Seoul to Host Biz Summit Ahead of G20 Seoul Summit

More than 110 global corporate leaders from around the world will attend the G20 Biz Summit

The G20 Business Summit will bring together more than 110 of the world’s leading business executives, including those of the Forbes Global Top 500 Company list and Korea’s top 15 conglomerate list, which will discuss the recovery efforts, see what lies ahead and share thoughts on what must be done in order to ensure strong, sustainable and balanced growth.
The business summit, which be held from Nov. 10-11 under the theme “The role of Business for Sustainable and Balanced Growth” ahead of the G20 Seoul Summit, will gather about 80 chief executives of big companies from G-20 member nations and 20 business leaders from non-member countries. The G20 Seoul Summit will bring together the heads of state from G20 member countries the United States, Japan, Germany, UK, France, Italy, Canada, the European Union, Korea, Russia, China, India, Indonesia, Argentina, Brazil, Mexico, Australia, South Africa, Turkey and Saudi Arabia as well as counterparts from four G20 non-member countries Ethiopia, Malawi, Singapore and Spain.
The business summit will consists of roundtable session with focus on the agenda topics of 1) trade and foreign direct investment, 2) finance, 3) green growth and 4) corporate social responsibility. A total of 12 conveners ― three from each topic ― have been working on the final versions of the G20 Business Summit, to be submitted to G20 leaders. Some 30 chief executives will participate in each of the three parallel one-hour roundtable sessions to engage in active dialogues with G20 delegates. The Business Summit’s main agenda topics are: Revitalizing trade and foreign direct investment,; Enhancing financial stability and supporting economic activity,; and Harnessing green growth,; and Delivering on the corporate responsibility promise.
Here a look at the profiles of the 12 conveners participating in the G20 Business Summit. nw

Oh Young-ho, commissioner of he Seoul G20 Business summit Executive Committee and concurrently Executive Vice Chairman of the Korea International Trade Association

Victor Fung, chairman of Li & Fung Group, world’s largest apparel sourcing company
Victor Fung, the Chairman of Li & Fung Group, is a skilled strategist who transformed an ordinary trading company into one of the world’s largest sourcing companies through effective supply chain management. After receiving a Bachelor’s and Master’s degree in electrical engineering at Massachusetts Institute of Technology, Mr. Fung obtained his Ph.D. in business economics and worked as a professor at the Harvard Business School for four years. In 1976, he returned to his home, Hong Kong, to help run the family business.
Founded by Dr. Fung’s grandfather in Guangzhou in 1906, Li & Fung was a trading company that exported consumer goods from China and Hong Kong to Western markets. Armed with in-depth knowledge in economics and business, Mr. Fung began to transform the company’s business model.
He recognized the importance of global supply chains in the consumer product industry. For fashion apparel, for instance, production may account for 25% of the consumer price, with the rest attributed to logistics, distribution, marketing, restocking fees, and other costs. In other words, turning that 75% from cost to profit required effective distribution and inventory management, and also the ability to deliver products quickly so as to meet market demand in a rapidly changing world. Since Dr. Fung became Chairman of the Group, he has helped to cut the time required to fulfill an order from several months, down to 15 days.
To a large extent, this was made possible by using state-of-the-art IT tools to create an information and logistics management system. The system allows production to be broken down into multiple steps. Orders on each step are sent to different factories, manufactured at the same time, and sent to the point of assembly, to produce items which appear to have been made in one place. Li & Fung currently works with more than 15,000 factories in over 40 countries, and sells to leading retailers and international brands all over the world, including Wal-Mart. In doing so, the business has connected many small and medium sized enterprises to the global supply chain and international consumer markets.
Reporting annual sales of over 13 billion dollars in 2009, the company manages massive amounts of manufactured goods. In addition, the company utilizes its strength in fast delivery and asset-light business model to minimize working capital. Under his leadership, Li & Fung now has a market capitalization of over 17 billion dollars.
Aside from his business interests, Dr. Fung is keenly interested in global affairs, particularly global trade and the multilateral trading system. He was Chairman of the Hong Kong Trade Development Council, among his many public service roles. He has recently completed a term as Chairman of the Paris-based International Chamber of Commerce, and he remains Honorary Chairman of the ICC, as well as Chairman of the ICC Research Foundation. Learn more about his innovative business approach at the Seoul G20 Business Summit.
Peter Brabeck-Letmathe, chairman of Nestle, leading global food company
Today’s success of Nestle is closely aligned with that of Chairman Peter Brabeck-Letmathe. Mr. Brabeck-Letmathe became Nestle’s CEO within 29 years of joining the company as an ice cream salesman, and eventually the company’s Chairman just 8 years later. During his tenure as CEO, Nestle’s share price increased threefold, a phenomenon almost unheard of in a mature industry like the food business.
In 1968, Brabeck-Letmathe, then 24 years old, began working at Findus, a Nestle subsidiary, and set out every morning to sell ice cream from his truck to markets and grocery stores around the Alps. His big break came two years later, when Mr. Brabeck-Letmathe was sent to Latin America and played an important role in preventing Nestle from falling into state ownership in Chile, which was then headed by a Marxist government. For the next several years, Mr. Brabeck-Letmathe took on the challenges as CEO of Nestle branches in Ecuador and Venezuela, restructuring the local business and reorienting their activities in difficult economic, political and social environments. In a BusinessWeek interview, Mr. Brabeck-Letmathe has said his experience in Latin American was invaluable, and that he “learned to manage through turmoil.”
After gaining experience in Austria, Chile, Ecuador and Venezuela, Mr. Brabeck-Letmathe returned to Nestle’s headquarters in 1987 as Senior Vice President of the Culinary Products Division and was promoted to Executive Vice President in 1992, overseeing the company’s strategic management and marketing activities in its global operations. Starting in 1997, when Mr. Brabeck-Letmathe became Nestle’s CEO, the company underwent a restructuring process that continued for ten years. Furthermore, the GLOBE(Global Business Excellence) initiative was launched to standardize business practices, and allow each factory to purchase and maintain its supply of raw materials, data and IT management. Through this initiative, he was able to restructure the company into a fleet of agile and specialized businesses, while at the same time improving further its operational efficiency.
During his time as CEO, the company grew organically by 6.2% on a yearly basis, while operating margins jumped from 10.2% to 14.6%. This outstanding, sustainable performance made Nestl? the biggest consumer goods company in the world, and Europe’s highest ranked corporation in terms of market capitalization. In effect, during his years as CEO, share prices rose from 18.1 CHF to over 52 CHF.
Mr. Brabeck-Letmathe’s conviction for business success as a consumer goods company is, that there is nothing such as a global consumer but only individuals with their specific needs and dreams, which have to be understood, respected and served locally, while maintaining its highest operational efficiency, leveraging the size of a global company. The goal is to combine complexity with operational efficiency.
Mr. Peter-Brabeck understands the importance of consumer expectations and the need for change in a rapidly changing world. Discover and learn more about his management philosophy at the Seoul G20 Business Summit.
Stephen Green, chairman of HSBC, Europe’s largest bank led by ethical management
HSBC is one of the world’s largest financial institutions and leading emerging markets bank, with some 8,000 offices in 87 countries and territories. Its Chairman, Stephen Green, is recognized as one of the most respected leaders in finance and has spoken widely on the importance of values, integrity and sustainability in business and banking.
Mr. Green completed his studies at Oxford University and the Massachusetts Institute of Technology. After working for the UK Ministry of Overseas Development and McKinsey & Company, he joined HSBC in 1982. Mr. Green joined the Board of HSBC Holdings plc in 1998 with responsibility of HSBC’s investment banking and corporate banking divisions, before being appointed Group Chief Executive in 2003 and Group Chairman in 2006. Under Mr. Green’s Chairmanship, HSBC has continued to anticipate the global economy’s shift from West to East and has expanded its international operations, with a particular focus on Asia and emerging markets.
Mr. Green is the author of two books, with the latest “Good Value: Reflections on Money, Morality and an Uncertain World,” published in July 2009. Drawing on his extensive business experience, as well as his role as an ordained priest in the Church of England, he argues in “Good Value” that a dynamic market system remains critical to economic development and the future of people and the planet. However, a new form of capitalism must emerge from the crisis, overseen by an emerging global community of public interest and underpinned by a new morality.
Mr. Green contributes to a range of industry bodies and non-profit and educational organizations, and is Chairman of the British Bankers’ Association and Deputy President of the Confederation of British Industry (CBI).
Peter Sands, CEO of Standard Chartered Group, leading bank in emerging market strategy
Peter Sands was appointed Group Chief Executive of Standard Chartered PLC in 2006 following four years as Group Finance Director, where he had responsibilities for Finance, Strategy, Risk and Technology and Operations. Prior to this, Peter was a Director and Senior Partner of McKinsey & Company. Peter joined the consulting firm in 1988, and during his time at McKinsey, he worked extensively in the banking and technology sectors in various international markets. Before joining McKinsey, Peter worked for the United Kingdom’s Foreign and Commonwealth Office.
During Peter’s tenure as CEO, Standard Chartered has successfully navigated the financial crisis without any recourse to government support or reliance on central bank liquidity programs. In March 2010, Standard Chartered reported its seventh successive year of record revenues and profits. Standard Chartered is the largest foreign bank across several markets in Asia, Africa and the Middle East including Korea, India and Singapore. In 2010, it became the first international company to list in India. Standard Chartered is also one of the world’s most diverse companies, with 125 nationalities represented among over 75,000 employees, nearly half of whom are women.
Peter is the Co-Chair of the India UK CEO Forum and the Chair of the Institute of International Finance’s Special Committee on Effective Regulation. Peter is also a Board member of the Global Business Coalition on HIV/AIDS, Tuberculosis, and Malaria and a member of the Monetary Authority of Singapore’s International Advisory Panel and the UK’s Independent Review of Higher Education Funding and Student Finance. Peter graduated from Oxford University and holds a Masters in Public Administration from Harvard University, where he was a Harkness Fellow. Peter, who grew up in Asia, is married with four children.
Josef Ackermann, Chairman of Deutsche Bank, Germany’s largest bank
Even Germany’s biggest bank was unable to avoid the global financial crisis, reporting its first full-year loss in 50 years in 2008. But in the following year, Deutsche Bank delivered a strong rebound with a net profit of five billion euros, reinforcing its position as a leading financial institution. Deutsche Bank’s “V-shaped recovery” was made possible by its Chairman, Dr. Josef Ackermann.
CNBC, a U.S. business news channel, ranked Dr. Ackermann as the third most influential person on Wall Street in 2009, in recognition of his outstanding ability to restore Deutsche Bank’s profitability and performance. His keen insights and leadership skills also earned him the “Distinguished Business Leadership Award” in April 2010. In his role as Chairman of the Board of Directors of the Institute of International Finance, he served as a spokesman for the global banking community in difficult times of crisis.
Dr. Ackermann studied economics and social sciences at the University of St. Gallen in Switzerland. After earning his doctorate degree, he joined Schweizerische Kreditanstalt (SKA, now Credit Suisse) in 1977 and began building experience in diverse fields including corporate finance, foreign exchange management and corporate investment. Dr. Ackermann’s accomplishments at SKA paved the way to his subsequent appointment as Deutsche Bank’s first non-German chief executive in 2002. After taking office, he immediately pushed for bold restructuring in order to strengthen the bank’s operations and global competitiveness. In the first three years under Dr. Ackermann’s leadership, Deutsche Bank’s net profit increased by 87%.
Through active management, Dr. Ackermann pursued M&As that were instrumental to the organization, while divesting the bank of its noncore businesses. Deutsche Bank was able to maintain its strong profile with a diversified business portfolio, thanks to the effectiveness of the strategies implemented. Besides expanding the bank’s activities, Dr. Ackermann also focused on risk management. According to experts, these were the key reasons why Deutsche Bank recovered so quickly from the financial crisis.
At the same time, Dr. Ackermann strongly believes that investing in the stability and prosperity of society and local communities will bring new business opportunities. Deutsche Bank has been widely praised for dedicating 80 million euros annually to non-profit organizations fostering education, eco-friendly development, the arts and charitable causes, despite the recession.Dr. Ackermann will share his views on the sustainable growth of financial institutions this November in Seoul.
Marcus Wallenberg, Chairman of SEB/Saab/Electrolux
The Wallenbergs are members of a prestigious Swedish family of industrialists that has been respected and admired for five generations and over 150 years.
Many Koreans are familiar with the Wallenbergs, a powerful family that controls the appliance producer Electrolux, telecommunications company Ericsson, Sweden’s second largest bank SEB, the jet fighter manufacturer Saab, the ballbearing company SKF and the pulp and paper company Stora Enso. The Wallenbergs play an influential role in shaping the Swedish economy, and the family is also widely respected by the Swedish people.
Experts say the family’s strength lies in their management principles, commitment to social responsibility, and strategic succession. Early on, the Wallenbergs appointed only the most competent leaders to drive their companies towards success and managed each subsidiary independently.
The family believes that ownership is not a privilege, but a responsibility. Rather than flaunting their wealth, the Wallenbergs keep a low profile and work diligently to manage their business. Profit from principal subsidiaries goes to the Wallenberg Foundation, which is devoted to R & D, research and development, and education. In essence, the family helped create a virtuous cycle where business profits are used for technological innovation and, ultimately, for the general betterment of society. For example, all Swedish recipients of the Nobel Prizes for the basic sciences have received support from the Wallenberg Foundation.
The Wallenbergs follow a unique succession strategy. In order to become a Wallenberg CEO, one must graduate from a top university without any parental assistance, complete studies abroad and also serve in the Swedish Navy. Nine out of ten Wallenberg chief executives have met these requirements over the past 150 years, including the very first Wallenberg CEO. The family also recommends extensive work experience at financial institutions in New York, London or Paris. Moreover, in order to prevent a monopoly over the enterprise, three Wallenbergs have been appointed to lead the family business.
Marcus Wallenberg is one of the family’s three leading representatives (the others being his cousins, Jacob Wallenberg and Peter Wallenberg Jr.). After graduating from Georgetown University’s School of Foreign Service, Mr. Wallenberg moved back to Sweden and served in the Navy, following the family tradition. He began his career at Citibank in New York, and continued to gain diverse cultural and financial experience by holding positions at Deutsche Bank (Germany), SEB (London) and Citigroup (Hong Kong). Not only is Mr. Wallenberg a fluent Swedish and English speaker, his long years abroad have made it possible for him to master German and French.
In 1993, Mr. Wallenberg was appointed the Vice President of Investor, a company owned by the family, and worked as its President and CEO from 1999 to 2005. He became Chairman of Electrolux and SEB in 2005, and Chairman of Saab the following year.
He is a true embodiment of ‘noblesse oblige.’ Meet Mr. Marcus Wallenberg at the upcoming Seoul G20 Business Summit.
Lakshmi Mittal, Chairman & CEO of ArcelorMittal, world’s largest steelmaker
Lakshmi N. Mittal, 59, is the Chairman and CEO of ArcelorMittal. Mr. Mittal founded Mittal Steel Company (formerly the LNM Group) in 1976 and guided its strategic development, culminating in the merger with Arcelor, agreed in 2006, to found the world’s largest steelmaker. Since the merger, Mr. Mittal has led a successful integration, establishing ArcelorMittal as one of the world’s foremost industrial companies. He is widely recognized for the leading role he has played in restructuring the steel industry towards a more consolidated and globalised model.
Mr. Mittal is an active philanthropist and a member of various boards and trusts, including the boards of Goldman Sachs, EADS and ICICI Bank Limited. He is also a member of the Indian Prime Minister’s Global Advisory Council, the Foreign Investment Council in Kazakhstan, the International Investment Council in South Africa, the Investors’ Council to the Cabinet of Ministers of Ukraine, the World Economic Forum’s International Business Council, the World Steel Association’s Executive Committee and the Presidential International Advisory Board of Mozambique. He also sits on the Advisory Board of the Kellogg School of Management in the United States and is a member of the Board of Trustees of Cleveland Clinic.
Mr. Mittal began his career working in the family’s steelmaking business in India, and has over 35 years of experience working in steel and related industries. In addition to forcing the pace of industry consolidation, he has also championed the development of integrated mini-mills and the use of DRI as a scrap substitute for steelmaking. Following the transaction combining Ispat International and LNM Holdings to form Mittal Steel in December 2004, together with the simultaneous announcement of the acquisition of International Steel Group in the United States, he led the formation of the world’s then-leading steel producer. Subsequently, in 2006, under his leadership Mittal Steel merged with Arcelor to form ArcelorMittal.
In 1996, Mr. Mittal was awarded ‘Steelmaker of the Year’ by New Steel in the United States and the ‘Willy Korf Steel Vision Award’ by World Steel Dynamics in 1998 for outstanding vision, entrepreneurship, leadership and success in global steel development. He was named Fortune magazine’s ‘European Businessman of the Year 2004’. Mr. Mittal was awarded ‘Business Person of 2006’ by the Sunday Times, ‘International Newsmaker of the Year 2006’ by Time Magazine and ‘Person of the Year 2006’ by the Financial Times for his outstanding business achievements. In January 2007, Mr. Mittal was presented with a Fellowship from King’s College London, the college’s highest award. He also received the 2007 Dwight D. Eisenhower Global Leadership Award, the Grand Cross of Civil Merit from Spain and was named AIST Steelmaker of the year. In January 2008, Mr. Mittal was awarded the Padma Vibhushan, India’s second highest civilian honor, by the President of India. In September 2008, Mr. Mittal was chosen for the third ‘Forbes Lifetime Achievement Award’, which honors heroes of entrepreneurial capitalism and free enterprise. Mr. Mittal was born in Sadulpur in Rajasthan, India on June 15, 1950. He graduated from St. Xavier’s College in Kolkata, where he received a Bachelor of Commerce degree. Mr. Mittal is married to Usha Mittal, and has a son, Aditya Mittal and a daughter, Vanisha Mittal Bhatia.
Chey Tae-won, Chairman and CEO of SK Group, Korea’s largest energy and telecom provider
Not only is Mr. Chey Tae-won the Chairman and CEO of Korea’s largest energy company, SK Energy, he is also an avid supporter of ‘low carbon, green growth,’ a vision and goal which he believes will be crucial for building a sustainable future in a post-oil era.
In 2004, SK became Korea’s first and the world’s third developer of lithium-ion batteries, a key component in secondary batteries that power electric cars. Against this backdrop, SK is now gearing up for commercial production of secondary batteries, and the company has been chosen as a lithium-ion battery supplier for Germany’s Daimler-Chrysler and Hyundai Kia Automotive Group. Moreover, SK is actively preparing to commercialize green technologies, including green pol(eco-friendly plastic made of industrially emitted carbon dioxide) and green coal(clean energy derived from low-rank coal). Since the onset of the 2008 financial crisis, SK adopted a global and sustainable approach to three areas of business: new energy sources, smart environments and innovative technology. In order to secure growth engines for the future, the company announced its plans to invest a total of 17.5 trillion won by the year of 2020.
When Mr. Chey was first appointed Chairman in 1998, the group reported sales of 37.4 trillion won. SK which was Korea’s fifth largest company with a net profit of 900 billion won grew to become the third largest company at the end of 2009, with sales of 95.1 trillion won and a net profit of 2.6 trillion won. On the same year, SK Group was ranked No. 72 in Fortune magazine’s Global 500. Over the years, Mr. Chey has participated in numerous international conferences and forums, including the Davos Forum, Boao Forum, UN Global Compact, APEC CEO Summit and OECD Ministerial Meeting. With such extensive global experience, Mr. Chey will offer his vision on green growth at the Seoul G20 Business Summit.
Ditlev Engel, President & CEO of Vestas Wind Systems, world’s largest wind power company
Every three hours, one Vestas wind turbine is being installed somewhere in the world. More than 40,000 Vestas turbines currently provide electricity in over 60 countries. Known for its “selection and concentration” and effective globalization strategies, Vestas, the world’s largest wind turbine maker, continues to grow at a robust pace.
Vestas underwent explosive growth beginning in May 2005, when Ditlev Engel became the company’s chief executive. From 2005 to 2009, the company’s number of employees, distributed in 43 countries, doubled from 10,618 by the end of 2005 to 20,730 by the end of 2009. During the same period, revenue rose from 3.6 billion euros in 2005 to 6.6 billion euros in 2009.
In 2010, Mr. Engel was ranked No. 91 in Harvard Business Review’s “100 Best Performing CEOs in the World.” After studying economics at Copenhagen Business School, Mr. Engel joined Hempel, a global coating supplier, where he worked from 1990 to 2005 at the company’s branches in Hong Kong, Norway, China and Denmark the last five years as the President and CEO of the company. During his time at Hempel, he also completed an executive program at INSEAD in France. Besides his job as CEO of Vestas, Mr. Engel is a member of the General Council of the Confederation of Danish Industries (Denmark), the Industrial Policy Committee of the Confederation of Danish Industries (Denmark), the International Advisory Panel on Energy from the Singaporean Ministry of Trade and Industry (Singapore) and the Industry Advisory Group of the International Energy Agency (France). Also, Mr. Engel takes part in the WEF’s Annual Meeting in Davos in his capacity as member of the Energy Club. Mr. Engel has asserted that wind turbines save the environment from 40 million tons of CO2 emissions every year. He has been vocal about his support for the emerging global agenda of “low carbon, green growth”. Stressing the importance of renewable energy sources in this era of high oil prices and focus on energy security, Mr. Engel has said: “Not harvesting America’s wind would be like going to Saudi Arabia and not drill for oil.”
According to Mr. Engel, with effective legislation in place, i.e. long-term transparency in the energy, tax and investment regulation, wind power can account for at least 10% of the world’s electricity supply by 2020. Therefore he predicts significant growth in the renewable energy sector, and taking into account the growth in the number of employees in Vestas over the last 5 years, this would entail a significant increase in the amount of new sustainable “green” jobs.
The chief executive of Vestas has consistently invested in R&D and Vestas now has the largest R&D organization within the wind industry, employing 1,981 employees in over 10 countries. Due to his consistent investment in R&D, as well as Mr. Engel’s requirement of nothing short of perfection from all employees, Vestas has been able to maintain its leading position in the wind turbine industry. The company is known for its close monitoring of R&D, planning, manufacturing, installation and maintenance processes.
At this very moment, more than 200 sets of measurement data, including temperature, wind speed, and rotation speed, are measured by Vestas wind turbines and then transmitted to the Vestas Performance and Diagnostics Centre. This allows Vestas to constantly improve the performance of the turbines on behalf of Vestas’ customers, part of this facilitating the timely scheduling of service visits when wind does not blow, thereby maximizing power generation from each turbine.
Vestas is an active player in onshore as well as offshore wind. In order to efficiently capture wind resources offshore, Vestas offers a variety of wind turbines and is currently developing a 6 MW wind turbine for the offshore market.
Joseph Saunders, Chairman & CEO of Visa, world’s leader in e-payment services
When Joseph W. Saunders was named Chairman and Chief Executive Officer of Visa Inc. in May 2007, he became part of a 50-year legacy that transformed the financial services industry and profoundly impacted how commerce is conducted globally. In 2008, he ushered in a new era of payment services by converting Visa from a membership-owned association to an independent public company, culminating in the largest initial public offering in U.S. history. He has proven himself to be a driven, decisive and forward-looking leader during a time of economic challenges and uncertainty; someone capable of implementing change and delivering results while upholding values and attributes that have made Visa so successful.
Mr. Saunders’ tenure at Visa pre-dates 2007, as he first served as a member of the Company’s board and later led the effort to merge Visa International’s six separate companies into a single entity, Visa Inc. Since the IPO, Mr. Saunders has successfully steered the company’s growth and positioned Visa as an innovator in the industry during a time when more people than ever are turning to digital currency to replace cash and checks.
From the world’s major cities to remote areas without banks, people are increasingly relying on digital currency along with mobile technology to use their money any time, make purchases online, transfer funds across borders and access basic financial services. As a credit to his leadership, today, Visa is a global payments technology company that fuels the growth of digital currency by connecting consumers, businesses, banks and governments in more than 200 countries and territories worldwide.
Mr. Saunders has experienced the rapid growth of the payments industry first-hand, as an industry veteran with more than 30 years of experience. Before joining Visa International, he served as President of card services for Washington Mutual, Inc. as well as Chief Executive Officer and Chairman of the Board of Providian Financial Corporation.
Throughout his career, Mr. Saunders has also held leadership positions within other financial services companies, including Chairman and Chief Executive Officer of Fleet Credit Card Services at FleetBoston Financial Corporation from 1997 through 2001; Chairman of MasterCard International’s Board of Directors in 1996 while employed at Household Finance International Inc.; and head of Continental Bank’s credit card division, which is where he started his career and worked for 16 years. A Chicago native, he holds both a B.S. in business administration and an MBA from the University of Denver.
S.Gopalakrishnan, CEO & Managing Director of Infosys Technologies, the Microsoft of India
Infosys is often dubbed as “India’s Microsoft.” This is because Infosys started off as a small venture company that grew to become an influential IT firm in India and the global software industry. Thus, Mr. Gopalakrishnan’s nickname is “India’s Bill Gates.” Infosys is a global leader in business process outsourcing, which includes computation and call center services, as well as finance, accounting and logistics management. India may be the IT outsourcing center of the world, but Infosys stands apart from other companies. This is because Mr. Gopalakrishnan implemented the “selection and concentration” strategy. He chose to minimize call center related services, and focused on pursuing high added value growth areas.
Mr. Gopalakrishnan has said a talented work force is a company’s core asset, and that companies should recognize the importance of guaranteeing satisfaction for its employees. Since the founding of Infosys, this management philosophy has remained unchanged in the minds of the six co-founders. Additionally, a company’s workforce value is usually not indicated on its balance sheet, but Infosys has always provided a quantitative value of the company’s executives on its annual report. Last year, their value amounted to 1.21 trillion rupees, which is almost equivalent to 25 trillion won (approx. 9 million dollars). This is a clear reflection of how the company’s employees have been the driving force behind its remarkable growth. The company also invests over 190 million dollars every year for fostering and training talented individuals. Infosys is also known for its corporate transparency and quality management. Mr. Gopalakrishnan, an engineering graduate from IIT Madras, emphasizes that growth comes from fully disclosing information on company investments and management, improving its corporate culture to meet global standards, and continuously investing in R&D for technological strength.
Infosys has recently expressed interest in mobile commerce, retail commerce and micropayments. The company is also planning on expanding into regional banking and microcredit. Infosys is more than a “legend.” Meet Mr. Gopalakrishnan and hear about his management philosophy at the Seoul G20 Business Summit.
Yasuchika Hasegawa, President & CEO of Takeda Pharmaceutical, Asia’s largest pharmaceutical co.
“Life is unfair, but there is always a chance to turn it all around. Taking full advantage of that opportunity is what truly matters.” The President and CEO of Takeda Pharmaceutical, Yasuchika Hasegawa, lives by this personal motto. Mr. Hasegawa consistently gave his best efforts, and his tireless dedication was precisely what made him the leader he is today.
Mr. Hasegawa was born in Yamaguchi prefecture of Japan in 1946. Following his graduation from Waseda University as a political science major, Mr. Hasegawa joined Takeda Pharmaceutical Company in April 1970. However, to his surprise, he was assigned to a factory post, a position rarely offered to new college graduates. Unfamiliar with factory work, Mr. Hasegawa naturally made a lot of mistakes. But instead of covering them up with excuses, he focused on not repeating the same mistake twice. As he moved up the ranks, joining the headquarters HR team and labor union, Mr. Hasegawa sensed that Takeda was looking into overseas market expansion. This was why he voluntarily formed a study group with his coworkers to learn English. As he grew confident in his English skills, Mr. Hasegawa moved to the company’s international business division. During this time, Mr. Hasegawa realized his lack of knowledge in accounting and signed up for accounting classes after work. His foresight and preparation for a globalized business environment laid the foundation for his incredible success.
After serving as the head of international pharmaceutical operations and management planning division, Mr. Hasegawa became Takeda’s director in 1999. He was subsequently appointed as the President of TAP Pharmaceuticals(joint venture between Abbott Laboratories and Takeda) in Chicago, and finally, the CEO of Takeda in 2003. The company was pursuing major changes at the time, with particular emphasis on global management. Kunio Takeda, the company’s former CEO and current Chairman, highly praised Mr. Hasegawa’s global experience and appointed him as the new chief executive.And Mr. Hasegawa met all expectations. He founded Takeda San Diego in March 2005, Takeda Pharmaceuticals Europe Limited in London in December 2006, Takeda Cambridge and Singapore in March 2007, and Takeda San Francisco for antibody research in December 2007. In 2008, the company received global media attention for its 8.8 billion dollar acquisition of Millennium Pharmaceuticals, an American company reputed for its outstanding anticancer and custom-tailored drugs. Several Takeda patents are up for expiration over the next few years, and Mr. Hasegawa’s aggressive overseas market expansion is what will keep the company competitive. On top of pushing for global expansion, Mr. Hasegawa also strongly supports R&D projects.
Mr. Hasegawa says that success is 70% effort, 20% luck and 10% talent. A man of unwavering perseverance, Mr. Hasegawa shares his knowledge and expertise at the Seoul G20 Business Summit. nw