The Financial Crisis - Stanton Chase International

FEBRUARY 2009
The Online
Executive News
for Corporate
Leaders
Regional Newsletter
for Middle East
1
Editorial
The Financial
Crisis
p1
Dubai Presence
p2,3
From AESC
The Financial
Crisis: The Answer
p4
Regional News
p5
Ceo Census: Profile and
mobility Trends of the CEOs in
the GCC region
p6
Restructuring with
Corporate Social Responsibility
p7
The Retail Fairytale
p8
About CEOs Club
p9
Out to launch! with
Mr. Mahendra Patel
p10,11
Ask a Headhunter:
How you create
your own Plan B
Clients’ Testimonials
p12
Newswire
Executive
I fice news, while also featuring important business personalities through interviews, significant
partners, comments on the executives’ market and results from our senior executive
censuses. Our first issue comes at very demanding times, with most of the markets, including the
Middle Eastern ones, experiencing significant slowdown in their economic activities or, at least,
being cautious and conservative as per their next moves.
The recent numerous lay-offs seem to be imply that human capital is only considered as a cost element
in a company’s balance sheet, decreasing in hard times, and increasing in booming periods.
Despite this negative message though, human talent is still regarded by all industries and sectors as
the key element that will make the difference between success and failure, especially when things
are gloomy and uncertain. Companies with a visionary strategic plan invest on
human capital now, considering this period as a tremendous opportunity for
building on future growth. In the next pages, as well as through all our actions
and initiatives, we focus on the senior level executive talent, aiming at offering
the information, knowledge and opportunities that will finally enhance its creativity
and potential.
Panos Manolopoulos
Managing Partner, Stanton Chase Middle East
Global Practice Leader, Consumer Products and Services
Contents would like to welcome you to our first Middle East Newswire!
Through these issues, circulating three times per year, we want to share our industry and of-
Visit our site
www.stantonchase.com
The Financial Crisis
and Senior Executive Recruiting
Peter Felix, President AESC
“As the financial crisis has developed
during the past few months I have
often been asked what effect it is
having, or is likely to have upon senior
executive recruiting.”
Until October, the answer has been – not
as much as we had feared! Indeed, the executive
search profession has been in surprisingly
good health and has continued
to enjoy the enormous momentum that
had been built up over the past four years
(during which global industry revenues
more than doubled). Until the end of the
2nd quarter 2008 the results were still
amazingly strong, with global revenues
continuing to grow at an average year on
year rate of 12% over 2007. Although during
the 3rd quarter the results had not yet
been collated anecdotal evidence suggested
that we were going to see a wave
of uncertainty rolling through organizations
around the world which is beginning
to affect senior level hiring.
But why has the search business been so
resilient until now and are the same factors
that might protect it from the worst ravages
of a global recession, assuming that
one is now going to occur? (With Dow,
Hang Seng, Nikkei and major European
exchanges now at their lowest for many
years this seems to be almost a foregone
conclusion).
>>>continue page 3

FEBRUARY 2009 T h e O n l i n e E x e c u t i v e N e w s f o r C o r p o r a t e L e a d e r s
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Dubai presence
Established in 2006, Stanton Chase in Dubai is strategically positioned to serve
the growing demand for global talent across the Middle East region.
Executive
Newswire
Although still a new office, Stanton Chase Dubai has achieved a significant growth, both in sales as well as in its consultants and researchers.
Currently consisting of 12 people, our office has developed significant know-how and expertise on business sectors like the Financial sector,
the Industrial sector (including Oil & Gas and Logistics & Transportation), Consumer Products and Services,
Life Sciences & Healthcare and Technology.
Besides the local market of the U.A.E. with emphasis so far on Dubai, our office has already developed significant partnerships and business
opportunities in the Kingdom of Saudi Arabia, Qatar, Bahrain and Oman. The market of Abu Dhabi along with the rest of the GCC countries
represent the main target for 2009; our team is already working hard in learning and understanding the culture and the market rules in all the
above countries, enhancing brand awareness for Stanton Chase International and educating this diversified and demanding market on
qualitative executive search consultancy services. Stanton Chase Dubai is member of the Dubai Chamber of Commerce and Industry, the
American Business Council, the French Business Council, the Canadian Business Council, the CEO Clubs and the Luxury Marketing Council.
Our marketing activities include the recent completion of our first CEO Census in the GCC region, a few business breakfasts, active participation
as key note speakers, moderators or panelists in several international forums organized in this geographic area and a series of articles and
interviews published in prominent English newspapers and magazines.
Panos Manolopoulos
Managing Partner,
Global Practice Leader in Consumer
Products and Services
Panos Manolopoulos is the Managing Partner of the
Middle East operations of Stanton Chase. He has been
a member of Stanton Chase since 2004 when he
started as General Manager of the Bucharest office
and became Managing Partner of in 2005. Panos has an extensive
background and expertise in the Consumer Products and Professional
Services industries. He also acts as the Global Practice Leader in the
Consumer Products and Services sector. He holds a Bachelor’s degree
in Politics and International Relations (American University of Athens),
a Master’s degree in Diplomacy -University of Lancaster- and Ph.D specializing
in International Law and Relations.
>p.manolopoulos@stantonchase.com
United Arab Emirates
Georgia Kartsanis
EVP
Dubai
Georgia joined Stanton Chase as a Managing Partner
and co-founder of the Athens office in 2001 and
the Dubai office in 2006. From her long international
career, she gained expertise in multiple industries
and markets, strategic thinking and the ability to understand a client
company's culture and management structure before delivering appropriate
counsel. She has built a strong industry network, having accumulated
ten years of senior commercial experience in the Consumer
Products market with 3M and Philip Morris, six years of experience in
the Industrial sector with Kendall Co. in the USA and seven years
Technology expertise with Chomerics (a W.R Grace co.), KPMG and
Response. She holds MSc and BSc degrees in Chemical Engineering
from Lowell University, Massachusetts, USA.
>g.kartsanis@stantonchase.com

Wassim Karkabi
Partner & Regional Practice
Leader, Industrial
Wassim has successfully completed
senior assignments in the
Middle East and more specifically
in the Gulf countries since 1997
whilst with an Executive Search firm in Lebanon,
in which he was a Partner. He has served leading
multinational and regional holding companies as
well as local companies. He has worked closely
with and completed assignments for clients in a
variety of Industrial Sub Sectors such as Real Estate
Development, Facilities Management, Construction
Management, Contracting, Plastics, Cable, Motors
& Automation, Power Generation, and Power Transmission
& Distribution. Wassim has also successfully
completed numerous assignments in Logistics &
Transport as well as Consumer Products & Services.
>w.karkabi@stantonchase.com
Gail Seuren
Consultant, Consumer
Products & Services Practice
Active in Executive Search and
Human Resources development
since 1997, Guenaelle (Gail) started
her executive search career with
Nicholson International in Dubai, where she successfully
managed a multitude of search assignments
for leading multinational and local companies across
the Gulf, covering positions from middle to senior
management. Having owned her own company and
provided Human Resources consulting projects to
local and international organizations, Gail is attuned
to the multicultural needs of organizations and people
in the Middle East and has a thorough understanding
of diverse company cultures and structures.
>g.seuren@stantonchase.com
S T A N T O N C H A S E I N T E R N A T I O N A L
Gary Thompson
Partner & Regional Practice Leader,
Financial Services - EMEA
Gary enjoyed a highly successful
career in Investment Banking and
Debt Capital Markets over two
decades with such institutions
as Citibank and CIBC before entering the Executive
Search arena in 1989. Since that time Gary has specialized
in financial sector recruitment acting on behalf
of some of the world’s most prestigious banks,
investment banks and insurance companies.
Many of the roles for which his services were retained
were very senior including CEOs, Global and Group
Head roles, or very specialized positions involving
highly technical skills in such diverse fields as derivatives,
risk management and compliance.
>g.thompson@stantonchase.com
Caroline Foote
Consultant, Financial Services
Caroline is a Consultant, specialised
in the Financial Services Practice.
She has been with the Stanton
Chase Dubai Office since its foundation
in 2006, and held the positions of Research
Manager and Director of Research, accountable for
the whole research operation, before being appointed
as a Consultant. She moved to Dubai in 2005,
and has conducted assignments for Financial Services
clients across the Middle East and globally in private
equity and venture capital, as well as corporate, investment
and retail banking. Whilst in South Africa
she also worked with clients in the Insurance Sector.
Caroline has been involved in the Executive Search
Profession since 1989 when she joined one of South
Africa's premier search firms.
>c.foote@stantonchase.com
Nicolas Dietz
Principal Consultant, Kingdom
of Saudi Arabia
ISSUE 1
Nicolas Dietz first worked in the
Middle East in 1985, and mainly
with multinational organizations
based in the Kingdom of Saudi
Arabia, Egypt and the United Arab Emirates. Before
joining Stanton Chase as Principal Consultant responsible
for the Kingdom of Saudi Arabia, Nicolas worked
for companies such as SAMBA, Air France, Mars,
in addition to 14 years with Phillip Morris International
with whom he was last posted in the UAE as head
of sales for the Middle East region. Nicolas specializes
in the Consumer Products & Services practice group
from his 16 years joint experience in management
positions with Mars & Philip Morris International.
He has also served in key roles in the Lausanne
Headquarters of Phillip Morris where he was a core
member of the Acquisitions Team and led Special
Projects. Due to his functional experience, he also
serves on the Logistics & Transport as well as the
Professional Services practice groups within Stanton
Chase International.
>n.dietz@stantonchase.com
Pascal Baz
Associate Consultant
Pascal is an Associate Consultant
specialized in the Industrial, Logistics
& Transport, and Natural
Resources & Energy sectors.She
joined Stanton Chase Dubai office in January 2008.
Prior to being appointed as an Associate Consultant,
she was a Senior Research Associate. She has
successfully completed senior assignments in the
Middle East and more specifically in the Gulf countries
for clients in a variety of Industrial Sub Sectors
such as Real Estate Development, Facilities Management,
Construction Management, Contracting, Plastics,
Cable, Motors & Automation, Power
Generation, and Power Transmission & Distribution.
Pascal has also successfully completed numerous
assignments in Consumer Products & Services.
>p.baz@stantonchase.com
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FEBRUARY 2009 T h e O n l i n e E x e c u t i v e N e w s f o r C o r p o r a t e L e a d e r s
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FROM AESC
The Financial Crisis and Senior Executive Recruiting: The Answer
he answer is the convergence of
two very strong underlying trends T that together have created almost
a global wave of demand for senior executives
in recent years. These are the
demographic shifts in the Western
economies and the explosive growth of
the emerging markets.
Although both trends have been talked
about for years neither have been predictable
in terms of their effect on a wide number of social and economic
phenomena, not least being the supply of executive talent.
But in the last five years we have seen how very powerful these
forces are – McKinsey predicted a War for Talent 10 years ago, based
upon their demographic forecasts. But their calculations were made
without even taking into account the impact of demand in the BRIC
(Brazil, Russia, India, China) and other emerging markets, which was
then hidden from view.
Today, many of our member firms around the world report fierce demand
for talented executives from a wide range of sectors and organizations.
Such is the limited supply that in many cases the
demand cannot be easily met and a form of fast rotating musical
chairs is taking place. The rotation of executives in China is only one
example. Another is the international energy industry which is
starved of engineers due to the lack of investment in training of petroleum
specialists over many years. Another is the CFO market in the
United States where the rapid turnover of executives has lead to top
ranked and unblemished public company CFOs becoming almost an
extinct species. There are many others.
Inevitably executive search firms thrive on
imperfections in the market and their help
is designed for organizations in need;
in need of strategic help to plan for adequate
succession and upgrade competence,
or for tactical help to respond to a crisis.
Either way, if supply becomes tight then
inevitably buyers become more attentive
and more responsive to market need.
This has clearly happened in recent years and many organizations
now recognize that effective senior executive planning and resourcing
is crucial to their long term success and even survival. For this
reason many have created Talent Management department.
More advanced organizations now talk about cultural and structural
transformation in order to respond to the changing needs of executives,
their desire to assume responsibility early, to respond to their
work/life balance needs etc. Equally, such organizations recognize
that their recruitment proposition must be compelling. Inevitably
some client organizations do not appreciate the realities of the marketplace
and here search consultants can help to provide feedback
and advice.
Executive
Newswire
But what now? If the economic crisis is going to cause job losses
then won’t there inevitably be an oversupply and thus the conditions
described above will cease to exist.
The answer, perhaps unsurprisingly, is no.
Firstly, recessions don’t last forever. Secondly, talented executives will
still be needed and sought after because, unless many organizations
cease to exist during the recession, there will still be a demand for
leadership and management skills to chart the troubled waters.
Many organizations know from past experience that cutting into a
key resource such as executive talent during an economic downturn
will only come to haunt them when demand returns.
Good managers don’t grow on trees and wise CEOs and boards recognize
that investing in people when the market is soft can be an
excellent strategy.

The 39th Stanton Chase
International Global Partners’
meeting will be held in
Dubai on April 30 till May 2,
2009. Under the motto “A
Symphony of Growth in C
Major”, more than 100 partners
and senior consultants from all over the world
will gather in Jumeirah Beach Hotel in order to explore
the paths for long-term growth.
From a strategic and business development point
of view, it is the first meeting during which all Practice
Groups will meet separately for one full day to
discuss and investigate their future potential at international
level, exchanging information and best
practices. These meetings, along with the expected
plenary sessions, will be coupled with powerful networking
events and renowned key note speakers.
INFO: www.stantonchase-gpmdubai.com/en/
Business
Breakfast!
New
Survey!
After the successful
completion of the first
CEO Census in the GCC
region, Stanton Chase
Dubai is launching its first
CFO survey in order to
benchmark the current
challenging market of he
CFOs in the GCC region.
S T A N T O N C H A S E I N T E R N A T I O N A L
R E G I O N A L N E W S
> New arrivals in Stanton
Chase Dubai office:
Konstantina Sakellariou
has joined as Marketing &
Communications Manager.
Vijay Daniel is the new Senior
Researcher of the office.
Nicolas Dietz
Principal Consultant,
Kingdom of Saudi Arabia
> Stanton Chase International and the CEO Clubs
co-organized a Business Breakfast on the 25th of
February 2009 in Shangri-La Hotel. Key Note
Speaker: Mr Usman A. Ghani, from Dallas, USA.
The Business Breakfast was successfully attended by
62 senior executives who discussed on the topic of:
THE LEADER INTEGRATOR
An Essential Chief Executive Role
The leader of the 21st century is the Leader Integrator
– an executive who breeds multiple perspectives,
consciously connecting these and applying a
variety of skills to establish new directions, options
and solutions for any organization (or nation).
Leader Integrators adapt multiple roles and create
new talents and teams to establish new directions,
especially in the times of economic and market
ISSUE 1
> Pascal Baz has been promoted
to Associate Consultant
specialized in the Industrial,
Logistics & Transport, and Natural
Resources & Energy sectors.
She joined Stanton Chase Dubai
office in January 2008. Prior to
being appointed as an Associate
Consultant, she was a Senior
Research Associate.
p5
crises, such as the one we are witnessing during
2008-2010.
Mr Usman A. Ghani is a Fortune-100 executive, distinguished
by his record of developing powerful
board policies and business strategies for a variety of
industry leaders, including McKinsey & Company,
Royal Dutch / Shell Group, Exxon Mobil Corporation,
and Electronic Data Systems.
Usman has held leadership roles in strategic planning,
marketing, operations, organization development,
IT, and executive education, as well as led
cross-functional, multi-cultural core-business
process teams. Besides being a high-value consultant,
an executive educator and a key note speaker
at business forums worldwide, Usman is also a visiting
professor at the University of Texas at Dallas,
a sponsor of the Harvard Business School Club and
an author of business books.
Stanton Chase Dubai has developed
a strategic partnership with
the First Human Resources Management
Summit 2009 to be held
in Bahrain on 15-16 April 2009. It is
the only dedicated Conference focused on meeting the specialized HR needs
of a fast growing economy. Find out more at
or call +973 1736 5044.
www.hrmsummit.com

FEBRUARY 2009 T h e O n l i n e E x e c u t i v e N e w s f o r C o r p o r a t e L e a d e r s
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CEO CENSUS
Profile and Mobility Trends of the CEOs in the GCC region
he profile of the top executives in
the UAE and overall GCC region Ttoday
seems to be shifting, accommodating
the changes caused by the
ongoing international economic crisis as
well as by the inevitable growing maturity
of the market. There is a closer focus
on quality, longer-term perspective in
business development in the market including
entrepreneurial activity, commitment
and determination to build on the
opportunities offered in the region.
More analytically, top executives are still
quite optimistic for the overall growth
perspectives and seem to believe that
these markets, though not immune, will
be less affected by the global crisis. The
Banking & Financial Services sector is still
perceived as the most promising one,
followed by Real Estate & Construction
and, of course, Oil, Gas & Natural Resources.
Professional Services and Technology
also rank high, while traditional
sectors like the Industrial rank surprisingly
low.
Although the UAE is an open market
with high mobility and constant arrival of
more high-level professionals, there is a
perceived high shortage of talent. On
one hand, this seems to be related to
low opportunities in the market to retain
top talent, and, on the other hand, to a
general profile of the top executives, that
seems to emphasize more international
experience rather than deep knowledge
of a market sector, or use of superior
managerial skills.
The time period a top executive would
plan to stay in the same position averages
from 2 to 5 years, however, the
length of this period seems to be getting
longer rather than shorter. Although
“open to suggestions”, most top executives
would not be interested in immediate
changes in their career and are quite
focused on their current position. This is
a significant change in a market that until
now has been considered so unbalanced
that changing positions even within a
one-year period was considered a common
and acceptable market practice.
When considering leaving a current employer
or joining a new one, lack of career
advancement and, respectively, a
role with higher responsibility or more
entrepreneurial job description are regarded
as the most important factors.
Entrepreneurship seems to be gaining
ground, as experienced top executives
are considering investing more time and
money in a market that still seems full of
opportunities.
Development of personal and professional
network seems to be the most important
factor for career development.
However, emphasis is also placed on international
experience, soft skill development
and mentoring, indicating that top
executives are not opportunists but plan
their career more carefully. Besides the
personal network, the services of an Executive
Search company are also considered
important when examining new
career opportunities.
The markets that seem to attract their interest
– besides the UAE – are the other
GCC countries and Asia-Pacific, while
North America appears to be an interesting
second option. However, there is always
an eye towards the home country,
where most plan to relocate if and when
a good opportunity arises.
Based on the above results and the shift
that seems to be recorded, the necessity
of effective career management is again
brought to the fore. This includes careful
and long-term planning, definition of
goals, necessary preparations and action.
Market research and the development of
skills, experience and other resources are
essential for achieving career goals.
Though these steps are often disregarded
and undervalued when compared
to networking, they cannot be
substituted when indeed one is dedicated
to developing his or her career.
Executive
Newswire
“There is a closer
focus on quality,
longer-term
perspective
in business
development
in the market
including entrepreneurial
activity,
commitment and
determination”

By Gail Seuren
S T A N T O N C H A S E I N T E R N A T I O N A L
It seems you can't open a newspaper these days without
reading another article about this or that company
going through a "downsizing", a kinder term for
layoffs. The truly disturbing news has been about the
way some companies are letting go of employees.
There is no doubt that turbulent times call for action,
and the times we live in are, to say the least, turbulent.
Action, however, should at all times be thought
through and be consistent with your values.
How a company treats the people
who are leaving sends a strong
message about how it will treat
those who are staying. That advice
holds true for outside stakeholders
as well. Potential customers, vendors
or investors (current or potential)
reading about unethical or
poorly handled lay-offs, would be
wary about doing business with
that company. How a company responds
to turbulence and treats its
employees in trying times has a direct
impact on its short and long
term reputation. The extent to which human resources are recognized
and managed as important assets rather than simply as costs, and the
role and importance of the human resource function — strategic or
administrative — is a direct reflection of its corporate ethics and code
of conduct.
So how should corporate restructuring ideally take place? An
analysis of history shows that in organizations that have successfully restructured,
a philosophy of continuous improvement is inherent to the
company. “Downsizing” ideally, becomes a continuous process,
whether business volume is going up or going down. Streamlining
processes to eliminate work avoids overstaffing. The anticipation of imbalances
between skill needs and resources as various businesses
grow and decline, allows for retraining of employees according to future
needs. Peak needs can be met by the use of temporary personnel.
In any necessary restructuring, the reduction in personnel should be a
last resort. A company should first identify the major risks, calculate all
the direct and indirect costs associated with alternative strategies and
policies, and evaluate all alternatives which would reduce the need for
layoffs. Examples would include retraining and transferring redundant
employees to other units in the company, work sharing, laying off temporary
employees, freezing or reducing hiring, and changing pay and
working hours to eliminate part of the need to downsize.
At the same time, opportunities should be explored to increase the
volume of work and thus employment. An example is insourcing work
that might have been outsourced earlier. In Japanese companies, diversification
has often been motivated by the need to provide continuing
employment to its employees. Often cross-functional teams are
created to develop these plans and to follow implementation.
Once all these avenues have been explored and put into practice, and
ISSUE 1
Restructuring with
Corporate Social Responsibility
a company still finds itself in a position where lay-offs are required, acting
ethically is of vital importance. To gain the buy-in of managers and
survivors and their understanding that the future prospects justify their
own collaboration during the downsizing, a clear vision must be defined
and communicated. Announcements and communications
should be highly orchestrated events which convince all stakeholders
that immediate and dramatic change is necessary. Decisions about the
message and the business rationale for downsizing, about who should
inform whom and when, and about the vision of the business and
what employees can expect in the future, must all be carefully managed.
Generous benefit packages and allowances and reasonable notification
periods can go a long way to demonstrating management’s
concern. Prepared announcements are needed as well for the media,
local community officials, and other concerned parties.
The final phase is the real moment of truth when management
demonstrates whether its people really are its most important assets or
simply another item of costs.
How many times have we heard or read about a sudden morning
downsizing announcement inviting those being dismissed
to clear out their desks before noon? Contrast this with
compulsory social plans in countries like France and Germany which
must demonstrate to government labour inspectors that careful attention
has been given to finding a satisfactory solution for each employee
being dismissed.
Some guidelines to responsible implementation include using natural
attrition and reduced hiring to the maximum extent possible, seeking
all possibilities to transfer redundant employees to other divisions or
units of the company, calling upon suppliers and other business partners
to hire temporarily or permanently, offering generous early retirement
and voluntary separation packages, providing training for
reemployment, encouraging and assisting employees to set up their
own small enterprises, and organizing internal and/or external outplacement
services to help employees find alternative jobs for which
they are qualified. Some companies invest considerable effort and
money in creating and managing reemployment centers, to help employees
analyse their own skills, strengths and weaknesses; identify
types of jobs in which they would do well; prepare resumes; and learn
how to handle job interviews.
Some companies are showing that a more creative approach can
make for a much better experience. A good example is management
consultancy Accenture and its FlexLeave programme, through which
staff can take a sabbatical of up to 12 months on 20 per cent salary.
Financial services company Charles Schwab has promised a bonus of
$7,500 to any redundant employee it rehires in the next 18 months
and has offered bursaries of up to $20,000 to staff who want to study.
The outstanding characteristics of responsible companies are that they
treat employees affected by downsizing with respect and dignity, that
their policies are perceived to be fair to surviving as well as departing
employees, that they communicate throughout the implementation
process, that there is continuous top management presence and support
for the effort, and that the time span for realizing reductions is sufficiently
long to minimize layoffs or render them unnecessary.
Obviously, increases in salaries and large bonuses for top executives
during a painful downsizing operation do not earn the respect of survivors
or supervisors directly involved in these efforts.
Acting ethically during difficult times is a true test of a company's spirit.
If an organization can do the right thing during a lay-off, it will reap the
rewards for years to come with all of its stakeholders.
p7

FEBRUARY 2009 T h e O n l i n e E x e c u t i v e N e w s f o r C o r p o r a t e L e a d e r s
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The Retail Fairytale Why? a downturn in the economy, consumers
want to buy what they perceive as
being special. There is a vital need for differentiation
between brands and it’s typical of
the fashion consumer to want what others
haven’t got or can’t get. Given the fact that
it’s just too expensive to establish a new
brand at retail now, existing brands try to
create an “unexpected” consumer experience.
GAP in the US has used a converted school
bus as a mobile retailer; Puma will be selling
its yachting clothing at ports where Puma
racing team will compete. In the UK, the jewellery
brand Legge and Brain used a converted
taxi that picked up customers and
allowed them to try on and select from the
range while driving through London. Nowadays,
everyone and their dog talks about
customer service in retail. In luxury retail,
customer service equals pampering, a wellknown
practice in Harrods. It was this type
of thinking that led to the launch, last winter,
of a special Harrods American Express card:
a premium charge card with no credit limit
initially available by invitation only to 300
top-spending clients. Another dimension that
applies to luxury as well as to mass retail
brands is the origin: consumers - especially
at the top end of the market want to know
the origins of the materials and manufacture
of the products they buy. That’s a real business
advantage. It’s not just talking “Made in
Italy”; it has begun with food as supermarkets
have started to introduce a new transparency
regarding the source of their meat
and vegetables, but this has reached the phenomenon
of traceability within all sub-sectors
of the retail sector. The reason is simple;
By Nancy Mathioudaki
Executive
Newswire
In today’s turbulent business world, the business issues facing successful retail executives are daunting. Exacting consumers who prefer services
over goods, an endless array of customer choices, fierce competitors, pervasive use of the Internet, and a complex global economy are just
some of the factors keeping retailers focused on finding ways to sustain and grow their businesses. Traditional growth models focused on
rolling out more stores and adding more SKUs no longer have the return on investment they once did. Yet despite the many challenges and
pressures in today’s tough retail environment, a handful of retailers are significantly outperforming the market.
Greece: A new material world?
No matter how unreal it may sound, The Mall & IKEA
combined new sales equal to the sales of TITAN (q540
mio), the colossal Greek cement industrial corporation
with a presence in various countries outside Greece
(source: Stat Bank).
According to market estimates, by 2010 the total
leased surface in the shopping malls which are under
construction will be 1 million square meters. Half of
those will be ready within 2008-2009. Local and international
real estate developers established Super Market
chains, banks, entertainment companies are
seeking the “precious” space, the space that can meet
global standards and can justify the extremely high
rental costs. The upcoming “Alters of Consumptions”
have a surface of a minimum of 15,000 square meters
rising to 318,000 square meters (an expected project
in Kantza by REDS & LSGIE). Everything is explained
by the fact that Greece is one of the least developed
countries within the EU in this real estate sector of
shopping destination points. By the time this issue is
on-air, Golden Hall will have opened its doors with
140 stores and an investment of q65 mio the new
destination point for shopping in Athens.
Furthermore, new international brands enter the
Greek market this year – at an accelerated rate - and
especially the last quarter of 2008. GAP has already
launched its first 3 stores in Athens quite successfully,
Brooks Brothers (an American clothing retailer) entered
via a shop in Attica and will expand to more
locations, the same applies to Uterque (a Spanish
shoe retailer of Inditex-Zara), let alone the impressive
entrance of Saturn Electronics in September (same
group with Media Markt) and the already aggressive
expansion plans of existing retailers such as Leroy
Merlin, Praktiker, Dixons, Zara, Lemonis group which
will strengthen Salvatore Ferragamo and Dolce &
Gabbana brands with a 2nd store in Golden Hall;
GEOX & Anne Klein: two brand new shoes networks,
and the story goes on and on.
as consumers become more careful about
how they spend, origin, and the ethical product
it implies, provides added credibility. Plus,
clarity of origin is an indicator of quality –
and with it a kind of elitism – and that’s the
reason to buy in tough times when otherwise
they may decide to keep their money.
Let’s bear in mind that 1 out of 5 consumers
globally buy branded goods
(Source: Nielsen August 2008). And a last
word on 2-top global retailers performance:
Wal-Mart, over achieved sales targets in
2008 (by August); strong performance behind
increased demand in food, school merchandise
and consumer electronics. Carrefour:
Strong sales growth and profitability in line
with targets, behind their expansion in the
developing markets (Brazil & China) during
the first semester of 2008.
Key Competencies required for
a successful executive career in Retail
Increased need for Commercial Awareness
at an advanced level
Effective Fact Finding and Analysis of
Problem Solving
Speed - speed - speed in strategic planning,
decision making, execution, while in control
of risks and opportunities
Deliver Innovation to the customer,
make the customer experience an
unforgettable one
Perseverance - Dedication & Commitment
to achieve difficult targets and continuous
improvement
Managing Own and Others Performance -
High performance standards matching
capabilities by being challenging enough
to encourage continuous performance
improvement
Effective Use of Resources and Work Methods
To achieve long lasting high quality
and low cost outcomes
Awareness of and Commitment to
Company’s Vision, Mission, Value and Ethos
Nancy Mathioudaki is a Partner in the Athens
office of Stanton Chase International and
Consumer Practice Leader for the EMEA region.

S T A N T O N C H A S E I N T E R N A T I O N A L
ISSUE 1
About CEO Clubs
The CEO CLUBS creates a nurturing environment for CEOs dedicated
to improving the quality and profitability of their enterprises
through shared experience and personal growth. CEO CLUBS have
more than 11,000 CEO members worldwide.
It comprises of chapters in the U.S, UK, Korea, United Arab Emirates, Philippine, India, Singapore, Malaysia, Vietnam and China
with more chapters in the world continuously being added. The CEO Club is a 30-year-old business club from USA.
The chapters each meet eight times a year, a member of one chapter being a member of all chapters. CEO Clubs is completely focused on business
development. Through its network and its regular exclusive events in Dubai and other parts of the world, the CEO Clubs provides a platform
for international businessmen to meet local businessmen and connect their business to the world.
Members are offered a nurturing international environment for global management idea exchange, efficient distribution of transnational business
resources, and multi-cultural experience for operational experience, business resources and individual growth sharing.
The CEO Clubs UAE has created the Middle East-American Super Presidential Advisory Council, which provides international operations consultation
services for Middle East enterprisews, and the CEO International Business Service Centre, an organization for transnational trade services.
After joining the Middle East CEO Clubs, the members gain access to fellow members in the international market, introducing foreign enterprises
to the domestic market, creating a favorable international business environment for its members, expanding their social resources and striving for
a win-win result. To learn more about CEO CLUBS UAE please visit our website www.ceoclubsuae.com
p9

FEBRUARY 2009 T h e O n l i n e E x e c u t i v e N e w s f o r C o r p o r a t e L e a d e r s
p10
Interview
Out to Lunch!
with Mr. Mr Mahendra Patel,
Group Managing Director of Geap International
Mahendra Patel is the Group Managing Director of Geap International
since its inception in the U.A.E. about 40 years ago.
The company that had a modest beginning employing 2 people
has diversified into a major group of 18 companies active in international
trading, specialized contracting, processing facilities,
manufacturing, real estate, a wide range of food imports and
distribution, shipchandling and acquisitions, presently employing
more than 700 people from various nationalities.
Apart from the operations in the U.A.E. and the Sultanate of
Oman, the Group is actively involved in acquisition of manufacturing
plants in Europe and the United Kingdom by providing
senior level management and financial support under the direct
guidance of Messes. Mahendra and Manish Patel.
Executive
Newswire
— What brought you to the U.A.E. about 40 years ago?
I come from Gujarat in India, from a business family that dates back to
the 18th century. Although we started as cotton growers, my great
grandfather introduced the first ginning unit which seemed the beginning
of our involvement in manufacturing as well. So, by definition,
as a family we have always been exploring the various available
non-explored opportunities. We began investigating the Middle Eastern
market from 1968, as we wanted to be part of the action.
Our aim was to create a manufacturing company that would serve the
growing construction needs of this market. Dubai was chosen based
on the political security and the growth potential it was offering, both
as a local market as well as an upcoming hub for international business.
I had the great privilege to meet Sheikh Rashid and learn and
get inspired from his vision.
We believed in the region and invested in it, using our education and
strong managerial background. Thus, I can say that our dream came
true as Geap International got involved in all the major construction
works (like the Jebel Ali port, the Emirates Towers, the Burj al Arab, the
Burj Dubai etc) that changed the image of Dubai and draw the attention
and admiration of the whole world.
— How would you compare Dubai or the U.A.E. 40 years ago and now?
There is one thing that has not changed at all during all these years:
the policy of the ruling authorities. From the very beginning, the rulers
of the U.A.E. have developed a vision, and their policy has remained
consistent towards this end. They developed the immigration laws,
making it easy for people to move to the U.A.E. and establish themselves
and their families here. They realized that people were, are and
will always be the strength of this region, and they tried hard to make
them feel comfortable and happy here. Expatriates in the U.A.E. enjoy
the lifestyle they have been used to from their home countries, without
though endangering the local culture. This focus on people and
the consistency towards this goal has made all the difference for the
success of the region.
It is true that many speculative traders were drawn to the market, because
of the advantages it offered. They developed a short-term perspective
for the country, which does not fit the long-term vision of the
rulers. Inevitably, this will soon change, as the market is moving towards
corrective actions and will adjust to the quality perceived and
wanted.

S T A N T O N C H A S E I N T E R N A T I O N A L
— According to your opinion and experience, what is still the potential
of the U.A.E. market?
History has proven the U.A.E. to be a safe business environment. Unlike
what most people have in mind, the U.A.E. does not exist only for
the past 10 years, when its tremendous growth drew the international
attention. It has been growing for almost 40 years, relatively
untouched by other significant combats in the area, like in Kuwait or
Iraq.
Of course, due to globalization, the U.A.E. is affected by the international
economic slowdown, and companies here keep a conservative
position for a while. However, one should not forget significant advantages
of the region, based on which, the slowdown we are currently
experiencing will most likely last for a shorter period of time, as
compared to other economies. For one thing, this is a small country
with solid and consistent ruling authorities. This allows for easier
management, faster reactions and adoption of contingency plans to
boost the economy.
Also, the country enjoys a strategic geographic location, surrounded
by big countries / markets, like India, Pakistan and Bangladesh that
are still emerging and promising. Additionally, the U.A.E. is at a convenient
time zone that enables companies to do business both with
the eastern Asian countries as well as with the western US and European
economies, on the same day, acting thus in an effective and efficient
way.
Moreover, and despite the lower oil prices, the country still has sufficient
liquidity to grow and to finance supportive projects, in order to
assist the companies during this period. Liquidity over the past years
was well used for education and infrastructure; the results of these investments
are not lost. Finally, there is still no taxation both for companies
and for individuals, while companies can choose their work or
management force from all over the world without any restrictions.
These are advantages that have helped the local economy grow for
many years and should not be overlooked now.
I would actually tend to describe the current period as a “positive”
one, as it allows the market to take corrective actions that were necessary
for its long-term prosperity. As I mentioned before, there was a
growing speculative trend in the market that distorted its picture and
created wrong expectations. People had started losing confidence in
the U.A.E., focusing only on the short-term, while unscrupulous
spending created an unnecessary short-term inflation. There is no
ISSUE 1
p11
Interview with Mr. Mahendra Patel
place that can continue to grow when people do not believe in its
long-term potential. Now, the market is experiencing a good correction,
as the speculators that were heavily leveraged will not able to
survive and are already leaving the country.
Long-term investors regard this period as an opportunity. For instance,
Geap International is developing plans to expand, now that
one can find the needed talent from all over the world at a competitive
and affordable price.
— Share with us your opinion regarding Executive Search consultancy
in the U.A.E.
Executive search companies have to play a key strategic role for the region.
Starting from the ruling authorities, there is a constant strong emphasis
on human assets. But, as history has proven, choosing the right
people is the most important task of all, as we need to avoid experiencing
the short-term attitude we have been living over the past few years.
It is possible that this misconception has its origins long ago, when in
the beginning the needs of the companies were not so demanding as
far as human talent was concerned, allowing small recruiters to fulfill
this task. Now, the market is more complicated and mature, and people
with international experience, and a long-term view in the region
are needed. Executive search companies will make a difference
through pointing out first class senior executives from the global pool.

FEBRUARY 2009 T h e O n l i n e E x e c u t i v e N e w s f o r C o r p o r a t e L e a d e r s
“
p12
Ask a headhunter:
CAREER CRUNCH?
How you create your own Plan B:
1. Review your own requirements for a
job and establish your wish list - the
sector and type of company you want
to work for, key responsibilities, salary,
location etc.
2. Research the market using adverts, online
resources, head-hunters to establish
which areas are in growth, what employers
are looking for and what will give
you a competitive advantage.
3. If there are any gaps between what you
have and what the “market wants” -
make sure you plug them! Identify any
specific experience such as training that
will help you and take steps to achieve
these now.
We worked with Stanton on the recruitment of a HR manager.
We had been struggling for a couple of months to find any suitable
candidate when we approached Stanton. By then, it was imperative
to have this recruitment done within 6 weeks. After an
initial meeting with the consultants, we agreed on the brief and
timeline and the search started. Stanton came back to us with a
shortlist of candidates within the timeframe agreed upon. The
candidates all had the right experience and the HR manager was
recruited within the shortlist. We very much appreciated Stanton’s
effectiveness and professionalism and wouldn’t hesitate to
work with them again on a new assignment.
By Didier Brun
hief Executive Officer of Khaleej Times
”
4. Consider all of your options. Ask others
for advice and suggestions as they often
come up with good ideas that you may
not have thought of yourself.
5. Determine what your “offer” is. Make this
relevant to the market e.g. managing adverse
economic conditions.
6. Update your CV focusing on how you
can add value to organisations and substantiating
it by showing your track
record of achievements.
7. Network. Ensure that business contacts,
related suppliers, customers, etc. are
aware of your “offer”. Keep the conversational
door open should either of you
want a more focused discussion at a
later stage.
Executive
Newswire
8. Check your finances to ensure you know
how long you could survive without an
income – remember senior positions
can take at least 6 months to fill. Also
check the exit terms on your contract,
including any restrictive clauses as forewarned
is forearmed.
9. Increase your visibility in your industry.
Write articles, go to conferences, sit on
joint working groups etc.
10. Continue performing well in your current
role and make sure that you communicate
any successes internally as
well as externally.
The key factors for success in managing your career, even during an economic crisis, are being clear about what you want next, your ability to
articulate verbally and in writing how you can add value and knowing how you can use other people for contacts, suggestions and information.
Client testimonials
“
I just completed a customer satisfaction survey, sent to me over the
corporate web of Stanton Chase, in relation to the recent assignment
of our Company to you. Apart from the feedback provided on
this survey, I would like to express to you personally my sincere thanks
for the effort you put in completing our assignment in record time,
considering the difficulty of our project along with the quality
of candidates finally selected for employment with us.
I would also like to to note that your personal dedication to the project
and commitment to its execution was above par with respect to our
past experiences with similar companies in the Middle East Market.
Once again, thank you very much for a job very well done!
Stavros Vougas
Managing Director INTRACOM Middle East
”