Future CEO 2019

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What can a great business mind do? Open Programmes sbs.oxford.edu/executive-education Oliver Balch Journalist specialising in sustainability, business and travel, he is the author of travelogues on South America, India and Wales. Benjamin Chiou Managing editor for special reports at Raconteur, he writes about business, finance, economics, culture and tech. Marianne Curphey Award-winning freelance financial writer, blogger and columnist, she has held positions at The Guardian and The Times, and writes for a wide variety of publications. Cath Everett Journalist specialising in workplace, leadership and organisational culture, she also writes about the impact of tech on business and society. Marina Gerner Award-winning arts, philosophy and finance writer, contributing to The Economist's 1843, The Times Literary Supplement and Standpoint. Rachael Revesz Freelance journalist and commissioning editor, specialising in finance and women's rights. Distributed in Publishing manager Ed Prior Published in association with Although this publication is funded through advertising and sponsorship, all editorial is without bias and sponsored features are clearly labelled. For an upcoming schedule, partnership inquiries or feedback, please call +44 (0)20 8616 7400 or e-mail info@raconteur.net. Raconteur is a leading publisher of special-interest content and research. Its pub- lications and articles cover a wide range of topics, including business, finance, sustainability, healthcare, lifestyle and technology. Raconteur special reports are published exclu- sively in The Times and The Sunday Times as well as online at raconteur.net. The information contained in this publication has been obtained from sources the Proprietors believe to be correct. However, no legal liability can be accepted for any errors. No part of this publication may be reproduced with- out the prior consent of the Publisher. © Raconteur Media /future-ceo-2019 @raconteur /raconteur.net @raconteur_london THE FUTURE CEO I N V E S T M E N T D I V E R S I T Y E T H I C A L L E A D E R S Analysing the top five characteristics that investors look for in business leaders Boardroom gender diversity has improved, but hasn't led to more women at the top The delicate balance between doing what's 'right' and what's good for business 05 06 08 raconteur.net Contributors YPO 2019 93% 74% of CEOs agree that the purpose of business is to have an impact on society, beyond pursuing profits and wealth say their perspective about their leadership role serving business and society has changed in the past five years I N D E P E N D E N T P U B L I C A T I O N B Y 1 0 / 1 1 / 2 0 1 9 # 0 6 2 9 R A C O N T E U R . N E T ny's initial public offering. Also Ken Fisher's fund management business has lost a num- ber of key clients after offensive comments he made in a private capacity about the fund management business. Leading by example means demon- strating a willingness to create a highly inclusive culture, which goes deeper than simple quotas. A CEO must pro- vide oppor tunities for a ll ages, gender and ethnicity. "Being a CEO means needing to connect with four working generations," says Sarah Walker-Smith, CEO of law firm Shake- speare Martineau. "You can be the best strategic and commercial leader, but if you can't build genuine connections with a wide variety of people, you will struggle to drive meaningful change." On a personal level, CEOs must bring their authentic selves to work every day, she says. You can't fake it. Teresa Boughey, author of Closing the Gap: 5 Steps to Creating an Inclusive Culture, says employees will look to leaders that care about others, those who proactively take time to get to know and understand their workforce, and are willing to listen. "Inclusive and purposeful leaders are curious," she says. "They have an unquenchable thirst for learning; they are open to new ideas and encourage sharing of ideas to enable growth, not only of the business, but of its people." Giving your workforce a voice is an essential part of leading in an inclusive and purposeful way, says Alex Fleming, president and country head of Adecco Group UK and Ireland. "Everyone should know input from employees really counts and that all ideas and thoughts are considered," she says. "Most answers to boardroom conundrums Why inclusive leaders must give workers a voice The chief executive's role is changing from the traditional command and control approach to one of inclusive and purposeful leadership usiness has changed fundamentally and, while returns to shareholders remain a priority for the chief exec- utive, this has to be paired with a greater emphasis on sustainability and purpose. The role of a CEO has become that of a chameleon, says Tom Johnson, chief digital officer, global clients, at WPP's Mindshare. "Disruption isn't specific to a new industry or new technology, it now permeates every facet of business and every type of industry," he says. "It means, as a leader, you constantly have to evolve, both your vision and leader - ship of people." In a fast-moving world focused on quick change, you must be willing constantly to transform yourself. "A CEO must focus on developments in the same way that machine-learning works: take on board knowledge, iterate change and develop to the wider network," says Mr Johnson. As a result, the role of the CEO is not just about leading from the top, but also engag - ing those below. "Leaders should get under the skin of what employees are thinking," says Adrian Moorhouse, former Olympic gold-medal swimmer and founder of man- agement consultancy Lane4 . "This involves going well beyond the metrics like current revenue and targets." What's more, it is important to understand that profitability and sustainability are not going to be mutually exclusive going forward. Company life expectancy is falling and is expected to be just 12 years by 2027. Mr Moorhouse says this indicates leaders are finding it increasingly difficult to deliver sustainable performance. "There are some real challenges for busi - ness leaders at the moment, including the rise of artificial intelligence, political volatility and demographic changes, all of which add to the uncertainty they face," he says. To succeed in this new context, leaders don't just need to change their behaviour, but will also have to adapt how they think and act, he adds. Neil Munn, global CEO at advertising agency BBH, says leadership is still fun - damentally about providing clarity and injecting energy. "In today's environment, characterised by accelerated change and increased com- plexity, these two leadership attributes are more important than ever. Airbnb, for all its disruption of the hotel category, still needs to provide comfortable beds. Uber still needs to get people from A to B." Increasingly, CEOs face scrutiny for both private and public behaviour. Any inappro- priate language or actions can reflect badly on the company as a whole and damage the brand's reputation. For example, in recent months, Adam Neumann, co-founder of WeWork, has been criticised for his handling of the compa- are out there in the field, you just need to unleash this voice." In the end, a business is noth- ing without its staff, and it is the people you inspire and motivate who will help you achieve the vision you have mapped out for your company. Michael Desiderio, executive director of EMBAC, the academic association of busi- ness schools that offer executive MBAs globally, says a CEO neglects their great- est asset if they fail to make the most of the people they work with. "We are privileged to live in a time when the workforce is the best educated it has ever been; the most informed it has ever been," he says. Tapping into human capital is more important than it has ever been. Ben Renshaw, author of Purpose, says that in a world where change is constant, leaders who stay the same are going to struggle to survive. Having worked with major companies, such as IHG and Heath - row Airport, he is aware of the challenges businesses face and the need to deliver results faster and cheaper in an uncertain, disruptive and digital world. "The fundamental role of a leader is to engage," he says. "To create change, you need to involve staff. People need to have a stake in the future of the company." Senior executives must communicate a vision to their employees and recognise how the changes will affect staff on a day- to-day basis. "It starts with a vision," says Mr Renshaw. "If people feel they have a stake in the crea - tion of that vision, you are much more likely to carry them through the process of change. "You have to bring in your own personal vulnerability. Explain that change is c o m i n g and you don't have all the answers straightaway. Treat people as adults. Give them the infor - mation they need. That unlocks goodwill in people." Being highly inclusive will help to moti- vate staff. "You need to have visible equal- ity in terms of recruitment, promotion and performance," Mr Renshaw concludes. "Talking about it is not enough; people want to see you put your words into actions. If you make promises, you have to keep them or you will be found out." Marianne Curphey B P U R P O S E Egon Zehnder 2019 MOS T IMP ORTANT BUSINES S OB JEC TIVES FOR CEOs Global CEOs were asked about objectives, beyond simply building a successful business You can be the best strategic and commercial leader, but if you can't build genuine connections, you will struggle 63% 62% 27% 25% 11% 7% 5% Ensuring long-term success by investing in the future Creating a value-based culture with purpose Creating shareholder and equity value for myself and others Developing a group of potential successors Creating a personal legacy that will last after my tenure Creating a positive social impact for my company Building strong relationships with outside stakeholders Design Joanna Bird Sara Gelfgren Kellie Jerrard Harry Lewis-Irlam Celina Lucey Colm McDermott Samuele Motta Jack Woolrich Head of production Justyna O'Connell Head of design Tim Whitlock Managing editor Benjamin Chiou Associate editor Peter Archer Deputy editor Francesca Cassidy Digital content executive Taryn Brickner Design Joanna Bird Sara Gelfgren Kellie Jerrard Harry Lewis-Irlam Celina Lucey Colm McDermott Samuele Motta Jack Woolrich Head of production Justyna O'Connell Head of design Tim Whitlock Managing editor Benjamin Chiou Associate editor Peter Archer Deputy editor Francesca Cassidy Digital content executive Taryn Brickner

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