people, and I have such gratitude for them every day. At UCLA alone, I have also had the unique benefit of learning from dynamic leaders in the fields of academia and medicine, and the list goes on including Chancellors Gene Block and Julio Frenk, Gary Gitnick, Alan Fogelman, Dale Abel, Johnese Spisso, John Mazziotta, and Steve Dubinett.

Beyond medicine, I also feel blessed to be involved in many different aspects of my home institution – UCLA – and to be able to work with its leaders to support all of the different missions of the whole university. I am now also able to be more involved in thinking about innovation and technology development in medicine for patient care and research by being a co-founder of the California Institute for Immunology and Immunotherapy. My other incredible founders and partners include Mike Milken, Arie Belldegrun, Gary Michelson, Meyer Luskin, and Sean Parker.

Did you always know that you had a passion to pursue a career in medicine?

I have always loved science. I wanted to be a doctor for as long as I can remember, and I feel so honored and privileged to be able to help people in this field – both directly and indirectly. I have also always loved technology and innovation. As I mentioned, being a doctor allows you to help a patient in front of you, and you can make an impact on that specific patient and his or her loved ones. I always hoped to be able to help and impact as many

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people as possible, and the different opportunities I have had now enable me to do so. It is such an exciting time to be involved with science and medicine. I also always loved writing and storytelling. All of my worlds come together now these days in everything I do.

What inspired you to get involved in film production?

Many of my friends have been extremely successful, knowledgeable, and influential in filmmaking – and in the arts, in general. In approximately 2010, Kirk Kerkorian talked to me about his long-standing wish to make a film about the Armenian Genocide, but his main objective was to get the Armenian Genocide recognized by the United States government. He wanted us to do it together and to build a team. He was one of the most successful and legendary Armenians ever, and he felt the time had come. Earlier in his life, when he owned a movie studio multiple times and had the opportunity to make a film, he ultimately decided not to move forward, as it did not make sense as a business decision for a company with various stakeholders. When we started digging into the idea with other studio executives and filmmakers, the marketplace was even worse at that time for an independent historical drama set in the early 1900s on such a serious issue.

However, Mr. Kerkorian was not deterred and bravely viewed it as a philanthropic project – to not only donate any proceeds from the film, but to donate the entire final budget amount to philanthropic organizations. He did not view it as the usual commercial film project. He viewed it as a tool for education, advocacy, lobbying, or whatever else was needed to get the United States to recognize the Genocide. He was truly inspirational and remains an inspiration for me every day. We also talked about making a parallel documentary for more of the historical facts because so much about the Genocide could never be fully captured in a feature film.

Creating the complementary projects together with such brilliant filmmakers, actors, and crew enabled all of us to cover some important historical ground. His vision was to make a film that was a throwback film to the ones he remembered growing up like Gone With the Wind, Dr. Zhivago, and Casablanca. He wanted to have a love story. He was actually insistent on that specific concept. He wanted to have the great actors of our day involved, and he wanted it to be a truly international cast. I will never forget those conversations, and it was important for all of us to stay true to his vision and the mission he wanted accomplished. At the same time, he knew that it was all a long shot even with his support. We often talked about the difficulties that dedicated people had for decades while trying to get the U.S. government to recognize the historical facts, so he also wanted us to work with those organizations, lobbying groups, etc. to develop a combined strategy. That ended up being the social impact campaign we created with so many people.

In just a few sentences, it is impossible to explain the wisdom and foresight he had and what an incredible man he was. I said multiple VOLUME 48, NUMBER 4

times in the early days, “Why don’t we just give the money to charity?” He insisted that he already had done that on a massive level, and we still would, but he wanted to make the films and give money to charity. He wanted to build a visual museum that could be accessed for many years to come. I learned so much about the filmmaking process and the potential to have social impact from so many great people, and any project I have worked on – or will work on in the future – will be influenced by these experiences.

These days, The Promise and Intent to Destroy are taught by leading organizations like the USC Shoah Foundation, by teachers and genocide scholars, and in schools around the world.

In 2019, the United States Senate and House of Representatives recognized the Armenian Genocide, in 2020 UCLA also helped with the Library of Congress, and in 2021, it was finally recognized by the Executive Branch and the President of the United States. The government of Turkey still does not recognize the Genocide, and there have never been reparations.

“I am literally standing on the shoulders of giants.”

What was your vision for creating “Together California” and how do you define its mission?

Over the years, Christian Bale and his family have become incredibly close and trusted friends and partners on various ventures with me and my family. Throughout the process of making The Promise and afterwards, it was clear that Christian was such a decent person and reliable friend, and he had a sincere interest in doing something truly meaningful. Over 10 years ago, we started talking about the idea of helping foster youth in Los Angeles. He had already been thinking about the magnitude of the challenges in the foster care system for years, and this was an important issue for him. Nevertheless, there is so much inertia when it comes to trying to tackle such a complex issue. Given my experiences working with so many different organizations and launching various initiatives, we talked about trying to do something special together for our community.

Los Angeles county has the largest population of foster youth in the country, and there are almost 350,000 children in the child welfare system in the United States. Most children enter the system due to issues of neglect and abuse, and the average age of a child is eight years old – which makes them even more vulnerable when they enter foster care. More than two-thirds of foster youth have siblings in foster care, and studies show that up to 75 percent of the siblings are eventually separated. Nationwide, 50 percent of the homeless population has also spent time in foster care. Young men in California who were in foster care are also significantly more likely to become homeless.

Christian and I discussed various models of care that have been successful outside of California, and he introduced me to the remarkable Tim McCormick, who we ultimately hired as our Executive Director for Together California. Over the years, in between film projects for Christian, as well as my own work and projects, we met with various government leaders, foster youth advocates and experts, nonprofit organizations, and leaders from the Los Angeles County Department of Children and Family Services (DCFS) to see what was possible. Our dream was to create a village where siblings could stay together, have a safe home environment, have an opportunity to go to school and to receive an education, and to have a support system that would help them have a better chance of making it in life. We met with a lot of well-meaning people, but we could not find land, there seemed to be too many barriers, and the pandemic also delayed our activity.

However, along the way, I reached out to my friend Zev Yaroslavsky. He was a fellow UCLA Bruin and a former member of the Los Angeles City Council and County Board of Supervisors. Zev introduced me to Supervisor Kathryn Barger, who was incredible, and she introduced us to the leadership of the City of Palmdale. The rest is history. In 2022, we purchased a 4.67 acre parcel in Palmdale which was identified

by DCFS as having a high need for successful foster families. We were particularly intentional by creating our first village in an area where it was most needed. We are building 12 individual homes licensed for up to six children each. We also are also building two studio apartments to be used for temporary housing for birth parents or transitional housing for children aging out of foster care. We are building a 1,100 square-foot community center that will house offices, child welfare specialists, behavioral health staff, and offer enriching programs and services to the entire community. Based on the notable success of a model in Illinois, the key to this model is the full-time foster parent/resource parent, whose only job is to focus on the development and support of the children, and to work and advocate for the children to ensure that they find their pathway to permanency – to return home, to return to relatives, to adoption, or to guardianship. Another key pillar of our model is the intention of creating an intentional community of care. The tagline of our organization is “a village for brothers and sisters.” We

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deliberately create homes that are close to each other to provide a community support system, both for children, and equally importantly, for the resource parents. It is designed to be a constant learning, encouraging, and supportive community, ensuring that each child and family can maximize his or her potential. This sense of belonging and connectivity is about healing and inspiring the children, resource parents, and staff.

We are now under construction, and the progress is so impressive. We started with underdeveloped raw land with no infrastructure at all, and we intend to have our ribbon-cutting in 2026. In addition to generous donations from members of our community, we have also received outstanding support from LA County and the City of Palmdale. It is heartwarming to see the outpouring of support from donors and the community. Given the massive need in our home of Los Angeles County, we wanted to start here, but we hope that we can ultimately build other villages as well. We are still raising money towards our goal of making this first village a tremendous success, and we hope others will want to learn more and join our efforts by going to https://togethercalifornia.org.

Will you highlight your involvement developing programs at UCLA that go beyond traditional medicine?

As I mentioned, the California Institute for Immunology and Immunotherapy is one of the most exciting, innovative projects I have ever been a part of, and we are just getting started. I am at a point in my life where I want to focus on transformational projects and to work with partners who push and inspire me. We hope to facilitate cutting-edge science that will launch companies, industries, and hopefully help us cure diseases – not just manage them. It is our moonshot. Beyond medicine, by forming the CIII, our founders group enabled the university to create the UCLA Research Park which will also house a quantum innovation hub. The goal is to produce major advances in computing, communications, sensing and other areas.

Thanks to the generosity of Kirk Kerkorian, we also established The Promise Institute for Human Rights at UCLA – based in the UCLA School of Law and now serving as UCLA’s hub for human rights research, education, and advocacy. We also established The Promise Armenian Institute (PAI) at UCLA. There has been a long tradition of Armenian Studies at UCLA thanks to Professor Richard Hovannisian and his colleagues, but as a public institution – even in a city with a prominent Armenian community – the study of Armenian history, language, arts, and culture has always been vulnerable to funding cuts. It did not have an organized structure or permanence. We wanted to change that by providing long-term support, hiring leadership, and more. Both of these institutes are still in their early stages, but they have outstanding leaders and supporters at the highest levels of the university. I am looking forward to helping them for years to come. There are many other projects, centers, institutes, etc. as irons in the fire in various stages, and I am looking forward 176 LEADERS

to helping the UCLA leadership, students, faculty, and staff in any way I can.

Where did you develop your interest in philanthropy, and how do you decide where to focus your efforts?

I am literally standing on the shoulders of giants. The mentors, partners, and friends I have mentioned have taught me everything I know.

If you look at what Kirk Kerkorian did and what Vatche Manoukian and his family have done, you can see that they have transformed – and they will continue to transform – the lives of scores of people for generations to come. They lead by example. All it takes is for one student to become educated, one doctor to cure a patient, one person who is no longer starving to have a chance at life, one priest to comfort a family in their hour of need, and one scientist to develop a breakthrough – and we can make an impact on the world. I have also been truly blessed to be able to give back in many ways specifically to the very communities that I have been fortunate to be a part of – educational institutions, the Armenian community in the United States, and Armenia itself, Los Angeles, and more. The organizations and areas of society that have touched me, and the people I care about, are always top of mind.

You have received many awards for your work, including the Benemerenti Medal from Pope Francis at the Vatican, and the Ellis Island Medal of Honor. What do these awards mean to you?

While I am truly honored and humbled to receive these types of awards, I know how preposterous it is to single me out for any award when there are so many people doing incredible things around the world to make it a better place. I was raised in the Armenian Apostolic Church, and my faith in God and the connection to the church has been the most important contributor to any success or accomplishment I have ever had. For every person who receives public acknowledgment, there are countless individuals who do God’s work to help people around the world, and they do not receive any recognition.

I have made mistakes, fallen short countless times, and yet I know God has blessed me and shown mercy to me. While imprisoned for his faith after being a persecutor of Christians as Saul, the Apostle Paul writes in his letter to the Ephesians, “Now to him who is able to do immeasurably more than all we ask or imagine, according to his power that is at work within us, to him be glory in the church and in Christ Jesus throughout all generations, for ever and ever…” I know where any abilities and blessings I have received come from, and for me – all glory belongs to God. There are so many people out there who also inspire me by what they do for other people around the world. It’s an honor for me to be a part of the Aurora Humanitarian Initiative (AHI). Started by Noubar Afeyan, Vartan Gregorian, and Ruben Vardanyan, the AHI awards the Aurora Prize for Awakening Humanity – it is a $1 million prize granted to those who risk their own lives to save the lives of others suffering

due to violent conflict or atrocity crimes. AHI is celebrating its 10th anniversary this year, and one of my dear friends, partners, and mentors, Mike Milken, is one of the honorees – the organization will be awarding another prize to a deserving humanitarian doing God’s work around the world. Any recognition or visibility I have received makes me feel responsible to be a part of recognizing and helping others who are more deserving.

What do you feel are the keys to effective leadership?

For me, one of the ultimate teachers of leadership skills was legendary UCLA basketball coach John Wooden. His “Pyramid of Success” is something I try to live by, use to teach others, and it has been an important part of my family‘s life for decades. Having been involved in sports and surrounded by accomplished athletes and coaches as friends my whole life, I have leaned on these lessons for leadership. The core principles seem like common sense, but when you read Coach Wooden’s own words, you see how brilliantly they are put together: faith, poise, competitive greatness, integrity, honesty, loyalty, skill, and so much more, are truly critical to me and the people I look up to. I always partner and try to learn from people who are smarter than I am, more knowledgeable than I am, and those who will push me to get the best out of myself and exceed expectations. I think great leaders are not afraid to ask for help. It is not a sign of weakness to acknowledge what you do not know and to want to surround yourself with great people. I feel that leaders must be able to inspire people and to help those people reach their own potentials as well. At the end of the day, I believe a leader has to get a group, organization, company, institution, or country to move towards a certain goal and to reach a certain outcome. That could be earnings, a stock price, an accomplishment, an accolade, or a victory. However, my friend Henry Gluck has told me many times, if you are a leader who looks behind you and does not see anyone following, you are just out for a walk.

What advice do you offer to young people beginning their careers?

Exceed your own expectations, push yourself to always learn new things, and remember that you are always a work in progress. I never worry about other people’s expectations of myself because I was always taught to set high expectations. I think it is important for people to set goals, to prepare mentally and physically for what is needed, and to not give up.

Young people these days are also too worried about what others think. They are bombarded with various messages on social media, criticism, intimidating TikTok videos on “success,” etc. Just remember that much of that advice and criticism is not coming from people who have really accomplished much of anything in life.

Just tune it out and stay focused on your goals.

Finally, I also think that everyone has the potential to be a leader. Although some leadership instincts are probably natural for a handful of people, anyone can work hard to lead and to continue to improve.

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VOLUME 48, NUMBER 4

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PURPOSE

Financial Empowerment An Interview with Tom Zheng, Co-Founder and Chief Executive Officer; Sheldon Day, Co-Founder and President; and Richard Sherman, Co-Founder and Chairman, The Players Company EDITORS’ NOTE Shortly after his tengraduating with a 3.8 GPA while ure from the NFL, Tom Zheng joined leading Stanford’s football team to a Sheldon Day and Richard Sherman record-breaking season. After being as Co-Founder and Chief Executive the 154th pick in the NFL draft, SherOfficer of The Players Company, propman upped his game to win a Super agating the mission to help athletes and Bowl and become one of the most valtheir communities build generational ued and vocal players in the league. wealth through empowerment and A successful entrepreneur, Sherman access. Zheng is a published health and harnessed both social and traditional sports scientist, most well-known in the media to position himself as an interperformance space for his tenure with nationally known superstar. Through the San Francisco 49ers during Super his charity, Blanket Coverage, and Tom Zheng Sheldon Day Richard Sherman Bowl LIV and several NFC championnumerous hours of community sership runs. Since retiring from the NFL, vice, Sherman works with youth from Zheng started consulting firm, Adapt Health and from athlete to entrepreneur and investor, with vulnerable populations to motivate them and Performance, working with various athletes, a focus on closing the gap between athletes and help them maximize their potential. professional teams across the leagues, and help- access to elite business and investment opporing emerging companies scale. Today, Zheng tunities. Alongside Richard Sherman and Tom COMPANY BRIEF The Players Company also serves in various executive and board roles Zheng, Day launched The Players Company (theplayerscompany.co) was founded with a around the sports, medical, and entertainment with a mission to help athletes and their commu- clear and powerful purpose: to empower athletes spheres to create change and growth. nities build generational wealth through access, to take control of their financial future. As the Sheldon Day is the Co-Founder and Presi- empowerment, and smart capital strategy. Day company pursues this mission, it discovered that dent of The Players Company, where he leads continues to build his legacy both on and off financial literacy isn’t just an athlete’s issue – it with a deep passion for financial empowerment, the field – serving on advisory boards, mentor- is a community-wide challenge, so its dedication education, and equity in sports and business. ing emerging athletes, and championing inno- extends beyond athletes to the communities they A seasoned NFL veteran, Day is best known for vation at the intersection of sports, business, and represent. The Players Company provides eduhis leadership and on-field presence with teams social impact. cational offerings, hosts impactful community like the San Francisco 49ers, Indianapolis Colts, Richard Sherman is Co-Founder and events centered around sports and finances, and Cleveland Browns. Throughout his career, Chairman of The Players Company. A Seat- and offers access to a vast network of deals and Day developed a unique lens on the importance tle Seahawks cornerback, Sherman earned relationships. Through these efforts, it strives to of sustainable wealth and opportunity beyond his way academically and athletically from create lasting, positive change for both athletes the game. That perspective fueled his transition Compton, California to Stanford University, and their communities.

“We saw a need for a platform that not only educates, but also equips athletes with the tools, resources, and community to make informed financial decisions that create a lasting impact.”

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“The Players Company is a collective of athletes, investors, and entrepreneurs committed to building a stronger future through financial empowerment.”

What was your vision for creating The Players Company?

Our vision was to create a safe and empowering space for athletes to build pathways to generational wealth. We saw a need for a platform that not only educates, but also equips athletes with the tools, resources, and community to make informed financial decisions that create a lasting impact.

How do you define The Players Company’s mission?

The Players Company is a collective of athletes, investors, and entrepreneurs committed to building a stronger future through financial empowerment.

Our mission is to support underserved communities by providing education, access to high-quality co-investments, and events designed to help individuals take ownership of their financial identities.

Will you provide an overview of The Players Company’s offerings?

The Players Company empowers athletes and their communities through a range of offerings in education, investment, media, and events.

Our educational content covers personal finance, investment diligence, and long-term wealth-building through articles, webinars, and in-person workshops, with a modular learning platform launching soon to provide flexible, impactful learning experiences. Our investment platform offers access to high-quality, vetted opportunities sourced from trusted venture capital, private equity, and family office partners, allowing members to co-invest through SPVs with clear, easy-to-understand deal

materials. The Players Company Entertainment is our production arm, dedicated to showcasing athletes beyond the game through authentic, original storytelling. From live event coverage and one-onone podcasts to docuseries with A-list talent, we spotlight the heart and humanity of athletes. We also host impactful events year-round that convene athletes, experts, and community members to spark learning, connection, and inspiration across sports, finance, and culture.

Will you highlight The Players Company’s portfolio?

The Players Company’s portfolio reflects our commitment to investing in innovative, purposedriven ventures that align with our values and that we can enhance with our brand and community. We’ve backed ventures like Team Works, which empowers athletes and teams beyond the game; Plainsight, our events partner for our sports and venture summit series; The Players Fund, a player-led fund across the pond; and Public.com, an investment platform that makes capital markets more inclusive and transparent for everyone.

Together, these companies reflect our commitment to shaping industries, supporting communities, and championing innovative ideas with lasting purpose.

How do each of you focus your efforts leading The Players Company?

Each of us brings something unique to the table in leading The Players Company. Richard leads branding and serves as the public face of the company, representing our vision to the outside world.

Sheldon focuses on athlete engagement, building strong relationships, and making sure their perspectives are central to what we do. I handle business operations, partnerships, and strategic planning, ensuring the company runs smoothly and continues to grow. Together, we complement one another’s strengths, grounded in shared trust and alignment.

How do you measure success when you look at The Players Company’s work?

We measure success by the real-world impact we create, both for the athletes we support and the communities we serve. Whether it’s helping someone take control of their financial future or expanding our reach through strategic partnerships, meaningful impact is our bottom line.

What has made the working relationship between the three of you work so well?

What makes our working relationship so effective is a foundation of trust, complementary strengths, and a clear, shared mission. There is no ego involved; we genuinely respect what each person contributes and stay focused on doing what is best for the company and the community we support.

What are your priorities for The Players Company as you look to the future?

Looking ahead, our priority is to continue growing The Players Company as a trusted brand. We want to expand our reach, deepen our portfolio, and remain at the forefront of financial empowerment for athletes and their communities worldwide.

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“The Players Company’s portfolio reflects our commitment to investing in innovative, purpose-driven ventures that align with our values and that we can enhance with our brand and community.”

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PURPOSE

A World Where People Live Longer, Healthier Lives An Interview with Tom Frieden, MD, MPH, President and Chief Executive Officer, Resolve to Save Lives EDITORS’ NOTE Tom Frieden is the hundreds of patients – mostly men – President and Chief Executive Offifor whom we could do little beyond cer of Resolve to Save Lives, an orgaensuring they died comfortably. nization he founded in 2017 with I finished infectious disease trainthe mission to prevent epidemics ing at Yale and epidemic intelligence and save lives from cardiovascular service training at the CDC. As a CDC disease. Under his leadership, the epidemic intelligence officer, I investiorganization has already helped gated two dozen outbreaks, from food prevent nearly 8 million deaths poisonings to toxins and more, focusworldwide. He previously served as ing on the emerging multidrug-resisDirector of the U.S. Centers for Distant tuberculosis spreading through ease Control and Prevention (CDC) New York City. I documented the disTom Frieden from 2009 to 2017, where he led the ease’s dramatic increase, then became nation’s response to major health director of tuberculosis control and threats including the Ebola epidemic and the assistant health commissioner. We controlled opioid crisis. Before that, he was Commissioner tuberculosis faster than anyone thought possiof the New York City Health Department, where ble – not due to my work alone, but by followhis groundbreaking policies on tobacco control ing advice from mentors including Karel Styblo and nutrition led to a historic increase in life and John Sbarbaro, and because so much of the expectancy. Frieden’s global impact began even earlier, working with the World Health Organization in India to combat tuberculosis, saving millions of lives. He is board-certified in internal medicine and infectious diseases, has authored over 250 scientific publications, and is a member of the National Academy of Sciences. His new book, The Formula for Better Health, offers practical insights from his decades of experience.

“Our vision: a world where people live

ORGANIZATION BRIEF Resolve to Save Lives (resolvetosavelives.org) is a global health nonprofit organization dedicated to preventing millions of deaths from the world’s leading health threats. The organization works with governments and partners in over 60 countries to prevent epidemics by strengthening public health systems and improving outbreak response; control high blood pressure, the leading cause of death globally, by supporting treatment programs that have reached over 34 million people; and promote healthier food, including efforts to eliminate artificial trans-fat and reduce salt intake worldwide. Resolve to Save Lives combines technical expertise, policy advocacy, and scalable solutions to build a healthier, safer world.

Will you discuss your career journey?

I started as a philosophy major, completing the minimum premedical requirements while exploring perception and ethics. During medical school, I earned a public health degree.

I completed my internal medicine residency at Columbia during the height of the AIDS epidemic, with the searing experience of caring for 180 LEADERS

longer, healthier lives; communities flourish; and economies prosper. Our mission: accelerate action against the world’s deadliest health threats to save millions of lives.”

multidrug-resistant tuberculosis was from recent spread, which meant that stopping spread reduced cases quickly – by 80 percent in just a few years.

As tuberculosis fell in New York City, I took my dream job helping India address tuberculosis during five stressful yet rewarding years. After 9/11, as someone born, trained, and mostly having worked in NYC, I returned as New York City health commissioner under Mike Bloomberg for nearly eight years, implementing projects that reduced preventable deaths and extended life expectancy by three years. When Barack Obama asked me to direct the CDC, I spent eight frustrating years in Atlanta. CDC has been a fantastic institution, but has some significant problems and more importantly has very limited purview to influence State and local health departments as well as the things that drive health in the U.S. It was a shock after being NYC Health Commissioner to have so little influence as the director. After leaving the CDC, I founded Resolve to Save Lives.

Did you always know that you wanted to pursue a career in public health?

My father observed that I liked both politics and science. He said when you combine those, you get public health. I knew before medical school that I wanted to go into public health to maximize my impact. Initially, I considered psychiatry to impact individuals deeply – a field I still respect enormously. Instead, I chose a field where the patient is an entire community, country, or even the world.

What are the most urgent public health challenges facing the U.S. today?

Four urgent challenges. First, the destruction of U.S. public health infrastructure for domestic and global health. Second, the risk of another pandemic for which we remain dangerously underprepared. Third, today’s leading killers that we fail to address effectively – especially hypertension, tobacco use, unhealthy nutrition, and alcohol use. Fourth, the spread of misinformation that obscures the six fundamental keys to healthy living outlined in my book.

What was your vision for creating Resolve to Save Lives, and how do you define its mission?

Our vision: a world where people live longer, healthier lives; communities flourish; and economies prosper. Our mission: accelerate action against the world’s deadliest health threats to save millions of lives.

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We work on issues at the tipping point.

We work with partners to identify the highestimpact interventions, build the political and technical systems to implement them, then scale successful models globally. As a medium-sized global health nonprofit, we have impact by finding the right leverage point – finding areas that are on the bubble and catalyzing rapid progress.

I often think of the saying attributed to Archimedes: if you have a lever long enough and the right place to stand, you can move the world.

Resolve to Save Lives is that right place to stand.

Will you provide an overview of Resolve to Save Lives’ priorities?

We have two core priorities and several new approaches. First, we make the world safer from epidemics by helping countries build capacity to find threats faster and stop them sooner. Second, we scale up interventions that can prevent 100 million cardiovascular deaths over 30 years. We are also expanding our work on lead poisoning prevention, which causes cardiac disease and undermines child development.

A cross-cutting priority is to strengthen primary healthcare systems. Only with strong primary healthcare can we find and stop epidemics faster and treat people who need longterm medications to prevent heart attacks and strokes. We use technical, operational, and policy approaches to identify health threats that can be stopped, rapidly co-create and test simple solutions, and scale up proven solutions worldwide. And we always work to strengthen governments, support civil society, and bolster accurate and timely country-owned data systems to keep everyone accountable and on track.

What interested you in writing the book, The Formula for Better Health?

During the Ebola epidemic ten years ago, I realized that few people understand why public health matters, what it consists of, or how to do it right. I wanted to convey those three concepts to the public, to healthcare professionals, and to program implementers.

What are the key messages you wanted to convey in the book?

The Formula for Better Health highlights the importance of public health, explains what effective public health consists of, and demonstrates how to implement it successfully at scale.

At its core, the book outlines what works, why it works, and how to get it done efficiently. It emphasizes that public health is most effective when it is focused, measurable, and accountable. Even in the face of daunting challenges, progress is possible when evidence-based strategies are applied consistently, and results are rigorously tracked. It also makes the case that many of the greatest public health achievements go unnoticed precisely because they prevent harm before it happens – reducing blood pressure, averting epidemics, extending life. Prevention should be seen as both heroic and urgent.

Another central theme is that leadership and management are as essential as medicine.

Whether fighting tuberculosis in New York or heart disease in Africa, success often depends on good data, operational discipline, and sustained political will. These lessons are highly relevant for leaders in health and beyond.

Ultimately, I wrote this book to provide a roadmap for how governments, organizations, and individuals can drive meaningful change, improve population health, and help create a world where preventable death becomes rare.

When you look to the future of public health, what excites you most, and what concerns you the most?

I am most excited by the potential for future progress through new technologies combined with rigorous application of the proven formula to save millions of lives and help individuals do what they want to do for longer.

Never before have we been closer to a world where preventable death becomes rare.

What concerns me most: we may fail to marshal forces to overcome opposition to effective health action. If this happens, too many people will continue to suffer and die young, causing enormous tragedies for individuals, families, communities, countries, and the world.

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A Dream Come True An Interview with Andy Katz

Andy Katz

EDITORS’ NOTE At the precocious age of 8, Andy Katz (andykatzphotography.com) discovered his calling when his father brought home a book of black-and-white portraiture by the legendary Canadian photographer Yousuf Karsh.

Years later, in a twist of fate, Yousuf Karsh would count himself among the proud owners of Katz’s own work. Since then, Andy Katz has journeyed to over 90 countries, capturing the beauty and mystery of far-flung locales. He has explored the vast deserts of Namibia, chronicled the disappearing Jewish culture of Eastern Europe, and photographed the rolling hills and verdant vineyards of Northern California, France, Oregon, Argentina and Italy. His camera has revealed the majesty of South Africa, the raw landscapes of Iceland, the vibrant spirit of Cuba, and the timeless allure of India. Named the first Artisan of Imagery for Sony, Katz is one of the world’s most collected photographers, with prints and work featured in museums and galleries around the globe, including his own gallery in Aperture Cellars Winery in Healdsburg, California. His work graces the covers of top recording artists’ albums, a testament to the demand for his singular vision. With 14 books to his name – including A Walk In The Park; A Portrait of Napa and Sonoma; New Zealand: Sea, Earth, Sky; Private Reserve; and The Heart of Burgundy, Katz is currently working on his next book, America the Beautiful. This highly anticipated collection will celebrate the breathtaking landscapes of the United States, reflecting Katz’s ongoing quest to unite and inspire through the lens of his camera.

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Will you highlight your career journey?

My highlight is that I get to do what I love every day. From photographing famous people to famous vineyards to the wonders of nature, my job is literally a dream come true.

When did you know that you had a passion for photography?

When I was eight years old, my father brought home a book from the famous Canadian photographer Yousef Karsh. Karsh was known for making spectacular prints where you could almost touch the fabric in the clothes, and every detail was sparkling. A lightbulb went off in my head, and from that point I knew I was going to be a photographer.

Your work often evokes a strong emotional response. How do you approach storytelling through still images?

My biggest job is seeing what I want to capture. The rest is just technical trees and nature, people, nudes – they are all a puzzle that have to be put together. What stays in the frame is what I don’t want in the frame. The most important thing in an image is the quality of light – that is the glue that turns a photograph from good to great.

You’ve photographed all over the world – from vineyards to villages. What are some of the destinations that have impacted you the most?

When I was in my twenties, I was sponsored to travel around the world for a year. I was on an extreme budget that enhanced the trip by putting me in remote places with cultures I knew nothing about. I loved every second of it. This was probably the biggest impact of my career.

Realizing there is always something new to photograph – you just need to find it.

What interested you in writing your latest book, America the Beautiful?

We all know that this country has been extremely split apart politically. However, the one thing most Americans agree on is that we live in the most beautiful country in the world.

I decided to photograph each state for their natural beauty. I did not capture people or buildings – just raw, natural beauty.

With the success that you have achieved during your career, are you able to take moments to pause and reflect on your impact and accomplishments?

I hope I have brought happiness and some awareness from my photographs. If I can evoke emotion in the viewer, I feel like I’ve succeeded.

What advice do you offer to young people interested in pursuing a career as a photographer?

Go out and shoot often. Challenge yourself with assignments. Get out of your comfort zone.

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The Mountain Lake in Fog, New Zealand (opposite page top); Sand Dunes National Park, Colorado (opposite page bottom); Cuenca Flower Market, Ecuador (above); Smoke, India (below); Devil Proof, Havana (top right); Tuscan Trees, Italy (bottom right)

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Redefining Wealth Management Through A Fully Integrated Platform An Interview with Jason Ozur, CPA, Founding Partner and Chief Executive Officer, Lido Advisors EDITORS’ NOTE Jason Ozur is firm’s in-house investment capabilities Founding Partner and Chief Execuand extensive network removes bartive Officer of Lido Advisors. He also riers to specialized investments once serves as Co-Chair of Lido’s investbeyond the reach of most investors. ment committee. He is responsible for the management of Lido’s How do you define Lido’s mission alternative investments and is an and purpose? integral part of the firm’s due diliWealth management is more than gence on real estate orientated stratsimply managing money. It is a lifeegies. Ozur started his career as a long journey that touches nearly every CPA performing audits, preparing aspect of a client’s life, from personal tax returns, and providing backmilestones to legacy planning. At Lido, Jason Ozur office services for numerous hedge we embrace the profound responsibilfunds. In 1999, he joined a large ity of guiding clients through this jourfamily investment office, where he was on the ney with care and expertise. Our mission is to investment team that managed the family’s sub- provide deeply personalized and sophisticated stantial investments and served as CFO of its wealth management solutions that empower worldwide water conservation company that did clients to achieve both their financial and perbusiness in over 22 countries. He also provided sonal goals. We deliver this through a comprefinancial oversight as controller of a multi-bil- hensive suite of services, including investment lion-dollar Los Angeles based hedge fund. Ozur management, financial and estate planning, tax earned a BS degree from California State Uni- consulting, and trust services, all through the versity at Northridge.

Lido network.

We see ourselves as a trusted partner and FIRM BRIEF For more than 25 years, Lido Advi- the central coordinator of our clients’ finansors (lidoadvisors.com) has built on the best cial lives, bringing together the right experpractices of dynamic ultra-wealthy families. tise to address their most complex needs. This The firm’s experience has been distilled into approach builds on our signature family office Lido One, the evolution of Lido Advisors sig- style, which takes the best practices of dynamic nature family office style, designed to deliver ultra-wealthy families and delivers them in a holistic wealth management once limited to the hyper-personalized way for each client. By ultra-wealthy. Lido Advisors brings together pro- combining trust, integrity, and customized value fessionals from multiple disciplines to collabo- creation, we strive to build lasting relationships rate across their clients’ entire financial life. The that stand the test of time.

Will you provide an overview of Lido’s platform?

Lido offers a fully integrated wealth management platform through what we call the Lido One model. This approach brings together comprehensive wealth and investment management, financial and estate planning, tax consulting and preparation, trust services, and a proprietary investment platform that includes both traditional and alternative investments.

Our approach is particularly well suited for ultra-high-net-worth clients and complex family structures. We serve as the central point of coordination, seeking to ensure that every aspect of a client’s financial life is thoughtfully aligned and fully optimized. Through Lido One, we seamlessly connect professionals from multiple disciplines to collaborate across every area of a client’s financial life. In addition to this integrated structure, we provide in-house investment expertise and maintain an extensive network that opens access to specialized investments, including alternatives, that have historically been unavailable to most investors.

How do you define the Lido difference?

We believe that the Lido difference lies in both our origins and our execution. We were founded on a trust-based family office model, which shapes our holistic, client-first approach. We distinguish ourselves by offering institutional-grade alternative investments and bespoke financial solutions tailored to each client’s unique circumstances. Equally important is

“Our approach is particularly well suited for ultra-high-net-worth clients and complex family structures. We serve as the central point of coordination, seeking to ensure that every aspect of a client’s financial life is thoughtfully aligned and fully optimized.”

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“We see ourselves as a trusted partner and the central coordinator of our clients’ financial lives, bringing together the right expertise to address their most complex needs.”

our culture. Lido is not built on a traditional pyramid with ownership concentrated at the top.

Instead, we have cultivated a firm of shared ownership that will soon include more than two hundred shareholders and continues to grow.

This broad-based equity structure strengthens collaboration, incentivizes excellence, and fosters enduring client relationships.

The family office model is defined by a highly personalized, proactive, and sophisticated approach to wealth management that addresses the complex needs of high-net-worth families and individuals. Historically, this model was available only to the wealthiest families in the world. Since our founding in 1999, Lido has worked to change that reality by delivering the benefits of this model to clients across the country.

Will you discuss Lido’s strength and commitment to thought leadership and research?

Our commitment to thought leadership is woven into every aspect of our work. From alternative investments to estate planning strategies, we focus on delivering value through insights rather than simply offering products.

My background as a CPA and my experience in a family office have shaped our forward-looking, research-driven approach. We do not enter meetings with a predetermined agenda. Instead, we listen, analyze, and then deliver wellresearched, client-specific solutions designed to achieve each client’s goals. This mindset is embedded across our team and reinforced

through continuous internal development as well as strategic partnerships, including our relationship with Charlesbank Capital Partners and HPS Investment Partners, our two private equity sponsors.

How critical has it been to build the Lido team?

Building the right team has been essential to Lido’s success. From the beginning, I have believed that the most valuable assets in any service firm are its people and its culture.

This is why we have focused not only on hiring exceptional talent, but also on creating a culture of ownership and long-term alignment. We look for individuals who excel in their technical expertise and who also share our values and our commitment to outstanding client service.

Our growth is directly tied to our people, many of whom have been with us since the early stages of their careers. Their development and success are central to Lido’s identity, and we invest heavily in their futures, including encouraging equity participation to promote shared success. This approach has fostered loyalty, deep institutional knowledge, and a strong sense of collective purpose that sets Lido apart.

What do you see as Lido’s responsibility to community engagement and to building a better world?

At Lido, we believe our responsibility extends beyond financial performance. Building a better world begins with how we treat our people, our clients, and our communities.

Our model of broad-based ownership fosters

inclusivity and alignment, while our holistic approach to client service helps families build lasting legacies. We view wealth not only as a tool for individual success, but also as a resource that can uplift others and create longterm positive impact. We are committed to contributing meaningfully to the communities we serve. As we continue to grow, we remain dedicated to initiatives and partnerships that reflect our values of integrity, empathy, and long-term stewardship. This includes supporting local organizations, encouraging employee volunteerism, and working with partners who share our commitment to responsible leadership.

What advice do you offer to young people beginning their careers?

Start by investing in a strong foundation.

While I do not currently maintain an active license, my career began in accounting. The training I received as a CPA has been invaluable at every stage of my journey, from understanding complex investments to navigating family dynamics and building a scalable business. Be curious, seek out learning opportunities, and surround yourself with people who will challenge and support you. Mentorship has played a vital role in my own career, and I believe strongly in both learning from others and guiding those who follow. Most importantly, do not simply chase success; find purpose in what you do. Many of our team members began their careers at Lido, and it has been deeply rewarding to see them grow into leaders. If you commit to excellence, embrace a growth mindset, and maintain humility, opportunities will follow.

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“We were founded on a trust-based family office model, which shapes our holistic, client-first approach. We distinguish ourselves by offering institutional-grade alternative investments and bespoke financial solutions tailored to each client’s unique circumstances.”

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Rethinking What’s Possible In Real Estate An Interview with Chad Roffers, Co-Founder and Chief Executive Officer, Concierge Auctions EDITORS’ NOTE Chad Roffers is COMPANY BRIEF Concierge Auctions co-founded Concierge Auctions to bring speed, an entrepreneur who has overseen (conciergeauctions.com) is the world’s transparency, and global reach to the luxthe successful sale of billions in real largest luxury real estate auction mar- ury real estate transaction process. Since then, estate worldwide. As the co-founder ketplace. Its company’s owners now we’ve grown into the world’s largest auction and CEO of inter national luxinclude Sotheby’s –the world’s oldest and house for high-end real estate, with over $5 bilury real estate company Concierge leading auction firm established in lion in total sales across 46 U.S. states and 35 Auctions, Roffers draws on his 1744, and Anywhere Real Estate – the countries. In 2024 alone, we facilitated nearly background in online advertising, world’s most extensive agent network. $400 million in sales across nine countries and negotiation and real estate sales to Still run by its co-founders, Concierge 38 states. Seventeen years later, Concierge Aucmanage the selection and marketAuctions’ platform is enhanced with tions is the leader in this space, and we coning of auction properties spanning innovation, and access to an unmatched tinue to redefine what’s possible in how luxury the globe. After graduating from the network of fine art and luxury goods properties are bought and sold.

Chad Roffers University of Colorado at Boulder collectors across nine countries and 38 What was your vision for creating Conwith a degree in political science, U.S. states. cierge Auctions, and how do you define its Roffers served as the director of business develmission? opment at US WEST while simultaneously pursu- Will you discuss your career journey?

The idea behind Concierge Auctions was ing his MBA at the University of Denver. During My career has always been shaped by a born out of a clear gap that I saw in the luxury this time, he honed his skills as a negotiator for drive to challenge the status quo. I started in real estate market. Year after year, we see that high-stakes partnerships and investments with Silicon Valley at AdAuction.com, one of the ear- if a luxury property hasn’t sold within the first leading companies, including AOL Time War- liest online advertising marketplaces, where I three to six months of listing, it will likely stay ner, Palm Computing, Inc., AT&T and Yahoo!. saw firsthand how technology could revolution- on the market for years, ultimately selling for From there, Roffers joined then start-up com- ize traditional industries. That experience stayed a fraction of the asking price. This time-intenpany AdAuction.com as vice president of busi- with me as I transitioned into luxury real estate, sive and complicated transaction process poses ness development. The company was supported co-founding SKY Sotheby’s International Realty. a huge headache for sellers and buyers alike. by $88 million of venture capital, which Rof- I quickly realized that, while homes were evolv- I wanted to create a solution that aligned with fers helped use to test and study a multitude of ing, the process of selling them – especially at the expectations of luxury real estate clients diverse online auction formats. AdAuction.com the high end – was lagging behind. In 2008, I and build a transparent platform that brought revolutionized the sale of advertising by using a dynamic online auction platform to connect buyers and sellers of online and offline media.

In order to fully understand the residential real estate business on a transactional level, Roffers joined Michael Saunders & Company, a Floridabased luxury real estate brokerage, where he was named Rookie of the Year in 2002. After learning the business and producing volume that ranked him inside the top 10 percent of realtors nationwide, Roffers decided to merge his experience in closing high-value transactions and utilizing emerging technology by co-founding SKY Sotheby’s International Realty in 2004.

Roffers served as president of SKY’s operations in Sarasota, Florida and Minneapolis. Following a series of successful auctions, including numerous record-breaking sales, Roffers developed a growing audience. In less than three years, SKY grew into a 50-person operation that realized $500 million in sales through both the innovative auction process and traditional brokerage format. In 2008, Roffers co-founded Concierge Auctions, which has become the preeminent luxury real estate auction firm globally, selling over $5 billion in properties to date. Roffers is a mem“The One” in Bel Air, California (above) and “La Dune” in Southampton, New York (opposite page) which were sold by Concierge Auctions ber of the National Auctioneers Association.

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real competition and global exposure quickly – something that did not exist. The mission goes beyond just creating a more efficient sales process; it’s about rethinking what’s possible in real estate.

How is Concierge Auctions’ data-driven platform reshaping real estate sales?

With our online platform, buyers can participate from anywhere in the world, creating a truly international, digital marketplace that drives competitive bidding. Virtual auctions broaden the buyer pool and also bring a level of convenience and visibility that traditional models lack. We use real-time analytics and proprietary data, tracking buyer behavior, market trends, and past auction outcomes to maximize engagement with each property being auctioned. This allows us to pivot quickly based on key performance indicators like digital engagement, foot traffic, and bidding behavior. Our tech-driven approach empowers sellers with speed and certainty and buyers with a transparent transaction process while delivering exceptional results across a global stage – the result is a smarter, faster, more transparent sale that meets the expectations of today’s most discerning buyers and sellers.

Where do you see the greatest opportunity for growth for Concierge Auctions?

The greatest opportunity for growth lies in continued adoption of the auction model as the best option for selling luxury real estate in a finite period, just as it is for expensive artwork, wine, and cars. We are always looking to expand our digital footprint and deepen our integration of technology and data into the auction platform to provide that extra level of confidence to our clients. Importantly, our approach complements, rather than competes with, the traditional real estate model. We partner with top agents, brokerages, and developers, serving as a powerful tool that works in conjunction with their efforts to deliver exceptional results. As the demand for luxury real estate becomes increasingly international, our platform is uniquely positioned to connect high-net-worth buyers VOLUME 48, NUMBER 4

and sellers across borders with speed and precision. Lastly, there’s tremendous room to grow our strategic partnerships with top agents, brokerages, and developers worldwide that have yet to adopt the auction model in the luxury real estate segment.

Will you highlight some of the insights from Concierge Auctions’ Index Report?

Our 2025 “Luxury Homes Index” is the 10th edition of our annual report on the impact of days on market, movement, and sale prices within key luxury residential markets nationally.

Drawing from MLS and public property record data, we examined the top 10 highest-grossing real estate transactions in the 56 leading luxury markets in the United States in 2024. Our data found that ultra luxury homes are taking an average of 319 days to sell, which is more than five times longer than the medium-priced property market, where homes typically sell within 60 days.

Furthermore, over half of these properties linger on the market for more than 180 days, with some stretching to 1,000 days-plus. There is a significant link between the number of days that a property is listed for sale and its final price: properties selling within 180 days achieve about 94 percent of their list price, while those lingering longer fetch only 81 percent, on average. This gap underscores why our model works – we provide sellers with a time-certain sale and exposure to a global audience. Our model delivers the same results in just 60 days that can otherwise take upwards of years, helping our clients secure strong results without the erosion of value that comes with extended time on market.

Did you always know that you had an entrepreneurial spirit and desire to build your own business?

Since early in my career, I have been drawn to opportunities where I could not only solve problems, but create a solution to build something better. I have always had an entrepreneurial mindset and think it is critical to hold onto.

Our acquisition by Sotheby’s, the world’s oldest

and leading auction house established in 1744, and Anywhere Real Estate, the world’s most extensive agent network, has only strengthened that mindset – providing unparalleled resources and reach that continue to drive our innovation even further. Our sale of “The One” in Bel Air, California in March 2022, the largest residence in America, was a pivotal moment for Concierge Auctions. The property was listed on the market for over 1,000 days before going to auction, where it finally sold for $141 million. This sale not only broke a record, it achieved a world record for the highest price ever for a residential property at auction. The sale broke the previous world record by nearly 50 percent, and was the highest sale for any property listed in all of 2022. This sale is proof of what is possible when innovation, urgency, and world-class collaboration come together. It was an experience that reaffirmed my belief in creating something beyond tradition.

How do you approach your management style?

My approach is strategic, empowering, and purpose-driven. This industry is a fastpaced, high-stakes environment, working with some of the world’s most affluent and demanding clients; clarity, trust, and decisiveness are critical. My role is to guide the vision, build meaningful partnerships, empower our team, and ensure we remain at the forefront of how luxury real estate is transacted globally. At the same time, I believe culture matters – deeply.

What I am most proud of is our Key For Key® giving program, which funds the building of a homes for a families in need from every property we sell. I hope to continue to expand the program through increasing build trips, continuing the program’s commitment since its founding in 2017 of building hundreds of homes. The giving program keeps our team grounded in purpose and reminds us that what we do can have lasting impact far beyond the deal.

What advice do you offer to young people beginning their careers?

Whether in real estate or any other industry, relationships are everything. Relationships are built on trust, which is fostered by showing up consistently, doing your homework, and offering thoughtful solutions. Credibility is everything, and it starts with being someone others can rely on. In luxury real estate especially, reputation travels fast – your ability to build strong relationships will often matter more than your resume.

Just as important, never allow yourself to get too comfortable. The moment you stop pushing yourself, you risk falling behind. I believe in staying alert and adaptable – always scanning for what’s changing in the market and the tools that drive it. Both real estate and technology move fast, and those who succeed are the ones willing to learn, adapt, and innovate even faster. Surround yourself with experienced professionals, study the market, understand the data and trends, and learn what clients truly value. The more proactive and informed you are, the faster you’ll stand out.

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How To Build Lasting Value An Interview with Jim Dickson, Founding Partner and Chief Executive Officer, Elevation Point EDITORS’ NOTE Jim Dickson is a learned a great deal about growth and seasoned executive, entrepreneur, what kind of partner I wanted to be. private investor, and innovator in Ultimately, those experiences led to the wealth management with over four founding of Elevation Point with Mark decades of experience in the finanPenske in 2024. We created the firm to cial services industry. Dickson cooffer a better path for advisors looking founded Elevation Point with Mark for partnership, not just a platform, and Penske in 2024 to serve as a valueto redefine what success looks like in aligned growth partner to indepenthis industry. dence-focused advisors and RIAs. Will you provide an overview of Previously, Dickson founded and Elevation Point’s business? built Sanctuary Wealth in 2018, Elevation Point partners with sucJim Dickson growing it under his leadership cessful independent RIAs and breakaway into a nationally recognized RIA advisors who recognize that continuous with $25 billion in assets and 76 partner firms growth and innovation are essential to serving the across 28 states by 2023. Earlier in his career, complex needs of high-net-worth and ultra-highhe spent 20 years as a senior divisional exec- net-worth clients – and to consistently delivering utive building and leading strategy for Merrill an exceptional client experience. As a minorityLynch in Indianapolis and Chicago. He began stake investment firm, we provide capital, technolhis career as an accountant at Ernst & Young ogy, and strategic resources to help advisors scale in Indianapolis. Dickson received his bachelor’s while retaining majority ownership. Unlike aggregadegree in accounting and finance from Butler tors, we’re not here to buy income – we’re acceleraUniversity, where he later served on the Board tors building lasting value. We typically partner with of Trustees for six years. He has been a leader- firms managing $200 million to $3 billion in assets, ship conference judge for FFA, a national non- tailoring our support to each firm’s specific needs. profit organization preparing middle and high Everything we do is designed to help advisors grow school students for careers in agricultural sci- faster, more efficiently, and with a client experience ence, business, and technology. that sets them apart.

How do you define Elevation Point’s culFIRM BRIEF Co-founded by Jim Dickson and Mark ture and values?

Penske in 2024, Elevation Point (elevationpoint.com) Our culture is grounded in partnership, transis a wealth management firm that serves as a parency, and alignment. We believe in long-term growth accelerator and minority stake partner thinking and align ourselves with advisors who for independent advisors and breakaway firms, share our growth mindset. Integrity and trust are investing in firms representing a combined $8.2 non-negotiable, both within our team and with billion in client assets under supervision. Eleva- our partners. We’re values-driven, not just dealtion Point’s minority stake partnership model driven. We don’t chase volume for the sake of provides firms with capital, technology, and scale. Instead, we focus on the quality of relationinfrastructure to enable a seamless transition to ships and whether or not we can truly add value. independence and accelerate long-term growth Our goal is to create a culture where people are without compromising autonomy. Committed inspired, supported, and challenged to build someto excellence and transparency, Elevation Point thing great together. places goal alignment at the core of everything What do you feel are the keys to building they do. the advisory firm of the future?

It starts with mindset. The advisory firms of Will you discuss your career journey? the future will be built by teams that embrace My journey began with over two decades at innovation, client experience, and scale, not Merrill Lynch, which was foundational in shaping just valuation. Growth doesn’t mean giving up my understanding of wealth management and the control – it means being open to new tools, importance of relationships. I learned that success technologies, resources, and ways of doing in this business is driven by people, with teams business. Advisory firms of the future will lean aligned in values, energy, and goals. That mindset into AI, automation, and data-driven decisionstuck with me as I transitioned into more entre- making, but always with a human touch. They’ll preneurial roles, where I scaled businesses and also be built around succession planning and 192 LEADERS

next-generation leadership. The firms that succeed over the long term are the ones that think beyond today’s payout and toward tomorrow’s enterprise value, creating the scale and stability to deliver an elevated client experience.

How is Elevation Point investing in technology to help position the firm for longterm success in an increasingly competitive marketplace?

We are deeply committed to technology innovation and are building one of the most comprehensive toolboxes in the industry. Our investments span AI, data warehousing, automation, and advanced analytics – capabilities that enable our partners to operate more efficiently and deliver an exceptional client service.

For advisor firms to develop this infrastructure independently would demand significant time, resources, and expertise. That’s where we add value: continually innovating and rigorously vetting tools, curating and integrating the right solutions so advisors can choose what fits their practice best to operate at peak performance.

This tech-forward approach gives our partners a distinct competitive advantage and positions them to thrive in a rapidly evolving industry.

How do you approach your management style?

My leadership approach is rooted in collaboration, trust, and a shared sense of purpose. I focus on attracting exceptional talent whose values and vision align with our own and then empowering them to achieve at the highest level. With the right team, united by a common mission, we can act decisively and pursue bold, strategic opportunities.

I lead as both a hands-on partner – working alongside the team – and as a forward-looking strategist, ensuring we’re advancing toward our long-term goals. I’m proud to have built a high-performing team whose passion and commitment power our success every day.

What advice do you offer to young people beginning their careers?

Be curious. Stay humble. And, above all, surround yourself with the right people. Early in your career, your environment shapes everything – choose to be around values-driven people who want you to succeed. Don’t chase titles or money too soon; pursue learning, alignment, and impact.

The right mentors and experiences will compound over time. Also, be patient with your progress, but relentless in your effort. Show up with a learning mindset and the discipline to do the hard work, and great things will follow.

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Building A Culture Of Giving An Interview with R. Barkley Payne, President and Chief Executive Officer, Invest in Others Charitable Foundation EDITORS’ NOTE In February 2023, ORGANIZATION BRIEF Invest in Barkley Payne joined the leaderOthers Charitable Foundation (investin ship team of Invest in Others. With others.org) aims to amplify, celebrate, more than 30 years of experience and inspire the charitable work of the as a nonprofit leader, he brings a financial services community. Invest wealth of expertise to his role as its in Others is a catalyst to channel phiPresident & CEO. In this capacity, lanthropy and volunteerism to where it he leads the organization’s operis needed most. ations and drives strategic initiatives to enhance its programs, Will you highlight your career strengthen fundraising efforts, and journey? elevate marketing and adminisI took the helm of the Invest in R. Barkley Payne trative/governance functions. His Others Charitable Foundation in early extensive experience in healthFebruary 2023, stepping into the role care philanthropy has led to leadership roles at of President and CEO following an extensive several national association foundations. He career in nonprofit philanthropy. At Invest in most recently served as Executive Director of Others, I’ve led efforts to amplify the charithe American Medical Association’s charitable table work of financial advisors and their foundation and joined its senior management firms, overseeing strategy, operations, fundraising, team in 2014. For 12 years, he led the American grant programs, marketing, and organizational Dental Association Foundation as its Executive growth. We’ve built a great team, and the Director. He was then Vice President of Strate- foundation continues to expand its visibility gic Philanthropy for the Orthopedic Research and impact, exemplified by awards and and Education Foundation. A native of Bowl- grants administered to advisors and nonprofits ing Green, Kentucky, Payne held executive and nationwide. development positions with Metro Louisville and Prior to joining Invest in Others, I served the Louisville Orchestra. In November 2021, as Executive Director of the American Medical Payne was presented with the Association Foun- Association Foundation. During my tenure, I dation Group (AFG) Leadership Award in recog- scaled fundraising, expanded grant-making nition of his work in strengthening the national programs, and launched innovative initiaassociation foundation professional commu- tives to support physician training and health nity. He served as AFG president in 2015. He was awarded in 2009 with two honorary fellowships by the American College of Dentists as well as the International Academy of Dental Facial Esthetics, the highest awards given to non-DDS professionals. Payne is a past president of the Western Kentucky University Alumni Association Board of Directors and currently serves on the Board of Directors for Access to Care, a healthcare program serving low-income uninsured individuals in suburban Cook County (Illinois). In addition, he is a long-time member of the Association of Fundraising Professionals, Association Forum of Chicagoland, Chicago Council of Planned Giving, Medical Society Fundraising Network, and the Chicago Health Executives Forum. As a volunteer, he has served on numerous boards including the Dental Philanthropy Network, National Kidney Foundation of Kentucky, Louisville Zoo Foundation, and the Association of the Louisville Orchestra.

Payne earned a BA in public relations at Western Kentucky University.

equity. My earlier nonprofit leadership roles include serving as Executive Director of the American Dental Association Foundation, and as Vice President for Strategic Philanthropy at the Orthopedic Research & Education Foundation, reinforcing expertise in healthcare-related philanthropy and nonprofit development.

My career spans over two decades guiding mission-driven organizations and with my transition to financial services, a new industry focus, I’m thrilled to help lead the Invest in Others Charitable Foundation into celebrating its 20th anniversary in 2026.

What excited you about the opportunity to lead Invest in Others and made you feel it was the right fit?

What excited me most about the opportunity to help lead Invest in Others was the chance to combine two of my core passions: strategic philanthropy and empowering individuals to make a difference in their communities.

Throughout my career, I’ve had the privilege of working with organizations that drive meaningful impact, but what stood out about Invest in Others was its unique focus on celebrating and supporting the charitable work of financial advisors, people who are using their success not just for personal rewards, but to uplift people and communities. That mission deeply resonated with me.

“At its core, the foundation seeks to build

a culture of giving within the financial services

industry, establishing recognition that validates

and broadens the ripple effect of financial advisors’ community work and investments.”

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I also saw incredible potential in the organization’s ability to grow its influence across the financial services industry. The opportunity to expand grant programs, deepen industry and community partnerships, and amplify the stories of these financial advisors felt both inspiring and aligned with my experience.

Ultimately, it was clear to me that Invest in Others is not just recognizing generosity; it’s actively helping shape and support a culture of giving within an entire profession. That’s the kind of work I’m very proud to lead.

How do you define Invest in Others’ mission?

Invest in Others’ mission is to amplify, celebrate, and inspire the charitable work of the financial services community. It’s about elevating the generous work financial advisors do in their communities by sharing their stories, delivering grantmaking and awards that reward impact so more can be accomplished, and working with firms to put the focus on and scale meaningful giving.

At its core, the foundation seeks to build a culture of giving within the financial services industry, establishing recognition that validates and broadens the ripple effect of financial advisors’ community work and investments.

How is Invest in Others shining a light on financial professionals making a difference through nonprofit work?

Invest in Others highlights financial advisors making a difference by recognizing and celebrating their philanthropic efforts through a flagship program, the Invest in Others Awards.

These national awards honor advisors who are deeply involved in nonprofit work, highlighting their contributions and helping raise awareness for the causes they support. In addition to recognition, the foundation provides grants that directly fund these financial advisors’ charitable initiatives, enabling them to expand their impact and continue serving their communities.

Beyond awards and grants, Invest in Others amplifies these stories through thought leadership, media coverage, and strategic

“When clients see their financial advisor modeling charitable leadership and providing tools to make giving easier and more effective, they’re more likely to view their advisor not just as a financial partner, but as a meaningful collaborator in building a legacy.”

storytelling, inspiring others across the financial services industry to engage in meaningful giving. Through all of this, Invest in Others is helping build a profession-wide commitment to community impact, making philanthropy a defining part of what it means to be a successful financial advisor.

What are the ways financial advisors can integrate charitable values into their business to better engage clients?

Financial advisors can integrate charitable values into their business by aligning their services with their clients’ personal values and philanthropic goals. This can include offering guidance on charitable giving strategies, such as donor-advised funds, charitable trusts, or tax-efficient donation planning, as part of the broader financial planning conversation. By helping clients maximize the impact of their giving, financial advisors can provide added value and also build deeper relationships rooted in shared purpose. Financial advisors can also ask intentional questions during onboarding or

“Throughout my career, I’ve had the privilege of working with organizations that drive meaningful impact, but what stood out about Invest in Others was its unique focus on celebrating and supporting the charitable work of financial advisors, people who are using their success not just for personal rewards, but to uplift people and communities.”

reviews to understand the causes that matter most to clients, signaling that community impact is an integral part of wealth stewardship.

Additionally, financial advisors can lead by example, actively participating in or supporting local nonprofits and encouraging client involvement through volunteer events, community sponsorships, or matching gift opportunities. Hosting educational sessions or workshops on legacy giving, impact investing, or socially responsible financial strategies can also further engage clients and foster trust. When clients see their financial advisor modeling charitable leadership and providing tools to make giving easier and more effective, they’re more likely to view their advisor not just as a financial partner, but as a meaningful collaborator in building a legacy.

What are your priorities for Invest in Others as you look to the future?

As we look to the future, our priorities at Invest in Others are grounded in a strategic three-year plan focused on investment, learning, growth, and sustainability. We’re prioritizing investment in our systems, tools, people, and relationships. That means expanding our infrastructure to support growth, deepening our data capabilities to better understand impact, and cultivating new partnerships across the financial services industry. We’re also investing in learning: gathering insights from our grantees, finalists, financial advisors, and sponsors to ensure our brand and programs are clear, responsive, inclusive, and aligned with the evolving needs of the communities we serve.

We’re also working to scale our flagship awards and grant programs, enhance yearround storytelling, and position Invest in Others as a trusted philanthropic resource for both financial advisors and firms. At the same time, we’ll be identifying new ways to drive sustained funding and strengthen our foundation’s visibility and impact. Ultimately, our goal is to create a lasting framework that celebrates and supports charitable leadership within financial services, not just today, but for years to come.

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One Of The Original American Family Offices An Interview with Andy Busser, President and Chief Executive Officer, Pitcairn EDITORS’ NOTE Andy Busser is where he writes a column about issues responsible for guiding Pitcairn’s relevant to family office operations. client-centric culture and overBusser is a member of the Wigmore seeing all of the firm’s operations.

Association, a global collaboration of Busser’s previous professional posichief executive officers and chief investtions positioned him to acquire the ment officers from five leading family knowledge, proficiency, and insight offices around the world. Additionally, needed to steer a 100-year-old famhe has served on multiple boards and is ily office into its next century. Before currently on the CEO Council of Fambecoming CEO in 2023, he served as ily Wealth Alliance and is a trustee of Pitcairn’s President of Family Office, the National Committee on American where he led the firm’s team of relaForeign Policy. Busser is a graduate of Andy Busser tionship managers, analysts, and Colgate University, where he majored in client communications professionhistory. als. Prior to joining Pitcairn in 2015, Busser was a partner at Symphony Capital, a healthcare- FIRM BRIEF Pitcairn’s (pitcairn.com) Shared focused investment manager of private equity Single-Family Office™ model is designed to proand hedge funds, and a management consultant vide outstanding integrated service to wealthy at The Wilkerson Group/Wilkerson Partners. A families and other family offices. With a heritage steadfast advocate for the importance of helping dating back to the firm’s founding in 1923, Pitfamilies become successful stewards of wealth, cairn has a long-standing tradition of helping Busser is an in-demand public speaker and fre- ultra-high-net-worth families navigate the comquently presents at events hosted by industry plexities of wealth and plan for the future. The organizations, such as Family Wealth Alliance, firm’s comprehensive services include investment Family Office Exchange, and Family Business advisory, wealth planning and administration, Magazine’s Transitions and Family Business Leg- tax, trust and estate planning, insurance, and acy conferences. He is also sought out for his household-level financial services as well as famindustry perspective by the business media and ily education and family governance support. has been quoted in Barron’s, Bloomberg, Crain The firm is headquartered in suburban PhilaCurrency, NPR, Family Business Magazine, and delphia, with teams in New York, Baltimore, San elsewhere. He is a regular contributor to Forbes Francisco, Washington, DC, and Florida.

What are some of the highlights of your career journey?

My career journey has been a bit unconventional, but it’s this very path that has shaped my approach to leadership and wealth management today. I began my career in healthcare, first working at a pharmaceutical company, and then moving into management consulting. It was there that I began working closely with a family that owned a large healthcare business.

Over time, my role evolved beyond healthcare into broader financial stewardship, helping the family navigate the complexities of multigenerational wealth. This experience sparked my passion for the family office world, where I saw an opportunity to make a lasting impact. In 2015, I transitioned to Pitcairn where I have been fortunate to have a wide range of opportunities in client service, business development, strategy, and team leadership. The common theme throughout my career has been my interest in solving complex challenges and fostering deep, long-term relationships. These values are at the heart of both family offices and my leadership style. In 2023, I had the honor of becoming Pitcairn’s President and CEO, and I’m more excited than ever about the future of the firm and the families we serve.

What is Pitcairn’s mission?

Pitcairn’s mission is to help families grow across generations – not just financially, but

“Pitcairn has a proud 100-year history as one of the original American family offices. Our legacy is rooted in disciplined investing, long-term thinking, and deep family relationships.”

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“As a firm, we are constantly innovating and modernizing our platform to stay ahead of the curve, while holding onto what has always made Pitcairn special: our client-first culture and our focus on people and relationships.”

also personally. One of my favorite things about the firm is that we are more than a traditional wealth manager. We’re a true family office partner, supporting our clients across investments, taxes, estate planning, trust services, insurance, and a wide range of family education and engagement. Our Shared Single-Family Office™ model is designed to deliver a fully integrated experience that helps families steward their wealth with intention and purpose across generations.

How is Pitcairn evolving into its next century of growth?

Pitcairn has a proud 100-year history as one of the original American family offices.

Our legacy is rooted in disciplined investing, long-term thinking, and deep family relationships. But we’ve never been static.

Innovation has always been a part of our DNA. That’s why we recently launched Pitcairn Wealth Advisors and acquired Brightside Partners. Both of these moves were natural parts of our evolution to ensure we’re structured and positioned to meet the needs of ultra-high-net-worth families – today and tomorrow. As a firm, we are constantly innovating and modernizing our platform to stay ahead of the curve, while holding onto what has always made Pitcairn special – our client-first culture and our focus on people and relationships.

How critical is innovation to Pitcairn’s success?

Innovation is absolutely essential. It is one of the reasons we’ve thrived for over a century. We view innovation not as a onetime project, but as a mindset that’s embedded in everything we do, from technology adoption to how we structure client relationships.

Our investments in platform modernization, data systems, and client experience tools are all designed to make clients feel great about being a part of Pitcairn. That said, our innovation is always guided by a commitment to our culture and values. We don’t innovate for the sake of being flashy; we innovate to deliver lasting value.

Where do you see the greatest opportunities for growth for Pitcairn?

Our greatest growth opportunities lie in continuing to deliver a truly differentiated client experience, one that combines institutional-quality financial services with highly personalized family engagement. Families are increasingly seeking partners who can support them holistically, across both financial and human capital. We see a growing demand for family education, succession planning, and support for intergenerational transitions. Our integrated model is well positioned to meet those needs. We’ll grow, but we’ll do it carefully, always prioritizing

the client and employee experience over rapid scale or M&A. What do you feel are the keys to effective leadership, and what is your management style?

I believe leadership is fundamentally about listening, empowering others, and staying aligned on behaviors. At Pitcairn, we hire for character first and foster a culture defined by humility, curiosity, and excellence. I hope my management style is collaborative, so people feel empowered to bring ideas to the fore and solve problems as a team. We always try to encourage dialogue and give people room to learn and grow. Leadership also means being visible and present. I make it a point to stay personally connected to our colleagues and our clients.

What advice do you offer to young people beginning their careers?

Be deeply curious. Don’t be afraid to ask questions or explore paths that don’t seem linear. Focus on finding the right culture. Who you work with matters just as much as what you do. Stay humble and open to feedback, and always lead with integrity.

And remember, relationships are everything.

Build them thoughtfully and nurture them over time. In this industry and in life, success often comes from the quality of the people around you.

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“We view innovation not as a one-time project, but as a mindset that’s embedded in everything we do, from technology adoption to how we structure client relationships.”

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Strengthening The Foundation Of Homeownership An Interview with David A. Spector, Chairman and Chief Executive Officer, PennyMac Financial Services, Inc. EDITORS’ NOTE David Spector create a seamless experience for cushas been a member of the Board tomers and partners. By aligning our since December 2012 and has been operations from loan origination to serChairman and Chief Executive vicing, we build lasting relationships Officer since February 2021. Prior, and consistently meet our customers’ he served as President and Chief needs. We operate through three disExecutive Officer from January tinct origination channels – correspon2017 through February 2021, and dent, broker, and consumer direct – a as Executive Managing Director, multi-channel strategy that is fundaPresident and Chief Operating Offimental to serving a broad spectrum of cer from February 2016 through the national housing market.

December 2016. Spector has also As the nation’s largest aggregator David A. Spector served in a variety of similar execin the correspondent channel, we proutive positions at Private National vide vital capital and infrastructure that Mortgage Acceptance Company, LLC (“PNMAC”) enables over 800 lenders, from community banks since its founding in January 2008. In addition, to national independent mortgage banks, to he has been a member of the board of PMT since sell their loans into the secondary market. This its formation in May 2009 and has served as its ensures broad access to mortgage credit and Chairman since February 2021. Prior to join- helps make homeownership more attainable. In ing PNMAC, Spector was Co-Head of Global Res- the broker channel, we are the fastest-growing idential Mortgages for Morgan Stanley based player, equipping independent mortgage broin London. Before joining Morgan Stanley, he kers with advanced technology like our Power+ was the Senior Managing Director, Secondary platform. This approach empowers our partners Marketing, at Countrywide Financial Corpora- to offer borrowers a genuine choice of products, tion, where he was employed from May 1990 to personalized service, and competitive rates.

August 2006. Spector holds a BA degree from the A key differentiator for Pennymac is our University of California, Los Angeles. commitment to being a mortgage partner for life.

With over 2.7 million customers in our servicing FIRM BRIEF PennyMac Financial Services, Inc. portfolio, we never sell our servicing rights. This (pennymac.com) is a specialty financial services firm with a comprehensive mortgage platform and integrated business focused on the production and servicing of U.S. mortgage loans and the management of investments related to the U.S. mortgage market. PFSI also acts as the external manager of, and enjoys a synergistic partnership with, PennyMac Mortgage Investment Trust, a publicly-traded mortgage real estate investment trust (REIT). PMT is a tax efficient vehicle for investing in mortgage-related assets that are created through its industry-leading correspondent production activities.The management and services agreements between PFSI and PMT allow for a synergistic partnership that benefits from PFSI’s best-in-class management team and operating platform as well as PMT’s tax-efficient structure.

means we are consistently present for our customers, guiding them from origination through future needs like refinancing or a new home purchase.

We proactively identify opportunities for payment savings and offer initiatives like homeowners insurance options that provide comprehensive value. Our dedication extends to supporting our nation’s heroes through VA loans and prioritizing the recruitment of military employees.

In a dynamic market, we take a proactive stance. We work closely with industry stakeholders, including policymakers and regulators, to advocate for responsible lending practices and ensure stability and accessibility in the housing market. Our aim is to strengthen the foundation of homeownership for years to come.

What is your long-term vision for Pennymac, and how are you positioning the company to lead through both market challenges and opportunities?

Our long-term vision for Pennymac is clear – be the most trusted partner for home.

This vision is bigger than market share; it’s about a deep dedication to our customers, employees, and stakeholders. We are driven to provide a best-in-class experience at every step of the homeownership journey.

Technology is at the heart of our strategy.

We are resolute in our ambition to be a tech

“We work closely with industry stakeholders, including policymakers and regulators, to

advocate for responsible lending practices and

ensure stability and accessibility in the housing

market. Our aim is to strengthen the foundation

As one of the nation’s top mortgage lenders, how does Pennymac contribute to shaping the future of homeownership in America?

Pennymac is focused on one thing: empowering the future of homeownership in America. Our integrated business model allows us to 198 LEADERS

of homeownership for years to come.”

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leader in the mortgage space, and our significant scale allows us to effectively deploy next-generation technologies across all our businesses.

This strategic investment leads to greater efficiencies, elevates the customer experience, and enables us to swiftly adapt to market shifts. Our multidimensional production strategy combines cutting-edge technology, streamlined processes, and the brightest talent in the business.

• For our correspondent partners, we offer unwavering reliability and cultivate strong relationships, solidifying our role as an essential link to the broader market.

• In the broker channel, our emphasis is on making brokers successful by giving them the tools they need to expand our reach and diversify our origination streams.

• Our consumer direct channel supports customers directly, providing educational resources and tailored loan products to meet their unique needs.

By focusing on these core areas, we are positioned to lead through any market challenge and seize new opportunities, reinforcing our long-term leadership.

Today’s homebuyers are more informed and digitally engaged than ever. How is Pennymac evolving to meet the expectations of this new generation of consumers?

Today’s homebuyers are more informed and digitally engaged, and we’re meeting their expectations by deeply integrating advanced technology across our operations. We are at the forefront of digital transformation and AI integration, while never losing sight of the personal touch our customers expect. To meet the demand for self-service and mobile-first experiences, we are making significant investments in our digital and mobile capabilities. This empowers customers to handle more on their own, 24/7, and allows them to manage how they hear from us. Our enhanced digital tools also enable personalized communication across all channels, with a strong focus on mobile. For our existing customers, this evolution also extends to recapture efforts. We’ve introduced an AIenabled chatbot in our servicing system that can pull information and facilitate basic transactions quickly and efficiently.

Beyond platform enhancements, we’re prioritizing investment in Artificial Intelligence.

Our dedicated AI Accelerator Team is deploying solutions that leverage our partnerships with AWS and Google. This automates complex workflows, such as document processing, transforming tasks that once took hours into minutes.

These efforts, supported by strategic AI leadership hires, ensure technology drives efficiency and speed for our partners and operations, ultimately providing a more comprehensive and supportive homeownership experience.

How do you approach leadership during times of transformation, and what principles guide your decision-making as CEO? Our success is affirmed in our ability to not just weather, but truly lead through periods of significant market transformation. Our VOLUME 48, NUMBER 4

“Today’s homebuyers are more informed and digitally engaged, and we’re meeting their expectations by deeply integrating advanced technology across our operations. We are at the forefront of digital transformation and AI integration, while never losing sight of the personal touch our customers expect.” decision-making is guided by the core principles of being accountable, reliable, and ethical in all that we do. We built Pennymac with the inherent agility to pivot quickly in response to unforeseen market shifts. A great example of this future readiness was our early adoption of the Veterans Affairs Servicing Purchase (VASP) program. This program was designed to provide a last-resort option for veterans facing foreclosure, allowing the VA to purchase and modify delinquent loans to more affordable terms.

Our early adoption supports our commitment to vital community initiatives and our nation’s veterans and their families.

Navigating a volatile market and rapid technological evolution presents challenges, but our ability to overcome them fundamentally relies on the strength and expertise of our team. Our strength lies in our people. We invest in continuous learning and development, ensuring our teams are not just reactive, but proactive in anticipating and shaping future trends. While we lead with a deep understanding of market data, we view everything through the lens of our long-term vision for the company and our dedication to customers, employees, shareholders, and partners. This guides every decision, ensuring Pennymac’s relevance and capacity for innovation while prioritizing the sustained success of all our stakeholders.

Where do you see the greatest opportunities for growth in the mortgage space, and how is Pennymac uniquely positioned to capture them?

We see the greatest opportunity for growth in the mortgage space within the Third-Party Origination (TPO) channel, specifically with mortgage brokers. Brokers serve an important role by providing consumers with a wide array of options and personalized solutions, and we believe they are essential to the future of the industry. Pennymac TPO’s differentiation stems from our primary focus on empowering brokers with genuine choice, backed by our substantial

scale, strong reputation, and robust capital.

Our expertise in capital markets translates into highly competitive pricing and a diverse product range, including successful ventures into the Jumbo loan market. We also provide state-ofthe-art technology solutions designed specifically for brokers, such as our Power+ platform.

Additionally, another distinguishing feature is our retention of loan servicing from brokeroriginated loans. This aligns with our shared dedication to customer care and positions us to gain significant market share. While we remain adaptable to regulatory and economic changes, our long-term focus on low-cost servicing and origination, coupled with our strategic evaluation of future offerings like Non-Qualified Mortgages (Non-QM), reinforces our stability. Our disciplined approach and strategic investments ensure we’re not just ready for the future of the mortgage industry – we’re actively shaping it.

Looking back on your career, what lessons have proven most valuable in leading a large-scale financial organization, and what advice would you offer to emerging leaders in the industry?

The most valuable lesson I’ve learned is the indispensable role mentorship plays and how important it is to surround yourself with the right people. I was incredibly fortunate to have a great mentor in Stanford Kurland, during both my time at Countrywide and our founding of Pennymac. Stan, who later bravely battled brain cancer before his passing, exemplified the kind of leader from whom you can truly learn.

It’s about having individuals who think like you, share your core values, and can clearly see the end goal as you do, all driven by a shared vision of success. And yes, a good sense of humor doesn’t hurt either, as it definitely helps you navigate the cyclical nature of the industry. Ultimately, being highly competitive and smart, along with truly valuing the people you work with, are the absolute backbone to achieving greatness.

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Help The Little Guy Win An Interview with Peter Claro, Chief Operating Officer, Jetro/Restaurant Depot EDITORS’ NOTE As Chief Operating How do you describe Jetro/ Officer, Peter Claro manages and Restaurant Depot’s mission and oversees all aspects of the day-topurpose? day operations at Jetro/Restaurant At its core, our mission is to help Depot from the New York headquarthe little guy win. We exist to support ters. Claro has more than 30 years independent food businesses – the of experience in the food service mom-and-pop restaurants, the corner and warehousing industry spandelis, the folks pouring their heart into ning many business units including their craft. We’re here to make sure procurement, supply chain, logisthey get the products they need at tics, marketing, and operations. He prices that help them stay competitive. is also an accomplished musician We provide the tools, products, and Peter Claro and avid sports enthusiast. He and pricing needed to compete with larger his family support multiple charichains. We believe in empowering table organizations that aid veterans and first entrepreneurs by making quality food and responders. supplies affordable and accessible.

Will you highlight your role and areas COMPANY BRIEF Restaurant Depot (restaurant of focus? depot.com) is a wholesale cash and carry food These days, my role focuses on strategy, service supplier providing savings, selection, and operations, and growth – but really, I like to service, seven days a week. The company has been think of myself as part conductor, part problemsupplying independent food businesses with quality solver. I help make sure all the pieces – our products from large cash and carry warehouse teams, our supply chain, our customer service – stores since 1990. Jetro (restaurantdepot.com/ are playing in harmony. jetro) is a wholesale provider of grocery supplies in addition to restaurant and has been in business since the 1970s.

“We believe in

Will you discuss your career journey?

I promise it’s not your typical corporate ladder story. I began my career as a professional musician – which, as my father wisely pointed out, meant I’d chosen to stake my future on one of the riskiest industries out there: entertainment.

His advice? If you’re going to chase your dreams in the most unpredictable business, you should hedge your bets by also working in the most stable one – food. That led me to a role at one of our original locations in Brooklyn, back when we had just four or five stores and no idea what was ahead. What started as a way to make ends meet turned into a passion for serving the small businesses that keep this country running – restaurants, caterers, food trucks, etc. Over time, I worked many roles, learned the business from the ground up, and helped grow something I truly believe in. I’ve been incredibly fortunate to learn from – and grow with – some of the most dedicated, entrepreneurial people in the business. It’s been a wild, rewarding journey, and I still try to approach each day with the same mix of hustle and harmony that first got me through both musical performances and grocery aisles in the warehouses.

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empowering entrepreneurs by making quality food and supplies affordable and accessible.”

Will you provide an overview of Jetro/ Restaurant Depot’s services and capabilities?

We’re a one-stop shop for independent food businesses. Everything from fresh produce and meats to kitchen supplies, paper goods, and cleaning products – if a restaurant needs it, we’ve got it. No frills, no fluff, just great products at competitive prices. We serve a vast

array of independent businesses nationwide.

We offer great pricing, no minimum purchase requirements, open seven days a week, with a self-service model that provides efficiency and transparency.

Where do you see the greatest opportunities for growth for Jetro/Restaurant Depot?

We’ve got room to grow in a few exciting directions – like expanding geographically to reach underserved markets, digitizing the customer experience, and strengthening our private-label offerings. There’s also opportunity in diversifying our product mix to support new food trends and dietary needs, and in continuing to build value-added services that help independent businesses succeed.

What have been the keys to Jetro/ Restaurant Depot’s industry leadership, and how do you describe the Jetro/Restaurant Depot difference?

We don’t overcomplicate things. Our model is simple: good products, fair prices, and no minimums. We’ve built trust by being dependable. You walk into one of our locations, you know exactly what you’re getting – no gimmicks, just value. And let’s be honest: we’re scrappy. We know our customers are hustling, and we hustle just as hard to support them.

What do you see as Jetro/Restaurant Depot’s responsibility to be engaged in the communities it serves?

We’re in neighborhoods, not just markets.

We see firsthand how our customers shape their communities, and we believe we have a role to play in lifting them up – whether that’s through hiring locally, donating food, or simply being a reliable partner. At the end of the day, if we can help a local restaurant keep its doors open, that’s a win for everyone.

What advice do you offer to young people beginning their careers?

Don’t be afraid to take the unexpected path – you never know where an opportunity might lead. Show up, work hard, stay curious, and don’t be too proud to roll up your sleeves.

Learn every aspect of the business you’re in, no matter how small it seems. Relationships and reputation matter – so be dependable and always practice what you preach. Don’t wait for the perfect opportunity – work hard at every role, and the right opportunities will find you.

Oh, and if you can find a way to laugh while doing it – bonus points.

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VOLUME 48, NUMBER 4

CASANOVA

Handwriting for Hedonists

A love letter to Venice, to indulgence and the importance of living adventurously.

Splendour with a touch of scandal. Limited Edition.

AVAILABLE AT MONTEGRAPPA BOUTIQUES, ONLINE AND AUTHORISED DEALERS montegrappa .c om

PURPOSE

Total Life Planning An Interview with Jason L Smith, CEP®, BPC, Founder and Chief Executive Officer, Prosperity Capital Advisors EDITORS’ NOTE Jason Smith is recognized as one of Investment News’ a nationally acclaimed speaker, 40 Under 40, and named to Crain’s financial planner, best-selling author, Notable Wealth Managers list. He is coach, and entr epr eneur. He is often cited in industry and national the Founder and CEO of Prosperity media and he has been featured on Capital Advisors, as well as JL Smith, television discussing the importance his own holistically run financial of providing holistic financial services. services practice. Smith is the author of the best-selling book, The Bucket FIRM BRIEF Prosperity Capital Advisors’ Plan: Protecting and Growing Your (pr osperitycapitaladvisors.com) Assets for a Worry-Free Retirement, mission is to ensure advisors who work which was recently named by U.S. with it can strategically align every Jason L Smith News & World Report as one of the aspect of their clients’ financial lives Top 10 Retirement Planning Books. into one well-coordinated plan. An He also wrote Clarity 2 Prosperity: An Advisor’s SEC-registered investment advisor (RIA), ProsGuide to Charging Planning Fees for Holistic perity Capital Advisors (Prosperity) is commitPlanning, and co-authored The Hiring Advan- ted to holistic wealth management. Founded tage. Smith’s Bucket Plan philosophy inspired a by a group of award-winning financial advichildren’s book designed to teach kids respon- sors and thought leaders, Prosperity was built sible spending, saving, and earning principles, as a platform for other financial professionals Days Can Be Sunny for Bunnies and Money. to give them access to advanced planning, capaSmith joined his father’s insurance agency in bilities, investments, processes, and training.

1995 before starting his own financial services practice. With a goal of improving the lives Will you discuss your career journey? of American families through holistic financial My journey to becoming a holistic wealth planning, he utilizes his own accomplishments advisor wasn’t linear. I began with a basketball as an advisor to teach others how to achieve suc- scholarship and a dream of going pro, but mulcess. Smith regularly trains advisors through live tiple injuries forced a pivot. I stumbled into the events, webinars, podcasts, and coaching calls. financial industry, a world I had no intention of He uses his own practice to develop proven pro- joining, and yet, it became the perfect place to cesses and test market concepts. His office is apply my drive, curiosity, and resilience. I started available for select advisors to observe him and on the insurance side and quickly realized that his team for training purposes. Smith is a regu- clients weren’t being served comprehensively. I lar speaker at industry events; in 2015 he was wanted to offer advice that connected the dots.

That led me to pursue advanced designations, gain my Series 65 license, and begin building what is now a planning-first advisory firm. Over time, I realized the immense value in integrating investments, insurance, tax planning, legal coordination, and long-term strategy.

Along the way, mentors played a crucial role, especially one who helped me recognize the power of tax strategy in holistic planning.

That insight became a turning point. I brought tax management in-house and began developing systems that could be scaled and taught to others. My career has been a series of setbacks turned into stepping stones. It’s proof that the most meaningful growth often comes from adversity.

What was your vision for founding Prosperity Capital Advisors?

I founded Prosperity Capital Advisors to solve a gap I experienced firsthand. Ultra-successful individuals often have complex needs, yet very few have access to a true family office, and most don’t want the burden of building one. My vision was to deliver a comprehensive, coordinated experience that offers the caliber of family office strategy, investment oversight, tax mitigation, estate planning, and protection planning, woven seamlessly into one cohesive plan.

We designed Prosperity to provide that level of integrated guidance without requiring clients to assemble it all themselves.

We focus on what I call total life planning: aligning every financial decision to a client’s vision of a work-optional lifestyle and a life well-lived. That means designing with

“I founded Prosperity Capital Advisors to solve a gap I experienced firsthand.

Ultra-successful individuals often have complex needs, yet very few have access to a true family office, and most don’t want the burden of building one.”

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“We focus on what I call total life planning: aligning every financial decision to a client’s vision of a work-optional lifestyle and a life well-lived.”

intention, reducing inefficiencies, and guiding clients across all areas of wealth including financial planning, asset growth, tax mitigation, risk management, and legacy. This vision has resonated deeply with those we serve, our team members, and the advisors we support.

Will you provide an overview of Prosperity Capital Advisors’ offerings?

Prosperity Capital Advisors exists to deliver comprehensive, coordinated wealth management to individuals and families seeking the sophistication of a family office without the complexity of building one themselves. Our offerings are built around your goals, protecting what you’ve earned, growing your wealth intentionally, reducing inefficiencies, and creating a lasting legacy. At the foundation of our approach are the Five Pillars of Holistic Wealth Management: 1. Financial Planning – We start by understanding where you are and where you want to go. Our advisors use The Bucket Plan® to organize assets by purpose and timeline, helping bring structure and stability to your strategy.

2. Asset Management – Our investment platform blends institutional managers with boutique specialists, offering custom-built portfolios that reflect your specific tax sensitivities, income needs, values, and long-term objectives.

3. Tax Management – With guidance from our Tax Trilogy framework, we help you anticipate and address tax exposure, both now and across your lifetime, so more of your money stays working for you.

4. Protection Planning – We assess risk across multiple dimensions and design strategies that help insulate your wealth from unexpected events, market volatility, or liability concerns.

5. Legacy Planning – Whether your goals involve philanthropy, succession, or multi-generational strategies, we help you document and implement a plan that honors your intent and supports those you care about.

We reinforce these pillars with deep bench strength, including CFP professionals, CPAs, estate attorneys, and investment and tax specialists, and an integrated technology platform that enhances transparency, decision-making, and responsiveness. Our tech stack is designed to elevate your experience, from interactive planning tools and performance reporting to real-time tax analysis and secure document collaboration. It brings innovation where it matters most, into the conversations and strategies that shape your financial life.

Every element of our firm is designed with the client’s experience and outcome in mind. We are a people-first organization. That means we don’t lead with product or sales – we lead with purpose. Our role is to help simplify complexity, provide clear and consistent guidance, and create a plan that reflects what success means to each client we serve. We never lose sight of that.

What do you feel are the keys to effective leadership, and how do you approach your management style?

Effective leadership starts with self-awareness. I’ve learned to focus on what energizes

me and where I can add the most value, then build a team around me with complementary strengths. That creates an environment where everyone is contributing in a way that plays to their talents. I believe in servant leadership. My job is to remove obstacles, set a clear vision, and create space for others to grow. That also means listening more than I talk, staying open to feedback, and holding myself to the same standard I expect from my team. We are process-driven, but our culture is what sustains our performance. We manage to metrics, but we lead with values. Hiring and promoting based on alignment with those values is how we maintain consistency even as we scale. It’s not always easy, but it’s worth it.

What advice do you offer to young people beginning their careers?

The best investment you will ever make is in your own intellectual capital. Nobody can take that from you. Markets can shift and businesses can change, but if you have the knowledge, mindset, and drive, you can always rebuild. One of the most valuable lessons I ever received came from my dad: pay yourself first. Before you cover your expenses or enjoy the rewards, invest in your future. Set money aside in a separate account and don’t touch it. Over time, that habit can change the trajectory of your financial life. Lastly, focus on alignment, not just achievement. Find the work that excites you and matches your unique strengths. When you’re in that zone, everything gets easier, and you’ll create far more impact than if you’re just chasing titles or validation.

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“Every element of our firm is designed with the client’s experience and outcome in mind. We are a people-first organization. That means we don’t lead with product or sales – we lead with purpose.”

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Embracing Complexity An Interview with Alex Wolf, Managing Partner, Kingswood Capital Management EDITORS’ NOTE Alex Wolf is ManagWill you discuss your career journey? ing Partner and Founder of Kingswood I began my career as an anaCapital Management. He oversees lyst at First Union (now Wells Fargo) firm-wide management, the strateafter graduating from Duke Univergic direction of the firm, and leads sity with an BA in English. While at the firm’s investment team. Wolf has Wells Fargo, I took a chance in joinbeen a private equity investor since ing a newly formed investment firm 1997, having completed dozens of called Ares Management as my first investments with several billion dollars position in private equity. I had the deployed across a wide range of indusgood fortune to meet Tony Ressler, try sectors, including business services, Ares’ co-founder, who brought me on software, media, telecommunications board as one of his first hires in 1997.

Alex Wolf and technology, distribution, gamI spent two years at Ares before heading, manufacturing, energy services, ing to Palo Alto to pursue an MBA paper and packaging, retail and consumer prod- at Stanford. In 2001, I joined Cerberus Capiucts. He has significant expertise in M&A, corporate tal Management as one of the first professionstrategy, turnarounds, restructuring and merger als in its small, but fast-growing, private equity integration. Before founding Kingswood, Wolf was group. Being present at the early stages and at two leading private equity firms, as an original seeing the evolution and expansion of these member of both the Ares Management investment two firms into massive platforms, I was struck team and the Cerberus Capital Management pri- by the sheer volume of possibilities for crevate equity team. Wolf began his career in the lever- ative and determined new entrants in the midage finance group of Wells Fargo. Wolf holds a BA dle market investment space. degree from Duke University and an MBA from the In 2013, I founded Kingswood with a focus Stanford University Graduate School of Business. on the middle market, eager to build my own private equity firm that could differentiate itself FIRM BRIEF Kingswood Capital Management, LP in this promising segment. Our rapid expansion (kingswood-capital.com) partners with lead- over the past 12 years, including closing three ing companies in the middle market which stand funds in just over three years, is a testament to to benefit from its capital and extensive operat- that potential. ing resources. Kingswood embraces complexity What was your vision for creating and believes it is well-positioned to support busi- Kingswood Capital Management, and how nesses at inflection points in their development to do you define its mission? enhance value. Based in Los Angeles, Kingswood When I founded Kingswood in 2013, my is a cohesive, entrepreneurial team with a long guiding principle was to bring a fresh perspechistory of shared success developing “win-win” tive to a mature industry and embrace complexpartnerships with its portfolio companies and ity. Too often in private equity, firms will pass management teams. on opportunities with significant underlying

potential because they are in an out-of-favor sector or the transaction seems too complex.

This leaves a vast reserve of promising investments completely untapped. Generally, at Kingswood, we focus on identifying good businesses that we think could be better and then support them by marshalling the right resources to get them there. This is a repeatable playbook that has led to enormous success – we’ve been able to create substantial value for our investors. As we’ve grown, we’ve also continued to deepen our bench of operational expertise, which in turn enables us to navigate greater complexity and expand our opportunity set.

In what kinds of deals has Kingswood found the most success?

We’ve found success by embracing creativity, complexity, and out-of-the-box thinking in our dealmaking. We primarily work with three major seller profiles: complex corporate carveouts, founder-led businesses, and “unnatural” business owners. I enjoy working with founders because of their vision and dedication. When you’ve built a company from the ground up, you have a unique vantage point that can be a vital component of our broader strategy. Working hand-in-hand with founders, we’ve been able to align their ethos and values with our vision for growth and expansion, to tremendous results. One recent example of this collaboration in action has been our work with Senture, a leading business process outsourcing provider in the United States. The founding team at Senture always aspired to grow and expand their business, but had not identified feasible opportunities given the founder’s conservative approach and unwillingness to invest capital. Working with the team, we were able to

“I enjoy working with founders because of their vision and dedication.

When you’ve built a company from the ground up, you have a unique vantage point that can be a vital component of our broader strategy.”

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“Our newest fund vehicle (Fund III) has generated early liquidity with significant realizations within the very first year of the investment period, further demonstrating the repeatability of our strategy across multiple funds.”

help them realize their vision, which ultimately resulted in a sale to a leading international, publicly traded provider of digitally integrated business services in 2021.

Another key component of our strategy is embracing often overlooked opportunities through a combination of creative structuring and identifying material operational improvements. This framework has enabled Kingswood to maintain steady deployment across all types of market environments. For instance, take our acquisition of Kodak Alaris last year. To many, this seemed like a strange investment – when we’re all walking around with cameras in our pockets 24/7, Kodak was widely viewed as a remnant of a bygone era. However, we saw an opportunity to revive an iconic American brand by working with the team to streamline operations, reinvigorating the business with a performance-based culture and positioning Kodak to fully leverage the strong base and burgeoning resurgence of analog photography. The results speak for themselves; a year into the deal, we’ve already made a substantial realized return on our initial investment, despite the uncertain macroeconomic environment.

Our success with Kodak is emblematic of the broader growth that our strategy has borne out over the past decade. Our newest fund vehicle (Fund III) has generated early liquidity with significant realizations within the very first year of the investment period, further demonstrating the repeatability of our strategy across multiple funds.

What has been critical in building the Kingswood team?

I’m proud of the incredible team we’ve built at Kingswood. We have focused on finding

people with the right combination of raw intelligence, horsepower, and humility. Our team members start from a place of curiosity and possibility. They’re unique individuals who don’t just see value in deals that hit 10/10 on a plain vanilla private equity scorecard, but rather can spot potential amidst imperfections and have an eye for where we can make an operational difference. It’s a glass-half-full mentality. And they certainly don’t get deterred by challenges.

What do you feel are the keys to effective leadership, and how do you approach your management style?

I think all great leaders have to practice what they preach and lead by example. Kingswood started out small – just one – and it wasn’t too long ago that senior leaders at the company had to wear multiple hats. That’s an approach we maintain to this day. We’re never shy about stepping back into those roles when necessary.

We consistently dive into tasks arm-in-arm with team members who appreciate leaders who will be in the trenches with them. When staff see senior executives rolling up their sleeves, it’s inspiring – it builds confidence and cohesiveness. No task is too small, even for the CEO. Did you always know that you had an entrepreneurial spirit and desire to build your own firm?

There was a part of me that always embodied entrepreneurship, but it didn’t fully materialize until my time at Cerberus in the early 2000s.

Back then, the firm wasn’t the industry titan that it is now, so I had a front row seat to see what it takes to start and sustain an extremely successful firm or a team within one. This gave me the perfect experience in building, growing, and developing strong teams and practices.

I learned quickly what worked and what didn’t.

At that point, I had not yet been in the top seat calling the shots, but it was this vantage point that allowed me to draw upon those experiences to tweak and improve them in my firm.

I also have a bit of a contrarian spirit, which I have imbued in the firm. For one, we’re based in LA, which is somewhat atypical for a private equity firm, but our location has been absolutely integral to our strategy. Being situated on the other side of the country from New York, the “traditional” hub for private equity, gives us a unique perspective and has allowed us to be at the vanguard of the rapidly growing West Coast PE scene.

On a broader level, I like to zig where others zag, and that serves us well, particularly as we pursue unique deals in out-of-favor industries that many firms might not entertain. We like to run toward knotty issues that others back away from. Because it’s my own firm, I can encourage this unusual approach, and it’s rewarding to see it pay off.

What advice do you offer to young people interested in pursuing a career in private equity?

The best thing you can do as a young person starting in your career is to listen as much as possible. Private equity is an apprenticeship business, where the best way to learn is by watching and repeating. You can’t just read a book or study – you need to see the process in action first-hand. Don’t be afraid to ask a lot of questions; be eager to understand why and how things are done. By being curious, observant, diligent, and focused, you will build a strong foundation for yourself and for long-term success in private equity.

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“Private equity is an apprenticeship business, where the best way to learn is by watching and repeating. You can’t just read a book or study – you need to see the process in action first-hand.”

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PURPOSE

Making Work Optional For Founders An Interview with Philip G. Palumbo, Founder, Chief Executive Officer, and Chief Investment Officer, Palumbo Wealth Management EDITORS’ NOTE Philip Palumbo is Will you discuss your career journey?

Founder, Chief Executive Officer, and My career began at Merrill Lynch Chief Investment Officer of Palumbo in March 2000, right before the tech Wealth Management. He is a contribbubble burst. Watching the market utor on CNBC, Bloomberg, Reuters, decline so rapidly so early in my and TD Ameritrade Network. He has career was a defining experience – been recognized as Best Independent it taught me to respect markets and, Advisor according to Investment News most importantly, the value of diverand one of the Top 50 Fastest Grousification. That lesson still shapes my wing Firms in the country. His marpractice today, where my focus is on ket insights have been quoted in such helping business founders retire comleading publications as The Wall Street fortably – or as I call it, “make work Philip G. Palumbo Journal and Barron’s. He has authored, optional.” For my clients, diversifiMake Work Optional, a book dedicated cation is critical because they simto assisting individuals and families on how to prop- ply can’t afford to lose what they’ve worked erly plan and invest their money. He served as Senior so hard to build. After Merrill, I spent time at Vice President and Senior Portfolio Manager at UBS two other large Wall Street firms, but I became before forming Palumbo Wealth Management, a increasingly disillusioned by the inherent confull-service boutique wealth management firm. Over flicts of interest. I often felt those firms priorithe past 20 years, Palumbo has held senior roles with tized their profits as publicly traded companies several major financial institutions, and he has suc- over the best interests of clients. That frustration cessfully assisted families and individuals navigate led me to explore the fiduciary, independent some of the most challenging market environments RIA model – a structure that eliminates many of in recent history. Palumbo earned a BA degree in those conflicts and allows me to focus entirely finance from Towson University. on my clients. Today, that model is the foundation of my firm, where every decision we make FIRM BRIEF Palumbo Wealth Management centers on one thing: doing what’s best for the (palumbowm.com) is a client-first, private wealth people we serve. management boutique firm focused on serving the What was your vision for creating financial needs of a select group of families and Palumbo Wealth Management, and how do individuals as their personal chief financial officer. you define its mission?

The hallmark of Palumbo Wealth Management is Palumbo Wealth Management was created “partnering to achieve peace of mind.” to eliminate the inherent conflicts of interest that

exist at many major Wall Street firms. My vision was to build a world-class boutique firm where every client feels like they are the only client. We take the worry of managing money off our clients’ shoulders so they can fully enjoy their lives, day to day. We act as their personal CFO – overseeing every aspect of their financial affairs – so they can focus on what matters most to them.

Our mission is simple: to make work optional for founders. To me, making work optional means achieving complete financial independence – having the freedom to work because you want to, not because you have to.

Will you highlight Palumbo Wealth Management’s services and capabilities?

At Palumbo Wealth Management, everything begins with our five-step consultative process. First, we build a comprehensive financial plan that captures your vision for the rest of your life – and maps out exactly how you’ll achieve it. Second, we implement our investment management process, offering customized strategies that most investors can’t access elsewhere.

These range from deep value, catalyst-driven approaches, to emerging biotech and technology opportunities, to direct investments in earlystage private companies we believe could be the next Nvidias or Amazons. Each of these strategies has a track record of far surpassing the S&P 500. The third part of our process is advanced planning. We believe the most important performance measure is what you keep after taxes, so tax efficiency is central to how we invest and

“The term ‘retirement’ has always bothered me – it feels outdated and overused in marketing. It sends the wrong message. The real focus should be on understanding your lifestyle costs, deciding whether you’re comfortable with that lifestyle, and then calculating exactly how much you’ll need – in aftertax dollars and retirement assets – to maintain it without relying on work.”

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“Our mission is simple: to make work optional for founders. To me, making work optional means achieving complete financial independence – having the freedom to work because you want to, not because you have to.”

plan. We address everything from investmentrelated tax strategies to broader life planning – including preparing for sudden death, disability, long-term care, asset protection, charitable giving, and, most importantly, family governance.

Our role is to ensure that every piece of our clients’ financial lives is aligned, optimized, and protected for generations.

What interested you in writing the book, Make Work Optional, and what are the key messages you wanted to convey in the book?

The inspiration for my book, Make Work Optional, came from realizing how many people base their retirement plans on an arbitrary age – often because a brother, cousin, or friend retired at that age. Instead of fixating on a number, I want people to ask a more empowering question: How soon can I reach the point where work becomes optional? That might be 50, 55, 60 – it’s different for everyone. To me, “work optional” means achieving financial independence so you can work because you want to, not because you have to.

The term “retirement” has always bothered me – it feels outdated and overused in marketing.

It sends the wrong message. The real focus should be on understanding your lifestyle costs, deciding whether you’re comfortable with that lifestyle, and then calculating exactly how much you’ll need – in after-tax dollars and retirement assets – to maintain it without relying on work. When you approach it from this perspective, the conversation

shifts from an arbitrary age to a personal timeline for achieving true financial freedom.

Did you always know that you had an entrepreneurial spirit and desire to build your own firm?

From my very first days at Merrill Lynch, I knew that one day I wanted to launch my own firm. I quickly noticed the flaws in the big Wall Street model – the conflicts of interest and the lack of true value from an investment standpoint. On a personal level, my wife’s family are all entrepreneurs who have successfully built and grown businesses across multiple generations. Watching that was incredibly inspiring and showed me what’s possible when a business is built to last. That vision motivated me to create a firm that could provide the same kind of continuity for my clients. My dream is for my three sons to one day take over Palumbo Wealth Management and carry it forward for generations to come.

What do you feel are the keys to effective leadership?

I believe effective leadership starts with leading by example – acting the way you want every person in your firm to act. A great leader should inspire their team by consistently sharing the long-term vision and connecting the dots on how you’re going to get there. I live by the principle that what gets measured gets managed, and I make it a priority to have regular one-on-one conversations with each team member to see how I can improve as their leader.

Kindness is non-negotiable, and I never act like I’m above anyone – because I’m not. Yes, I’m the owner, but Palumbo Wealth Management couldn’t operate without an A-plus team, and I’m fortunate to have exactly that.

What advice do you offer to young people beginning their careers?

The first piece of advice I give young people is to find a career you’re truly passionate about. When you do, you set yourself up for extraordinary success – and you’ll never “work” a day in your life because you’ll enjoy it so much. Second, remember two words that define lasting success: grit and discipline. Third, understand the importance of saving and investing – not in cash, CDs, or bonds, but in real estate and stocks – and commit to holding those investments for the long term. Avoid chasing “get rich quick” schemes; they almost always end badly. Fourth, take risks – not just in investing, but in your career. If you feel passionate about an idea, launch your own business. The economic and emotional rewards can change your life. Risk is an essential part of growth, so embrace it – just be calculated in your moves.

Finally, live by the principle that what gets measured gets managed. Measure your goals in every area of life – career, health, relationships, spirituality – and regularly ask yourself how you’re doing. Yes, there will be times when your career demands more of your energy, but you can’t let the other vital areas of life slip by the wayside.

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“If you feel passionate about an idea, launch your own business.

The economic and emotional rewards can change your life. Risk is an essential part of growth, so embrace it – just be calculated in your moves.”

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Creations Of Visual Energy An Interview with Darnell “Solo the Artist” Kirkwood EDITORS’ NOTE Darnell “Solo the of working hard, not letting excuses Artist” Kirkwood (solotheartist.com) get in the way of doing your best, and is a Los Angeles-based artist and nurturing and valuing your relationactor from Kansas City. He has ships. I am so grateful for this because appeared in films and TV shows I knew very early that the level of like Top Gun: Maverick, The Young exploration required to nurture the and the Restless, Hawaii Five-0, dreams I had planted inside me – and Bosch. He has a l s o d o n e particularly in the arts and entertainnational commercials and print ment – would necessitate having the ads with brands like Nike, Lexus, courage to explore beyond my current T-Mobile, and HomeGoods. Solo’s environment and connect with differart has been exhibited in gallerent parts of the world, but I wouldn’t Darnell Kirkwood ies and spaces acr oss the U.S., have been able to do this without her including at Art Basel Miami. He is example. also collaborating with the hospitality industry, creating art and travel experiences with hotel groups like the OPAL Collection and the Ette Hotel, through his Discoveries Along the Way tours. SunChips commissioned Solo to create art that was featured on their snack bags.

Solo uses storytelling as a superpower – he combines his acting experience with his art to bring stories to life through layers of color, movement, materials, and his unique “Solo Symbols.” These symbols are part of his interactive messaging, meant to tell personal and collective stories. For him, his art is more than just visuals; it’s a way to channel divine energies, bless the spaces they occupy, and engage with those spaces.

He describes his creative process as “F.E.E.L.,” which stands for Faith, Energy, Empowerment, and Love. For Solo, creating art while being a vessel of (F)aith to possess the (E)nergy of (E)mpowerment through (L)ove is essential to his practice.

His work seeks to foster connection - bringing communities together and promoting harmony through art, energy, and love. An important aspect of his mission is to inspire us all to keep spreading positive vibrations and blessings that empower ourMy first journey was as a basketball player. I selves and those around us through the energy worked hard in high school to earn a basketball embodied in his art and storytelling. This includes scholarship that took me to La Junta, Colorado, encouraging us to connect with and send love to and Boca Raton, Florida. I ended my career as a our inner child, fostering inner healing, authentic- professional basketball player in Denmark. While ity, and joy in our journey. overseas, I was discovered as a model, which ultimately led me to Los Angeles to pursue commerWill you discuss your career journey? cial, television, and film acting. Playing basketball My unconventional journey has been an and being in entertainment has blessed me with exploration of my experiences growing up in the opportunity to travel around the world and Kansas City. I often say that I am grateful my immerse myself in various environments. These foundation was built growing up in Kansas City, experiences led me to channel my passion for tellMissouri. My mother, grandmother, and fam- ing stories creatively through art. In 2022, I opened ily blessed me in so many ways that helped my multidisciplinary art business, Solo Art. me become the man I am today. My mother Like the early lessons from my mother, every instilled in my brother and me the importance step I’ve taken has been centered around people, 208 LEADERS

evolution, and forging meaningful connections and communities through energy. These experiences continue to inspire me to think outside the box, innovate, and connect with audiences across the globe – serving as a divine vessel of energy. I hope to inspire others to embrace their superpowers and take chances on their dreams as well.

When did you develop your interest in being an artist?

My interest in becoming an artist developed organically over time. Growing up in Kansas City, my first love was music – my father was a trombone player, my brothers and I were musicians, and my great-uncle was part of Kansas City’s legendary jazz scene. As a child, I loved exploring homes filled with vintage photos, paintings, and unique furniture, and being intrigued by the energy in their stories. This sparked my curiosity and love for storytelling through visual art, but I didn’t know it at the time.

In college, I discovered my natural talent for drawing after creating a portrait of a friend’s grandmother which deeply moved her, so much so that she insisted on showing my art professor – which then encouraged me to pursue art – but my focus was on my basketball scholarship and graduating at the top of my class to make my mother proud.

Years later, after moving to Los Angeles to pursue acting, I discovered abstract art while researching a character I was developing – an

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emerging contemporary artist.

This revelation unlocked a new creative passion: layering energy, imagination, and holistic expression, which transformed my life and inspired me to embrace art authentically. Today, I see creativity as a spiritual practice. I aim to use my superpowers to serve as a conduit of high vibrations and joy to the energy of the world through my practice – inspiring others to listen to their inner voice and reconnect with the limitless imagination of their inner child.

Looking back, my childhood fascination of the stories embedded in vintage photos and art sparked emotion that continues to fuel my creative journey today. I still have no clue what I’m doing, but processing this question reminds me that the roots of my passion were always grounded in exploring the energy and perspective of the narrative that surrounds us.

How do you describe your work?

A blessing of energy. I create abstract narrative art from a collection of notes that I call “Discoveries Along the Way” – inspired by the vivid imagination of a “Grown Kid.” I embed these notes – discovered through my process – using color, movement, and mixed materials into creations of visual energy. I exhibit them through curations of short stories and narrative series experiences. My art is engaging, energetic, and positively thought provoking. It seeks to bridge worlds of culture, identity, and energy – through the power of imagination. Even if you don’t end up acquiring the piece, I hope it gives you something meaningful to take with you.

Where do you get your ideas and inspiration for your art?

My inspiration comes from collecting “discoveries” from this amazing planet we live on – including people, nature, my life, my wife, my dog, my family, my emotions, and my faith.

We used to have Sunday dinners after church at my grandmother’s house because my family was full of a range of entertainment to pull from. I also draw heavily from everyday conversations – exploring the evolving perspectives on life and cultural dialogues – to reflect the diversity and complexity of contemporary existence.

One of my favorite activities is visiting the park and grounding myself for at least ten minutes.

This practice fosters a connection and communication that goes beyond words. Even when I travel, I seek out parks, beaches, or trees to meditate and reconnect. Travel deeply influences VOLUME 48, NUMBER 4

many of my ideas and insights – like my “Discoveries Along the Way” tours. They allow me to connect with people from around the world and share art that might not otherwise be exposed to them.

I also have to give credit to my beautiful wife, Danielle. She’s a fashion stylist who inspires me tremendously with her superpowers of style and taste, but she also has a huge heart. I’m grateful for all my years in basketball because her blunt and honest delivery is similar to that of a teammate trying to bring out the best in you.

There exists a spectrum of energy in the world, and I am continually fueled by intentionally creating high vibrations that contribute to the energy of global culture. At the same time, I aim to reflect the importance of staying connected to our inner child – a recurring theme in my work.

Will you highlight some of your pieces?

My latest exhibition, “Our Journey Together,” is a story about Ama and Amore – two young, yet old souls falling in love and facing life’s twists and turns. It’s told through six paintings, each showing a different chapter of their story, along with an audiobook that walks you through their journey. The story reaches a turning point when Ama and Amore have to make a really tough choice – a moment that makes you think about love, resilience, and the choices we all face. It’s a little glimpse into young love and everything that comes with it.

What are your priorities for your art as you look to the future?

I believe in the power of making art accessible, so I’m dedicated to building momentum around creative initiatives through my art business, Solo Art Inc., and establishing my foundation to align with my background in art, entertainment, and basketball. My foremost priority is to keep creating safe spaces to push boundaries – exploring new mediums and concepts that welcome you and send you off into the world inspired and energized. This includes expanding public art projects through commissioned activations, media productions, sculptures, and paintings that reach audiences worldwide. Collaborating with museums, cultural institutions, collectors, production companies, and brands is at the core of this effort – creating immersive experiences, traveling exhibitions, and documentary series that showcase “Discoveries Along the Way.” My hope is that my art will spark meaningful conversations around holistic, social, and cultural issues while also bringing joy and energy into people’s lives. I see galleries and public spaces transforming into platforms for dialogue and engagement – spaces that inspire thought and foster genuine connection.

Ultimately, I want to leave a lasting legacy through my art and foundation – something that elevates cultural conversations and encourages future artists and collectors to think outside the box and create real value. Building bridges within the art world is especially important to me, particularly for those whose journeys are as abstract as mine.

Like the legacies of perseverance symbolized in the vintage photos I mentioned earlier, if my legacy can reflect how I’ve used my “superpowers” – to be blessed and to be a blessing to others, just like my mother – then what a blessing that would truly be.

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China General Chamber of Commerce - USA Connecting People · Building Trust · Expanding Cooperation

Founded in 2005, the China General Chamber of Commerce - USA (“CGCC”) has been recognized as one of the most impactful not-for-profit organizations representing the U.S. and Chinese business communities. With a mission to create value, generate economic growth, and enhance cooperation, CGCC offers a broad range of programs, services, and resources to over a thousand multinational companies across the U.S.

CGCC is an independent, non-partisan, non-governmental chamber of commerce since its inception. As of July 2024, CGCC’s Chinese member companies have cumulatively invested over $140 billion, employ more than 230,000 people, and indirectly support over one million jobs throughout the United States.

CGCC Foundation CGCC Foundation, established in 2014, is a 501(c)(3) tax-exempt organization. The mission of CGCC Foundation is to deepen mutual understanding and cooperation between the United States and China through research, public charity and engagement in economic, cultural and social exchanges.

Mission CGCC is committed to providing various supports to members of CGCC (hereinafter referred to as “Members”) who want to conduct or expand their businesses in the United States, establish a pragmatic and effective communication and coordination platform, integrate the superior resources of China and the United States, create value for Chinese and American enterprises, promote business exchanges and cooperation between China and the United States, and enhance understanding, trust and interaction between China and the United States.

www.cgccusa.org

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Values

Vision

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Uniting U.S.-China business communities and advancing opportunities for our members to achieve economic growth and prosperity, and positive social impact.

contact@cgccusa.org

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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.

19 E 48th Street, 3rd Floor, New York, NY 10017

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Introducing our refreshed look and logo!

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CGCC Board of Directors

Wei HU President & CEO of Bank of China U.S.A.

Ning YUAN Honorary Chairman of CSCEC Holding Company, Inc.

Zheyu CHEN Chairman of COSCO SHIPPING (North America) Inc.

Xin (Wilson) HE General Manager of China Merchants Bank New York Branch

Pin NI President of Wanxiang America Corporation

Vice President of China Telecom (Americas) Corporation

Ping ZHANG

Baomin ZHENG CEO of Sinopec North America Inc.

Jianyu ZHANG Chair of ICBC US Region Management Committee

Zhaojie ZHANG General Manager of Agricultural Bank of China New York Branch

Jianbo SUN General Manager of China Construction Bank New York Branch

Xi LIN Managing Director & Head of Americas of CICC

Chairman of Aland Health Holding & International Vitamin Corporation (IVC)

Wei BO Fosun Global Partner, Co-President of Fosun Hive Overseas, Fosun International

Xiangyang LI President of State Grid US Representative Office

Weiming SU President of China Mobile International (USA) Inc.

Qiang LIU President of PetroChina International America Inc.

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Liang CHANG

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Xue LIU President of Americas Region China Unicom (Americas)

Duan WANG Assistant General Manager of HNA Trust Management

Weifeng ZHANG President & CEO of SCG America Group

Howard LI Chairman & CEO of Waitex Group of Companies

Yi ZHU Chairman & CEO of Gemdale USA Corporation

Shaohui YANG General Manager of Bank of Communications NY Branch

Xiaodong YANG Executive Director, President of Baosteel America

Zhaohu WANG President of Minmetals USA Inc.

General Manager of China Southern Airlines Company Limited North America

Xiang LI

Jing CHEN General Manager of UnionPay International (USA) LLC

Gang HU President & CEO of Greenland USA

Fei XIANG President of Sany North America Region & President of Sany America

Shuguang WANG US Chairman of Broad U.S.A. Inc.

Tong HE General Manager of Eccom Network (USA) Inc.

Yu WANG Chief Representative of China Life U.S. Representative Office

Guoliang YU General Manager of Liepin North America

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CGCC Board of Directors

Lianhong LIU President of Hongdou New York Inc.

Xiaoyuan HOU CEO of Chinatex Oriental USA Inc.

Hui DONG President & CEO of Shanghai Int’l Holding Corp. (America)

Elliot Rishty Managing Director of Vanke (USA) Holding

Chunfei YANG General Manager of China Eastern Airlines North America

Stella LI Executive Vice President of BYD Company Limited, CEO of BYD Americas

Kuanliang LIU Chief Representative of China Re New York Liaison Office

Amy LEI Vice President of Fuyao Glass Corporation of America

Larry LI President of China Orient Advisors Inc.

Duo ZHANG General Manager of Beijing Duck Restaurant

Ya SUN CEO & President of Sun Fiber LLC

Weilu YE CEO of Haitong Securities US LLC

Tencent America LLC

Jun WANG Managing Partner of King & Wood Mallesons

Xiaochen LIU Vice President of Lao Feng Xiang Jewelry USA LLC

James SHIH Group Vice President of SEMCORP Group

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Chang SHU General Manager of CSX Inc.

Zhiyong WANG General Manager of Air China

Quan LIU CEO of XCMG America Inc.

Kai-yan LEE Regional CEO, Europe, Americas and Middle East of JD Property

Henry HE General Manager of Alibaba Cloud USA

Yu SHAO

CEO of HEYTEA USA, CFO of HEYTEA Group, HEYTEA USA Inc & HEYTEA GROUP

“Thanks to the unwavering dedication and commitment of our entire Board of Directors, CGCC has experienced remarkable growth and transformation over the past years. Your vision, leadership, and tireless efforts have laid a strong foundation for our success. Equally important, with the active participation and steadfast support of our members, partners, and friends, we have been able to fulfill our mission of fostering mutual understanding, collaboration, and opportunity. Together, we will continue to strengthen our role as a trusted bridge between the U.S. and China business communities—connecting people, building partnerships, and creating lasting value for all we serve.”

- Wei HU

Chairman of China General Chamber of Commerce – USA President & CEO of Bank of China U.S.A.

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CGCC Annual Business Survey Report on Chinese Enterprises in the U.S.

The U.S.-China trade relationship and the business environment in the U.S. underwent significant changes since 2024 and had far-reaching implications for Chinese enterprises operating in the U.S. These shifts occurred amid major adjustments in the global economic landscape and increasingly complex geopolitical dynamics.

The survey conducted by China General Chamber of Commerce - USA (CGCC) explored multiple dimensions, including business performance, investment and business environment outlook, digital transformation, supply chain resilience, and geopolitical responses, revealing the following key findings:

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Investment and Business Environment Chinese enterprises in the U.S. reported slightly eased perceptions of the U.S. investment climate, however the investment strategies remain divergent.

In 2024, assessments of the U.S. investment and business environment improved notably compared to 2023. Negative perceptions declined significantly from 61% to 43% (an 18-percentage-point drop), neutral assessments rose from 27% to 33%, and positive evaluations increased from 13% to 23%. Notably, the proportion reporting a “significant deterioration” fell sharply from 16% to only 3%. Extreme pessimism among businesses regarding market conditions has eased, and business confidence is showing signs of recovery.

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Figure 12: How has the U.S. investment and business environment changed in 2024 for the respondents overall and comparison of historical data

Business Performance In 2024, Chinese enterprises in the U.S. reported stabilized revenues and slight profit growth, though overall profitability remained modest and brand-building efforts continued to lag.

Among surveyed companies, 30% reported revenue growth—with 13% achieving increases of 20% or more—while 40% maintained stable revenues.

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Figure 16: The annual revenue distribution of the surveyed companies’ business in the United States from 2018 to 2024

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Macro Environment Outlook and Strategic Adjustments Chinese enterprises expressed cautiousness about future U.S.-China relations, with growing operational challenges and cautious investment and revenue forecasts.

Politically and culturally, 41% of respondents expected “moderate deterioration” in bilateral ties, while 48% anticipated worsening trade relations.

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Digital Transformation While most Chinese enterprises in the U.S. prioritize digital transformation, progress has been uneven due to technical and cost-related challenges.

While 60% of respondents regarded digital transformation as a core strategy, 16% had not yet initiated any efforts, and 24% were still in the research phase. Respondents widely acknowledged the benefits of digitalization in improving operational efficiency (92%) and enhancing the value of data assets (80%). However, integration issues (84% cited “poor compatibility between legacy systems and new solutions”) and high costs (84% referenced expensive software and hardware investments) continued to impede progress. In the next one to two years, 52% of enterprises planned to maintain current digital investment levels, while 28% intended to accelerate efforts to gain a competitive edge.

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Figure 21: The surveyed companies’ outlook for U.S.-China bilateral relations and U.S.-China economic and trade relations in 2025

Figure 26: The annual revenue distribution of the surveyed companies’ business in the United States from 2018 to 2024

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Supply Chain Resilience Chinese enterprises reported significant supply chain risks and cautious progress in resilience-building, with future efforts focused on diversification and risk management.

The most commonly cited risks included geopolitical tensions (91%), exchange rate fluctuations (70%), raw material shortages (57%), and natural disasters (48%). While many companies believed their supply chains were on solid footing, 35% rated theirs as above average, and 13% considered themselves to be industry-leading. Investments remained conservative, with 82% allocating just 1–10% of the previous year’s net profits to resilience initiatives. Current progress varied: about one-third of enterprises were in the research phase, one-fifth had not begun systematic efforts, and just over half had entered implementation or optimization stages.

Planned strategies for the next 1–2 years included diversification, increasing material reserves, strengthening supplier collaboration, and monitoring supplier financial health.

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Figure 36: The surveyed companies’ scoring ratings of their supply chain resilience and high adaptability capabilities

Geopolitical Responses Anticipated policy shifts under a potential second Trump administration led to more cautious investment strategies.

Half of the respondents indicated plans to deprioritize U.S. market investments to reduce policy risk, with 22% planning substantial reductions; only 22% intended to increase their investment focus. Amid expectations of renewed tariffs and a deteriorating market environment, companies prioritized factors such as local policy friendliness (96%), tax incentives (68%), and industry support programs (64%) when choosing investment locations. In high-tech sectors subject to restrictions, firms employed adaptive strategies including alternative collaborations (36%), local partnerships (27%), and independent R&D (20%). Approaches to collaboration with U.S. firms were cautious: 40% would assess on a case-by-case basis, while 19% were unlikely to collaborate due to policy concerns. A large majority (85%) believed that the U.S. policies would significantly impact the business environment across the U.S., highlighting the wide-reaching effects of federal government changes.

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Figure 36: The surveyed companies’ scoring ratings of their supply chain resilience and high adaptability capabilities

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Summer 2025 Event Highlights This summer, the China General Chamber of Commerce – USA (CGCC) and the CGCC Foundation hosted and participated in a dynamic lineup of programs that connected members across industries, deepened cultural appreciation, and sparked meaningful dialogue. From high-level business discussions in Washington, D.C., to exclusive art experiences in New York City, the season’s events reflected CGCC’s ongoing commitment to building bridges between the U.S. and Chinese business communities while celebrating the richness of shared culture and expertise.

May – 2025 Annual Business Survey Report Launch & Reception On May 12th, CGCC and the CGCC Foundation proudly unveiled the 2025 Annual Business Survey Report on Chinese Enterprises in the U.S. at the Hilton Washington DC Capitol Hill. The launch event drew over 100 leaders from across the U.S.–China business ecosystem, including member companies, strategic partners, and representatives of the Chinese delegation to the SelectUSA Summit.

During the event, CGCC officially released the 2025 Annual Business Survey Report on Chinese Enterprises in the U.S. Ying LI, Director of Research and Corporate Communication at CGCC, provided key insights into its findings and trends.

Vice-Chairman of CGCC and President of Wanxiang America Corporation, Pin NI, then joined Ms. LI for a dialogue titled, “Navigating Changes, Forging Ahead: Strategic Confidence and Management Wisdom in a New Era of U.S.-China Economic and Trade Relations,” sharing perspectives on how Chinese companies in the U.S. are navigating uncertainty and adapting to change.

“Tonight’s gathering carries special significance…As the largest independent, non-partisan, non-governmental chamber of commerce representing the U.S.-China business communities, CGCC has been proud to serve as a platform for exchange, collaboration, and constructive dialogue,”

Moderated by Senior Management Consultant Zhanfu YU, the event’s featured panel discussion featured Shau ZHANG, Partner & EY Americas Leader of China Overseas Investment, Ernst & Young LLP; Teresa LU, Executive Director for Geo-Commerce Practice, APCO; and Barry YAO, Americas Regional GM of Zyla. Together with attendees, they engaged in a discussion on strategic adjustments, resilience planning, and global business cooperation.

said Wei HU, Chairman of CGCC, President and CEO of Bank of China U.S.A.

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June – Art, Luxury, and Business Connections On June 6th, CGCC members stepped into the world of fine art and luxury at Christie’s New York for an exclusive, privately guided tour. Led by Christie’s specialists, guests explored select galleries showcasing masterpieces from the Impressionist and Modern Art collection alongside the celebrated Luxury cluster of fine wines, watches, handbags, and jewelry. This intimate experience allowed members to gain expert insights into the artistry, history, and craftsmanship behind these exceptional pieces, while enjoying a unique networking opportunity in one of the world’s leading auction houses.

Just over a week later, on June 17th, several CGCC members attended a Chinese Client Breakfast Meeting at J.P. Morgan’s New York office. Hosted by Alan Ho, Co-Senior Country Officer for China and Asia Pacific, the gathering provided an open forum to discuss financial market trends, cross-border investment strategies, and emerging opportunities for collaboration.

July – “Navigating the Future” Roundtable in New York

August – A Cultural Evening at The Met

On July 9th, the CGCC Foundation and National School of Development (NSD) at Peking University co-hosted a roundtable discussion at Fordham University in New York. Centered on the theme “Navigating the Future: Thriving in a Transformative Era,” the event brought together over 70 participants, including students from the PKU-FDU DPS program and members of the CGCC community. The discussion was followed by a cocktail reception.

On August 7th, the CGCC Foundation, with support from CGCC member China Eastern Airlines, invited guests to an after-hours journey through Chinese history at The Metropolitan Museum of Art. The private guided tour of “Recasting the Past: The Art of Chinese Bronzes, 1100–1900” was led by Pengliang Lu, Brooke Russell Astor Curator of Chinese Art, who brought to life the stories behind nearly 200 works from international collections.

The exhibition, organized by The Met and the Shanghai Museum and on view through September 28, features bronzes alongside paintings, calligraphy, ceramics, lacquers, and jades, tracing the evolution of bronze as both an art form and a cultural symbol over eight centuries. In addition to offering an extraordinary cultural experience, the evening strengthened community connections and highlighted the role of art in fostering mutual understanding.

Looking Ahead With autumn approaching, CGCC is preparing for an equally impactful season of events — continuing to build momentum toward new opportunities and partnerships. Visit www.cgccusa.org for more information.

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LEADER TO LEADER

Serving The Public A Conversation between Nido R. Qubein, President, High Point University and Boris Johnson, Former Prime Minister, United Kingdom that he has received, Qubein is an inductee of the Horatio Alger Association for Distinguished Americans, along with Oprah Winfrey and Colin Powell. He converses with some of the world’s most influential thought leaders and change agents, many of whom are drawn to HPU’s innovative campus. Their conversations focus on leadership, life skills and values that prepare HPU students to lead lives of success and significance. Below is a transcribed excerpt, edited for clarity and brevity, of Qubein’s 2025 conversation with former United Kingdom Prime Minister Boris Johnson on HPU’s campus.

Qubein: You were a prime minister. You were a mayor of London. You were leader of the Conservative Party. You were foreign secretary. Which of those roles did you like the most and why?

Nido R. Qubein and Boris Johnson

EDITOR’S NOTE Nido Qubein is the longestserving active college president in the state of North Carolina. Named HPU’s seventh president in January 2005, he has led his alma mater with vision and dedication for more than 20 years. He rose to prominence as an internationally known author and consultant who has given more than 7,500 presentations worldwide. He has served on the corporate boards of

several Fortune 500 companies, including Truist, the sixth-largest bank in the nation, La-Z-Boy, and Savista Healthcare. He is also executive chairman of the Great Harvest Bread Company.

During his more than two decades and counting as HPU’s president, enrollment has quadrupled, the campus has expanded from 90 to 520 acres, and academic schools have grown from three to 14. Among numerous honors and recognitions

Johnson: Well, I loved all of them. It was a massive privilege to do any job in public service. A lot of the people in the UK were ever more astonished as I got more and more positions of power, and there was a great deal of mystification. But I loved all those jobs. I think being mayor of London was perhaps not an ideal preparation for being prime minister in a weird way. I should tell you why. I mean I loved being mayor. I loved being prime minister, but the problem with being mayor of London was that it was basically monarchical.

I was in charge, and I said to one go and he goeth, and another come and he cometh. And that was a bad preparation for being prime minister because the prime minister in the UK is, well, he’s primus inter pares in his cabinet

“One of the greatest joys of being prime minister, the greatest privileges of being prime minister, was that you got to spend an hour a week in the company of Her Majesty the Queen.”

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“I don’t think people should go into politics unless they think they can do something useful and make a difference.”

Boris Johnson

or her cabinet. But the crucial thing is that you serve not just at the pleasure of the people, but at the pleasure of your backbencher. I think to be a really effective prime minister you have to be a real child of the House of Commons, as Churchill said. You’ve got to sit there. You got to know all the back benches, and you’ve got to be very alert to what’s happening.

Qubein: I ask because I really don’t know the relationship between the prime minister during your tenure, and Her Majesty the Queen.

In your book, you say that Queen Elizabeth at the time told you, “Leadership isn’t about being popular. It’s about being useful.”

Johnson: It’s such a good piece of advice, and it means that when you’re a leader, sometimes you have to do things that people aren’t going to like necessarily and you’re going to have to do a lot of boring stuff that you don’t really want to do, but you’ve got to do things that are really going to serve the public. I don’t think people should go into politics unless they think they can do something useful and make a difference. She was dead right about that, and she was right about most things.

One of the greatest joys of being prime minister, the greatest privileges of being prime minister, was that you got to spend an hour a week in the company of Her Majesty the Queen. And this was like a confessional, right?

It was just me and Her Majesty for an hour or more because some days we rambled on. It was like you could tell her anything. It was like she’s your favorite grandmother, and you can tell her things you don’t tell your parents, right?

She was brilliant, absolutely. She knew everybody. She had known every American president since Eisenhower, from Eisenhower to Trump.

She knew them all, and she had stories about them all, which sadly I can’t repeat because the Cabinet office won’t let me quite rightly and I wouldn’t. But she had a great gift of making you feel that she was on your side in trying to do the right thing, and she was very, very encouraging. I always came out of the meetings feeling buoyed and soothed.

Qubein: In this hour a week that you had with Her Majesty the Queen, did she try to influence your politics?

Johnson: No, and it’s very important that everybody understands that the role of the monarch is to advise and to consent, but in no way to interfere. And she never did. I had a pretty good idea what she thought because after a while when you’re with someone for a long time, you kind of intuit things. Maybe I was wrong, but I had a pretty good idea what she thought, but she never said, “Oh, that’s a good idea. That’s a bad idea. Do this.” Never, never, never. That wasn’t her job. Her job was to listen, to help set the context and to encourage, and she did that absolutely brilliantly.

Qubein: When you look at your own career, it’s been a celebrated career to many.

But on the other hand, there were people who were in disagreement with you. You’re somewhat controversial to some. How did you deal with that, and would you ever go back into politics?

Johnson: Normally, I defeated them. That was the best thing to do with them. I just defeated them. People do disagree with you. With Brexit, we had a most enormous argument, and it took a lot of effort and energy, but we won it. It’s interesting that the U.S. does seem more polarized politically now than the U.K. Would I be right in thinking that? I think that’s a pity. I think sometimes the public love it if you can come together. If having had the argument, you can then come together for the good of the country, and I think we should all try to do that. As for whether I will ever do anything in politics again, remember what Her Majesty the Queen said: You should only do things if you think you can be useful in politics, and you know at the moment I think, as I say, the most useful single thing I can do is build that kitchen for my wife. That really is it, and that’s what I’m doing.

Qubein: Since we are on a university campus, if you were to say to these young men and women here are the two or three things you must learn and apply in your life to be extraordinary, to be “useful,” what would you say to them?

Johnson: Oh man. Just remember, people don’t have time to form a judgment about you other than the judgment that you seem to have of yourself. They don’t, and so you should be proud and you should be confident. Concentrate on what you’re doing and not how you’re doing – that’s what my grandmother used to say. I didn’t really have any better advice than that. Don’t go into politics until you’ve made some money. Definitely yes, that’s the other piece of advice I’d give.

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“Just remember, people don’t have time to form a judgment about you other than the judgment that you seem to have of yourself.”

Boris Johnson

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Built For Connection An Interview with Adam Stewart, Executive Chairman, Sandals Resorts International EDITORS’ NOTE Adam Stewart Montego Bay, Jamaica – earning is Executive Chairman of Sandals its place as one of the most wellResorts International (SRI), the known and award-winning hospicompany founded by his late father, tality names in the world over the last Gordon “Butch” Stewart, and the 44 years and counting. Together with organization behind the world’s its sister brand, the family-friendly most recognized brands of luxury Beaches Resorts (beaches.com), the all-inclusive resorts including adultsorganization comprises 19 properonly Sandals Resorts and famities in nine Caribbean island nations ly-friendly Beaches Resorts. Prior to including Antigua, The Bahamas, becoming Executive Chairman, he Grenada, Barbados, Jamaica, Saint previously spent more than a decade Lucia, Curaçao, Saint Vincent and the Adam Stewart as Deputy Chairman and Chief Grenadines, and Turks & Caicos. As the Executive Officer of SRI. In addition undisputed leader of Caribbean vacato his responsibilities with SRI, Stewart continues tion experiences, Sandals Resorts and Beaches his leadership role in the family’s extensive hospi- Resorts remain fiercely committed to the region, tality, media, automotive, and appliance busi- dedicated to innovative resort development that ness holdings, including his position as Executive in the words of founder Gordon “Butch” Stewart, Chairman, The ATL Group, comprising the “exceed expectations” for guests, associates and Jamaica Observer, the country’s leading daily the people who call the Caribbean home. newspaper, and ATL Appliance Traders, a chain of domestic and commercial appliance outlets Will you discuss the history and heritage of combining exclusive distributorship of the world’s Beaches Resorts? top electronic brands with exceptional customer Beaches Resorts was founded in 1997 on a service throughout Jamaica. Deeply committed simple but powerful idea: that families deserve to the region, he is the President of the Sandals the same standard of luxury, service, and innoFoundation, a 501(c)(3) nonprofit organiza- vation that couples were experiencing at Sandals tion aimed at making a difference in Caribbean Resorts. But the foundation of Beaches goes communities. An entrepreneur in his own right, far deeper than that. It’s rooted in the warmth, Stewart is the founder of leading attraction and hospitality, and vibrant culture of the Caribbean. tour company, Island Routes, offering more than 500 unique tours that make it easy for visitors to authentically connect with locals and experience the region. Recently appointed as a special investment envoy for tourism by Jamaica’s Prime Minister, Andrew Holness, to drive innovation, investment, and economic growth in Jamaica, and to the Executive Committee of the World Travel & Tourism Council (WTTC), Stewart is a graduate and active alumnus of The Chaplin School of Hospitality & Tourism Management at Florida International University in Miami. He has been personally recognized as the Jamaica Hotel and Tourist Association’s Hotelier of the Year 2015, World Travel Awards’ Rising Star, Caribbean World’s Travel and Tourism Personality of the Year, and received the Distinguished Alumni Torch Award from FIU and The Gleaner Company’s Jamaica 50 under 50 Award.

COMPANY BRIEF The world-renowned Sandals Resorts (sandals.com) brand was concepted and brought to life on the majestic shores of 224 LEADERS

Beaches is “Made of Caribbean” – not just in geography, but in spirit. As a Caribbeanborn and Caribbean-led brand, our heritage is shaped by the communities around us, the team members who bring our resorts to life, and the thousands of family stories we’ve been privileged to be part of over the years. It’s a living, breathing force that influences how we care for families today, and how we design for the families of tomorrow.

With properties in Jamaica and Turks & Caicos, and more on the horizon, Beaches is built for connection. From our exclusive partnership with Sesame Street, to our expansive waterparks, to specialized programming like our Advanced Certified Autism Centers, every element is thoughtfully created to reflect the evolving needs of modern families. We’re proud to keep raising the bar for what family travel can look like while staying true to where we come from.

How do you describe the Beaches experience?

What sets Beaches apart isn’t just the beauty of our surroundings; it’s the soul of the Caribbean that lives in everything we do. It’s the authenticity of our culture, the warmth of our people, the flavors on your plate, the rhythms in the air, and most of all, the way we make you feel. Beaches is a place where parents can

Rendering of Treasure Beach Village at Beaches Turks & Caicos (above); Rendering of Beaches Runaway Bay, Jamaica (opposite page)

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relax, knowing their children are engaged and entertained, and where every generation finds something to enjoy. From specialty cuisine to immersive experiences and personalized service, everything we offer reflects the care and pride of the people behind it.

And we’re proud that families choose to return, year after year – not just because of what we provide, but because of how it makes them feel. That sense of belonging is what truly defines the Beaches experience.

What will be the impact of the recently announced $1 billion investment in the Beaches brand?

Our $1 billion investment across the Caribbean is a bold commitment to the future, for both the families we serve and the region we call home. This expansion will nearly double our footprint over the next several years, bringing Beaches Resorts to new destinations like The Exumas and Barbados, while reimagining what luxury family travel can look like. It’s about setting a new benchmark in family travel and ensuring that Beaches remains the top choice for families seeking luxury, adventure, and authentic experiences.

But this growth goes far beyond new resorts. Each development is an opportunity to contribute to something bigger, strengthening the local ecosystem in partnership with the communities we are privileged to be part of.

From taxi drivers and tour operators to farmers, fishers, and artisans, we are working to deepen economic linkages that create lasting, sustainable value. That includes sourcing local produce and seafood wherever possible, investing in farm-to-table partnerships, supporting local artisans, and generating thousands of jobs across construction, hospitality, and services. This is how we define responsible growth: not just by building new rooms, but by building regional capacity. This investment future-proofs the Beaches brand, ensuring we remain resilient in the face of shifting demographics and rising competition, powered by the strength of our destinations, the pride of our people, and the long-term future we are shaping together.

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Will you elaborate on your plans for growing the Beaches brand?

Our growth strategy for Beaches is deliberate and designed to meet the unique desires of our guests – never a cookie-cutter approach.

The new Treasure Beach Village at Beaches Turks and Caicos will feature 101 thoughtfully designed rooms and suites, a lagoon-style infinity pool with a dedicated splash zone for children, six restaurants offering a variety of culinary experiences, and an on-site cinema for family entertainment. In Barbados, we’re building a family luxury resort rooted in upscale design and vibrant local culture. It will be our first property on the island with 600 rooms, including expansive suites and a “Main Street” with dining, shopping, and entertainment options.

In The Bahamas, Beaches Exuma will leverage the island’s natural beauty to offer experiential luxury anchored in authenticity, with 249 suites, 12 restaurants, and exclusive amenities like our Sesame Street partnership. Beaches Runaway Bay in Jamaica will offer approximately 400 suites and villas designed with extended families in mind, featuring wellness zones, adventure trails, and access to championship golf.

We’re investing not just in new resorts, but in redefining the future of family travel, creating unforgettable experiences that reflect the soul of each destination and raise the bar for the entire industry.

What have been the keys to Beaches’ strength and leadership, and how do you define the Beaches difference?

Our entire philosophy is built around a family-first mindset – not just in who we are, but in how we operate. Our greatest strength lies in our people and our ability to remain relentlessly attuned to the evolving needs of modern families. The Beaches difference is rooted in personalization, innovation, and a deep commitment to creating a true sense of belonging.

We don’t chase every trend; we filter innovation through the lens of what truly matters to our guests and what aligns with our brand’s DNA. We listen closely, anticipate thoughtfully, and consistently deliver experiences that resonate across every generation. That philosophy

has made Beaches the benchmark for family luxury travel, and we’re proud to lead not by volume, but by vision.

Will you highlight Beaches’ investment in training and commitment to its workforce?

Our people are, without question, our greatest asset and the only truly sustainable competitive edge in hospitality. That’s why investing in their growth isn’t just an HR initiative; it is a core business strategy. Through our Sandals Corporate University, we’ve built strategic infrastructure not only to upskill our team, but to empower them with leadership, empathy, and world-class proficiency. These development programs create meaningful career pathways and elevate not just the individual, but the entire Caribbean hospitality ecosystem.

We’re committed to transforming local talent into globally competitive professionals who are Caribbean-born and Caribbean-proud.

This investment ensures we remain agile, futureready, and capable of delivering the increasingly complex and deeply personalized experiences today’s guests expect.

At the heart of it all is a simple truth: when we take care of our people, they take care of our guests. And that is the foundation of everything we do.

What do you see as Beaches’ responsibility to be engaged in its communities?

As a Caribbean-born brand, we don’t just operate in these islands – we are of them. That comes with a profound responsibility to uplift the communities that surround us. For us, corporate responsibility isn’t a separate initiative; it’s embedded in how we do business. Through our philanthropic arm, the Sandals Foundation, we’re deeply invested in education, community, and the environment across the region. These efforts aren’t surface level. They’re long-term commitments, built through real partnerships with local organizations that drive measurable impact. Our work spans from restoring marine ecosystems and protecting fish sanctuaries to advancing sustainable agriculture and food security through school garden and composting programs. We also expand access to healthcare through free dental and vision clinics, reaching residents in underserved communities.

We see our role as a catalyst for meaningful growth, using our reach to create opportunity, protect the environment, and preserve local culture. A thriving community isn’t just good business; it’s the foundation of who we are and the future we’re building.

What do you tell young people about the type of career the hospitality industry offers?

Hospitality is a dynamic, purpose-driven career for those who are passionate about service and innovation. It offers a global stage where young people can experience diverse cultures and make a real impact. I often think of it as a grassroots MBA in human connection, agility, and creativity. That’s why at Beaches Resorts, we’re committed to empowering the next generation to bring their unique perspectives and talents to this vibrant industry.

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Culture, Community, And Curation An Interview with Jennie Enterprise, Founder and Chief Executive Officer, CORE:

Jennie Enterprise

EDITORS’ NOTE As a life-long entrepreneur, Jennie Enterprise’s passion for entrepreneurship was evident at an early age when she developed her first business at just 13 years-old: a tennis camp on Shelter Island where she spent summers with her family. Later, as a student at Fordham University, she founded her second business, an on-campus entertainment company that activated university spaces with curated cultural events. By the time she graduated from the London School of Economics and Fordham Law School, Enterprise was already developing her vision for a new kind of business, one that would meld her twin passions for community-building and curation. In 1995, that vision was realized as Reebok Sports Club, which later would be credited as the precursor for the “lifestyle club” category. In 2001, she founded CORE: as a membership-based lifestyle company.

COMPANY BRIEF Founded in New York City in 2005, CORE: (thecoreclub.com) reimagined the tradition of private communities, moving beyond the old model of rule books and dress codes, and innovating an approach in which freedom, independence and happiness would be the new center of gravity. CORE: would be defined by community with culture and curation at its heart. Today, nearly two decades later, the CORE: story of transformation continues, with a new home for CORE: New York and a global expansion underway, beginning with CORE: Milano.

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What was your vision for creating CORE:, and how do you define its mission?

I began developing CORE: in the early 2000s. It was a transformational moment in our world. The boundaries between work, play and culture were starting to blur. The most dynamic individuals I knew were all citizens of the world who were relentlessly curious, actively seeking out the unlikeminded, and approaching life as a journey of discovery. I created CORE: for those extraordinary individuals.

We were early to the space and CORE: reimagined the tradition of private communities, moving beyond the old model that relied on rule books and dress codes, and embracing an ethos of freedom, independence, and happiness, where culture, community, and curation animate everything we do.

How do you describe the CORE: experience?

Our members are immersed in a world defined by dynamic and engaged community, expertly curated cultural programming and events, remarkable art and architecture, exceptional culinary experiences, luxury suites, leading-edge wellness and body care – and all within landmark properties. Our community is global and curated across 13 distinct industries, so the synergies that come out of that as members share their expertise and experience worldwide is truly extraordinary.

CORE: has never been transactional, so our relationship with our members has spanned the

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chapters of their lives. Our members also know that we value privacy and discretion above all.

Will you provide an overview of the clubs?

We are deeply committed to capturing and celebrating the soul of each location, so we seek out landmark properties that are in a dialogue with their city or setting. Our new location in New York is in the beating heart of Manhattan at the iconic address of 711 Fifth Avenue. This legendary building, originally built in 1927 and designed by Bethlehem Engineering Corporation, once served as the headquarters of such famed corporations as Coca-Cola, NBC, and Columbia Pictures. Now our all-new home, which was reimagined by m2atelier, the Milano-based architectural and design firm, spans 60,000 square feet across the top four floors and includes 6,000 square feet of terrace space which offer views of both Fifth Avenue and Central Park. Our striking lobby was conceived by world renowned architect Peter Marino.

In Milano, our stunning palazzo spans six floors and is just steps away from the Duomo, tucked away on Corso Matteotti, one of the most sought after, elegant locations in this cosmopolitan city. m2atelier is restoring the palazzo to the highest of standards with thoughtful sensitivity to its rich and layered history. With abundant terraces, a beautiful courtyard, and a stunning series of culinary, wellness, and entertainment spaces, CORE: Milano will add an entirely new dimension to the Milanese way of life.

Where do you see the greatest opportunities for growth for CORE:?

We are actively seeking out destinations and gateway cities that are as internationally relevant and as culturally dynamic as New York. Our global expansion began, of course, in Milano where we have an extraordinary community, and in five to ten years, we will be well established in Europe, but also far beyond.

As far as the U.S. market, we are looking at two additional locations in the coming years.

CORE: New York suite

How critical has it been to build the CORE: team, and will you discuss CORE:’s investment in training and service?

CORE: is a collective performance. The strength of our teams and our culture is essential. Our mission is to identify world-class talent and then curate the conditions for their success, which means giving them the freedom and independence to bring the full range of their individual brilliance and creativity to the table.

The qualities we look for in our members are exactly the same qualities we look for in our team members: being unlike-minded, relentlessly curious, having a global perspective, and approaching every day as a journey of discovery.

In terms of training and service, that’s a commitment that we make every single day, because we are consistent, insistent, and persistent when it comes to endlessly refining and perfecting our member experience. It’s not

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about training days – although those are essential – it’s about creating a mindset of excellence.

How do you focus your efforts leading CORE:, and what are the keys to being effective in the role?

Leadership is about vision and communicating that vision in a way that inspires. It’s about mission-setting, and it’s about empowering people to be creatively imaginative and bold in their thinking. It’s also about showing up every day with absolute passion and commitment, and ensuring that the spirit of the brand, our founding principles and ethos, live in our thinking and our execution every day.

Did you always know that you had an entrepreneurial spirit and desire to build your own business?

Always. I curated my first community when I was 13 years old, which was a tennis camp on Shelter Island where I spent summers with my family. Then, when I went to college, I created an on-campus entertainment company that activated university spaces with curated cultural events. From there, I was deeply involved in the development of Reebok Sports Club, which was credited as the precursor to the “lifestyle club” category. And then I founded the CORE: club.

So, there’s a straight line in my entrepreneurial journey from 13 years old to today, and culture, community, and curation have been the foundation of it all.

What advice do you offer to young people beginning their careers?

Be relentlessly curious. No matter if the task in front of you seems small and inconsequential, do it to the absolute best of your ability. Make excellence and consistency your personal brand. Be a great partner to those you work with and be the person who inspires the room with your resourcefulness, resilience, and optimism. Have ambition for yourself and a vision and then pursue it with passion and humility. And have fun – embrace it all as an adventure and a journey of discovery. This is what I try to instill in our young talent.

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Five Distinct Hotels, One Iconic Resort An Interview with Daniel A. Hostettler, President and Chief Executive Officer, The Boca Raton EDITORS’ NOTE With 25 years club. The property has undergone a of luxury hotel, restaurant, and significant $375 million evolution, one private club experience, Daniel that pays homage to its historic past Hostettler directs the strategic and while reimagining it for the future. business vision for The Boca Raton.

Set on 200 waterfront acres, The Boca With previous experience leading Raton comprises five distinct hotels, nine hotels through significant offering a breadth of experiences openings and transfor mations, that few properties in the world Hostettler is rightfully positioned to can match, from families and wellaccelerate operational excellence. ness seekers to design aficionados Prior to joining The Boca Raton, and culinary travelers. The original Hostettler was President and Group Spanish-style architecture that was Daniel A. Hostettler Managing Director of Ocean House first by legendary American architect Management Collection for 12 years Addison Mizner nearly a century ago where he oversaw five award-winning New now lives in harmony with contemporary design England properties. These include Rhode Island’s and next-generation amenities. We’ve blended Ocean House (one of only 13 Triple Five-Star legacy and innovation in a way that resonates Hotels in the world), Weekapaug Inn (Forbes Five- deeply with today’s discerning guest, creating Star), Watch Hill Inn, and Preserve Sporting Club a destination that is timeless, yet current. Five & Residences, as well as the Inn at Hastings Park distinct hotels, one iconic resort. in Massachusetts. The properties are part of Relais What have been the keys to the strength & Châteaux, a prestigious collection of luxury and leadership of The Boca Raton in the hotels and restaurants around the world, of which industry?

Hostettler served as North American President for At its core, The Boca Raton’s strength lies four years. Hostettler is immersed in the hospitality in a commitment to continuous evolution and industry through membership with Cornell Hotel unwavering excellence in terms of our guest Society and as a Trustee of the Culinary Institute and member experiences. We’re not content to of America. He was recently appointed to the rest on our legacy. Instead, we’re driven by a Advisory Board of the Jonathan M. Tisch Center forward-thinking vision to set new standards for of Hospitality at NYU. Hostettler is a graduate what a luxury resort and private club can be. of the University of Denver, with his post-graduate This transformation has been rooted in three education completed at Cornell University, and the key pillars: an exceptional team; deep investWharton School of the University of Pennsylvania. ment in infrastructure and experience; and a member/guest-first philosophy that prioritizes PROPERTY BRIEF The Boca Raton (theboca personalization and service. We’ve built a leadraton.com) is a luxury resort and club located in ership culture that fosters innovation, encourBoca Raton, Florida. Founded in 1926, it spans ages collaboration, and empowers associates 200 acres and features over 1,000 hotel rooms. The to create meaningful moments for our guests. resort offers a wide range of amenities, including That energy is reflected in everything from our an 18-hole golf course, a 50,000-square-foot curated wellness journeys to our dining experiForbes Five-Star spa, eight swimming pools, 14 ences and redesigned accommodations. The tennis courts and 12 pickleball courts, a full-ser- scale of our offerings, combined with the intivice 30-slip marina, and more than 15 restau- macy of personalized service, is what enables rants and bars. The property fronts both Lake Boca The Boca Raton to lead in a highly competitive and the Atlantic Ocean, providing stunning global hospitality landscape. waterfront views.

How valuable is it to have such a strong suite product, and do you see this as a differWill you provide an overview of The Boca entiator for The Boca Raton?

Raton and how the property is positioned Without question. Our Suite Collection is in the market? one of the strongest differentiators in our portThe Boca Raton has always been historic; folio. We’re seeing increasing demand for accomnow it’s so much more. Over the past few modations that offer privacy, space, a residential years, we’ve redefined what it means to be sensibility, whether for multigenerational travel, South Florida’s leading luxury resort and private milestone celebrations, or extended stays. The 230 LEADERS

Boca Raton Suite Collection was intentionally designed to meet that demand with an elevated level of service and amenities. Guests enjoy expansive layouts, stunning waterfront views, butler-style concierge, private chefs, and access to in-room wellness experiences. This isn’t just a larger room; it’s a lifestyle offering that mirrors the sophistication of a private home within an excellent resort environment. The ability to deliver both scale and this level of exclusivity is a rarity, and it has become a meaningful part of our differentiation in the luxury market.

How has The Boca Raton approached its restaurant/food and beverage offering, and what are the keys to being successful in this part of the business?

Food and beverage is not an amenity at The Boca Raton; it is a defining element of our member and guest experience and a cornerstone of how we approach hospitality. We’ve taken a highly intentional, curated approach to our culinary program which is rooted in quality, variety, storytelling, and design. We recognized early in our transformation that today’s luxury traveler expects more than just great food; they’re seeking distinct dining destinations with real character. That’s why we partnered with Major

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restorative experiences delivered in-suite or throughout the resort. This holistic approach allows guests to design their own wellness path, whether it’s relaxation, detox, beauty, or performance focused.

Complementing the spa is our advanced fitness center, which offers a vast range of classes per day, including yoga, barre, boot camp, and tai chi. Guests also have access to our excellent Racquet Club which includes 12 newly transformed hard-surface pickleball courts, 14 tennis Hydro-Grid courts, a full-service tennis concierge, and expert instruction, providing additional ways to stay active during their stay.

Will you discuss The Boca Raton’s commitment to offering personalized service and a customized guest experience?

Personalized service is at the heart of everything we do. In an age where travelers are more discerning than ever, the ability to anticipate needs and tailor experiences is what defines luxury.

Our service model is built around deep training, empowered teams, and high emotional intelligence. From pre-arrival touchpoints to post-stay follow-ups, we’re constantly looking for ways to make each guest’s journey feel unique, whether that’s remembering a favorite wine, creating a custom birthday celebration, or organizing a private yacht excursion. Technology also plays a The Boca Raton (opposite page); Townhouse Suite dining area (above) and king bedroom (right)

Food Group to introduce four signature concepts that are as compelling as they are delicious, each designed to evoke a sense of place and personality. Whether it’s the timeless glamour of The Flamingo Grill, the coastal elegance of Principessa, or the lively nostalgia of Sadelle’s, these culinary destinations feel transportive.

In addition to these marquee collaborations, we’ve developed restaurants that reflect the heart and soul of The Boca Raton, such as Flybridge, an intimate fine dining experience perched atop the Yacht Club with panoramic views of the Intracoastal and ocean. It’s a personal passion project of mine and a true jewel of the resort. Under the direction of Chef Peter Annewanter, who brings a Michelin-starred pedigree, Flybridge offers a seasonal, five-course tasting menu that centers on seafood and vibrant, locally sourced ingredients, with a thoughtful vegetarian tasting menu available as well. At the Beach Club, Marisol celebrates Mediterranean coastal flavors in a breezy, al fresco setting right on the ocean, another example of how we bring a sense of place to each dining experience.

Across our more than 18 dining venues, we focus on delivering consistency, efficiency, and high-touch hospitality. We invest in talent, in training, in a culinary culture that prizes both creativity and operational excellence. The key to success in F&B at this scale, I believe, lies in a few core principles: • Clarity of concept: Each outlet must have a clearly defined identity and point of view.

• Exceptional execution: Quality and service must be consistent across all touchpoints, from the first plate to the last pour.

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group, with executive chefs and managers who are empowered to lead and innovate.

• Guest-centric mindset: From remembering preferences to creating spontaneous moments of delight, personalized service is just as important as the food itself.

Ultimately, our goal is for club members and resort guests to feel that they never have to leave the resort to experience excellent dining – that each meal becomes a memory in its own right.

Will you highlight The Boca Raton’s focus on health and wellness?

Wellness is central to our identity. At The Boca Raton, we understand that luxury today must include the opportunity to restore, recharge, and reconnect, both physically and emotionally.

Spa Palmera, our 50,000-square-foot spa inspired by the grandeur of Spain’s Alhambra Palace, is a destination in its own right. With 44 treatment rooms, lush gardens, ritual baths, and globally inspired therapies, it offers an immersive environment where guests can truly unwind. We’ve been honored with Forbes Five-Star recognition for three consecutive years which speaks to the level of service and intentionality behind our wellness offering.

We’ve designed a wellness journey that includes sound therapy, mindfulness treatments, personalized fitness, Ayurvedic therapies, and

role, though it never replaces the human connection. The Boca Raton’s ethos is about delivering genuine hospitality at scale, but with soul.

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

Start at the ground level and learn the business from every angle. The most successful leaders I know began by rolling up their sleeves, working in operations, interacting with guests, developing a deep understanding of what hospitality truly means. Be curious, stay humble, embrace the fast pace and unpredictability of the industry. It’s one of the most dynamic, global, human-centric careers out there. You’ll have the opportunity to impact lives, celebrate cultures, and create joy daily.

If you lead with passion and purpose, and never lose your guest-first mindset, you’ll find endless opportunities in hospitality.

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HOSPITALITY

A Family Of Celebrated Hotels An Interview with Philip Morris, Vice President, Commercial, Dorchester Collection EDITORS’ NOTE Philip Morris is How do you describe Dorchester the Vice President, Commercial Collection’s mission? of Dorchester Collection. He was Our mission is to preserve and promoted to this role in May 2022, progress the legendary way of life and his responsibilities include our guests experience in our hotels leading the brand’s commercial and residences. We aim to meet pracstrategy, focusing on business develtical and emotional needs, creating opment, long-term value creation, places where extraordinary individand driving brand equity. Prior to uals feel instinctively at home. Every this role, Morris held various reveproperty we choose has a rare beauty, nue management positions within the singular character and is designed to industry, including director of revecreate a wonderful sense of belonging.

Philip Morris nue management at Waldorf Astoria It’s crucial that each place is totally New York and regional director of embedded in its own unique spirit and revenue management at Hilton Worldwide. Morris that we’re never just replicating the formulaic earned a Higher National Diploma in hotel/motel luxury experience. For us, luxury is something administration/management from the University deeply personal and lasting, offering an experiof Wales, Cardiff. ence that stays in the heart.

Will you provide an overview of the COMPANY BRIEF Dorchester Collection Dorchester Collection portfolio? (dorchestercollection.com) is the mark of Dorchester Collection is the mark of distincdistinction reserved for the world’s most extraor- tion for the world’s most remarkable hotels and dinary hotels and residences. Each unique residences. We currently oversee The Dorchester property is chosen for its unmatched character and 45 Park Lane in London; Coworth Park in and cultural significance, offering Dorchester Ascot; Hotel Plaza Athénée and Le Meurice in Collection’s remarkable guests a way of life that Paris; Hotel Eden in Rome; The Beverly Hills Hotel is legendary, sophisticated, and meaningful. and Hotel Bel-Air in Los Angeles; and Principe Dorchester Collection’s curated constellation di Savoia in Milan. Our more recent additions of properties includes 45 Park Lane and The include The Lana in Dubai, with a second Dubai Dorchester in London, Coworth Park in Ascot, Le Meurice and Hôtel Plaza Athénée in Paris, Hotel Principe di Savoia in Milan, Hotel Eden in Rome, The Lana in Dubai, The Beverly Hills Hotel, and Hotel Bel-Air in Los Angeles. Luxury residences include Mayfair Park Residences, London; and AVA at Palm Jumeirah, One at Palm Jumeirah, The Lana Residences, ORLA, ORLA Infinity, Vela, Vela Viento, and The Alba Residences, all in Dubai, UAE. Will you highlight the history of Dorchester Collection?

Dorchester Collection’s story began in 2007 with The Dorchester in London, a hotel that set a new standard for elegance and service.

Over time, this vision grew into a family of the world’s most celebrated hotels. From Paris to Los Angeles, Rome to Dubai, every property reflects the spirit of its city while carrying the same quiet confidence, artistry, and warmth that have defined the Collection since the very beginning. It is a history built not just on buildings, but on the moments and memories created within them.

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hotel on the way, and our upcoming debut in Tokyo in 2028. Every property is selected for its ability to bring something exceptional to our global constellation of cultural touchpoints, in locations where our guests want to be.

Where do you see the greatest opportunities for growth for Dorchester Collection?

Our growth is intentional and strategic. We focus on creating impact through every new opening and by entering markets where we can elevate the standard of luxury hospitality.

Growth also includes deepening the emotional connection with our guests through residences, partnerships, and experiences that reflect their way of life. Residences now play an important role in our future. We call them Dorchester Collection’s answer for our guests who never want to leave.

How do you define the characteristics of a true luxury hospitality experience?

True luxury lives in the heart, in the feelings.

It’s the sensation of being understood before you’ve spoken, of being seen without needing to explain yourself. Luxury, to me, is about creating space for whatever our guests need to do. They live life at a high frequency. Their time is precious, and their expectations are intuitive.

The best hospitality quietly removes friction from their day, so life can flow with grace. This even

The Beverly Hills Hotel, Los Angeles (above) The Dorchester, London (opposite page)

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comes down to considering things like how and when we service rooms. People are using their bedrooms for more and more facets of their lives now, and no one wants a housekeeper arriving with the Hoover when they’re on a Zoom call.

What has made the hospitality industry so special for you?

I have always believed in the human side of business, and hospitality celebrates that every day. It brings together people from across the world, inspires creative problem-solving, and allows us to shape moments that hold real meaning. The attention, care, and precision required to achieve excellence make it incredibly

rewarding, especially when guests share that we have made a difference in their stay.

How do you describe your management style?

Leadership is a privilege. I believe in earning trust by leading from the front and taking the time to understand my team, their strengths, preferred ways of working, and what inspires them. I want them to feel supported, empowered, and confident to think creatively. We share a clear vision, and my role is to ensure everyone understands their contribution while encouraging them to find their own path to success. I create an environment where we challenge one another constructively,

celebrate achievements, and genuinely enjoy our work. The feedback I value most is when my team say they feel heard, encouraged, and able to grow both personally and professionally.

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

Stay curious and stay human. This is an industry that rewards those who listen, learn, and lead with heart. Take the time to understand not just the operations, but the culture, the people, the craft of service. And remember, in luxury hospitality, the most impactful voice is always the most thoughtful one.

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“Every property we choose has a rare beauty, singular character and is designed to create a wonderful sense of belonging.”

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HOSPITALITY

A Storied Icon In The Heart Of The Nation’s Capital An Interview with Alaina Sweeney, General Manager, The St. Regis Washington, D.C. EDITORS’ NOTE In her role as experiences, and I had the opporGeneral Manager, Alaina Sweeney tunity to follow one of my mentors to oversees all aspects of hotel operaanother hotel which opened a lot of tions, driving guest satisfaction doors for me. For the first time I got to and ensuring smooth functioning travel for work, as I supported hotels throughout the storied property. in San Francisco and Los Angeles, and Sweeney pr eviously served as realized that I really enjoyed seeing Interim General Manager since new places.

May 2024, wher e she worked Since the first time I visited when closely with distinguished guests I was 10 years old, I always wanted and staff to cultivate meaningful to live in New York City. The timing relationships and uphold the hotel’s was never right until 2016 when my Alaina Sweeney premier status in the nation’s mentor from Los Angeles helped me capital. Among her accomplishland a position at the flagship W New ments, she played an integral role in The St. York. Then, naturally, she brought me over to Regis Washington, D.C.’s recent renovation and The St. Regis New York to temporarily help redesign of its guestrooms and suites in 2024, a them with some new system rollouts. It was project aimed to improve guest experience and there I truly fell in love with the St. Regis brand bring the century-old structure into its latest era. and eventually transferred to the iconic hotel In her previous role as Director of Operations, shortly after. I had never seen so many people she ensured smooth functioning of the prop- with the same passion for hospitality that I had. erty where flawless guest experience is para- I was blown away and so proud to work at the mount, maintaining the standard of excellence flagship St. Regis. guests have come to recognize from the The St. Regis Washington, D.C. Sweeney’s career spans multiple roles at properties across the St. Regis Hotels & Resorts and Marriott International portfolio. Before joining the team at The St. Regis Washington, D.C., Sweeney held leadership positions at The St. Regis Aspen Resort and The St. Regis New York, with additional leadership roles at Marriott International’s property, W New York, and more.

When COVID hit, I couldn’t stay still and wait for hospitality to come back in the city, so I made the decision to move back to my home state of Colorado with my favorite brand. After two years of breaking almost every record for the property, I felt it was time for a change and to go back to the east coast where I assumed the role as Director of Operations at The St. Regis Washington, D.C. During my first few months at the hotel, we relaunched the restaurant concept and started room renovations. It was my dream situation: new and exciting changes in a historic hotel. As the hotel went through leadership transitions, I was asked to assume the role of Interim General Manager. Long ago I learned that you never say no to an opportunity, and I took over leading the hotel. In the last year that I was Interim General Manager, I learned more about the business and was able to go back to my roots where I get to collaborate with everyone, I fell in love with hospitality all over again. About eight months ago, I officially became the General Manager.

PROPERTY BRIEF Located steps from The White House, The St. Regis Washington, D.C. has been witness to incredible moments throughout recent history. Starting in October 2025, the property will count down to its 100th anniversary at Washington’s best address, as the hotel celebrates 100 years on the corner of 16th and K in October 2026.

Will you discuss your career journey?

Growing up, my aunt, who I was very close with, worked in the hotel industry, and I essentially grew up in a hotel. It was only fitting that my career path took me to the hospitality industry. I started my career working in the front office and fell in love with the job. One day is never the same as the last, especially working in front office – you get to collaborate with every department in the hotel from engineering to sales. I wanted to get different department 234 LEADERS

Entrance of The St. Regis Washington, D.C.

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Alhambra Mediterranean-inspired restaurant

Will you provide an overview of The St. Regis Washington, D.C., and how the property is positioned in the market?

The St. Regis Washington, D.C. is a storied icon in the heart of the nation’s capital. Just two blocks from The White House, the hotel blends historic grandeur with the quiet confidence of modern luxury. Originally opened in 1926, it has long served as a discreet haven for dignitaries, global leaders, and refined travelers seeking timeless elegance and intuitive service.

With 182 guest rooms and over 11,000 square feet of meeting space, the property offers an intimate yet commanding presence – positioned at the crossroads of diplomacy, business, and culture.

Since stepping into the role of General Manager, my focus has been on honoring the hotel’s extraordinary legacy while guiding it into its next chapter. We are preparing to celebrate the hotel’s 100-year anniversary in 2026, and with that milestone in mind, I’ve worked to ensure every facet of the guest and associate experience reflects both the history and future of the brand. That has included revitalizing leadership culture, refining service rituals, and strengthening our market position through both elevated programming and strategic renovation efforts.

Today, The St. Regis Washington, D.C. stands as a leader in the luxury market – not just for its physical beauty or legacy, but for the warmth, precision, and pride of the team who brings it to life each day.

How valuable is it to have such a strong suite product, and do you see this as a differentiator for The St. Regis Washington, D.C.?

Our suite product has been essential in differentiating us in the D.C. luxury landscape. Where space and discretion are paramount, our suites offer an elevated level of comfort, privacy, and refinement that appeal to our discerning guests – from global leaders and diplomats to leisure travelers seeking an exceptional experience. Each suite is thoughtfully designed to reflect the brand’s timeless elegance, featuring bespoke furnishings, generous layouts, and the hallmark St. Regis VOLUME 48, NUMBER 4

The St. Regis Suite living and dining area

Butler Service. This level of personalization and space sets the property apart, particularly in a market known for formal business travel and high-profile clientele. The strength of the suite offering not only enhances the guest experience, but also reinforces the property’s positioning as a premier luxury destination in the nation’s capital.

How has The St. Regis Washington, D.C. approached its restaurant/food and beverage offering, and what are the keys to being effective in this part of the business?

The St. Regis Washington, D.C. has taken a curated and intentional approach to its food and beverage offerings, ensuring that each outlet reflects both the legacy of the brand and the expectations of today’s luxury guest. At the heart of the experience is Alhambra, the hotel’s Mediterranean-inspired restaurant, which blends seasonal ingredients with refined technique in a setting that evokes warmth, elegance, and European charm. The St. Regis Bar offers a sophisticated yet inviting atmosphere, featuring signature rituals like the daily Champagne sabering and the locally inspired Capitol Mary cocktail.

Effectiveness in this part of the business comes down to three key pillars: distinct identity, consistent execution, and a sense of occasion. Guests today aren’t just dining – they’re seeking meaningful, memorable moments. By anchoring the dining experience in storytelling, service ritual, and a deep understanding of our guests’ preferences, we’ve been able to create offerings that feel both timeless and relevant.

In a city defined by power, culture, and diplomacy, our food and beverage programming is designed to be not just an amenity, but a destination – welcoming locals, travelers, and dignitaries alike with thoughtful hospitality and impeccable taste.

Will you discuss The St. Regis Washington, D.C.’s focus on offering personalized service and a customized guest experience?

Personalized service is at the core of our hotel’s experience. We believe that true luxury is personalization – one size fits one. Every guest has different expectations,

preferences, and purpose – our role is to create a unique experience that feels tailor-made for them at every touchpoint during their stay.

Whether through our attentive Butler Service, curated amenities, or remembering the guest’s coffee preference in the restaurant, we strive to go beyond service and deliver an emotional connection.

We instill this in our team from their first day with us. When new team members join the hotel, their orientation is customized to include their favorite snacks and beverages, setting the tone for a culture that values the individual and encourages personalization from day one. It’s not just about making people feel welcome; it’s about making them feel special and that sense of belonging.

How do you define the role of the general manager?

In my opinion, the role of the general manager is both to be the steward of the brand and the architect of the culture, requiring strategic vision, discipline, and most importantly, emotional intelligence. My role is to create an environment where guests, associates, and key stakeholders can thrive, where excellence is expected but humanity is never lost. In the luxury environment, details define the experience. As general manager, you must lead with precision and empathy, ensuring that the property performs, but also inspires.

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

Relationships and empathy will take you further than any title or resume. In an industry built on people, those you serve and those you work alongside are your best assets. Nearly every opportunity in my career happened because of a relationship I built and nurtured over time. But it’s not just about who you know, it’s about genuinely caring. Empathy allows you to understand what others need, anticipate challenges, and lead with compassion. Whether you are serving a guest, leading a team, or learning from a mentor, connecting on a human level will set you apart. Always stay curious, present, and kind.

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One of the most iconic landmarks in New York City.

65 West 54th Street - 10019 New York, New York, United States www.warwickhotels.com

infoboxny@warwickhotels.com

#WarwickHotels

WORLD’S BEST SUITES

Waldorf Astoria New York Reimagined from sidewalk to spire, Waldorf Astoria New York returns – its doors now open to a new era. With timeless elegance, contemporary sophistication, and an unmatched reputation for impeccable service, Waldorf Astoria New York renews its legacy of greatness in the heart of Manhattan. The hotel’s 375 redesigned guest rooms and suites exude refined luxury, providing the ultimate setting for your stay.

Alongside exquisite culinary experiences and event venues of unparalleled grandeur, the hotel reignites the magnetic allure that has captivated guests for generations.

With breathtaking views of the iconic Park Avenue skyline, its Park Avenue View Premier One Bedroom Suite offers a luxurious and serene retreat.

The spacious layout includes a separate living room, with dining table, wet bar, and a walk-in dressing room, providing the ideal blend of comfort and sophistication.

The spa-like bathroom serves as a peaceful sanctuary, featuring a rain shower and deep soaking tub for ultimate relaxation and rejuvenation.

It also has a half bath.

Combining elegance and comfort, this suite promises an extraordinary New York City experience.

Park Avenue View Premier One Bedroom Suite living space and dining area

Park Avenue View Premier One Bedroom Suite bedroom

Park Avenue View Premier One Bedroom Suite powder room

Park Avenue View Premier One Bedroom Suite bathroom tub

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WORLD’S BEST SUITES

Four Seasons Hotel Washington, DC Four Seasons Hotel Washington, DC, the capital’s only Forbes FiveStar, Five-Diamond hotel, recently completed a highly anticipated $17 million suite transformation, encompassing 63 of the property’s total 212 guest rooms and suites. The renovation was led by acclaimed design agency ForrestPerkins with the intent of elevating the Hotel’s guest experience with a sophisticated blend of modern luxury and historic charm. In response to the growing demand for more spacious and luxurious accommodations from its discerning guests, the Hotel has added ten expansive suites. These newly designed suites are known to cater to high-profile VIPs, including heads of state, international dignitaries, influential business leaders, and celebrities, all seeking the exclusivity and world-class service that Four Seasons guests have come to expect.

Situated in the historic heart of Georgetown, the suites feature custom furnishings, advanced technology, and spa-inspired bathrooms, flawlessly combining classic sophistication with a modern twist. Drawing inspiration from the Hotel’s origins, the interiors boast intricate details such as tobacco leaf motifs, cement textures, and carved wood elements.

Rich materials, including leather, velvet and bespoke fabrics evoke an atmosphere of power and refinement.

“Our vision was to seamlessly incorporate the striking beauty of our local landscape into the guest room experience, while maintaining a modern and sophisticated style,” said Marc Bromley, Regional Vice President and General Manager of Four Seasons Hotel Washington, DC. “We are dedicated to continuously evolving and staying at the forefront of luxury hospitality, ensuring that every stay is nothing short of unforgettable.”

Further enhancing the experience, the design subtly incorporates references to Washington, DC’s iconic landmarks, utilizing materials such as smooth iron and marble. The color schemes, inspired by local elements such as the city’s famed cherry blossoms, add a natural elegance, creating a connection between the Hotel and its surroundings.

As a recognized leader in luxury hospitality, Four Seasons Hotel Washington, DC continues to set the standard for service and design, celebrating the timeless charm of Georgetown while embracing the dynamic spirit of the nation’s capital.

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WORLD’S BEST SUITES

The Peninsula New York The Peninsula Suite at The Peninsula New York is the ultimate premier accommodation in New York. This quintessential New York pied-à-terre features stunning cityscape views of Fifth Avenue and comprises six rooms, including a spacious master bedroom and bathroom, dining room with adjoining kitchen, elegant living room, study, second bedroom and bathroom, and guest powder room. Superlative amenities include a customized sleep experience featuring hand-stitched Savoir beds and a choice of luxury linens, round-trip airport transfers in the hotel’s bespoke BMW 7-series, and premium liquors and beverages. A three-bedroom suite can be created by connecting to a Deluxe Suite. Guests of the hotel can also enjoy the award-winning Peninsula Spa & Wellness Center with an indoor pool, a state of the art fitness center, and a fully renovated rooftop bar, Pen Top.

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The Peninsula Suite living area

The Peninsula Suite dining area 240 LEADERS

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The Peninsula Suite bathtub VOLUME 48, NUMBER 4

WORLD’S BEST SUITES

1 Hotels New York 1 Hotels opens the door to a world where the desire for rest and adventure exists in harmony. Where routines are forgotten, rhythms are honored, and rituals are born. Where nature and nurture are 1, and you’re free to drift away.

The Riverhouse Suite at 1 Hotel Brooklyn Bridge is a 2,000 square foot retreat designed for comfort, character, and a connection to nature. With two king bedrooms, a separate living area, and panoramic views of the East River and Manhattan skyline, the suite blends luxury with thoughtful details such as a carved stone soaking tub, a curated minibar with house-made cocktail recipes, and original artwork from local artisans. A wood and stone dining table for ten and a leather sofa anchor the living space, while organic cotton mattresses, sustainably sourced linens, and filtered water taps highlight the hotel’s mission driven approach. Guests also enjoy a host of included perks, from daily breakfast and a deep-tissue massage at Bamford Wellness Spa to early check-in, late check-out, and priority seating at the hotel’s restaurants, which includes Barbuto by James Beard Award Winning Chef Jonathan Waxman. Locally inspired design features, including open-slatted closets modeled after shipping crates and lampshades grown from mushroom mycelium, bring a distinctly Brooklyn touch. Balancing indulgence with sustainability, the Riverhouse Suite offers a modern urban escape that feels both elevated and inviting.

Riverhouse Suite at 1 Hotel Brooklyn Bridge

The Two-Bedroom Elm House Suite at 1 Hotel Central Park is a 1,455 square foot retreat that feels like a private urban residence. With two king bedrooms and two and a half bathrooms, the suite invites relaxation indoors and out, featuring a private terrace with lounge seating, a separate patio, and expansive views of Central Park and the city beyond. Inside, a kitchenette, dining room and comfortable living areas are designed with natural materials that echo the park’s calming energy, creating a seamless connection between the hotel’s interiors and its surroundings.

Guests enjoy suite perks including daily breakfast for two, priority seating at Jams, and priority access to the hotel’s Audi experience. The 19th floor, also known as the Park Penthouse, offers additional suite and guest room options with sweeping views of Central Park.

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Two-Bedroom Elm House Suite at 1 Hotel Central Park

The Greenhouse Suite at 1 Hotel Central Park is a 1,200 square foot retreat featuring two bedrooms and two and a half bathrooms. Thoughtful touches and a living green wall of ferns and ivy bring the beauty of nature inside, while a kitchenette, separate living room, dining area with seating for eight, and a dedicated media space with a custom modular sofa and lit fabric ceiling panels create a comfortable and versatile environment.

The bathrooms feature a Japanese soaking tub, double showerheads, and all-natural Bamford bath products. Panoramic views of Central Park and Manhattan can be enjoyed throughout the suite, bringing the outdoors in.

Guests enjoy suite perks including daily breakfast for two, priority seating at Jams, and priority access to the Audi experience.

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Greenhouse Suite at 1 Hotel Central Park

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WINE & SPIRITS LEADERS

Shaping The Future Of The Beverage Industry An Interview with Wayne E. Chaplin, Chief Executive Officer, Southern Glazer’s Wine & Spirits EDITORS’ NOTE Wayne Chaplin an active supporter of other communityserves as Pr esident and Chief focused organizations. Chaplin has Executive Officer of Southern Glazer’s also demonstrated a deep and Wine & Spirits (Southern Glazer’s), ongoing commitment to the Chaplin the world’s pre-eminent distribSchool of Hospitality & Tourism utor of beverage alcohol and a Management at Florida International multi-generational, family-owned University (FIU). Through his leadcompany. He was named to this ership, advocacy, and philanthropic role in January 2016, upon the support – including helping grow the announcement of the combiFood Network South Beach Wine & nation of Southern Wine & Spirits Food Festival presented by Capital One of America, Inc. and Glazer’s, Inc. (SOBEWFF®) into a nationally recogWayne E. Chaplin Chaplin joined Southern Wine & nized event that has raised nearly $50 Spirits of America, Inc. (Southern) million for the school – he has played in 1984, following a period practicing law at a a key role in advancing its academic excellence Miami-based firm. In 1987, he was appointed to and global reputation. Each year, the Festival Vice President of Operations, and in 1989, was provides hands-on experience to more than 1,500 named First Vice President and Chief Operating FIU students, reinforcing the school’s mission to Officer, overseeing all divisions of the compa- prepare future leaders in hospitality through realny’s distribution operations. By 1992, Chaplin world learning and industry engagement. was appointed to the Company’s Executive Management Committee and became an officer COMPANY BRIEF Southern Glazer’s Wine & and director. He was appointed Southern’s Spirits (southernglazers.com) is the world’s preemPresident and Chief Operating Officer in 1994, inent distributor of beverage alcohol, building and in May 2014, was named President and brands for moments that matter. The multi-generChief Executive Officer of Southern. The comple- ational, family-owned company has operations in tion of the combination of Southern and Glazer’s 47 U.S. markets and Canada, as well as brokerage was announced in July 2016. operations through its Southern Glazer’s Travel Chaplin was born in Brooklyn, New York Retail Sales & Export Division in the Caribbean, in 1956. After graduating Magna Cum Laude Central and South America. In 2025, Southern from the University of Miami with a Bachelor’s Glazer’s was recognized by Newsweek as one degree in Business Administration, he received of America’s Greatest Workplaces for Diversity a Juris Doctor (J.D) law degree from the same and America’s Greatest Workplaces for Women. institution. As he prepared himself for a future Southern Glazer’s urges all retail customers and leadership role in the company, Chaplin quickly adult consumers to market, sell, serve, and enjoy lear ned the importance of customer sales its products responsibly. and service excellence in his early years at Southern. Chaplin went on to serve in various Will you provide an overview of Southern roles including sales supervisor, company comp- Glazer’s Wine & Spirits’ history and heritage?

Southern Glazer’s is the product of two troller, and operations manager. From this experience, he believes Southern Glazer’s goals multi-generational, family-owned businesses that must be closely tied to its suppliers’ goals and came together in 2016 to create the largest North customers’ needs. Beyond his day-to-day corpo- American wine and spirits distributor. But our roots rate responsibilities, Chaplin is very active in go back much further – Southern Wine & Spirits overseeing the wide range of national, state and was founded by my father, Harvey Chaplin, local charitable causes the company supports – in 1968 in Florida, and Glazer’s dates back to from education and humanitarian relief activ- 1909 in Texas. What’s unique about our heritage ities to numerous corporate social responsibility is how much of it has been driven by family initiatives hosted across the enterprise. In addi- values – hard work, relationships, and doing busition to his corporate-related philanthropic ness the right way. That legacy still guides how activities, Chaplin holds several leadership and we operate today, even as we’ve grown into a board positions. He currently serves as Vice 24,000-employee company with operations across Chair of the Board and Member of the Executive 47 U.S. markets and Canada, as well as brokerage Committee at the University of Miami. He is also operations through our Southern Glazer’s Travel 242 LEADERS

Retail Sales & Export Division in the Caribbean, Central and South America.

How do you describe Southern Glazer’s Wine & Spirits’ mission and purpose?

Our identity is, “We are the world’s preeminent distributor of beverage alcohol and proud to be a multi-generational, family-owned company.”

Our purpose is, “We build world-class brands for moments that matter.” Our vision is “to be the hospitality industry’s most valued selling, logistics, and insights provider.” These statements reinforce the DNA of who we are, why we do what we do, and what we strive to become. This means being more than a distributor. We are connectors of brands, retailers, and consumers, and we play a key role in helping our partners grow. We empower our people to think and act like business owners, and we equip them with an unmatched suite of tools, training, and resources to deliver the most personalized, best-in-class service and solutions in the industry. With the most valuable portfolio of top brands, a transformative logistics engine, intelligence-powered decision making, and unrivaled investments in innovation, we provide service that out-thinks and outpaces our competition and a culture that enables our people to shape a remarkable future with us.

How critical has it been for Southern Glazer’s to maintain its culture and values throughout the decades?

It’s been absolutely essential. Our culture is our compass. As we’ve grown, we’ve made deliberate efforts to protect what made us successful in the first place – our values. We’ve recently refreshed these into our new HEART Values: Honesty, Excellence, Agility, Respect, and Teamwork. These values guide every decision we make, from the C-suite to the warehouse floor.

We’ve built a performance-driven culture, but one that prioritizes people and relationships. That balance is what allows us to deliver exceptional results, year after year.

What have been the keys to Southern Glazer’s industry leadership?

I believe our leadership comes from four core strengths: our scale, our relationships, our talent, and our ability to adapt and innovate. We’ve made the right strategic investments in technology, logistics, and data to serve our suppliers and customers at the highest level. But none of that works without our people. We have the best teams in the business – people who care deeply about getting it right, growing the business, and supporting each other along the way. We also foster an ownership

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mindset across our company. We encourage our people to think and act like owners – taking responsibility for outcomes, identifying opportunities, and doing what’s right for the long term.

That mindset helps fuel continuous improvement at every level of the business. Most importantly, we never get complacent. Our ability to challenge ourselves, evolve with the market, and stay ahead of the curve is what has made us a leader – and what continues to keep us in that position today. In the end, we are in the hospitality business, so that means remaining a people-first company. My father always said hire the best people and pay them well.

By doing that, and by fostering an environment where individuals are empowered and motivated to bring their best selves to work, we are truly building the future of beverage distribution which ultimately benefits all of our trading partners.

Will you highlight Southern Glazer’s international expansion, and where you see additional opportunities for growth?

In 2023, we acquired Miami-based WEBB Banks, the leading premium wine and spirits distributor in the Caribbean, Central America, and South America, as well as the travel retail and cruise sector.

The acquisition provided another connection point for Southern Glazer’s and our valued suppliers who are looking for expert route-to-market capabilities across the Atlantic basin. Combining the strength of our supply chain and logistics expertise with WEBB Banks’ strong customer relationships and knowledge of the market was an absolute game changer for our suppliers. In February 2025, we officially rebranded the business as Southern Glazer’s Travel Retail Sales & Export Division.

Since Southern Glazer’s acquired WEBB Banks in 2023, the business has strengthened operations and expanded its reach. The division also launched a 32,000-square-foot Foreign Trade Zone (FTZ) in Miami. The Miami FTZ, which doubles the capacity of existing FTZ operations, will streamline import and export processes with enhanced inventory control, increased cost-efficiency, and dedicated support resources.

We are not only focused on international expansion. We also look for opportunities to grow domestically in the U.S. In December 2024, we closed our acquisition of Horizon Beverage Group, Inc. (Horizon), one of New England’s premier alcohol distributors, including all of Horizon’s operations and wine, spirits and beer portfolio.

The operations in Massachusetts and Rhode Island now operate under the name Southern Glazer’s Beverage Company. This acquisition marked an exciting expansion for our business, adding Massachusetts and Rhode Island as the 46th and 47th markets in our U.S. footprint.

Will you discuss Southern Glazer’s investment in technology, and how new technology will impact the future of the business?

Technology is a critical enabler of everything we do. Whether it’s our industry-leading B2B platform Proof®, our advanced route optimization tools, or our use of AI and analytics, we are investing to make every part of our business smarter and more responsive. Technology is helping us simplify complex processes, improve accuracy, and deliver a better experience for customers and suppliers alike. We’re also making VOLUME 48, NUMBER 4

Drinks prepared with beverages distributed by Southern Glazer’s

significant investments in our back office technology to streamline and drive efficiencies across our enterprise. And we’re just getting started – there’s tremendous opportunity ahead to digitize and transform how the industry operates. Earlier this year, we reorganized our digital and IT teams under one leadership structure. This “OneTech” structure enables us to realize critical synergies as technology remains a key enabler of Southern Glazer’s digital transformation.

How important is it for Southern Glazer’s to build an inclusive workforce?

We recognize that a strong and inclusive culture remains critical to our success. Just as we evolve and grow to meet the ever-changing needs of our customers and suppliers, we are proud to reaffirm our commitment to a culture of belonging for our employees. Our culture of belonging is about celebrating what makes each person unique while coming together with a shared purpose.

We recognize that belonging looks different for everyone, and that’s why we’re committed to meeting our people where they are – and ensuring they have what they need to thrive. When we

build an environment where every voice is heard and every idea is welcomed, we unlock creativity and spark new possibilities. This isn’t a corporate initiative; it’s who we are. It’s how we lead, how we collaborate, and how we show up for our customers and supplier partners.

What do you see as Southern Glazer’s responsibility to be engaged in its communities and a force for good in society?

As a family-founded and values-driven company, we take our role in the community seriously. We believe that business success and social responsibility go hand in hand. From advancing education and empowering underrepresented communities to supporting environmental sustainability and championing the prevention of underage drinking, we aim to be a positive force wherever we operate. We’re not just in the business of distribution – we’re in the business of impact.

For example, we have a deep and ongoing commitment to the Chaplin School of Hospitality & Tourism Management at Florida International University – named for our family. Through leadership, advocacy, and philanthropic support – including

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Southern Glazer’s VolunCheers events (above and below)

helping grow the Food Network South Beach Wine & Food Festival presented by Capital One (SOBEWFF®) into a nationally recognized event that has raised nearly $50 million for the school – Southern Glazer’s has played a key role in advancing the school’s academic excellence and global reputation.

Because education provides opportunity, we also have a strong relationship with the University of Miami, my alma mater. I currently serve as Vice Chair of the Board and member of the Executive Committee at the University and we have supported the University’s Distinguished Lecture Series and other programs. And, we also support Mount Sinai Medical Center. In fact, in addition to my role as a Board of Trustee member, the Harvey R. Chaplin Family Stroke and Chest Pain Center at Mount Sinai Medical Center was named for my late father. We, of course, through our employees across the country, are involved in many philanthropic activities, but it’s especially important for us to give back here in our hometown where our business was founded and is still headquartered.

How does Southern Glazer’s decide where to focus its philanthropic efforts?

Our employee “VolunCheers” are at the heart of our community engagement efforts.

With our internal website VolunCheers Online, employees have a powerful platform to organize, track, and amplify their charitable efforts – all in one place. This tool allows us to capture the full depth of Southern Glazer’s dedication as one team, showcasing the time, resources, and passion poured into creating a lasting, global impact. In addition to the inspiring, personal efforts of Southern Glazer’s employees, our 244 LEADERS

network of approximately 100 VolunCheers Ambassadors help drive giving and volunteering activities across our company. Since we launched VolunCheers Online in July 2018, Southern Glazer’s employees across the United States and Canada have created more than 4,419 volunteer events and logged over 86,072 volunteer hours. People can read more about these efforts in our CSR Report.

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

I had so many great mentors to show me what effective leadership is all about. My father, Harvey, was a huge influence here, as well as our other founders who have been with us from the beginning. What I’ve learned is that great leadership is about clarity, consistency, and empathy.

You need to set a clear vision, model the values you expect from others, and genuinely care about your people. My leadership style is collaborative and grounded in trust – I believe in surrounding myself with smart, passionate people and giving them the space and support to lead. I also feel it’s important to treat people the way you want to be treated, especially treating people with respect.

Being a good listener is a skill that is critical to effective leadership and something I try to practice every day.

With the success and impact that Southern Glazer’s has achieved, are you able to enjoy the process and take moments to celebrate the wins?

Absolutely. In this business, you have to take the time to celebrate the wins – large and small. Our people work incredibly hard, and it’s important to recognize that effort. I genuinely enjoy the work we do, especially when it brings people together and moves the industry forward. One of my greatest privileges is to be able to work with my three children, David, Jennifer and Mark, as well as several other family members who are all leaders at the company. Having my family as part of the organization and helping drive it forward is something I cherish. When you love what you do and do what you love, it never feels like work.

There’s a lot to be proud of – but we also know the best is yet to come. Celebrating the journey is part of what keeps us energized for the future.

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VOLUME 48, NUMBER 4

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WINE & SPIRITS LEADERS

The Distinctive Terroirs Of Washington And Oregon An Interview with David K. Bowman, Chief Executive Officer, Washington Business, Ste. Michelle Wine Estates EDITORS’ NOTE David Bowman the E & J Gallo Winery, so I decided to serves as Chief Executive Officer, “hide out” at a big private company, learn Washington Business for Ste. Michelle wine, and start to pay down some student Wine Estates, leading its global sales, debt. What I found was a dynamic, fastbrand management, and direct-tomoving consumer goods industry and an consumer teams. Bowman joined Ste. opportunity to be an “intrapreneur” at a Michelle as Chief Executive Officer of company going through a lot of change. its California wineries in 2021. Prior Later, I worked for FIJI Water, to Ste. Michelle, he held executive posia division of Wonderful Brands, and tions with Jackson Family Wines, The helped them enter the wine space Wonderful Company, The Wine Group, with the acquisition and national and E & J Gallo Winery spanning sales, launch of JUSTIN Vineyards & Winery.

David K. Bowman marketing, strategy, and M&A funcI also gained international experitions. He has previously served on the ence managing Europe, Middle East, board of directors of the Wine Institute, the Sonoma and Africa for FIJI Water. I then joined Jackson State University Wine Business Institute, and the Boys F a m i l y W i n e s , l e a d i n g m a r k e t i n g a n d & Girls Clubs of Sonoma-Marin. Bowman holds a strategy for new acquisitions and their largest bachelor’s degree from the University of Arizona and brand franchises. In 2021, I was recruited to an MBA from the University of California, Berkeley be the CEO of Ste. Michelle’s California wine Haas School of Business. portfolio. After leading the carve-out of these businesses, I became the Chief Commercial COMPANY BRIEF Ste. Michelle Wine Estates Officer for Ste. Michelle Wine Estates in 2023. (smwe.com) is a collection of distinctive Pacific Will you highlight the history of Ste. Northwest wine estates, each allowed to explore to the Michelle Wine Estates? fullest extent the unique growing conditions and indiOur history dates back over 90 years to vidual winemaking practices that give the wines from the day Prohibition ended: December 5, 1933. these estates their extraordinary character.

Ste. Michelle Wine Estates was founded that day Will you discuss your career journey?

My career was indelibly shaped by my teenage years working in restaurants and ski shops starting at the age of 15. These early experiences starting conversations with strangers, consultatively selling through active listening, and learning quality service and hospitality were foundational for me. This continued through college, where I ultimately worked part-time for a beer distributor in my senior year. Upon graduation, I accepted a role with Anheuser-Busch in their sales management training program. I later worked in marketing and business development for Catalina Marketing Inc., one of the earliest companies utilizing “big data” to deliver behaviorally targeted communications and incentives on behalf of Fortune 50 retailers and CPG companies. It was a great immersion in datadriven consumer marketing, which was linear to the digital commerce revolution of the 1990s and 2000s, and I learned the multi-lane retail and top tier CPG landscape in depth.

I then decided to pursue an MBA at the University of California, Berkeley Haas School of Business. I was at Berkeley on a fellowship in entrepreneurial studies when the venture capital and internet bubbles burst. Though I thought I would end up at a start-up, I was recruited by 246 LEADERS

and was the first premium wine company in Washington State. Our company operated under different names into the 1950s when we merged various entities into the largest wine company in the region. Famed wine consultant André Tchelistcheff was brought in, and our flagship winery Ste. Michelle Vineyards launched in 1967.

With the increased importance of the winery, Ste. Michelle built a French-style winery in 1976 as Chateau Ste. Michelle. Throughout the 1970s and 1980s, estate vineyards were planted, wineries were established in the Pacific Northwest, and other wineries were added and later deleted from a portfolio that included wines from Washington, Oregon, California, Spain, New Zealand, France, and Italy. In the past three years as we reorganized, we returned to our focused roots in Washington and Oregon. Today, we are 100 percent focused on elevating our leading portfolio of high-quality, Pacific Northwest wine estates, and we’re proud to be one of the most acclaimed premium wine companies in the U.S. Will you provide an overview of Ste. Michelle Wine Estates’ collection of distinctive wine estates?

Our Northwest portfolio of wineries showcases the best of Oregon and Washington. We

Chateau Ste. Michelle, flagship winery of Ste. Michelle Wine Estates (above and opposite page)

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feature 20 brands and are committed to producing the highest quality wines from this region at every price point. In Washington, our portfolio includes the state’s top three wineries: our flagship Chateau Ste. Michelle, 14 Hands and Columbia Crest, and the luxury brands Northstar Winery and Spring Valley Vineyard. Washington’s Columbia Valley appellation does amazingly well with Cabernet Sauvignon, Merlot, and other Bordeaux varieties, as well as aromatic white varieties like Sauvignon Blanc and Riesling. In fact, we recently launched two new brands that highlight the best of Washington: ESTIVAL, focused on aromatic white wines, with the first offering a 2024 Sauvignon Blanc from the Horse Heaven Hills sub-AVA; and the 2022 ETHOS, an exceptional example of Columbia Valley Cabernet Sauvignon.

Our Oregon portfolio includes the two leading brands in the state: A to Z Wineworks and Erath, along with the luxury estate REX HILL sourced from sites in the Willamette Valley. Oregon is ideal for growing world-class Pinot Noir, Chardonnay, and Pinot Gris. In this way, the terroirs of Washington and Oregon are a perfect complement to one another.

We also offer visitors world-class wine experiences at our estates and tasting rooms in Washington and Oregon. We are continuing to elevate and enhance the consumer experience at our iconic 118-acre Chateau Ste. Michelle property that is located in Woodinville, just 30 minutes east of Seattle, where we also offer immersive wine and food experiences and host a summer concert series featuring globally recognized artists during a season of 35-40 shows. Our Northstar Winery and Spring Valley Vineyard, both in Walla Walla, Washington, and REX HILL in Newberg, Oregon, offer singular luxury food and wine experiences to our guests.

What have been the keys to the strength of Ste. Michelle Wine Estates in the industry?

One of the most important strengths of Ste. Michelle Wine Estates is that we are a wine first and wine only company. Unlike most wine companies that sell wines below $30 a bottle, we’re the real VOLUME 48, NUMBER 4

deal – with real people, real vineyards, and real places consumers can visit. We pride ourselves on making boutique wines at scale, utilizing luxury viticulture and winemaking techniques to deliver unrivaled wine quality at $10, $25, and $75 or more a bottle. We are all committed to growing and crafting wines with true substance and character at every single price point. We believe that this is our sustainable competitive advantage. Consumers, especially younger consumers, are not seeing the price-to-quality ratio that U.S. wines under $30 used to deliver in the 1990s and early 2000s. They are opting for other alcoholic beverages as a result. In the distinctive terroirs of Washington and Oregon, the cost of land, quality of labor, cost of living, and access to water are simply impossible to match in California. It’s why we can make boutique quality Cabernet Sauvignon or Sauvignon Blanc at half to even 30 percent of their prices.

But at our core, Ste. Michelle Wine Estates has a culture of wine that goes back 90 years, and we have a great deal of pride in the greater wine community of the Northwest that we helped to pioneer. What is particularly important to me is that we have purpose-driven objectives that complement our business goals. With over 60,000 families in Washington dependent on the wine and hospitality industries, we are driven to make sure our company continues to thrive. We owe it to all these passionate Northwest wine advocates.

Will you discuss Ste. Michelle Wine Estates’ commitment to sustainability?

We see sustainability from a holistic point of view – the full triple bottom line accounting that considers care of the environment, as well as taking care of our people and our communities.

We take our responsibility seriously as leaders in the industry and have a long-term approach to the health of the land, our team, our businesses, and our community. With this long-term vision in mind, we aim to be true stewards of the land. All of our over 2,000 acres of estate vineyards are farmed and certified 100 percent sustainable, through Sustainable WA in Washington and LIVE in Oregon.

We have an incentive program in place with our partner growers for them to also achieve sustainability accreditation. Both A to Z Wineworks and REX HILL are B Corp Certified, weaving together a commitment to environmental and social responsibility. Ste. Michelle Wine Estates also became a Silver Member of International Wineries for Climate Action (IWCA) in 2023.

We’ve put a lot of effort into sustainability research over the past 40 years, focusing on a range of topics. Conservation in our wineries and vineyards is very important to us and to our community, and we engage in activities including composting, water conservation and wastewater management, the use of drip irrigation, soil, plant and pest management, protecting biodiversity, and environmentally sound recycling and packaging initiatives. Being in a business that originates in nature, sustainability in our vineyards is key.

We value our employees, and believe that a strong, successful company starts with its people.

Furthermore, thriving local communities are integral to Ste. Michelle Wine Estates. To this end, we support our local communities and economies through various charitable contribution programs.

One of the main initiatives is our support of the Auction of Washington Wines (AWW), which benefits the Seattle Children’s Hospital Foundation and the Washington State University Viticulture and Enology Program.

What has made the wine industry so special for you?

Put quite simply, wine is the only beverage that is almost universally expected to be on the table when enjoying food. It is a special building block to culture and a looking glass into the histories of different peoples and their customs. Though I got into this industry by accident, the incredibly diverse conversations and experiences I have enjoyed around the world with a glass of local wine in hand are priceless. Those of us in this industry revel in the idea that our product brings people together all over the world.

The regionality of wine is in lockstep with the regionality of food. I’ve been lucky enough to work in several different wine regions on four different continents. Each time led to a new discovery, and Washington and Oregon have been no different for me. We have fanatically dedicated people at Ste. Michelle who are passionate about making great wine, and even more excited about sharing these wines with everyone they meet. As I noted, the quality of our wines at every price point is mind blowing, making it a joy to introduce people to them. I couldn’t be prouder to show people the outcome of the work that our vineyard and winemaking teams are doing.

We are all passionate about our little corner of the wine world, the incredible people we get to work with, and the extraordinary wines we’re making. This is why I spend about 90 percent of my time talking to people about where we are going, not just where we have been. I do this specifically on behalf of Ste Michelle’s wines, but also on behalf of the fantastic wine communities we are a part of in Washington and Oregon. It’s rewarding to create a discovery moment for people and partners around the world and provide another good reason for them to gather with friends and family.

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WINE & SPIRITS LEADERS

People, Place, And Story An Interview with Mike Osborn, Chief Executive Officer, Willamette Valley Vineyards EDITORS’ NOTE In 2025, Willamette What excited you about the Valley Vineyards appointed Mike opportunity to lead Willamette Valley Osborn – founder of Wine.com and Vineyards and made you feel it was a trailblazer in digital wine retail – the right fit? as Chief Executive Officer. A native There’s only one Jim Bernau, and of Southern Oregon, Osborn brings there’s only one chance to follow a a wealth of experience in marketing, founder of his caliber. What drew me technology, and consumer engagein was the alignment of values – integment, positioning the winery for rity, innovation, community – and the accelerated growth in both domestic shared belief that Oregon can produce and global markets. As the founder of truly world-class wines across multiple Wine.com, Osborn revolutionized the varieties. I was also inspired by the Mike Osborn way consumers discover and enjoy unique shareholder model and the wine, building the nation’s leading legacy Jim built over four decades. As online wine retailer over nearly three decades.

I studied the brand, I saw a vibrant customer base that mirrored that of Wine.com – equally WINERY BRIEF Founded in 1983 by Jim Bernau balanced across generations, which is rare in with the dream of creating world-class Pinot Noir wine. That energy and potential made it clear while serving as stewards of the land, Willamette this was the right place and time. Beyond the Valley Vineyards (wvv.com) has grown from a business model and Jim as a force in the industry, bold idea into one of the region’s leading wineries, I had already had a connection to the brand, as it earning the title “One of America’s Great Pinot was one that I consistently revisited as I traversed Noir Producers” from Wine Enthusiast Magazine. through the wine industry at a young age – and In addition, all the vineyards have been certified is still at my table today. sustainable through LIVE (Low Input Viticulture Will you highlight the history of Willamette and Enology) and Salmon-Safe programs. Valley Vineyards and how the brand has evolved?

With 1,000 acres under vine, Willamette farms Willamette Valley Vineyards was founded its Estate winery in the Salem Hills, sparkling in 1983 by Jim Bernau, who had the foresight winery Domaine Willamette in the Dundee Hills, and commitment to help elevate Oregon wine, pioneering Tualatin Estate Vineyard near Forest especially Pinot Noir, to international recogGrove, and Elton Vineyard in the Eola-Amity Hills. nition. From the very beginning, the winery was The winery has expanded recently to include nine tasting rooms in Oregon, Washington and California – growth made possible by the stock ownership of many wine enthusiasts.

Will you discuss your career journey?

I began my career in the software industry, but my passion for wine and entrepreneurship led me to found eVineyard, soon renamed Wine.com, in Portland, Oregon, in 1998. Over the past 27 years, I’ve grown the company into the nation’s leading online wine retailer – an endeavor that required navigating complex alcohol laws, building robust marketing and technology, and serving a diverse and passionate customer base. Throughout this journey, I’ve stayed deeply connected to Oregon and the belief that wine is about people, place, and story. That has led me, most recently, to my position at Willamette Valley Vineyards as CEO – taking me back to my Oregon roots, deep love and appreciation for winemaking, and dedication to helping lead a winery that values sustainability, quality, and community.

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about collaboration, sustainability, and community. Today, the winery operates nine tasting rooms and is recognized as one of the most respected estate wineries in the Pacific Northwest.

A handful of components make Willamette Valley Vineyards exceptionally unique – firstly being its community ownership model. Jim pioneered this model, bringing thousands of wine lovers into the fold as shareholders. As one of the nation’s only community-owned, publicly traded wineries, Willamette Valley Vineyards blends traditional wine values with a modern investor model, allowing a unique opportunity to own a part of a winery you love. This is more than an investment; it’s a community. Our owners are invited into the heartbeat of the winery and this model has helped us uphold the values of community and collaboration we were built upon.

Among our community-driven ethos, we share a deep passion for the culinary arts and the profound intersection between wine, food, and the land. Throughout our nine tasting room properties, we have seven locations that have some form of culinary involvement. From our immersive Chef’s Counter at the Estate to fully operating restaurants in urban settings, we pride ourselves on our casual fine dining experiences and are one of the first tasting rooms in Oregon to have a culinary program. A major part of our program is that we lean into the locality of each tasting room – focusing on seasonal, local produce

Willamette Valley Vineyards

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Willamette Valley Vineyards Estate Pinot Noir

sourcing, which changes based on each tasting room’s location. The bond and marriage of food and wine is one that we consider sacred and instrumental to unleashing the potential of how you can experience wine.

Will you provide an overview of Willamette Valley Vineyards’ wines?

Willamette Valley Vineyards is best known for producing elegant, terroir-driven Pinot Noir, but the portfolio also includes exceptional Chardonnay, Pinot Gris, Riesling, and other cool-climate varietals. Each wine is rooted in place, made with a commitment to sustainable viticulture. What I love about the wines is how they reflect both Oregon’s distinctive character and the care taken at every step – from vineyard to glass.

The beauty of our wines is that we have a multitude of sites to work with, each with distinct nuances which help in crafting expressive wines true to place. We look to reveal what each site can do, while bringing out all the best qualities of the vineyards, and through respect and care for the terroir, we are able to achieve this. Recent investments in the Walla Walla AVA have allowed us to expand into new varietals, including Syrah, Grenache, and Viognier in the distinctive Rocks District of Milton-Freewater, as well as Cabernet Sauvignon, Malbec, and other Bordeaux varieties VOLUME 48, NUMBER 4

in the high-elevation SeVein Vineyards. All of these vineyards are located within the Oregon side of the Walla Walla growing area and present an exciting opportunity to offer fresh and diverse options to our traditional Willamette Valley audience.

What have been the keys to the strength and leadership of Willamette Valley Vineyards in the industry?

I believe the strength comes from a few things: first, a visionary founder who stayed true to his values; second, a team deeply committed to quality and innovation; and third, a business model that empowers community involvement.

Willamette Valley Vineyards has always led with transparency, sustainability, and a willingness to think long-term – which is why it’s not just respected, but admired. I plan to keep the high profile of Willamette Valley Vineyards in the national markets and continue to raise the awareness of Oregon within the global wine industry.

Will you discuss Willamette Valley Vineyards’ commitment to sustainability?

Sustainability is woven into the DNA of this company. From sustainable consideration of soil to bottles, Willamette Valley Vineyards has set the standard for environmental stewardship. Jim believed from day one that great wine couldn’t come at the expense of the land – and that belief

continues to guide everything we do. We’re constantly looking for ways to reduce our environmental footprint and protect Oregon’s natural beauty for generations to come.

Many eco-conscious initiatives that fuse craftsmanship, quality, and an innate respect for the land are in place at Willamette Valley Vineyards. Most notably – and proudly – our Domaine Willamette winery and vineyards have been Demeter Certified since 2023. Demeter being the only certifier for Biodynamic farms and products in America, it was critical for us to be represented within this prestigious organization. Additionally, all of our estate vineyards are LIVE Certified and Salmon-Safe.

We also utilize mason bees for natural pollination throughout our vineyard ecosystem and have constructed boxes for owls and kestrels.

What has made the wine industry so special for you?

Wine is unlike any other product – it’s an experience, a connection to people and place.

What’s kept me passionate for over two decades is the community: winemakers, growers, customers, and colleagues who care deeply about authenticity, craft, and story. Wine brings people together in a way that few things do, and being a part of that – first through Wine.com and now through Willamette Valley Vineyards – is a privilege.

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WINE & SPIRITS LEADERS

Creating Something Different An Interview with Pierre-Vincent Girardin, Winemaker, Pierre Girardin EDITORS’ NOTE Pierre-Vincent Girardin, often referred to as Pierre Girardin or PVG, is a rising star in Burgundy wine production. He is the 13th generation of his family to make wine in the region. In 2017, he launched his own domaine, Domaine Pierre Girardin, after his father, Vincent Girardin, sold his domaine. Pierre-Vincent focuses on producing wines that express the terroir, emphasizing purity, precision, and balance.

WINERY BRIEF Domaine Pierre Girardin (vincent girardin.com) began with 4.5 hectares of prime Pierre-Vincent Girardin vineyard sites retained by his father, Vincent Girardin, after selling his own estate. Pierre-Vincent has since expanded his portfolio by sourcing grapes from top growers across Burgundy, allowing him to produce wines from prestigious appellations such as Puligny-Montrachet, Volnay, Pommard, Corton-Charlemagne, and even Montrachet. His winemaking philosophy emphasizes purity, elegance, and terroir expression. He uses custom 456-liter barrels to minimize oak influence and preserve aromatic freshness in his whites, while his reds are crafted with minimal intervention to highlight finesse and silkiness. The wines are unfined and unfiltered, reflecting a commitment to authenticity and precision. Practicing organic viticulture, Domaine Pierre Girardin has quickly earned acclaim for its balanced, expressive wines and is considered one of the most promising new producers in Burgundy.

Will you highlight the history of Domaine Pierre Girardin?

The domaine was born in 2016. I started the journey at my 18th birthday, and the first vintage produced was 2017, the year following the beginning. In my teenage years, my parents had already sold their previous domaine, Vincent Girardin, also based in Meursault, so they had more time to do other things. The family had always been into agriculture, so my father bought cereal farms and a wagyu cattle farm after leaving the wine world. But when I turned 14 years old, I helped my father in the vineyard during the weekends and holidays, and two years later, when I was old enough to taste wine, which means 16 years old in Burgundy, I started tasting the full family cellar with my father. I needed to build my palate and find my taste. The result of hours of tasting and sharing formed a clear vision of my style and my ambitions. I was lucky enough that my parents trusted me at such a young age, so I took the opportunity to express myself and make it happen.

I started with 4 hectares of vines for the first vintage, and I didn’t expect the results of my new way of farming and winemaking to produce results that fast. In my mind, it would have taken 15 years to reach that point. Fortunately, within five years, with Burgundy wines skyrocketing on 250 LEADERS

the wine market, I had a lot of opportunities and all the work we did started paying off. I was then able to purchase and rent some more vineyards in Meursault, Puligny-Montrachet, and Chassagne-Montrachet. In 2025, the domaine is now 13 hectares. The main turning point was in 2019 when my team and I changed the farming method to make the vines grow higher.

That decision definitely pushed the quality of the grapes and allowed us to produce another level of unique wines.

What have been the keys to the strength and leadership of Pierre Girardin?

The family name was already famous in the wine world, but I wanted to create something different. The clear vision I have really helped to start at a very young age. The fact that a 19-year-old teenager was able to make decisions really helped to empower leadership. I asked, and still ask, for very precise products from all of my suppliers – only the best choice of everything. Being respected in the world of farming is tough because most of the actors are experienced and take advantage of that and are able to sell you whatever they want. My new vision helped to truly accomplish what I wanted. It gave me confidence and created trusted relationships with all my suppliers. So, my age could have been a barrier to my ascension, but it was actually a “launching pad” that helped me to go faster. When you choose a different path than others and it works, you become rare and exclusive, and I think that’s what happened with my new farming and winemaking style.

Another key to the leadership of Pierre Girardin was the distribution I set up for my different markets. My target was a huge diversification for sales, and I reached 85 different markets/countries in the world so

Vineyard of Domaine Pierre Girardin

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anyone else in Burgundy to get a special balance of the fruit and keep the healthy part of it and the acidity.

How has technology impacted the winemaking process?

Technology will either bring you to another level or let you fall. I don’t do things traditionally; I make choices because I understand what I am doing. What technology brought me as a young winemaker was curiosity.

When I settled the domaine in the new winery in Meursault, I invested in a laboratory so I could translate my tastes and feelings into numbers. From that point, I was able to tell what farming brings to the grapes and then my vision on winemaking was brighter. Technology was a game changer also for conditions of aging, temperature control, and hygrometry control which are not luxury things anymore, but a must considering the climate change.

It helps in creating the perfect cellar atmosphere to get fermentations in pristine conditions. If we look further, these technological additions in the winery helped me to avoid the use of any oenology product, making the wines naturally stable and keeping their soul and DNA. Will you discuss Pierre Girardin’s commitment to sustainability?

Farmers and thus winemakers belong to an industry that “pollutes” the most, so of course we feel concerned when talking about sustainability.

First about nature: the domaine farms have been organic since 2018 to avoid spreading chemicals. After several vintages, the vines are used to it and deliver perfect fruits thanks to these methods. Using natural elements to spray the vines is necessary in the process of making unique wines, as copper and sulfur will influence the thickness of the skins and reactions during fermentations. So, it is true to say that organic wines have better potential than conventional ones.

A new adventure in Jura for PVG wines definitely opened my eyes wider than ever concerning the effects of climate change. It is hard to keep a perfect natural balance for white wines nowadays in France.

Nonetheless, a few natural techniques are very effective and sustainable.

Pierre-Vincent Girardin’s vineyard (above); barrel tasting (right)

far this year. My business model of having a range with a lot of lieux dits (small vineyard plots) but very small quantity of each cuvées helps me to provide very limited quantities to each country to make sure my bottles are not piled up in a few cellars, but drunk or wisely allocated. The average production of a cuvées at the domaine is 1,400 bottles, split by 85, meaning 16 bottles per wine per country. Then you can decide whatever your brand needs in terms of production or distribution. I think choosing your customers is the real strength of a brand.

Will you provide an overview of Pierre Girardin’s wines?

The challenge was to make unique wines. In classic Burgundy, whites are not extracted and are light, so they are then aged in a way to make them fatter. Reds are usually extracted for a few weeks and have structure. My goal is doing the opposite. My father taught me all the technical skills to make wine, so I could make wines at the antipodes of what he did. Through eight vintages produced so far, six of my harvests started in August, and so will the 2025 vintage. This parameter/setting influenced my vision a lot. I just couldn’t do what people have been doing for decades if nature does not behave in the same way. To be truly different, I decided to stop any extraction on the reds. That means no punch down, no pump over, no delestage, and no refining or filtration. Doing less, taking more risks – these were the keys to flowerfully perfumed wines without any tannic structure. These decisions and risks are hard to make and take in Burgundy when working on high-class appellations, but it was worth trying since you will never learn it in school. I needed to figure it out myself.

With the white wines, I wanted them to be more tannic than my reds which is such a hard thing to do with the climate getting warmer every year. They also needed dry extract in order to be able to age over the years, and for the acidity to be lively and mouthwatering. The key was to create a new vineyard management method that allowed me to pick earlier than VOLUME 48, NUMBER 4

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What do you enjoy most about the business?

What I like the most about my job is that I create something unique and uncopiable. Highlighting a product that comes from nature activates my passion about this job every single day. So, the creation is the key point; that notion of endless ideas and stimulation is what drives me every day.

It is the moment you turn a universal product into an exceptional one; the birth of the DNA and the soul of your wine is the true accomplishment of my job, because that will hold up through time. Even if the domaine disappears one day, the work of the team that created those wines will remain and last forever.

What are your priorities for Pierre Girardin as you look to the future?

I’ve been investing in Jura for three years now. It is hard to develop and scale in Burgundy. They are too many actors in the region to be able to develop as I would wish. The Jura wine region is skyrocketing in terms of quality and soon will be notorious. The prices there are still low, so it is time to invest. The potential there is huge, and grape varietals are the same as in Côte de Beaune. This region is closer to the French Alps, so the climate is perfect to produce vibrant white wines as there is more rain over the year and the average temperature is lower. The philosophy of all producers there is all about nature and agronomy, so the vines age better than in any other French wine region. We bought vineyards that are 70 to 100 years old that are in better shape and produce more regularly than in Burgundy. I’m aiming to use both nature and agronomy to push the domaine into another dimension. The contribution of the Jura project will make my farming very close to the natural agronomic approach improving the shape of my Burgundy vineyard. In addition, my knowledge and my Burgundy method will help produce wines that have never been produced in Jura before. This project is no longer a side project and truly embodies the future of the domaine in order to cope with the limits of Burgundy.

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Pierre Girardin Batard Montrachet (above); sunset over young vines (right)

The vineyard management in Jura creates vineyards that reach 2.20 meters, which is 1 meter higher than Burgundy vineyards. So, the goal for the future is to let the vines grow as high as they want toward the sky and avoid any trimming. This avoids any stress to the plant and creates a huge canopy with more shade. The vibe and energy in the vineyard have nothing to do with classic viticulture and are really enjoyable for both plants and people working in the vineyard. Methods like these also increase the life potential of the plant and I hope it will help my children to take over in better conditions despite the new weather conditions in Europe.

Did you always know that you would pursue a career in the wine industry?

Definitely not. I grew up in my parents’ winery, which I didn’t like at all because as a kid I barely saw my parents. At that time, I just couldn’t understand the passion and the amount of work that you had to put in to become the best winemaker. So, before I turned 14, I felt I didn’t want to copy/paste what my parents did. That’s why when they asked my brother and I if they should sell their winery and wine business, we said “yes.”

Thirteen years later, there is no regret at all. It was the best thing that could have happened. It was much more challenging to start from scratch, but that’s how I was able to express my vision and my personality.

The fact that I got into this during my teenage years also shows that I was making my own decisions and I wasn’t forced to keep the family legacy. This is happening to a lot of farmer and winemaker families where one of the children, if not all of them, have to help or take over what their parents did. But sometimes, it is hard to feel at ease when it’s not your project. So, in the future, my children will decide on their own careers, because making wine is not easy and if you’re not 200 percent focused on your passion, you will never make great wines.

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WINE & SPIRITS LEADERS

Art And Science An Interview with Silvia Santiago, Master Blender and Senior Vice President, Manufacturing, Destilería Serrallés, Inc. That’s how I came to understand the process. As I gained knowledge, I rose through the ranks. The area that particularly captivated me, and still does, is rum blending. I learned the nuances of this task from mentors, veterans in the distilling and aging process at Serrallés. Working with the formulations connected me with the energy of those who crafted blends before me. After holding supervisory and management positions, I now serve as Master Blender and Senior Vice President of the entire manufacturing operation. My passion remains rum blending, where all the senses come together to create new rums.

Will you highlight Don Q’s history and heritage?

This year, we are celebrating our 160th anniversary. The family’s history began around 1820 when the first Serrallés, Juan Sebastián,

Silvia Santiago

EDITORS’ NOTE Silvia Santiago stands as a trailblazer in the world of rum, not just for her unparalleled expertise but for her role as Puerto Rico’s first female Master Blender. As the esteemed Maestra Ronera of Destilería Serrallés, the creators of Don Q Rum, her journey began in 1973 when she first stepped into the world of fermentation as a young microbiologist. Since then, her dedication and passion have propelled her to become the Senior Vice President of Manufacturing, overseeing every intricate detail of the rum-making process – from selecting the finest sugarcane molasses to blending and tasting the perfect aged distillates. Santiago’s influence extends beyond the distillery walls. She is a visionary who carefully balances the tradition of crafting exceptional rum with the evergrowing demand for innovation. In her hands, every new aroma, every nuanced flavor becomes an opportunity to push the boundaries of what rum can be, while still paying homage to the time-honored methods that have made Don Q a symbol of excellence.

COMPANY BRIEF The heritage of Destilería Serrallés (donq.com) began around 1820 when Juan Sebastián Serrallés left Spain and settled in Ponce, Puerto Rico. Soon after, he founded the Hacienda Teresa, a sugar cane plantation. In 1865, his son, Don Juan Serrallés, produced his first casks of rum. In 1898, the Serrallés family was granted the exclusive right to the Río Inabón, a river winding through Puerto Rico’s volcanic mountains, which remains the exclusive water source for Don Q Rum. Following the end of prohibition, the Don Q brand, named after Don Quixote, was launched and its award-winning tradition continues today.

Will you discuss your career journey?

I’ve always been drawn to science. I studied medical technology, a mix of sciences connected to the health of human beings. Because of my background in microbiology, Serrallés hired me to work with fermentation and yeast. At the time, I had no idea where this path could lead, but I was hungry for knowledge and quickly fell in love with rum production.

I learned by asking questions and never saying no to an opportunity.

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Don Q barrel pull

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In the flavors, we have Lemon, Coconut, Passion Fruit, Pineapple, and Orange. These can be enjoyed neat or with your favorite mixer.

Innovation can be found in the double-aged rums such as Don Q Port.

These are traditionally aged rums that complete their aging in a different cask to provide an extra finish.

We also provide exceptional blends such as Don Q Reserva 7 and Don Q Gran Reserva XO, which are meant to be savored, to be appreciated with every sip.

How ingrained is Don Q’s commitment to sustainability as part of its culture and values?

Sustainability is a concept that you live by. At Serrallés, it is ingrained in every part of the business. We want our process to be cleaner and greener, and we invest a lot of time and resources toward that goal. We’ve installed solar panels. In all production areas, the reuse of process water is pursued. We use LPG as fuel in our utilities. We recover and recycle packaging materials – these are just some examples of what we do to help preserve our environment.

How important has it been to build the Don Q team?

One person alone can achieve a private goal, but a team can achieve the extraordinary. A united and inspired team is unstoppable. Each member of the team contributes their vision, their value. All the successes we have achieved as a company are the result of the team effort. That is what we look for in our employees: to be part of the team.

When you start working at Serrallés, you are an ordinary person, with dreams and a bit of ambition. Then you’re caught up in the passion of the business: the rums, the history, the processes – they get under your skin. Then, you become a champion.

What are your priorities for Don Q as you look to the future?

To keep creating exceptional products that elevate our company and our category to the level they deserve.

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Don Q barrel room

came from Cataluña, Spain. Hacienda Teresa was founded, and his son, Don Juan Serrallés, began producing his first cask of rum. Six generations of Serrallés have forged this history.

Making Don Q rum involves both art and science. Clean fermentation with our proprietary yeast is the base, controlled distillation establishes the balance of flavor components, and the artisanal aging process gives us the rums to work with in the unique blending phase. The accumulated wisdom and in-depth knowledge of each of these steps, together with respect to tradition, have helped us become the most prestigious rum in Puerto Rico.

What have been the keys to Don Q’s growth and industry leadership?

We are focused on the consumer. We have our goals clear, and we work on the plan to achieve them. Our commitment to quality and the pursuit of understanding our consumers’ preferences help us remain favored by the market. Nowadays, the consumer is becoming more demanding, both in terms of the quality of the products and in terms of the clarity of the process. They want to know the history, the process, and what they can do with the products. We offer them honest, memorable rums, those that, when you take a sip, invite you to a second. The preference and loyalty to our products motivate us to continue providing the best. Like Don Quixote, the pursuit of perfection is our guiding principle.

Will you provide an overview of Don Q’s offerings?

Don Q was launched in 1934 with white rum, gold rum, and 151°.

The portfolio always included an añejo rum, very aged and full-bodied, like El Dorado. Today, the offering is ample. In the line of what we call traditional rums, we have Don Q Cristal, a youthful, clear, smooth, mixable rum and Don Q Gold, a classic gold rum, with more body, wood, and citrus notes perfect for a Piña Colada or a tasty Cuba Libre.

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A Vision Of The World An Interview with Stefano Casadei, Owner and Technical Director, Famiglia Casadei EDITORS’ NOTE Stefano Casadei was every harvest a new chapter. I’ve learned born and raised in the sun-drenched to listen to the land, to accept its silences Tuscan fields. Son of an agronomist, and surprises, and to do less in order to he grew up amidst crops, meadows, achieve more. and the values of Tuscany’s rural Over time, together with my family, tradition. Passionate about wine, he we built a project grounded in a clear studied agriculture in Italy and then philosophy – BioIntegrale – and in attended advanced courses at the a strong belief: that agriculture must University of Bordeaux in France. return to center stage. All of our estates Soon after specializing, he became a are now cultivated biodynamically, and creative and enthusiastic wine entrewe are fully committed to regenerative preneur. Today, Casadei is the owner farming: restoring soil health, preserving Stefano Casadei and technical director of wineries in biodiversity, ensuring people’s wellMaremma, Chianti and Sardinia. being, and honoring the places where President and founder of Tecnovite, he directs the we work. It’s a complex path, requiring vision, BioIntegrale technical-scientific team which works consistency, and patience. But for me, it’s the only to safeguard biodiversity and promote ethical and way to do this work: with passion, responsibility, sustainable farming. and a deep sense of belonging to the earth.

Will you highlight the history of Famiglia COMPANY BRIEF The story of Famiglia Casadei Casadei? (famigliacasadei.it) is one of sound, hardworking The first real step was Castello del Trebbio, entrepreneurship and, at the same time, the story in Chianti Rufina – an extraordinary place, rich of the Casadei family. The family has written this in history. It was here that the Pazzi Conspiracy story, vintage after vintage, in the name of respect took place. My wife, Anna Baj Macario, inherited for nature, with roots firmly planted in the soil and the castle from her parents and chose, with great its gaze focused on the future. Today, Famiglia dedication and sacrifice, to preserve and enhance Casadei stands as a haven of biodiversity and culture, and continues to strive to be a trustworthy custodian and interpreter of the spirit of the places where it produces.

Will you discuss your career journey?

My professional path was born from the soil, not from books. Since I was a child, I’ve lived the countryside as a vibrant place – made of work, yes, but also of relationships, culture, and emotion.

My father was an agronomist and managed farms on behalf of others. During harvest days, what formed around me wasn’t just work – it was community, tradition, and identity. After studying agricultural sciences, I worked for five years at a multinational company in the agri-chemical sector.

It was a formative experience, especially because it helped me understand what I didn’t want to do: industrial agriculture, detached from the rhythms of nature. So, I changed course. I went back to study, first in Italy and then in Bordeaux, where I found a deeper, more cultural approach that honored natural cycles. At 30, I felt the urge to deepen my relationship with wine. Those specialized courses at the University of Bordeaux – one of the great temples of viticulture – gave me valuable tools. But the real school has always been, and still is, the vineyard. Every vintage is a lesson, 256 LEADERS

it. Today, Castello del Trebbio is a benchmark for wine tourism and a key producer of both wine and olive oil. It was from here, as I mentioned, that Anna and I began to put down roots – blending past and future.

Then came the other estates: Tenuta Casadei, in the Alta Maremma, was born from a desire to create a project dedicated to international grape varieties interpreted through a Mediterranean lens, after the experience with Sangiovese at Castello del Trebbio. Suvereto was the natural choice, and our Cabernet Franc “Filare 18” is the perfect

Castello del Trebbio (above); Canocchiale Tenuta Casadei (top)

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expression of that vision. This estate is especially meaningful to us as it is co-owned with the Cline family, dear friends and partners in the U.S. who not only import wines from all our estates, but also deeply share our values. This partnership has grown into a genuine and lasting bond.

Next is Olianas, located in the most authentic heart of Sardinia – a pristine, untouched place where every visitor is enchanted by its natural beauty and atmosphere. It’s also the only Demeter-certified estate in Sardinia, representing our full commitment to biodynamic and regenerative agriculture. Here, we work exclusively with native varieties in harmony with the environment.

Lastly, Terre di Romena, in Casentino, is our most recent estate, dedicated to Pinot Noir and Chardonnay. It’s a mystical place, chosen for its unique potential in the face of climate change.

Today, with my wife and our three children – each of whom plays a different role within Famiglia Casadei – we continue to pursue a project that is, above all, a vision of the world: to farm ethically, to leave the land better than we found it, and to produce wines that have a soul.

Will you provide an overview of Famiglia Casadei’s collection of distinctive wine estates?

Famiglia Casadei is today a mosaic of four estates, each with a distinct identity yet united by the same vision: practicing biodynamic, regenerative agriculture guided by the BioIntegrale philosophy.

• Castello del Trebbio (Chianti Rufina, Tuscany): This is the most historic and largest estate. It produces around 350,000 bottles per year, with a focus on the expressive purity of Sangiovese. Here, viticulture, history, tourism, and culture intertwine in a uniquely architectural and scenic setting.

• Tenuta Casadei (Upper Maremma, Tuscany): Producing around 150,000 bottles, mainly from international grape varieties such as Cabernet Franc, Syrah, Petit Verdot, and Viognier.

This is an identity-driven project that combines the strength of the Mediterranean terroir with an elegant, contemporary style. Since the late 1990s, we’ve pioneered the use of terracotta amphorae – a choice that has since become a trend.

• Olianas (Sardinia): Nestled in the island’s most authentic heart, it produces around 180,000 bottles from native varieties such as Cannonau, Vermentino, and Bovale. Agriculture here is truly regenerative, in an unspoiled environment, with animal traction, organic compost, and biodiversity as central values.

• Terre di Romena (Casentino, Tuscany): The most recent estate, a small gem producing 20,000 bottles annually. Here we cultivate Pinot Noir and Chardonnay in a surprisingly favorable microclimate for these varieties, resulting in elegant, vertical wines deeply connected to the land.

In total, we produce around 700,000 bottles per year, distributed worldwide, with particular attention to markets that share our values: authenticity, quality, and respect for the earth.

Will you elaborate on Famiglia Casadei’s commitment to sustainability?

Absolutely yes, because sustainability is our direction, not a destination. It is a foundational VOLUME 48, NUMBER 4

The Casadei family

principle of our project, which concerns not only the environment, but also people, territories, agriculture, culture, and the very meaning of our work.

Since 2013, we have developed and adopted our BioIntegrale philosophy, a holistic and rigorous approach that goes beyond organic or biodynamic farming. It is based on a precise decalogue that embraces soil regeneration, the enhancement of biodiversity, respect for natural rhythms, as well as a strong social, cultural, and economic responsibility toward the places where we operate.

One of the key points requires that only people from the local territory work in each of our estates. The choice of suppliers also follows the same ethical principle: they all operate within a maximum radius of 30 kilometers from the estate, to support local economies, reduce environmental impact, and contribute to a genuine redistribution of wealth in the area.

Our idea of sustainability also reflects on the energy front: each estate is self-sufficient in terms of electricity, thanks to photovoltaic panels perfectly integrated into the architecture, without visual impact on the landscape.

Then there is cultural sustainability. At Castello del Trebbio, for example, we are custodians of history. The castle dates back to 1184 and is a place of great historical value: it is where the famous Pazzi Conspiracy against the Medici took place. Our duty is to preserve it, keep it alive in the present, and hand it down to future generations – not just as a monument, but as a living space where history, wine, and culture meet.

Finally, we recover ancient practices – such as the use of terracotta amphorae, which we introduced as early as the late 1990s – and reinterpret them in light of modern technical knowledge, because one of the foundations of BioIntegrale is precisely this: innovating by rediscovering our roots.

In summary, for Famiglia Casadei sustainability is not only environmental: it is human,

historical, agricultural, energetic, and cultural. It is a daily responsibility that guides every choice we make – from the vineyard to the cellar, from the people to the places.

What has made the wine industry so special for you?

I will conclude by repeating what I have already said. For me, wine has never been just a product: it has always been a language. I have already shared that since I was a child, I experienced the land as a living place, full of gestures, stories, and people who knew how to listen to the rhythms of nature. I have also mentioned that I grew up in a family where, thanks to my father who was an agronomist, agriculture was part of our daily life. Over time, I realized that I didn’t want to just practice agriculture – I wanted to do it differently, in a way that produced beauty, fostered relationships, culture, and emotions.

Wine has been the perfect instrument for this, because wine is slowness, observation, listening. It is the fruit of a silent dialogue with the land, a balance between what you can control and what you must simply accept. And then it is sharing: around a bottle, stories are told, bonds are created. Wine has the power to bring people together, to speak many languages, yet remain deeply connected to a place.

Over time, together with my wife Anna and my family, I have built a project that starts from here: from the land, from the people, from respect. With our BioIntegrale philosophy and now regenerative agriculture, we strive every day to give back to nature, not just take from it. This is what makes wine special to me: the fact that, if done with awareness and love, it can become an agricultural, cultural, and even spiritual act.

And today, seeing my children choose to be part of this journey – each with their own perspective and sensitivity – is perhaps the greatest gift.

Because it means that wine, in our family, is not just a job: it is a way of being.

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WINE & SPIRITS LEADERS

Regenerative Farming An Interview with Daniel Fitzgerald, Co-Founder and Winemaker, AVIVO Wines EDITORS’ NOTE Daniel Fitzgerald as Managing Partner and Director is a devoted winemaker who believes of Winemaking for Elevation Custom in creating wines that genuinely Crush and AVIVO Wines. represent their origin, harmonizing elements of site, season, and heriWINERY BRIEF AVIVO (avivowines.com) tage. His passion for fine craftsmanstarted with a simple yet powerful idea ship, nature, and attention to detail that took root: craft exquisite, affordmake him a natural in vineyards able wines from grape varieties that and cellars. Living in Belgium for 14 flourish in the warm Mediterranean years shaped Fitzgerald’s preference climate. AVIVO envisioned a future for delicate, lower-alcohol wines. where wine production not only miniAn unexpected harvest inter nmized carbon emissions, but actively Daniel Fitzgerald ship led him to trade his archihelped capture them, making its wines tecture studies for winemaking, a force for positive change. AVIVO’s working across hemispheres before earning a commitment to transparency and sustainability bachelor’s degree in enology from CSU Fresno led it to create wines free from mysterious addiin 2007. Fitzgerald continued to hone his tives, ensuring that one can savor each glass skills contributing to esteemed wineries such knowing that every sip supports a healthier planet as Coldstream Hills, Williams Selyem, and and a happier you.

Robert Sinskey Vineyards. Embracing his entrepreneurial spirit, Fitzgerald has gone on to Will you discuss your career journey? own three production companies and build I fell into wine production late, with a little three wineries, all the while continuing to craft bit of luck and no aims whatsoever of becoming highly regarded wines. Currently, he serves a winemaker. I grew up in Belgium because of

AVIVO barrel room (above); AVIVO wines (right) 258 LEADERS

my father’s work and as such, wine was always part of the meal. Wine was generally inexpensive and meant to enhance both the quality of the food and the bon amie of the dinner table. My journey began in a dingy office in San Francisco; I had been at university for four years studying mostly architecture and had landed a job working in an architectural firm as an entry level draftsman. I sat in a chair all day and drew CAD drawings for the architects to show to their clients as needed. I hated the job and was morbidly bored. I did as many young men do in their early twenties and called my dad to complain.

My father had just moved to Healdsburg and purchased a home with a small vineyard on it. He told me that if I wanted to come help him work on the new house I could stay with him and work a harvest in wine country. I immediately accepted and two days later started as an intern at Quivira Winery in the Dry Creek Valley of Sonoma. I loved it. The work outside, meeting and working hard with interns from all over, the smells, the equipment – every day was different. The best part was seeing, smelling, and tasting the evolution of the winemaking process every day.

At the end of my first harvest, I immediately started looking for another in the Southern Hemisphere and landed at Coldstream Hills Winery in the Yarra Valley of Australia. I had even more fun and worked much harder to keep up with the 80-hour weeks they expected. Once

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that was done, I was back in Napa at Robert Sinskey, and then back again to Coldstream Hills. Tired out from four harvests in two years, I decided it was time to go back to school having found the career I wanted for the rest of my life.

I’d never enjoyed being a student before, but for the first time flourished in my grades and the joy of learning, and three short years later I was back at work at a new job at Williams Selyem near Healdsburg, right where I had started five years before. I have since worked for many wineries and am about to start my 26th harvest. The only downside to finding something you love is that time goes by way too fast.

What was the vision for AVIVO Wines and how do you define its mission?

The vision for AVIVO really came together over three tenets: 1. Farm regeneratively: we are both CCOF and Demeter Certified, and we will leave the farmland we grow our grapes from in better shape for the next generation.

2. Quality wine can be made naturally, be widely delicious and stable for long-term aging – so let’s make it that way.

3. Location and grape varieties matter. The majority of California and where we grow is a Mediterranean climate. Let’s grow varieties that will thrive and be the best versions of themselves for quality winemaking. It costs less to farm them, it lowers our carbon emissions to farm those varieties, and they are naturally balanced to make great wine.

Will you provide an overview of AVIVO Wines’ offerings?

We make a red wine that is mostly Sangiovese with a little Syrah for mid-palate texture. Our white is mostly Vermentino which rocks with a little Moscato for added phenolics and some Albariño for its excellent acidity. Our Rosé is made from

Sangiovese and picked for rosé winemaking – we do not use bleed. We pick it about three weeks before we begin harvesting Sangiovese for red wine making and press its whole cluster to preserve aromatics and acidity.

Will you discuss your views on the importance of regenerative farming?

This is a core tenet of ours. One hundred and 20 years ago, before World War I, regenerative farming was simply called farming. We’re not reinventing the wheel; we’re returning to practices that have always worked. The two world wars brought famine and rapid advances in agriculture and microbiology.

Dan Fitzgerald in the vineyards (above); AVIVO wine served with a meal (top right) VOLUME 48, NUMBER 4

These innovations helped feed gr owing populations, but over time, our dependence on conventional farming practices – including chemical inputs, monocultures, and extractive techniques – have contributed to soil degradation, carbon emissions, and broader environmental challenges.

Much of modern-day viticulture now relies on practices that are carbon-emissive and additive-heavy. But there is a better way.

By planting native, proven grape varieties and committing to long-term regenerative farming, we can rebuild soil health, sequester carbon, and create a healthier, more sustainable future.

Returning to these foundational methods allows us to produce food and wine that are more nutritious, safer, and better for both people and the planet.

Will you discuss AVIVO Wines’ commitment to sustainability?

We are committed to showing our industry that we can produce wine at scale that is delicious, natural, and sequesters carbon, while still turning a profit. We intend to make our financials public once we have all the data.

What has made the wine industry so special for you?

I love this industry because it’s part science, part intuition, and part art and, even when you think you’ve figured something out, you can never replicate it exactly. Every day at work is different. I work with farmers, chemists, engineers, marketers, sales people, and even the occasional celebrity. There is no right or wrong – everyone has a different opinion that matters about every wine I make. Luckily, it’s almost always a nice one. Seeing someone enjoy something I’ve crafted never gets old. I get a deep sense of accomplishment when I see people enjoying my wines over lively discussions and delicious meals. After all, wine is so much more than a beverage; it’s been bringing people together for thousands of years.

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LUXURY

Enduring Relevance Through Excellence An Interview with Giuseppe Aquila, Chief Executive Officer, Elmo & Montegrappa S.p.A. EDITORS’ NOTE In 25 years at metals, high tech materials such as the helm of Montegrappa, Giuseppe carbon fiber or titanium – to collabAquila has been a driving force orating with icons in art, cinema, and in legitimizing writing instrumotorsports, Montegrappa has always ments as a global luxury category. found ways to express timeless Italian After leaving college, Aquila spearelegance while connecting with new headed the brand’s international generations of collectors and connoisexpansion with a renewed commitseurs. Relevance, for us, comes from ment to luxury and private bespoke staying true to who we are, while production. His vision of pens as continuously surprising our audience. objets d’art won awards and helped Will you provide an overview foster a thriving collector commuof Montegrappa’s offerings?

Giuseppe Aquila nity. Over recent years, a focus on Our core collection includes contemporary customer experience fountain, rollerball, and ballpoint has seen him open more than a dozen mono- pens, handcrafted in Italy using the finest brand boutiques and break new ground with materials – celluloid, ebonite, sterling silver, an avant-garde approach to materials, design solid gold, and more. Within this, we have our and engineering.

Signature collections, such as the Extra 1930 and Zero, which embody our classic design ethos.

COMPANY BRIEF Italy’s first pen manufacturer, Montegrappa (montegrappa.com) has been setting standards for prestige writing instruments for more than a century. In the early twentieth century, portable fountain pens were the technological revolution of the day, and the Venetian maker’s 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.

Will you discuss the history of Montegrappa?

Montegrappa was founded in 1912 in Bassano del Grappa, in the foothills of the Italian Alps. Originally established as a manufacturer of gold nibs and fountain pens for the early 20th-century Italian elite, it quickly became synonymous with craftsmanship and design excellence. Over the decades, the brand has stood witness to Italian cultural and artistic evolution – surviving wars, embracing innovation, and remaining steadfast in its commitment to artisanal quality. We’re proud to be Italy’s oldest writing instruments manufacturer, with a legacy that reflects both heritage and reinvention.

What have been the keys to Montegrappa’s ability to stay relevant over the decades?

Authenticity, craftsmanship, and creativity have been our guiding principles. We’ve never chased trends, but we’ve always embraced innovation when it serves our identity. From pioneering new materials – celluloid, precious 260 LEADERS

We also produce a wide array of Limited and Special Editions that celebrate everything from literature and history to pop culture and motorsport. Beyond pens, we’ve expanded into fine accessories – cufflinks, leather goods, luggage, cashmere blankets or caps, and even shoes – all crafted with the same care and Italian sensibility.

Where do you see additional opportunities for brand extensions for Montegrappa?

We see growth in high-end accessories that complement the lifestyle of our clients – luxury leather goods, luggage, shoes and home accessories. At the same time, digital storytelling and curated collaborations offer new avenues for expression. Montegrappa is also increasingly seen as a gifting brand, so bespoke services and personalization are strategic areas of focus. We will continue to pursue extensions that align with our values: craftsmanship, culture, and individuality.

Montegrappa Extra 1930 Signature Collection Fountain Pens

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Will you highlight Montegrappa’s Limited Editions?

Our Limited Editions are perhaps the most expressive part of our work. They allow us to celebrate grand themes with the highest level of artistry and storytelling. Each edition is an objet d’art, often produced in numbered series, with intricate engravings, enamel work, lost-wax casting, and elaborate packaging. Recent highlights include tributes to Dante Alighieri, Michelangelo, and Lamborghini. These are not just writing instruments – they are cultural statements.

Montegrappa will be available in the new Abel Richard boutiques in Beverly Hills, Miami, New York, and London. How did this relationship develop?

The partnership with Abel Richard is the result of a shared vision. Both brands are deeply committed to excellence, innovation, and design integrity. Abel Richard embodies a new, contemporary expression of luxury – one that resonates with Montegrappa’s values.

We see this partnership not only as a retail alliance, but as a platform for creative collaboration. These flagship locations are curated spaces where discerning clients can discover exceptional craftsmanship across categories, and Montegrappa is proud to be part of that narrative.

What are your priorities for Montegrappa as you look to the future?

Our priorities are threefold: elevate brand perception, expand thoughtfully in key global

markets, and deepen our connection with a new generation of collectors. We will continue to invest in product innovation while reinforcing the storytelling that makes Montegrappa so unique. At the same time, we’re focusing

on selective distribution – both physical and digital – to ensure a consistent and elevated customer experience worldwide. The goal is not scale for its own sake, but enduring relevance through excellence.

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Montegrappa Michelangelo 550th Anniversary Genio Creativo Limited Edition Fountain Pen (top); and Automobili Lamborghini 60° Fountain Pens (above) VOLUME 48, NUMBER 4

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LUXURY

Investing In A Legacy An Interview with Abel Richard Bullock, Founder & CEO, Abel Richard COMPANY BRIEF Abel Richard’s 1700s, it elegantly bridges the past (abelrichard.com) vision is to with the present, drawing from redefine luxury through timeless regional influences and ancestral elegance and uncompromising craftsmanship. quality. It strives to be synony• Oyster – Just like its namemous with sophistication, offering sake, the Oyster is sleek, iridescent, discerning individuals worldwide and quietly powerful. Designed for an experience of refinement and red carpet moments and elevated exclusivity. By seamlessly blending evenings, it captures the mystique of Italian craftsmanship with innohidden treasures and refined strength vative design, Abel Richard aims beneath the surface. to set new standards in the luxury • Concertina – The Concertina Abel Richard Bullock industry, inspiring admiration and opens like an accordion, a nod to enchantment with each creation. It rhythm, expansion, and the harmony aims to transcend mere accessories, becoming of motion. It is inspired by the luxury of travel – cherished symbols of enduring beauty and think private jets, grand symphonies, and life’s artistic expression, cherished for generations to rarest, most orchestrated moments. come.

• Chrono – This design takes its cues from luxury wristwear, where precision and detail What inspired the creation of Abel Richard? are everything. Chrono is a sculptural tribute Abel Richard was born out of a desire to to time itself, crafted for those who appreciate redefine what luxury truly means. It’s not just technical brilliance, multi-faceted designs, and about owning something beautiful; it’s about quieter luxury. investing in a legacy. Our vision is rooted in Who is the Abel Richard customer? creating pieces that are timeless, awe-inspiring, Our customers are men and women of and crafted at a standard the world hasn’t seen discernment – individuals of high net worth before. By fusing old-world artisan craftsman- who value rarity, quality, and craftsmanship. ship with cutting-edge technology, we’re They’ve worked hard, they expect excellence, forging a new path. I started this brand to make and they want something that reflects that. It’s a meaningful difference, both in the world and the best of the best. in the luxury handbag space.

Will you highlight the debut collection?

The debut Abel Richard collection draws inspiration from nature, heritage, movement, and time, all elements that symbolize both beauty and permanence.

Each design is a sculptural expression of storytelling, where form and function meet in perfect balance. This launch is really a declaration of the new standard.

• Mosaic – Featuring our signature honeycomb pattern, Mosaic reflects the interconnected nature of our brand’s values: unity, structure, and beauty. It’s a bold, architectural piece that embodies strength through intricate design.

• Armadillo – The Armadillo design offers a sense of protection and resilience. With interior Rendering of the Abel Richard Manhattan store on West 57th Street brocade fabric details from the 262 LEADERS

What sets Abel Richard apart from its competitors?

We’re not here to compete; we’re here to redefine. That starts with leading through clarity of vision, integrity in craftsmanship, and bold innovation. We believe true luxury doesn’t cut corners – it respects time, process, people, and materials. Our approach is deeply intentional.

Every design choice, every artisan partnership, every customer experience is guided by the values we hold.

Our pieces are meticulously designed and handcrafted in Italy. They are built with sustainability and ethics at the core. These aren’t seasonal accessories; they’re heirloom-quality investment pieces.

Where do you see the greatest opportunities for growth?

The luxury handbag industry has seen little true innovation in the last 40 years. Yet when you look at watches, yachts, and automobiles, there’s a thriving ultra-luxury market. No brand has truly captured that same level in handbags, until now. Abel Richard is stepping in to define this next level of high luxury.

How does Abel Richard approach customer service?

When you invest in the best, you deserve the best in return. That’s why our boutiques will offer white-glove services like bag cleaning, restoration, and personalization.

We deeply value the people who value our brand and product, and every touchpoint of the Abel Richard experience reflects that.

What is your leadership philosophy at Abel Richard?

Leadership means setting a new standard, not following what’s already been done. We lead by example, creating pieces that challenge the status quo and raise the bar for what luxury can and should be.

Ultimately, leadership at Abel Richard is about legacy. Building something enduring not only for our customers, but for our children and theirs. We’re laying the foundation for a brand that will stand the test of time by honoring the past, embracing the future, and leading with purpose every step of the way.

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VOLUME 48, NUMBER 4

EDITORS’ CHOICE

Il Giglio Tribeca Il Giglio has delighted guests with exquisite Tuscan fare and regional favorites since 1989.

Blending contemporary design with traditional culinary roots, Il Giglio brings a storied legacy of impeccable service and luxurious plates to Tribeca’s discerning palates. A chic redesign in 2023 celebrates clean modern lines that celebrities, dignitaries, and locals feel at home in, while an expanded wine service brings hundreds of rare vintages to complement each fine dining experience.

Nestled in the heart of Lower Manhattan, Tribeca is a neighborhood where cobblestone streets meet cutting-edge culture. Once a hub of industry, this storied district now thrives as a beacon of art, design, and culinary excellence. Lofted buildings house world-class galleries, upscale boutiques, and exquisite dining, all set against the backdrop of historic architecture and modern elegance. Home to the famed Tribeca Film Festival, the neighborhood continues to attract artists, tastemakers, and global luminaries drawn to its understated luxury and timeless New York charm.

Celebrate the refined traditions of Italy in the heart of Tribeca. Il Giglio offers discerning locals a chic space to delight in exquisite handmade pastas and lovingly crafted plates that highlight the riches of the land and sea.

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LEADERS TRIBUTE

Alan Hassenfeld: A Life Of Impact

By David W. Schner, President & Executive Editor, LEADERS Magazine

As I reflect on my Family Foundation, Alan thirty-five years with touched countless lives LEADERS and the thouand truly made a sands of interviews I difference. have had the opportuEvery person has nity to conduct, it has their own definition of provided me with a “success.” I had the unique perspective on opportunity to ask Alan the concept of leaderhow he defines success ship and the characterisduring one of our intertics that define a leader. views, and his answer While leadership is often speaks volumes about measured by financial the way he lived his life. success, title, and power, “Success for me is I have found that true making a difference leadership is defined and being a catalyst for by impact, meaning, positive good. It is so and making a differimportant that we all try ence. By this definition, to envision the future, the world has lost one of and to try and make its truly great leaders – it better than what we Alan Hassenfeld. are faced with right I had the pleasure now. I so enjoy visiting of profiling Alan in a school and seeing a LEADERS numerous smile on a kid’s face, and times over the years, it is important to take and while his wisdom, the time to appreciate insight, and global what you are doing. I Alan Hassenfeld views were always am doing philanthropy impressive, it was his commitment to helping because it is the right thing to do if you are others, deep relationships, and philanthropic fortunate enough to be able to help other work that stood out. Whether it was through people in need. It is simple – for me, when my his involvement with the Hassenfeld Children’s heart smiles, that is success.”

Hospital at NYU Langone, Hassenfeld Child The world has lost a true leader, but Alan’s Health Innovation Institute at Brown University, legacy of giving and making a difference Bamboo School in Thailand, just a few of the lives on through the countless people he has many projects he worked on with the Hassenfeld touched and the many lives he has impacted.• 264 LEADERS

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VOLUME 48, NUMBER 4

STEVE WOZNIAK Apple Co-Founder HPU’s Innovator in Residence

MARC RANDOLPH Netflix Co-Founder HPU’s Entrepreneur in Residence

CYNT MARSHALL Dallas Mavericks CEO HPU’s Sports Executive in Residence

GAME CHANGERS JOE MICHAELS Former Director of NBC’s “TODAY” HPU’s Broadcaster in Residence

ELLEN ZANE CEO Emeritus of Tufts Medical Center HPU’s Health Care Executive in Residence

DR. JOHN C. MAXWELL Bestselling Author and Internationally Renowned Leadership Expert HPU’s Executive Coach in Residence

HPU’s environment of excellence attracts CEOs, tech titans and global change agents who love mentoring students at The Premier Life Skills University.

BYRON PITTS Co-Anchor of ABC’s “Nightline” HPU’s Journalist in Residence

TEENA PICCIONE Global Transformation and Operations Executive at Google HPU’s Data Expert in Residence

DEE ANN TURNER Former Chick-fil-A Vice President for Talent HPU’s Talent Acquisition Expert in Residence

MARK BRADBURN Founder of The Bradburn Group at Morgan Stanley HPU’s Wealth Management Expert in Residence

SUE DOWNES CEO and Co-Founder of MyEyeDr. HPU’s Health Care Expert in Residence

RUSSELL WEINER Domino’s CEO HPU’s Corporate Executive in Residence

TEENA PICCIONE Former Global Transformation and Operations Executive at Google HPU’s Data Expert in Residence

WILLIAM “BILL” E. KENNARD Chairman of AT&T’s Board of Directors and Former U.S. Ambassador HPU’s Global Leader in Residence

SEAN SUGGS President, Toyota Battery Manufacturing NC HPU’s Technology Executive in Residence

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