Young Scion

Being born to a wealthy family has its perks. Having that wealth also means having a huge responsibility. While there are many wealthy individuals who simply live off their inheritance there are others who take over the responsibility of managing and growing the family fortune.  John Elkann is a young man who is in such a position.

It can be said that Elkann is truly an international person.  He was born in the New York in 1976. Elkann attended primary school in the U.K. and Brazil. Then is family moved to Paris, France where he earned a degree at the State School Lycée Victor-Duruy in 1994. That same year he moved to Italy and graduated with a degree in management engineering in 2000 at the Politecnico di Torino (Turin).

Due to the death of a cousin Elkann was suddenly thrust into a huge role, becoming heir apparent of the Angelli clan which controls giant car maker Fiat. In 1997 at the age of 22 he acquired the controlling stake at Fiat.  In 2010 he became the chairman of the company.

Given the size of Fiat aside from other family businesses Elkann cannot just make simple business decisions without thinking of the social and political impact. Moving Fiat operations outside of Italy is viewed by some Italians as treason. 

The 36 year old scion who is described as soft spoken has already been making tough decisions to keep Fiat (which also owns the Ferrari,  Maserati and Alfa Romeo brands) viable, continue to grow the family wealth through numerous investments elsewhere while maintaining a good relationship with politicians and the general Italian public.

Making It To The Top

There are so many people joining the work force every year. Not every one of them winds up at the top. Those who make it to the top have something special and the burning desire to succeed.  One of these individuals is Gérald Mestrallet.

Mestrallet was born in Paris, France on April 1, 1949. He went to the top schools in France. He is a graduate of Ecole Polytechniqe and Ecole National d’Administration.  Like many top executives early on in his career he worked in the government sector. He was connected with ENA (Ecole Nationale d’Administration) from 1973 to 1976. Mestrallet also worked  in the Transportation Ministry from 1982 to 1984 and in the Ministry of Finance and Economy.

He began working as a project manager at Campagnie Financiére de SUEZ in 1984. Then he started his climb through the ranks. He was promoted to Executive Vice-President for industrial affairs in 1986. By 1995 he was appointed Chairman and Chief Executive Officer of Compagnie de SUEZ.  He became Chairman of the Management Board of SUEZ Lyonnaise des Eaux in June 1997.  Then on May 4, 2001 Mastrallet was appointed Chairman and Chief Executive Officer of SUEZ. He held this position until July 22, 2008 when SUEZ merged with Gaz de France upon which he became the Chairman and Chief Executive Officer of GDF SUEZ.

The company that Mestrallet leads is among the largest in the world. It is into natural gas, electricity and services.  The company has 217,550 employees in 70 countries.  It boasts of having 1,100 researchers and experts.  GDF SUEZ also intends to have 100,000 new hires from 2012 to 2015.

GDF-SUEZ had revenues of €90.7 billion in 2011. It is the number one independent power producer (IIP) in the world and also the leading producer of non-nuclear electricity in the world.  In terms of natural gas it is has the largest natural gas transport and distribution network in Europe.

GDF-SUEZ is the number 2 supplier of environment services in the world and provides 91 million individuals with drinking water.

Mestrallet has made it to the top of one of the largest companies in the world.

Lloyd Schwed: Spotlight on a Top Florida Attorney

An accomplished legal professional with extensive experience across a wide variety of practice areas, Lloyd Schwed presently applies his skills as Managing Partner of Schwed, Kahle & Jenks, P.A. Established in 2006 as Schwed McGinley & Kahle, the highly regarded firm provides a full suite of litigation services to individual and business clients throughout the state of Florida, from Key West to Pensacola. Based out of Schwed, Kahle & Jenks’ Palm Beach Gardens office, Lloyd Schwed focuses on business litigation, professional liability, insurance law and regulation, and legal malpractice. He also undertakes cases in construction litigation, securities litigation, and securities arbitration while concurrently maintaining a busy appellate practice. 

Holding more than 20 years of experience in his field, Lloyd Schwed received his Juris Doctor from Washington University School of Law in 1985. He moved on to join Miami-headquartered Fowler White Burnett, P.A. where early in his tenure, he primarily represented clients involved in commercial litigation disputes. Demonstrating notable aptitude and commitment, Schwed earned a promotion to Shareholder in 1991 and played an integral role in winning a $2.5 million verdict on behalf of his client in a well known corporate lawsuit that pitted Prudential Securities Inc. against PaineWebber & Co. Subsequently building a resume of achievements both in and out of the courtroom, he moved on to serve as Shareholder at Kubicki Draper, P.A. and Honigman Miller Schwartz and Cohn before forming Schwed, Kahle & Jenks. 

Admitted to the Florida Bar Association and licensed to extend counsel before the United States Court of Appeals for the Eleventh Circuit and the U.S. District Courts for the Southern, Northern, and Middle Districts of Florida, Lloyd Schwed holds a Martindale-Hubbell AV Peer Review Rating in addition to an AV Preeminent Rating, prestigious distinctions bestowed on attorneys who display unsurpassed ethical standards and particularly noteworthy legal ability.   

Filling A Big Shoe

Timothy D. Cook is the current CEO of Apple. He took over the position in August 24, 2011 succeeding Steve Jobs who died from pancreatic cancer in October 5, 2011. Cook had been the acting CEO since January 2011 when Jobs began a medical leave.

Filling the shoes of Jobs is certainly a big shoe to fill. Cook though does not seem to want to be another Jobs and has been steering the company quite nicely. Some had feared that the company’s value would go down dramatically after Job’s death but that hasn’t happened.

Cooked joined Apple in March 1998 as SVP of Worldwide Operations and also served as EVP of Worldwide Sales and Operations. He was the COO until appointed as CEO.

What many people may not know about Cook is his joining Apple then could have been considered a career risk. Apple was then not producing the great products it has now. In fact many were thinking about its extinction.  Soon after he came on board things started to look better at Apple.

Cook was responsible for managing all sales and operations worldwide, including sales activities and service and support. Aside from this he was a leader of the Apple’s Macintosh division and in developing reseller/supplier relationship strategies. Less than a year after he joined Apple the company was reporting profits in fiscal year 1998. This is was a complete reversal of the previous fiscal year which produced a staggering net loss of $1 billion.

Cook was born in Alabama on November 1960 and obtained a B.S. degree in industrial engineering from Auburn University in 1982. He earned his MBA at Duke University Fuqua School of Business in 1988.  Cook worked at IBM and other technology companies before joining Apple.

Strength In Finance

Fulvio Conti graduated from the University of Rome “La Sapienza” with a degree in economics and commerce. As it became evident over the span of his career his strength was in finance and eventually led him to the top post of a multinational Italian company.

He began his career joining the Mobil Group in 1969. After holding a number of executive positions in Italy he became in charge of finance for Europe in 1989-90. He moved over to Campbell (the American company) in 1991 as head of accounting, finance, and control department for Europe.

Conti then went to work for Montecatini in 1991 again as head of the accounting, finance and control department until 1993. He joined parent company Montedison-Compart in 1993 as head of finance and overseeing the financial restructuring of the Group. In 1996 Conti was appointed general manager and chief financial officer of the Italian National Railways until 1998.

Conti worked for other entities holding important positions as well as the finance post. Then in 1999 he joined Enel as chief financial officer until June 2005. Conti was appointed chief executive officer and general manager in May 2005. In this capacity he oversaw the acquisition of the Slovak utility, Slovenkse Elektrane. He was able to successfully take over the leading power company in Spain and Latin America, Edesa.  Another company taken over during his watch was OGK 5, a Russian power company.

Enel is a huge multinational company based in Italy. It is one of the top integrated players in the power and gas markets of Europe and Latin America. Enel does business in 4 continents involving 40 countries in charge of power generation from 98 GW of net installed capacity and distributing electricity and gas through a network covering about 1.9 million km to serve around 61 million customers.

The company earned revenues of over 79.5 billion euros in 2011. The Group had around 75,000 employees in 2012. Enel runs a wide array of thermoelectric, hydroelectric, geothermal, solar, wind, nuclear and other renewable power plants.

Conti is also a director at Barclays plc, RCS MediaGrooup SpA and AON Corporation.

 

The First Outsider

Most companies put insiders at the top post. It serves as an inspiration for the lower ranks who also aspire for the top position. An insider also knows the company already so there is no lag time required to get to know the company better.  In the case of German company giant Siemens AG it hired an outsider to lead the company for the first time in its 160 year history.

The reason why Austrian born Peter Löscher was chosen to become the Chief Executive Officer of Siemens in May 2007 was because the company was reeling from a global bribery investigation. In this case it would be best put a new face that was not connected with the company’s past.  The company eventually had to pay $1.6 billion in fines.

Yet the move to hire Peter was not merely symbolic he went to work to improve the company image and more importantly to improve how the company functioned. As he wrote in an article within months of his taking over the company replaced 80 percent of the top level executives, 70 percent of the next level down and 40 percent of the level below that.  He also implemented some streamlining to improve efficiency.

Prior to his job as the CEO of Siemens AG, Peter held high level positions including as CEO of other large companies.  This time the outsider proved the best choice.

Princess Deena Abdulaziz: Showcasing New Designers at D’NA in Riyadh

Focused on bringing international fashion trends to an exclusive Riyadh, Saudi Arabia, clientele, Princess Deena Abdulaziz has led the boutique D’NA since 2006. Her members-only store features pieces personally sourced during travels to design houses and workshops spanning the globe. She takes pride in imbuing all featured clothes, design objects, and artworks, with her own personal taste and fashion perspective.

Showcasing new designers is a vital part of Princess Abdulaziz’ vision and she has brought a number of emerging fashion talents to public awareness through DN’A. Carrying many designers’ creations exclusively in Saudi Arabia, DN’A features the work of pivotal figures such as Haider Ackermann and Sofia Al Asfoor. In an interview in DIA Magazine, Princess Abdulaziz also speaks of being influenced by the work of Ece Ege, a Paris-based Turkish designer who has been creating stylized and embellished collections for more than a decade.

Princess Deena Abdulaziz has expanded the reach of her entrepreneurial venture over the years through the launch of pop-ups in international locations such as Doha, Qatar. In December, 2012, she launched an exclusive Riyadh pop-up that lasted a month and featured Florence-based Corto Moltedo’s urbane, hand-crafted clutches and bags. All items in the collection were produced in limited quantities in the artisanal leather tradition, by a team of three veteran craftsmen.

Craftsmanship is a key element in Princess Deena Abdulaziz’ decision making process when selecting fashions to showcase. She notes that Saudi customers are very discerning when it comes to examining details and tailoring, and that she constantly strives to source pieces with highest quality fabric and execution.

The Change Manager

Jean-Laurent Bonnafé has been adept at managing changes in his career and in the institution he has worked for.   Bonnafé was born in Albi, Toulouse. The young Frenchman at first followed the career of his father by taking an engineering degree. He graduated from one of France’s best schools, Ecole Polytechnique. Bonnafé then joined the government working in the Ministry of Industry as a Senior Officer and then moved to the Ministry of Trade and Industry as a Technical Advisor.

From the government Bonnafé changed career paths joining the private sector and getting into a banking career by joining BNP as a Senior Investment Banker in 1994. He became responsible for some of the BNP’s biggest corporate client and due to his potential was made Head of Strategy and Development in 1997.

In his new position he planned the daring double bid for Paribas and SoGen in 1999. BNP ended up getting Paribas although it had to drop its offer for SocGen.  Bonnafé then headed the post-merger and integration for BNP Paribas following the 2000 merger with Paribas.

With this integration experience he also led the integration of two other large bank acquisitions. These are exceptional achievements since the two banks were foreign ones. BNL, the Italian bank was integrated in 2006 and in 2009 Fortis, the Belgian Bank was integrated as well.

Bonnafé kept rising through the corporate ladder. He became a member of the BNP Paribas Executive Committee in 2002 and simultaneously appointed Head of French Retail Banking for Group.  Bonnafé was named Managing Director of BNL following the merger with BNP Paribas Group in 2006. Then in 2008, he became Chief Operating Officer for BNP Paribas and appointed Head of the Group’s Retail Banking activities.

More promotions came especially in the light of the merger with Fortis.  Then he was appointed Chief Executive Officer by the Board of Directors in December 2011. Now as head of one of Europe’s largest banks he is once again out to manage change. The bank had to reduce its asset size  for compliance and weed out bad debts. It has to focus on growth and Bonnafé is putting emphasis on the Asian market as we as the U.S. market to make BNP Paribas less dependent on the European market.

Given his past management of change there’s a very good chance he’ll succeed.

Still Coming Out On Top

Changes in corporate ownership can also change the job security status of workers. The new owners may have something else in mind and a corporate guy which looked to have a bright future with a company may be sent packing since someone else (perhaps coming from the group of the new owners) will be handling the job. There may also be some corporate restructuring taking place.

For William R. Klesse changes in ownership did not stop his rise in the companies he had worked for.  He graduated for the University of Dayton with a B.S. in Chemical Engineering degree. Klesse also obtained a Master’s degree in Finance from West Texas A&M University.

He began his career as an engineer trainee at Diamond Shamrock. He rose through the ranks eventually reaching the position of Executive Vice President in 1987. Then in 1996 Ultramar Corp. and Diamond Shamrock merged forming Ultramar Diamond Shamrock (UDS). Klesse wound up being the Executive Vice President of UDS’s refining operations.

In 2001, USD was acquired by Valero. This did not negatively impact Klesse’s career as he then served as Executive Vice President of Refining and Commercial Operations. In fact his star shone brighter. In 2003, Klesse became the Executive Vice President and COO.  He then was named CEO in 2006 and Chairman of the Board in 2007. He couldn’t be considered an insider of Valero having come from the acquired firm but his talent and skills helped him to get the top post at the largest independent oil refining company in the world.

Having What It Takes

Hendri de La Croix de Castries belongs to the French establishment. He is a member of the House of Castries. His father, Comte Francois de La Croix de Castries was in the military having served in Korea, Indochina and Algeria. Comte Pierre de Chevigne, his maternal grandfather was a colonel in the Free French forces.  A family member was also a naval minister under Louis XVI and another General Charles de Gaulle’s wartime ambassador to the U.S.

Henri was born on August 15, 1954 in Bayonne, France. He attended the best schools such as Ecole de Hautes Eludes Commerciales (HEC), the leading business school in France and Ecole Nationale d’Administration (ENA) which has produced many government leaders.  

Henri began his career auditing government agencies while working in the French Ministry Inspection Office from 1980 to 1984. Then in 1984 he moved to the French Treasury Department where in 1986 he played an active role in the privatization of some government companies and was later appointed to head exchange markets and balance of payments for the Treasury.

He made his moved to the private sector in 1989 joining the Corporate Finance Division of AXA.  Henri became the Corporate Secretary in 1991. He was in charge of the legal aspects of the reorganization and merger of Compagnie du Midi into the AXA Group.  After two years Henri became Senior Executive Vice President for AXA’s asset management, financial and real-estate businesses.

He was given the additional responsibility of overseeing UK and North American operations in 1994. Henri’s roles and responsibilities within AXA continued to increase in importance. He played an important role in the preparation of the merger with UAP and in managing the integration of the two entities.  The following year he became Chairman of the Equitable Companies. This later became AXA Financial.

Henri became Chairman of the AXA Management Board on May 2000 until April 2010. Due to some changes in the corporate government structure he became the Chairman and CEO of AXA since April 2010 and currently holds these positions.

It can be said Henri had more advantages than most people due to his family ties. Yet he has made the most of what he’s got and proved that he has what it takes to run one of the largest insurance companies in the world.