Crude Oil Collapse Crisis or Opportunity print - Europe

Crude Collapse

Crisis or Opportunity? A leadership that can transform the energy

renaissance into a new global energy reformation

Indus trIal Pr ac tIce > natur al re source s

15070071-hs-00103-Oil and Gas-DRAFT 02.indd 1 02/07/2015 16:24

Crude Collapse Crisis or opportunity?

a leadership that can transform the energy renaissance into a new global energy reformationBy Les T. Csorba, Partner, Heidrick & Struggles, Houston, and

Scott Eversman, Partner, Heidrick & Struggles, London.

As global oil and gas CEOs and senior

executives face one of their greatest tests

as leaders, many are quoting Churchill

who was fond of saying “we should never

let a good crisis go to waste.” With crude

prices plummeting more than 60% since

mid-2014, the oil and gas industry faces a

downturn perhaps not seen since the oil

glut of 1986, which created an industry-

wide depression and decimated an

entire generation of leadership, creating

a talent gap from which oil and gas

companies are still recovering. While

a rebound in commodity prices may

be the ultimate panacea, it will be a

new class of leadership that transforms

one of the largest industries on the

planet and creates opportunity out of

crisis. Relying on leadership attributes

that drive financial and operational

performance, this transformation will

occur across the business cycle—that

is, regardless of commodity prices.

Oil markets rebalance over time as price collapses

boost consumption and curb supplies, and investment

cuts curtail output growth; but the scope and quality

of the recovery will depend, in large part, on the

leaders responsible for stewarding their assets,

capital, and people through the time of uncertainty

and ambiguity. Since 2008, the industry flourished

with the innovation of unconventional technologies,

creating an energy renaissance in North America with

global geopolitical implications and robust economic

growth. Just as it was the singular decisions of men

and women in leadership that drove this oil and

gas revolution, how executives lead in the months

ahead will make or break a sustainable recovery.

On the heels of the oil collapse in late 2014, Heidrick

& Struggles released “The CEO Report,” one of the

most comprehensive studies of CEO leadership

attitudes ever undertaken. Released in Davos (just

a few hundred miles across the Alps from the OPEC

meeting in Vienna where the Saudis declined to cut

oil production), the report outlines the key attributes

that executives, especially energy executives, leverage

to thrive in environments marked by constant

change and disruption—the “new normal.”

The product of a year-long global research partnership

between Saïd Business School at the University of

Oxford and Heidrick & Struggles, The CEO Report and its

conclusions were based on in-depth interviews with more

than 150 CEOs from around the world and across business

sectors. As every global oil and gas leader knows too well,

chief executives today navigate a world of unprecedented

complexity and unpredictability. The Heidrick study found

that a CEO, or any senior level leader’s success, hinges on

adaptability, authenticity, and continual growth in his or

her role. In fact, many of the critical capabilities identified

in our report are especially meaningful to global oil and

gas leaders. These attributes, which transcend business

cycles, whether in downturns or booms, include the S3 of

change, ripple intelligence, the power of doubt, adapting

authentically, and a continuous learning mindset.

2 Crude Collapse Crisis or Opportunity?


In crisis there Is opportunity Naturally, oil and gas leaders are focusing their

energies on the current downturn, but the history

of the cyclical nature of the industry (backed by our

research) shows that they should be thinking more

broadly. Missed opportunities of previous downturns,

such as investing in future talent and sustaining a more

disciplined approach to exploring and producing oil

and gas, require a new leadership paradigm focused

on short-term demands and long-term investments.

In the midst of the precipitous decline in crude prices

and stubbornly low natural gas prices, leaders are taking

many of the steps you would expect. The exploration and

production companies are slashing capital expenditure

budgets, restructuring debt, and even issuing more

equity to provide future flexibility. The energy services

and equipment companies are also curtailing budgets but

are also reducing staff—particularly contractors—in order

to withstand the downturn, which history shows affects

services companies more severely than their customers.

The midstream companies are scaling back projects and

are focused on driving operational efficiencies (OE) to

deliver enhanced performance, reliability, and safety of

their pipelines, storage facilities, and gathering systems.

When considering long-term planning activities,

against the backdrop of constant change, several CEOs

in our study suggested scrapping the three-to-five

year planning cycle in favor of repeating 100-day

exercises, or supplementing them with contingency

plans that can be triggered quickly—especially sage

counsel for energy executives today. As one CEO

put it, “Trying to forecast the future has become an

impossible task.” Likewise, instead of relying upon a

quick rebound in crude prices, many are exploiting

the crisis to transform an industry that was perhaps

overheated, by making it more efficient and sustainable

across the business cycle: making decisions on assets,

capital allocation, and people to deliver optimal

performance and value regardless of commodity prices.

For example, industry observers (and perhaps even

the Saudis) have marveled at the speed with which oil

and gas leaders have already responded to the crisis.

The speed and severity of the downturn has certainly

been alarming, but the response has perhaps been

more impressive, with drilling rigs being laid down and

budgets adjusted with rapid pace. Some oil and gas

CEOs and executives displayed the critical attribute

our research identified as the “S3 of change,” an ability

not only to respond to the speed of change but also to

anticipate the scope and significance of the change itself.

Most notably, American shale oil producers are

implementing innovative ways and new technologies

to shed costs, allowing them to operate profitability in

a world where prices are $40 to $60 per barrel. Raising

the possibility that shale producers will develop low-cost

oil that the Saudis and other Gulf countries can produce,

this new reality may fundamentally change the future

economics of the industry, effectively making America,

as Dan Yergin put it, the world’s new “swing producer.”

Even ExxonMobil’s chief executive, Rex Tillerson, argued

that his company could weather the downturn even

if prices sank to $40 per barrel. Harnessing what our

report labeled a “ripple intelligence,” namely the ability

to anticipate and judge how, when, and why contexts

may interact to fundamentally be disruptive, Tillerson

leads an oil giant with gigantic projects such as liquefied

natural gas and deep-water drilling, which are decade-old

investments tested to perform and deliver value across

a broad range of oil prices from $40 to $120 per barrel.

Tillerson, who arguably runs the most disciplined global

enterprise company in the world, views the crisis as a

unique opportunity not just for growth, but reform, while,

of course, refocusing on fundamentals such as managing

cash wisely and carefully managing investments.

Even ahead of the downturn, industry CEOs like

Tillerson had focused on transformational initiatives

such as smarter capital efficiency, operational

excellence, standardization of processes, and new

drilling and completion technologies, all of which

reduce costs per well and build more performance

cultures. Moreover, as regulatory and stakeholder

environments become trickier, leaders are investing

in best-in-class systems around financials, safety, and

environmental stewardship, promoting transparency

to ensure compliance. These and other measures

build greater trust with key stakeholders, reduce

permitting time, and enhance business performance.

Heidrick & Struggles 3


Pressures on leadership to adapt are intense even in the

national oil companies (NOCs), despite their political

context and different business models. While the need

to generate revenue for national treasuries is paramount,

the drive for greater efficiency is equally critical to

protecting margins under intense pressure. Although

NOCs are frequently less capital constrained, many will

use a downturn to invest in innovation and technology.

At a recent conference in the Middle East, one senior

executive said, “In every challenge there is a tremendous

opportunity, and progress need not take a backseat.”

Yet, the opportunity to transform the industry remains

so much greater. Global management consulting

firms have been arguing for years that large oil and

gas companies have been leaving money on the

table. One report by Bain & Company estimated that

better data analysis could help oil and gas companies

boost production by 6 to 8%. Big Data and analytics

are commonplace in manufacturing, banking,

telecommunications, and airlines, but energy firms

lag far behind. A McKinsey & Company study found

that less than 1% of the information gathered from

about 30,000 separate data points on rigs around

the world was being made available to the people

in the industry who make decisions, potentially

missing massive savings on drilling and well costs.

Coupled with available technology and operational

efficiencies, oil and gas leaders armed with the

requisite skills revealed in The CEO Report can seize the

current crisis to enhance their business performance

and long-term sustainability. This leadership factor

may also have the effect of transforming the current

energy renaissance into a new energy reformation.

the essential skills The timing of the release of The CEO Report, laying out

the critical executive skill sets in a world of constant

change and turmoil, turns out to be prescient for the oil

and gas industry now grappling with uncertainty. We

believe the following attributes will be the most essential

to delivering performance across the business cycle.

the s3 of changeAs our research revealed, executives today need to

focus not only on the speed of change but also on its

scope and significance, or having an “S3” understanding

of change. Even before the collapse in crude oil

prices, a new generation of leaders anticipated the

necessity and speed of change that lay ahead.

A high-profile example of anticipating the S3 of change

is Shell’s acquisition of BG. By building its capital

reserves and managing debt effectively, Shell was

in a position to acquire BG just at a time when the

latter was completing a major capital expenditure

program and so less able to defend against takeover.

The move firmly positioned Shell in the LNG sector

in anticipation of renewed global growth, as well as

helped it enter the Brazilian market at an optimal time.

Consider also Peter Coleman, the CEO of Woodside

Petroleum, who from the outset of his tenure in May

of 2011 embarked on a strategy designed to maximize

the core business, leverage proven capabilities, and

grow the portfolio. Although conceived in a higher-

price environment, this prepared the company

to weather fluctuations in the dynamic Asian gas

markets. By maximizing the core business, Coleman

was able to focus the company’s efforts on cost

optimization while delivering on existing projects and

concentrating on the company’s primary operations.

Careful capital management, proven delivery, and

discipline in the core business enabled Woodside to

access further capital and embark on growing its portfolio.

Against the context of deteriorating prices in 2014, the

company completed a series of significant acquisitions

and continues to use the current low-price environment

as an opportunity to acquire distressed assets.

Despite the speed, scope, and significance of change

in the market, Woodside focused on creating a leaner,

more disciplined approach to its business, centered on its

existing proven capabilities, thereby building resilience

in key areas such as technology. Investments such as

these ensure the company is ideally placed to leverage

opportunities, while sharpening its competitive edge.



ripple Intelligence

One of the most important

skills in a rapidly changing and

uncertain environment is the

ability to anticipate and judge

how, when, and why contexts may

interact to fundamentally disrupt

the business, or what our research

showed as “ripple intelligence.” As

one CEO put it, “if you haven’t got your

antennae out, you’re going to struggle

to see opportunities and threats which

may blindside you.” Particularly true for

oil and gas leaders, they will need to rise

above the clutter of managing the day

to day and instead harness the ability to

discern and connect events and anticipate

distant threats and see opportunities.

When, in May of 2014, Carl Trowell was

selected to lead London-

based ENSCO, one of

the world’s largest

deepwater drillers,

many advised him

to focus first on the

‘operational’ and ‘people’

issues, not the ‘strategic’

issues in his first 100 days as

CEO (and six months before the

November OPEC meeting when

oil prices would deteriorate

more quickly). However, the

former senior Schlumberger executive was keenly aware

of the broader macroeconomics and the overbuilt

global contract drilling market, and knew he had to

act ahead of the ripples to come. Trowell quickly

built a more disciplined strategic planning process

providing contingencies for the months ahead. His

ripple intelligence allowed him to see the potential

impact of multiple contexts simultaneously and get

ahead of the crisis by putting strategic and contingent

planning at the very top of his executive agenda, but

not at the expense of continuing the company’s focus

on operating excellence and customer service.

In a world of constant change, Ripple Intelligence

represents an early warning system for leaders able

to see broadly and think systematically. As one CEO

put it in our study, “It’s like when you ride a bicycle;

you always have to look a little bit further – if you look

just in front of your wheel, you lose your balance.”

This skill allows an oil and gas executive to look for

the ripples outside of the company and hovering

above the business, customers, and competitors to

search the landscape for emerging connections.

Take one Chairman of a U.S. shale producer who is

looking well beyond the downturn to consider how to

take advantage of future market opportunities. After

working with service companies to slash well costs, he

worries it may be difficult to capture their attention

(and their equipment) when there is strong demand.

His ripple intelligence is asking whether it would be

prudent for his production company to build a service

company capability as a cost center in order to provide

more optionality and speed in what has essentially

become a manufacturing business (as some peers have

done such as EOG, Southwestern and Pioneer). Of

course, there are additional ripples and consequences

to such a business proposition, but it is this kind of

thinking that may create opportunity out of a crisis.

In a similar vein, a UK based exploration and production

(E&P) company with assets in Asia and Africa took a

strategic decision to move away from its pure exploration

strategy of ‘find and farm-out’. Anticipating reduced



liquidity in the capital markets and a difficult IPO market,

this mid-cap entity decided to acquire a peer group

company with producing assets. This created a self-

sustaining business model that reduced reliance on

external funding for its exploration activity. It is another

example of how a CEO’s ripple intelligence can help

to mitigate threats to an existing strategy by changing

the business model and adapting to circumstances.

A new strategy, however, brings new challenges

in the form of post-merger integration, top-team

effectiveness, and combining two distinctive cultures.

Power of doubt As our study found, expressing doubt has become a

powerful decision making tool and critical skill among

CEOs today. Indeed, the quality of decision -making of oil

and gas leaders around managing costs, risk, and capital

is especially timely given the threats and opportunities

on the horizon. As one CEO put it in our study, keen

to protect against a false sense of security and the risk

of being blindsided, “A certain level of professional

doubt should be the quality of any good leader.”

One oil and gas CEO, with one of the healthiest balance

sheets among all large independents, has had to fend

off energy bankers and board members to resist the

temptation to pounce too hastily on asset and company

acquisition opportunities. Inviting other voices to the

table, he has carefully cultivated the power of doubt,

which has, in turn, instilled a more disciplined approach

across the company as they consider more timely and

accretive opportunities down the road. This is discipline

that will serve the company well in any phase of the

business cycle—by avoiding overinvestment during

the boom time and overcutting during the downturn.

The CEO Report found that doubt is to CEOs what

nerves are to elite athletes: a source of focus and

insight when harnessed constructively, and a threat to

peak performance when not. For example, one of the

lessons learned from previous downturns has been the

precipitous manner in which energy companies have

cut staff and pushed talent development down the list

of priorities. The oil glut of 1986 was so devastating

that an entire generation of engineers and geologists

(also operating and asset managers) was lost as a result

of the massive layoffs and the commensurate lack of

talent management programs. In The CEO Report, one oil

executive described the talent gap that a cyclical industry

can face: “When things are good you hire a lot; when

things are bad you don’t. And so the whole industry

has a lot of people with more than 25 years’ experience,

a lot of people under 10, and not much in between.”

Similarly, CEOs and energy executives face pressure to cut

staff dramatically and sacrifice investments in developing

the next generation of leaders. One senior executive of a

global oilfield service company recently had the courage

to express doubt when considering such drastic layoffs.

He raised the issue of the company’s future technical

competencies as a competitive differentiator when the

market returns. Instead of responding reflexively to a

demand for reductions, his doubt (and, yes, even his

ripple intelligence) created a healthy conversation around

talent management and a more sustainable outcome

for his company. Perhaps some cuts in staff cannot

be avoided, but the power of doubt expressed by this

leader, and the consideration of a longer-term talent

strategy, underscored how he valued intellectual and

human capital, and this resonated throughout his team.

adapting authentically Facing relentless pressure for change, oil and gas

executives also have to consider adaptability as an

essential skill. Yet, as our report showed, authentic

leadership in times of uncertainty and change is also

required. As such, the need to balance between being

adaptable, while remaining true to one’s personal

sense of purpose and authenticity, is critical.

For example, many energy companies have established

safety performance and environmental and community

stewardship as essential values maintained at any

cost. Being able to adapt authentically is the skill

executives deploy to adapt to the requirement of

cutting costs and moving with speed to achieve

operational efficiencies, while resisting the tendency

to cut corners and sacrifice essential values such as

health, safety, or environmental performance.

Practically every oil and gas business that operates

heavy equipment around high-pressure and high-

temperature environments promote a “safety-first”

culture. Yet, some “safety-first” companies in commodity



downturns operate instead with the philosophy that

“we’re not ultimately in business to be safe but to

enhance value.” Championing safety on the one hand

while reducing costs that compromise safety on the

other creates hypocrisy and destroys leadership trust.

Highlighting further the need for authenticity in the

context of safety, few could have envied Bob Dudley

when he took the mantle of leadership at BP following the

Macondo disaster in 2010. Despite an enormous volume

of litigation, and considerable financial fallout, BP used

the incident to affect a metamorphosis in its business. As

a result, the company successfully delivered an ambitious

program of cultural change, performance enhancement,

cost control, and operational improvement. Rebuilding

trust in the BP brand while implementing a strategy of

sustainability and future growth is still ongoing. However,

Dudley has made significant progress in the past five years

through his vision and purpose, enabling him to adapt

authentically to an unprecedented set of circumstances.

Leaders who adapt authentically can manage businesses

that are both safe and profitable and outperform their

peers. While focusing on driving change and remaining

true to their values, their leadership comes across as

authentic, which creates genuine followership and

therefore higher performance. Oil and gas leaders are

under massive pressure to adapt, but they have to do

so in an authentic way, modeling integrity, and respect

for others and building trust. If CEOs and executive

teams want to achieve the ultimate understanding

of how best to balance the S3 aspects of change

during an energy downturn, they will need the buy-in

and followership of employees and stakeholders.

The skill of authentic adaptability does that.

The CEO Report showed that CEOs viewed authenticity as

essential both outside and inside the organization. On

the outside, it is a means of generating trust among a

wider group of stakeholders, not just shareholders. On

the inside, it is a cornerstone of productive collaboration

that insists CEOs “have a high level of trust from your

colleagues that you will do the right thing.” Or, as our

report found, authenticity is the fuel that drives trust.

Authenticity was a critical factor in delivering a

cultural transformation project in a large independent

exploration and production company. The CEO used a

values-led approach to improve performance among

the company’s workforce while propagating a global

mindset to deliver growth. The resultant cultural change

helped to integrate recent acquisitions while building

resilience within the business. Improved staff retention

also ensured a sustainable talent pipeline for the future.

In times of crisis, authentic leadership and trust building

are essential. Trust is literally the decision that someone

makes to rely upon someone else under the condition

of risk. As such, oil and gas leaders have to reduce the

risk that the trust will be broken. One CEO who is trying

to adapt authentically to the crude oil collapse has

been intentional about holding town halls to create

candor and transparency about future plans. He has

created an open-forum session to solicit feedback where

employees have access to the CEO and feel their voices

are being heard. Likewise, he has been deliberate in

communicating with investors, all of which will build the

basis of support for changes that may be necessary.

Finally, leadership in uncertain times requires something

closely connected with authenticity, which is a clear

purpose. Defining and aligning purpose becomes

a powerful tool in reducing doubt when tough

decisions need to be made in times of crisis. Or, as

one CEO confided in our study: “If you have a sense

of purpose that is true and genuine and exciting

and authentic, the unknown is less of an issue.”

Most oil and gas companies have powerful purpose

statements that give meaning to each employee and

stakeholder. Many have a purpose to produce clean and

efficient natural gas, or to become the most admired

energy company, or to emphasize values of environmental

stewardship or responsible energy development, or to

provide plentiful, clean, and reliable energy that powers

the world. Energy executives who have a well-defined

and aligned purpose will create a touchstone for reducing

doubt around tough decisions and win support for

their execution. A powerful purpose can become the

foundation on which transformation is achieved.



a continuous-learning Mindset Perhaps the most compelling finding in our study of

CEOs was that success today as a senior executive or

CEO hinges on continual growth in the role, even more

than on the preparation beforehand. For oil and gas

executives leading in uncertain times, many of these

attributes such as “S3” of change, ripple intelligence,

the power of doubt, and authentic adaptability should

be learned and developed. Yet this continuous-learning

mindset must not only be developed by the CEO, but he

or she should be investing in the future development of

the organization’s talent pipeline. Such programs build

a sustainable business and create high-performance

cultures where people feel valued and retention is high.

Most downturns generally cause CEOs to grab the wheel

more tightly, often focusing on tactical operational

issues, but the most effective

leaders are summoning

up the courage to invest

in their own continuous

development as well as the

development of their

people. It is no accident

that the energy

companies most likely

to manage

well in the midst of the downturn, and then thrive when

prices recover, are precisely those that have invested in

leadership development. Global energy companies such

as ExxonMobil, Chevron, Halliburton, Schlumberger, and

National Oilwell Varco have all developed sophisticated

talent management programs for decades and have

utilized rotational talent programs that underscore

the value of experiential development. Regardless of

the business cycle, they have remained true to their

commitment to develop the next generation of leaders,

thereby creating sustainability and long-term value.

Take, for example, Noble Energy, a leading global

independent oil and gas company, which started

investing in executive assessment and coaching plans

for its executives years ahead of the recent downturn.

Led by Noble’s former chairman and CEO, Chuck

Davidson, a 30-plus-year industry veteran who has seen

his share of downturns, the company created sustained

development, coaching, and succession plans for every

major company function, equipping the company with

the leadership competencies and bench strength to

manage in a world of complexity and uncertainty.

As one CEO put it in our report, “Leaders should believe

that change is the oxygen of growth and creativity.”

Davidson’s commitment to this continuous-learning

mindset has been continued by his successor, Dave

Stover. They have created a practical way to be

prepared for managing current and future challenges

and through this also have built and sustained

morale—always helpful in a downturn.



Companies that rigorously invest in the

development of their leaders will be not

only creating opportunity from the latest

energy crisis but also gaining distinct

market advantage. The industry can

produce more oil more cost efficiently

and reduce costs while focusing on

safety and environment stewardship.

They can both save money and save

lives. They can build shareholder value

and serve as good corporate citizens.

Equipped with a requisite of these new skills, energy

executives will be in a position to leverage this crisis to

enhance business performance, long-term sustainability,

leadership development and high morale. It may even

have the effect of transforming the North American

energy renaissance into a global energy reformation.

About the authorsLes T. Csorba, a leading energy executive

recruiter, manages the Houston office of

Heidrick & Struggles and is a member of the firm’s

CEO & Board Practice. He is the author of Trust:

The One Thing That Makes or Breaks a Leader.

Scott Eversman, a partner in the Heidrick & Struggles

London office, is a member of the firm’s CEO & Board

Practice and the Global Natural Resources Practice.



the Ceo reportThe findings in “The CEO Report:

Embracing the Paradoxes of

Leadership and the Power of

Doubt” are based on rich, individual

conversations with more than

150 global CEOs, making it one

of the most comprehensive, in-

depth studies of how global CEOs

lead. Each interview lasted an

average of 55 minutes and, with

few exceptions, was conducted

face-to-face. All interviews were

anonymized prior to analysis by

researchers at Saïd Business School,

University of Oxford. For more

information on the report, please

visit:

www.heidrick.com/theceoreport

The CEO ReportEmbracing the Paradoxes of Leadership and the Power of Doubt



http://www.heidrick.com/theceoreport

http://www.heidrick.com/theceoreport

the Leadership investmentAt Heidrick & Struggles, we are working

with boards of directors and executive

teams to ensure they have in place

the very best practices in leadership

development. For more than 60

years, we have helped the world’s

most prestigious companies build and

develop winning leadership teams.

Our experience has taught us that managing and

developing executive talent is as important as

acquiring it. To assist clients in transforming how

they manage and upgrade their talent and ensure the

sustainable business success their stakeholders and

the community demand, – we have assembled a cadre

of deeply skilled consultants well-versed in human

capital management and leadership team dynamics.

Our leadership consulting professionals are assisting

executive teams and boards with a number of best

practices in critical areas of talent management, such as:

• Talent recruitment: A higher standard of executive

recruitment and more holistic evaluation that

transforms the headhunter into a soul hunter.

• Talent management: Talent strategy, succession

planning, and rigorous assessments of high

potentials that include thorough 360° referencing

to determine both strengths and gaps.

• Executive on-boarding: Assimilation activities,

transition consulting, and team development.

• Executive team development: Professional coaching

and mentoring programs to ensure that all new

employees are inculcated with a company’s values of

integrity, safety, and long-term sustainability. These

are coaching and development plans that emphasize

experiential over educational development.

• Board building: Board recruitment,

assessment, and coaching.

• Culture shaping: Led by Senn Delaney, the

world’s premier culture-shaping firm, we help

companies build winning cultures to gain

competitive advantage and thrive in a world

of constant change and complexity.



Global Industrial PracticeHeidrick & Struggles’ Global Industrial Practice helps

industrial companies find innovative and effective global leaders

who can thrive in today’s complex environment.

Top industrial companies recognize that the quality of their leadership talent makes the real competitive

difference in a world of globalization, rapidly emerging markets, off-shoring, outsourcing, and far-flung

supply chains. With more than 150 consultants in more than 50 locations around the world, our Industrial

Practice team combines unparalleled search resources with a deeply consultative approach. We have strong

expertise across all industrial sectors, including: aerospace, defense and aviation; agribusiness; automotive;

building products; capital equipment; chemicals; electrical; engineering, construction, and infrastructure;

mining and metals; paper and packaging; and transportation and logistics.

Working closely with clients ranging from early-stage start-ups to the world’s largest public companies, we

develop an organization’s ideal candidate profiles by getting to know its unique competitive challenges,

business objectives, and leadership culture. We help our clients see beyond their candidates’ functional or

industry backgrounds to find those leaders most suited to meet their organization’s business objectives.

Global Industrial Practice leadersDaren Kemp

Global Managing Partner

[email protected]

Stafford Bagot

Regional Practice Managing Partner, APAC

[email protected]

Guy Farrow

Regional Practice Managing Partner, Australia and New Zealand

[email protected]

Bo Herbst

Regional Practice Managing Partner, Americas

[email protected]

Stefano Salvatore

Regional Practice Managing Partner, EMEA

[email protected]



Heidrick & Struggles is the premier provider of senior-level executive

search, culture shaping, and leadership consulting services. For more than

60 years, we have focused on quality service and built strong relationships

with clients and individuals worldwide. Today, Heidrick & Struggles’

leadership experts operate from principal business centers globally.

www.heidrick.com

Copyright © 2015 Heidrick & Struggles International, Inc. All rights reserved. Reproduction without

permission is prohibited. Trademarks and logos are copyrights of their respective owners.

hs-00103


Crude Oil Collapse Crisis or Opportunity print - Europe

Documents

Transcript of Crude Oil Collapse Crisis or Opportunity print - Europe