Malta CEO's 2019 by Content House Group

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THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

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F O R E W O R D

Business is people J O C A R UA N A â&#x20AC;&#x201C; E D I TO R , M a l t a C E O s 2 0 1 9

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

It seems that gone are the days when a CEO spoke for his company; when it was her way or the highway. Today’s CEOs are masters in understanding that they serve their teams, and not the other way around. With that in mind, all of them talked of the great lengths they go to to motivate and encourage their team, to build their people’s careers, and to play a role within their companies rather than to dictate the playbook.

Editing MaltaCEOs has been one of the great privileges of my career so far. As someone with a passion for entrepreneurship and an appreciation for innovation, it was a pleasure to spend time with some of the top business minds in our country – chatting about what drives them, what inspires them and what challenges them as they look to the future of our fast-changing business environment. When I started this project a year ago, I had no idea what to expect. What would these 50 CEOs be like? Would it be daunting to have to take their doubtlessly-strong views and put them down on paper? Would they rule with an iron fist, and prove guarded about themselves and their empires? And would I find myself disappointed about the business cultures prevailing in Malta today?

They are also all looking to a future that won’t necessarily resemble the world we live in now. Most agree that technology will play an even more important role than today, but that community will be a vital element of success in the long term. To that end, they are dedicated to philanthropic causes that they believe will strengthen humanity tomorrow – from educating society’s weakest so that they can be the innovators of the future, to focusing on protecting an environment that needs to live on long after we do.

As it turned out, I needn’t have worried. I can honestly say – hand on heart – that interviewing the 50 (plus) women and men that you will come to know across these pages was a joy. They were funny, emotional, keen, nostalgic, eager, chatty, fun and interesting. Not once were they condescending or arrogant about their arguable positions of power. On the contrary, their humility was, in most cases, quite striking.

Speaking to the men and women in this magazine has underlined my belief that entrepreneurship does good. It creates jobs, solves problems and inspires change. As you read through this very special first edition of this publication, I hope that the wisdom, enthusiasm and determination that these CEOs hurl into their every day will jump off the pages, and that it will serve to inspire you too to strive for a business culture that puts positivity at the very heart of everything it does.

In fact, crafting the words that have gone into MaltaCEOs underlined one very important thing for me: business is people. Yes, it is sales figures, products, services and strategy, but at its core it is human – and the common thread these CEOs all share is their ability to translate business into a language that both their teams and customers can comprehend.

PUBLISHER

Content House Group Mallia Building, 3, Level 2, Triq in-Negozju, Mriehel BKR3000 Tel: +356 2132 0713 info@contenthouse.com.mt www.contenthouse.com.mt

I trust that you will relish your time with our CEOs as much as I have. Happy reading.

PHOTOGRAPHY

Content House Ltd and the Malta Chamber of Commerce, Enterprise & Industry would like to thank all the protagonists, contributors, advertisers and the project team that have made this publication a success.

Alan Carville

CONTRIBUTORS

Laura Bonnici, Iggy Fenech, Claire Mifsud

CORPORATE SALES & BUSINESS DEVELOPMENT MANAGER Bernard Schranz

CREATIVE DIRECTOR & DESIGN Nicholas Cutajar

MaltaCEOs 2019 is published and owned by Content House Group Ltd. The project is being done in collaboration with the Malta Chamber of Commerce, Enterprise & Industry.

DIRECTOR OF OPERATIONS & SALES

EDITOR

DIGITAL MEDIA & MARKETING MANAGER

Jo Caruana

Lindsey Napier

Raisa Mazzola

The editorial appearing in this publication does not necessarily reflect the views of Content House Ltd or those of The Malta Chamber of Commerce, Enterprise and Industry. All rights reserved. Reproduction in whole or in part without written permission of the publisher is strictly prohibited. The selection process of the 50 CEOs featured in the 2019 edition of this prestigious publication has been made at the sole and exclusive discretion of the publishing company. Interviewees have not been featured in any particular order. The publication is being distributed by the Malta Chamber to all businesses that are members of the Malta Chamber of Commerce, Enterprise and Industry, and is available to purchase from leading newsagents. The publication is also being distributed by personal courier to prominent business people and CEOs in Malta, and distributed for free in leading hotels, cafés, hair salons, hospitals, clinics and banks. The publication is also distributed to all embassies and consulates in Malta and to leading businesses and companies across the islands.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

From

VISION to

Growth F O R E W O R D B Y T H E P R E S I D E N T O F T H E M A L TA CHAMBER OF COMMERCE, ENTERPRISE AND INDUSTRY, F R A N K V. FA R R U G I A

Behind every venture is, normally, a vision that empowers and excites all those involved in achieving the desired goal. Behind that vision is, often, a person – someone who dares to think outside the box and has the skillset to get things done.

MaltaCEOs 2019 THE ISLANDâ&#x20AC;&#x2122;S MOST INFLUENTIAL BUSINESS MINDS

Successful CEOs are the kind of leaders who have the ability to empower those working with them, in a way that they can get the very best out of them.

MaltaCEOs 2019 THE ISLANDâ&#x20AC;&#x2122;S MOST INFLUENTIAL BUSINESS MINDS

At a time of economic growth in the country, it is only fair to stop for a moment and appreciate the people contributing to the creation of wealth every day, who are taking the country to the next level.

In commercial enterprises, that person is very often the Chief Executive Officer or the equivalent, the leader who takes the vision and translates it into reality. Successful CEOs are the kind of leaders who have the ability to empower those working with them, in a way that they can get the very best out of them. They know how to challenge and motivate their team to achieve the desired goal. CEOs are capable of personifying a vision and translating it into achievable deliverables. They take a blueprint and turn it into a new state-ofthe-art plant, a smooth-running service or a shiny new technology. They have the ability to see opportunities where others see a brick wall, maximising their resources and delivering on cue.

a moment and appreciate the people behind these ventures, the people contributing to the creation of wealth every day, who are taking the country to the next level.

CEOs in particular have the unenviable role of connecting the two distinct worlds of policy and the executive of any organisation. The CEO has to be an efficient and reliable bridge between the Board of Directors of an organisation, while managing and moving their executive team forward and within the direction designed by the former.

It is therefore my pleasure to introduce you to 50 extraordinary examples of business leaders in Malta. We can debate endlessly whether leaders are born or become so, but we certainly know what qualities make them. Locally we are blessed with an abundance of such brilliant individuals who continue to make a name for themselves and for the sectors they represent.

With this publication, together with our publishers Content House Group, we wish to salute the incredible men and women who run the show. At a time of economic growth in the country, it is only fair to stop for

Frank V. Farrugia

President Malta Chamber of Commerce, Enterprise and Industry

When investors see that the European Investment Bank Group, with its AAA credit rating, is a partner in a deal, and that the EU budget is providing a guarantee should anything go wrong, it creates a â&#x20AC;&#x2DC;crowding-inâ&#x20AC;&#x2122; effect.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

How to Grow Your Business W I T H S U S TA I N A B L E G R O W T H C O N S TA N T L Y ON THE MINDS OF BUSINESS OWNERS, THE EUROPEAN COMMISSION VICE-PRESIDENT FOR JOBS, GROWTH, INVESTMENT AND C O M P E T I T I V E N E S S , J Y R K I TA PA N I K ATA I N E N , TA L K S A B O U T T H E I N V E S T M E N T P L A N F O R EUROPE AND WHY SMALL-, MEDIUM- AND LARGE-SIZED LOCAL BUSINESSES, AS WELL AS S M E s , S H O U L D M A K E U S E O F I T. Launched in November 2014, the Investment Plan for Europe (IPE) was the EU’s main response to reverse the downward trend of low levels of investment, and put Europe on the path of economic recovery. As Jyrki Tapani Katainen, the Prime Minister of Finland between 2011 and 2014, and European Commission Vice-President since July 2014, explains, there were three things that needed to be changed: “Firstly, that the business environment in Europe wasn’t always conducive to encouraging investment, meaning structural reforms were crucial. Secondly, that companies required technical support to bring their investment proposals to light and, conversely, investors needed to know what sort of opportunities existed in the areas that interested them. And, thirdly, as a continent, we needed to use the precious resources we had in a smarter way by investing public money wisely to attract private resources into projects of strategic importance for the EU.”

At the heart of the IPE plan is an EU-budget guarantee, known as the EFSI (the European Fund for Strategic Investments). This, crucially, allows the EU’s public bank, the European Investment Bank (EIB), to finance projects that are riskier than its average investments so as to attract other investors. These projects often tend to be highly innovative and are undertaken by small companies without a credit history. “An example of a business that recently took advantage of the EFSI financing scheme was a child-friendly hotel resort in Croatia,” Mr Katainen says. “But there are many more in other industries beyond tourism, like transportation, research and the development of pharmaceuticals. And the Plan isn’t only for large businesses – in fact, so long as a project or business meets all the criteria, then they will get financing.”

Calculations have shown that the Plan has already increased EU GDP by 0.6 per cent, and it is set to increase EU GDP by 1.3 per cent by 2020. Asked to explain how it works, the Vice-President says that, “smaller companies such as startups, micro-enterprises and SMEs can seek loans and equity from the banks with which we have signed EFSI-guaranteed agreements. To get bespoke advice and see what financing opportunities exist, I would recommend that companies use the European Investment Advisory Hub as a first port of call or, if their project is already at a mature stage, contact the EIB directly to apply for financing.” Alternatively, local businesses can contact the newly-established Malta Development Bank, which is collaborating with the EIB on this initiative, or APS Bank, which is an official intermediary of the EIF.

“Another way is for smaller companies to join forces and set up an investment platform,” Mr Katainen continues. “This is a way of pooling together projects which have something in common – like being from the same sector or in the same region – so that investors are more likely to be attracted to the larger investment potential. A platform can combine EU funds, national support and financing from private investors, and it’s a good way to get noticed. Around 40 such platforms are already active in many sectors and countries, and almost half of their investment is benefitting small companies.” The EFSI has been so successful that, by July 2018, it had already surpassed its original investment target: that of mobilising €335 billion in new investment across the EU. More importantly, however, two thirds of that total had come from private investors rather than from

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jyrki Tapani Katainen’s predictions for the year 2040 “The EU will be more integrated than it is today: we will have further developed our security including border management, our economies will be more integrated, and the overall European economic architecture will be safer. In 2040, Europe will be a leader in circular economy and artificial intelligence.”

public coffers. While large businesses can also make use of the EFSI scheme, by its termination in 2020, 700,000 start-ups and SMEs will have benefitted from financing, and it will have generated around 1.4 million jobs. “When investors see that the European Investment Bank Group, with its AAA credit rating, is a partner in a deal, and that the EU budget is providing a guarantee should anything go wrong, it creates a ‘crowding-in’ effect,” Mr Katainen explains, when asked about why the Plan has been so successful. “The EU will cover the first loss, so private investors end up taking less of a risk than they might do in a project where the EIB wasn’t a partner.” Calculations have shown that the Plan has already increased EU GDP by 0.6 per cent, and it is set to increase EU GDP by 1.3 per cent by 2020. In fact, there are already plans in place for when the EFSI comes to an end in 2020. “In June, we proposed to create the InvestEU Programme, which will run from 2021 until 2027. InvestEU will bring together the multitude of EU financial programmes currently available, and expand the successful model of the IPE. It will consist of the

InvestEU Fund, the InvestEU Advisory Hub and the InvestEU Portal; aiming to trigger an additional €650 billion in investment.” The InvestEU Fund will support four policy areas: sustainable infrastructure; research, innovation and digitisation; small- and medium-sized businesses; and social investment and skills. Moreover, it is set to be flexible and have the ability to react to market changes and policy priorities that change over time. Meanwhile, the Advisory Hub will continue to provide technical support and assistance to help with the preparation, development, structuring and implementation of projects, including capacity-building. Finally, the Portal will continue to bring together investors and project promoters by providing an easilyaccessible and user-friendly database. The proposal is currently being debated by the European Parliament and member states, and we are set to hear more about it in the near future. But, before that, the EFSI is still in full swing and local companies could benefit greatly from this financing scheme.

To find out more about the European Fund for Strategic Investments, visit http://ec.europa.eu 32

MaltaCEOs 2019 THE ISLANDâ&#x20AC;&#x2122;S MOST INFLUENTIAL BUSINESS MINDS

Leading a Global Medical Icon

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

A CEO must be a servant leader as well as a change agent.

Mayo Clinic Rochester

DR GIANRICO FARRUGIA IS THE NEW PRESIDENT AND C E O O F M A Y O C L I N I C I N T H E U N I T E D S TAT E S . There is no denying that Maltese people have made their mark on the global business world. From entrepreneurs to academics, Maltese individuals occupy important positions in some of the planet’s leading organisations. Among them is Dr Gianrico Farrugia, a Maltese native who was recently appointed President and CEO of the world-famous Mayo Clinic – which has been consistently recognised as one of the best hospitals in the US.

With a staff complement of more than 68,000 and revenue of nearly US$12 billion per year, Mayo Clinic cares for more than 1.3 million patients from all 50 US states and nearly 140 countries each year. It is also one of the oldest and largest integrated medical centres in the world. Prof Farrugia, who was previously VicePresident of the Mayo Clinic and CEO of Mayo Clinic in Florida since January 2015, recently succeeded Prof John Noseworthy, who served as President and CEO of the Mayo Clinic since 2009.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Dr Farrugia grew up in Malta, where he studied at St Aloysius College, and received his medical degree at the University of Malta, before leaving the island in 1988. He joined the Mayo Clinic in the Division of Gastroenterology and Hepatology and the Department of Physiology and Biomedical Engineering. “Mayo Clinic integrates medical practice, research and education like no other place, and I was fortunate that I was afforded the opportunities to also be involved in research and education here,” Dr Farrugia explains. His research interests include genomics and the treatment of disorders of gastrointestinal motility, and he has published more than 300 articles on these topics. He is also a professor of medicine and physiology in the Mayo Clinic College of Medicine, and served as the President for the American Neurogastroenterology and Motility Society from 2016 to 2018. He has now been working at Mayo for 30 years and has held various leadership roles within it that helped him prepare for his current position as President and CEO. “I previously served as the Director of the Mayo Clinic Centre for Individualised Medicine, with a focus on integrating genomics into routine clinical practice,” he explains. “I was then named CEO of Mayo Clinic in Florida and VicePresident of Mayo Clinic four years ago, where I led a staff of more than 6,400 members. And before all of that, I was very much involved in launching

Prof. Gianrico Farrugia with Prof. John Noseworthy, whom he recently succeeded as President and CEO of Mayo Clinic

Mayo’s Centre for Innovation. With my colleagues I coauthored Think Big, Start Small, Move Fast: A Blueprint for Transformation from the Mayo Clinic Centre for Innovation, a book highlighting the need for change in the delivery of health care.” Dr Farrugia explains that Mayo Clinic is a non-profit academic medical centre where clinical practice, education and research are integrated. “It all started in Minnesota more than 150 years ago, and quickly became the place for hope when there is no hope,” he says. “This reputation lives strongly today, and it is widely acknowledged to be the premier medical institution in the world. We employ 68,000 staff, including more than 4,700 physicians and scientists. We spend over a billion dollars a year on research and education. “Mayo Clinic is specially known for treating or diagnosing complex cases and solving medical mysteries. We are sometimes referred to as the supreme court of health care. It is therefore a true honour to be asked to lead this organisation and I am humbled by the trust placed in me 36

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

by our staff and our patients. Any success I have had is due to the people I have been fortunate enough to work with. Their commitment to do the best for our patients drives me to work harder and aim higher.” Dr Farrugia’s job will be to lead the Mayo Clinic in the next decades while maintaining its values and principles – primarily that the patients come first. “That guides every decision we make,” he says. “I firmly believe that a CEO not only can but must be a servant leader as well as a change agent. Empowering others to innovate and discover the health care of the future, while providing the best possible health care and patient experience, is my main role as CEO.” With that in mind, Dr Farrugia stresses that his responsibility is to make sure that the Mayo Clinic provides the best possible health care to patients who need it most – patients with complex and serious diseases. “I work with our teams to support them in delivering outstanding care and an outstanding patient experience,” he says. “I love my job. Every day I hear about a Mayo innovation that has changed somebody’s life. Meeting the teams who made it possible and the patients who benefitted is a privilege I do not take for granted.”

It is a true honour to be asked to lead this organisation and I am humbled by the trust placed in me by our staff and our patients. 37

Looking back over his training and career, Dr Farrugia says he has been fortunate enough to have had several mentors in his life. “Starting with my parents, the Jesuits at St Aloysius College (and especially the late Fr Louis Borg), and Prof Michael Camilleri, who gave me the opportunity to come to Mayo Clinic, as well as several research, clinical and business mentors. The current Mayo Clinic trustees include Ursula Burns, the former CEO of Xerox, Alan Mulally, the former President and CEO of Boeing and Ford Motor Company, Sam Di Piazza, the former CEO of the global consultancy PricewaterhouseCoopers, and Bill George the former CEO of Medtronic, the world-leading medical device company. They all have been very generous with their mentorship.” Asked about the greatest challenges and opportunities facing his sector at the moment, Dr Farrugia highlights the ageing population – with more people living longer and with not just one, but several chronic illnesses, putting a lot of pressure on society. “It creates an increased need for us to deliver care better, faster, and at a lower cost,” he says. “This is where innovation comes to the fore, to create solutions that put the patients’ needs at the centre. Mayo has been successfully doing it for a century-and-a-half, and I am excited to bring this to the next level. “To achieve that, we will need a coalition of forces – governments, private sector, foundations, academic and medical institutions to redefine how we provide health care. We have a great opportunity to make a meaningful change with the incredible rise of technology. But there will always be the need for a human touch.” Finally, Dr Farrugia highlights where he would like himself, and the clinic, to be in five years’ time. “I hope I’ll still have this job and be able to enjoy it,” he smiles. “Mayo Clinic will be offering healing and hope in ways we cannot even imagine currently, while also helping patients and consumers across the globe as a global authority in health care. I am excited to lead that change. And when I do look back after my time here, I hope to be able to say that I left Mayo Clinic in a stronger position than it was when I started, having instilled more joy in the workplace and having helped more patients find hope and healing.”

MaltaCEOs 2019 THE ISLANDâ&#x20AC;&#x2122;S MOST INFLUENTIAL BUSINESS MINDS

The Psychology of Being CEO C A N A N YO N E B E A C E O ? M a l t aC E O s S P E A K S TO LEADING UK-BASED BUSINESS P S YC H O L OG I S T A N D AU T H O R CLIVE OSCAR LEWIS OBE DL T O F I N D O U T.

In a world where money talks and multinationals colonise, the CEO is king. Yet behind the fame some achieve and the wealth some amass, is the (often) daunting reality of waking up and going to bed knowing you are a CEO. An acronym for Chief Executive Officer, the CEO is the highest-ranking individual in a business or an organisation: responsible for the success of the company. In a way, it is the dream job; the holy grail of the corporate ladder. But as businesses continue to grow, stakeholders become more demanding, customers turn less loyal, and employees come to be less expandable, it is no easy feat consolidating all the loose ends.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Being a CEO is a lifestyle more than a job, and only those who are really dedicated will make it work.

“The percentage of people who can do the job is getting smaller and smaller,” says Mr Lewis, the owner and CEO of Globis Mediation Group, which helps businesses around the globe and across all sectors build better relationships through consultation, resolution and development. “With more regulations and fewer resources, the job is simply getting harder by the year. The thing is, it’s not just about capability but endurance, and I’ve had many conversations with people who have given up their role as CEO simply because it turned out to be not for them.”

According to Mr Lewis, a CEO needs five characteristics to succeed: Judgement, Drive, Influence, Trust, and Good Character. “Decision-making is a daily reality for the CEO, so having good judgement is key. The balance between taking risks and the judgement to do what’s right for the company is very important. As is the judgement on whether and to whom you should communicate your decisions.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Some of the most integral parts of ensuring a company runs smoothly is equipping it and your colleagues with the tools to resolve conflict.

“And you need to be driven to succeed and to help the company succeed. Being a CEO means you’re responsible for the company and its employees, and that can be a very lonely place to be. But, having said that, just because you have the title of a CEO doesn’t automatically mean you’ll have followers. You have to exert influence over your board, your employees, your customers and, if it’s a publicly listed company, over the stakeholders. It’s just crucial for the job.

skills need to be transferrable between industries. One such example was the case of Carolyn McCall, who, after seven years as easyJet’s CEO, became the first female CEO of ITV in the UK. Unlike manual skills, it transpires, the aforementioned traits make someone a good leader and the knowledge of the industry becomes almost secondary when so few can boast them. CEOs, in fact, think and act differently in every area of their life – and the word Mr Lewis uses to describe them is ‘productive’. Whether it’s learning or working, exercising or travelling, CEOs tend to have a goal for everything they do. They work towards maximising their time, they never stop growing intellectually, and they feed their drive to be better.

“Plus, we can’t forget the importance of trust, particularly in the economic aspect of things. People need to trust in your vision, in you taking them there, and in you ensuring the company will pay its dividends. And that’s where good character comes in. Your reputation needs to precede you, and that reputation has to be a good one.”

“Work-life balance is important,” Mr Lewis continues. “The working hours for a CEO are longer than the average employee’s, but the best CEOs are able to fit much more in. Being really clear about what the

Some of these traits are either innate and honed over the years, or learnt through experience. Yet, either way, in a world that continues to evolve, those

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Your reputation needs to precede you, and that reputation has to be a good one. meeting is and having clear goals for it and using punishing travel schedules to get work done are just two examples of how this can be done.” Yet, being a CEO is a lifestyle more than a job, and only those who are really dedicated will make it work. “Research conducted by Jim Collins (an American author famous for titles like Good to Great and Beyond Entrepreneurship) also indicates that CEOs are most successful when they are committed to the cause of their organisation rather than seeking their own interest.” Asked about which CEO Mr Lewis looks up to the most, his answer was surprisingly – or maybe unsurprisingly – Bill Gates, the founder of Microsoft. The reason behind this choice is that Mr Gates had taken the company from its early days all the way to its full potential. More than that, however, Mr Gates also recognised that there was more than just the economic cause, and now works on helping those who are less advantaged through the money, power and influence he has amassed for himself. “From my most recent research on what needs to be done to stop conflict, I have found that some of the most integral parts of ensuring a company runs smoothly is equipping it and your colleagues with the tools to resolve conflict,” Mr Lewis explains.

In other words, all this leads to one conclusion: that a CEO isn’t just someone who tells others what to do, but someone whose holistic vision for the company can ensure that every area and department is working towards the same goal. And that is how a CEO thinks, in business and in everyday life. “So, to answer your initial question: no, not everyone can be a CEO,” Mr Lewis adds.

Judgement

Good Character

Among these there is giving employees the necessary tools to have difficult conversations, having training in place for when they move positions, making sure there are the required mechanisms at board- and managerial-level for when conflict arises, and making sure there are policies in place so that everyone is made to feel welcome.

Trust

According to business psychologist and author Clive Oscar Lewis, a CEO needs five characteristics to succeed:

Drive

Influence

MaltaCEOs 2019 THE ISLANDâ&#x20AC;&#x2122;S MOST INFLUENTIAL BUSINESS MINDS

The CEO Toolbox 44

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

SHOULDERING THE RESPONSIBILITY FOR A W H O L E C O R P O R AT I O N A N D K E E P I N G U P W I T H A N I N T E R N AT I O N A L S C H E D U L E A R E J U S T T W O O F T H E DEMANDS PL ACED ON THE MODERN CEO. HERE WE L O O K AT H O W T E C H N O L O G Y I S H E L P I N G T O P C E O s T H E W O R L D O V E R TO M A K E T H E M O S T O F T H E I R T I M E . We may have come a long way from the days when CEOs and world leaders wouldn’t be spotted dead without a BlackBerry phone, but their needs have not changed much. CEOs, after all, still need to keep up with what their various departments and teams are up to, still need to stay informed on how their respective markets are faring, and still need to know when it’s time to change their tactics to ensure they stay in the game. With so much on a CEO’s plate, it may sometimes seem impossible for them to be on top of everything. Yet, thankfully, as companies grow bigger and consumers change their position faster, technology is getting smarter and, more importantly, it’s allowing CEOs to do everything they would have normally done in dragged-out, physical meetings while they’re on the road. So, while taking things off your plate is not always an option, here are some tools that will make dealing with them far easier.

Klipfolio The transition from brick-and-mortar to online has changed the way everyone works, yet the wealth of information that exists on the internet – particularly that related to your business – can be difficult to monitor and sieve through. Created to answer the question ‘How are we performing?’, Klipfolio is a mobile and desktop software that does the job normally reserved for IT specialists. It brings together all the metric data from various platforms (such as Google Analytics, Facebook, Instagram, and MailChimp, to mention but a few), as well as internal servers and documents, to give you a visual representation of how your company is doing. 45

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Pipedrive™ Not every CEO has an army of people working towards their vision for the company. Indeed, with so much to do to guarantee the company’s success, most companies are stretching their resources pretty thin. That’s where software like pipedrive™ can help. Made by salespeople for salespeople, pipedrive™ helps you and your team keep on top of emails, calls and progress on the various sales leads you may be pursuing, helping you expand your business. Most importantly, it does this through an easy-to-use, visual dashboard, allowing CEOs to know where they are without spending hours poring over emails, documents and records.

Sharing thoughts and ideas is a great way to move forward, but long and boring meetings can often be a waste of time and money. MindMeister does what everyone needs when it comes to these situations: it creates a platform where various people can build on an idea and give their input on a topic through an interactive mind-mapping interface. MindMeister makes all this possible even when the whole team isn’t physically present, while doing away with never-ending email threads and convoluted information.

MindMeister 46

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Competition is healthy and keeps businesses on their toes, but monitoring what other companies are doing and analysing why they’re faring better is no mean feat. Enter Ahrefs, a software that monitors how your competitors are doing online by assessing which of the keywords they use drive the most traffic and which of their pages receive the most visits. This can then be used by your team to forge a new strategy to help you outrank them by focusing on what audiences and customers are looking for.

Ahrefs

By analysing visitors’ clicks, taps and scrolling behaviour, HotJar creates a visual representation of what visitors on your site are doing. That is then presented in heatmaps that explain where users hover their cursor, in visitor recordings that show you how they interact with your website, and in conversion funnels that tell you when your site is losing visitors’ attention. The app also comes with feedback polls and incoming feedback, allowing them to tell you exactly what it is they expect from your site.

HotJar

While being a CEO is not a job you can clockout of, it doesn’t mean you’re not allowed a bit of fun along the way! Out of the many brain training-apps out there, Lumosity is among the most popular and is used by around 90 million people worldwide. Fun and interactive, it gives users a way to build a daily habit of acquiring new knowledge and learning about how they think through various types of games that put your critical thinking, memory and problem-solving skills to the test.

Lumosity: Daily Brain Games 48

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

It’s a well-known fact that many of the world’s top CEOs always make time for exercise, but a good night’s sleep is just as important when you need to face the day ahead head-on. Of course, that’s not easy when you have so much to think about, but it is where Headspace comes in. The guided meditation platform helps you to clear your mind, reduce stress, increase your focus, uplift your mood and even work better.

Headspace

Leading the Leaders Towards Success Photos shot on location at Businesslabs, Birkirkara 50

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

C E O s S E T T H E T O N E F O R T H E I M A G E O F T H E I R O R G A N I S AT I O N , AS WELL AS THE CULTURE OF THEIR ENTIRE WORKPLACE. W I T H S O M U C H P R E S S U R E AT T H E T O P , E X E C U T I V E COACHING IS FAST BECOMING ONE OF THE MOST SOUGHTA F T E R R E S O U R C E S TO H E L P C E O s A DO P T T H E T R A I T S O F S U CC E S S F U L L E A D E R S H I P. H E R E , T W O O F T H E TO P C E O COACHES ON THE ISLAND – MARION GAMEL FROM THE FUEL A N D N AT H A N F A R R U G I A F R O M V I S TA G E – S H A R E S O M E OF THE TIPS AND INSIGHTS USUALLY RESERVED FOR THE TRAINING ROOMS OF THE BEST IN THE BUSINESS.

Should CEOs consider coaching beyond their company sphere? MARION

NATHAN

The relationship between a coach and his client is a relationship of equals. I don’t believe it is ethical for a CEO to be coached by an internal coach who – ultimately – reports to him. There should be no taboos in coaching conversations; being coached by an external coach empowers the CEO to talk about any concerns or secret plans (about himself, the company or other employees), that possibly cannot be shared with an employee of the company. A CEO is the ultimate decisionmaker and can sometimes feel isolated, so external coaching addresses that.

Sometimes a cliché but often a reality, ‘it’s lonely at the top’ implies that there are few people that can truly understand the mindset of the CEO from within the business. It is often the case that the complexity of life in the top office means that the people around you have their own biases, so working with an external neutral observer with experience is often the best way to stay objective.

Generally, have you found there to be a connection between receiving coaching and achieving success as a CEO?

hing has CEO coac e a highcom rapidly be national r value inte timated to s industry e lose to c be worth globally. €2 billion

MARION

NATHAN

There must be a direct connection between being coached and achieving success, for any coaching process to work. It is also paramount that the CEO being coached is the one who defines what ‘success’ is, in terms of results, metrics, impact, or timeline, for example. In any coaching process (and this is not unique to coaching CEOs), the ‘goals’ of the person being coached must be precisely defined and prioritised early. The CEO’s definition of success is the compass of all subsequent coaching conversations.

Yes, we clearly see that, both anecdotally and statistically, coached CEOs outperform those that try and muddle through alone. Even if you have a great team around you, or a very involved board of directors, you still need to develop personally. Typically, seeking a coach also means that you already have a growth mindset, which is, in itself, a direct attribution to success.

Which aspect of their role do you find CEOs are most interested to develop or improve? MARION

NATHAN

In my experience, the six aspects of CEOs’ roles that tend to be most in focus during coaching are: communication; making hard decisions faster; leading the team during periods of change; putting the right processes in place as the company grows; attracting, empowering and retaining top talent; and deciding what to delegate and what to keep full control of.

The key to reaching top performance is self-awareness, as it unlocks potential already present in the individual. This is a quicker route to success than building skills from scratch. Ultimately, the self-aware leader is the most necessary starting point in order to determine what style of leadership your business needs, and to build resilience in your team.

What are the top things that a CEO should know to be effective in 2019? MARION

NATHAN

Good leadership is timeless. The world around us changes fast due to globalisation and digitalisation, but the act of leading is based on key strengths and behaviours that are infinitely valuable. My three keywords for CEOs are always: awareness, agility and efficiency.

The most critical skill needed by any CEO is decisionmaking. Whether these are decisions about structure, investment, technology or people, the indecisive CEOs always struggle the most.

What have you found to be the common daily habits and routines of a successful CEO? MARION

NATHAN

In my experience, outstanding CEOs tend to have their fingers on the pulse of their people, making time to listen to their team while remaining up-to-date on the business side too. Great CEOs ‘walk the floor’ regularly and start meaningful conversations with their employees, since they know that a happy and motivated workforce means results. They tend to answer emails promptly, and usually with a single ‘Yes’ or ‘No’, turning anything longer into a face-to-face conversation because they know the power of interaction. Lastly, a successful CEO has a rich personal life, and is protective about it. They do what it takes to look after their health, and they know that the stress of the job needs to be balanced by time spent relaxing amongst supportive family and friends.

Many are ‘trying to do too much’ and not focusing on their value. We all have 24 hours in a day, yet some manage to do far more than others. It’s not about time management, but time effectiveness. We ask CEOs what things they do that add most long-term value to their business and life, and focus on those. The great routines and habits are the ones that include a balance of early-morning personal physical and mental training, effective communication and clarity to the team (morning ‘huddles’), effective decisionmaking on medium-to-long term strategies, quiet thinking time, networking and building social capital with the team and external stakeholders, and learning and reflecting on their impact at the end of the day. All great CEOs also find quality time to spend with loved ones. 53

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

What steps do you take to help your clients navigate the many challenges and pressures of their role? MARION

NATHAN

First and foremost, my coaching approach is strength-based, so that the CEO’s individual strengths provide the foundation of the coaching sessions. The CEO is then asked to describe his goals to help him achieve a positive ‘winning’ mindset and envisage a bright future. After discussing the differences that may exist between today’s reality and tomorrow’s ambitions, we establish a learning plan to tackle these differences, by monitoring progress, refining and tweaking until the CEO is confident that he is truly on the path to achieving his ambitious goals.

We encourage regular oneto-one coaching as well as peer development through our group sessions. This allows them to understand their roles by discussing with other top performers, as well as realise that many others face the same day-to-day issues. Peer learning is a very useful tool that is sadly lacking in Malta. We tend to keep our problems to ourselves for too long, when they could be resolved quickly in a confidential and trusting environment. Our groups help our members grow faster than average, through guidance and empathy.

How do you help CEOs to stay motivated? MARION

NATHAN

I use a strength-based step-by-step approach to remind CEOs of their skills, attributes, unique capabilities and outstanding successes. Being aware of what you have achieved is very empowering. By understanding their own strengths and the world around them, and focusing on their new goals, CEOs realise that they can, once again, aim incredibly high with confidence.

By helping them understand their ‘ikigai’ – their reason to get out of bed in the morning. As we rise towards self-realisation, money becomes less important. We need to be continuouslyconscious of our state of mind to stay on track. That is where we find our most effective use as coaches. Although this may sound like ‘life coaching’, we are business coaches and always focus on the individual within a business context. The life improvement and benefits of balance are a contributor to success.

How and when do you recommend CEOs start planning for their succession? MARION

NATHAN

It’s never too soon to plan your succession as a CEO. I would even go as far as saying that, after a CEO’s probation period is over, waiting or failing to plan your succession is unprofessional. However, succession planning goes hand-in-hand with talent. It’s not about appointing the ‘least bad’ of your management team to take over! If a CEO truly cares about the company he is temporarily in charge of, he will forget his personal insecurities to the benefit of flawless transition between him and the next leader.

Every person you recruit should be looked at for their next role, or indeed a few thereon. Succession isn’t just for the CEO but for the whole organisation. A good CEO has a choice of potential successors from within the organisation, not just one. Their development should be continuous, allowing a significant portion of their time to be spent on growing their technical and leadership skills, and being stretched outside of their comfort zone at every opportunity.

TheInterviewsIndex 58 Andrew Beane CEO, HSBC Malta

62 Franco Azzopardi CEO and Chairman, Express Group

66 Tonio Zarb Senior Partner, KPMG

70 Nikhil Patil CEO, GO

74 Kevin Buttigieg CEO, RE/MAX Malta

78 Helga Ellul CEO, Advise Ltd

84 Kenneth De Martino CEO and Chairman, KDM Group

88 Christian Ellul CEO, E&S Group

94 Paolo Catalfamo CEO and Chairman, GlobalCapital

100 Kevin J. Borg DG, The Malta Chamber of Commerce, Enterprise & Industry

106 Pio Vassallo

120 Karl Schranz CEO, FCM Travel Solutions Malta

126 Michael Darmanin CEO, Charles Grech & Co

132 Ian Casolani CEO, Belair Property

136 Thomas Kraemer CEO, Timberland Capital Management GMBH

142 Frederick Micallef CEO, DataByte Ltd

148 Michael Bonello

184

258

Felipe Navarro

Mario Schembri

CEO, MAPFRE Middlesea plc

CEO, GreenPak

190

262

Michael Warrington CEO, AX Group

194 Christopher Busuttil Delbridge CEO, Evolve

200 Winston Zahra CEO, GG Hospitality

204

John Huber

Josef Said

CEO, Broadwing Recruitment

CEO, Konnekt

158

222

James Zammit

David Curmi

CEO, Agilis

168 Ann Fenech CEO, Fenech & Fenech Advocates

172

CEO, BMIT

278 Federico Vasoli

284

216

Marcel Cutajar

272 Christian Sammut

210

152

162

CEO, Gasan Group

CEO, DMTV Global & DMTV Europe

CEO, MB Investments

CEO, Finance House Malta & Cars Unlimited

266 Mark Gasan

CEO, Attard & Co Food Ltd

Pierre Pellegrini Petit

Acting CEO and Chairman, Yachting Malta

John Paris

Nadine Lia Regulator, Family Business Office

Alex Montanaro CEO, Exalco Group of Companies

290 Kenneth Farrugia Chairman, FinanceMalta

296 Joseph F. X. Zahra

CEO, Curmi & Partners

CEO and Chairman, SurgeAdvisory

228

300

Sรถnke Stein CEO, Oiltanking Malta

234 Deborah Schembri

Joseph Maggi CEO, Mediterranean Maritime Hub

306

CEO, STM Malta

Kevin Chircop

240

CEO and Chairman, Enemed

Dominique Lecocq

312

CEO, Lecocqassociate

Hermann Kresse

110

CEO and Chairman, Sullivan Shipping

246

CEO, Dr Kresse International Law Firm

Sara Grech

178

CEO, Malta Maritime Pilots

CEO, Vassallo Group

CEO, Engel & Vรถlkers Sara Grech

114 Joseph Cuschieri CEO, MFSA

John Sullivan

Edwin Borg CEO, The Point

Jesmond Mifsud

252 John Charles Ellul CEO, Prosecure Ltd

318 Tonio Montebello CEO, Wasteserv

MaltaCEOs 2019

Meet

50 of

islandâ&#x20AC;&#x2122;s THE

MOST

INFLUENTIAL BUSINESS minds

MaltaCEOs 2019 THE ISLANDâ&#x20AC;&#x2122;S MOST INFLUENTIAL BUSINESS MINDS

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Andrew Beane

CEO, H S B C M A L TA

“ G R E AT T E A M S A R E B U I L T B Y I D E N T I F Y I N G P E O P L E W H O A R E B E T T E R T H A N Y O U AT W H AT T H E Y D O . ”

A S C O U N T R Y C E O O F H S B C M A L TA , A N D R E W B E A N E N E V E R U N D E R E S T I M AT E S H I S R E S P O N S I B I L I T Y T O T H E C O M P A N Y ’ S 2 5 0 , 0 0 0 C U S TO M E R S A N D 1 , 3 0 0 T E A M M E M B E R S . H AV I N G L E D T H E O R G A N I S AT I O N T H R O U G H A C H A L L E N G I N G P E R I O D O F R E G U L AT O R Y COMPLIANCE CHANGE, HIS FOCUS IS NOW ON DEVELOPING THE LOCAL N A R R AT I V E O F T H E W O R L D ’ S ‘ L E A D I N G I N T E R N AT I O N A L B A N K ’ .

One might assume that it would be an unfailing love of numbers that would inspire a career as the country CEO of an international bank. But not for Andrew Beane, who prefers to be known as Andy. Instead, Andy took an altogether alternative path to his destination in banking – via a degree in history, a stint at an internet company, and six months spent travelling around Latin America. “I never believed I was good at maths when I was growing up,” Andy smiles. “I don’t think I could have imagined my future as CEO of a bank, but 59

that’s exactly where my journey has led me. I guess my travels fostered a passion for adventure and new journeys and, when I was offered a job at HSBC after I returned to the UK after a gap year, I jumped at it. I was drawn to the company’s international character, values and brand.” And with the travel bug having bitten, Andy began his soon-to-be-global career just a couple of years after joining the bank. Somewhat unbelievably, his first international posting was to Malta, and he spent nine months here in the pre-

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

EU days when the island was honing its banking sector for accession. “My aunt is Maltese so I have always had a connection to the island,” Andy says. When Andy left Malta he couldn’t have known that his career would bring him back here – especially as there would be so much travel in-between. He returned to the UK, then moved to Chicago, Hong Kong, Abu Dhabi, London, Dubai, London again and, 13 years after his first foray here, back to Malta. Along the way, he of course rose through the ranks of one of the world’s best-known banks – sitting on the executive and risk committees of HSBC Europe among his many roles. “The journey has been such a privilege,” Andy continues. “Being Chief of Staff to the CEO of HSBC Europe was particularly exciting, and it was a bit like attending an academy on how to be a bank CEO. The company had a trillion-dollar balance sheet and over 70,000 employees. It was a scale of business and complexity that I hadn’t experienced before, and it provided me with so much insight into our industry. “But it also taught me a lot personally. I was doing that job in a period of time after the financial crisis, when the industry was reshaping and rehabilitating, and HSBC was organising itself for the future.” Fast-forward two years and Andy says he didn’t have to think about things too hard when he was asked to take on the role

One of my favourite parts of my work routine is having coffee in the canteen every morning – I love to chat to people. I like being part of the ecosystem. I have no interest in hierarchy – each and every employee is vital to the work that we do. I think that comes back to the broader sense of responsibility I feel for the 1,300 families directly affected by HSBC Malta. I think about them every single day.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

of HSBC Malta CEO in November 2015. “I love the place, so it was an emotional decision as much as a rational one, and my wife Jenny and I were thrilled at the prospect of bringing our two young children to Malta too. “Not that it was easy securing the job! To become CEO of a bank in today’s world – the post-crisis world – you have to command the respect of the regulators, and that only followed a two-hour interview with the European Central Bank in Frankfurt to start with!” Thankfully, it quickly became clear how seriously Andy takes his role. In fact, his greatest consciousness is HSBC’s responsibility to society here in Malta. “I see my role as serving others, not the other way around. I feel a great sense of accountability to the 250,000 customers that we provide services to, and to the 1,300 people and their families that work for us. I know that decisions we take affect people’s lives and there is nothing more significant that shapes my thinking. “When you are country head of an international organisation like HSBC – which operates in over 60 countries – you hold the integrity of the brand in your hands and have an obligation to protect it. Brand values are vital in today’s world and every country CEO has a duty to protect HSBC’s reputation, both locally and for partner affiliates of the firm in the broader sense. I feel a very strong connection to the 10,000 shareholders we have in Malta and know that, roughly speaking, we support half of the country’s economy. If we do a good job we will support Malta to thrive, and if we don’t, it won’t. I don’t ever stop thinking about that.” Andy shares his aims for the shortto-medium term. “The last few years have required us to focus on embedding new standards of compliance and risk management in the bank, and we will be sustaining this vital work in 2019 and beyond,” he says. “But, for the

most part, that period of change is complete, and we are happy with the results. Now it is time to consciously shift from one phase into another. I see one major part of my role as to create narratives and I believe there is probably nothing more important than communication. Our focus now, and for 2019, is to help the Maltese economy to grow and prosper by engaging with customers, businesses and individuals in a manner that works for them and us. I hope – following the phase of change we have just completed – that this chapter will see our customers and team enjoy the benefits of the hard work we have done. As a result, I have spent a good part of this year focusing with my immediate leadership team on our role and purpose as an organisation. They are fantastic and have embraced this opportunity. I truly believe that, when you create teams, your success is built on identifying people that are better at what they do than you are. We are wholeheartedly investing in the ‘why’; the ‘what’ is easy but the ‘why’ is so important. Team members may comply, but they will never thrive unless they understand and are motivated by the destination.” And that very much aligns with what Andy believes HSBC will continue to achieve in the next year, and beyond. “From a company perspective I think we are in a very strong position. We will be on the right side of history when it comes to the compliance side of things. Moving forward, we will be known as an organisation that provides a balance of great service built on a foundation of the highest global standards of compliance. Personally, I have never been a person with a grand master plan. I have always believed that, if your centre of gravity is yourself, you will never succeed. My motivation is the people I have the privilege of working with, and they will continue to remain at the centre of both HSBC’s and my own journey in the years to come.”

Quick-fire Questions… with Andrew Beane What did you want to be when you were growing up? A racing driver. Business formal or business casual? Casual. Late nights or early mornings? Neither! Travelling on land, sea or air? Sea. Smartphone: always on or often off? On too much. Sundays: full of activity or complete relaxation? Full of activity. What was your first car? A partly rusty charcoal grey Vauxhall Nova 1.3. What’s the question you always ask a job applicant? There is no such thing. What’s the answer that will always get them hired? It’s all about attitude. Which is your must-read business book? I don’t have one. The one I am reading at the moment is very interesting, though: Alive at Work by Dan Cable. What are you really into outside of work? Spending time with my family, and playing hockey. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? The Prince’s Trust. What’s your prediction for the year 2040? I think we will look back on today and all the time we spent driving, and sitting in traffic with cars pumping out pollution, and think it was nuts. The move to eco-friendly driverless vehicles will be in full flow by then.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“HE WHO KNOWS NOT, AND KNOWS NOT THAT HE KNOWS NOT, IS A FOOL, SHUN HIM; HE WHO KNOWS NOT, AND KNOWS THAT HE KNOWS NOT, IS A CHILD, TEACH HIM. HE WHO KNOWS, AND KNOWS NOT THAT HE KNOWS, IS ASLEEP, WAKE HIM. HE WHO KNOWS, AND KNOWS THAT HE KNOWS, IS WISE, FOLLOW HIM.” CONFUCIUS

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Franco Azzopardi

CEO AND CHAIRMAN, EXPRESS GROUP

“ A S A D R E A M E R I H AV E A L WAY S WA N T E D TO B E AT T H E F O R E F R O N T O F T H E B U S I N E S S B AT T L E F I E L D . ”

H A V I N G B E G U N H I S C A R E E R I N A C C O U N TA N C Y , E X P R E S S G R O U P C H A I R M A N A N D C E O F R A N CO A Z Z O PA R D I T H E N P R OG R E S S E D TO CO M PA N Y D I R E C TO R W I T H A U N I Q U E S K I L L S E T C R A F T E D TO A S S I S T BUSINESSES IN TIMES OF CHANGE. OVER THE LAST SEVEN YEARS, HIS L E A D E R S H I P H A S B E E N I N T R I N S I C TO T H E G R O U P ’ S D E V E L O P M E N T F R O M A F A M I L Y O R G A N I S AT I O N I N T O O N E W I T H A R E S O L U T E V I S I O N F O R I N T E R N AT I O N A L G R O W T H .

It is never easy to walk into a beloved family business and help steer it in a new direction. But that is exactly what Express Group’s Franco Azzopardi did five years ago when he was invited to become the company’s Chairman and CEO. After all, Express Trailers is over 50 years old, with an incredible history and an emotional past.

to running a second-generation business with eight brothers keen to retain their father’s legacy,” Franco explains. “They knew they wanted the company to move forward and to evolve with the times, but that is no easy feat for people who are so connected to it. That’s where I came in – to aid them in taking the quantum leap from a pure family-centric venture to one with a clear structure and vision. It is a challenge that I feel privileged to have been given, and one that I relish.”

“I guess it was my job to cut through all that to neutralise the vast range of sentiments connected 63

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Going back a little further, Franco was first asked to join the company Board as non-Executive Chairman seven years ago. Then, after two years of restructuring and orchestrating a merger of many subsidiaries, the company needed a Group CEO. “Up until that point, the different companies had been led by managers,” Franco continues. “By then, though, I had learnt the language of the organisation and the family, and felt ready to help implement what had been decided upon by the Board.

Meanwhile, from Franco’s personal perspective, Express Group’s quantum leap came at a time that suited his career. He had begun his professional life in accountancy. “I hated school,” Franco recalls, “but my dad thought accountancy would still be a good fit. So that’s what I pursued – and I spent 27 years in the profession working for the ‘big four’ for 10 years and then running my own practice with a colleague. It did well, and we grew from two people to 25, before also venturing into IT solutions. Whether we were helping to automate the audit process or creating tools for financial statement production, we were groundbreakers on the island. But, after 27 years, I decided to call it quits in 2007 and sold out, having signed a non-competition clause with my partners.”

“To move a business like that forward you need to gear up; you can’t keep living in the past with a management style that may have worked decades ago. It became vital to find our core principles and to stick with them, while the rest of the company changed around them.”

Franco looks back on that time and admits he had no idea what would come next. “I spent about three months meditating. Eventually, I started to inform my network that I was on the market, while also opting to give something back to the profession by volunteering to join the Council

I am completely driven by the fulfilment that the team at Express Group gives me. I am here every day at 6.30am – not just to avoid the traffic, but because I enjoy the job and the people I work with. When they look back, I hope to be remembered as a gentleman first and foremost – based on the solid principles passed onto me by my father: rectitude and fairness.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

of the Malta Institute of Accountants. I also decided to educate myself further, and read for a Master’s in Finance, which helped to inform me on the most forward-looking side of accounting. As a dreamer I have always wanted to be at the forefront of the business battlefield and I found it all fascinating. With that new knowledge I was able to bridge the gap between my accounting background and what I hoped would be a business future. I also believed that that combination would help me be of value to other businesses.” And it was. After his Master’s, Franco focused on becoming a professional director – covering everything from the legalities of business to the different styles that the corporate world offers. In the years that followed he gradually built up a portfolio of directorships among a number of top companies such as RS2 Software plc, APS Bank and Atlas Insurance. Also around the same time, he was approached and shortlisted to chair the Board of the Vella Brothers – the holding company behind Express Group, and which ultimately led him to his position today. Now, Franco heads a workforce of over 260 people – and he cites understanding them as one of the most important parts of his role. “Knowing them and their emotions is critical,” he says. “As well as knowing and understanding our wider audience: our customers, legislators, policymakers and stakeholders. You have to conduct your orchestra based on what its audience wants. If they don’t want Mozart, then you don’t give it to them – that is unless you educate them to want Mozart, which can also be a good route to take.”

That approach may sound unusual to some, but Franco says his methods are very much shaped by the Japanese martial arts training that he has practiced for over 40 years. “It is all about balance,” he says. “And it developed in me a huge sense of pedagogy – the craft of transmitting knowledge. So, with my audience – whether that is in the boardroom or with our employees – I believe in connecting and absorbing the energy of the individuals I am working with. I need to understand their needs to conduct their orchestra.” And using that approach, Franco is now looking towards the future of Express Group and, specifically, diversifying the dependency risk that the company has on the local market. “We’re currently hitting around €30 million in turnover a year – but it is all locally driven, based on local demand and local supply. But there are also opportunities beyond our shores. Moving forward, I wouldn’t like our company to be totally dependent on our local drivers, so we are now internationalising our force. In fact, we have just invested in an Italian company that owns a depot about 3km away from the Port of Genoa – a significant port linking the continent with Northern Africa, Malta and mainland Europe. I see it very much as part of a continued international effort for the Group, and something we will be talking more about into 2019.” And the next five years? Franco has them mapped out too, with a clear vision for himself and the company. “Me? I will be the CEO of an international organisation,” he says. “Express Group? It will be an international organisation.”

Quick-fire Questions… with Franco Azzopardi What did you want to be when you were growing up? I was very engrossed in the martial arts for many years, and considered that as my career. Business formal or business casual? Both, depending on the situation. Late nights or early mornings? Early morning. Travelling on land, sea or air? As a company we do them all, but I prefer flying – it’s quicker. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Complete relaxation. What was your first car? A stardust blue Mazda 323. What’s the question you always ask a job applicant? ‘If an opportunity arose to make money, what is the first question you would ask yourself?’ What’s the answer that will always get them hired? ‘Is it legal or illegal?’ Which is your must-read business book? Rich Dad Poor Dad by Robert Kiyosaki and Sharon Lechter. What are you really into outside of work? Trying to sustain a relationship, as well as martial arts and some cycling. How many unread messages are in your inbox right now? In my business inbox: six. In my personal inbox: 91,006. Which philanthropic cause are you most passionate about? Children in orphanages. I recently did a London-to-Paris 500km cycle in 24 hours, and a 720km cycle in Switzerland a week later, to raise funds for an orphanage in Zabbar. What’s your prediction for the year 2040? I’ll be dead.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“I TRY TO GO HARD ON THE ISSUE AND SOFT ON THE PERSON.” DR HENRY CLOUD

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Tonio Zarb

S E N I O R PA R T N E R , KPMG

“ I N O U R S E C T O R , T H E C E O S T I L L G E N E R AT E S WORK AND SERVICES CLIENTS. IT’S A CURIOUS C O M B I N AT I O N B U T I T W O R K S . ”

E S TA B L I S H E D I N 1 9 6 9 , K P M G M A L TA I S O N E O F T H E L A R G E S T PROFESSIONAL SERVICE FIRMS ON THE ISLAND, PROVIDING A U D I T , TA X A N D A D V I S O R Y S E R V I C E S . AT T H E H E L M I S S E N I O R PA R T N E R TO N I O Z A R B , W H O L E A D S T H E CO M PA N Y W I T H A S T R O N G U N D E R S TA N D I N G O F T H E P A S T , A N D A V E R Y F I R M F O C U S O N T H E S E C TO R ’ S R E Q U I R E M E N T S F O R A F U T U R E O F S U CC E S S .

There is no denying that Tonio Zarb is an integral part of KPMG Malta – he has been with the company since 1979, bar a short three-year stint overseas.

Tonio says he has very little recollection of choosing the profession that would go on to become his life’s work – accountancy. “I do remember that I studied science at school, but I couldn’t stand biology so I dropped out of the ‘doctor route’ pretty quickly. Meanwhile law required me to know Maltese very well, which was never my forte (I was good at literature but couldn’t spell). So I drifted towards accountancy and I found it came naturally.”

“I joined KPMG the same year I got married, so it was quite an important year,” he smiles. “I’d actually started my career with another audit firm when I was 17, before qualifying in the profession at 20, and later getting my MBA.” 67

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Two people have really influenced me in life. One was my father, who was highly respected in his role as a senior civil servant and held a doctorate in economics. He had so much integrity and I still meet people today who looked up to him. Another was the foreign Tonio first joined the firm as a Manager, before leaving in 1986 to move to France and then to work in Belgium. However, in 1989 he was offered a partnership at KPMG and returned to lead the advisory function, which has grown from a team of two, to one of 100. “And it’s been a very interesting journey ever since!” Tonio says with a grin. And he’s right; after all – in many ways, he and a number of his peers (both within the firm and outside it) were pioneers in what is today a very mature industry. “The structure we work around today didn’t even exist back then,” he says. In 2012 Tonio was appointed Senior Partner – the industry equivalent of CEO. Today he oversees the company’s three main functions – audit, tax and advisory, as well as its support services function. In a nutshell, he is the one responsible for running the

owner of a firm we worked with; he was quite a character! He was very intelligent, took responsibility for his decisions, and was also a man of integrity. They both taught me the importance of respect.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

whole firm, but he explains that there is a bit of a difference between a normal business and a ‘professional services’ business – and especially one with a team of 400. “Most businesses wouldn’t expect the CEO to service clients, but I do,” he says. “And all of our 15 Partners do too. We all still generate work, and do the work, so it’s a curious combination.” The other part of Tonio’s role relates to leadership and vision. “If you don’t have vision I don’t see how you can be a CEO,” he says. “Your vision has to become that of the whole firm but, to achieve that, you have to have a group of people behind you who trust you enough to make it a shared vision. Finding common purpose is crucial.” In fact, Tonio places ‘team building’ at the very core of his responsibilities and stresses that a leader should be perpetually thinking about the person who will succeed him. “You need to consider succession very early on. In our firm, the Senior Partner can only ever do a maximum of two four-year terms. I am in my sixth year,” he says. On top of both the leadership and teambuilding aspects of what he does, Tonio also considers it important to act as the face of the firm externally, although he adds that this is a role he shares with the other Partners and Directors of KPMG who each represent their own departments. “The upshot of all of that is that we are growing,” he continues. “Malta has raised its profile as a location for international business and business in general, and I believe that the island will continue to prosper. The challenge lies in ensuring all of this remains sustainable in the long term. “As for KPMG specifically – we are excited about our future, whether it’s our building expansion project which is now almost complete, or the new projects that we will take on in 2019. We are focusing on our vision and what we want to do as a firm. The time has come to leverage our story, our values and our purpose, and to develop a phenomenal strategy that will be executed by a formidable team. We have come a long way in the last six years, and I look forward to where this next phase will take us.” 69

Quick-fire Questions… with Tonio Zarb What did you want to be when you were growing up? In a profession, but I didn’t know which one. Business formal or business casual? I am one of the most formally-dressed people in our office, but everyone else is very casual. Late nights or early mornings? Late nights. Travelling on land, sea or air? Air and land. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? A bit of both. What was your first car? A green Skoda – I hated the colour. What’s the question you always ask a job applicant? I hold a conversation not an interview. What’s the answer that will always get them hired? I want to understand what the person is all about. Which is your must-read business book? The Future of Business by Rohit Talwar. What are you really into outside of work? Art collecting, reading and playing chess. How many unread messages are in your inbox right now? That would incriminate me… Which philanthropic cause are you most passionate about? The Community Chest Fund. What’s your prediction for the year 2040? Technological singularity will likely have come about, and it will have changed everything.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Nikhil Patil

CEO, GO

“ W E M U S T CO N T I N U E TO CO N N E C T P E O P L E T O T H E T H I N G S T H AT M AT T E R . ”

G O ’ S C E O N I K H I L P AT I L W A S I N S T R U M E N TA L I N T H E T R A N S F O R M AT I O N O F T H E C O M M U N I C AT I O N S G I A N T I N T O M A L TA ’ S M O S T P R O M I N E N T T E L E C O M M U N I C AT I O N S P R O V I D E R – A N D H I S U N I Q U E E X P E R I E N C E A N D E X P E R T I S E CO N T I N U E TO P R O P E L T H E CO M PA N Y F O R WA R D. TO DAY , G O H A S A P R E S E N C E I N M O S T H O M E S I N M A L TA , H A S A G R O W I N G C U S T O M E R B A S E I N C Y P R U S , A N D I S F O C U S E D O N M A I N TA I N I N G I T S S T E A D Y E X P A N S I O N I N T E R N AT I O N A L L Y .

Although Nikhil Patil was only recently appointed as GO’s new CEO, he brings to the telecoms giant’s table more than 15 years of experience in telecoms companies around the world.

in operations, strategy, mergers and acquisitions in telecoms companies,” he explains. “I led the privatisation of the Maltacom Group as it transformed into GO, serving as non-Executive Director to implement its strategy, and enabling the company’s expansion through the acquisition of similar companies in Malta and Cyprus. After working with them for so many years, to be appointed as CEO is a sort of karma!”

“I have only been CEO of GO for a few months, but my history with the company is actually quite substantial. My background is in investments in telecoms, technology and media, and I specialise 70

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“IT’S BETTER TO ASK AND BE TOLD ‘NO’ THAN TO NOT ASK AT ALL.” CHELSEA CLINTON

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Every year, my family and I climb a mountain together. Our most recent was the Aiguille Dibona rock face in the Southern Alps. Climbing mountains helps you to understand your significance in the world. All mountains look insurmountable at first, but the beauty lies in the fact they are possible to climb one step at a time. It also brings us closer as a family since we have to work as a team to climb the mountain. It’s very motivating for us all when we return to everyday life.

To add to Nikhil’s extensive resume and impressive qualifications in mechanical and industrial engineering, the appointment also follows a successful three years as CEO of Malta Properties Company plc, which he helped create and list on the stock exchange. Now, it is his background as an already-experienced CEO that Nikhil believes gives him the edge as he takes the helm at GO. “For me, being a CEO means three things: setting the strategy for the organisation, then allocating capital to the right products to get more return for investment, then, last but not least, working with my team and empowering them to achieve the strategy that’s been set,” he explains. 72

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

His unconventional career path towards CEO has also contributed to Nikhil’s ongoing success at GO. “My key to success is that I haven’t climbed a conventional career ladder. I am always driven by experiences, so I have only accepted positions that interested me. This gave me exposure to various levels within the company, while building relationships along the way. The fact I was already known to people when I became CEO, and had an established track record, certainly helped me to take on the role.” Beyond his interest in the role itself, life at the top of GO affords Nikhil the chance to pursue his other passion: connecting people. “At GO, we connect people to what matters to them. Through our knowledge of technology, the industry and what affects our customers, we strive to achieve that connection as seamlessly as possible – and when we make that happen it makes me very happy,” he smiles. “It’s exciting that our work has such a tremendous social impact.” Nikhil’s passion for connecting people has also inspired his strategy for propelling the company forward over the coming years. “Today, telecoms are considered as important as electricity, so GO must continue to connect people to a range of services at a reasonable price,” he says. “We pride ourselves on putting the customer first. A big part of doing that over the next few years lies in improved digitisation, and enabling the customers to do more for themselves, so we will soon be launching a

new app and revamping our website by gradually adding new features.” Furthermore, Nikhil predicts that the coming opportunities for the sector do not end there. “Here in Malta, almost every house has a GO connection, but our biggest opportunity now lies in taking this further, extending our services in the future into cars or business locations, or even enabling customers to manage their assets in their local area. Developing the cloud has also become a big area for us, and I expect it to keep growing,” Nikhil says. “In the meantime, GO already has a large customer base in Cyprus as well as in Malta, so we also need to focus on creating a much larger international presence there and beyond.”

Quick-fire Questions… with Nikhil Patil What did you want to be when you were growing up? I didn’t know what I wanted to be growing up I was too busy enjoying my childhood. Business formal or business casual? Business formal. Dress for the attitude you wish to convey. Late nights or early mornings? Early mornings. I love working in the morning. Travelling on land, sea or air? On a train, where possible! It makes one appreciate the journey as much as the destination. Smartphone: always on or often off? Always on, but often not next to me. Sundays: full of activity or complete relaxation? Full of non-work-related activity with my family. What was your first car? I had a motorcycle.

Notwithstanding these ambitious goals for the company, Nikhil still makes sure that he and his team are managing their stress levels while fulfilling their potential. “I feel blessed and privileged to work with some of the most talented and motivated people on the island. To pre-empt stressful situations, I ensure we focus on doing less, and practice good time management – as a team we have established the 10 things that we want to achieve this year, and we spend around 80 per cent of our time at work focusing on them.

What’s the question you always ask a job applicant? ‘What would you be doing if you were not working in this industry or job?’ What’s the answer that will always get them hired? I can sense whether this is just a job to them, or whether there is something else that motivates them more. Which is your must-read business book? I read a lot. I recommend The Outsiders by William N. Thorndike Jr and The Fountainhead by Ayn Rand. What are you really into outside of work? Depending on the season, I play tennis, and I climb mountains with my family. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? I’m passionate about minimising the impact that humanity is having on this earth by investing in projects that reduce our social imprint. We are all consumers of resources, so we must try to extend the life of the resources we have.

“But above all, my role is to lead the team with empathy and encouragement. True leadership is about empowering others to achieve what they didn’t think was possible.”

What’s your prediction for the year 2040? On this I shall quote Lao Tzu, 6th Century BC Chinese poet: “Those who have knowledge, don’t predict. Those who predict, don’t have knowledge.” 73

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“IF YOU DON’T ASK, YOU WON’T GET.” GARY KUBIKI

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Kevin Buttigieg CEO, R E / M A X M A L TA

“ I F YO U C A N L OO K YO U R S E L F I N T H E E Y E , YO U ’ R E O N T H E R I G H T T R AC K .”

W H AT S TA R T E D A S A J O B I N A L E T T I N G S A G E N C Y O V E R 2 0 Y E A R S A G O L E D R E / M A X M A L TA C E O K E V I N B U T T I G I E G T O W A R D S A C A R E E R AS ONE OF THE MOST INFLUENTIAL PEOPLE IN THE ISLAND’S REAL E S TAT E M A R K E T. T O D A Y H E O V E R S E E S A T E A M O F 4 5 0 P E O P L E , W I T H RE/MAX OFFICES ACROSS THE COUNTRY AND A QUICKLY-DEVELOPING I N T E R N AT I O N A L I S AT I O N S T R AT E G Y I N P L A C E .

It was back in 1995 that Kevin Buttigieg – a name now synonymous with the property industry on the island – first got involved in the sector. His first role was as a lettings agent for an existing real estate company, and he went on to set up the first fully-fledged lettings team in the country within that organisation.

“I remember realising the potential of the market even then,” he says. “Other companies were just side-lining lettings and were only focused on sales, but we decided to give it its due. That grew and we quickly became the leading lettings company on the island at the time.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

We’re going international, having recently acquired the rights for the RE/MAX Montenegro franchise, while also working on the final negotiations for another region. I have no doubt there will be Eventually, though, Kevin and his brother Jeff decided to go their own way, and they launched JK Properties in 1999, in collaboration with their father, Joe. Even then, they focused entirely on the rental market, specialising in both commercial and residential properties. “We became renowned in the sector almost immediately,” Kevin recalls. “We had 10 lettings agents – most of whom still work with us today – and, for the first couple of years, we focused entirely on rentals, before launching our sales department. We actually faced a real challenge when that first opened because we were so clearly associated with lettings but, when MIDI was launched, we were appointed as one of just a handful of agencies promoting it and, in the end, became its largest seller – a milestone that marked a key shift for us as a company.” It was then that Kevin and Jeff decided they wanted to create a one-stop real estate shop for Malta, and they went on the hunt for a top international franchise that they could bring to the island. “A lot of people thought we were crazy,” Kevin laughs. “But we were determined. We met with representatives of most of the franchises that are now in Malta, as well

challenges along the way but the bottom line is that real estate is pretty much sold the same way in every country and we will adapt to suit.

as some that aren’t, and ended up choosing RE/MAX as our first preference. Luckily, they chose us too from among six bidders. We haven’t looked back since.” Today, RE/MAX Malta is the most successful real estate company on the island, with a number of offices and committed professional franchise partners that have helped it to grow nationwide. “The system works,” Kevin says. “Our top agents have been able to become our partners, which has enabled us to keep attracting the top talent out there – including 76

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

brilliant, young, ambitious individuals – and growing our team to be the best. We have changed the way people look at real estate agents to a certain extent; we have helped make it a true profession thanks to the training our team receives in our RE/MAX Academy. It is this that gives us our edge.” It is also Kevin’s linear approach to being CEO that has helped to effectively secure the company’s niche. “Everyone is the same here,” he says. “Everyone has their responsibilities to fulfil, and everyone needs to earn respect. But everyone can achieve their goals within our structures.” Today that team is made up of a whopping 460 people. “Yes, it can sometimes feel daunting to be leading a company of that size!” Kevin quips. “But, on the whole, I believe that if you can look yourself in the eye and feel satisfied, then you’re on the right track. You can’t always please everyone but as long you’re making decisions in the right way, and not selfishly, then everything will work out. After 15 years of consistent growth, I trust we have done things the right way.” Looking back, Kevin cites RE/ MAX Europe co-Founder Frank Polzler as one of the people who has inspired his career and the way he does business. “I admire the way he was always available to us, even at the very beginning,” he says. “He always talked sense and made sure he had time for everyone. Besides being the owner of RE/MAX Europe, he also runs RE/MAX in 12 states in the US, threequarters of RE/MAX Canada and has a 35 per cent stake in RE/ MAX Worldwide – so this is quite a busy man! But, to this day, he calls me on my birthday without fail, and he always has time to chat about life as opposed to just business. I admire that because he doesn’t have to do it, he wants to do it.”

And Kevin says he will continue to keep that inspiration in mind as he works towards RE/MAX Malta’s next milestones – which will revolve around the fact that demand for property on the island is only going up. “In many ways property in Malta is still very reasonable, despite what some people are saying. Rental properties are still yielding between four and six per cent on average, which is good.” As for the company itself, Kevin explains that its Regional Office is currently being restructured, to make room for a couple more positions, and that provisions are being made to keep growing the brand. As for where he sees himself in five years, Kevin jokes that he hopes to be retired – although those who know him know this to be rather unlikely. “I see us as being very busy,” he says. “We have big plans, and are set to become a major player within RE/MAX Europe. We will continue on our trajectory as Malta’s number one agency but know this won’t be easy, as competition is fierce and other brands are fighting to keep up – but we will keep evolving as we go to ensure this baton isn’t taken away from us.” Finally, when he looks back on it all, Kevin says he hopes to be remembered as a guy who got it right most of the time, and as someone who learned from anything he didn’t get right. “I also hope to have helped a lot of people and to have changed lives, whether by giving our team members chances when no one else would, or through the work of the RE/MAX and Friends Foundation. It is important to me to be generous and to give back, both within RE/MAX and to the community beyond,” he adds.

Quick-fire Questions… with Kevin Buttigieg What did you want to be when you were growing up? A doctor, lawyer, or gangster (I grew up in Detroit). Business formal or business casual? Casual. Late nights or early mornings? I do both. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Either or. What was your first car? A Renault Clio. Within two hours of getting it I had smashed it into a bollard. What’s the question you always ask a job applicant? ‘Do you believe in yourself?’ What’s the answer that will always get them hired? I am interested in their reaction more than their answer. Which is your must-read business book? The 7 Habits of Highly Effective People by Stephen Covey. What are you really into outside of work? Keeping up with sports, and understanding how other businesses work. How many unread messages are in your inbox right now? 400. Which philanthropic cause are you most passionate about? The RE/MAX and Friends Foundation and the work that we do. Charity begins at home, and our foundation makes a difference to locals in need. What’s your prediction for the year 2040? I will definitely be retired. The world will have changed a lot.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Helga Ellul

CEO, ADVISE LTD

“ A S A L E A D E R YO U S H O U L D N E V E R A S K S O M E O N E E L S E TO DO S O M E T H I N G YO U ’ R E N O T P R E PA R E D TO DO YO U R S E L F. ”

R E N O W N E D A S T H E F O R M E R C E O O F P L A Y M O B I L M A L TA , H E L G A E L L U L L E F T T H E O R G A N I S AT I O N I N 2 0 1 2 T O S E T U P H E R O W N C O N S U L TA N C Y , A DV I S E L T D , W H I C H G U I D E S FA M I L Y CO M PA N I E S O N B U S I N E S S DEVELOPMENT, SUCCESSION AND GOOD GOVERNANCE. SHE IS ALSO P R E S I D E N T O F T H E C O R P O R AT E S O C I A L R E S P O N S I B I L I T Y P L AT F O R M , W H I C H B R I N G S B U S I N E S S E S T O G E T H E R W I T H S TA K E H O L D E R S L I K E N G O S TO F OC U S O N S OC I A L I S S U E S A N D CO M M U N I T Y P R OJ E C T S . Helga Ellul’s relationship with Malta dates back to 1974, when the company she had been working with for five years in her native country, Germany, seconded her here. That company was Geobra Brandstäetter. Today, Helga cites that move as the most important of her life. “The company was founded by Horst Brandstäetter,” she explains. “It went from making

metal toys in its early years to the world-famous hula hoop rings in the 1960s, and many other plastic toys after that. I was lucky enough to work very closely with Horst and he was my mentor.” At the end of the 1960s, Helga explains that the company was under a lot of pressure from competitors in former East Germany and former Yugoslavia, as organisations operating under 78

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“WHATEVER YOU SAY HAS TO BE TRUE, BUT NOT EVERYTHING WHICH IS TRUE NEEDS TO BE SAID.” JOHANN LANGER, MY FATHER

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I have lived – and still live! – such a fulfilled life and have always enjoyed so much of what I have done and the people I have worked with. My trip to Malta in 1974 was an adventure at the time, but coming here was the best decision I ever made. Malta is home and where I belong.

communist regimes were given a lot of help by their governments, especially when it came to product export. Germany was also experiencing full employment at the time, so it was difficult to source good employees, while wages were only going up and up. “That’s when the company started to look for production sites outside Germany,” Helga shares. “And, in 1971, we opened a small set-up in Malta – with all of the materials sourced from Germany, sent to Malta for production, and then sent back to our head office to be sold.” By 1974, the operation on the island was going well, with 50 employees and plenty of opportunities for growth. “That’s when I came into the picture,” Helga smiles. “I planned to be here for a year to organise the administration function for the Malta factory, right around the same time we introduced our new product – Playmobil figures – to the trade. Back then no one could foresee what a success those figures would be.” The small figure parts all had to be assembled by hand, and in Malta there was an endless supply of people looking for jobs. “Malta was the ideal place for us to be because wages were lower than in Germany, and the island had plenty of well-educated English-speaking people eager to work, especially as the unemployment rate was at 20 per cent back then.”

you say and do makes sense, you quickly earn respect – whether from a man or a woman. My approach was always to encourage others to share their views and ideas. Every single person in the company was important to me, no matter the level. They all helped me build the organisation and had a hand in its success.”

So, as the factory grew, Helga’s one-year stay quickly extended to two, then three… “I had met my husband a couple of months after moving here,” she says. “We got married in 1977 and it was then that I pretty much decided to stay in Malta indefinitely and to take on full charge of the Malta factory and its growth.”

That said, Helga stresses she wasn’t an ‘easy’ or ‘soft’ leader; she always expected a lot from her people but was willing to give and take too. “As a boss you should never ask somebody to do something you’re not prepared to do yourself. Respect has to be earned, and you must always gain the trust of your employees.”

Of course, it was very unusual for a woman to head a business back then, especially one in the manufacturing sector. “Wherever I went – Malta or otherwise – I only ever dealt with men,” Helga recalls. “But I have to confess that wasn’t a problem for me. I live by the rule that, if what

“I was also very lucky,” she adds, “that my own boss in Germany really let me run the Malta plant the way I 81

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

wanted and didn’t interfere or control too much. As long as the bottom line was achieved, he let me do and develop the company the way I wanted to. And, believe me, he always got excellent results and a strong bottom line.” Clearly it worked, as Helga went on to spend 40 years as CEO of the company here in Malta, growing it from a team of 50 to 1,200. “We were pioneers in many areas,” she explains. “Whether it was human resource development and management, achieving ISO quality standards, or embracing the very latest technology, you name it. We always wanted to do things better, smarter and to stay in touch with the younger generation.” Today she looks back on those years and says she loved every moment. “I walked the talk every morning and evening in the factory but I also felt, especially as I was in a foreign country, that I had to get to know the society and community around me in order to be able to understand the people I was working with. That led me to join the Chamber of Commerce way back in 1975, and then to take on a variety of related roles, including

President of the National Council of Women, President for the Foundation of Human Resources Development, President of Rotary and, of course, President of the Chamber of Commerce, Enterprise and Industry. All of those engagements helped me to understand the business community, and to create a network of business friends I could learn from.” And now – having left Playmobil in 2012 – Helga runs Advise, her own successful consultancy firm, while making time for more of the things she loves. “Work has been wonderful but my most important achievement in my life is that I also managed to have a family – my husband, my two children and now my three grandchildren. It wasn’t always easy to combine both, but my husband was a very strong and supportive partner, while I was also very disciplined. I never took work home. My home was my family. If I had work pressure, I would go back to my office after the kids were asleep and work until late at night. To this day, weekends are completely dedicated to family. To be honest, that is exactly the way I want it to be,” she adds with a smile.

Quick-fire Questions… with Helga Ellul What did you want to be when you were growing up? An artist. I loved painting, but then I also loved science… so my path wasn’t always clear-cut. Business formal or business casual? Casual. Late nights or early mornings? Early mornings. Travelling on land, sea or air? Air for business, land for vacation. Smartphone: always on or often off? Quite often off. Sundays: full of activity or complete relaxation? It’s a family day, so a bit of both. What was your first car? A VW Beetle painted in flowers and with big bonnet eyes. I drove over to Malta with it, and called it Coccinelle. What’s the question you always ask a job applicant? ‘What do you really like doing and what are your hobbies?’ What’s the answer that will always get them hired? If what they say makes them come across as a team player, they’re hired. Which is your must-read business book? Burn the Business Plan by Carl Schramm – it’s incredible! What are you really into outside of work? Spending time with my family. How many unread messages are in your inbox right now? 50. Which philanthropic cause are you most passionate about? I enjoy being part of the BOV/Joseph Calleja Foundation. It is incredible what talent our small rock has. What’s your prediction for the year 2040? That’s a difficult question – everything is changing so fast. But somehow I feel, and hope, that with all this technological advancement there will also be a strong move back to basic social values in our younger generation.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“THINK BIG AND DON’T LISTEN TO PEOPLE WHO TELL YOU IT CAN’T BE DONE.” TIM FERRISS

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Kenneth De Martino

CEO AND CHAIRMAN, KDM GROUP

“ W E DO T H E R I G H T T H I N G S I N T H E R I G H T WAY . ”

O P E R AT I N G W I T H I N T H E S E C T O R S O F T R A V E L , A V I AT I O N , S E C U R I T Y , PA R K I N G A N D T R A F F I C , A N D I N V E S T M E N T S , T H E R E I S N O D E N Y I N G T H E D I V E R S I T Y O F K D M G R O U P – A CO M PA N Y L E D B Y C H A I R M A N A N D F O U N D E R K E N N E T H D E M A R T I N O. OV E R T H E PAS T 20 Y E A R S H E H AS G R O W N T H E G R O U P TO E M P L O Y O V E R 1 , 5 0 0 P E O P L E , AC R O S S F O U R CO M PA N I E S E AC H L E D B Y T H E I R OW N C E O.

Kenneth De Martino is a man with a lot to be proud of. Today, over 1,500 people work for the company that he grew from nothing, and he can look back on a career that spans four decades and has taken him to some truly unique places.

and spend most of my time visiting banks and financial institutions to promote and manage travellers’ cheques.” Kenneth cites Thomas Cook as a great company to have worked for. During his time there, he was trained and guided into a regional management role with responsibilities across sales and marketing, as well as office management and human resources, and was given the opportunity to set up new offices and really gauge how to build a business from the ground up.

“When I was 20 I landed my first job – at Gasan Group,” Kenneth shares, “before starting my career as a Sales Manager for Thomas Cook Financial Services (TCFS). I was based in Malta with responsibilities for Libya and, eventually, North Africa. This meant that I got to travel extensively

It’s work that gets me out of bed in the morning; I am a bit of a workaholic. I never get the Monday blues because I love everything that I do. That said, I am looking forward to some sort of semi-retirement… with the ‘semi’ part underlined! My plan is to be able to sit back, strategise and monitor, without being as involved in the day-to-day as I am today.

“After eight years of globetrotting, mostly around Africa, I was asked to set TCFS up in Malta. It was the right time, as exchange control regulations were becoming more relaxed back then, which led to opportunities for the private sector.”

“Since then I have never looked back,” he smiles. “I have dedicated my life to growing the business and setting up a diversified group of companies. Throughout, my approach has been very hands-on, and focused on providing exceptional service from exceptional people. It is an approach that I learnt from my own boss at Thomas Cook, who believed in me and always gave so much importance to the ‘people’ side of the business.”

Kenneth soon had a network of eight foreign exchange branches, with 48 members of staff to keep him busy. “To be honest, owning my own business wasn’t always on the cards,” he reminisces. “I come from a family of medical doctors and, as a young boy, I was encouraged to take up medicine. But I quickly realised that wasn’t what I wanted to do, and that entrepreneurship would underline my future.”

Today, Kenneth has certainly achieved his goal of having a varied group of companies, with operations in a plethora of sectors. Travel is still very much at the centre of the Group’s operations under the FCM Travel brand, while business in the aviation sector operates as Aviaserve (which was previously Globe Ground). Then there is the security sector, operated under the G4S brand, and parking under CT Park.

In 1998 Kenneth plucked up the courage to approach his bosses at Thomas Cook in the UK to open discussions on whether he could take over the Thomas Cook Travel brand in Malta, under a use-of-name agreement for five years. 86

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“Beyond that we also have investments in other companies, mainly Databyte, Accord Insurance Brokers, Avia Leaders and Top 3 Properties. We also had a local warden business that formed part of the Group for 18 years and which was managed by KDM, but that was recently handed over to Government as enforcement is deemed to be the responsibility of the state,” Kenneth explains. Looking back, he says that running the warden business was one of the biggest challenges of his career. “I was ‘branded’ an evil person, ready and willing to dish out contraventions for financial gain, which was never the case,” he says. “The model I used was what I call ‘body leasing’, and it was always the local authorities that controlled the enforcement, with us in the private sector simply supplying the equipment and people. That was never wellcommunicated to the public at large and I believe I paid the price for the negative publicity.” But with that well in his past, Kenneth says the Group today prides itself on the ability to recognise, adapt and tap into new business opportunities. He explains that the hallmark of KDM is recognising emerging industry trends, targeting investment in profitable business segments, and achieving sustainable growth in the local market, as well as internationally. “We are flexible and efficient, and we help aspiring middlesized businesses to achieve their potential for success,” Kenneth continues. “That is my mission as Chairman now that I am not as hands-on as I used to be, and I have a fantastic management team running all the different companies. My time is dedicated to supporting the up-and-coming aspects of our Group, while also seeking further industry diversification and new challenges for us to explore.” Kenneth has also put corporate governance at the centre of his Group’s operations, signalling it as a strong aspect of KDM’s success, and a critical link between integrity and performance. “Our ethos is to do the right things in the right way to deliver value to our clients,” he says. That also aligns with another very important ethos for Kenneth – corporate social responsibility. “Both personally and as a company I support a number of initiatives that are very important to me,” he says, “like the Duke of Edinburgh International Award. I am Chairman of the Award and support it financially, while also managing the Board of Trustees. I have always worked close to young people and this award certainly gives youngsters the life skills they need to become good, independent citizens of the future, which is so important.” And thus, it seems certain that Kenneth will achieve one of his other main aims in life: to be remembered for believing in people, and creating opportunities for them. “I am honoured to have had this success,” he says, “and I wanted to share it with as many people as possible. “As I look to the future of the company, there is one ultimate aim I have in mind, and that is to turn KDM into a plc… when that is achieved I will gladly retire! Pleasingly, we’re on the mark to make that happen within the next three-to-four years, which is very exciting. Then it will be time to put my feet up, travel more, socialise more, and really enjoy life.” 87

Quick-fire Questions… with Kenneth De Martino What did you want to be when you were growing up? A train driver. We lived in the UK when I was little and the trains ran just behind our house, so I would rush out to see them. Business formal or business casual? Casual. Late nights or early mornings? Early definitely… too early! Travelling on land, sea or air? Sea. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxation, while spending time with our four daughters. What was your first car? An old-style Landrover. What’s the question you always ask a job applicant? ‘What do you really want to get out of this job?’ What’s the answer that will always get them hired? I have to admit… if an applicant is a Scout or awardholder, they tend to get first preference. Which is your must-read business book? The Financial Times. I am addicted to it. What are you really into outside of work? Finding old properties and renovating them. I am very passionate about that. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? I am the Chairman of the Duke of Edinburgh Award, and I believe in the cause very much. What’s your prediction for the year 2040? The shared economy will be fully developed. We will share cars, homes and who knows what else. I don’t think it will be commonplace to own many things.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“IF YOU CAN DREAM IT, YOU CAN DO IT.” WALT DISNEY

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Christian Ellul CEO, E&S GROUP

“APPROACHABILITY AND RELIABILITY A R E T H E K E Y S TO S U CC E S S . ”

JUST OVER EIGHT YEARS AGO, DR CHRISTIAN ELLUL SET UP E&S G R O U P W I T H PA R T N E R K A R L S C H R A N Z , R E D E F I N I N G T H E F U T U R E O F C O R P O R AT E C O N S U L TA N C Y I N M A L TA . B U I L T U P O N T H E F O U N D AT I O N S OF APPROACHABILITY AND EXPERTISE, E&S HAS EVOLVED FROM A TWOM A N S TA R T - U P T O A N I N T E R N AT I O N A L F I R M W I T H A T E A M O F M O R E T H A N 4 0 , W H I C H O F F E R S A N A R R A Y O F C O R P O R AT E , TA X A N D A D V I S O R Y S E R V I C E S T O A M U L T I - N AT I O N A L C L I E N T B A S E A R O U N D T H E W O R L D .

Although a lawyer by profession, E&S Group’s CEO Dr Christian Ellul always knew that working in business was his passion.

firms. But I found tax advisory too specific and I wanted to see all other aspects of the transaction too – so I went on to work with another established corporate services provider, until I set up E&S with my Partner Karl Schranz.”

“My mother and other members of my family were all in business, so I was inclined in that direction,” explains Christian. “Nevertheless, I studied and specialised in tax law, gaining a Master’s degree and lecturing in the Netherlands, before returning to Malta to work for one of the ‘big four’ audit

The choice to transition from lawyer to businessman and create a new start-up seemed an obvious one to Christian, spotting a lucrative gap in the market for his unique skillset. 89

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I’m quite an early riser, and I usually wake up with numerous tasks on my mind for the day ahead. I normally go straight to the gym first thing in the morning, which is excellent stress relief, and maintains my motivation as I begin another hectic – but positively hectic – day!

“In my previous job – since I had a tax background and legal knowledge – I often worked face-toface with clients, travelling overseas to meet them, and explaining the benefits of all they could achieve in Malta’s booming business climate,” Christian recalls. “Then Karl and I realised we had the know-how to do this ourselves, so we started the business from nothing. Thanks to word-of-mouth recommendations, both from our contacts and by clients to other clients, we’ve kept growing ever since.” As one of the co-Founders and Directors of E&S, the appointment to CEO was a natural progression for Christian, but he was determined that the title would not undermine one of the core principles of the company: approachability. “I don’t really call myself a CEO – we don’t have such a hierarchy in the sense that we encourage a more open-door style, both for employees and clients,” he explains. “We have become known by our clients for our hands-on approach, where we prioritise communication with them and work as a team to address their concerns. Likewise, our friendly staff operate on a 91

first-name basis, and we have a happy, motivated and respectful environment here. We all know it’s a business, but we try to have fun at the same time.” However, Christian says that recruiting team members who have the required skills to join the E&S team is one of the challenges he faces as Malta’s financial services sector grows. “The business environment in Malta, including the boom in blockchain, means it is more difficult to find suitable staff, so we have recruited from overseas to create a multi-national employee base. Many of them have come here to work in industries that are increasingly present locally but provide fewer opportunities abroad, such as blockchain and cryptocurrency.” In fact, it is Malta’s new dominance internationally in blockchain, cryptocurrency and Initial Coin Offerings (ICOs) that inspired E&S to refocus towards these innovations. “E&S offers a range of corporate, tax and advisory services to an international clientele across a variety of industries including superyachts and private jets, as well as the manufacturing and the services industries. However,

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

around a year ago we started branching into blockchain and crypto-advisory, which I developed a personal passion for several years ago and am now lucky enough to have transformed into the subject of my work,” Christian observes. “Malta has always had a strong financial services sector, but we have a big opportunity now to make Malta the ‘blockchain island’, since we adopted blockchain early and have already managed to attract some big names. Now we must keep that momentum going, grabbing this opportunity to make our financial services sector more diverse and less reliant on specific sectors such as gaming. There have also been some internationally ground-breaking laws recently passed in Malta, which are making Malta the goto jurisdiction for blockchain.” No matter the industry, though, moving forward Christian hopes that E&S will continue to keep contact with clients at its heart. “I want us to remain a boutique

firm known for our hands-on approach with clients, and for always being responsive and nimble. I don’t want E&S to grow so big that we don’t know our clients – it’s better to have a few, large, quality clients than have many to whom we would not be able to give the same attention to detail.” As for Christian himself, the future will hold more work to promote Malta on an international scale, following in the footsteps of his mother, prominent businessperson Helga Ellul. “Mum was one of my biggest inspirations in business, but I also saw what she did for Malta, in that it wasn’t always about money, but also what she could give back,” he shares. “That’s something I believe in too – I want to give back to Malta and convince clients that Malta is the right place for them to be. That, I hope, will be my business legacy: to be one of the people who helped make Malta the ultimate international business destination.”

Quick-fire Questions… with Christian Ellul What did you want to be when you were growing up? A plastic surgeon! Business formal or business casual? I tend to prefer business casual, but it depends on the event. Late nights or early mornings? These days I prefer early mornings. Travelling on land, sea or air? I love boating or going for a drive, but if I have somewhere to be, then flying is a must. Smartphone: always on or often off? Unfortunately, always on. Sundays: full of activity or complete relaxation? A mix of both. What was your first car? A maroon and beige-coloured Citroen ‘Dolly’ 2CV. What’s the question you always ask a job applicant? 'Where do you see yourself in five years’ time?' What’s the answer that will always get them hired? ‘As CEO!’ I like ambitious people. Which is your must-read business book? I don’t read many business books, but I liked Rich Dad, Poor Dad by Robert Kiyosaki and Sharon Lechter. What are you really into outside of work? Physical activity, cars, boats, watches, beach, skiing, travelling… How many unread messages are in your inbox right now? Too many! I would estimate 200 or so. Which philanthropic cause are you most passionate about? Helping the environment. I’d like to start an initiative where businesses donate part of their profits towards financing the planting and maintenance of trees in the local area, so that they can actually see their contribution. What’s your prediction for the year 2040? Change is so rapid now, it’s difficult to say. There will probably be technology with greater AI capabilities. There are also the environmental issues to think about – I really hope we will have been able to stop the overuse of plastic.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS T H E Q U O T E T H AT INSPIRES ME:

“START BY DOING WHAT’S NECESSARY; THEN DO WHAT’S POSSIBLE AND SUDDENLY YOU ARE DOING THE IMPOSSIBLE.” ST FRANCIS OF ASSISI

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Paolo Catalfamo

CEO AND CHAIRMAN, G L O B A L C A P I TA L

“ C O M P A N I E S T H AT D O N ’ T A D A P T QUICKLY ENOUGH WILL DIE.”

A S C H A I R M A N A N D C E O F O R G L O B A L C A P I TA L , P R O F . P A O L O C ATA L F A M O H A S C R A F T E D A N A M B I T I O U S G R O W T H S T R AT E G Y F O R T H E C O M P A N Y T H AT C E N T R E S A R O U N D A S H I F T T O W A R D S T H E L AT E S T T E C H N O L O G Y AND BLOCKCHAIN, BUT WHICH IS UNDERPINNED BY EXPERT HUMAN A D V I S O R Y S E R V I C E S . H E B E L I E V E S T H AT , I N T H E N E X T F E W Y E A R S , M A J O R S H I F T S W I L L C AU S E E X T E N S I V E D I S R U P T I O N TO T H E S E C TO R B U T T H AT L O N G - T E R M R E S U L T S W I L L M O S T D E F I N I T E L Y P R O V E W O R T H W H I L E .

Prof. Paolo Catalfamo meets us at his St Julian’s apartment – a base he loves, and one that he has chosen to make his home in the region. “I adore Malta and we are very happy here,” he tells me early into our conversation.

“I am an economist by profession,” Paolo explains, adding that he read for his university degree in Milan before moving to the United States to work in the financial services sector. “In 1989 I moved to Palm Beach where I worked for an investment bank, and later side-stepped into investment management with Franklin Templeton, one of the largest investment companies in the world. I moved back to Europe a few years later to take over the role of CEO for their regional operations.” Paolo oversaw the opening of a number of Templeton offices on the continent after that,

Paolo has a long-term relationship with the island – one that far pre-dates his current role as Chairman and CEO of GlobalCapital. He first came here in 1994. Little did he know how significant that visit would be... although there was quite a journey in between.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

My father was my biggest source of inspiration in business. He went from being an orphan after World War II to crafting a very successful career for himself selling insurance policies. No matter how busy he was, he always made time for his family; we came first. He taught me that, no matter how high-powered a person is, they are still a human being with the same strengths and weaknesses. I have never forgotten that and it has served me well.

including Malta. In the years that followed he left Templeton to start his own asset management company and then returned to the US to teach economics at Vilanova University in Philadelphia. Meanwhile, he took on high-profile roles as Chairman of the Italy-America Chamber of Commerce and then President of the American Chamber in Italy; he still sits on the Italian American Foundation today, which lobbies in favour of the interests of the 26 million Americans with Italian origins, and he chairs the Italian branch.

with three operating companies – GlobalCapital Life, GlobalCapital Financial Management, and GlobalCapital Health Insurance, which is the local agent for Bupa,” he explains. “Each of those three companies has its own Managing Director, so my personal approach is to avoid the day-to-day running of things as much as possible and to leave that to the experts within the structure of the organisation. I am there when I’m needed, of course, but am primarily concerned with strategy at Group level.”

“A few years ago, I decided it was time to go back to work... to business,” Paolo smiles. “At around the same time, I was intrigued by the life insurance business and felt that, as a rule, the sector wasn’t anywhere near as developed as it could be in terms of technology and evolution – much like my traditional asset management business – so I decided to look for a small life insurance company in Europe that I could acquire and use as a base for expansion into other European destinations.”

Despite the fact that GlobalCapital has 120 employees, Paolo still refers to it as a ‘semi start-up’, primarily because it has been completely reinvented since it got into financial difficulties under its previous owners a few years ago. “Startups are my thing,” he smiles. “I have run a number of them throughout my career, which is exciting but also very tiring. While GlobalCapital wasn’t a start-up in the traditional sense of the word, we did have to turn it around after it went through a period of bad management, and I am pleased to say we have been successful in that.”

After a few false starts with opportunities here and in other countries, Paolo found himself back in Malta. “I felt that Malta was the future. And that’s when my acquisition of GlobalCapital started to look feasible. After a long series of negotiations, we finally took over as majority shareholder in 2016 and I have been focused on the business ever since – so much so that I chose to move my family from Rome to Malta so we could be closer to operations here. I am very pleased that we did.”

And with the future of the business in mind, Paolo says he believes there are huge opportunities on the cards. “As I mentioned earlier, the insurance business is still very underdeveloped; big revolutions will all be brought about

Today, as the company’s majority shareholder, Paolo’s role is one of strategy development. “The company is actually a holding company that is listed on the Malta Stock Exchange, 97

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by technology. I predict that the next two years will be very disruptive for the insurance and asset management sectors, especially as blockchain becomes an important factor. it will happen very quickly, but will be a definitive process. Companies that don’t adapt quickly enough will die.” In light of that, Paolo stresses that GlobalCapital will be very much at the forefront of this technological revolution. “By the end of 2018 we will be completely paperless, which is a vital step forward from a strategy perspective,” he says. “We also launched another project called Palladium in July. It is a complete blockchain project that will be very disruptive, but which will create new opportunities to connect traditional banking to the new blockchain world. It’s a very exciting project and will have a big impact on the financial services industries in the months to come. I am confident that we will see very positive results on this front in 2019.”

But Paolo doesn’t shy away from the fact that the shift won’t be easy on everyone. “A number of jobs will have to change,” he says. “I don’t envisage insurance agents will become redundant but they will have to raise their game to become advisors to our clients, and not sales people. Yes it will be different but I tell my team not to be afraid of change; these changes will make their job more interesting as they are given the opportunity to add value to the work they do.” And it is on that belief that Paolo has focused his strategy for the future of GlobalCapital over the next five years. “I see us becoming a sophisticated technology company, at the forefront of innovation while still providing a very qualified human touch. As for me… who knows where I will be! But I am certainly not ready to retire so I will probably be doing more of what I love – this.”

Quick-fire Questions… with Paolo Catalfamo What did you want to be when you were growing up? What I am now. Business formal or business casual? Casual. Late nights or early mornings? Late nights. Travelling on land, sea or air? Air. Smartphone: always on or often off? On, but I don’t necessarily answer it. Sundays: full of activity or complete relaxation? Relaxation. What was your first car? A silver-grey convertible VW Golf. What’s the question you always ask a job applicant? ‘What do you want to do in life?’ What’s the answer that will always get them hired? An answer that shows they are eager to do the job they are applying for. Which is your must-read business book? Burn the Business Plan – a book penned by GlobalCapital Board Member and Chairman to the Palladium Advisory Board, Carl Schramm. What are you really into outside of work? Sports – I was 800m Italian champion back when I was 18 and I still love sport today. I also enjoy reading and spending time with my family. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? My wife and I run a foundation that helps children from Ukraine – a country that has been at war for five years – by providing as many books, items of clothing and other necessities as possible, to help them stay healthy and get an education. What’s your prediction for the year 2040? I think people will work much less than they do now and machines will do most of the work. It will probably be a very good world. Either that, or it will be completely destroyed! I cannot foresee anything in-between.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“SUCCESS DOES NOT CONSIST IN NEVER MAKING MISTAKES BUT IN NEVER MAKING THE SAME ONE A SECOND TIME.” GEORGE BERNARD SHAW

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Kevin J. Borg

D G , T H E M A L TA CHAMBER OF COMMERCE, ENTERPRISE AND INDUSTRY

“ I B E L I E V E I N L E A D E R S H I P B Y E M P O W E R M E N T. ”

K E V I N J . B O R G I S T H E D I R E C T O R G E N E R A L O F T H E M A L TA C H A M B E R O F C O M M E R C E , E N T E R P R I S E A N D I N D U S T R Y – A N O R G A N I S AT I O N T H AT AC T I V E L Y R E P R E S E N T S CO M PA N I E S F R O M A L L E CO N O M I C S E C TO R S T O E N S U R E T H AT E N T R E P R E N E U R S E N J O Y T H E B E S T C O M P E T I T I V E E N V I R O N M E N T A N D R E G U L AT O R Y C O N D I T I O N S P O S S I B L E F O R T H E M T O CONDUCT THEIR BUSINESS. WITH OVER 20 YEARS’ BEHIND HIM IN THE O R G A N I S AT I O N , K E V I N B R I N G S B O T H D E D I C AT I O N A N D I N N O V AT I O N T O T H I S I M P O R TA N T R O L E . H E S P E A K S F O N D L Y A N D P A S S I O N AT E L Y A B O U T T H E O R G A N I S AT I O N A N D I T S A C T I V I T I E S . It is clear that Malta Chamber of Commerce, Enterprise and Industry Director General, Kevin J. Borg’s childhood in a family business influenced his career decisions. Having watched his maternal grandfather and father run a prominent hotel in the 1970s, he later supported his father operating a smaller-scale family business which engaged in importation, manufacturing and retail business.

By the time he went to university, he had a pretty clear idea of how Malta’s major sectors operate, and knew he wanted to build his own career in the corporate sector too. “A degree in economics seemed like the obvious choice,” Kevin smiles. “I graduated and, within a couple of years, was offered an opportunity here 101

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at the Chamber, as National Affairs Coordinator. It was 1997 and the organisation was much smaller back then, with just nine employees. I was in charge of policy, as well as liaison with our European counterparts, and media and communications. I loved it.” It was certainly a baptism of fire for the budding business enthusiast. There had just been a change in Government elected with two distinct mandates. “The withdrawal of Malta’s EU membership application and the removal of VAT were diametrically opposed to the Chamber’s fundamental beliefs. Despite this, we remained adamant that we were in favour of both, especially as we had been campaigning for EU membership for decades. Joining the EU made absolute sense for a country of 400,000 that had the potential of working within a market of 400 million consumers back then. We knew our members were largely in favour too, so it became imperative that

I am driven by the prospect of making a difference. The Chamber is run like a business because we have to make ends meet, but we are primarily here to be of service to the business community. We want to know how things can be done better, how laws can be made more business-friendly, and how taxes and operating costs can be lowered. It is a fantastic feeling to know we have achieved so much for businesses on the island.

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we cooperate with the then-administration to sway opinion as much as possible towards EU membership.” The challenges faced by the Chamber at that formative stage in his career clearly gave Kevin the experience to grow within the organisation. In fact, some time before he was due to retire, Kevin’s predecessor, the late Anthony Borg Cardona, started to prepare him for the role. “At the time I was given more responsibility as well as the position of Deputy Director General which motivated me to reciprocate the trust the Chamber was showing in me at a relatively tender age. When Anthony moved on, I was appointed Director General at the age of 33, a role equivalent to CEO in the private sector. That was over 12 years ago, and I have relished every challenge and opportunity ever since. The biggest of all these was the merger between the Chamber and the Federation of Industry that I supported and was heavily involved in. This eventually materialised in 2009 after several years of careful planning, discussion and negotiation.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

And Kevin explains that, while his role isn’t strictly that of a CEO, there are many similarities. “It’s my job to lead our team, and to guide them to implement and support the decisions made by the Chamber Board and Council,” he says. “I encourage two-way communication at every stage, and make sure we deliver professionally on what needs to get done.” “Like within many organisations though, my approach isn’t dictatorial. We are a team; we discuss matters together, reason them out as a team, and find the best way forward. Obviously the deadlines need to be set and the numbers need to add up, as the decisions need to be made in the best interest of the businesses we represent. I don’t think I know it all and I don’t expect the team to follow me blindly; on the contrary, I encourage them to bring ideas to the table and think creatively about how we can best serve our members. I resolutely believe in leadership by empowerment.” In fact, staying ahead of the trends is absolutely vital for the Chamber, as is staying relevant to business needs. “This is at the core of our strategy. We are unlike many European Chambers because most of them enjoy compulsory membership. Ours follows the Anglo-Saxon model, and our origins date back to 1848 during British rule on the island.

This means that we rely entirely on membership and income we receive for our services, but we wouldn’t have it any other way. This model guarantees that, like most businesses, we have to earn our place and to really add value to the members that choose to join us.” And it is that thought of adding value that also drives Kevin personally – whether he is working on international trade delegations, formulating policy proposals, promoting the interests of members or organising conferences. “I love what I do and I see my future here. Over the past few years we have made the Chamber stronger and stronger, taking it to one higher level after another. It is no coincidence that we are inundated by requests from third parties to team up with us on various initiatives. We have gone down this path when it has paid us and we have implemented our own projects when it was better to take this option. We now have several projects running concurrently and on top of that we take pride in being an ISO 9001:2015 accredited organisation. There have been many building blocks and milestones along the way but I think that, today, we stand proudly as a principal leader in business – proud to be the representative organisation for businesses on the island. It is my privilege to be an intrinsic part of that.”

Quick-fire Questions… with Kevin J. Borg What did you want to be when you were growing up? Probably running my own business. Business formal or business casual? Formal. Late nights or early mornings? Early mornings. Travelling on land, sea or air? I like all three. Smartphone: always on or often off? Unfortunately, always on. Sundays: full of activity or complete relaxation? Relaxing activities. What was your first car? A black Volkswagen Polo. What’s the question you always ask a job applicant? I ask questions that gauge their motivation and attitude. To me, attitude can compensate for qualifications. What’s the answer that will always get them hired? An answer that shows they have a can-do personality. Which is your must-read business book? The Commercial Courier. What are you really into outside of work? Family. I love spending time with my wife Chiara and sons Benjamin ,9, and Julian, 11. How many unread messages are in your inbox right now? Around 15. They have arrived since we started chatting. Which philanthropic cause are you most passionate about? There are quite a few, but I will go with Dar talProvidenza. We support them as a Chamber, and I believe they perform miracles every day. What’s your prediction for the year 2040? I have high hopes that the world will be a better place, with less human suffering and more prosperity.

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Pio Vassallo

CEO, VA S S A L L O G R O U P

“ I F YO U K N OW YO U R P E O P L E , YO U K N OW YO U R B U S I N E S S .”

O P E R AT I N G A C R O S S T H E S E C T O R S O F C O N S T R U C T I O N , C A R E A N D T H E E L D E R L Y , C AT E R I N G , H O S P I TA L I T Y , E D U C AT I O N A N D M O R E , V A S S A L L O GROUP IS ONE OF THE LARGEST AND MOST DIVERSE BUSINESSES O N T H E I S L A N D. L E A D I N G I T I S C E O P I O VA S S A L L O , G R A N D S O N O F F O U N D E R P I J U VA S S A L L O A N D S O N O F R E N O W N E D E N T R E P R E N E U R Z A R E N VA S S A L L O. TO DAY P I O L E A D S T H I S D Y N A M I C 7 0 - Y E A R - O L D O R G A N I S AT I O N B Y K E E P I N G T H E N E E D S O F H I S T E A M F I R M L Y AT T H E C E N T R E O F T H E G R O U P ’ S V I S I O N F O R G R O W T H A N D A C C O M P L I S H M E N T.

As a member of one of Malta’s largest and bestknown family businesses, Pio Vassallo has never worked outside of Vassallo Group – but there is no doubt that he adequately prepared for his time within it.

Group and have had a summer ‘job’ here since I was about 10. I tried everything: store-keeper, accounts clerk, working in the design office… and I relished every one of those opportunities to learn the ropes.”

“While I was studying in the UK, I would spend summers as a barman in one of our hotels,” he says. “I can’t remember not working within the

One of his most formative periods was the summer before he went to university, when he took a gap year and worked on the Radisson 106

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T H E Q U O T E T H AT INSPIRES ME:

“IT’S AMAZING WHAT YOU CAN ACCOMPLISH IF YOU DO NOT CARE WHO GETS THE CREDIT.” HARRY S. TRUMAN

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There is no doubt that my father is one of my greatest inspirations in business. He may have left school at a very young age, but he can read contracts like a lawyer, interpret accounts like a financial controller and review drawings better than an architect. He amazes me.

Baypoint project, which was being constructed back then. “It was a fantastic experience,” he smiles. “I didn’t know what I wanted to study at university at the time, so that inspired me to read for a degree in construction management and engineering. University was another fantastic time in my life, and it changed me. Before that I was very shy and reserved, but it taught me how to live independently, to believe in myself and how to compete on an international level. I also realised then that, us Maltese are very good at what we do, and that gave me the confidence to return to Malta and start getting increasingly involved in the business.” But much of Pio’s corporate acumen was imbued in him even earlier, when he would accompany his father on site visits as a child. “I think that made me targetoriented from day one,” he says. “I remember my father building the business. I recall him buying his first hotel – the Bugibba Holiday Complex – and receiving the first guests myself along with my sister Natalie, who is now CEO of one of our companies, CareMalta. We were so excited.” In the years that followed, Pio continued to work through the company ranks – from Assistant Project Manager, to Director of Operations in the construction sector. “At the time our Managing Director was a non-family member, Joe Schranz, who I had so much respect for; we’re still friends to this day and he’s now one of our clients.” When Joe decided to move to build his own business, Zaren seized the opportunity to appoint Pio Managing 108

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Director for the Group’s construction arm – one of its largest and most challenging sectors. “I was young but bursting with energy,” Pio says, smiling at the memory. “It wasn’t easy, especially as I was managing people who were much older and more experienced than I was. But, over time, I gained experience and it got easier, especially as I began to form my own team along the way.” He was then appointed CEO of the entire Group in February 2018, making him one of the youngest top-level CEOs on the island. Even now, he highlights one of his biggest satisfactions as the progress of those working for the Group. “I aim to inspire them to become the people they never thought they could be,” he says. “In fact, so many of our team have grown through the ranks and developed their careers in ways they probably didn’t think were possible. Witnessing and encouraging that is easily my favourite part of the job.” Pio says he operates the business according to the ethos that ‘people will not remember what you told them but will remember how you made them feel’. As CEO of the Group he of course knows he has ultimate responsibility for the performance of the company, but chooses to focus the majority of his attention on the team. “Our results can only be positive if our people are positive,” he says. “If you know your people, you know your business. “I recently started CEO coaching, as I believe it is vital to invest in yourself as well as others. It has been a revelation and taught me the difference between being a leader and a manager: as a manager you direct, but as a leader you coach.” Pio cites his mission as being the ‘servant leader’ to his team – someone who serves his people rather than is served by them. “It’s all about reversing the power triangle,” he says. “I strive to inspire a high level of confidence and positivity within the organisation, as well as in

our relationship with customers and stakeholders.” But even when considering that fact, finding the right people to join the organisation is among the top challenges that Pio faces when looking at the company’s growth strategy for the years to come. “It’s tough finding the people we need,” he says. “And I know most businesses in Malta are experiencing that currently. The economy is doing well, tourism is growing, and there are opportunities across all sectors, but we need good people to be able to capitalise on them. “Beyond that, the sustainability of construction on the island is also a big challenge for us. From our point of view – and although we are very involved in construction and real estate – we must focus on buildings that are environmentallyfriendly and not controversial in their approach. As a Group, we want to add value with what we do, not detract.” With that in mind, Pio says the Group hopes to offset its impact by trying to balance things out. “We plant trees, grow beautiful gardens in our buildings, opt for electric cars, and explore innovative ways of being environmentally-friendly. As business leaders we need to be socially responsible and CSR is integral to our strategy for the future. After all, we operate within the environment so we need to look after our environment and leave it as a better place for our children.” Pio aims to keep ensuring that the Group stays at the forefront of all the sectors it operates within, and beyond. “I also hope to build another sector into our portfolio and to make it our fifth pillar. I admit, though, that I don’t know what it is yet! I would like it to be something that’s dedicated to giving back to Malta. It is important to me that we never stop being grateful for the success we have achieved. The legacy we can leave behind will be our showcase for that.”

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Quick-fire Questions… with Pio Vassallo What did you want to be when you were growing up? I have always enjoyed business. Business formal or business casual? Definitely casual. Late nights or early mornings? These days it’s early mornings. Travelling on land, sea or air? All three. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Full of activity – usually sporting activities. What was your first car? A red Toyota Forerunner… I miss that car! What’s the question you always ask a job applicant? ‘How do you see yourself within a team?’ What’s the answer that will always get them hired? As a team player myself, I am always looking for an answer that shows positivity. Which is your must-read business book? Forbes. What are you really into outside of work? Sport. I am really into football and recently completed the Iron Man challenge. How many unread messages are in your inbox right now? I have to admit there are a few pending ones right now… Which philanthropic cause are you most passionate about? The ALIVE Foundation. What’s your prediction for the year 2040? Technology will have taken over even more of our lives. People will have less time to think, socialise and interact.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“AND AS YOU WISH THAT OTHERS WOULD DO TO YOU, DO SO TO THEM.” LUKE 6:31

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Sara Grech

CEO, ENGEL & VÖLKERS SARA GRECH

“ I H AV E N O E G O – I DO N ’ T N E E D I T , T H AT ’ S N O T H O W I T H R I V E . ”

A S A H O U S E H O L D N A M E O N T H E L O C A L R E A L E S TAT E C I R C U I T , S A R A G R E C H I S A F O R M I D A B L E C E O , A S W E L L A S A B R A N D I N H E R O W N R I G H T. TO DAY H E R CO M PA N Y E N G E L & VÖ L K E R S S A R A G R E C H E M P L O Y S 7 0 P E O P L E W I T H I N B R A N C H E S A C R O S S M A L TA A N D G O Z O .

In the very male-dominated world of real estate, Sara Grech’s business is somewhat unique in Malta. But what’s even more interesting is that it’s pure coincidence that led to her involvement in the sector.

United States at the University of San Francisco,” she recalls. “Then my mother was taken ill with thrombosis of the eye, and my dad called us all back to Malta, and I ended up spending a few months here. During that time my dad – who was an estate agent himself – suggested I give property a try and I instantly fell in love with it, so much so that I never looked back!”

“I have been passionate about hospitality management for as long as I can remember, and was studying that and economics in the

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It’s not always easy being a brand! Sometimes people forget that Sara Grech the company

A few years later, when Sara’s dad opted to pass on his business to his children, Sara was the only girl (in a family of three girls and two boys) who was interested in getting involved – but her brothers weren’t keen on her involvement because she was a woman. “So, I decided to go off and do it myself,” she laughs. “They thought I was crazy. They told me it was a man’s industry, that nobody would take me seriously, and that I would soon get bored of it all, get married and have children instead. But I was passionate about it and wouldn’t give up.”

isn’t Sara Grech the person. I have been blamed for many things over the years that had absolutely nothing to do with me. That said, I wouldn’t change a thing, including the name of

That said, it was no easy journey for Sara. She was left out on a limb and started up with no money whatsoever, before finally managing to secure a LM5,000 (€12,000) overdraft to start her company.

my business.

“When I registered the business I didn’t even think about the brand, I just decided to call it Sara Grech on a whim. It took off almost immediately, and the brand itself was such a success that, when they met me, people couldn’t believe that I was the person behind it all. That used to make me laugh.” 112

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When it came to building her company from the ground up, Sara says she was most inspired by her team. “I love watching people grow,” she shares. “I am a very patient person and always feel responsible for those around me; I want them to be successful. Everything I have ever wanted to achieve was for other people’s success, which, thankfully, has facilitated my own success. I have no ego – I don’t need it, that’s not how I thrive.” As CEO, Sara says her key focus now is the future, and making sure that she is planning effectively for it, including handing things down to her children in the years to come. “My role involves a lot of planning and a lot of thinking,” she says. “When I think of a CEO, I think of someone who has to know everyone on their team and understand them. It is the CEO’s job to identify when things are going wrong and how to fix them for the future. To me, it’s all about the future.” In fact, Sara doesn’t sell property any more, but instead invests all her energy in developing her team and understanding her clients. “I am in the people business,” she says. “Meeting them, talking to them, learning about them. That’s all that it comes down to these days, and I love it.” As for the challenges facing her sector, Sara says that it’s mostly unprofessionalism that riles her. “As an industry there is a major lack of integrity and respect out there,” she says, “which gives the whole market a bad reputation. I have always built my business on strong values and have never forgotten them – respect for our buyers, respect for our sellers, and respect for our team. The lack of integrity that so many businesses have in this sphere really annoys me. I do believe we operate differently, with the desire to please all our stakeholders today so that they will return to us tomorrow. To us it’s not a shortterm interaction, but an investment in our future.” Meanwhile Sara says she is now as focused on the business as she is on the other parts of her life – and enjoyment certainly factors into that. “I have never gone to work to earn money, but because I loved it and wanted to accomplish something,” she says. “I hope that that is how I will be remembered: as having made people happy – whether by giving them an exciting career, or selling them the house of their dreams. I hope to have made other people as happy as this career has made me.” 113

Quick-fire Questions… with Sara Grech What did you want to be when you were growing up? A hotel owner. Business formal or business casual? Formal. Late nights or early mornings? Both. Travelling on land, sea or air? I like them all. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Full of activity. What was your first car? A V-8 Ford Capri. I like driving and racing. What’s the question you always ask a job applicant? ‘Why would you choose a real estate career?’ What’s the answer that will always get them hired? I am looking for personality and ambition. Which is your must-read business book? Management Consulting by Milan Kuber. What are you really into outside of work? Spending time with family, friends, and especially my dogs. I also love spending time in the kitchen. How many unread messages are in your inbox right now? 24. Which philanthropic cause are you most passionate about? Helping people with a disability. What’s your prediction for the year 2040? I hope travel distances will have been reduced. I would like to be in New York in two hours.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“NO MATTER HOW EDUCATED, TALENTED, RICH OR COOL YOU BELIEVE YOU ARE, HOW YOU TREAT PEOPLE ULTIMATELY TELLS ALL. INTEGRITY IS EVERYTHING.” WILLIAMS NYIZE

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Joseph Cuschieri CEO, MFSA

“ A C E O I S L E A D E R O F T H E PAC K , A N D LEADERSHIP IS ABOUT BUILDING TEAMS.”

W H E N J O S E P H C U S C H I E R I W A S A P P O I N T E D C E O O F T H E M A L TA F I N A N C I A L S E R V I C E S A U T H O R I T Y I N A P R I L 2 0 1 8 , H E W A S TA K I N G T H E R E I N S O F A N O R G A N I S AT I O N T H AT H A S E X I S T E D F O R M O R E T H A N 2 5 Y E A R S A N D S E R V E S A S T H E S I N G L E R E G U L AT O R F O R F I N A N C I A L S E R V I C E S I N M A L TA . T O D A Y , J O S E P H L E A D S T H E D Y N A M I C T E A M W I T H A S H A R E D V I S I O N T O M A K E M A L TA A K E Y P L A Y E R I N T H E I N T E R N AT I O N A L F I N A N C I A L S E R V I C E S S E C TO R .

For Joseph Cuschieri, a lifelong passion for business management was the catalyst that propelled his early career in accountancy towards his recent appointment as CEO at the Malta Financial Services Authority (MFSA).

at The Henley College in the UK,” he recalls. “Although I advanced in the financial sector early on, I soon ventured into more business-related roles where I was much more effective and far happier. Then, in 2001, I had a defining moment: I joined the Malta Communications Authority, and assisted there in the major reforms required as Malta joined the EU.”

“I started my career as a professional accountant but my love for business management inspired me to read for a Business Management degree 115

Managing stress is a priority for me, since I worry a lot and need to ensure I’m fit and well so that I can make good decisions while at work. To combat stress and keep me sane, I get up early every morning to go to the gym, which charges me with energy for the day ahead. I also love playing sports, and make sure I take time out to recharge at weekends.

Senior positions followed for Joseph at Vodafone and at the Malta Gaming Authority, where his strong performance record and approach to handling challenges brought him to the attention of practitioners in the local financial services sector, who lobbied for him to take over the CEO role at the MFSA – a role which he accepted in April this year. “I have enjoyed a number of leadership roles, but the context in which you are working must always shape your approach,” Joseph explains. “You must adjust your leadership style to the sector, and to the challenges presented to you in your role. In the case of the MFSA – an organisation that has been around for a quarter of a century – my goal was to persuade the team members who have been here for years to align with my vision and to

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help me build a new culture of how things should be done together.” However, Joseph’s philosophy towards the role of a CEO has remained the same, regardless of the sector. “A CEO is leader of the pack, and leadership is about building teams. You must engage with people with honesty and transparency, so they know your agenda and understand your plan. It’s about encouraging teamwork and embracing change, as well as making sure the team has the necessary resources to empower them to deliver on that strategy. I love being surrounded by people smarter than me, experts in the field – I am here to lead the organisation and to help them succeed. But I firmly believe transparency is key to building a robust, dynamic, supportive team.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Combined with this open and empathic approach to teamwork, Joseph also highlights the necessity of careful planning. “In my younger days I was more brash, but with the benefit of experience I have learned that a down-to-earth approach, in which I think and plan strategically, is more beneficial in the long term,” he observes. “Without thinking things through and taking informed decisions, you run the risk of settling for short-term fixes instead of considering your longterm plans for success.” Success is a key motivator in Joseph’s career thus far, constantly driving him to keep learning and improving. “I like the taste of success. Success gives me a kick. I love to see my strategy working; it gives me the courage and strength to do more,” he explains. “I constantly seek the feedback of my team and the industry, as I want to know if I ever need to change my approach. Being at the top is quite a lonely place, and people might fear you or only tell you what you want to hear – it’s only in an environment of

authenticity and approachability that people will feel comfortable enough to tell you the truth.” Gaining the respect of his team in this way has helped Joseph to meet head-on the many challenges and opportunities presented by his new role, as he plans for the bright future of the MFSA. “The sector has a lot of potential to grow, both in Malta and abroad. We are currently building our three-year plan in which we articulate our vision to make the MFSA one of the top five financial regulators in Europe.” It’s a sizeable ambition, but one that Joseph characteristically pursues with openness and optimism. “My goal is to make sure that the MFSA is on a solid platform, so that the organisation can survive changes in leadership and be proactive moving forward, with an engine that fires on all cylinders. I hope to one day be remembered as the person who transformed the MFSA and, in so doing, helped to put Malta’s financial services sector firmly on the international map.”

Quick-fire Questions… with Joseph Cuschieri What did you want to be when you were growing up? An airline pilot. Business formal or business casual? I find business casual more liberating. Late nights or early mornings? Early mornings. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on (but never on my bedside table). Sundays: full of activity or complete relaxation? Complete relaxation, usually at home with family and friends. What was your first car? A white, second-hand Volvo 345 DL. What’s the question you always ask a job applicant? ‘What value are you going to add to the organisation?’ What’s the answer that will always get them hired? Their attitude, energy and motivation, not just their qualifications. Which is your must-read business book? Winning by Jack Welch and Leading by Sir Alex Ferguson. What are you really into outside of work? Supporting Manchester United Football Club and playing various sports. How many unread messages are in your inbox right now? 27. Which philanthropic cause are you most passionate about? Both personally and as an organisation, I like to donate to charities that support people with special needs or who have health issues. What’s your prediction for the year 2040? I probably won’t be around! Technology will redefine how we communicate with each other, but I hope we rediscover the value of human interaction.

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Karl Schranz

CEO, F C M T R AV E L S O L U T I O N S M A L TA

“ I T C O M E S D O W N T O E M P AT H Y , GUIDANCE AND DIRECTION.”

A S A L E A D E R I N C O R P O R AT E T R A V E L , F C M T R A V E L S O L U T I O N S M A L TA I S T H E F L A G S H I P C O R P O R AT E T R A V E L B U S I N E S S O F T H E P U B L I C L Y - L I S T E D A N D G L O B A L L Y - I CO N I C T R AV E L G R O U P F L I G H T C E N T R E L T D. K A R L S C H R A N Z H AS B E E N C E O F O R T H E PAS T T H R E E Y E A R S , A N D N O W L E A D S H I S T E A M O F 5 0 B Y R E TA I N I N G A N I N C L U S I V E CO M PA N Y C U L T U R E W H I L E L OO K I N G O U T WA R D L Y TO WA R D S T H E T R AV E L T R E N D S O F TO M O R R O W .

Ask FCM Travel Solutions Malta CEO Karl Schranz how he describes the role of a CEO, and he will liken it to that of a football manager. “It’s all about making sure your team functions to the best of its abilities,” he smiles. “As CEO you must be in a position to make the right substitutions at the right time if you need to, so as to realign your company strategy. It all comes down to empathy, guidance and direction because, as CEO, you are still human and your

team must look up to you. Plus, as a football manager, you have to be able to shoulder responsibility in challenging situations – often when your input isn’t quite as openly appreciated as it would be during the good times.” Clearly this is an analogy that has served Karl well as he has risen through the ranks of business, and specifically through a variety of roles within the travel sector. Having completed his studies at the Institute of Tourism Studies and the University 120

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T H E Q U O T E T H AT INSPIRES ME:

“COMING TOGETHER IS A BEGINNING, KEEPING TOGETHER IS PROGRESS, WORKING TOGETHER IS SUCCESS.” HENRY FORD

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of Malta, he worked his way up in various operational jobs in some of the island’s top hotels, and also enjoyed a year of work experience in London. Then, before moving into his current role, he occupied various commercial positions with Corinthia Group Malta over a 10year period, primarily as Director of Sales and Marketing at the Corinthia Palace Hotel and Spa, and then Director of Sales for the company’s centralised sales office.

I try to make the best of every situation and to learn from it – including when things don’t quite go according to plan. They

“I got involved in this organisation just over three years ago, when I met with Kenneth De Martino, who is one of the company Board members today,” Karl explains. “What struck me most back then was his vision for the company; he acknowledged that there were challenges ahead, but knew the way forward all the same and insisted that partnering up with the right players in the trade was crucial. Three years later he has certainly been proven right on both points.”

are values that were instilled in me by a mentor of mine, Italico Rota, who was my first boss; I was still in my 20s but he had over 50 years’ experience. He wanted

It was 2015 when Karl first joined KDM Travel (the company now known as FCM Travel), back when it was a much smaller organisation, with just 10 employees. Three years later, through the merger of KDM, EC and Howards Travel, the company is now the largest travel management organisation on the island, with a team of more than 50 employees, all operating under the global FCM Travel Solutions brand.

us to learn something new from every experience we had, and that approach has certainly helped my career.

“I can’t deny that it hasn’t been an easy three years, because merging three companies is no walk in the park,” Karl continues. “But we have a very strong Board of Directors consisting of Mr De Martino, Michael Gatt and Edward Papps, as well as a dynamic management team and a number of highly-experienced travel specialists. “We’ve come a long way and, while our main area of specialisation is still business travel for corporate organisations, we are now in a much stronger position to further offer a more personalised service. We guarantee companies better efficiencies and accountability on their travel expenditure in the long run.” Karl explains that he revolves every CEO decision – regardless of its significance – around the key factors of human resources and strategic vision. “This has an impact on our clients and our brand identity, and has repercussions for our bottom line,” he says. “They are all within my control and it’s up to me to ensure they are all on-track and heading in the right direction.” And his is a role that involves myriad tasks, ranging from monitoring FCM’s operation, to having regular meetings with the team to ensure effective communication, and to keep his staff empowered and motivated. “I also make it a point to find time to read and research, so that I can stay on the pulse of what’s available on the market and to be a step ahead of the competition.” He explains that there are many aspects of the job that he loves, but that he is especially passionate about business development. “I am keen to ensure we are constantly ontrack, so that we can achieve our pre-set company objectives,”

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he explains. “But I also get huge satisfaction from identifying talent and developing people who want to advance in their careers.” But even in the dynamic world of tourism there are challenges, and Karl underlines quite how difficult it can be to find good people to work for the company. “As a sector, we have some very specialised technical requirements, so human resources are always a headache.” When it comes to the future of the sector, Karl believes things are at a very interesting point, with lots of technological solutions within the company’s reach that could be exploited, and which could offer greater value to clients, especially in terms of savings and comfort. “We are studying some very thought-provoking options and I am confident that we will be in a position to provide some of our existing and prospective clients with amazing technological tools in the near future.” One other challenge Karl faces is the general misconception that it pays for companies to handle all their travel arrangements online, and book through some of the common meta search engines. “This is definitely not the case,

as we guarantee savings in the long run though the experience and consultation of our travel consultants, as well as through the key relationships we have in place, and the economies of scale,” he says. And to underline that, Karl says the company has a few interesting projects in the pipeline. One of his key focuses, however, is ensuring there is a long-term plan in place and that all the company’s synergies are focused towards the objectives. “Whether it’s the Board, management or the team, we know where we are now, and where we want to be in five years’ time. “As for me, I see myself using all my energy and resources to ensure that the company remains the market leader in the corporate travel market, and at the very forefront of the sector. I also see us expanding into other areas that aren’t just travel-related, so that we can bring even more to the market. Finally – and despite our growth and expansion plans – I plan to retain the fantastic company culture that exists here, by focusing on the empowerment, motivation and well-being of our team,” Karl adds.

Quick-fire Questions… with Karl Schranz What did you want to be when you were growing up? A professional footballer – so something went wrong along the way! Business formal or business casual? Casual, any day. Late nights or early mornings? Late nights. Travelling on land, sea or air? As long as I travel, I don’t mind. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Complete relaxation, with as much family time as possible. What was your first car? A Mazda 323. What’s the question you always ask a job applicant? ‘Where do you see yourself in five years’ time?’ What’s the answer that will always get them hired? It depends on the position and the sort of person we’re looking for. Which is your must-read business book? How to Win Friends and Influence People by Dale Carnegie. What are you really into outside of work? Quality time with family and friends, and I also try to play squash a couple of times a week. How many unread messages are in your inbox right now? 188. Which philanthropic cause are you most passionate about? I look up to the Bill and Melinda Gates Foundation because of its contribution to people suffering poverty in developing countries. What’s your prediction for the year 2040? By then, blockchain technology and AI will be part of our everyday life, just like the internet is today.

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Michael Darmanin

CEO, CHARLES GRECH & CO

“ I F Y O U S TA N D S T I L L , Y O U G O B A C K W A R D S . T H AT I S N O T A N O P T I O N . ”

AS A NON-FAMILY MEMBER JOINING A WELL-KNOWN FAMILY BUSINESS, CHARLES GRECH & CO CEO MICHAEL DARMANIN WONDERED WHETHER H I S V I S I O N S W O U L D B E E M B R AC E D I N T H E WAY H E H O P E D – A N D T H E Y H A V E B E E N . T O D A Y , O N E Y E A R A F T E R TA K I N G O N T H E R O L E , M I C H A E L I S C O N T I N U I N G T O F O C U S O N T H E F U T U R E O F T H I S 1 8 8 1 - E S TA B L I S H E D CO M PA N Y A N D F U R T H E R C E M E N T I T S S U CC E S S AC R O S S I T S S E C TO R S O F R E TA I L , D I S T R I B U T I O N A N D H O S P I TA L I T Y .

Entering a family business with a history that goes back more than 125 years is never easy – but that is exactly what Charles Grech & Co CEO Michael Darmanin did a year ago, when he left the telecommunications sector he had spent 25 years working for, and took the helm of this local retail and distribution giant.

with Melita. I love a challenge and I felt excited by the prospects of what we could achieve here.” As someone who puts great focus on the learning and satisfaction parts of his life as well as the business ones, Michael took sabbaticals between each of his major career moves – something other corporate high-flyers may find difficult to understand. “I wanted to take a step back and discover, slowly, what I wanted to do next. It gave me the time to unwind, reenergise and look carefully at what was out there.”

“Charles Grech & Co has been operational since 1881, so it’s extremely well-established,” Michael says. “I was drawn to that, and the fact that I would be doing something completely different following 20 years with Vodafone and five years

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T H E Q U O T E T H AT INSPIRES ME:

“YESTERDAY IS NOT OURS TO RECOVER, BUT TOMORROW IS OURS TO WIN OR LOSE.” LYNDON B. JOHNSON

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When I think about what drives me every day, it’s winning. I like to win, and I want to win. That’s a big part of the role for me.

Michael says moving to Charles Grech & Co marked a thrilling new step. “I wanted to work for a family business specifically, and sought related opportunities,” he explains. “I actually worked with my own father early on in my career, and wanted to return to that. I was looking for a medium-sized, family-run enterprise that wasn’t too dominated by family – meaning that their input is of course very valid, but that it doesn’t dominate the whole agenda. This combination is exactly what I have found here, and it is having very positive results.” Asked to describe his approach to being a CEO, Michael says he doesn’t call himself a leader but stresses that he does like change. “I like setting out a goal or a vision, and getting everyone involved in attaining it. In today’s world, change is happening rapidly so we need to keep up with that – but it isn’t always easy to encourage people to change because they become accustomed to the status quo. In fact, most people are creatures of habit and will require a lot of support to do things differently – and that’s where being a good CEO comes into play. The thing is, if you stand still, you’ll just go backwards. That’s not an option for me. My question is always: how can we do this better? Yes, we’re doing well and that’s great, but what next? I question everything, but 129

that doesn’t stop me from taking the time to celebrate our successes too.” Michael also puts firm focus on the company’s clients at every stage in the process. “My tech background encourages me to simplify things,” he continues. “I consider myself to be the stupidest customer out there, so I want things to be simple enough for me to understand them, in the hope that that will make it easy for everyone else, too. “That then echoes through the team, as I like to have a good mix of people – ones that can contribute, challenge and criticise, and not just sit on the fence. When I look at my team I am pleased to see so many different viewpoints. I have seen the power of good teams in the past and wanted to underline that in Charles Grech & Co. Yes, challenges lie in taking tough decisions – for the team as well as beyond it – but this has to be done, and it’s not personal. Our team is so much more important than me as CEO, or than any one person on the team, and it’s my job to get the best out of everyone within it. I know that if I can do that, the results will be huge.” All-in-all, Michael stresses that he is most driven by setting the bar very high, and doing everything possible to attain those results and

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

achievements. He is motivated by numbers and KPIs, and is very results-focused – we need to be passionate about our brands, our customers and our staff, and deliver results to our shareholders.” With that in mind, Michael says he is very focused on the continued diversification of the existing product portfolio and what the Charles Grech & Co brand can offer its customers moving forward. “The past 12 months have provided an immense learning curve for me and, because this sector hasn’t always been my craft, I have focused specifically on the numbers side of things. Today I am consolidating those numbers and looking at how best to expand into 2019 and beyond. We’re at a crossroad, and that’s exciting. When you have a brand like Charles Grech & Co – with all the history and equity that comes with it – there are always opportunities to explore.” As for the challenges and opportunities facing the sector

in general, Michael cites the importance of keeping up with opportunities for development – especially in light of the foreseen economic growth and population increases. “Things are accelerating and we have to keep up the pace, both as a company and as a nation. The current infrastructure in Malta is holding us back, including the roads, the planning, and increasing salaries. So, with any growth comes the challenge of matching up, and that’s not always easy.” As for the future of Charles Grech & Co and his role within it, Michael says he’s proud to be part of what he believes will one day be one of the most recognised brands on the island. “This is a wholly Maltese brand and that’s something to be proud of,” he says. “It has achieved so much and has a bright future to look forward to. As for me, I certainly still see myself here in a few years’ time, hopefully enjoying the results of the decisions we take in the months to come.”

Quick-fire Questions… with Michael Darmanin What did you want to be when you were growing up? A pilot. Business formal or business casual? Casual. Late nights or early mornings? Late nights. Travelling on land, sea or air? All of them. Smartphone: always on or often off? Always on, although I would love it to be off sometimes. Sundays: full of activity or complete relaxation? Complete relaxation. What was your first car? A Renault Five that cost me about €500. The day I got it I hacked off the bumper because it was hitting the wheels. What’s the question you always ask a job applicant? ‘What’s your favourite gadget?’ What’s the answer that will always get them hired? Well the one that will not get them hired is ‘an iPhone’ or ‘an iPad’. That’s too standard. Someone once said their favourite gadget was their stapler – and he got the job. I am looking for something that little bit different. Which is your must-read business book? Built to Last: Successful Habits of Visionary Companies by Jim Collins. What are you really into outside of work? Socialising. How many unread messages are in your inbox right now? 23. Which philanthropic cause are you most passionate about? The Ladybird Foundation. What’s your prediction for the year 2040? The sharing economy will be massive by then.

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MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“A BUSINESS THAT MAKES NOTHING BUT MONEY IS A POOR BUSINESS.” HENRY FORD

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Ian Casolani CEO, BELAIR PROPERTY

“ S U S TA I N A B I L I T Y N E E D S T O S I T AT T H E C O R E O F O U R I N D U S T R Y . ”

B E L A I R ’ S I A N C A S O L A N I H E L P E D TO T R A N S F O R M A FA M I L Y - R U N AG E N C Y I N TO A W E L L - S T R U C T U R E D P R O P E R T Y CO M PA N Y – B U T H E H A S N E V E R L O S T S I G H T O F T H E VA L U E S A R O U N D W H I C H T H E B U S I N E S S WA S B A S E D. TO DAY , T H E CO M PA N Y E M P L O Y S A D Y N A M I C T E A M O F O V E R 5 0 , A N D WORKS ACROSS THE SPHERES OF RESIDENTIAL AND COMMERCIAL S A L E S A N D L E T T I N G , A S W E L L A S P R O P E R T Y M A N A G E M E N T.

What started as a gap year job turned into the business passion of a lifetime for Belair’s CEO Ian Casolani – who never really planned on joining the travel agency his father had started in the 1960s.

thought might be fun, but which actually turned into something a little more serious. Twenty-five years later, we’ve developed Belair into one of Malta’s leading property companies.” For the majority of that time, the business ran as a small family set-up. In fact, it was only when Ian took over the helm around 15 years ago that he decided to restructure and take things to the next level. That was about the same time that he became CEO.

“I was just finishing university and wasn’t yet sure what I wanted to do, so I decided to look into the family business for a while,” Ian recalls. “My friend Jean – who is still my business partner – and I started to experiment with some ideas we 133

What gets me out of bed in the morning? My kids! Beyond that, it’s the fact that I love what I do and always have done. Every day is different – we’re doing the same things, but we’re telling a different story. I have never had a Monday morning when I dreaded getting up and going in.

Belair USP,” he says. “I think we have managed to achieve something special over the years, largely because it’s not just about money for us, but because we love what we do. As a team, many of us working in the company have been friends since childhood, so we’re very like-minded and that has led to a cohesive approach. We know what we are doing, and we guide our clients with complete honesty and confidence in everything that we do.”

If I did, it would be time to move on.

However, Ian does cite one of the challenges faced by the company as maintaining high levels of integrity and professionalism within the sector. “As an industry in Malta, property is all about closing the deal at all costs, so maintaining seriousness within that can be difficult. It is also a challenge to keep the market sustainable, as there is a risk of extreme development making the island less attractive. We have to remember what makes Malta appealing and keep that at the centre of our decisions. It’s now about realising where we have messed up and to avoid making the same mistakes again in the future.”

“There wasn’t an official ‘appointment’,” Ian remembers. “I think it was more like I woke up one morning and realised that I had been playing the role of CEO for a few years, and that it was time to formalise it. “To me, being CEO is all about being a good leader. Rather than telling people what to do, it is about nurturing your team and getting the most out of them. Yes there is a vision and a structure that you have for the company, but I believe in making our team proud to be part of that. I strive to give them a purpose and sense of belonging, and to exploit their full potential.”

With that in mind, Ian says Belair is looking forward to launching a number of high-quality developments in the years to come. “We have been given exclusivity on a number of projects, and have worked hand-in-hand with the developers to ensure they are a win-win – both for them, and the clients. We hope these projects will prove that things can be done differently, and done well.”

Ian also stresses that the title of CEO doesn’t really mean anything to him – he is far more driven by the buzz of helping the Belair family realise its dreams. “Nurturing relationships – whether within the company or with our clients – is the 134

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Finally, when looking to the future for both himself and the company, Ian says he would like to achieve a better balance. “The last 20 years have been pretty flat out! Although I love that and am very proud of what we have accomplished, it has been very intense, as I always give my all or nothing.” That said – and contrary to the experience of many CEOs – Ian admits time management and stress management are not his fortes. “I have never really mastered them,” he smiles. “But I do manage to get it all done. Nowadays I have learnt to prioritise my tasks, delegate better and be more selective when it comes to focusing my strengths and energy. To me, everything is possible thanks to the structure we have in place, my dependable partners and the fantastic people I have managed to surround myself with. So my tip to other CEOs would definitely be to invest in people you can trust and depend on – and to appreciate them accordingly.” And Ian certainly needs that strong team when it comes to Belair’s development in 2019 and the years to come, in line with the ongoing development of Malta’s property market. “The property industry has been evolving continually,” he says. “And industries like iGaming, financial services and, more recently, blockchain and ICOs, have changed its dynamics. It is true that, at present, demand outweighs supply, especially in the rental market, but this will change significantly over the next three-to-five years, due to the number of large projects and units to eventually hit the market. “So, unless agents, developers and other service providers really invest in quality, service standards, and infrastructure, the good times won’t be sustainable in the long-term. In fact, it is imperative that, as a country, we work hard to remain attractive to both local and foreign investment, whether it is through fiscal advantages, improved infrastructure, quality lifestyle, being competitive, or our skilled labour force. Beyond that, it is equally important that we keep investing in the standard of service we offer overall. If greed and short-sightedness take over, we will not have a sustainable future.” And it is with all that in mind that Ian looks at the future of Belair and stresses that, as a company, they are not looking to have dozens of offices or hundreds of team members. “We’re pretty much where we want to be and will now continue to tweak our procedures to keep them efficient and effective,” he says. “I would like Belair to start depending on me a little less, and that process has started: we have spent the last three-to-five years investing in our structure and management even more, and that is starting to bear fruit. As for me, as the years go by I would like to be doing less management, growing more relationships… and enjoying every aspect of my life!” 135

Quick-fire Questions… with Ian Casolani What did you want to be when you were growing up? A fighter pilot. Business formal or business casual? Business casual. Late nights or early mornings? A bit of both. I am up and sending emails before the kids go to school, but I can also keep going long into the evening. Travelling on land, sea or air? Sea, definitely. Smartphone: always on or often off? Sadly, always on. Sundays: full of activity or complete relaxation? Generally, it’s relaxation. What was your first car? A Renault Fuego. I bought it second-hand and spent years doing it up. What’s the question you always ask a job applicant? How they manage their ups and downs, and how they feel they cope with stress. As lovely as this job can be, you can be high-flying one moment and facing serious lows the next. It’s important to know how to manage that. What’s the answer that will always get them hired? It’s a lot about character and personality in this business. If that shines through – and I can see it – they’re hired. I look for people who know how to get along with other people. Which is your must-read business book? None in particular. What are you really into outside of work? Sailing, all sorts of water sports, and spending time with the kids. How many unread messages are in your inbox right now? More than I’d like. Which philanthropic cause are you most passionate about? The Malta Hospice. I have seen first-hand what they can achieve, and it made me appreciate what they are all about. What’s your prediction for the year 2040? It may be too late, but I believe we will have finally realised the repercussions of our actions and will have hopefully taken them seriously.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“HAVE THE COURAGE TO FOLLOW YOUR HEART AND INTUITION. THEY SOMEHOW ALREADY KNOW WHAT YOU TRULY WANT TO BECOME.” STEVE JOBS

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Thomas Kraemer

CEO, TIMBERLAND C A P I TA L MANAGEMENT GMBH

“ T H I S I S M Y L I F E . I L I V E A N D B R E AT H E I T. ”

W I T H M O R E T H A N 2 0 Y E A R S O F S U S TA I N E D S U C C E S S I N T H E D E M A N D I N G F I N A N C I A L I N V E S T M E N T S E C T O R , T I M B E R L A N D C A P I TA L M A N A G E M E N T G M B H I S AT T H E V E R Y F O R E F R O N T O F I N V E S T M E N T M A R K E T T R E N D S – A N D N O O N E K N O W S T H AT B E T T E R T H A N C E O T H O M AS K R A E M E R . L AU N C H E D F I V E Y E A R S AG O , T H E CO M PA N Y ’ S M A L TA A R M I S A L S O E N J O Y I N G O N G O I N G S U C C E S S , W I T H P L A N S I N T H E P I P E L I N E TO R E L E A S E I T S F I R S T M A L T E S E C S D - L I S T E D B O N D S .

From Germany to Malta, the Timberland Group of companies is motivated by its customer-driven culture and its ability to help clients take valid decisions when it comes to the future of their investments. As one of the founders, CEO Thomas Kraemer underlines this ethos because it is one he holds dear – and one that he has been driving for 20 years. “In 1998 we established our first Regulated Entity in Germany,” Thomas says. “Things expanded well and in 1999 we set up our first

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funds. The result was that we had quite successful dividend investment funds to distribute to the German-speaking regions, namely Germany, Luxembourg and Austria.” The company was so successful in fact, that a market participant cloned them in the next few years. Then in 2009, Timberland got much broader in its business approach, thanks to the fact that Germany adopted more flexible regulatory regimes with regards to the funds, and lawmakers opened up a lot of new possibilities

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

that were streamlined with what was possible in Germany at the time. This enabled Timberland to create an Alternative Investment Fund (AIF). “What we achieved was the first of its kind,” Thomas continues. “We started to distribute this product in Germany and Hungary as a new market, and worked with a large German audit and tax advisory company that was active in investment funds. “But, looking back, I would say we were a little bit ahead of our time when it came to those markets. Then, in 2013, the markets changed and appetite for those types of equity investments enabled us to be in the right place at the right time to place us in a leadership position.” Timberland in fact sets up and distributes investment funds and investment vehicles. “We give people access to lots of investments and assets that they wouldn’t otherwise be able to invest in, all the way from high-net-worth clients to retail customers.” It is a business that Thomas is incredibly passionate about. “This is my life – I live and breathe it,” he says. And it is a passion he discovered young, when he trained under the guidance of the former Head of the Association of Entrepreneurs in his region in Germany, which gave him unique insight into financial services and the financial markets. Clearly, it is knowledge that has been reflected in the success of Timberland.

It is not my job to have

“Today we have five offices, including one in Malta,” Thomas continues. “Our team is currently made up of around 40 people across those offices, but it is constantly growing thanks to a client base of around 20,000 people, which includes small investors, high-net-worth individuals and even professional funds. Our growth has been quick but not too quick. We have been careful to achieve things step-by-step.”

expectations on how the markets will remember me. From my perspective, if I can play even a small role in moving investment forward when it comes to the electric car business, or other

As CEO, he sees his role as twofold. On the one hand he keeps a close eye on the daily running of the business – from the administrative to the legal aspects. And, on the other, he maintains a wider focus on company developments and opportunities. “It is my job to evaluate them, present them to the team and to then take on Board, employee and client perspectives,” he explains. “As CEO I have to look into the future and see how best to capitalise on it for our customers. I don’t have a crystal ball but I am hyperaware of what is going on. As a company, though, we are more focused on the long-term, rather than day-to-day fluctuations in the market.”

residential or industrial applications of battery package technology, I will be happy.

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Asked about the challenges facing his sector, Thomas highlights the fast-paced world and how quickly things develop. “Looking globally, there are certain things that we thought were certain and that we could plan around, but which aren’t so certain anymore. That is making us reconsider and think differently. Of course, technology is also changing very quickly, and keeping up with that is imperative in our industry. Plus, as we operate in a highly-regulated sector, we also have to maintain our knowledge on that front. It is demanding but we do a good job of it.” On the flip side, though, opportunities are coming thick and fast. Climate change, for instance, is spearheading developments in the automotive and solar industries. “We have reached the point where the environment needs change. Climate change is no longer a question mark – we can see it before our very eyes, and that is bringing market reaction. On top

of that, technology is starting to be affected by blockchain. A lot of people don’t understand it yet, but I believe it will change everything from the way we do business to the way we live. There are so many opportunities for its application that we can’t understand yet, and I have no doubt it will bring serious change for the financial industry as well as more classic sectors.” Locally, Timberland is working on its first Maltese CSD-listed bonds, and plans are in place for the company to be one of the first local issuers to have listed its bonds on Central European exchanges. “It’s exciting,” Thomas says. “And the future is exciting too. I trust that, say, five years from now, we will be doing the same things we did 10 years ago, but perhaps we will be doing them in a bigger way. And that’s good because continuity is important. We will almost certainly have developed into new areas, new markets and will be doing new things. And I will be right here to grow alongside it,” he says.

Quick-fire Questions… with Thomas Kraemer What did you want to be when you were growing up? A banker, pilot or lawyer. Business formal or business casual? Both, at the appropriate time. Late nights or early mornings? Both. Travelling on land, sea or air? Air for business and sea for vacation. Smartphone: always on or often off? Always on, but I don’t always look at it. Sundays: full of activity or complete relaxation? Full of activity. What was your first car? A German brand that I won’t mention here! What’s the question you always ask a job applicant? ‘What is your goal?’ What’s the answer that will always get them hired? I am looking for an applicant that envisages longevity. Which is your must-read business book? The Intelligent Investor: The Definitive Book on Value Investing by Benjamin Graham. What are you really into outside of work? Diving and boating. How many unread messages are in your inbox right now? I strive for none at the end of the day. Which philanthropic cause are you most passionate about? The environment. I am not a ‘green person’ but we only have one world and it is now obvious that we have got it wrong. What’s your prediction for the year 2040? I expect the world to get more complex. Certain leadership changes will take place on a global level and I hope we will be able to manage all of that properly. Everyone has a role to play and we need to be aware of our duties, from top to bottom.

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T H E Q U O T E T H AT INSPIRES ME:

“SUCCESS IS NOT FINAL, FAILURE IS NOT FATAL… IT IS THE COURAGE TO CONTINUE THAT COUNTS.” WINSTON CHURCHILL

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Frederick Micallef

CEO, D ATA B Y T E L T D

“A CEO NEEDS GOOD QUALITY LEADERSHIP WITH A STRONG MIND.”

I T W A S A L O V E O F N U M B E R S T H AT L E D D ATA B Y T E C E O F R E D E R I C K M I C A L L E F TO B E CO M E O N E O F T H E P I O N E E R S O F S O F T WA R E D E V E L O P M E N T O N T H E I S L A N D – A R O L E H I S C O M P A N Y S T I L L TA K E S S E R I O U S L Y T O D A Y . N O W , D ATA B Y T E I S A M O N G T H E L E A D I N G S O F T W A R E A N D I T S O L U T I O N S H O U S E S I N M A L TA , S P E C I A L I S I N G I N C R E AT I N G C U S TO M S O L U T I O N S B U I L T F R O M T H E G R O U N D U P.

Frederick Micallef’s career has always been all about numbers. In fact, he talks about having an intimacy with numbers and number handling for as long as he can remember, and cites that as the major impetus for his early career – a profession that saw him hunt for industries where numbers were at the centre of the business.

computers had not yet made any material impact on organisations.” It was the need and urgency to automate those laborious and manual processes to throughput, accuracy and efficiency that first attracted Frederick to early computing developments. “I was eventually sucked into the data processing industry (as we called it back then),” he smiles. “I took some very early training courses via correspondence and developed a new love for software development. It is, after all, more number crunching and logic flows than anything else. I realised then that, through proper interaction with

“The first work experience I ever had put me in charge of the full production planning for a British-owned horticultural company that employed over 200 people,” he recalls. “That meant I was engrossed in number crunching for most of my work day, back in an age when 143

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

users, I had developed a knack for systems analysis too. Later on I took up an offer for the post of Senior Programmer at Foster Clark Products, until I cofounded DataByte with Joseph Ross – a person that, to this day, I regard as one of my work-life mentors,” he says.

I have such admiration for young

It was in 1986 that Frederick and Joseph officially formed DataByte, supported by a few forwardlooking clients that wanted to explore the benefits of introducing computers and computing power into their organisations. “Our client list grew as much as the diversity of the projects that we were entrusted to develop,” Frederick says. “In the early years I recall that, among other projects, we wrote the first contributory pensions system for the thenDepartment of Social Services, we created market research interpretation software for MISCO, we developed a totally-integrated Hotel Management System that was deployed in about 30 of Malta’s leading hotels, we developed a freight management system, and we developed and supported software for SMEs in different disciplines and business sectors.”

entrepreneurs who have clear ideas and who fearlessly put all their energy into making ideas happen. I believe there are many new fronts coming our way, from blockchain to fintech, all of which will bring in a huge number of technology opportunities in the coming years.

Together, the duo stayed very hands-on, while growing the business organically and maintaining a very active link with their clients. Frederick then took over as Managing Director in 2007, after over 20 years in business. “I must add that reading for my MBA halfway through my career helped me bring a different dimension to my approach to work. It was a case of polishing the act I suppose. It worked!” he says. In fact, when it came to designing his role as CEO, Frederick says his objective was always to ensure he delivered on the strategy approved by the DataByte Board, while helping to steer and grow the organisation through the complex internal and external forces that affect any organisation. “Our corporate approach is based on developing strategy, keeping good relationships with all our clients and other stakeholders, while ensuring good internal relationships with our development and support teams. It is this that takes up a good part of my work day, coupled with the constant challenges of the business development process. Today the strength of our present human resources cloud software offering gives me a head-start like never before when we present our new software solutions to prospective clients. A CEO needs good quality leadership with a strong mind to tactfully deliver both short- and longterm plans.” As for the challenges he faces, Frederick outlines the need to keep up-to-date with the technology and operating standards that enable the company to retain the lead it is achieving. “It’s not easy,” he says. “And neither is the internal financing of long

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Quick-fire Questions… with Frederick Micallef What did you want to be when you were growing up? A commercial airline pilot or an architect… must be my love for numbers. Business formal or business casual? For me even business casual is too formal. Late nights or early mornings? Definitely late nights. Travelling on land, sea or air? Any form will do.

man-years of research and development to produce a top-rated product. On the flip side, though, there is so much I love about the role, including getting to work with many formidable team members in-house and with our clients. There is still nothing I love more than a meeting that ends with the warm handshake of a prospective client. This crowns the efforts of our various teams.” Meanwhile, Frederick is also very focused on one of the most important things DataByte is working on, which is Workforce – a fully integrated cloud solution for human resources management that is planned to grow to 12 modules over the coming months, from the present six modules that the company has already deployed. “We are also involved in a very challenging project that we have embarked on with a local logistics provider to produce another cloud solution, this time for Managed Warehousing Third Party Logistics (WMS 3PL) that has international clients in mind,” he says. “We are developing this under the wings of international consulting firm Gartner as our technology and

marketing advisors, and I have no doubt that it will be one of our biggest projects for 2019.” Finally, Frederick reflects on how he would like to be remembered years into the future, both from a business perspective and from his own personal one. “I would like to be respected for what DataByte stands for and what it has delivered over the years,” he says. “I hope that the company ethos in the future will reflect and sustain the corporate conduct that I have helped instil in the company. “Looking to the future, I see myself as managing a company with international clients and attending international expositions of our products. I plan to be ready to design the handover of a stronger set-up to selected people who will continue to deliver and grow the business with our revised strategies for the time. This will secure business continuity for many more successful years to come. I plan to be around to sustain the networking role and delegate day-to-day management to people with new energies and new business approaches. I will be always ready to have a coffee and start a new business relationship!” 146

Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxation (but not quite complete). What was your first car? A Mazda 323 hatchback. What’s the question you always ask a job applicant? ‘What makes you think that you are the man (or woman) for the job?’ What’s the answer that will always get them hired? ‘I will surpass your expectations.’ Which is your must-read business book? Good to Great by James Collins. What are you really into outside of work? I like to believe that I am good company. Always ready for humour, good times and good food. I also wish I had more time for photography and travelling. How many unread messages are in your inbox right now? Many are read but marked as unread as they need my attention at a later stage. Which philanthropic cause are you most passionate about? I am a tree lover. Planting trees is fast becoming something I want to do more of in response to the declining numbers. What’s your prediction for the year 2040? I see us making huge strides forward when it comes to technology – technology that would seem incomprehensible today. I predict that in 20 years’ time, some socio-political decisions taken globally over the last few years will need to be grossly revisited and corrected so as to reduce social instability. I hope that can be achieved without too much hurt to humanity.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Michael Bonello

CEO, MB INVESTMENTS

“ I T I S H I G H L Y - Q U A L I F I E D A N D H I G H L Y - M O T I V AT E D PEOPLE WHO REPRESENT THE FUTURE OF THE MALTESE ISLANDS.”

T O A D D T O H I S L O N G A N D F R U I T F U L C A R E E R W I T H M A L TA ’ S R E A L E S TAT E G I A N T R E / M A X , M I C H A E L B O N E L L O R E C E N T L Y D E C I D E D TO C H A N N E L H I S B U S I N E S S E X P E R T I S E I N TO T H E L AU N C H O F H I S O W N V E N T U R E T H AT I N V E S T S I N P R O P E R T Y D E V E L O P M E N T A N D R E A L E S TAT E O P P O R T U N I T I E S . M B I N V E S T M E N T S L T D I S A L S O C U R R E N T L Y P R E PA R I N G TO L AU N C H A N U M B E R O F E XC I T I N G N E W HOMES AND INVESTMENT OPPORTUNITIES.

Whichever major sector in Malta he has worked within, be it in the catering arena, fashion market, real estate industry, or in the investments community, one thing is clear: Michael Bonello was always destined to excel in the world of business. “Since my family was, historically, a major player within the catering industry, owning some wellknown restaurants in Malta, it was always my plan to follow in their footsteps and enter the catering world,” Michael recalls. “Whilst following a food

and beverages course at the Institute of Tourism Studies, however, I decided to end things after my second year; it simply wasn’t for me.” Instead, a twist of fate led him towards a very different career path. “My mother decided to sell our family home in Sliema due to various construction works taking place on either side of her property. Since she was not in a position to deal with the technicalities that this brought with it herself, I found myself working with the property developers on her behalf. I had no experience in 148

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T H E Q U O T E T H AT INSPIRES ME:

“WHEN YOU’RE BACKED AGAINST THE WALL, BREAK THE GODDAMN THING DOWN.” HARVEY SPECTER (IN THE TV SERIES ‘SUITS’)

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Fast-forward 20 years, and Michael now operates seven RE/ MAX Alliance offices, with an eighth expected to open in early 2019, as well as two restaurants and two boutique hotels, among other businesses. In addition, Michael, together with his partners, recently sold their retail fashion business, making room in his busy working schedule to focus on his newly setup enterprise, MB Investments Ltd.

His belief in the strength of his team is also reflected in his approach to life as a CEO. “The CEO sets the culture of the company. I’m happiest when I see a happy and united team working together towards a target. My motto is ‘Together we’re better’, and I want my partners to have a piece of the pie. I don’t believe in growing alone,” he stresses. “I love investing in people and creating new opportunities. It’s very satisfying to be able to offer opportunities to people that have not been able to recognise the potential in themselves, and later watch as they achieve above and beyond what they’d ever imagined.”

To enable him to work effectively throughout his career and in so many diverse industries in Malta, Michael explains that he has one primary secret to success: he is a people person. “The way I work is the same as I’ve always worked since the very beginning – I have an open-door policy with my team, resulting in a strong chain of communication. I have always considered my team to be my extended family.”

It is this attitude towards continued investment in people, as well as in potential development ventures, that signals a promising future for MB Investments Ltd, and the country. “When I started, there were three local business ‘gurus’ that everyone looked up to – now, thankfully, two of them form part of my team!” laughs Michael. “It’s about getting the good people, and ensuring they have a high quality of life.

the real estate sector, however, after several negotiations, I was asked by the real estate agent who secured the deal, to seriously consider working in the industry.”

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I’ve always believed that if you pay peanuts, you get monkeys. It is highly-qualified and highly-motivated people who represent the future of the Maltese islands.” For the coming five years at least, Michael’s high hopes for Malta also extend to his predictions for the local development and real estate industries. “The island is enjoying the strength of supply and demand in the local and international markets, so I foresee another few good years of business in the development arena,” he explains. “There is also an ongoing conversation regarding high-rise buildings and land reclamation, which I believe are the way forward for such a small island, but these must be tackled wisely and gradually.” Finally, Michael’s characteristically-positive and optimistic outlook looks set to remain, not only through the day-to-day challenges that come with each role’s territory, but also as he considers his twilight years. “No matter the industry, there are going to be everyday challenges – it’s like riding a rollercoaster! But by remaining upbeat, having an open mind and working alongside a good and positive team of people, anything is possible,” Michael smiles. “My work is my life, I genuinely care about it, so I will never truly stop working. That said, in 10 years’ time I will start planning my exit strategy and thinking about my successor to the CEO role to follow in my footsteps and continue expanding what I have built. I’m looking forward to that age when I can enjoy more time with my family and harvest the fruits of my labour.”

With so many different work roles throughout my career, I have had to become disciplined

Quick-fire Questions… with Michael Bonello What did you want to be when you were growing up? A success story. Business formal or business casual? Formal, but I prefer casual. You should dress according to your agenda. Late nights or early mornings? I’m an early riser, but late nights sometimes suit me fine. Travelling on land, sea or air? I hate long-haul air travel! I much prefer travelling by land or sea. Smartphone: always on or often off? Always on (except for when I’m at the gym). Sundays: full of activity or complete relaxation? Relaxation with the family. What was your first car? A red Escort XR3i convertible. What’s the question you always ask a job applicant? None specifically. I go with my gut, but I always meet every applicant personally. What’s the answer that will always get them hired? I love to speak to everyone myself – it’s important to find their chemistry, and I try to give everyone a chance. Which is your must-read business book? Anything that inspires one to dream, believe and achieve.

about how I stay healthy, manage stress and set boundaries between work and personal

What are you really into outside of work? Time with family and friends.

time. My daily routine starts early; I am at the

How many unread messages are in your inbox right now? None. As difficult as it may be, I make it a point to keep up.

gym by 7am for an hour. It’s very important for me to tune out during that time, with my smartphone off or on silent, so that I can clear my mind ahead of the day.

Which philanthropic cause are you most passionate about? I am always available to help any organisation in need. However I feel the most satisfaction when helping people to fulfil their potential! What’s your prediction for the year 2040? I believe that technology will keep progressing, perhaps towards artificial intelligence. Society may also become more individualistic.

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T H E Q U O T E T H AT INSPIRES ME:

“NO PAIN, NO GAIN.” UNKNOWN

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John Paris

CEO, BROADWING RECRUITMENT

“ W E B R I N G S O M E T H I N G U N I Q U E T O T H E TA B L E . ”

B R O A D W I N G M A Y B E O N E O F M A L TA ’ S Y O U N G E S T R E C R U I T M E N T CO M PA N I E S , B U T I T I S Q U I C K L Y B E CO M I N G O N E O F I T S M O S T I N N O V AT I V E A N D S U C C E S S F U L . W I T H A K E Y F O C U S O N T E C H N O L O G Y A N D I N T E R N AT I O N A L T H I N K I N G , C E O J O H N P A R I S I S D E T E R M I N E D T O AT T R A C T TA L E N T F R O M A C R O S S T H E G L O B E T O TA K E U P J O B S I N M A L TA . THE GOOD NEWS? IT’S WORKING.

Some CEOs are driven by life beyond the office – a life that nevertheless inspires and motivates them in everything they do. For CEO John Paris – who launched Broadwing Recruitment along with his partners in 2018 – that ‘life’ is sport, and it has been a permanent passion for as long as he can remember. In fact, John played waterpolo semiprofessionally and is known to be one of the most successful players of all time, with stints at Exiles, Neptunes, Sliema and as a player coach at Otters, the only club in Gozo.

contacts that are now also clients. Recruitment often comes down to who you know and the opportunities that you are aware of, and my background in both sport and business has definitely helped us to develop Broadwing at breakneck speed.” And although still in its first full year of operation, Broadwing has established itself as one to watch within the competitive recruitment field in Malta. Among its many strengths, the company specialises in bringing foreign talent to the island, and operates across the sectors of accountancy and finance, legal and compliance, IT and gaming, sales, marketing and administration.

“When it comes to business, sport has been my motivation, but it has also opened many doors,” he explains. “A sport like waterpolo introduced me to so many people and they become contacts; 153

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Many people have inspired me along the way, among them my father, who showed nothing but complete dedication to his own career as a doctor. I have also been inspired by none other than Arnold Schwarzenegger, who managed to build his brand from nothing, despite his background of incredible poverty. He set his mind on something and went for it. I believe that is very powerful.

“More recently we have also successfully moved into hospitality and, specifically, catering,” John explains. “We understand the huge demands on these sectors when it comes to finding the right people to operate your business, and we have made good contacts with a partner in South Africa where people are eagerly looking for opportunities internationally. These candidates are usually a very good fit for Malta because they are highly-educated and have a fantastic command of English. In fact, I am proud to say that three of our latest placements have been with South Africans who have moved to Malta and everything is going very well for both parties so far. Beyond that, we have also built partnerships in other parts of the world, including the UK, all of which promise to align well with what our own market needs.” And Broadwing certainly seems to be onto something thanks to its international model – a concept developed by John and his partners, Alan Cini, Ben Pace Lehner and Richard Padovani, all of whom bring something specific to the company’s skillset. John in particular has three years’ experience in recruitment, and also previously worked for an Icelandic 155

credit management business that grew from 10 to 250 clients during his tenure. “From the role of Sales Executive to General Manager, I have been through thick and thin,” he smiles. “Creating Broadwing was the perfect match for where I am now and I do think we bring something unique to the table.” As CEO of a start-up, John explains that his role is to pretty much run the whole show, with support from his partners (who each run other businesses too). “We’re currently at ‘building’ phase but am proud that we already have over a 100 jobs and ever-growing client portfolio on our books, which is fantastic for such a young company,” he says. “We take things very seriously and it is our policy to interview every single candidate on our books before we consider putting them forward to one of our clients. To me, this business is all about helping people – helping candidates to find a career they will love, and helping businesses find the right person for the role they need to be filled – and I am very passionate about that. I strive to be open, clear and genuine in every interaction we have, and to provide advice that will actually help them to achieve their goals.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I feel we have already managed to do that for many people since we opened Broadwing, and that is what drives me to keep growing the business from here.” Nevertheless, there is no denying that recruitment is a challenging sector – especially given the scarcity of good people looking for jobs locally. “Candidates have become picky,” John continues. “They know that it’s an employee’s market and not the other way around. The result is that they want to dictate the terms; some refuse options in Sliema or Valletta for instance, while others want to know about office facilities and benefits like health insurance. The result is that human resources has become a truly integral part of every business; companies need to look after their good employees if they want to keep them. And that is where we come in too, to offer good advice on how to find quality candidates, and then how to keep them happy long-term. There is a lot of give-and-take, and a lot to be learnt. Business doesn’t operate the way it did a few years ago when it comes to human resources, and companies have got to shape up.” And with that in mind, John says that one of the biggest challenges faced by the recruitment sector in 2019 is finding enough candidates

to fill all the vacancies available. “Companies have to be flexible and open. We need non-EU candidates because, often, they are the people looking for jobs and willing to work hard for them. By opening our eyes to that, we suddenly have a larger pool of candidates to choose from and good matches can be made.” Looking to 2019 and beyond, John stresses that it remains to be seen whether Malta will keep progressing at the formidable rate it is now, and advises companies to bear that in mind and be prepared. “You have to think to the future of where your organisation will be in a few years’ time,” he says. “Planning ahead starts now. “As for us, we are certainly thinking ahead and making provisions. We have a number of exciting projects in the pipeline, and will continue to develop online tools that attract both companies and candidates to try our service. I see us expanding further, and growing our portfolio of services to include workshops, training, courses, and so on. I truly believe there is a lot of potential in this market and, primarily, a lot of potential to help people realise their goals. Achieving that is definitely what gets me out of bed every morning.”

Quick-fire Questions… with John Paris What did you want to be when you were growing up? I just wanted to help people. Business formal or business casual? Both, it depends who I am meeting. Late nights or early mornings? Both, I can have a late-night meeting followed by an early training session. Travelling on land, sea or air? Land. Smartphone: always on or often off? Always on, but on ‘silent’ at the weekend. Sundays: full of activity or complete relaxation? Relaxation if possible. What was your first car? A white Ford Escort Xr3. What’s the question you always ask a job applicant? ‘Why are you contemplating moving from your current job?’ What’s the answer that will always get them hired? It bodes well if they don’t immediately mention salary. Which is your must-read business book? How to Win Friends and Influence People by Dale Carnegie. What are you really into outside of work? Sport. How many unread messages are in your inbox right now? About 50. Which philanthropic cause are you most passionate about? Protecting the environment. What’s your prediction for the year 2040? We will be driven by driverless cars and surrounded by robots. Mental health problems will be a global problem.

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T H E Q U O T E T H AT INSPIRES ME:

“THE HARDER YOU WORK, THE LUCKIER YOU GET.” GARY PLAYER

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James Zammit

CEO, FINANCE H O U S E M A L TA & CARS UNLIMITED

“THIS IS THE LIFE 10-YEAR-OLD ME WOULD BE PROUD OF.”

A S O N E O F T H E Y O U N G E S T C E O S I N T H I S P U B L I C AT I O N , J A M E S Z A M M I T S A Y S H E H A S A L W A Y S K N O W N E X A C T L Y W H AT H E W A N T E D T O A C H I E V E I N B U S I N E S S – A N D H E ’ S W E L L O N H I S WAY . W I T H T H E I S L A N D ’ S LEADING LUXURY AND SUPERCAR DEALERSHIP UNDER HIS BELT, AS W E L L A S A D E D I C AT E D M F S A - R E G U L AT E D F I N A N C E A R M A N D M O R E P L A N S I N T H E O F F I N G , H E H A S C E R TA I N L Y C E M E N T E D H I S R E P U TAT I O N AS ONE OF THE MOST UP-AND-COMING AND DYNAMIC ENTREPRENEURS O F H I S G E N E R AT I O N .

James Zammit has never wanted to be anything other than a car dealer. Some of his earliest memories are linked to the car business because his father ran a small dealership when he was a child, and that helped to inspire his lifelong passion. Back then he would spend hours dreaming of having access to the supercars that now sit, side-by-side, across the floors of his luxury dealerships.

and I finished my education before joining the company. That said, I got involved as soon as I could – at just 14. I started right at the bottom, cleaning and prepping cars for the showroom. I wouldn’t have changed a thing; as long as I was around cars, I was happy.” It was in 2009 that James took his next step in business and branched out on his own, with his own showroom. In the years since, he has grown that to four showrooms all operated under his own brand, with another five showrooms that his company manages.

“I was adamant that I wanted to get into business as soon as I could,” James recalls with a laugh. “I would have quit school very early if my father had allowed me to but, thankfully he didn’t, 159

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“There have been a couple of important milestones along the way,” he says, talking through the journey. “The first relates to our flagship showroom in Burmarrad, which I ultimately bought over after partnering up with its original owners. It was an established luxury dealership well before then, and I had been fascinated by it for years… so much so that I would sit outside it at night, just to admire the cars! In the end I mustered up the courage to speak to the then-owners, and they were happy to partner up. I bought them out in 2018.”

Many fantastic people have

James’ next critical milestone came later that year when he secured his financial institution licence from the MFSA – a major step forward that enabled his company to finance car loans, whether they were for vehicles bought from his company or any other. “Since most car dealers on the island aren’t set up to provide finance, this was beneficial to the sector at large,” he explains. These two quantum leaps have doubtlessly secured Cars Unlimited’s status as the leading car dealership on the island, and this was reflected in its €33 million turnover in 2017 and its 2018 target of selling 2,500 cars. Today, James leads a team of 52 people, while focusing his time on the development of a strong company strategy and supporting his team. “There is no way we would have achieved this level of success if our team wasn’t so strong,”

inspired my journey in business and I have taken advice from a number of brilliant mentors over the years. I have listened to all of them and selected the guidance that works in our sector. But I am also continually inspired by my team; if they are happy, then I know they will treat our customers well and business will flow.

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James says. “They do a fantastic job. As CEO, I strive to be a good listener as well as a doer, as that combination gives me the ability to analyse what’s going on on the floor, and then to take the right decisions to achieve company development. “There have been some fantastic moments along the way. I think my favourite would have to be selling five Ferraris in one week! It was quite something given Malta’s small population but we did it. I think that proves that people come to us because they know we add value to their purchases. They put their trust in us and we deliver. People who bought their first supercar from us years ago return when they want their next one today. We provide peace of mind, as well as finance if they need it, so we’re a one-stopshop.” Somewhat unsurprisingly, James cites his favourite thing about his role as the access it gives him to new car models, as well as the fantastic international events he gets to attend. “We were recently invited to Ferrari’s 70th anniversary event, which was pretty amazing,” he smiles. “We were surrounded by film stars and Formula One drivers, while getting to drive the cars ourselves. I think it’s the kind of life 10-year-old me would be proud of!” Of course it isn’t all fast cars and glamorous parties; there are a few challenges to the business. “As a rule, car dealerships have a terrible reputation,” James says. “So some people associate us with that without knowing us, and we get dragged down. We combat it by doing business the right way and being honest.” Meanwhile, the company is also keeping an eye on the global shift to electric vehicles. “We’re on it,” James says. “We have already imported a number of electric cars to test the market, and that was successful. The Maltese mindset will need to shift before the sector grows but I believe it will be on an upward trajectory before too long, especially thanks to the incentives the Government is giving. And yes, there will be electric supercars out there before too long too; Tesla has already introduced a very fast electric car to the market… it’s faster than a Porsche!” And with this trademark forward-thinking approach to business, there is no doubt that James and Cars Unlimited will help to spearhead that shift, as well as any other shifts in the car industry on the island in the years to come. “There is so much in the pipeline for us,” the CEO says. “We are working carefully on our customer engagement strategy and are in the construction phase of our service centre development, which will be a new concept for Malta. Meanwhile, we will be strengthening and growing our finance function – not just in the car industry but well beyond it – and completing our long-term property projects. It’s ambitious, but I have no doubt that we will achieve our goals while also safeguarding our solid reputation and helping to lead the sector to new heights,” James adds.

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Quick-fire Questions… with James Zammit What did you want to be when you were growing up? A car dealer. Business formal or business casual? Casual. Late nights or early mornings? It depends on the time of year – early mornings in winter and late nights in summer. Travelling on land, sea or air? Land – in a luxurious car. Smartphone: always on or often off? On, but I rarely answer it. I loathe the idea that a phone could control my day; I like to control my day. Sundays: full of activity or complete relaxation? I spend most Sundays with my children – Chloe, eight, and Adam, five, so it’s full of activity. What was your first car? A dark green Mercedes E Class. What’s the question you always ask a job applicant? I like to listen to their life plan and personal targets. What’s the answer that will always get them hired? Hearing what they want from life makes me tick, and helps me understand if they’re the right fit for our company. Which is your must-read business book? Think and Grow Rich by Napoleon Hill. What are you really into outside of work? Boating. How many unread messages are in your inbox right now? 20. Which philanthropic cause are you most passionate about? Helping to fund expensive treatment for very sick children overseas. What’s your prediction for the year 2040? Cars will be driverless.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Marcel Cutajar

CEO, AGILIS

“ M A L TA I S N O W S E E N A S A S E R I O U S P L A Y E R I N T H E I N T E R N AT I O N A L B L O C K C H A I N M A R K E T. ”

W H E N E N T R E P R E N E U R M A R C E L C U TA J A R F O U N D E D H I S F I R S T I T B U S I N E S S S O L U T I O N S CO M PA N Y A L M O S T 30 Y E A R S AG O , H E H E L P E D TO M O U L D T H E B OO M I N G I C T I N D U S T R Y F O U N D O N T H E I S L A N D TO DAY . A L O N G S I D E H I S D Y N A M I C T E A M , M A R C E L CO N T I N U E S TO L E A D T H E WAY F O R WA R D F O R T H E I N D U S T R Y , U S I N G H I S U N I Q U E K N O W L E D G E A N D E X P E R I E N C E T O U P D AT E C L I E N T S O N T H E L AT E S T TECHNOLOGICAL BUSINESS SOLUTIONS, WHILE INSPIRING THE NEXT G E N E R AT I O N O F I N D E P E N D E N T B U S I N E S S E S .

At a time when Malta was only just beginning to explore the digital world, Agilis CEO Marcel Cutajar decided that he wanted to be an entrepreneur within the ICT industry. “After completing my studies, which included a scholarship with a large international ICT company named Tata Consultancy Services,

I returned to Malta in 1991 and realised that I wanted to set up a business within the ICT sector,” he recalls. “It was still early days for the industry as Malta moved towards digital organisation but, through my first company Value Plus, I negotiated substantial contracts to deliver training to the civil service on automation, project management and digital skills. Then, in 1996, I merged the company

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T H E Q U O T E T H AT INSPIRES ME:

“THE MORE YOU GIVE THE MORE YOU GET.” UNKNOWN

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I thrive on assisting start-ups. For a long time, I’ve been involved with various organisations within the university and with Young Enterprise, either acting as a mentor or a judge in competitions, or delivering motivational talks about how to overcome blocks and focus on goals. The younger generation tends to think outside the box, and I love seeing their ideas and helping them bring them to fruition. I find it very satisfying to be able to make a valid contribution to their lives.

area. “This country is now seen as a serious player in the international blockchain market,” he explains. “Plus, almost everything now relies on software products, whether it’s banking, insurance or anti-money-laundering, to name but a few.”

with two others to create Powerserve, which focused on software business solutions, training and IT managed services.” However, two years later, Marcel decided to cut short his steady progress in the field of training due to a downturn in the local economy. “Training was one of the first areas to go in many organisations’ budgets, so, in 1998, I pulled out of Powerserve and set up Key Services, a group which later evolved into PWC Technology when it was acquired by PWC.”

With such an impressive history, Marcel still maintains that his key to success is surprisingly simple. “I’m a people person! I feel that my unique selling proposition is that I understand business people and their requirements. It’s all about having the ability and the drive to go out and network with people, to quickly react to changes in the industry, and then to bring the opportunities home.”

Marcel’s entrepreneurial ambitions were still not yet satisfied, despite his success with PWC. “I was exhilarated by the kill, the conclusion of a successful project, the execution of a contract. By 2015, at PWC I felt it was time to move on to new pastures and take advantage of the now-growing ICT industry, so I acquired 6PM Commercial, and renamed it Agilis.”

This agility and talent for effective communication with business people also inspires Marcel’s approach as he leads his own team at Agilis. “A CEO is the go-to person for staff if there are issues beyond them to solve, and so I want to make sure they are comfortable to do that. Following the Agile methodology, we have a daily ‘scrum’ with all the different development teams at 9am, during which each individual can share what they did yesterday, what they plan today, any blockers to achieving this and if they are on target,” he

Since Marcel took on Agilis, the company has continued to spread its reach within the digital services world. A main area of focus for the company is blockchain-related solutions and services, and assisting companies to move into the

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explains. “It makes sure that everyone is aware of the bigger picture and promotes a great team spirit, with no prima donnas or anyone left unsure of their role and value. It is a fantastic methodology for any business.” Learning to effectively lead a team has been another milestone in Marcel’s entrepreneurial career. “The beauty of starting your own company is that, at first, you must play many roles and do a lot of the work yourself. But with more clients comes the need to have more staff on board. As the team grew, I understood that I needed to take a step back and focus on managing the staff humanely and effectively – as a CEO you have a vision, but it’s only possible if you have a team with the same vision.” The chance to offer opportunities to those just starting out in the industry, as he once was, is also a great motivator for Marcel. “When

I was studying ICT, jobs were few and far between. Over the last 25 years I have been given opportunities, and I believe the more you give the more you get. Today, the market is great for anyone willing to learn and look for opportunities, with various EU funding and Government schemes, and there is certainly demand for new staff in the ICT sector.” In keeping with the name of the company, Marcel finally highlights that remaining agile is one of his key priorities as he looks to the future of Agilis. “In October we are moving to new speciallydesigned corporate offices, where I want to continue to build our brand, ensure that the digital world is spread across the whole country, and become a major solutions provider in the blockchain and FinTech markets, both in Malta and internationally. I would like to be remembered as someone who helped map the way forward for Malta’s ICT industry.”

Quick-fire Questions… with Marcel Cutajar What did you want to be when you were growing up? A clown or a dentist. Business formal or business casual? Casual, but formal when facing clients. Late nights or early mornings? Early mornings. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxing activities with the family – I try not to work over the weekend. What was your first car? My mother’s blue Golf. It had its own wonderful peculiarities! What’s the question you always ask a job applicant? ‘Was it hard to find parking?’ What’s the answer that will always get them hired? Their answer gives me insight into their approach and attitude. Which is your must-read business book? In Search of Excellence by Tom Peters and Robert H. Waterman, Jr. What are you really into outside of work? I love gardening, and I play tennis twice a week. How many unread messages are in your inbox right now? Hundreds! Which philanthropic cause are you most passionate about? As a company we sponsor the ALIVE Foundation, which funds cancer research. I also support young enterprises and various institutions, and sponsor tennis competitions. What’s your prediction for the year 2040? I believe our industry is going to take us towards what we see as science fiction today, for example self-driving cars, drones, more artificial intelligence – they are all driven by software.

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Ann Fenech

CEO, F E N E C H & F E N E C H A D V O C AT E S

“ M A R I T I M E L A W I N M A L TA W I L L CO N T I N U E TO T H R I V E . ”

D R A N N F E N E C H I S T H E M A N AG I N G PA R T N E R O F F E N E C H & F E N E C H A D V O C AT E S , O N E O F T H E L A R G E S T L A W F I R M S O N T H E I S L A N D. W I T H A U N I Q U E B AC KG R O U N D I N M A R I T I M E L AW , S H E H A S G R O W N H E R O W N S E C TO R F R O M N O T H I N G , W H I L E H E L P I N G TO D E V E L O P T H E F I R M A S A W H O L E . TO DAY S H E I S A L S O A N E X E C U T I V E M E M B E R O F T H E C O M I T É M A R I T I M E I N T E R N AT I O N A L , T H U S H E L P I N G TO S H A P E M A R I T I M E L AW O N A G L O B A L S C A L E .

Having grown up in a medical family, it may well have been assumed that Dr Ann Fenech would become a doctor, just like her father and her forefathers. But that wasn’t the path she wanted to take and, instead, Ann began reading Law – something fairly uncommon in Malta in the early 1980s, at a time when few women went to university. Thankfully, her family encouraged her every step of the way and never treated her any differently because she was female.

“After graduating here in 1986, I moved to London with my husband, Thomas, who had studied medicine there at the time,” Ann explains. “I joined Holman Fenwick Willan, a shipping firm in the City with hundreds of international employees. I hadn’t worked in the shipping sector before but I was eager to try, and they gave me a pilot project to work on while I, in the meantime, decided to read for a Maritime Law Master’s.”

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T H E Q U O T E T H AT INSPIRES ME:

“I AM EXTRADORADINARILY PATIENT, PROVIDED I GET MY OWN WAY IN THE END.” MARGARET THATCHER

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I am a morning person who needs little sleep, so I open my eyes at around 4.45am, having slept for four hours. If I am working on something important, I use that time to go through the motions of it calmly; it is the moment that I have to think, ponder and plan. I then leave the house at 7.45am ready to face my day.

So, I went ahead, and I haven’t had a single day since when I haven’t been busy. To date we remain the only law firm on the island with a dedicated marine litigation department and it currently employs six people on its own, among the 110 in the Group overall.”

In the end – having known nothing about the sector on her first day – Ann went on to specialise in maritime law and she spent six years in the sector exclusively in London. “Back in Malta that would have been unheard of at the time,” she says. “Lawyers then did a bit of everything but I fell in love with maritime law and never looked back. In fact, when Thomas moved to New Orleans to specialise in diseases of the retina, I was seconded from HFW to Chaffe McCall, a shipping firm in New Orleans, and I absolutely loved it. As I look back, I can honestly say I have loved every moment – all the ups and downs – of my professional career.”

Of course, all of this coincided with a time when the Malta flag was growing, which brought about lots of litigation worldwide and proved to be the perfect time to develop the accompanying sector for the island. “Because we are bang in the middle of the Mediterranean, Maritime Malta is everything to do with the maritime sector across the board – the transhipment of cargo, registration of ships, pilotage collisions, ship repair, the cruise liner business, salvage, yachting and more… our position really lends itself to the sector.”

Then, with a return to Malta in 1992 on the cards, Ann accepted an offer from Fenech & Fenech to set up a marine litigation department. “The other firms thought it was hilarious, but Fenech & Fenech encouraged me to take on the challenge. They have always been very forward thinking. 170

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And with that in mind, Ann found herself with more and more responsibility within the firm, and with a growing role. She also took on other positions outside it, lecturing at the University of Malta in shipping law, becoming the President of the Malta Maritime Law Association, while also becoming the first-ever Maltese executive member of the Comité Maritime International, a role that has helped give Malta a voice in the drafting of international maritime law. Then, in 2008, the Board at Fenech & Fenech appointed her Managing Partner; the equivalent of most companies’ CEO. “Even though we’re not classified as a business per se, we are offering a professional service to our clients and are very service and results driven,” she says of her approach. “In terms of management, I believe in giving people ownership; I always encourage them to find their niche within our organisation so they can grow. That is how I developed, and it is what I inspire our young recruits to strive for today: find an area that excites you, give your whole heart and soul to it. Grow in it and the firm will grow with you.” Looking back, Ann says she was never treated any differently because she was a woman. “Being female never entered into the equation,” she says. “Perhaps I was lucky, but it was never an issue. Now, in our organisation, 70 out of 110 people on our team are women; we didn’t engineer it to be that way, they were just the best candidates for the job. We support women to do what makes them happy.” And moving forward, Ann says that 2019 will doubtlessly be another exciting year for

maritime in Malta. “Malta has an excellent product covering all aspects of the maritime industry, serviced by some very good professionals who offer a good service at competitive prices when compared to our international competitors. Thus, it will continue to thrive. “Meanwhile, I recently had one of the most memorable events of my career at UNCITRAL – The United Nations Commission on International Trade Law in New York, where I was representing Comité Maritime International. During this 51st Assembly we were successful in persuading UNCITRAL to add ‘crossborder issues surrounding the international recognition of judicial sales’ to their working agenda. This is a huge breakthrough, and something I look forward to pursuing further in the year, and years, to come.” As for where she sees herself and the firm in five years’ time, Ann says she will be retired from her post of Managing Partner and working more on the international aspects of maritime law. “There are also a number of things I would like to pursue, and I would also like to retire at my peak. “As for the firm, I have no doubt it will go from strength to strength, by developing more and more areas of expertise. We have some exceptionally talented people, who will take the firm forward. We will keep trying to be better at what we do while bearing in mind that efficiency and good value for your money is king. “When it is all over, I hope to be looked back on as someone who contributed to the advancement of Maritime Malta,” she adds.

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Quick-fire Questions… with Ann Fenech What did you want to be when you were growing up? Someone who worked in the diplomatic corps, because I always loved travelling. Business formal or business casual? Formal. Late nights or early mornings? Early mornings. Travelling on land, sea or air? All three. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Full of activity. What was your first car? A second-hand six-cylinder Triumph Vitesse. What’s the question you always ask a job applicant? ‘Why have you applied for this job?’ What’s the answer that will always get them hired? ‘I am passionate about what I do.’ – Passion is key. Which is your must-read business book? Lloyd’s List – it’s a daily shipping publication. What are you really into outside of work? Cooking – it relaxes me completely – and spending time with my three men, Thomas, Matt and Tom. How many unread messages are in your inbox right now? Not many; just the ones that came in during this interview. Which philanthropic cause are you most passionate about? Dar tal-Providenza. What’s your prediction for the year 2040? In global politics, after what will have been 10to-15 years of complete havoc, we will hopefully reach a period of calm.

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T H E Q U O T E T H AT INSPIRES ME:

“THERE ARE NO PROBLEMS IN THIS WORLD, ONLY SOLUTIONS. LOOK FOR THE SOLUTION AND YOU’LL HAVE NO PROBLEM.” JOHN LENNON

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John Sullivan

CEO AND CHAIRMAN, S U L L I VA N S H I P P I N G

“WE MUST EMBRACE OUR MARITIME TRADITIONS W H I L E S T I L L S E E K I N G T O I N N O V AT E . ”

F O R M O R E T H A N A C E N T U R Y , T H E S U L L I V A N F A M I L Y H A S B E E N AT T H E H E A R T O F T H E M A R I T I M E I N D U S T R Y I N M A L TA , W I T H G E N E R AT I O N S M O V I N G T H E B U S I N E S S F O R WA R D , I N K E E P I N G W I T H S T R O N G T R A D I T I O N S A S W E L L A S M O D E R N B U S I N E S S R E Q U I R E M E N T S . TO DAY , S U L L I VA N S H I P P I N G ’ S C E O A N D C H A I R M A N J O H N S U L L I VA N L E A D S A D Y N A M I C T E A M W I T H A U N I Q U E B L E N D O F R E S P E C T F O R T H E PAS T , A N D I N N O V AT I O N F O R T H E F U T U R E . 1960s the company branched out into other companies, where I eventually became General Manager and then Managing Director. When the towage industry was nationalised, however, I ended up without a job – so I decided to join Sullivan Shipping Agencies, as it was called in those days.”

With more than 50 years of experience, John Sullivan has dedicated a lifetime to working in the Maltese maritime industry. “I started my career on 1 April 1964, when I was appointed as a Junior Executive for Malta Tug & Lighter Services Ltd, which operated the barges and its associated company Midmed Towage Company Ltd, operating ship towage services in the harbours,” John explains. “Following the commercialisation of the dockyard in the early

By joining the family company, John was thereby adding his name to the Sullivan family legacy that has been active in Malta’s maritime industry 173

since 1888. “The Sullivan dynasty has been a major stakeholder in the sector for over a century, with experience that spans the steam ship era of the 1800s to today’s global trade of large ocean liners, carriers and highly specialised vessels,” he continues. “To be able to develop the family business today as CEO and Chairman of Sullivan Shipping, with the next generation now learning the ropes to move it forward as I once did, makes me immensely proud.” It is this drive for innovation coupled with a respect for tradition that has been the cornerstone for John’s career thus far, which also included executive roles at the Malta Chamber of Commerce, the Malta Employers Association and Gozo Channel Co Ltd, among those at numerous other prominent organisations including Tug Malta Ltd of which he remains Chairman to this date. He encourages his forward-thinking approach in the younger generation of Sullivans currently working in the company. “I still recall how, when I joined Sullivan Shipping, my first battle was to persuade the company directors to invest in a fax machine, which was the height of technology and very expensive at the time. Today, technology has of course progressed, but I hope the next generation will also suggest innovative changes within the company as I once did, to continue to drive Sullivan Shipping forward and provide the holistic service for which we have always been renowned.” This philosophy has likewise moulded John’s approach to being CEO. “In my younger days, a CEO had a very different role to the CEO of today. Now, with the growth of companies and constantly-advancing technology, the role of a CEO is not to micro-manage and tell everyone what to do, but to provide an overview and empower people to innovate and make decisions.”

The key to success for a family business? Never discuss business at

However, John points out that a standardised approach in how the company operates is still essential, to ensure it remains compliant with all regulatory requirements. “A major part of the CEO’s job is to make sure that things are being done properly, maintaining standards of quality both in documentation and checks, and ensuring that we are fully compliant with all regulations,” he explains. “This is of particular importance in the shipping industry today, wherein 50 or 60 people might be involved in the shipment of a single box. Without the use of modern technology this would be almost impossible but, by maintaining a standardised

home! We have a rule to leave work at work, to make sure that we have quality family time. Why take one’s problems home?

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structure of communication, it becomes possible, thus safeguarding the industry process.” In fact, staying on top of the paperwork is just one of the challenges faced by John and the team at Sullivan Shipping. “The shipping business is constantly changing and we need to adapt. These days, clients have multiple suppliers and numerous small items that they need to receive at top speed, so we must work quickly and efficiently. We must acclimatise to the modern world but keep to the traditions at the core of the business.” Furthermore, leading a family-owned company also presents both challenges and opportunities. “Our development as a familyowned company gives our work a different dynamic. We have not only my generation and the next to consider, but we must also respect the wisdom and progress of family

members no longer physically here. Sullivan was started by my great-grandfather, who had four sons including my grandfather, and they all had several children each, so the family grew exponentially, with most working under the Sullivan banner in various branches of the company. Leading a family business upon which so many related families now rely is a big responsibility.” As he looks to the future of Sullivan Shipping, John nevertheless hopes that it continues to grow and upholds his open-minded yet focused approach to the business. “Sullivan Shipping has developed tremendously over the years, and I hope that it will keep developing long after I’ve retired and gone! I would like to be remembered as being fair, open and innovative, and for being someone who grew and strengthened the Sullivan Shipping and maritime legacy in Malta.”

Quick-fire Questions… with John Sullivan What did you want to be when you were growing up? I wanted to go to sea, to join the Merchant Navy or British Navy. Business formal or business casual? Formal, when there’s work to be done. Late nights or early mornings? Late nights. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? A bit of both – when the grandchildren are around I try to play with them, but if I’m on my own I’ll do some work at home. What was your first car? A red, second-hand Mini. I wanted an old MG, but my father said it was too dangerous! What’s the question you always ask a job applicant? ‘Why do you want to join the company?’ What’s the answer that will always get them hired? No specific answer, but I want to gauge their attitude. Which is your must-read business book? None in particular, although I stay up to date with maritime-related newsletters and trade journals. What are you really into outside of work? Family time – I’m enjoying being a grandfather now. How many unread messages are in your inbox right now? As many as have come in during this interview! Which philanthropic cause are you most passionate about? I like to help with anything sea-related and Melitensia. What’s your prediction for the year 2040? Hopefully walking without a walking stick! With regards to what’s happening in the world, I’m not sure.

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Edwin Borg

CEO, THE POINT

“WHETHER IT’S THROUGH CHALLENGES OR O P P O R T U N I T I E S , YO U H AV E TO B E A B L E TO D E L I V E R . ”

A S M A L TA ’ S B E S T - K N O W N R E TA I L H U B , T H E P O I N T I S A H O U S E H O L D NAME. EDWIN BORG IS ITS CEO, AND HE HAS DRIVEN IT FROM ITS E A R L I E S T P L A N N I N G P H A S E T O W A R D S I T S I N D I S P U TA B L E S U C C E S S TO DAY . L A S T Y E A R , T H E P O I N T T U R N E D O V E R € 6 M I L L I O N A N D WELCOMED 2.5 MILLION PEOPLE THROUGH ITS DOORS.

Edwin Borg has loved business for as long as he can remember, but it wasn’t until 2006 that he started to fall in love with commercial retail – although he had headed the retail network at Maltapost plc for a number of years. It was then that he joined MIDI plc, which was, at the time, developing Tigné Point and The Point. He was hired as the Business Development Manager and charged with taking care of everything that wasn’t related to the residential side of the business –

meaning the forts, office blocks, shopping centre and catering. “Development of the shopping centre was one of my key focuses at the time,” Edwin explains, adding that he was deeply involved in the project from the planning and construction phase all the way to its launch. “Sorting out the rental side of things was a massive task in its own right at the time and it got me so totally immersed in the shopping mall project that, after a while, I was asked to take on The Point specifically.” 178

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T H E Q U O T E T H AT INSPIRES ME:

“THE OX IS SLOW BUT THE EARTH IS PATIENT.” ANCIENT BUDDHIST PROVERB

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I do believe that only a CEO will ever understand what it is like to be a CEO. It’s not easy to keep everyone happy. That said, I think I’ve always acted in the best interest of our company, our retail partners and, of course, our end customers. I’d like to be remembered as a person who got things done through people and with people.

The shopping centre opened on 20 March 2010 and, Edwin recalls that – at the time – faith in the project was not particularly high. “People just didn’t think it would work as a retail centre,” he says. “Many didn’t believe shoppers would venture beyond the centre of Sliema. Thankfully we have proved them wrong. Yes, there were struggles but, since securing the top retailers and brands that we managed to persuade to join us at the beginning of this venture, we have never looked back. In fact, since then we have consistently been flooded by requests for space.” The Point’s next major milestone came in 2013, when MIDI opted to sell its interests in the company and it was listed publicly, placing The Point on the Malta Stock Exchange. “Since opening, I am pleased to say that we have been successful both in terms of our product and when it comes to good financial performance. At this point in time we attract 2.5 million people on an annual basis, and expect that to grow because we are now trading on Sundays too.” And it is doubtlessly Edwin’s approach to being CEO of the company that has really helped with that development. “Being CEO isn’t easy because it requires total commitment,” he says. “It is so important to have a good understanding of business and, particularly, business in Malta, because that is not necessarily in tandem with what you read in textbooks. Personally, the most important part comes down to managing people and what they are good at.”

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As most CEOs will attest, hardly anything ever works out the way you think it will – so Edwin also pinpoints adaptability as a vital skill. “Both when it comes to the challenges and the opportunities, you have to be able to deliver – and to find a solution that works. Everyone in the chain has expectations, from your shareholders to the retailers and, as CEO, it is my job to ensure they are met. “Thankfully, I am lucky to have a team of fantastic, dedicated people around me, who share the company’s vision and work endlessly towards its achievement. I am totally indebted to my loyal team for being there throughout our journey at The Point. Likewise to successive Boards for their support and wise counsel.”

But it must also be down to Edwin that The Point has had – to use his words – ‘a good run’, with consistent growth year on year. “In 2017 we registered a turnover of over €6 million. Our tenants enjoyed growth of around 53 per cent between 2010 and 2017, which is completely out of sync with the market. Now, we’re pretty confident that we can push ahead with that in the year to come, too. As for our customers, we are focused on competing on an experiential level; we want them to come through our doors and to have a good time, whether they are shopping, dining or simply enjoying the atmosphere. “Meanwhile, we cannot afford to rest on our laurels but, instead, need to strive to retain The Point’s position and reputation.”

Quick-fire Questions… with Edwin Borg What did you want to be when you were growing up? I always wanted to follow a businessrelated career. Business formal or business casual? Casual. Late nights or early mornings? Definitely late nights. Travelling on land, sea or air? Air and sea. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? I opt for relaxation, when possible. What was your first car? An Opel Astra when I was 21. What’s the question you always ask a job applicant? ‘What attracted you to this role with us?’ What’s the answer that will always get them hired? It depends on the role, but enthusiasm for the sector is vital. Which is your must-read business book? I love reading the Harvard Business Reviews. What are you really into outside of work? I am a dog lover and also enjoy gardening. How many unread messages are in your inbox right now? Do I need to answer that…? Which philanthropic cause are you most passionate about? Puttinu Cares. What’s your prediction for the year 2040? I think population growth in Malta will have stabilised and the country will be more affluent. I hope we will be living in a cleaner world, with more respect for the environment.

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T H E Q U O T E T H AT INSPIRES ME:

“THERE IS NOTHING IMPOSSIBLE TO HIM WHO WILL TRY.” ALEXANDER THE GREAT

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Felipe Navarro

CEO, MAPFRE MIDDLESEA PLC

“ENABLING AND EMPOWERING OUR TEAM IS DEFINITELY A DRIVING FORCE FOR ME.”

AS PRESIDENT AND CEO OF MAPFRE MIDDLESEA PLC, AS WELL AS C H A I R M A N O F T H E M A L T E S E - S PA N I S H C H A M B E R O F CO M M E R C E , F E L I P E N AVA R R O O V E R S E E S A T E A M O F O V E R 1 7 0 P E O P L E . U N D E R H I S L E A D E R S H I P , M A P F R E M I D D L E S E A H A S CO N T I N U E D TO G R O W A S T H E L A R G E S T I N S U R A N C E G R O U P I N M A L TA , W I T H L E A D E R S H I P P O S I T I O N S I N B O T H T H E L I F E A N D N O N - L I F E M A R K E T.

Many of the CEOs you will read about on these pages have worked within the same industry – or even the same company – for their entire careers. MAPFRE Middlesea plc CEO Felipe Navarro’s path was a little different. He started working in the financial markets in 1991, and spent just over 10 years specialising in derivatives, training in equity, bonds and brokering. Then, in 2002 he had the opportunity to move from the financial market to the insurance business, and that’s when he chose to change path completely.

“In a way that means I will always be a newcomer to the insurance world,” he smiles. “At least by MAPFRE standards anyway! Most people in the company have worked here for upwards of 25 years. In the insurance sector you often start and end your career in the same company – so I guess I will always be the strange guy with a history outside the Group!” Felipe certainly moved between two sectors that do things very differently. While the insurance 185

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markets deal with long-term goals and products that will last a lifetime, financial markets are the absolute opposite – dealing with the very shortterm and products that have a maturity of just three or four months. But this was something he quickly embraced. He joined the company in the mergers and acquisitions department and, after five years, went into the bank assurance business – largely taking care of agreements in Spain. “The whole process fascinated me and, since then, I have become very fond of the insurance industry, and grateful for the opportunities at MAPFRE,” he says.

I am driven by the challenges faced by the company on a dayto-day basis, and by trying to solve

Then, having been based in Spain for his entire life, Felipe was offered the chance to lead the MAPFRE Middlesea team in Malta, and he opted to take on the role. “It was in November 2011 that MAPFRE acquired the majority shareholding in Middlesea plc, at which point I was invited to become one of the directors on the Board of MSV Life,” Felipe continues. MAPFRE International is in fact the majority shareholder of Middlesea with a 54.56 per cent shareholding, while Bank of Valletta plc has a shareholding of 31.08, and the Group is listed on the Malta Stock Exchange.

them. Our strategy is now looking ahead long-term, and we’re definitely thinking outside the box.

“That was my first contact with Malta,” he adds, “and I started attending meetings here in 2012, before being made one of the directors for MAPFRE Middlesea in 2013. My predecessor was then given the opportunity to move to Turkey and I was offered the position of CEO here because I was already heavily involved in activities on the island.” But Felipe wasn’t the only one to make the move to Malta; his wife and four children joined too. “It was a big move for all of us. My wife made a huge sacrifice in giving up her job in Spain, and I owe her a lot for that. Plus, as always when you make children move, the first six months are a little challenging but, at the end of the day, they are very happy. This is a delightful country to raise children in.” Looking at his role within MAPFRE Middlesea, Felipe says that, as CEO, he considers himself to be a leader, as well as the reference point for the rest of the company when it comes to implementing the strategy decided by the shareholders through the Board. “To me a CEO is the person who is ultimately responsible for everything that happens within the company,” he says. “And that role comes with a lot of responsibility because it is important for the CEO to give peace of mind to the rest of the team, fulfilling the goals set by the Board. I try to be that person. Being CEO isn’t about laying down the law, but about trying to make the team 187

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understand how things could be better and to propose solutions to them. Across my career I have found that, by listening to people, you will discover that they know what needs to be done perfectly well, but that they might need a confidence boost or push. Enabling and empowering our team is definitely a driving force for me.” Meanwhile, Felipe explains that there are many changes afoot in the months and years to come, both for MAPFRE Middlesea and for the wider insurance sector. “One of the core challenges for many insurance companies is the fact that, until recently, certain lines of business weren’t sustainable in the long-run because of technology challenges. Now, new core IT changes will help to make this sector more profitable because processes can be faster with better pricing strategies and more sophisticated approaches. We are making that technology change at the moment and I believe it will make a huge difference across the whole company.” Felipe outlines how a focus on widening service offerings will

help to make MAPFRE Middlesea more effective in 2019 and beyond. “Right now we’re trying to make our business more service-oriented. For instance, there’s the roadside assistance that forms part of our car insurance offering, or the home assistance package for our home insurance, both of which should be included in our policies more and more. If something goes wrong in a client’s home, our plumber will be able to come and fix it as part of the service. To me that’s definitely an important part of our future strategy and a manner in which we can add value for clients.” Finally, when asked about what drives him on a daily basis, Felipe says that it is both the day-to-day challenges and the long-term development of the company’s strategy. “In five years’ time, I see us retaining our leadership position in the market, and my goal will be to ensure we keep providing stable results over that time and beyond. I trust that we will provide peace of mind for both our shareholders and our policyholders; that is the combination that I will keep striving for.”

Quick-fire Questions… with Felipe Navarro What did you want to be when you were growing up? A vet looking after horses. Business formal or business casual? Usually formal, although wearing a tie in the Maltese summers is a little impossible. But I do believe in formal attire as I see it as a mark of respect. Late nights or early mornings? In the past it was late nights, now it’s early mornings. Travelling on land, sea or air? For business air, for pleasure land. Smartphone: always on or often off? On, but I will only answer on weekends if I know it’s urgent. Sundays: full of activity or complete relaxation? With four children, full of activity! What was your first car? A green Seat 127 that I shared with my sister. What’s the question you always ask a job applicant? I like to know what they are passionate about in their own lives. What’s the answer that will always get them hired? It’s all about openness and shared values. Which is your must-read business book? The Essential Drucker by Peter Drucker. What are you really into outside of work? Reading literature, listening to music and watching TV series. How many unread messages are in your inbox right now? 20. Which philanthropic cause are you most passionate about? I belong to a fraternity in Madrid that runs a social kitchen, serving 300 meals a day. It was founded in 1614. What’s your prediction for the year 2040? I believe Europe will be a reality. Humankind is always moving forward.

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Michael Warrington CEO, AX GROUP

“OUR EQUITY HAS RISEN FROM € 5 M I L L I O N TO € 1 7 5 M I L L I O N . ”

W H E N M I C H A E L W A R R I N G T O N ’ S M E A S U R E D A N D C O N S E R V AT I V E APPROACH MET ANGELO XUEREB’S DYNAMIC ENTREPRENEURSHIP A N D V I S I O N , I T W A S A M AT C H M A D E I N B U S I N E S S H E A V E N . T W E N T Y Y E A R S O N , M I C H A E L I S C E O O F T H I S E V E R - G R O W I N G O R G A N I S AT I O N , W H I C H O P E R AT E S A C R O S S T H E S E C T O R S O F H O S P I TA L I T Y , C A R E , DEVELOPMENT AND CONSTRUCTION.

Michael Warrington’s varied career started in banking at a very formative time for the industry in Malta. Over the course of 13 years in that sector, he was exposed to interesting challenges within it and, to this day, it remains close to his heart. “But I have to admit I am the sort of person that gets bored easily,” he smiles. “I have moved around since then and been very fulfilled by where my journey has taken me – four years at Air Malta during a time when the airline was profitable,

followed by the setting up of my own firm, before joining the team that opened the Westin Hotel, and then back to banking.” Michael has actually started up four banks in his career so far, while also restructuring a fifth and helping to take it from losing €8 million a year to making €1 million in profit. “That’s what drives me most in life,” he says. “Working with start-ups or companies that need hard-core reorganisation. And that is what brought me to the AX Group.”

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T H E Q U O T E T H AT INSPIRES ME:

“WORK SMARTER, NOT HARDER.” ALLAN F. MOGENSEN

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Michael has had a close connection to AX for nearly 20 years. He originally came into it through the Capua Hospital, having been asked to provide financial advice at a time when it was still owned by the organisation. Then, on the eve of the millennium, he was offered the role of CFO of the Group, which he took up in February 2000. It is a position he retained until 2016, at which point he took on the role of CEO. “AX Group has given me some truly wonderful opportunities and insights,” Michael enthuses. “Right from the early days, I developed a very good working relationship with Angelo Xuereb; I think the combination of his qualities and entrepreneurship, and my own administrative and conservative banking approach has been a good balance and has served the Group well. I am proud that, when

I am a firm believer that, as CEO, you need to continuously engage with your subordinates and stakeholders. I formally and informally communicate with both as often as I can to keep everyone in the loop about how and why the Group is evolving.

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I joined, our equity was €5 million and that, today, it is €175 million.” The CEO puts much of this success down to the team that has been crafted at AX. But it is also doubtlessly down to his own range of experience, including on the boards of companies such as GO, Citadel Insurance and Nissan Insurance. “I have maintained a range of interests and involvements, which is what keeps me motivated and engaged,” he says. “It also gives me certain strengths, as I am able to take ideas from one industry to another, and to adapt them as required. It is progress that excites me: taking a challenge and turning it into a positive outcome.” Asked about how he sees his role within the Group, Michael believes that the CEO should implement and develop the vision

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

of an organisation. “Regardless of the company, as CEO you need to go in, assess, evaluate, look for strengths and opportunities, and then lead and motivate your team to embrace and deliver that vision. Achieving that involves having not just business acumen but an understanding of people and situations. So, unless you are a good people manager and can really develop an insight into characters and what makes people successful, it isn’t easy to be a successful CEO.” Looking at AX specifically, he highlights how it has grown from a family business in which Angelo Xuereb was not just the entrepreneur but the CEO, to a company with a second-generation succession plan in place and an external CEO. “In fact, I see the transition into the second generation as one of our biggest challenges. Right now, I think our prime objective is to build clear structures within what is a very complex group of companies, and to instil a culture of how decision-making should be undertaken. It is growing into a more formal and corporate structure than the one that existed in the past.” Michael says that this transition has been a long time coming. “I look back on many conversations with Angelo about putting a family charter into place; about how the Group would be structured and how that structure would serve us going forward. It was around Christmas 2015 that he said that the time had come to appoint a CEO and asked if I would be interested. At the time, I was CEO of a bank – and I am not the sort of person to jump ship – but he knew my love for the Group and that my respect for him was long-lived. So, he gave me the time to work on doing things properly and, in the meantime, talked to his family about it all. Nine months later I made the move and haven’t looked back – it has been very rewarding and satisfying, with strong support from the Xuereb family, as well as the wider team.” Now, Michael says that the most important thing he is working on for 2019 is the internal mechanics of the Group and the way the management core functions. “It is a journey that we are still working on; like with everything, some people rise to the challenge while others need a bit more help. I admit that I am demanding in what I want to achieve – it is a standard to which I hold both myself and my team – but I know we will get there. “My hope now is that, even in five years’ time and beyond, I will be able to keep contributing value to the Group. I see my role here as my last CEO position and have no wish to take on other challenges beyond it. Within five years, I hope to have a close understudy and to be managing the transition to a new AX CEO.”

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Quick-fire Questions… with Michael Warrington What did you want to be when you were growing up? I always wanted to make things – whether that was carpentry, for instance, or making a business profitable. Business formal or business casual? Shirt and open collar. Late nights or early mornings? Early mornings. Travelling on land, sea or air? Land. Smartphone: always on or often off? Often off. Sundays: full of activity or complete relaxation? Full of activity. My routine doesn’t change much, although I dedicate more time to my family. What was your first car? A small moped, followed by a Fiat 127. What’s the question you always ask a job applicant? ‘Where do you aspire to be in five years’ time?’ What’s the answer that will always get them hired? One that shows they have vision for their career. Which is your must-read business book? I don’t read business books. But my favourite book of all time was The Sicilian by Michael Puzo; it’s a book that teaches you a lot. What are you really into outside of work? Carpentry is my hobby. How many unread messages are in your inbox right now? Just the ones that came in during this meeting. Which philanthropic cause are you most passionate about? Dar tal-Providenza. What’s your prediction for the year 2040? We will talk to computers. AI will have completely changed the way we work and travel. I also envisage science taking man to a completely new platform. I think many of the things we do today will have become obsolete.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“IF I HAVE SEEN FURTHER IT IS BY STANDING ON THE SHOULDERS OF GIANTS.” ISAAC NEWTON

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Christopher Busuttil Delbridge

CEO, EVOLVE

“ I L E A R N S O M E T H I N G E V E R Y DAY , A N D F R O M E V E R Y O N E I M E E T. ”

C E O C H R I S TO P H E R B U S U T T I L D E L B R I DG E R U N S E V O L V E – A L A B O R AT O R Y S O L U T I O N S P R O V I D E R W I T H A S E R V I C E A N D P R O D U C T R A N G E T H AT C O V E R S E V E R Y T H I N G F R O M C O N S U M A B L E S A N D T R A I N I N G TO E Q U I P M E N T A N D M A I N T E N A N C E S E R V I C E S . THROUGHOUT HIS CAREER HE HAS BEEN DRIVEN BY PIONEERING HIS S E C TO R , A N D T H E R E S U L T S S P E A K F O R T H E M S E L V E S A S E V O L V E I S N O W TA K I N G T H E F I R S T S T E P S T O W A R D S I N T E R N AT I O N A L I S AT I O N . Little did Christopher Busuttil Delbridge know, that, when he began his first-ever job, it would grow to become his life’s work. To quote him: “I am still here,” he smiles. His journey to the role of CEO of Evolve – and his passion for the scientific field – takes him back to when he was 17 and he won a local environmental contest, before going on to represent Malta in Cologne at the Young Europeans Environmental Research (YEER) competition. “I built a model of a solar-powered lift,” he recalls. 195

And there was no stopping him after that. From representing the island at the London International Youth Science Forum at the age of 18 to co-founding SciLink – the Junior Section of the Malta Chamber of Scientists, and, then, successfully reading for a B.Sc(Hons) in Chemistry and Biology, Christopher has never once wanted to work in any other sector. He says, “as a person, I like to be innovative and drive changes. To me, it’s all about leading from the front and being as hands-on as can be.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I have been given so many gifts and it is my duty to share them with the world. I have a strong sense of duty, and it is that that drives me every single day. I also love everything related to Evolve, from the people I get to work with to the daily challenges we face together. It’s like a big puzzle and every day is a new level within the game. After 20 years in this job I still love every day, even the bad ones.

Evolve is actually a subsidiary of Attard & Co, the company Christopher joined in 1999, fresh out of university. Ever since he says he has learnt on the job and worked to grow the organisation. He was integral to the opening of Evolve – the Group’s laboratory services arm – in 2006, and he subsequently became a shareholder and co-Director, before accepting the role of Managing Director. Today he leads a team of 21, while focusing on business development, key customer meetings and staff management. “I think of myself as a facilitator,” Christopher continues. “I serve my colleagues so that they can achieve their maximum potential; I consider our shareholders and customers in equal measure so that everything can balance out effectively. I guess I am the ‘glue’ that keeps everything together, while also giving the company direction. That said, I am not the only one giving Evolve direction, we all contribute in our own ways.” It is ongoing learning that really inspires Christopher, and he stresses that he is the sort of person to learn something every day, and from everyone he meets. “As a result there have been so many people who helped to define the person I am today,” he says. “My parents taught me to be respectable; my mentor and boss Hugh Arrigo taught me all about the business world; many of our customers have inspired me to be the best for them; while my wife has helped to shape me in other ways, like when it comes to being a good family man. Overall, though, I like to make my own way through life, and to twist and adapt depending on what needs to be achieved in the moment.”

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And it is all that that enables Christopher to embrace the challenges and opportunities he faces within the industry – such as transforming Evolve’s traditional business to meet the needs of the digital world. “The industry we operate in has lagged behind in that respect,” he says. “Although this is a very high-tech sector in many aspects, a lot of it is still manual, and we need to change that. Our biggest challenge for 2019 will be discovering how best to automate most of what we do and to bring it into the 21st century using digital means – such as AI, virtual reality, augmented reality, software bots and platforms, all of which we have started to explore. With the growing phenomenon of disintermediation, the time is right to redefine our role in the industry as value-added service providers rather than middlemen. Maybe we should morph into a consultancy and project management company.” It is a path he plans to take the company on while maintaining his trademark trait: humility.

“I truly believe that I will never know enough, so it is my wonderful team – whom I encourage to always approach everything with a positive attitude – that will help to drive us even further in the future,” he says. “Personally speaking, I have always been a forwardthinker, and I will continue to be forward-thinking in the years to come – not following anyone in the market but paving the way. I do see us growing substantially in the years ahead, especially from an international standpoint. The world is big and there is space for everyone in it.” So that is how Christopher sees the future for Evolve – with a much bigger presence locally, and with offshore offices to accompany its headquarters here. “We know exactly which geographies we’re targeting and where we’re going,” he says. “I have completed a course on internationalisation and, since, visited three countries with lots of potential for us; we have already made contacts on the ground and a plan is in motion. For us it can only get better.”

Quick-fire Questions… with Christopher Busuttil Delbridge What did you want to be when you were growing up? A priest. Business formal or business casual? Casual. Late nights or early mornings? A bit of both, although early seems to work better lately. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Activity. What was your first car? A sun-faded brown Honda Civic. What’s the question you always ask a job applicant? ‘What’s your tactic for giving disappointing news to a client in person?’ What’s the answer that will always get them hired? I am looking for honesty, but someone who would be calm under pressure and respectful at the same time. Which is your must-read business book? Delivering Happiness by Tony Hsieh. What are you really into outside of work? Singing. I sing in a choir and I love it. How many unread messages are in your inbox right now? 174. Which philanthropic cause are you most passionate about? Reducing suffering for children. What’s your prediction for the year 2040? I think life will be better then. I trust we will have a completely different political system to the one we have now; we have 22 years to figure it out. I believe technology will move on in leaps and bounds. That said, I am aware that we are currently going through the world’s sixth mass extinction, so we definitely need to shift our focus to the environment.

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T H E Q U O T E T H AT INSPIRES ME:

“YOUR BELIEFS BECOME YOUR THOUGHTS, YOUR THOUGHTS BECOME YOUR WORDS, YOUR WORDS BECOME YOUR ACTIONS, YOUR ACTIONS BECOME YOUR HABITS, YOUR HABITS BECOME YOUR VALUES, YOUR VALUES BECOME YOUR DESTINY.” MAHATMA GANDHI

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Winston Zahra

C E O , G G H O S P I TA L I T Y

“ T H E WAY T H E C E O B E H AV E S F O R M S T H E C H A R AC T E R O F T H E CO M PA N Y.”

H AV I N G S T E P P E D DO W N A S C E O O F I S L A N D H O T E L S G R O U P A CO U P L E O F Y E A R S A F T E R T H E CO M PA N Y WA S S O L D TO I H I , W I N S T O N Z A H R A T O O K O N T H E R O L E O F C E O O F G G H O S P I TA L I T Y I N T H E U K I N JA N UA R Y 2 0 1 8 . TO DAY H E O V E R S E E S T H E G R O U P T H AT R U N S T H E P O P U L A R B R A N D S H O T E L F O O T B A L L A N D C A F É F O O T B A L L , A S W E L L A S T H E G G E V E N T S C AT E R I N G C O M P A N Y A N D T H E S TOC K E XC H A N G E H O T E L .

Winston Zahra Jnr grew up in one of the bestknown and most successful business families on the island. So it’s no surprise that many of his earliest memories are actually related to the world of business. “My father opened the Riza Hotel with his brother Tony back in 1979 and I think I decided there and then that I wanted to be in the hotel business,” Winston smiles. “It’s such an exciting industry; it’s

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all about people, movement and the fact you have to be on the ball 24/7 – at the ready all the time. I thrive on that.” Fast-forward a few years and, after a couple of decades spent working his way up the company ranks, Winston says he realised he had become ‘de facto responsible’ for the business in 2002, when Island Hotels Group was building its Golden Sands property. He was COO back then, leading

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

When it comes to the people that have inspired me in business, I always think of those in the organisation that I have watched go the extra mile, climb the next rung, or work really hard to overcome something. And up to his appointment as CEO in 2009, around the same time the company went public and it became important to officially formalise its structure. “My father and I both describe our journey over the 25 years of Island Hotels Group in the same way. For the first 10 years ‘I rode on his back’, then we spent five years side by side and, in the last 10 years, he ‘rode on mine’. The evolution we crafted together has been amazing. The company had just 25 employees when it started out and we built it all the way up to 1,300 team members. It was an incredible privilege to have had the opportunity to lead a team of that calibre and our success belongs to every single person thanks to a lot

of dedication, passion, genuineness and creativity.” As most CEOs will tell you, there is no doubt that – as a leader – your behaviour and decisions rub off on the rest of the company and filter down – and Winston agrees. “The way the CEO behaves forms the character of the company. It sets the tone for how people treat each other, how they treat clients, the way decisions are taken, and how things are implemented across the board. It is vital to know and understand that when you are leading a team.” That said, Winston admits he has never given too much thought to the way he operates as CEO. “I don’t wake up in the morning and plan 202

there have been so many – from the team members at Island Hotels, to my father who started the business from nothing, supported by my mother, to my wife Gaby, who has stopped at nothing to bring our children up with values we both hold dear.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

my behaviour,” he says. “I am who I am; I behave how I behave because of who I am and I don’t overthink it. Yes I think through decisions but, with me, people get what they see. Some people like that, and others hate it but, ultimately, that’s the way I am.” Nevertheless, Winston admits that he has sometimes had to go against his own personal character to take difficult decisions. “That’s a tough one,” he says, “as it goes against your grain and people don’t expect it. But sometimes it has to be done in business, and it then comes down to handling things properly and explaining the wider context to your team. Good communication really is the cornerstone of good business, especially when times get tough. I have found that people don’t mind having to go on a bumpy ride if the journey and the reasons behind it have been explained to them. On the flip side, when they are out of the loop, you lose their trust and they become cynical.” So, even today in his role as CEO of GG Hospitality, Winston says his ultimate focus has never wavered: people. “I get a buzz from seeing teams come together to achieve things, and from watching people grow, develop and become stronger. Sometimes they step into roles they may never have dreamed of and excel. When you understand the fundamentals of people, then you can manage them. Watching a business grow from nothing to a certain size is great, but nothing beats watching people flourish and enjoy success in their own right.” And all that ties in very neatly with Winston’s current project – making GG Hospitality a success as it rolls out new brands and products in the next few years. “Growing the brand and the team right now is definitely the driver,” he says. “There are so many opportunities for growth and, currently, we’re getting the building blocks aligned. Just like in Malta, the biggest challenge comes from the lack of labour force, as the number of people willing to work in hospitality is dwindling; the industry isn’t traditionally a good match for millennials and z-gens. Thus, we’re remodelling how we work and our approach to that age group, because we absolutely have to get it right.” As for Winston’s own future over the next few years, he sees himself leading the effort to grow the GG brands, and has plans in place for the company to grow significantly larger and more diverse. “The decisions we take today will set the scene and, with a little bit of luck, I believe things will grow significantly. I look forward to the journey,” he adds. 203

Quick-fire Questions… with Winston Zahra What did you want to be when you were growing up? Involved in hotels. For me it has always been hospitality. Business formal or business casual? Casual. Late nights or early mornings? Both, but of the two I would pick early mornings. Travelling on land, sea or air? Land. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? A bit of both. What was your first car? A blue Vauxhall Chevette, with windows that wouldn’t stay up. What’s the question you always ask a job applicant? I don’t have a set of fixed questions. What’s the answer that will always get them hired? There isn’t one, but I like people to walk in with a smile. Which is your must-read business book? Losing My Virginity by Richard Branson. What are you really into outside of work? Family time and running. How many unread messages are in your inbox right now? None. I have inbox-OCD. Which philanthropic cause are you most passionate about? The Lisa Marie Foundation. What’s your prediction for the year 2040? I hope people will have woken up and realised the damage we’re doing to the environment, and figured out a way to reverse it or at least stem it. I wish I could say I predict that, but I am not particularly hopeful.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Pierre Pellegrini Petit

CEO, AT TA R D & C O F O O D L T D

“STRESS DOESN’T REALLY AFFECT ME.”

W I T H € 1 8 M I L L I O N I N A N N U A L T U R N O V E R , AT TA R D & C O F O O D L T D I S O N E O F T H E M O S T S U CC E S S F U L F OO D CO M PA N I E S O N T H E I S L A N D . AT I T S H E L M I S C E O P I E R R E P E L L E G R I N I P E T I T , W H O H A S B E E N D R I V I N G I T S P R OG R E S S S I N C E 2 0 0 0 . TO DAY I T I S F U R T H E R D I V E R S I F I C AT I O N , S O L I D I N V E S T M E N T A N D S T R AT E G I C A L L Y P L A N N E D A N N U A L G R O W T H T H AT C O N T I N U E T O B U I L D O N T H I S O R G A N I S AT I O N ’ S N E A R - 1 0 0 - Y E A R H I S T O R Y . Pierre Pellegrini Petit is a CEO driven by his family’s legacy and the desire to keep growing it well beyond the third generation. Pierre started his career with a stint in the timeshare business after completing sixth form, before committing to the family business – a decision he has never looked back on. “I believe we have a history to be proud of,” he says, detailing how his grandfather, Eduardo Pellegrini Petit, started out in the insurance sector in 1921, insuring supplies as they were shipped to Malta

from overseas. “His biggest opportunity arose when one of his clients, a local importer, couldn’t afford to pay for their goods. He took them on instead and sold them within a week. That was the start of the family importation business.” In 1945 Eduardo passed away, and his secondborn son, Joe Pellegrini Petit, took over the helm of Attard & Co. Things developed quickly from there. Joe built a name for himself in the importation of artist materials, photographyrelated products and graphics in the 1960s, before 204

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“GREAT THINGS IN BUSINESS ARE NEVER DONE BY ONE PERSON. THEY’RE DONE BY A TEAM OF PEOPLE.” STEVE JOBS

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The truth is I love what I do. There isn’t a single day that I don’t leap out of bed and look forward to what comes next; to the challenges that this new start will bring. As for how I’d like to be remembered? I hope it will be as ethical, fair, respectful and successful.

opening photo labs in the 1970s. It was at that point that Pierre’s cousin, Edward Martin, joined the business and helped take the photographic business to the next level. Then, the next major milestone came in 1986, when Pierre and another cousin, Hugh Arrigo, joined the company, and thus began their own journeys within the organisation. “I enjoyed the role and stuck with it for around two years,” Pierre recalls. “Then, in 1991, Edward – who was Managing Director by then – decided we needed to diversify the company portfolio as he could already predict that the photography business alone wouldn’t be enough to sustain growth long-term.” At the time, Hugh decided to take on overseas development, including moving into scientific and medical lines, while Pierre opted to develop the food department, which was limited to the importation of Fiorucci products at the time. “In the past there were strict restrictions on the market and we were only allowed to import food items twice a year – at Christmas and Easter,” Pierre explains. “Thankfully, that changed and it turned out that our focus on this new development was perfectly-timed, and we managed to secure four or five new brands in the first year alone.” 207

This set the tone for the company’s fast-paced development in this area between 1991 and 2000, at which point the foodstuffs sector had grown enough to warrant becoming an entity in its own right – and Attard & Co Foodstuffs was born, later becoming Attard & Co Food Ltd. Pierre was appointed Managing Director that same year, around the same time that the company moved to its new Marsa business centre and launched its wine division. “It was a major baptism of fire,” Pierre says. “Partly because everything happened at once, but also because we hit a rough patch. We had underbudgeted the office refurbishment and found ourselves in financial difficulty. Everything stopped in its tracks and Edward, Hugh and I had to put all of our focus into getting things back on track. It took a few months, but we managed it, and I learnt some very important lessons in the process.” From there, Pierre has never wavered in his determination and the company is stronger than ever, with its turnover growing by around €1 million each year since 2000 and now reaching €18 million. Meanwhile, the team is 100-strong, while the company’s mammoth stores host over 3,000sqm of space for their sizeable portfolio of dry, fresh and frozen products. Then, last year, the Group added

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

International Merchants Ltd to its portfolio, further diversifying its range with more wine and household brands. “Theirs were products that perfectly complemented our own mediumto-high end range, so the synergy was right, and we were proud to acquire them,” he says. As CEO of a company of this magnitude, Pierre stresses that market knowledge is at the centre of many of his decisions, and he knows almost every single one of their more-than-3,000 products. “One day I am dealing with wine and the next it’s hair products. I love that diversity and it certainly keeps me on my toes,” he smiles. “In fact, I know I work best under pressure; stress doesn’t really affect me. I suppose time management and proper prioritising are my biggest day-today challenges, but I handle that by giving every aspect as much quality time as I can. Looking back, I believe there was a period when I wasn’t spending as much time as I needed to with the team and tackling that is one of my major focuses at the moment.”

But despite that challenge, Pierre believes exciting times are up ahead for the food sector and there are new developments on the horizon including the opening of their Gozo offices. “And by January 2019 we will also have our new warehouse up and running. It will be one of the largest and most state-of-the-art warehouses on the island, with the capacity to hold 500 pallets of frozen products,” he says, reflecting his natural intuition to be at the forefront of market trends and always trying to be one step ahead in the game. And it seems there will be no stopping him beyond that landmark too. “In the next five years I see myself as still loving my work, and managing an even more talented team than I do today – hopefully with a few more acquisitions under our belt. Company growth excites me. We have witnessed continuous growth for the past 18 years, and this year we look set to hit our largest growth milestone yet, with €20 million in turnover. In five years’ time I hope that growth will have jumped a further 30 per cent. If there is opportunity out there, I look forward to exploring it.”

Quick-fire Questions… with Pierre Pellegrini Petit What did you want to be when you were growing up? A rally driver. Business formal or business casual? Casual. Late nights or early mornings? Late nights. Travelling on land, sea or air? I love them all – from skydiving to skiing. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxation. What was your first car? A brown Ford Fiesta Mark 1 that I sprayed black. What’s the question you always ask a job applicant? There isn’t one really. What’s the answer that will always get them hired? I am looking for someone who will bring positivity to the company. Which is your must-read business book? Delivering Happiness: A Path to Profits, Passion, and Purpose by Tony Hsieh. What are you really into outside of work? Sports, Formula 1 and football – particularly anything related to Manchester United. How many unread messages are in your inbox right now? 58. Which philanthropic cause are you most passionate about? Dar tal-Providenza, and I am also passionate about safeguarding our environment locally and planting more trees. What’s your prediction for the year 2040? Hopefully fossil fuels will be out and renewables will be in. Perhaps a pill will have replaced food… I hope not!

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T H E Q U O T E T H AT INSPIRES ME:

“AN ARMY OF SHEEP LED BY A LION IS BETTER THAN AN ARMY OF LIONS LED BY A SHEEP.” ALEXANDER THE GREAT

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John Huber

ACTING CEO AND CHAIRMAN, Y A C H T I N G M A L TA

“ YAC H T I N G S H O U L D B E O N E O F T H E P I L L A R S OF INDUSTRY IN THE MALTESE ECONOMY.”

F O L L O W I N G H I S R E C E N T A P P O I N T M E N T AT T H E H E L M O F Y A C H T I N G M A L TA , J O H N H U B E R I M M E D I AT E L Y S E T A B O U T P R O M O T I N G M A L TA A S A L E A D I N G Y A C H T I N G D E S T I N AT I O N I N T H E M E D I T E R R A N E A N , A N D T O M A K E I T A V I TA L S E C T O R I N T H E N AT I O N ’ S E C O N O M Y . W I T H A N E X T E N S I V E B U S I N E S S B AC KG R O U N D , H E I S W O R K I N G TO WA R D S T U R N I N G Y A C H T I N G M A L TA I N T O A P L AT F O R M T H AT I N C O R P O R AT E S E V E R Y T H I N G TO DO W I T H YAC H T I N G – O N T H E I S L A N D S A N D B E YO N D.

Yachting has been a lifelong passion for John Huber. It was not always his profession, however – until, that is, he was appointed Yachting Malta’s new Chairman and acting CEO earlier this year.

professionally only as an indirect subsidiary industry, since my main focus was promoting residence in Malta to foreign high-net-worth individuals, as a practitioner in the fields of tax and immigration.”

“I have been passionate about yachts since I was a child,” John Huber says. “I have always been, in different degrees, involved in yachting, although

Acting as an advisor to the Maltese Government on residence programmes under his own practice,

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John always followed the yachting industry but did not consider himself a stakeholder, a fact that he feels was an advantage once he took his first professional steps into the yachting sector. “When I was asked whether I could assist with the yachting industry in Malta, it was going through a period when it didn’t have a unified voice and it was simply a number of individuals each acting on their own personal initiative.” So, to bring the industry players together, John established the Yachting Section within the Malta Chamber in 2007, where he held several executive posts including that of Chairman. “I managed the Section for six years, gaining the trust of the industry members over time because I was not a stakeholder in the industry and therefore not in competition with them.” The ground-breaking Yachting Section of the Chamber quickly became the industry’s voice – heard by Malta’s political parties, Government, regulators and related entities. But, since it applied solely to members of the Chamber, it still didn’t

I’m a planner. I wake up in the morning with many things on my mind, so I sleep with a notebook next to my bed. I’m better prepared if I’m organised – even on my days off. If I have a plan, then I also have the will to start executing it.

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comprehensively represent the sector. To counter this, in April 2015 the Government and the Royal Malta Yacht Club launched Yachting Malta as a public private partnership and, more recently, John was appointed its Chairman. “I am honoured to have been given this role, and feel very lucky to have the opportunity to contribute once again to my country in an area that I am passionate about,” smiles John. “I am starting with a restructuring of Yachting Malta, especially in the thought process of what and how we should be doing things. My goal is to give it more of an industry perspective, making Yachting Malta a conduit and a platform incorporating everything to do with yachting. My wish is to make yachting one of the pillars of Maltese industry.” It is an ambition that John takes seriously. “You only get one life – just one – and you don’t get many chances,” he observes. “I feel lucky to have been given the opportunity to work in an industry that I love. Being Chairman at Yachting Malta puts me at the forefront of decision-making for the island’s yachting sector.”

Quick-fire Questions… with John Huber What did you want to be when you were growing up? When I was a child my father was always on about the brilliance of Christiaan Barnard so I guess I wanted to be a heart surgeon. Business formal or business casual? Formal. Late nights or early mornings? Early mornings. Travelling on land, sea or air? Sea, of course!

However, the journey to making yachting a pillar of the Maltese economy is anything but plain-sailing. “One of the biggest challenges I face is time. You have so many plans and things you want to achieve but, ultimately, you’re not in charge of everything,” he explains. “For example, there are governance issues, which are just as important to consider as any other goal. But I find that with hard work and commitment, eventually everything falls into place.” For John and his small team at Yachting Malta, the possible opportunities that the future holds for the industry more than justify their efforts. “Yachting will keep growing in Malta – opportunities are there. We must be proactive and take our message beyond the island. We’ve done it with other industries, so we can do it with yachting. Our flag and fiscal incentives are already well-known, but more must be done when it comes to accommodating, servicing and hosting yachting events

in Malta. Bringing national importance to yachting in Malta will boost the economy, and the public relations, of the country.” As John drives the future of the Maltese yachting industry, he also maintains numerous other official roles, including sitting on the Board of Governors at FinanceMalta, as a nonExecutive Director of multiple Maltese companies, as a Fellow of the Malta Institute of Taxation, and as a member of the Institute of Financial Services Practitioners. Yet, with so much on his professional plate, his key to success is remarkably simple: “it all comes down to being passionate about the things I strive for and getting things done. My mother was a great doer – she never procrastinated, she just did what she had to do in good time. I think that’s a huge factor when it comes to success in life. Stress is caused by doing something that you cannot do in the time that you have, so be bold, be passionate, and focus on getting the job done.” 214

Smartphone: always on or often off? Always on, although I’ve started setting some boundaries. Sundays: full of activity or complete relaxation? Both, but I don’t tend to do any work on a Sunday. What was your first car? A red Fiat 500 Lusso, the old model. What’s the question you always ask a job applicant? ‘Why do you want to work here?’ What’s the answer that will always get them hired? I get to know that person and learn whether they have been bothered to research our organisation. I like to see preparation; it shows a level of commitment and passion. Which is your must-read business book? Losing my Virginity by Richard Branson. What are you really into outside of work? Sailing on my boat and spending time with my family. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? I sit on the Board of Administrators for the Malta Community Chest Fund Foundation. What’s your prediction for the year 2040? Malta will be far more populated than today, but we must learn to accept that times will change. Even though our infrastructure is evolving, I hope that we will still retain some of our identity, such as our language and our cultural DNA.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“THE TIME IS ALWAYS RIGHT TO DO WHAT IS RIGHT.” MARTIN LUTHER KING

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Josef Said

CEO, KONNEKT

“ O U R W O R K H A S A D I S P R O P O R T I O N AT E I M PAC T O N P E O P L E ’ S L I V E S .”

IN 2007, JOSEF SAID LAUNCHED A NEW BUSINESS WHICH WOULD GO O N T O T R A N S F O R M T H E R E C R U I T M E N T I N D U S T R Y I N M A L TA . T O D A Y , K O N N E K T I S M A L TA ’ S L A R G E S T R E C R U I T M E N T A G E N C Y , H E L P I N G HUNDREDS OF JOB SEEKERS GROW THEIR CAREERS AND ENSURING M A L T E S E B U S I N E S S E S C A N A C C E S S T H E TA L E N T T H E Y N E E D . J O S E F P U T S H I S F I R M ’ S S U CC E S S DO W N TO T H E PA S S I O N A N D CO M M I T M E N T O F T H E 4 4 P E R S O N S T H AT M A K E U P T H E O R G A N I S AT I O N . D O I N G G O O D A N D D O I N G B E T T E R I S AT T H E H E A R T O F E V E R Y T H I N G T H AT H E D O E S .

Josef got his start with another large Maltese recruitment agency in 1998 and rapidly worked his way up the ladder until he was ready to go it alone. His fledgling recruitment firm grew quickly, taking on four new team members by the end of its launch year and redefining the rules in Malta’s recruitment sector.

Josef explains that in 2007, “we were the only recruitment agency that actually focused solely on recruitment; back then clients thought we would not survive.” Konnekt also implemented some unorthodox rules: “do not headhunt, do not sell and focus on the client even if we lose money.” Josef adds, “we also decided to invest heavily in technology, which we now sell to clients, and 217

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we rely on a strong dose of statistical rigour. This has worked well, since Konnekt has always been profitable.” Konnekt’s ongoing success has been largely due to Josef’s unique approach towards people. “My job is to make sure decisions are made wisely. I see my role as an advisor to the different team members.” Konnekt also has a ‘zero entitlement’ policy. “Everyone is free to act in the way they think best, irrelevant of their pay grade. No one has an office, a reserved parking space or any other special entitlement – and that includes myself.” The company’s systems are built towards team collaboration. Josef explains, “we share everything, from unabridged accounts to individual performance. Every team member can ask whatever questions he or she wants. No subject is taboo. Transparency promotes accountability across the organisation.” Life at Konnekt can be pretty peculiar for newcomers. “We have a culture of polite but

very, very raw feedback.” Josef believes that this helps people assimilate quickly and grow faster within their roles. “We also give people the confidence to ask for help; we construe the action as courage not weakness,” he says. Working collaboratively means that the Konnekt team is totally focused on finding the perfect fit for job seekers and businesses, changing the lives of their many clients for the better. “Our single purpose is to serve our clients, and we are only judged on what we deliver,” Josef says. “Our work has a disproportionate impact on people’s lives. We meet around 4,500 people a year and give them advice or help them find employment that could potentially make all the difference to them. We take our role extremely seriously.” “Time is the only scarce resource any person has,” says Josef. “Working hard and working smart are the keys to success. If you’re running in the wrong direction, it doesn’t matter how fast

The weight of stress on a CEO is the same regardless of the size of the organisation. Being very objective and able to put things into perspective is key. I am lucky to be surrounded by a number of internal and external consultants with whom I can bounce off ideas. How I use my time is also very important to me – I encourage everyone to be ruthlessly obsessed about how they spend their time.

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Quick-fire Questions… with Josef Said What did you want to be when you were growing up? Everything that you could think of! I was very undecided. Business formal or business casual? Definitely casual. Late nights or early mornings? Early. Late is unproductive for me. Travelling on land, sea or air? No preference. Smartphone: always on or often off? Largely off! I rarely have my phone with me in meetings.

you’re going. I’m a detailoriented person and this helps in the ‘working smart’ aspect. The devil is in the detail. There are significant opportunities in harnessing what the others overlook.” He adds, “that said – I hate protocol and I am all for change and challenging the status quo. I believe these are critical for success. If you do not change, someone else will force that change on you.” Josef is very positive and feels that Konnekt will continue to grow in proportion to the organisation’s ability to attract top talent, innovate, be real and change. “We are in growth mode and focused on both expanding the business and innovating. Our strategy is to continue investing in complementary, as well as competing, businesses. That encourages us to up our game even as we benefit from the success of those new ventures.” Investing in technology is also paramount, according to Josef. “Cutting-edge tech has always been key to our growth; it is a

radical enabler. We are lucky to have the right technology partner and coupled with our expertise, we have managed to drive significant gains in both efficiency and effectiveness.” Josef’s forward planning also takes into consideration how to prepare possible successors to take on leadership positions at Konnekt, including his own role as CEO. “The future of the company lies in the quality of its leadership and the ability of that leadership to inspire every individual within the firm, as well as our clients and suppliers. Nurturing people who are better than myself is critical and my single most important project,” he says. Nevertheless, Josef has no intention of stepping away from work any time soon. “I have so many ideas, and there are not enough hours in the day to implement them. I inherently love work – I dream work – so I have no plans to retire.

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Sundays: full of activity or complete relaxation? Mostly family time. I might still wake up early to fit in some work before the kids wake up though. What was your first car? A real piece of junk. What’s the question you always ask a job applicant? ‘If you were not applying for this job, what would you be applying for?’ What’s the answer that will always get them hired? Nothing specific, but I would want to gauge their priorities, and get an idea of who that person really is. Which is your must-read business book? I prefer audio-books. I am currently listening to Adults in the Room by Yanis Varoufakis. What are you really into outside of work? Spending time with my family. How many unread messages are in your inbox right now? Around 300. Which philanthropic cause are you most passionate about? We are very passionate about the environment as well as encouraging students to study and plan for their future. What’s your prediction for the year 2040? We need to make radical changes in how we deal with the environment if we want to enjoy 2040.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“NEVER SAY NEVER.” DIANA NYAD

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David Curmi

CEO, CURMI & PA R T N E R S

“MY FOCUS FOR THE FUTURE? WORKING MYSELF OUT OF A JOB.”

W I T H A 4 0 - P L U S - Y E A R H I S TO R Y B E H I N D I T , C U R M I & PA R T N E R S I S O N E O F T H E M O S T E S TA B L I S H E D A N D B E S T - K N O W N I N V E S T M E N T M A N AG E M E N T CO M PA N I E S O N T H E I S L A N D. TO DAY I T I S L E D B Y C E O D A V I D C U R M I , W H O H A S H E L P E D T H E O R G A N I S AT I O N T O G R O W I N T O I T S S E C O N D G E N E R AT I O N , W H I L E A L S O E S TA B L I S H I N G I T S P AT H W E L L I N T O T H E F U T U R E .

David Curmi didn’t anticipate that he would join the family company his father had built since 1978. Originally he had other plans, having paid his way through university in the UK and started working in London.

education. Independence was important to me and I felt the need to break away from the family nest for a while. However, I think there was an element of expectation that I would join the business and, in the end, I did… and no, the climb up to CEO wasn’t a cushy one.”

“If there was one thing I didn’t want to do, it was return to Malta too soon and join the company,” David says. “On the contrary, I wanted to find myself, and be able to fund my own lifestyle and

So, after travelling and spending a few months hitch-hiking through Africa, David started his career at Curmi & Partners 23 years ago to help 223

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I always look forward to coming to the office, but it’s not the first thing I think about when I get up in the morning. I love being active, and regularly swim or run. Sport is a great leveller and a great balancer. It clears my mind and enables me to be more productive as I go through my day.

his father, and he has since become one of its most passionate advocates. “I was a Portfolio Manager back then, advising people on their investments,” he explains. “Then, over the next seven-to-10 years, my father started to phase me into my role as CEO; there was no exact date when the transition took place as it was very gradual. He was very good at identifying the need for longevity and for us to have a succession plan in place, and he enabled me to put my stamp on things.” And the company has certainly evolved since David took the helm, helping it to grow from an organisation with 100 per cent retail clients, to one with a healthy mix of retail, corporate and institutional customers. “I believe this development was important for our long-term success and robustness,” he says. “Together we are driven by securing the best talent in the industry, so as to guarantee our clients get the best service on the island.” Asked about how he has grown into his role, David says that, to him, a CEO should be the person looking at the lay of the land and coordinating all the different elements that determine whether the company can reach its next target. “I still consider us to be a small company,” he says. “I spent my first 10-to-15 years here being very involved with the dayto-day operations. Then, as we grew, I needed to extract myself from that so that I could take a step back and create the vision needed to steer the ship on its best-possible course. Letting go of the details has been a challenge for me as I like to be involved at all levels, but I believe it was an important move to make.”

As a CEO who is also a member of the family running the business, David says he has to make time to differentiate between the two. “If I want this company to go beyond being a family company, then I need to ensure we have the right people rising through the ranks to take over long-term, which is what I am focused on right now,” he explains. “That said, I have tried to retain the fantastic family DNA that the business was built on in the first place – especially in terms of what is best for our clients – but I believe we now have the right mix in place to lead the entity into the future.”

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In fact, David says he is most driven by seeing people develop within the organisation, and by being able to attract young, talented individuals who are more capable than he is to deliver the future to their clients. On the flip side, he feels the biggest challenges come from stringent industry regulation, as the investment world is constantly bombarded by new restrictions. “Some of that is very justified, while the rest isn’t,” he explains. “But we try to deal with it in a positive way and to turn it into an advantage. There are endless opportunities out there in the world, so it’s a question of selecting the ones that best fit the team and which align with where we want the company to go. We are fortunate, in fact, to have a plethora of opportunities open to us at any one time, largely thanks to our excellent talent and the fact we can compete with anyone out there. Nevertheless, we always remain aware of our capacity and limitations, as well as our opportunities, because we don’t waver when it comes to the level of quality we want to provide.”

David quips that his current focus is to ‘working myself out of a job’. “I don’t want to be in this role for life; that wouldn’t be good for us or our clients,” he says. “I am currently putting captains in place across all parts of the business, as this compartmentalisation of the company will help us to create a successful exit plan for me. From there, it will be natural for me to step out of my role and for one of the captains to step into it.” And looking towards that future, David says he sees Curmi & Partners as a leader in the specialised wealth management field. “In five years’ time, I think we will be even more niche than we are now, as we’re not planning to be all things to all people. We are going to be very specialised – a boutique operation that provides the very best service to very particular customers. “As for me? Well, I will be well on the way to executing the plan outlined above and planning my exit! I look forward to spending more time with my family and my wife Jelena, and to doing even more things I love.”

Quick-fire Questions… with David Curmi What did you want to be when you were growing up? A fighter pilot. Business formal or business casual? Casual. Late nights or early mornings? Early mornings, but not after a long night. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Activity. What was your first car? An old banger called Cettina that I shared with a group of friends. What’s the question you always ask a job applicant? ‘Why do you want to join us?’ What’s the answer that will always get them hired? I believe in chemistry. When I am interviewing someone it’s not about the words they say but whether they will fit into the company DNA. Which is your must-read business book? The Subtle Art of Not Giving a F*ck by Mark Manson. What are you really into outside of work? Spending time with my family, including my children Millie, 12, and Alexander, 10. Plus playing sport. How many unread messages are in your inbox right now? Quite a few… Which philanthropic cause are you most passionate about? Helping unfortunate children. What’s your prediction for the year 2040? We’re going to be driven by AI, and that is going to make robots out of humans.

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Sönke Stein

CEO, O I L TA N K I N G M A L TA

“ W E A R E S H I F T I N G F OC U S TO E M B R AC E A FUTURE OF CHANGING ENERGY MARKETS.”

W I T H O V E R 3 , 4 0 0 E M P L O Y E E S W O R L D W I D E A N D A G L O B A L S TO R AG E C A P A C I T Y O F O V E R 2 1 M I L L I O N C U B I C M E T R E S , O I L TA N K I N G I S O N E O F T H E L A R G E S T I N D E P E N D E N T O P E R AT O R S O F TA N K T E R M I N A L S F O R O I L S , C H E M I C A L S A N D G A S E S . H E R E I N M A L TA , C E O S Ö N K E S T E I N S P E A R H E A D S T H E C O M P A N Y ’ S L O C A L O P E R AT I O N S A N D M A N A G E S T H E O R G A N I S AT I O N ’ S H U G E O I L W A R E H O U S I N G F A C I L I T I E S , W H I C H I N T U R N P R O V I D E S E R V I C E S TO T H E B U N K E R M A R K E T S J U S T O F F O U R COAS T A N D OT H E R E N E R G Y M A R K E T S B E YO N D.

As someone who always dreamed of seeing the world, Sönke Stein hoped his future would take him to far-flung places, on adventures, and – hopefully – by the sea. He hasn’t been disappointed. Sönke – who is originally from Germany – trained as a shipbroker before accepting an opportunity to join Oiltanking back in 1994. “Yes, I have been working with the company ever since,” he smiles,

“slowly working my way through the ranks. I am currently based here in Malta – enjoying this gorgeous view of the Mediterranean Sea.” This is Sönke’s second stint on the island, having been based here from 2001 to 2006, before he moved to the Middle East until September 2014. “I then returned to Malta, to find that a lot had changed both within the organisation and outside of it,” he says. “Malta had joined the 228

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T H E Q U O T E T H AT INSPIRES ME:

“IF PLAN A DOESN’T WORK OUT, REMEMBER THE ALPHABET HAS ANOTHER 25 LETTERS – 204 IF YOU’RE IN JAPAN.” CLAIRE COOK

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The person who inspired me most in business is probably a former boss. One day he called me into his office and told me I would be going to India until the end of the year, or longer. That was it – I arrived in monsoon season with just one bag for company and had to make it work. Today, as a company, we provide on-boarding training and cross-cultural training to staff moving overseas, but back

European Union for starters, and circumstances were very different in the industry as a whole. While the people within the organisation hadn’t changed much at all, the surroundings had, so there was a lot to get used to all over again.” Sönke was the youngest Managing Director of a storage terminal location ever appointed by Oiltanking, having taken on the role the first time at just 30. “Looking back I guess I was jumping in at the deep end! Thankfully I had a very good team; without them I wouldn’t have managed,” he says. He thinks of himself as the general caretaker of the organisation – overseeing the past, present and future. “It’s all about striking a balance between dealing with issues

then there was none of that. He gave me an opportunity and I could sink or swim. In the end we built an oil storage terminal on a rice field and, when I left five years later, the company had grown to have 500-plus employees and managed eight similar installations across the country. The challenge he set for me provided a quantum leap for my career.

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from the past, while preparing the organisation for what is to come,” he says. “I hope I am achieving that by knowing what is going on across the company, and by being available – and approachable – to all of our team, both at management level, as well as to those out there in the field. My door is very rarely closed; if it is, I encourage people to knock.” Of course, there are challenges to overcome within the company, but Sönke says these mostly relate to ensuring the whole team is marching in the same direction and that all stakeholders are aligned. “Everyone needs to know where we’re going and why we’ve chosen that direction,” he says. “I spend most of my time going from department to department, checking in to see how things are going.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I have my own little list of what I’d like to infuse there but I don’t expect people to come to me for updates and direction; I go to them. They are busy and it is my job to make sure they are busy with the right things. This business actively needs to move in the right direction and that isn’t always easy to achieve because every individual has different priorities.” Sönke also deals with the daily challenges of the oil industry itself – a market that is renowned for being extremely volatile. “Everything has an effect on the oil industry,” he says. “Like Trump tweeting something one morning.” “The biggest shift for the market in the short-to-long term will be to cleaner fuels, and our customers are adapting to this. We’re questioning: do we need to reinvent ourselves? What do we do with the tanks in 2030? So, 2019 will definitely signal changes in that direction, especially as ships will no longer be allowed to burn high sulphur fuels by 2020. Everyone is anticipating that milestone but also waiting to see what changes it will bring, so trade is relatively slow. The good

news is that we can use our tanks to store and blend such cleaner fuels, so we’re ready.” So, in line with that, Sönke is making sure the organisation is ready to face the future headon. “My goal is to guarantee optimum communication between our departments, while also putting a succession plan in place for the employees that will inevitably leave us after over 25 years in the organisation. So shifts are definitely taking place – whether internally as we react to fluctuations within, or externally as we react to how the markets will adjust. It is exciting because this is the time to inject fresh energy and steam into our operation; we’re at the starting blocks and there will be a management change too. I expect big things for the company over the next five years. “As for me, I plan to be able to facilitate that move and to contribute to the change. As someone that sits right between the two generations working here at the moment, my goal is to be here for the organisation of the past and to also guide the team for the future.”

Quick-fire Questions… with Sönke Stein What did you want to be when you were growing up? A sailor, and I do now sail for sport. I grew up in Hamburg watching the ships pass by, and I always wanted to explore the world. I feel lucky to have been able to achieve that. Business formal or business casual? Definitely casual. Late nights or early mornings? I am not into late nights; I am in bed by 9pm. Travelling on land, sea or air? Sea for pleasure but air for work. I like to travel in comfort. Smartphone: always on or often off? Off as much as I can. Sundays: full of activity or complete relaxation? Relaxing activities, like sailing. What was your first car? A beige VW Beetle with red seats. What’s the question you always ask a job applicant? ‘What do you like doing when you’re not working?’ What’s the answer that will always get them hired? There isn’t one, but I like to understand how people spend their time and what they enjoy doing. Which is your must-read business book? I don’t read for business. When I do read, it is for leisure. What are you really into outside of work? Anything connected to the sea – on it, under it or next to it. How many unread messages are in your inbox right now? 500. Which philanthropic cause are you most passionate about? Causes connected to education. What’s your prediction for the year 2040? I will be 70 and will have stopped working.

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T H E Q U O T E T H AT INSPIRES ME:

“WHEN EVERYTHING SEEMS TO BE GOING AGAINST YOU, REMEMBER THAT THE AIRPLANE TAKES OFF AGAINST THE WIND, NOT WITH IT.” HENRY FORD

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Deborah Schembri

CEO, S T M M A L TA

“ M A L TA H A S E S TA B L I S H E D I T S E L F A S A C E N T R E FOR PERSONAL PENSION SCHEMES.”

AS PA R T O F T H E M U L T I -J U R I S D I C T I O N A L F I N A N C I A L S E RV I C E S G R O U P S T M G R O U P P L C , S T M M A L TA P R I M A R I L Y P R O V I D E S P E N S I O N S A D M I N I S T R AT I O N S E R V I C E S A N D T R U S T E E S H I P T O I N T E R N AT I O N A L C L I E N T S , A D M I N I S T E R I N G B O T H T R U S T - B A S E D A N D CONTRACT PERSONAL PENSION SCHEMES. THRIVING UNDER THE M A N AG E M E N T O F D E B O R A H S C H E M B R I F O R T H E PAS T F O U R Y E A R S , S T M M A L TA H A S C O N S I S T E N T L Y D E L I V E R E D O U T S TA N D I N G R E S U L T S , A N D P R E P A R E S T O C O N T I N U E I T S S T E A D Y G R O W T H W I T H I N M A L TA ’ S BOOMING FINANCIAL SERVICES INDUSTRY.

With more than two decades of experience in the financial services, gaming and hospitality industries under her belt, business management has always been a passion for STM Malta’s Managing Director and CEO Deborah Schembri.

1994, I began my career as a Certified Public Accountant by holding senior finance roles with companies operating in a number of industries. In 2002 I also obtained a Master’s in Business Administration from Henley Management College, UK, and, currently, I am the only Maltese resident to hold an Advanced Diploma in Retirement Provision, which I pursued with the UK Pensions Management Institute.”

“The areas of financial services and business management always fascinated me,” she observes. “After I graduated from the University of Malta with a BA (Hons) in Accountancy in 235

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I am pleased that both myself and STM Malta are now multi-award winning. I won Malta’s Best Knowledge Entrepreneur of the Year and Most Innovative Entrepreneur of the Year at the Wealth and Finance INTL 2015 Finance Awards, and was also one of four finalists for the Commonwealth Women Entrepreneur of the Year that same year. At company level we have won the Best International Retirement Scheme Administrator Award at Corporate Vision’s 2015 European Excellence Awards, Best Performing Pensions Provider and Retirement Scheme Administrator in Malta at Wealth and Finance INTL’s 2015 Finance Awards, as well as Malta’s Best in Business Pensions Provider Award and Malta’s Best in Business Trust and Fiduciary Company Award. In 2017, we were named National Champion at the European Business Awards.

Deborah’s steady upward trajectory through her career also afforded her many opportunities to address company growth. “In my various C-level and board member roles I formulated new strategic directions and implemented necessary changes, becoming instrumental in setting up and growing various companies,” she says. “In such roles I always concentrated on the company’s strategy and objectives, while also ensuring that its finance function is assisting the organisation in achieving those objectives.”

In 2014, that goal was realised when Deborah was appointed Managing Director for STM Malta Trust and Company Management Ltd. By successfully navigating this role ever since, Deborah has discovered what it takes to thrive as a CEO.

Having built such a catalogue of experience in company strategy and growth, it became clear that Deborah’s career journey was leading her towards becoming a CEO. “As my career progressed I was entrusted with senior managerial roles where I was responsible for the whole operations of an organisation,” she recalls. “Holding the role of a Managing Director and CEO was the next natural step in my career path.” 237

“In my opinion, the CEO has overall responsibility for creating, planning, implementing and integrating the strategic direction of an organisation, including all the components and departments of the business. To accomplish this, you need to be driven by a particular set of skills and character traits, including resilience, the ability to visualise the future, building and motivating a team, being an active communicator and having the courage to take risks while thinking outside the box,” Deborah enthuses. As she channels this management-specific skillset, her approach to being CEO also focuses on a clear-

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

cut philosophy. “In fulfilling my role, I focus on showing a great sense of purpose and mission, demonstrating passion and urgency, yet valuing substance and pursuing the core of every issue. Employing one’s skillset to accomplish goals that will contribute positively to a firm’s growth and performance has always been a main motivator in my various roles. My key to success has been focusing on the organisation, its outcomes and results, as well as on the well-being of team members I’ve worked alongside.” Even with these motivational rules, however, Deborah points out that CEOs such as herself still face numerous challenges. “CEOs have a lot to manage at any given point in time. Tasked with increasing business growth while managing employees and customers, there are a lot of moving parts,” she observes. “Some of the toughest challenges I face every day revolve around hiring the right talent to provide the skills and backbone of the company, while staying competitive and creating growth in the face of stiff competition and market oversaturation, combating cybersecurity threats, and, simultaneously, maintaining a healthy work-life balance.”

Regardless of these challenges, Deborah nevertheless predicts continued growth and a positive future for STM Malta thanks to the country’s ever-evolving financial climate. “Over the past few years, Malta has established itself as a centre for the management and administration of personal pension schemes, and it’s likely the future of the pensions industry in Malta will include the provision of workplace schemes for locals and International Occupational Pension Schemes.” Over the past three years particularly, STM Malta has registered exceptional growth and performance results, and it is a trend that Deborah fully intends to maintain. “The company and I have already won a number of prestigious awards and, moving forward, our objective is continued growth, with a firm focus on acquisition strategies and product expansion. Our outstanding results have been made possible because we have focused on our senior leadership, our strategy development, our customer engagement, our knowledgeable workforce and our operational effectiveness – and we will keep focusing on exactly these as we grow and achieve even more.”

Quick-fire Questions… with Deborah Schembri What did you want to be when you were growing up? What I am doing today. Business formal or business casual? Formal. Late nights or early mornings? Both. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxation but taking the opportunity to plan the week ahead. What was your first car? A Ford Fiesta. What’s the question you always ask a job applicant? ‘Please describe the role for which you have applied.’ What’s the answer that will always get them hired? Their answer will show an understanding of the position, and their knowledge of the company. Which is your must-read business book? Competitive Advantage by M.E. Porter. What are you really into outside of work? Enjoying both the countryside and seaside. How many unread messages are in your inbox right now? Less than 20. Which philanthropic cause are you most passionate about? Anything involving young people and children. What’s your prediction for the year 2040? Mass automation, which will change our current methods of doing business.

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T H E Q U O T E T H AT INSPIRES ME:

“TALENT DOESN’T EXIST. TALENT IS THE DESIRE TO FULFIL A DREAM. EVERYTHING ELSE IS SWEAT AND DISCIPLINE.” JACQUES BREL

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Dominique Lecocq

CEO, L E C O C Q A S S O C I AT E

“ I M U S T TA K E I N T R O V E R T E D L A W Y E R S AND MAKE THEM SHOWMEN.”

I N 1 0 Y E A R S , DO M I N I Q U E L E COCQ H A S G R O W N H I S B O U T I Q U E L AW F I R M , L E C O C Q A S S O C I AT E , F R O M A S I N G L E O F F I C E I N G E N E V A I N T O A H I G H L Y - S U C C E S S F U L G R O U P C O N S I S T I N G O F T H R E E I N T E R N AT I O N A L O F F I C E S I N S W I T Z E R L A N D , M A L TA A N D D U B A I . S P E C I A L I S I N G I N T H E N I C H E A R E A S O F R E G U L AT O R Y B A N K I N G A N D C O R P O R AT E F I N A N C E , T H E D Y N A M I C T E A M C U L T U R E AT T H E F I R M I S P O W E R I N G T H E G R O U P ’ S CO N T I N U E D E X PA N S I O N A S I T P R E PA R E S TO O P E N N E W O F F I C E S I N A B U D H A B I , L U X E M B O U R G A N D N E W YO R K . For lawyer Dominique Lecocq, the chance to work in his own unique way was incentive enough to set up his boutique law firm, lecocqassociate in Geneva. “When I started out as a lawyer in 2002, I worked for very large law firms in Switzerland, Brazil and the US,” Dominique recalls. “But I found that working in those sorts of organisations didn’t give 241

me the freedom or the time I needed to work in the way that I wanted, so in 2008 I set up my boutique law firm in Geneva: lecocqassociate.” Dominique was determined that his fledgling business would set a new standard in the way in which law firms operate. “I wanted to develop a certain way of doing business in the legal practice that was more solution-orientated. A good lawyer

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

The formula for being a good manager is selecting good people, then making them come together, work together and remain together.

not only knows the law, but also takes the time to understand his clients and learn the facts. Only when you work with the facts are you able to find solutions.” Although lecocqassociate utilises this unique approach and specialises in regulatory banking and corporate finance, Dominique understands the importance of maintaining some similarities with larger firms. “I took my chance setting up the firm, and I brought in clients I had at the time,” he explains. “We’ve always made sure to work in the same way as a big law firm; that is, offering standardised, high-quality services, but working in a way that I find fun.” In fact, having fun on the route to personal success is a key part of the way the team at lecocqassociate operates. “Every year we assess every employee, with a 360-degree assessment, measuring not only 243

their productivity but also their overall behaviour - it’s also how they achieve their objectives that’s critical,” Dominique explains. “Our philosophy is very linked to team spirit, mutual respect and teamwork, so that everyone feels valuable and can grow, and no one is experiencing too much stress. I want to make sure that when I arrive at the office I find everyone happy. We are a community.” This team dynamic at lecocqassociate has also inspired Dominique’s approach to being CEO – a title that he also does not believe fits his role at the firm. “I’m not sure about the CEO title,” he says. “I am a Partner. CEOs are for big corporations. I don’t think or dream about titles, I care about the success of the team, the firm and the Group. I don’t have need of a big CEO desk or office either – I prefer sitting at any table I find, surrounded by good people and providing good service to our clients.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

His role is not without its challenges, however. “Being a CEO means doing things that you don’t learn at university, such as how to manage people. This is a challenge every day, especially if you’ve set up in different countries, so you have people with different cultures, ages, approaches and personalities, for example. A good CEO is the first one to understand how to bring all those different backgrounds together, put them in the same pot, and make sure the soup tastes good!” Once he has brought all the right people together, Dominique points out that the need for internal organisation only grows. “The more your team grows the more you need to be standardised. There must always be one way to do something, with everyone working in the same way, otherwise it’s a mess. Once we’ve achieved that, the challenge then is how to move forward and help the client to grow, while pushing for the partners to move from behind the scenes to the forefront. I must take introverted lawyers and make them showmen.”

It is this atmosphere of encouraging success and personal growth that Dominique feels is the key to the ongoing success of the firm. “I admire people who are successful. Success usually attracts jealousy, and society tends to be happy to see failure. But I’m happy when I see success. I love to take care of clients, and with happy clients, the team members grow and so the firm grows. I love seeing that, but it takes hard work. “The business – and life – model I try to follow is that if you believe in something and work for it, success follows. Don’t let life pass without trying hard enough. Improve yourself and don’t give up. The road to success is always under construction.” Dominique also hopes that this philosophy will guarantee the longevity of lecocqassociate in the years to come. “Every day I work towards building a sustainable team that will continue the firm after me. If the clients keep coming back for the brand, the team and the atmosphere, then the firm will remain.”

Quick-fire Questions… with Dominique Lecocq What did you want to be when you were growing up? A doctor. But that changed when I realised I hate the sight of blood! Business formal or business casual? Business casual – but I am ready to be formal when necessary. Late nights or early mornings? Both, depending on my mood. Travelling on land, sea or air? It’s faster and more convenient by air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxation, until mid-afternoon when I’ll come to the office to prepare for the week ahead. What was your first car? A silver Volkswagen Polo V1. What’s the question you always ask a job applicant? ‘What happens when you put vodka in the freezer?’ What’s the answer that will always get them hired? ‘Nothing happens.’ It’s a good way to see if they have common sense. Which is your must-read business book? None in particular. What are you really into outside of work? I love working with architects to build and refurbish houses and property projects. How many unread messages are in your inbox right now? 144,000. Which philanthropic cause are you most passionate about? Helping the less fortunate. I give donations to the church in Switzerland, which helps many people. I’m currently helping a photographer from Kazakhstan by financing her activity and helping her achieve her dreams. What’s your prediction for the year 2040? My hope is that humanity will take better care of the planet and will stop fighting over stupid things or polluting the planet as we do.

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T H E Q U O T E T H AT INSPIRES ME:

“LEARNING BEGINS IN THE CRADLE AND ENDS IN THE GRAVE.” JESMOND MIFSUD’S FATHER

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Jesmond Mifsud

C E O , M A L TA MARITIME PILOTS

“ S H A R I N G I D E A S , TA K I N G A D V I C E A N D S U P P O R T I N G E A C H O T H E R A R E K E Y T O T H E S U C C E S S O F A C O O P E R AT I V E . ”

E S TA B L I S H E D I N 2 0 0 3 , M A L TA ’ S F I R S T N A U T I C A L P I L O T I N G C O O P E R AT I V E , M A L TA M A R I T I M E P I L O T S , E L E C T E D I T S Y O U N G E S T M E M B E R C A P TA I N J E S M O N D M I F S U D A S C H I E F P I L O T. T O D A Y , T H E C O O P E R AT I V E C O N T I N U E S T O P R O V I D E M A R I N E V E S S E L P I L O T S E R V I C E S I N M A L TA ’ S W AT E R S , A S W E L L A S C O N S U L TA N C Y R E L AT E D T O P I L O TA G E , N A V I G AT I O N A N D S E A - F A R I N G , V I A I T S D Y N A M I C A N D SELF-SUFFICIENT TEAM.

When one of Malta’s nautical pilots persuaded young cadet Captain Jesmond Mifsud to join the country’s piloting team at just 23 years of age, he was unwittingly inspiring the future success of Malta’s first piloting cooperative, Malta Maritime Pilots.

old. Nonetheless, due to the lack of pilots at the time I was asked to stay on; the law was changed, and the age limit lowered in order to encourage a younger generation to start a career in maritime piloting, and I could apply.” Shortly after Jesmond joined the team, his fellow pilots began to lobby for status as an independent entity, threatening strikes and taking the authorities to court. Finally, following court battles and a change in pilot regulations in 2003, the Government decreed that the pilots should form a cooperative.

“My aim was to become a Captain following my time as a cadet at the Nautical Institute in Malta, when, in 1988, a piloting job became available,” he explains. “Initially I wasn’t interested in the vacancy, but I sat for the exams anyway and came first. However, the minimum age for pilots in Malta back then was 30, and I was only 23 years 247

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

What gets me out of bed in the morning? The sea! In Malta, there is a quite an industry linked to it, from recreational boats to cruise liners and everything in between, and everyone is trying to make money from the same bowl of water. I love the challenge and the adrenalin rush of working with all the unknowns of “In a coop all members are equal. This new status suited both our small company of pilots and the Government. It was agreed that the cooperative would fall under the bracket of ‘Essential Services’ – the only private entity to do so,” Jesmond explains. “When Malta Maritime Pilots became a coop, we signed an agreement with the Government that would cover the next 30 years – a very risky but fullytransparent deal that had never been struck before. It put the local shipping community’s mind at rest for the future of the industry in Malta, since it detailed the tariffs all ships would have to pay, thereby bringing in more work from the larger companies due to price transparency.” The coop agreement also stipulated that the pilots who formed part of the company must elect a Chief Pilot, who would liaise with

the authorities on behalf of the cooperative, as well as distribute work among the team and tackle problems as they arose. Despite his young age, Jesmond was voted Chief Pilot very early on. “I was the youngest pilot of them all, but I was voted for because I had fresh ideas, agreed that we should run our business alone and without any interference, and I wanted us to work as a team, expanding our business to bring together all the master mariners, along with their combined marine industry knowledge.” At its helm, Jesmond’s signature team-focused approach has become the key to the coop’s ongoing success. “At the end of the day, we must always work together to find a common goal,” he maintains. “Sharing ideas, taking advice and supporting each other is a huge part of how we operate.”

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the sea, and I don’t think I could ever give that up. Even when I retire, I will probably still go fishing – I could retire from everything but the sea!

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

This philosophy is reflected in every aspect of the cooperative, right down to the organisation of its daily operations. There is a shared responsibility for the coop – apart from being pilots, everyone is responsible for something, such as oil recovery, training, boat maintenance, drydocking or personnel. “We are a large yet self-sufficient team, working for a common goal, and we split our profits equally among us,” Jesmond explains. This unique team ethic has also offered one unusual advantage. “Over the 15 years that I have been Chief Pilot, rarely has anyone called in sick. Everyone covers for everyone, so if someone has difficulties covering a shift, then the team sorts itself out. No-one is put under any pressure or stress to do more than they can. Such is the genuine commitment of the pilots to the coop.” However, Jesmond highlights that being a cooperative in today’s business environment presents challenges, especially with regards to financing expansion projects. “In the outside world, an institution such as a bank tends to take

two steps back when faced with the needs of a cooperative. Banks are reluctant to offer finance to an entity which they don’t, as yet, fully understand.” Nevertheless, he regards the opportunities ahead for the cooperative, and the shipping industry in general, as promising. “There are all sorts of prospects for us just around the corner – the yachting sector, for example, is currently booming in Malta, and I foresee that it will become a major employment sector for locals. Young people here also have the opportunity to become pilots, and to follow a career that is both fun and financially-rewarding.” Nurturing the next generation of pilots in Malta is now one of the cooperative’s top priorities, as Jesmond focuses on completing the construction of a one-of-akind maritime training school. “They need to take the coop to the next step, with their education, experiences and ideas. The aim is for them to carve their own piloting career paths so that they can replace me as the Chief Pilots of the future.”

Quick-fire Questions… with Jesmond Mifsud What did you want to be when you were growing up? I always wanted to follow a marine- or sea-related career. Business formal or business casual? Casual – it’s easier to do the job in the right clothes. Late nights or early mornings? Both! Travelling on land, sea or air? Sea (of course!). Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? I try to relax with family, but my work requires me to stay connected and available 24/7. What was your first car? My father’s white Austin 1100. I always had a boat, but rarely had a car. What’s the question you always ask a job applicant? It depends on the job. Since my life will depend on him, I ask certain questions to see whether he will do or die out there. What’s the answer that will always get them hired? I follow my instinct! He must have more sense than muscles. Which is your must-read business book? I regularly read The Marine Journal to stay on top of what’s happening in the marine world. What are you really into outside of work? Fishing, when possible. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? The cooperative donates to the Little Sisters of the Poor. What’s your prediction for the year 2040? In the shipping industry we can expect a higher workload resulting from the planned widening of the Suez Canal.

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John Charles Ellul CEO, PROSECURE LTD

“WE MUST REMAIN A KEY INTELLIGENCE PROVIDER FOR THE INDUSTRY.”

U T I L I S I N G H I S A C C U M U L AT E D E X P E R T I S E A C Q U I R E D T H R O U G H MANY YEARS IN THE INTELLIGENCE INDUSTRY, JOHN CHARLES E L L U L H A S H E L P E D T O E S TA B L I S H P R O S E C U R E A S A M A J O R I N T E L L I G E N C E S E R V I C E P R O V I D E R I N M A L TA . T O D A Y , J O H N A N D H I S T E A M O P E R AT E A S D O C U M E N T S P E C I A L I S T S , D E S I G N I N G , PRINTING AND ANALYSING OFFICIAL DOCUMENTS REQUIRED BOTH L O C A L L Y A N D I N T E R N AT I O N A L L Y , W H I L E A L S O P R O V I D I N G H I G H E N D I N T E L L I G E N C E S O L U T I O N S F O R M A L TA ’ S M A J O R S E C T O R S INCLUDING BORDER SECURITY, CRITICAL INFRASTRUCTURE, AND P O L I C E A N D L A W E N F O R C E M E N T.

Renowned for his decades of experience and unique expertise in the field, John Charles Ellul was the ideal candidate to help Malta’s forensic and intelligence industry take its place in the international limelight. “After being posted in both the army and police force forensic laboratories for 25 years, I assisted

with the establishment of the first ‘Scene of Crime’ Unit in Malta,” John recalls. “Over 13 years I rose through the ranks at the Unit, becoming heavily involved in its operation and actively participating in various high-level roles and workshops throughout Europe. This created opportunities for me to benchmark my competences across the rest of the region, and I eventually became well252

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T H E Q U O T E T H AT INSPIRES ME:

“CHANCE FAVOURS THE PREPARED MIND.” LOUIS PASTEUR

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I have been in the security world all my life, and my passion for that known in the industry for having expertise in various fields, including the provision of high-level forensic technical solutions.”

identification is still being used for border guard training and it has since been translated into 25 different languages.”

keeps me going. Passion

His time as the officer in charge of the Forensic Science Laboratory also served to mould John’s approach to working in the industry. “I have always had an applied approach, rather than a desk-based approach to my work,” John says. “My degree in criminology helped to apply my knowledge in the context of police work, for example. When I was asked to run the forensic lab, I realised I had a vacuum in my competences in terms of business management, so I gained a Master’s degree in Business Administration from Henley Business School. It’s not just about being a scientist, it’s also about being equipped with the adequate administrative skills.”

John also came to realise that his unique set of competences may be applied to the business side of forensic solutions. “I realised I was in the unique position of having both the knowledge and the experience in the industry, so, when I retired from the unit in 2010, I decided to branch out into business,” he explains. “My time at Henley, combined with my tenure with the police and forensic lab where I had worked with global market leaders in various high-end technologies, had already afforded me numerous contacts in the industry and opened doors for me in the business arena. Here was a niche market in which I saw the opportunity to create a new business and become a major service provider on the Maltese islands.”

these characteristics set

Later, John found that the opportunities to increase his skillset were coupled with one-of-a-kind work offers. “Before I retired from the Police Force in 2010 – having achieved the rank of Senior Inspector there – I was hand-picked by FRONTEX to develop a training programme that would be used by 480,000 European border guards. Today, this advanced training tool on document management and

In 2010, John set about building his business around his contacts and expertise. “I was approached to serve the company as a consultant to this niche market, and I relied on direct communication with global market leaders based on my credibility and standing within the industry, bringing into the company many reputable manufacturers and

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and drive are, I believe, the keys to success, and apart the pros. I believe that if Bill Gates and Stelios Haji-Ioannou have the drive to start from scratch, overcome setbacks and make it to the top, then so have I.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

suppliers,” he explains. “Once the company was streamlined, I became Managing Director, and the business was then totally dependent on my contacts, access, expertise and knowledge.” John’s approach to leading the company is as ambitious as it is focused. “I always dreamed of running the show, but being in charge demands that I bring home the business, both today and in the future. The CEO has to carry a dream, and to be a driver for change and innovation within the industry. The company’s mission, ever since it was established, is to offer defence, security and high-end forensic solutions. My aim is for Prosecure to remain a key intelligence provider for the industry.” However, John points out that becoming the market leader in the intelligence industry is not without its challenges. “There have always been challenges, but increasingly, the greatest is to convince our clients that the new security-related technology and systems – which are generally expensive – are required to take them to the next generation of business. Our job is to build their trust in our expertise; not to sell solutions,

but rather to help our clients live in a safer environment.” To ensure that Prosecure remains a market leader in the industry, John must also stay one step ahead of rapidlydeveloping technology. “When we plan a solution and enter the design phase, we must always consider the future. Our technology must not be obsolete upon its introduction, so we must ensure that all solutions have at least a fiveyear lifespan.” Since looking to the future is such an important aspect of John’s work, he has a clear vision for what the next five years will hold for Prosecure. “We are currently working on the latest breakthroughs in intelligence, which focus on enhanced biometrics such as facial recognition, fingerprints, artificial intelligence and other behaviours, while striking a balance between the right to privacy and the need to maintain a safe and secure society. Over the coming years the company will have a stronger local and international presence in the intelligence industry, but we will always stay customer-orientated – we will keep taking our clients to another dimension.”

Quick-fire Questions… with John Charles Ellul What did you want to be when you were growing up? A physician or a surgeon. Business formal or business casual? Casual – it helps the client feel more comfortable. Late nights or early mornings? Both, but I prefer late nights. Travelling on land, sea or air? Travelling on land gives you more opportunity to explore. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxation and enjoying quality time with the family. What was your first car? A beige 1953 Ford Anglia. What’s the question you always ask a job applicant? ‘Where do you see yourself in five years?’ What’s the answer that will always get them hired? 'I want to grow in the company, to add value and to bring new ideas.' Which is your must-read business book? Co-Opetition by Adam M. Brandenburger and Barry J. Nalebuff. What are you really into outside of work? I love manual jobs, such as painting or plastering, and cooking. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? I admire the work of the President of Malta, who inspires courage via the Community Chest Fund, and that of Michelle Muscat, for her inspirational work with the Marigold Foundation. I try to find ways to contribute to their efforts when possible. What’s your prediction for the year 2040? I hope that global leaders will prioritise the preservation of fossil fuels and the planet’s energy sources.

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T H E Q U O T E T H AT INSPIRES ME:

“SUCCESS IS NOT FINAL, FAILURE IS NOT FATAL; IT’S THE COURAGE TO CONTINUE THAT COUNTS.” WINSTON CHURCHILL

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Mario Schembri C E O , G R E E N PA K

“ I A M P A S S I O N AT E A B O U T M A K I N G T H I N G S B E T T E R A N D A L W A Y S L I K E T O I N N O V AT E . ”

WA S T E M A N AG E M E N T C A N M E A N B I G B U S I N E S S , B U T I T C A N A L S O P O S E S E R I O U S C H A L L E N G E S – AS E X P L A I N E D B Y G R E E N PA K C E O M A R I O S C H E M B R I . S I N C E E S TA B L I S H I N G I T I N 2 0 0 4 , H E H A S H E L P E D TO B U I L D G R E E N PA K I N TO T H E P I O N E E R O F P O S T - CO N S U M E R WA S T E R E C O V E R Y I N M A L TA . T O D A Y M A R I O B E L I E V E S T H AT E D U C AT I O N M U S T S I T AT T H E V E R Y H E A R T O F E V E R Y T H I N G T H AT G R E E N P A K D O E S , I N T H E H O P E O F M A K I N G P O S I T I V E E N V I R O N M E N TA L C H A N G E S FOR THE FUTURE. It’s funny the things that can inspire a lifelong career. For Mario Schembri – the dynamic CEO behind waste management cooperative GreenPak – that thing was the infamous Maltese landfill site nicknamed ‘Mount Maghtab’. “I have been passionate about the environment for as long as I can remember,” Mario says, explaining that he was coming of age in the 1990s. “Back then, Maghtab – our rotting mountain of waste – was always in the news. As an engineer by profession, I got involved in the environment 259

sector because I believed that technology and smart gadgets would solve any problem we threw at them – including our ever-growing waste problem. Perhaps I was a little naïve. While technology can provide us with invaluable tools to facilitate recycling – at GreenPak we have just launched our iBins which will eliminate the problem of overflowing bins as they communicate information in real time – the amount of pollution, waste and littering is ultimately down to human behaviour.”

It’s the desire to change the world that gets me out of bed every morning. When I look back on my life, I hope I would have made a difference to Malta’s environmental developments.

Nevertheless, Mario’s passion for the environment only got stronger as time went on and he chose to specialise as a professional environment consultant. He started GreenPak back when Malta was in the process of joining the European Union and the environment was a ‘big thing’. “I was very much in favour of EU membership because of the environmental policies the EU put in place, but I saw there were business opportunities linked to it, so I set up a company called AIS Environment. It led to a lot of important contracts for us – such as the closure of Maghtab, and the building of the first engineered landfill and sewage treatment plants. It was a busy time, and it was exciting to be the first private environmental consultancy firm on the island.” Mario cites one of his key milestones as the role he played in encouraging Malta to introduce extended producer responsibility, which was launched here in 2002. The concept revolves around the idea that all producers within a production chain should be responsible for where a product ends up when it becomes waste – from the designers to the manufacturers, and beyond. “If a product isn’t designed to be recycled, then it is unlikely it will be recycled,” Mario explains, quoting an experiment by an Italian research company using a Fiat 500 in the 1980s which found that, despite all its researchers’ best efforts, the Cinquecento could not be recycled. “It was not built to be dismantled and was made of materials that are almost impossible to recycle. So, we learnt we had

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to look at things differently – and that’s when eco design was invented. It is a process that, from a product’s conception, looks at how it will be disposed of.” As time went on, GreenPak had many converts to its systems and, slowly, businesses realised it made more sense to dispose of their waste properly rather than pay taxes or fines. “Today over 1,200 companies are signed up to the GreenPak collective – all of them businesses that have accepted responsibility for the end-of-life of their products. As we are a not-for-profit organisation, any surplus we have at the end of the year is given back.” Beyond that, GreenPak is responsible for providing green/grey bag services to more than 70 per cent of Malta and Gozo, and is also looking at innovative ways to make recycling easier – including revolutionising bring-in site bins to make them more intelligent. But, despite having a substantial portion of the island’s waste management responsibility on his shoulders, Mario doesn’t balk at the challenge – but instead approaches his role with a sense of calm and ongoing desire to innovate. “To be honest, I think of myself more as a coach than a CEO,” he says. “As with most industries, this one is all about people. My approach is one that tries to bring everyone’s strengths together, because a company is only ever as good as the sum of its parts. That said, I do take my role as team leader very seriously; I listen to suggestions and am not averse to being criticised. I am passionate about making things better and always like to innovate.”

Asked about the biggest challenge he faces, Mario has one clear answer: attitude. “We hear so many excuses about why people don’t want to recycle or take responsibility for their waste, but the truth is exactly that: it’s an excuse. I still can’t believe how little we recycle when you consider that waste is collected for free; it’s really not that difficult. “So we try to educate people but it’s a slow process and there’s still a long journey ahead. Of course people know it’s wrong to throw their rubbish into the sea or out of their car window, but that still doesn’t stop them. What we really need now is more enforcement, not just from the authorities but also from Joe public. Things are getting critical and we are running out of time. As I look to 2019 it’s clear that a lot more needs to be done – especially when it comes to marine plastics for instance – and quickly.” But even though the role is challenging and often thankless, Mario insists he is not giving up, but is instead looking to the future of both GreenPak and what he can bring to the collective. “Education is my focus,” he says. “We are visiting schools regularly, going door-to-door, and writing articles. We will take any opportunity we can to talk to people about the need to recycle – at work, at home, and beyond. “I know it’s likely that, in a few years, we’ll still face many of the same challenges we do today – but I will still be fighting them head on. I will forever be driven by the need to tackle the challenges and help make a change,” he concludes.

Quick-fire Questions… with Mario Schembri What did you want to be when you were growing up? An astronaut for a while, but I actually always wanted to work in the environmental sector. Business formal or business casual? Casual. Late nights or early mornings? Both, but I prefer early mornings. Travelling on land, sea or air? I enjoy all three. Smartphone: always on or often off? Often off. Sundays: full of activity or complete relaxation? Both. What was your first car? A light blue Morris 1000. What’s the question you always ask a job applicant? ‘What new ideas will you bring to the organisation?’ What’s the answer that will always get them hired? There isn’t an answer that works every time; it comes down to personality. Which is your must-read business book? I read a lot, but not business books. What are you really into outside of work? I love the sea – boating, scuba diving and swimming. How many unread messages are in your inbox right now? Many. Which philanthropic cause are you most passionate about? I am currently supporting the Richmond Foundation. What’s your prediction for the year 2040? I will be 80 and it will be about time to retire.

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Nadine Lia

R E G U L AT O R , F A M I L Y BUSINESS OFFICE

“ W E M U S T P R O A C T I V E L Y E N S U R E T H AT M A L TA ’ S F A M I L Y B U S I N E S S E S C A N C O N T I N U E . ”

T H E R E L AT I V E L Y N E W F A M I L Y B U S I N E S S O F F I C E I N M A L TA H A S S E T T H E I N T E R N AT I O N A L S TA N D A R D F O R O F F E R I N G C O M P R E H E N S I V E G O V E R N M E N TA L S U P P O R T T O L O C A L F A M I L Y B U S I N E S S E S . D R N A D I N E L I A , W H O O R I G I N A L L Y D R A F T E D T H E G R O U N D - B R E A K I N G L E G I S L AT I O N FOR THE FAMILY BUSINESS ACT AND NOW PIONEERS THE WORK OF T H E O F F I C E A S R E G U L AT O R , C O N T I N U E S T O E N A B L E L O C A L F A M I L Y O P E R AT E D B U S I N E S S E S T O N O T O N L Y S U R V I V E , B U T T H R I V E .

When lawyer Dr Nadine Lia was offered the chance to make a difference to family-run businesses across the Maltese islands, and potentially the world, she jumped at the opportunity. “I have always wanted to be a lawyer, ever since I was little,” she says. “After I studied law in Malta, Canada and the UK, I started my professional career as a diplomat at the Foreign Office, then I

practised as a prosecutor at the Attorney General’s office, before becoming a partner in a private law firm,” she explains. “Then, when I was carrying out various legal work for the Ministry for the Economy, Investment and Small Business, I was asked to draft innovative legislation for family businesses – something that was new not only for Malta, but also for Europe and the rest of the world.”

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T H E Q U O T E T H AT INSPIRES ME:

“BE THE CHANGE YOU WANT TO SEE IN THE WORLD.” MAHATMA GANDHI

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Running a successful business, and making sure it has a future, is like the air. It is all around us, but if we don’t filter out any pollution within it in the present, then it will only get worse for future generations. This applies to businesses too, and especially family businesses – applying good practices now, will ensure that they will continue to thrive for many years to come.

In fact, the task was so new that Nadine had to start completely from scratch, working towards a legislation that would be gamechanging for family businesses on the island, as well as the Maltese economy. “I started from nothing, as nothing existed out there that I could build upon. But it was high time to address the needs of family businesses in Malta and to offer them the initiatives and support to continue, especially as they have been an economic pillar and a backbone of our society for so long.” Shortly after she had successfully completed the legislation, the Family Business Office was

opened in Malta and Nadine was asked to continue in her role as Regulator. Today, just over a year and a half after that launch, she is relishing the chance to join the dynamic team at the office in giving hands-on help to local family-operated businesses. “I’m not so much a CEO as a Regulator, and this is not purely an administrative role behind a desk. Far from it – I believe in being at the heart of everything and make it a point to be actively involved in communication with the business owners,” explains Nadine. “Alongside the strong, supportive team at our office, we speak directly to every 264

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business we work with, building relationships and avoiding the miscommunication that usually comes with technological barriers, while helping these long-standing family businesses to trust us, since we are still so new.” However, the newness of the Family Business Office has not prevented Nadine and her team from quickly becoming an essential resource for family-run local organisations, no matter their sector. “The Family Business Office offers a unique onestop-shop for family businesses and associated professionals across the Maltese islands,” she points out. “We are there to comprehensively represent the sector, giving overall assistance via an easily-accessible and friendly forum that’s available across a variety of media.” The work of the Family Business Office in Malta, the first of its kind in the world, is especially necessary given the country’s small size and the high percentage of familyrun businesses which bolster the local economy. “Family businesses need to operate properly, or they risk closing – which has consequences in terms of their employees, credit, or investments, for example, and generally has a negative impact on the Maltese economy,” Nadine highlights. “This is why we are witnessing such a commitment from the Government in this area – we must proactively ensure that family businesses are able to continue.” Focusing on the families that represent such a huge part of Malta’s booming economy is immensely satisfying for Nadine and her colleagues. “We love seeing results. By helping these businesses bring about healthy

change, prepare for their future, gain the tools of success and set boundaries between business and family time, we are assisting them in preserving, protecting and growing their business.” Before being able to fully assist these family businesses, however, the new team needed to first gain their trust – a challenge that Nadine feels is still ongoing. “Early on people were sceptical because we were a new venture, and we had to persuade people that we are here to help – no catch! Now people are more comfortable confiding in us, but there’s still work ahead to keep building our services.” It is her dedicated team’s passion and determination for the job that Nadine cites as the main reason they have so quickly earned the respect of local family businesses. “We have worked from the ground up, but it has been a labour of love for us all. We’ve met such hardworking people in these family businesses, that you can’t help but understand why there is this commitment to them. Their dedication inspires ours.” This philosophy of resultsoriented hard work is one that has been maintained by Nadine throughout her life and career, and helps her to keep workrelated stress at bay. “My parents first inspired me with their work ethic and their values, and their approach to handling a problem. I learned from them to have the courage to just get on with it, to maximise every minute and to surf each wave in life as best you can. As I’ve got older, I’ve also learned not to be so rigid with others – everyone wants to live their life in a happy and simple way, so I always assume that people are trying their best. You can’t ask for more than that!”

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Quick-fire Questions… with Nadine Lia What did you want to be when you were growing up? It was always a lawyer. Business formal or business casual? It depends on the setting. Business formal shows more respect in certain cases. Late nights or early mornings? Late nights. Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on – it’s my way of keeping on top of things. Sundays: full of activity or complete relaxation? I try to keep Sundays family-oriented. What was your first car? A second-hand white Peugeot 106. I didn’t want to let it go! What’s the question you always ask a job applicant? ‘What motivates you for the job?’ What’s the answer that will always get them hired? Their answer helps me to understand their character, dedication, loyalty, and care for the job and for their colleagues. Which is your must-read business book? I prefer to keep up-to-date with current affairs via the press rather than reading business books. What are you really into outside of work? Playing tennis and spending time with family and friends. How many unread messages are in your inbox right now? Two. Which philanthropic cause are you most passionate about? I’m a big animal lover so I like to help local dog shelters. I also support the Ursuline Sisters who care for children in need. What’s your prediction for the year 2040? Technology and AI will have progressed greatly, and hopefully the environment will be better sustained. Socially, I hope there is more equality of wealth internationally.

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

T H E Q U O T E T H AT INSPIRES ME:

“LEADERSHIP AND LEARNING ARE INDISPENSABLE TO EACH OTHER.” JOHN F. KENNEDY

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Mark Gasan

CEO, GASAN GROUP

“ I P L A N T O C R E AT E S O M E T H I N G F U T U R E - P R O O F F O R M Y G E N E R AT I O N A N D G E N E R AT I O N S T O C O M E . ”

C E O M A R K G A S A N L E A D S O N E O F M A L TA ’ S L A R G E S T A N D B E S T K N O W N CO M PA N I E S , T H E G A S A N G R O U P. H AV I N G G R O W N U P I N T H E F A M I L Y B U S I N E S S , M A R K B R I N G S B O T H L E G A C Y A N D I N N O V AT I O N T O T H E O R G A N I S AT I O N . T O D A Y , T H E G R O U P O P E R AT E S A C R O S S T H E S E C T O R S O F A U T O M O T I V E , R E A L E S TAT E , I N S U R A N C E A N D B U I L D I N G SERVICES AND SOLUTIONS.

It takes a particular type of CEO to embrace the responsibility of running a 90-year-old family business that employs 600 people. But that is exactly what Mark Gasan did when the Gasan Group Board appointed him CEO of Gasan Group in 2014 and he took over the reins. Today it is a role he absolutely relishes.

grandfather’s first major milestone in business was the signing of the Ford concessionaire agreement with Henry Ford on 8 October 1928. As a family we continued to grow the business ever since.” Mark explains that, throughout his grandfather’s career, he focused very much on the automotive sector, before diversifying a little into property. His father then took over when he was just 16 (when his father retired at 76), and he sustained the

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My business inspiration undoubtedly comes from my father and grandfather. They are the reason I do what I do, and they give me the energy to ensure their legacy continues for generations to come.

legacy whilst also expanding it to encompass insurance, building services and solutions, real estate and of course, automotive. And, while Mark was always interested in the business, he didn’t automatically choose a route towards it. He graduated from Leeds University and took a gap year to study history of art before then dabbling in the company at the time when it was developing the Embassy Complex in Valletta. “I got involved in the Embassy project and started leasing out the shops, and really enjoyed it. It was then that I decided I wanted to get more involved, and quickly went into the real estate side of the Group before, slowly, getting involved across the board.

“Our focus is definitely those four areas and their organic growth,” Mark continues. “I take the responsibility of running a Group of this size, which supports 600 families, very seriously. It is that which gives me the fuel to succeed and the vision to make that growth sustainable.” When it comes to his approach to being a CEO, Mark likes to ‘lead by doing’. “I am very hands-on and hope I am approachable,” he continues. “I am resolute about my open-door policy; I am in constant contact with my team and, together, we tackle issues as soon as they crop up. My favourite part of the day is probably the time I spend walking the floor first thing in the morning. It is then that I can really catch up with everyone and get a feel of how operations are going at every level.”

“In 2014 at the age of 64, my father decided he wanted to take a back seat and implement a succession plan. I know it wasn’t an easy decision for him – especially after 40 years of waking up every morning to take very big business decisions – so his trust and confidence in me has been quite overwhelming. We have worked very closely together over the last 11 years and, in the end, it felt like a natural decision for both of us.”

Mark is driven by the desire to turn the Group’s strategy into reality; by putting something on the drawing board and making it happen successfully. “As an organisation, I think our biggest challenge is remaining focused; we must never lose sight of our long-term strategy. Of course there is a limit to how much we can grow whilst still being sustainable, but that is our constant goal.”

Today, under Mark’s leadership, the Gasan Group has four main operating pillars – Gasan Zammit Motors in the automotive and marine sectors, Mekanika for building services and solutions, Gasan Mamo insurance, and a sizeable real estate portfolio.

And with that in mind, Mark explains that he handles the stress and challenges of being CEO of such a mammoth organisation by constantly learning and innovating. “I am always educating myself,” he says. “Whether that’s attending events, conferences or reading, I like to be in269

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the-know about the latest way of doing things. I am also firm about my work-life balance, and manage time carefully between work, my family and our social life. I think the key is to always know your priorities, and to stay firm on principles and ethics. If you are resolute about that then everything else will fall into place.” Now, with the 90th anniversary upon him, Mark is very much focused on the coming 10 years – and beyond. “The next major milestone will be our centenary, which is very exciting, and I hope to keep the whole team motivated as we work towards that date,” he says. “I guess my own personal challenge is to ensure that as many of our four pillars as possible do fantastically well at the same time, as invariably there is always one that lags behind the success of the others for a while. That said, I think that, in general, 2019

will see the economy continue to grow and flourish, thus providing the right environment for businesses to thrive.” As for where he would like to be in five years’ time, Mark smiles: “Less hands-on,” he says. “I would like to have empowered my team to be the best they can be, and to be working on an organic succession plan. In business, succession is so important. You never know what’s going to happen and the last thing you want is to leave a hole behind you. “So, succession is as important to me as strategy, and I am currently marrying the two as we move forward with all the exciting projects that we have planned. It is my pleasure to keep crafting the business built by my father and grandfather. I plan to create something future-proof for my generation and the generations to come.”

Quick-fire Questions… with Mark Gasan What did you want to be when you were growing up? A rugby player. Business formal or business casual? Casual. Late nights or early mornings? Early mornings. Travelling on land, sea or air? A bit of all three. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? With three young children, it’s always full of activity! What was your first car? A used blue Ford Ka. What’s the question you always ask a job applicant? ‘What values will you bring to the Group?’ What’s the answer that will always get them hired? I am looking for values that align with ours. Which is your must-read business book? Legacy by James Kerr – it is about the All Blacks, the most successful sports team of all time. What are you really into outside of work? My family, and wine collecting. How many unread messages are in your inbox right now? None before this meeting. Which philanthropic cause are you most passionate about? Creating employment and better employment opportunities for vulnerable groups, and helping any social cases that arise within the Group. What’s your prediction for the year 2040? For me personally, I hope to be retired from my current role and spending more time with friends and family.

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T H E Q U O T E T H AT INSPIRES ME:

“CHOOSE A JOB YOU LOVE, AND YOU WILL NEVER HAVE TO WORK A DAY IN YOUR LIFE.” CONFUCIUS

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Christian Sammut

CEO, BMIT

“WE’RE NOT INTERESTED IN COMPETITION. WE ONLY E V E R T H I N K A B O U T W H AT W E A R E D O I N G A N D H O W W E C A N B E S T E X C E L AT I T. ”

AS THE WORLD GETS EVER MORE TECHNICAL, THE QUESTION OF D ATA M A N A G E M E N T B E C O M E S E V E R M O R E R E L E V A N T. C H R I S T I A N S A M M U T I S C E O O F M A L TA ’ S L A R G E S T D ATA C E N T R E , B M I T – W H I C H P R O V I D E S D ATA C E N T R E , C L O U D M A N A G E M E N T A N D MANAGED SERVICES.

As an engineer by profession with a Master’s in Business Administration from Henley, BMIT CEO Christian Sammut’s unique blend of both technical and management skills meant that he was primed to lead one of the country’s key technology companies. After working in the private sector for Dowty Group, followed by a stint in the UK aerospace industry, Christian joined Management Systems Unit (today known as MITA), and was responsible for the Government’s technology infrastructure and data centres. Then, in 2001, he joined Maltacom (now GO), to set up Innovate – a Maltacom subsidiary, before taking on various

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tech and commercial roles within the Group, and ultimately accepting a position there as Chief Officer for Strategy. In 2008, as technology developed further and further, Christian was given the responsibility of exploring investment opportunities in the data centre environment and, in 2009, GO acquired BMIT through an initial investment and, in 2011, bought the balance of shares so that it became the outright owner. “That’s when I moved here as CEO,” Christian explains. “Ever since, my role has been all about understanding shareholder objectives and

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I have to admit: I love my job – so I always look forward to coming to work. I love to dream and I love to make dreams happen, so that gets me out of bed in the morning. Making dreams come true takes work, which means not getting out of bed is not an option.

requirements, and meeting their expectations. I have built a solid team around me to do exactly that.” Christian’s team has, today, grown to 45 people, and the company operates two data centres – one in Handaq and one in Smart City – and is currently building a third in Zejtun. Although Christian had managed teams in the past, this role was his first as CEO – and thus his first opportunity to have full accountability and responsibility over a team, with a vision to lead it into the future. “There is no doubt that my strong team – with its diverse skillset, characters and backgrounds – has helped me to move the company forward in the last few years,” he says. “I love to enjoy my work; so I like to work hard but to have fun doing it at the same time. I also like to build and shape my own future – what I do, how I do it, and how I achieve my objectives, and I try to enable the same for the people around me. I am clear about my requirements from them, but I strive to enable them to shape things in their own way.” Christian believes that it’s important for a CEO to be able to inspire those around them. “There’s a lot to the role,” he says. “It’s vital to be able to motivate your team, manage shareholder expectations, and 275

make sure that the company you are responsible for grows and develops over the years. Here at BMIT we have been experiencing consistent growth year-on-year since day one.” Of course, growth is a very positive thing in business, but Christian does explain that it can be a double-edged sword. “On the one side it is absolutely fantastic, but on the flip side your shareholders do expect you to maintain that growth in a market where technology is constantly changing. The economic environment in Malta today is very positive, but the success we’re enjoying has also created a number of challenges related to successful recruitment, which can test growth plans. As a result, having an achievable and carefully-thought-through strategy becomes vital for maintaining anticipated levels of growth.” Asked about what he enjoy most about his role – a role he is extremely passionate about – Christian says he loves ‘building stuff’. “I love having an idea and then bringing it to fruition with the help of my team, even if it seems far-fetched to begin with. We continuously raise the bar, and that has been one of the secrets of our success here at BMIT. We never look at what other companies are doing or let competition worry us; we only consider what we’re doing and how we can excel at it. We constantly look to the future of the next big thing and what we need to do to be part of it.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Of course, rapid developments in the tech world bring both challenges and opportunities. “The internet changed the way people live, the cloud changed the way people access tech on the internet, and now there’s blockchain and the internet of Things that will bring another new wave of revolutionary change. Our biggest opportunity and challenge is to identify the coming trends, and to position BMIT as an enabler within the market.”

an annual basis. Now he is focused on taking the company to the next level – with not just gradual, organic growth but by making the next quantum leap. “I set high objectives and look towards the opportunities that both the tech world and the region give us. Our next phase of growth will include expansion into other geographical areas, and we are already striking the right partnerships to be able to get us there.”

Christian says he manages the inevitable challenges of that by genuinely enjoying what he does, and by transmitting that ethos of enjoyment to his team. “When I wake up in the morning I look forward to going to work. I think it’s important to find a healthy balance between working and family, time for friends and yourself in that order. Being able to switch off when you need to switch off is vital but it’s also good to be able to work round the clock to make things happen on occasion when you need to.”

As for where he will be in the next five years, Christian says he hopes to still be running BMIT but that it will be bigger, better and more international, with more customers and more cutting-edge products. “As CEO, I would like to be remembered as a leader that inspired, motivated and enabled people to develop and achieve; and as a mentor who allowed people to develop around me and accomplish their goals. Meanwhile, from an industry perspective, I would like to be seen as one of the leading contributors to the tech space on the island – especially in relation to data centres and the cloud,” he adds.

It is clearly an approach that works as, under Christian’s leadership, BMIT has experienced record success on

Quick-fire Questions… with Christian Sammut What did you want to be when you were growing up? An RAF pilot. Business formal or business casual? Casual. Late nights or early mornings? Both. Travelling on land, sea or air? Air. Smartphone: always on or often off? On, except during this interview! Sundays: full of activity or complete relaxation? Activity. What was your first car? A black Seat Ibiza. What’s the question you always ask a job applicant? Rather than ask a question, I ask the applicant to talk me through their CV. What’s the answer that will always get them hired? I find it allows them to chat about themselves. The way they interact gives me the chance to get to know them. I like to see how people convey their stories. Which is your must-read business book? The Brand Gym by David Taylor. What are you really into outside of work? Keeping fit and cars. How many unread messages are in your inbox right now? Only a few important ones. Which philanthropic cause are you most passionate about? I loved sports when I was younger. So now I try to support children keen on sports by sponsoring their training. What’s your prediction for the year 2040? Technology will take over; it will be everywhere.

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Federico Vasoli

CEO, DMTV GLOBAL AND DMTV EUROPE

“ I B E L I E V E I N G R O W T H T H R O U G H C A L C U L AT E D R I S K . ”

A F T E R E X P A N D I N G H I S F A M I L Y ’ S L A W F I R M D E M A S I TA D D E I V A S O L I ( D M T V ) I N TO N E W R E G I O N S I N E U R O P E A N D A S I A , YO U N G L AW Y E R F E D E R I C O V A S O L I N O W L E A D S T H E F I R M ’ S I N T E R N AT I O N A L O F F I C E S , O F F E R I N G L E G A L A N D C O R P O R AT E S E R V I C E S T O C O M P A N I E S A N D E N T R E P R E N E U R S . A S W E L L A S B E I N G V I C E - C H A I R M A N O F T H E I TA L Y VIETNAM CHAMBER OF COMMERCE ( CCIV), AND A MEMBER OF THE G 2 0 I TA L I A N Y O U N G E N T R E P R E N E U R S ’ TA S K F O R C E O F T H E Y O U N G ENTREPRENEURS’ ALLIANCE, FEDERICO HAS RECENTLY OPENED DMTV’S HEADQUARTERS IN SINGAPORE AND ITS CONTROLLED EUROPEAN D I V I S I O N I N M A L TA .

As one of the youngest entrepreneurs to be included in this edition of MaltaCEOs, age has not been a barrier for lawyer Federico Vasoli, who has re-written the rulebook regarding how and where a modern, international law firm should find success.

“I am not a typical CEO. I am not a top manager who has worked through the ranks of business schools and companies as a junior and then senior executive. No – I am a 38-year-old lawyer, a traveller and an entrepreneur,” says Federico. “I qualified in Italy and in Vietnam as a foreign lawyer, and I

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T H E Q U O T E T H AT INSPIRES ME:

“AD MAIORA (TOWARDS GREATER THINGS).” LATIN EXPRESSION

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One of the greatest inspirations in my life and career was the unrivalled Gianfranco NegriClementi. After founding what would eventually become one of the top four Italian law firms, with offices all around the world, he disagreed with his former partners and quit that big, famous firm. Aged around 80, and being close to death due to a tumour, but with a handful of loyal lawyers including his daughter, he founded a new boutique firm, right in the middle of the crisis. Despite the age and professional gap, he truly held me as a friend, shared projects with me and showed me his big heart, on top of his immense legal and business skills.

have just taken over most of the international operations of my family business, an Italian law firm, with which I still co-operate.”

everyone happy – the firm expanded into new territories, and I had the support of an established law firm which, at such a young age, I would not have found elsewhere.”

In fact, Federico’s journey to becoming a partner in dMTV was anything but typical. “My eyes to the Asia-Pacific were opened while I was at high school in Milan and England,” he recalls. “I didn’t want to work within my family structure back then, so I chose China for my internship in 2002, rather than the more traditional locations of London or New York. I wanted a different, more exotic CV that would stand out in the eyes of international law firms’ recruiters.”

After completing his postgraduate studies, gaining work experience and passing the Bar exam in Milan, Federico rejoined the firm and set about expanding it as per their agreement. “In 2007 we opened our first branch in Vietnam – among the very few international law firms in that lovely and dynamic country. Then, in 2016 I moved to Malta after realising the potential the island had for our business. At the end of July 2018 I opened our Singaporean headquarters, and I have just formally set up in Malta. Today, the firm is a multi-faceted, innovative legal, tax and business advisory group that is directly active in fast-growing economies like Malta, and that’s where, technically, I can be called ‘CEO’.”

The timing of Federico’s internship happened to coincide perfectly with a rise in demand from clients that were expanding their businesses to China. Spotting an unmissable opportunity, Federico struck a deal with the family business that would radically alter the direction of his career. “I didn’t want to inherit a position in the firm solely because of my bloodline. Instead, I offered to help expand the family business in the Asia-Pacific region, from which I would take a share instead of from the existing business,” he explains. “This arrangement made 281

Regardless of that technicality, Federico’s approach to achieving success is ground-breaking for the traditional legal profession. “In law school they don’t teach you customer care or business development, or prepare you for the human and economic struggles you’ll go through,” he remarks. “I may appear as a sort of ‘establishment guy’

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because of my manners, but I don’t like to follow trends and I believe in growth through calculated risk. Had I opened in London or Hong Kong, I would not have achieved the results we did in Vietnam and now, hopefully, in Malta. Had I become an associate at a major law firm, my life would not have been so varied and beautiful.” Federico recognises that risk-taking and adaptability to the changing times have also been instrumental qualities in shaping his life choices. “The big economic crisis, which peaked in 2013 and still affects the Italian economy today, was a major wake-up call for me, and many people and companies had to give up old models and reinvent themselves,” he observes. “I realised that, on top of academic and personal soft skills, I should also pursue my passions, which are travelling, culture and my curiosity about humanity. By working very hard, especially through rough times, I have become stronger, more risk-prone, more innovative and hopefully wiser and thus, fingers crossed, capable of developing the international business of the firm.” This strength of character, combined with a unique skillset,

is what Federico hopes will help him navigate the challenges of his role and the industry. “We sell our intellect, so our reputation and proper organisation are vital, as well as constantly updating our skills and knowledge. The biggest challenge I personally face is that of growth – I am torn between sitting focused behind a desk and socialising for networking purposes. As we grow I will soon need to employ new people, which is both exciting and challenging.” Even with these uncertainties, however, Federico still feels that his entrepreneurial lifestyle is the key to his success. “This role is my life: I am my profession every day, 24/7, but I am used to it and I like it! The model of a nine-to-five job, where a man can leave his worries and tasks behind at the office and enjoy the serene stability of a regular salary, is not for me. I like challenges, and only an entrepreneurial mindset allows me to climb the ladder. This kind of spirit, combined with a thirst for knowledge and for human interaction, hard work, passion and constant studying – as well as international exposure thanks to my family and school – are the keys to my success.”

Quick-fire Questions… with Federico Vasoli What did you want to be when you were growing up? Many things, but I had a passion for conducting an orchestra. Business formal or business casual? Formal. Late nights or early mornings? Late nights. Travelling on land, sea or air? Just travelling! Smartphone: always on or often off? Always on, but with my eyes and brain on what I need to do. Sundays: full of activity or complete relaxation? Full of activity. What was your first car? A Honda – they’re great cars. What’s the question you always ask a job applicant? ‘How do you see yourself practising this profession?’ What’s the answer that will always get them hired? ‘Owning my Business’ – it’s partner material. Which is your must-read business book? Les Choses by Georges Perec. What are you really into outside of work? Music, art, family and friends, and way too many drinks. How many unread messages are in your inbox right now? None – I hate notifications. Which philanthropic cause are you most passionate about? Education. What’s your prediction for the year 2040? People won’t speak so much about the GDPR!

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“WE DON’T STOP [WORKING AND] PLAYING BECAUSE WE GROW OLD; WE GROW OLD BECAUSE WE STOP [WORKING AND] PLAYING.” GEORGE BERNARD SHAW

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Alex Montanaro CEO, EXALCO GROUP O F CO M PA N I E S

“ M A L TA M U S T K E E P AT T R A C T I N G F O R E I G N I N V E S T M E N T AND THE ECONOMY MUST REMAIN STRONG.”

F O U N D E D B Y I T S O W N E R A N D M A N AG I N G D I R E C TO R A L E X M O N TA N A R O I N 1 9 8 7 , E X A L C O H A S E V O L V E D F R O M A C O R E B U S I N E S S O F I N T E R N AT I O N A L T R A D E I N N O N - F E R R O U S M E TA L S I N T O A G R O U P O F C O M P A N I E S T H AT I S A P I O N E E R I N D E V E L O P I N G P U R P O S E - B U I L T , O P E N - P L A N , M O D E R N O F F I C E S . TO DAY , T H E G R O U P CO N T I N U E S I T S S T E A D Y E X P A N S I O N W H I L E M A I N TA I N I N G I T S M I S S I O N O F E N S U R I N G I T S C U S T O M E R S ’ S AT I S F A C T I O N B Y P R O V I D I N G A P E R S O N A L I S E D S E R V I C E A N D D E V E L O P I N G L O N G - T E R M B U S I N E S S R E L AT I O N S H I P S .

As one of Malta’s self-made and successful business entrepreneurs, Alex Montanaro brings to the executive table a lifetime of experience as CEO and Managing Director of the Exalco Group.

diversified into property investment and started an open-plan office space idea that, in due course, resulted in the chain of Business Centres that we now have in various locations across Malta.”

“In my late teens and early 20s I initially worked as a trainee with a number of accountancy firms, and later held a number of executive posts with different companies,” he explains. “Then in 1986, I decided to start my own business – forming Exalco Metals and Steels Ltd in the following year, which marked the beginning of Exalco Group. In 1989, I

By creating his own business, Alex was launched directly into life as a CEO. “I was Managing Director on day one,” he smiles. “I guess I was self-appointed as CEO. I enjoyed the role and the business, and that, I believe, is the key to making a success of whatever one sets out to do.”

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In fact, making sure to enjoy his work has been the cornerstone of Alex’s career thus far, including his approach to being CEO. “When you enjoy your work, it is definitely good for your mind, and wellbeing,” he observes. “I enjoy leading the way, with the whole team pulling in the same direction to achieve our goals and succeed. Ultimately, that is the role of a CEO: to lead the way with creativity and honesty, and to steer the company forward towards achieving successful results. My approach to the role is very much like being the captain of a football team – a team does need a skipper, but it also needs others who can lead well.” Alex cites working alongside such a close-knit workforce as one of his favourite aspects of his position. “I love the fact that Exalco Group remains a family business at heart, and that we believe firmly in sound corporate practices. It is very satisfying to see the fruit of our hard work, with an end result of growth and profitability that can be shared with those who have placed their trust in us.” These ongoing efforts of the Exalco Group team continue to bear fruits, even in the face of the upcoming challenges and opportunities that Alex foresees ahead for the Group. “Recently one of our companies was admitted and listed on the Malta Stock Exchange. This development is an important milestone in our continued expansion,” he points out. “Our chain of Exalco Business Centres is growing with new acquisitions, and we intend to have our buildings rendered with special emphasis on environmental issues. Malta, in general, needs to keep attracting foreign investment and the economy must remain strong for our sector to continue to flourish. With determination, we will overcome the challenges presented by sustainable development in our property sector

It’s not only about ‘Exalco Group’ for me. It’s also very much about Malta as a country and a place to live, where we can enjoy a good quality of life and do honest business. We can all contribute as best we can to make Malta successful and correct in all aspects of our lifestyle.

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and give an even greater personalised service to our customers and tenants at all times.” Alex’s determination to excel in business is reflected in his focused yet fun-loving attitude towards life. “The biggest challenges for a CEO come when you are faced with difficult situations and a decision needs to be taken quickly to resolve matters and establish the best way forward. I am working with my sons and colleagues on quite a few projects at the moment; all are important, and I am confident

all will materialise. You make things happen by strongly believing in what you are doing.” Meanwhile, Alex regards a good sense of humour as an invaluable tool in the business world, particularly to reduce stress levels. “It is important to find time to relax and do things I enjoy. Laughter is vital, and, for me, sports, football, swimming and cycling are a good way to de-stress. I would like to be remembered as a guy who worked hard, played fairly, was honest, serious and professional on the job, and never hurt anyone.”

Quick-fire Questions… with Alex Montanaro What did you want to be when you were growing up? A footballer. Business formal or business casual? Both formal and casual depending on the occasion. Late nights or early mornings? I prefer early mornings, by far. Travelling on land, sea or air? On land. Smartphone: always on or often off? Often on. Sundays: full of activity or complete relaxation? Relaxation. What was your first car? A Fiat 500. What’s the question you always ask a job applicant? ‘Why are you leaving your current job?’ What’s the answer that will always get them hired? I like finding out that they value honesty highly. Which is your must-read business book? I didn’t follow any particular business book and prefer to find my own way. What are you really into outside of work? I am passionate about football. In fact, I still play with a group of friends who are in my age group. How many unread messages are in your inbox right now? Two – I will read them soon. Which philanthropic cause are you most passionate about? Seeking to promote human welfare and doing things for a good cause is a policy we hold dearly at Exalco Group. I am also passionate about contributing to having a greener Malta for everyone’s benefit and quality of life. What’s your prediction for the year 2040? I think making predictions for the year 2040 is a futile exercise, but I hope the world will be a better place by then for all countries and, especially, the third world ones, where sadly extreme poverty still exists.

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T H E Q U O T E T H AT INSPIRES ME:

“I DON’T BELIEVE IN QUOTES! THE DRIVE TO DELIVER, TO CHANGE, AND TO SUCCEED SHOULD BE IN YOUR VERY GENES, SO QUOTES ARE NOT NEEDED.” KENNETH FARRUGIA

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Kenneth Farrugia

CHAIRMAN, F I N A N C E M A L TA

“ M A L TA W A S N ’ T K N O W N F O R I T S F I N A N C I A L S E R V I C E S S E C T O R P R E - E U A C C E S S I O N – W E A D D R E S S E D T H AT G A P . ”

J U S T O V E R 1 0 Y E A R S A G O , F I N A N C E M A L TA C H A I R M A N K E N N E T H F A R R U G I A H E L P E D T O S E T U P T H E F O U N D AT I O N A S A P U B L I C P R I V AT E I N I T I AT I V E , W I T H T H E A I M O F M A K I N G M A L TA A K E Y P L A Y E R I N E U R O P E ’ S F I N A N C I A L S E R V I C E S I N D U S T R Y . T O D A Y , F I N A N C E M A L TA H A S A S M A L L Y E T D Y N A M I C T E A M , W H I C H C O N T I N U E S T O I N N O V AT E AND PROPEL THE ISLAND’S RAPIDLY-GROWING FINANCIAL SERVICES S E C T O R I N T O T H E I N T E R N AT I O N A L S P O T L I G H T.

A lifetime of experience in the banking world was the solid foundation upon which FinanceMalta Chairman Kenneth Farrugia helped to build a new entity that promised to bring Malta’s financial services sector to the international forefront.

However, Kenneth noticed that the country’s financial climate changed once Malta joined the European Union. “The new reality for Malta within the EU was that it was centred around the local market, as opposed to Malta being the centre of its own services. Malta wasn’t known for its financial services sector, and we intended to address that gap.”

“I hail from an exclusively-banking background, having spent more than 33 years climbing the traditional business ladder in the sector,” Kenneth explains. “I worked within diverse divisions of a local commercial bank, where I was responsible for a number of business areas in the group, from investments, credit, e-banking and insurance.”

To refocus Europe’s attention upon Malta’s financial services sector, in 2007 it was agreed that a private-public foundation, FinanceMalta, would be set up. “We wanted to establish an entity with a shared vision, that would create 291

I believe that time management and exercising are critical to regulating my stress levels at work. I sleep a maximum of five to six hours at night and exercise practically every day. I’ve always believed success is about vision, leadership, communication and constantly striving for excellence, while surrounding yourself with the right people that have the same can-do mindset.

networking opportunities for the sector and comprehensively represent the financial services sector through various member organisations,” Kenneth explains. Over the following decade, the foundation succeeded in its plan to lead this evolution, thus changing the make-up of the industry in Malta and beyond along the way. “Over the past 10 years, we have never looked back,” Kenneth confirms. “We have achieved a noticeable change in the areas of insurance and private wealth management, for example, and we are currently leading the way in regard to the global financial services industry’s new-kids-on-the-block: blockchain and cryptocurrency.” The journey towards applying these necessary changes to the industry continues to be a busy one for Kenneth and his small team at FinanceMalta. “The foundation organises around 55 events per year that are predominantly focused around specific sectors and, in addition, we contribute speakers to third-party events,” he highlights. “Furthermore, we have a strong international PR presence and our website is constantly updated, providing an excellent source of sector-specific information for the island. FinanceMalta is also very active on social media, and we have translated all

our documentation and literature into five languages over the course of just three years in order to boost communication.” With so much in their collective workload, Kenneth has been mindful in his approach to leading the FinanceMalta team. “We have a small set-up, with just six people,” he explains. “However, innovation knows no size, and we have achieved a lot simply by ensuring that we work together as a team and communicate with each other effectively. As well as having the right set of skills and a positive and determined mindset, it’s all about everyone working with the same vision towards the same goals. My role is to make sure that we have a good strategic vision and a plan to support that, and to make sure that I am fully transparent and candid with the team regarding the implementation of that plan.” 293

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In fact, it seems Kenneth’s philosophy towards his team’s dynamic has been inspired by his own outlook on life. “I’m not a nine-to-five sort of person, I run on determination to achieve my objectives and the motivation to excel. I have a constant hunger for success, so I never lose focus and I make sure that I live my life – and lead FinanceMalta – with passion and enthusiasm.” The reflected zeal of his team also continues to inspire Kenneth as he tackles the challenges he faces as he drives FinanceMalta ever forward. “One of my biggest challenges is curbing my desire to do more than is possible with our existing resources. I have a great sense of pride in Malta’s fast-growing economy, when so many other island economies are struggling. However, as a country we have our limitations, and we must be careful not to spread our wings too thinly and risk losing focus,” he points out. “The industry has very quickly developed from being almost solely domestic to being open to international business. FinanceMalta must also stay on top of that logistically, managing arising issues in a proactive manner, moving quickly to apply

new regulations, and setting appropriate structures to ensure that we are communicating effectively with all of Malta’s everexpanding workforce.” For Kenneth and his team at FinanceMalta, however, a potentially golden opportunity for Malta’s financial services industry, thanks to new technological innovations, may well be worth their efforts. “We are currently working with numerous blockchain operators, as Malta is rapidly becoming renowned as a leader in this new market,” he says. “We are also making sure that we are up-to-date with all the latest advancements in fintech, which present their own challenges.” With that in mind, Kenneth predicts that the next five years will serve to continue FinanceMalta’s success story. “Although I will probably have retired by then, FinanceMalta will grow stronger, and will keep strengthening Malta beyond our shores. Technology has done a lot, but the human element is essential moving forward: we are now ambassadors for Malta internationally. We now represent the new global Malta brand.”

Quick-fire Questions… with Kenneth Farrugia What did you want to be when you were growing up? A doctor, since I like helping people. Business formal or business casual? Formal – it’s a sign of respect. Late nights or early mornings? Both! Travelling on land, sea or air? Air. Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? The morning is dedicated to yoga classes and swimming, and then I relax with my family. What was your first car? A black Hyundai. What’s the question you always ask a job applicant? ‘Can you tell us a bit about yourself?’ What’s the answer that will always get them hired? Their answer will give me a sense of their innate desire to learn and will reveal whether they have prepared well by researching the company and position. Which is your must-read business book? The Economist. What are you really into outside of work? In general, there’s never a dull moment, but I enjoy taking swimming lessons. How many unread messages are in your inbox right now? 42 – and that’s just the ones for today. I’m very disciplined about clearing it. Which philanthropic cause are you most passionate about? I would like to mentor young people in prison. What’s your prediction for the year 2040? I expect the economy to be highly digitised, to have better roads and infrastructure, and hopefully a more secure global environment.

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T H E Q U O T E T H AT INSPIRES ME:

“LEADERSHIP IS ABOUT PRODUCING MORE LEADERS, NOT MORE FOLLOWERS.” RALPH NADER

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Joseph F.X. Zahra

CEO AND CHAIRMAN, SURGEADVISORY

“ A C E O DO E S N ’ T H AV E M O N O P O L Y O V E R H I S MANAGEMENT’S IDEAS OR OPINIONS, BUT IS OPEN, D E T E R M I N E D A N D S E L F - AWA R E . ”

S U R G E A D V I S O R Y I S A C O R P O R AT E C O N S U L TA N C Y F I R M T H AT A D V I S E S B U S I N E S S E S O N H O W TO I M P R O V E T H E I R G O V E R N A N C E AND PERFORMANCE WITH THE AIM OF REALISING THEIR PRIORITY GOALS AND POTENTIAL. LEADING IT IS CHAIRMAN AND CEO JOSEPH F. X. ZAHRA – A RENOWNED ECONOMIST WITH OVER 35 YEARS OF C O R P O R AT E L E A D E R S H I P A N D B U S I N E S S C O N S U L TA N C Y E X P E R I E N C E .

Joseph F. X. Zahra’s earliest memories of business relate to his family. His father Alfred, who owned and managed one of Malta's longest-established family businesses, E Theuma & Co, instilled a strong business ethic in his son.

human resources sector too. “I have always been driven by the concept of solving problems as part of business, so my idea was to set up a company that could provide human resources services,” he continues. “So, along with Lawrence Zammit and John Grech, I set up MISCO, in the early 1980s when I was in my twenties, while my father held a dormant shareholding. ”

“Studying economics felt like the right choice,” Joseph explains. “So I did. I then took on a job as Head of Research for the Malta Development Corporation (which is now Malta Enterprise) in the late 1970s, and worked there for six years.”

That of course marked a very formative move in Joseph’s career; one that propelled him firmly into the world of research, analysis, human resources and business consultancy. “The early 1990s were such an interesting time,” he reminisces. “Various companies were restructuring back then and

Joseph explains that his sector – market research – took its quantum leap in the 1980s. It was around the same time that he noticed a gap in the 297

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Joseph sees the role of the CEO as an executive position – someone who has taken on the primary responsibility for the company’s vision and policies. “The CEO is all about leadership and obtaining results,” he says. “The CEO needs vision, to lead by example, and to be out there on the floor rather than locked up in an office. He or she is someone who actively listens, and who doesn’t have the monopoly over the company’s ideas or opinions, but is open, strong, self-aware and knows their limits. Empowering others is absolutely crucial.”

changes were being made to Government authorities ahead of EU membership; there was so much to be aligned.” They were projects that highlighted his talent in the field, as Joseph was soon sought-out to take on another public role, this time as Chairman of Bank of Valletta. “I stayed in the position for seven years,” he explains. “It was especially interesting because it was an Executive Chairman role as there was no CEO – although we worked towards the appointment of a CEO during my tenure, in 2004.” Joseph then went on to play an integral function in a number of other very innovative projects taking place at the time. Among them, he was the first Chairman for both the Arts Council and the National Council for Higher Education. “I started both of those projects from scratch, and found it very interesting to be working to develop autonomy from the related authority,” he says. Between 2005 and 2008, Joseph chaired the National Euro Changeover Committee which introduced the euro in Malta.

As for the challenges he sees to business, Joseph says these mostly come from the rapid changes taking place. “We need to be agile enough to adapt to them,” he says. “Today’s world is one of disruption due to digitisation, technology and geopolitics, so it can be hard to keep up.” With that in mind, Joseph says that CEOs have to be effective within a lifespan of around six years. “A CEO that has been in the same company for 10-to-15 years will have their roots

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so deep that they will start resisting change,” he stresses. “The first year or so is all about understanding the business, becoming part of the team and coming up with changes. By the time you get to the third or fourth year, you have to become aware of complacency – or consider moving on. I disagree with CEOs maintaining their job for 10 years or more.” Joseph has certainly kept moving over the years. Even now, he sits on many Boards, including the listed companies MAPFRE Middlesea plc and Medserv plc locally, as well as Birks Inc, a jewellery business listed on the NY Stock Exchange, and Fire Group in Italy. Across all of them, he says that he has maintained one key focus: relationship building. “The speed with which the business world operates means that you risk creating transactions rather than relationships,” he explains. “And that’s exactly why my daughter Maria, who is a human resources consultant, and I founded SurgeAdvisory, because we really want to be able to build and maintain relationships with our clients on a personal basis. We have been very selective when it comes to the people we want to work with here; it’s a different model but we have been successful.” And it is clear that leading SurgeAdvisory alongside Maria makes Joseph happy at this stage in his career, and he is looking forward to doing so for many years to come. “Just, perhaps, in a calmer manner,” he smiles. “Over the next five years I have no doubt the company will be doing what we do well, while making even better use of the latest technology or business models to suit the changes that take place. My focus is always to make us more efficient and more effective across everything that we do.”

Quick-fire Questions… with Joseph F. X. Zahra What did you want to be when you were growing up? Exactly what I am doing now. The word entrepreneur wasn’t in use back then but that’s what I aspired to be all the same. Business formal or business casual? Formal, although I am adaptable to my environment. Late nights or early mornings? Early mornings, but I make the day as long as I need it to be. Travelling on land, sea or air? Air – the faster the better. Smartphone: always on or often off? On, because of work and family. Sundays: full of activity or complete relaxation? Relaxing with family. What was your first car? A white Mini Minor. What’s the question you always ask a job applicant? ‘Why have you applied for this job?’

Among the many people I have looked up to

What’s the answer that will always get them hired? Sincerity and honesty in their reply.

in business, my father Alfred stands out for his modesty and the fact he always kept his feet firmly on the ground. Positions of power can easily enable egos to inflate but we must always remember that we are human beings with our own strengths and weaknesses. I also have ‘anti’ role models – people who I have watched struggle and who have taught me not to fall into particular traps. Both have been valuable.

Which is your must-read business book? I don’t have one, and I don’t recommend business books because most of them are fads. I prefer to learn through observation. What are you really into outside of work? Family – including spending time with my little grandson, and reading. How many unread messages are in your inbox right now? None. Which philanthropic cause are you most passionate about? I do work for the Church in Rome, and am also a great lover of art. What’s your prediction for the year 2040? All possibilities are on the table, but I hope that our human survival instinct will be as strong as it has ever been. Ultimately I do believe we get it right.

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Joseph Maggi

CEO, MEDITERRANEAN MARITIME HUB

“AS A FACILITY, THERE IS SO MUCH WE CAN OFFER – BOTH FOR THE MARITIME, AND THE OIL AND GAS INDUSTRIES.”

A S A C O M P L E T E L Y U N I Q U E E N T I T Y I N M A L TA , T H E M E D I T E R R A N E A N MARITIME HUB SPECIALISES IN THE SPECIFIC REQUIREMENTS OF THE O I L A N D G A S A N D M A R I N E S E C TO R S , P R O V I D I N G A W I D E R A N G E O F S E R V I C E S . C E O J O S E P H M AG G I B R I N G S E X T E R N A L E X P E R I E N C E TO THIS FAST-DEVELOPING FAMILY BUSINESS, WITH A CLEAR FOCUS ON I T S P L A N S F O R G R O W T H A N D I N T E R N AT I O N A L I S AT I O N .

Looking back on his career so far, Joseph Maggi says he has always been driven by one thing: learning. As an engineer by profession, he worked in manufacturing and production for the first seven years of his career, during which time he was able to touch upon a number of crucial aspects of business development, including quality, reliability, research and development, and production.

Then, after seven years with other companies, he was asked to join MMH Malta Ltd, previously Ablecare Group – as Director of Operations in 2011. “I was thrilled to be able to make that move,” he says. “Primarily because, for me, work is so much more than just bringing home a wage. I am most driven by investing my energy into something and building it, and partaking in the product that is being created.” 300

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T H E Q U O T E T H AT INSPIRES ME:

“I CAN DO ALL THINGS THROUGH CHRIST WHO STRENGTHENS ME.” PHILIPPIANS 4:13

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My upbringing was based on three foundations. One – doing what you do well, two – working in a fair and ethical way, and three – living according to Christian values. As a CEO I try to live by all three, by being fair, leading by example, and rewarding results and hard work. I know I have a lot to learn but, thankfully, I am surrounded by a fantastic team that helps me to take the decisions I need to every day.

Joseph’s journey in MMH soon took him from operations to administration, giving him the opportunity to develop an understanding of every facet within the company and to gain much-needed insight into its strengths and weaknesses, as well as the ins and outs of the sector as a whole.

Joseph contributed to guide MMH through that transition, while retaining its resolute family roots. It worked, and in 2016 the company was awarded its mammoth Marsa facility and, shortly after, was listed on the Malta Stock Exchange. Then after a stint as COO, Joseph was appointed CEO in May 2018.

“My background before MMH was at ST Microelectronics and Baxter Ltd, and they provided another stepping stone in my education as they are universities in their own right,” Joseph explains. “The knowledge I gained and the mentorship I received there were very formative. So, by the time I reached MMH – which is a much smaller, family-oriented business – I was able to bring a certain level of corporate understanding to the table, which did help to grow the business.”

“As COO I was directly responsible for the organisation’s daily operations, in tandem with providing guidance on the different functions within it,” he says. “That is definitely a full-time job in itself because it involves a lot of people management and is very detail-oriented.

By 2014, Joseph had shifted his focus to the organisation’s process management and dedicated a lot of his energy towards helping it achieve accreditation and diversification. “It was around the same time that MMH submitted the bid to take over the ex-Malta Shipbuilding facility,” he continues. “That period marked a major milestone for us.” He explains that, also at around that time, the company was transforming from a typical family business run by its founder, Paul Abela, who is now Chairman of the Board, and shifting into a new sphere as a more corporate entity. 303

“As CEO things take on a different dimension altogether. Suddenly, there was a need for me to formalise all of the strategic processes, instead of following the more informal approach we had taken in the past. I also became the face of the company, so there was a learning curve to undertake there too.” Joseph says that, in his role today, he is particularly driven by ensuring the strategy is being implemented in the right way – that the operational processes are being executed, the required legal elements are in place, that quality, health and safety standards are being met, and that everything is being evaluated correctly. “With all of that considered, we are then able to move another step forward in our transition,” he says. “For

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

instance, we are now in a phase of implementing a succession plan, and moving towards a more corporate way of doing things. That said, we are resolute about retaining the family feel that we are known for; the team is very much part of our family. Of course, client satisfaction is also at the very core of our business.” Currently, it is the development of the MMH facility, as well as its management, that is at the top of Joseph’s to do list. “I am working to ensure that what’s needed is ready on time; not too early because that would be a waste of resources, but not too late either.” Of course, that is no easy feat when you consider just how mammoth the facility is, with a €55 million investment being made and set to be completed in the next few years. “We are operational even now, but this is still the investment phase,” he explains. “There are many opportunities to consider, especially

after the long downturn that the oil industry faced in the last few years. But there are still challenges to consider too, including learning how best to work with the stabilisation of the sector and hoping the upturn will continue. In the meantime the diversification process to meet the general maritime sector is ongoing, which is compatabile and complements oil and gas.” In fact, Joseph sees the next five years as absolutely crucial for the future of MMH. “By then I have no doubt that this will have grown to become a very diversified platform for services through collaboration. Malta has so much to offer to this sector from a regional point of view, that if we can be successful in bringing everything together here and also injecting international expertise, there will be nothing stopping us from becoming a truly excellent regional solution for all maritime, oil and gas endeavours in the entire Mediterranean,” he adds.

Quick-fire Questions… with Joseph Maggi What did you want to be when you were growing up? I think I have always been destined to become an engineer. Business formal or business casual? Casual. Late nights or early mornings? Either way, I just aim for enough sleep! Travelling on land, sea or air? Sea. Smartphone: always on or often off? Unfortunately on. Sundays: full of activity or complete relaxation? I prefer the latter, but with two young children – Nina who’s four and Giuseppe who’s seven – it’s the former! What was your first car? A Toyota Starlet. What’s the question you always ask a job applicant? It’s more about character and attitude for me. What’s the answer that will always get them hired? ‘I’m committed, ready to learn and flexible.’ Which is your must-read business book? Any maritime, oil and gas news. What are you really into outside of work? My family and voluntary work. How many unread messages are in your inbox right now? 35. Which philanthropic cause are you most passionate about? Evangelisation and missionary work. What’s your prediction for the year 2040? More widespread use of gas.

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T H E Q U O T E T H AT INSPIRES ME:

“CLIENTS DO NOT COME FIRST. EMPLOYEES COME FIRST. IF YOU TAKE CARE OF YOUR EMPLOYEES, THEY WILL TAKE CARE OF THE CLIENTS.” RICHARD BRANSON

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Kevin Chircop

CEO AND CHAIRMAN, ENEMED

“ W E C H A L L E N G E T H E S TAT U S Q U O . ”

E N E M E D L T D I S R E S P O N S I B L E F O R T H E I M P O R TAT I O N , D I S T R I B U T I O N AND WHOLESALE OF PETROLEUM PRODUCTS NEEDED FOR THE L O C A L M A R K E T , A S W E L L A S T H E A V I AT I O N S E C T O R . S P E A R H E A D I N G T H E CO M PA N Y I S C H A I R M A N A N D C E O K E V I N C H I R CO P , W H O TOO K O N T H E R O L E T H R E E Y E A R S AG O A N D I S N O W L E A D I N G I T S EVOLUTION IN THIS VERY CHALLENGING – BUT EXCITING – INDUSTRY.

Overseeing the successful fuel management for an entire country is no easy task. Every car on the road and every plane on the tarmac needs fuel to get to its next destination – and that’s where Enemed Ltd comes in.

to follow. He then started working for Enemalta itself as the Executive Director for Business and Strategy, before the corporation was split and Enemed became the company dedicated to petroleum use on the island. Kevin was the obvious choice for CEO.

At its helm is Chairman and CEO Kevin Chircop, whose journey into the company was both a natural progression and a strategic decision. Prior to his role here, he was part of the team leading the negotiations with Shanghai Electric back in 2014, when Enemalta was still a corporation. Kevin was often called upon to advise the Minister for Energy on the best path for the negotiations

“My role is pretty hard to define,” Kevin smiles, when asked about his position at Enemed. “So I will talk about my approach to it instead. “I am extremely hands-on, and I certainly don’t see myself as the top guy sitting at a closed-off office taking decisions; I rarely give instructions. On

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the contrary, I consider myself a mentor to my team. My primary focus is the vision for the future of the company, which is approved by the Board, and which I strive to translate into daily tasks for the whole team to execute.” In fact, Kevin says he is in regular contact with the 177 staff members employed at Enemed. “I like to know what is going on at every level,” he says. “If someone on the team is grumbling about something, I want to know why – because I want to know if there is something we could be doing better. It is important to me that our team feels ready to be the best it can be; I want everyone to come to work feeling motivated and enthusiastic. I am not just interested in what they’re doing at work but also outside of work – are they happy? Is there anything stopping them from doing their job properly? We take a holistic approach. I consider the whole team to be part of my own family, and if I can help them, I will.” Kevin says he is especially driven by watching the company transform according to the vision set out for it, and by that being a success. “Making things happen gives me a kick,” he says. “I am inspired to do things that will help better the lives of the 177 families directed affected by the decisions we take, as well as by improvements made to Malta at large. It is exciting to know that, together, we’re upgrading the fuel market on the island and taking it to the next level.”

One of the greatest challenges, meanwhile, comes from convincing his team to embrace a change in culture and not simply accepting the status quo. “Because we are part of the ex-Petroleum Division of Enemalta, we inherited a culture that was designed for an entity that used to employ 1,600 people, and which accepted things as they were within their comfort zone. We don’t work like that and I have seen a significant improvement in the way we do things since then. I encourage our team not to accept that the way we have always done things is the only way. I ask them to think about the process again and explain that, if it hasn’t been changed in 15 years or so, it’s likely to be obsolete today.” Meanwhile, other challenges come from the fact that Enemed is currently spearheading major infrastructural projects on the island. “Changing our pipelines is one of the biggest projects currently taking place, but it’s no easy feat,” Kevin continues. “When each kilometre of pipeline costs in excess of €1 million to replace, this cannot be done overnight. The solution is to break it down into manageable targets, and to create change that way.”

I leave work at work; it never follows me home. I believe in balance, and am not impressed by people who spend hours and hours at the office, or who stay on very late. It’s their value-add that’s important, not their hours. I operate in the same way myself.

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Major industry changes will also underpin a lot of the way Enemed works in the months and years to come. “In general, the petrol and diesel industry is seeking to reduce emission from the fuels themselves, and that is something we are addressing,” Kevin explains. “We are also focused on the long-term challenge of electric vehicles, and how not to become obsolete in the face of that evolution. “And in line with that, we’re also keeping a close eye on the 25 Enemed-franchise fuel stations that we rolled out in 2018. We have put specific standards in place for these stations, and we will be focusing on ensuring those standards are met – whether that’s the upkeep of the buildings or the service they offer. We will, in fact, be auditing each station and will even introduce a mystery shopping experience to help us gauge the Enemed client experience.” Looking to 2019 and the development of the company in the next five years or so, Kevin says he is overseeing other major

projects – including the €55 million upgrading works on all the Enemed storage tanks and the opening of the new logistics centre and headquarters. “There’s a lot happening in that respect, while we are also upgrading the airport storage facility, which is getting busier and busier. I am currently working on a memorandum of understanding with the Emirates National Oil Company, and we are discovering potential synergies and opportunities for us to work together,” he explains. “It’s an exciting future, and I definitely see myself being part of it – hopefully five years on, and even beyond that. I still have many ideas to bring to the table which I hope will materialise! As for Enemed, we are moving in the right direction towards the future too, and I believe we will continue to set the standard in the industry by consolidating our franchise here on the island, and then starting our franchise operations overseas. This is a growth market and we are primed to make the most of it.”

Quick-fire Questions… with Kevin Chircop What did you want to be when you were growing up? A pilot. Business formal or business casual? Casual. Late nights or early mornings? Both. Travelling on land, sea or air? I am not that keen on travelling to begin with! Smartphone: always on or often off? Half and half – I do switch it off. Sundays: full of activity or complete relaxation? Complete relaxation. What was your first car? A red Mini Minor. It gave me so much trouble I have tried to forget about it ever since. What’s the question you always ask a job applicant? ‘Where do you see yourself in five years’ time?’ What’s the answer that will always get them hired? If they think big, I hire them. Which is your must-read business book? I follow the fuel industry worldwide as my daily staple. What are you really into outside of work? Spending time with my children – Nicole, 21, Martina, 15, and Daniel, 14, as well as my wife Charmaine and our dog Cody. How many unread messages are in your inbox right now? Four. Which philanthropic cause are you most passionate about? Giving opportunities to children who don’t have them. What’s your prediction for the year 2040? There will be less brains and more algorithms.

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T H E Q U O T E T H AT INSPIRES ME:

“ONLY BY ASKING FOR HELP ARE YOU ABLE TO RECEIVE IT.” WERNER DORNSCHEIDT

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Hermann Kresse

CEO, DR KRESSE I N T E R N AT I O N A L L AW F I R M

“ENABLING AND EMPOWERING OUR TEAM IS DEFINITELY A DRIVING FORCE FOR ME.”

U S I N G H I S W E A L T H O F I N T E R N AT I O N A L E X P E R I E N C E I N T H E F I E L D S OF ADVERTISING, PRINT MEDIA, TELEVISION, MARKETING, TRADE F A I R S , E X H I B I T I O N S , E V E N T S A N D E N T E R TA I N M E N T , G E R M A N L A W Y E R D R J U R H E R M A N N K R E S S E C R A F T E D D R K R E S S E I N T E R N AT I O N A L L A W F I R M T O B E A B O U T I Q U E L A W F I R M W I T H A U N I Q U E S K I L L S E T. W O R K I N G TO F I T I T S B L E N D O F CO R E VA L U E S , T H E F I R M A S S I S T S G E R M A N - S P E A K I N G C L I E N T S W I T H L E G A L A N D C O R P O R AT E G U I D A N C E F O R T H E I R B U S I N E S S A C T I V I T I E S I N A N D V I A M A L TA , A S A O N E - S T O P S H O P O F L O C A L A N D I N T E R N AT I O N A L E X P E R T I S E .

By following the family industry of media marketing, German lawyer Dr jur Hermann Kresse embarked on an unusual career path towards setting up his own boutique law firm, Dr Kresse International Law Firm.

“Although I received my lawyer’s warrant in 1985, I haven’t had a typical lawyer’s career,” Hermann explains. “The family business was journalism and media, so I went into media marketing, getting my first job with German public television. After

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three years at an advertising agency, I joined one of the two private television channels in Germany at that time, RTL. There, I had the privilege of holding one of the first management positions in marketing and politics for six years.”

I manage the stress of being a CEO through disciplined time management,

Then, in 1995, another unmissable opportunity presented itself to Hermann. “The prestigious German Trade Fair Association was in the process of internationalising, and I was offered the exciting chance to head the association as CEO, which I accepted, ultimately serving there for a decade and travelling to India, China and South East Asia,” he recalls. “Following that, I decided to end my career within the exhibition industry, and instead to use my experience to create an exhibition-related consultancy combined with a law firm.”

a work routine, and a love of writing. Every day, I will work from 7am until 9am in what I call my ‘concentration phase’, before carrying on as usual. In the afternoon I take a siesta, which refreshes me to then work between 5pm and 8pm. As my own boss, I love that I’m able to

When he relocated to Malta in October 2012, Hermann widened the scope of the business even further. “Following our move to Malta I intended to reduce my workload, but I quickly received many requests from German-speaking companies and clients to conduct business in and via Malta,” he says. “I adapted the firm accordingly, to focus on Germanspeaking clients. I now assist them, regardless of their field and industry, with nationalising their business.”

decide for myself what I will do with my day and when, so I set my work priorities before allocating time to write – which is my other passion – thus affording me both peace and focus.

Hermann’s adaptable and client-focused approach has been the key to his ongoing career success, no matter the industry. “I am a coordinator and a motivator – my accomplishments lie in understanding what the client really wants. I strive hard to communicate with each client, so that I can fully appreciate their background and what is driving them forward. Of course, this is where my consultancy experience is particularly valuable.” In fact, Hermann describes communication as the ‘running theme’ in his career. “I believe it is very important to connect with people. I will always speak in person to a client, rather than email, where possible – playing email ‘ping-pong’ rarely moves you forward.” Hermann’s insistence on effective communication even extends into his process of taking on new clients. “The quality of a client relationship matters a lot to me. When I receive a new request for a mandate, I will only accept it if the client is willing to sit around a table for half a day to talk about what they want and need,” he maintains. “It’s about putting a face to the name, and it builds trust. Clients feel more at ease in a face-to-face conversation in their mother tongue. Also, by meeting in person, we make sure to cover all the aspects of the mandate, including legal, tax, or markets, and to have all this information in clear view from the start makes the challenge interesting.” 315

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Quick-fire Questions… with Hermann Kresse What did you want to be when you were growing up? I always wanted to do something in media. Business formal or business casual? Casual. It’s about the person you are meeting, not the tie. Late nights or early mornings? Ideally both, combined with a siesta. Travelling on land, sea or air? Air. Although trains in Germany are very good.

Overcoming challenges is indeed a regular part of Hermann’s role. “One of the biggest tasks I face is to be always thinking of tomorrow in terms of the clients’ projects, in how we can best address new technologies – particularly blockchain – as well as legal developments and other environmental variables which may influence the project,” he explains. “Another is the many roles I must inhabit as CEO of the firm. My work is both legal and non-legal, in that I am giving legal advice, but I must stay on top of business opportunities and remain aware of the human resources side of the job. I always undertake the hiring of new applicants for clients’ projects personally, since it’s not just about knowledge, it’s also about each team member’s personality and attitude.” In each interview with a potential job candidate, Hermann is also considering if the person will fit with the law firm’s philosophy, which he summarises in four simple terms. “The core values upon which we anchor everything we do at the firm

are integrity, trust, transparency and feedback, or ‘ITTF’ as I like to abbreviate them,” he outlines. “It’s always important to work with people who have a certain approach towards their work and are reliable – reliability is non-negotiable. Only then can one build a basic level of trust, give transparency in what we do, and take action based on client feedback.” These core values continue to propel Dr Kresse International Law Firm forward, supporting Hermann as he looks to the future and embarks on another busy year ahead. “2019 will be the year in which we will have our first valid experiences within virtual assets legislation, as we are about to launch a major gaming project and are débuting a number of blockchain and cryptocurrency projects,” he explains. “Over the next five years, our values will remain the same but, beyond that, I predict we will grow into one of the estimable players on the Maltese islands for German-speaking clients,” he concludes.

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Smartphone: always on or often off? Always on. Sundays: full of activity or complete relaxation? Relaxed in the morning, but from 5pm I work. What was your first car? A Volkswagen Beetle. What’s the question you always ask a job applicant? ‘What motivates you, and what do you think are your main strengths, both at work and in general?’ What’s the answer that will always get them hired? There is no one answer, but their response to that question gives me a first impression of the person. Which is your must-read business book? Talking Straight by Lee Iacocca. What are you really into outside of work? I try to relax within nature, so I like to go walking or on nature trails. How many unread messages are in your inbox right now? None. I always try to acknowledge receipt, even if I can’t deal with it in full immediately. Which philanthropic cause are you most passionate about? I am a member of the Rotary Club, and I contribute to a school project in Southern India. What’s your prediction for the year 2040? Hopefully, better universal leaders and more technological developments. However, in my view, face-to-face communication will always remain at the core of human and business relationships.

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Tonio Montebello C E O , WA S T E S E R V

“ W E M U S T C H A N G E M E N TA L I T I E S I F W E W A N T TO R E D U C E O U R WA S T E - TO - L A N D F I L L . ”

TO N I O M O N T E B E L L O I S C E O O F WA S T E S E R V – T H E CO M PA N Y R E S P O N S I B L E F O R O R G A N I S I N G , C O O R D I N AT I N G A N D O P E R AT I N G I N T E G R AT E D S Y S T E M S F O R W A S T E M A N A G E M E N T I N M A L TA . L E A D I N G A T E A M O F 8 0 0 O N A N AT I O N A L W A S T E M A N A G E M E N T M I S S I O N I S N O E A S Y TA S K , B U T T O N I O I S F O C U S E D O N I N S P I R I N G H I S T E A M TO S T R I V E F O R I N C R E A S E D R E C YC L I N G A N D L O W E R W A S T E - T O - L A N D F I L L R AT E S I N 2 0 1 9 A N D B E Y O N D .

The business of rubbish is big business. Never before has there been more waste in the world, or more questions about where it’s going to go and what we’re going to do with it. In Malta, some of those questions fall to Tonio Montebello, who took on the role of Wastserv CEO in 2014. Via a career in the private sector that started when he was still at university, followed by time in Malta and Libya working for Medavia, Tonio first joined the public sector in 2007, at ETC. In fact, he says that he now marries what he learnt in the private sector with systems in the public sector – a blend that gives him an outside eye on the way things 319

can be done and results can be achieved. “I am very results-oriented,” he tells me. “If I don’t see results on the ground, how will I value what I am doing?” Tonio’s first experience of high-level management was back at ETC, where he was asked to head the Employability Division, answering directly to the CEO at the time. “Then, when the CEO resigned a year or so later, I worked with the other two heads of department to fill the gap, and the experience gave me interesting insight into what is expected from a role of that standard.”

MaltaCEOs 2019 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jack Welch – the CEO of General Electric – is probably my biggest inspiration in business. With a team of 150,000 people to consider and a billion-dollar remit, he is obviously a different calibre of CEO but I am motivated by the fact that he sets out to be the best in everything he does.

And just a few months later, Tonio would find out properly for himself, when he was offered the role of Wasteserv CEO.” Tonio recalls: “I have to admit that I doubted myself at first. I wondered whether I could be of inspiration to the huge Wasteserv team and whether I could make a positive impact. But, in the end, I took the plunge and accepted the role. My first day was 8 January 2014 – my 40th birthday! – and I have been dedicated to the position ever since.” Tonio describes his role as a ‘balance between the many, many stakeholders’. “A Government entity is not a private company with a board interested in profits or market share. There are so many facets to consider, but responsibility strikes at the heart of that,” he explains. Among the many stakeholders to think about, Tonio considers the 800 employees with very varying skills that work for the company – “from professionals down to people who don’t know how to read or write but who are absolutely vital to the successful running of Wasteserv,” he says. On top of that, Tonio’s stakeholders also include the Board of Directors, who guide him according to Government policy, as well as the 321

public – many of whom are very engaged with the way Wasteserv operates and what becomes of their rubbish. “In the age of social media it’s very important to consider how people will perceive you; where to weigh your decisions on what to do and how to do it.” Tonio explains that Wasteserv’s results are exacerbated by the fact that Malta is a small country, with a booming population and densely-populated landscape. “We do not have all the land we would like to have,” he continues. “And we have very onerous recycling targets to hit, as well as a waste management structure that must work perfectly in order to acquire the investment it desperately needs. All of the systems involved in the industry must work together flawlessly for the country to function properly. And we need to catch up. We need to focus on reducing the amount of waste in Malta that ends up in a landfill. Yes, I believe this can be done but we need to change the mentality of a lot of people. Many members of the public still ask why they should bother separating their waste; they don’t think it is their problem.”

Quick-fire Questions… with Tonio Montebello What did you want to be when you were growing up? An engineer or an architect. Business formal or business casual? Formal. Late nights or early mornings? Early mornings. Travelling on land, sea or air? Air, but I like land too and I love the sea. Smartphone: always on or often off? That’s a difficult one. It has to be on of course, but I also try to have time without it so that I can prioritise my family when we’re together.

But Tonio does feel confident that a lot has already been achieved, and that plenty more is to come. He cites his people as his greatest inspiration and his foremost asset. “My approach is definitely to invest in my people and to work with them across all levels,” he says. “Building people up is core to the work we do. I strive to give them the freedom to grow, learn and make mistakes because I see great value in all of that.” And Tonio has made it his personal mission to inspire his team. “They are doing a tough job every day, in a hard and dangerous industry. I want to encourage them to not just do their job but to embrace it as part of their personal development, so that they can understand how positively they are contributing to society. Because even at the lowest levels of our organisation, they truly are working towards a better Malta by creating

resources from waste. Waste is a resource, and the sooner everyone realises that – both within Wasteserv and beyond it – the quicker we will all be able to hit the targets we desperately need to.” With that in mind, Tonio explains that there is much scheduled to be done within the waste sector over the next few months and years – including the opening of the incinerator, which will be up-and-running by 2023, as well as efforts to seriously boost recycling statistics. “As I look to the future, I have no doubt that Wasteserv will continue to be a major player on the island, and I plan to have it working as flawlessly as possible. I have made it my own personal goal to reduce the amount of waste we send to landfills every year and to take us closer to the EU’s recycling targets. Achieving that is definitely my own personal target for the next five years.”

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Sundays: full of activity or complete relaxation? Activity. What was your first car? A Ford Fiesta… but it’s best to forget all about it! What’s the question you always ask a job applicant? ‘Why did you apply and what excites you about the job?’ What’s the answer that will always get them hired? I am looking for enthusiasm. A passive approach doesn’t work for us. Which is your must-read business book? The Seven Habits of Highly Effective People by Stephen Covey What are you really into outside of work? Cycling, scuba diving, a bit of boating and some target shooting. How many unread messages are in your inbox right now? 94. Which philanthropic cause are you most passionate about? Cleaning up the island. We dedicate as many resources as possible to that. What’s your prediction for the year 2040? We’re set to see more automation and more tech advancements, but I hope we will be able to value life more and not become zombies.