The Mid-A Globa

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mary

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Intro This stumid-capexclusivcontinenconductof 2013,researchbased in This exeIndia ondivided Section The resemid-capsection,potentia Section In this lewe founrepresethem fropracticedimensi

− O− − − C

Section This seclead in gon Boar

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duction

dy is a deeps. It draws vely face-tont. Lasting uted by Amro, using a strhers at IMDn Lausanne,

ecutive sumn the basis ointo three m

1: Key Traitearch studyps that diffe we highligal challenge

2: Successfeadership and several snt the vital om the larg

es on the foions: OrganizatioBoards Leadership Culture

3: What’s Nction guidesglobalizing rd design anProfiling theOrganizatio

The Lead

n and Co

p exploratioupon 83 in-face with Cup to two hop Partners ructured fra, the top-ra, Switzerlan

mmary has bof the globamain sectio

ts of Globaliy found fourerentiate anght these traes.

ful Practicesand human special and DNA of mid

ge caps. Thisllowing org

n Design an

and Talent

Next? s leaders, CXmid-caps and talent me Mid-Cap Ln and Board

dership Dime

ontents

on of the wterviews coC-suite leadhours, the in

over the Sumework de

anked globand.

been preparal Amrop-IMons:

izing Mid-Car key traits od describe taits as well

s of Globalizdimension successful d-caps and s section exanization a

nd Strategy

Manageme

XOs and Boand providesanagement

Leaders for d Initiatives

  

ension of Glo

s

orld of globonducted ders from evnterviews wummer and

esigned by al business s

red by AmroMD study. It

aps of globalizinthem. In thas describe

zing Mid-Caresearch, practices thdifferentiat

xplores thesnd leadersh

ent

ards on hows specific int. What’s Nex

s for What’s

obalizing Mid

balizing

very were d Fall

school

op is

ng is e the

ps

hat te se hip

w to sights

xt Next

d-Caps » 2

 

 

 

 

Forew Large pubenterprisegarner thprofessioin the Negraduatesseeking a But whatlimited wcultural atrend-setbusiness dnew and We thereof mid-cafounders,structure‘content tallied, cafindings tleaders, “with, thes Whatevedrawn dirsuccessfuthe questorganizat

Maury PeOn beha

 

word

blic companiees) control a se lion’s share nal service firm

ew Economy as, as well as “e new beginnin

about those work on mid-caaspects (and wtters, in part bdilemmas for different way

efore set out tap companies, CEOs, or othd interviews aanalysis’, whic

ategorized, anthat speak diretelling it like ise enterprises

r your businesrectly from thul and ambitiotions it raises tion and/or th

eiperl alf of IMD

The Lead

es (and, it seemsignificant proof attention fms. At the othand attract a lemigrés” fromng.

in the middleaps, especially

why these are because they a

the first times.

o examine, up as seen throu

her Board memand a qualitatch treats the ld compared aectly to the keit is” and raisins going forwar

ss, I hope you e words of th

ous mid-cap fito be useful qose of your cu

dership Dime

ms, more and oportion of glofrom both busher extreme, sarge number

m the large com

? The researchy on their leadvital). Yet glo

are facing som and may cho

p close and syugh the eyes ombers). We diive study metleaders’ own wacross companey issues on thng questions frd.

will find the iose running srms, to be he

questions to apustomers.

  

ension of Glo

more state-oobal assets ansiness academstart-ups are aof ambitious mpany sector

h base showsdership, talent

obalizing mid-cme of the classoose to addres

ystematically, of their leaderd this by mea

thodology knowords as datanies. The resuhe minds of mfor all who wo

insights in thisome of todaylpful and insppply to your o

obalizing Mid

owned d often

mics and all the rage business

r who are

far more t and caps can be sic global ss these in

a diverse set rs (typically ans of own as to be lt is a set of

mid-cap ork in, or

s report, y’s most iring, and

own

d-Caps » 3

P

*As of Cranfi

MauProfessor of Le

Stra

@

f 2015, Maury Pield School of M

ury Peipereadership anategic Change

IMD@MauryPeipe

eiperl is Dean oManagement, U

rl d e, D* rl

of

UK

 

   

Forew Already ato join thestablisheoperatingjourney is We have and ambiover the wand are wfunctiona We wantfully claimorganizatNext.’ We therededicatedsought todiverse o We sincehelping uand raise As one wjoin their a wealth I wish you

Ulrich DaOn beha

 

word

a powerful ecohe leading orgaed in their natg beyond regios a fast-evolvi

long suspecteitions. In our dworld we expe

witnessing signality.

ed to connectm our right totions deserve,

efore decided d to exploringo identify somrganizations a

rely thank IMus to build our

a number of

who may alreadworld, or wouof ideas here

u a thought-p

ade alf of the Am

The Lea

onomic force, anizations of ttional or regioonal boundaring one.

ed that globalday-to-day interience a widenificant shifts

t and consolid deliver the ‘tto help them

to launch ourg, in depth, theme of the comacross contine

D, and all of or first hypothekey questions

dy be leading uld simply liketo help you o

provoking jour

mrop Partner

dership Dim

today’s globatomorrow. Ma

onal markets, ses. Whatever

lizing mid-capteractions wite spectrum ofin Board com

date these exprusted adviso identify their

r Global Studye exciting wormon themes u

ents.

our participatieses, set out sos for mid-caps

a mid-cap orge to understann your way.

rney.

ship

  

ension of Glo

alizing mid-caany are firmlysome are alre their status, t

ps had special th senior manf leadership ta

mposition and

periences, in orship’ that mir ‘Leaders For

y - a formal inrld of mid-capuniting these

ng organizatioome importans to ask thems

ganization, isnd it better, y

obalizing Mid

ps are set y ady their

cultures agers all

alent needs,

order to d-cap What’s

itiative ps. We very

ons, for nt findings, selves.

seeking to ou will find

d-Caps » 4

UChaExe

The Amro

 

lrich Dadeairman of the

ecutive Boardp Partnership

e e , p

 

 

   

Study Intervieweepublished iwithheld toParticipant

ParticipatCIA HeringDuratex SLocaliza ReWeg S.A. Aimia Inc. Cott CorpEmera IncIAMGOLDShawCor LAlmaceneGrupo ArgGrupo de OrganizacCopa HoldAjegroup Yanbal IntPalace Ent

ParticipatCardno LtdIncitec PivInfinitus (CShanghai YYip’s ChemAstra InterPT Bank CPT GarudaChiyoda CITO EN Lt 

 

 

 

 

y Partici

es from the fon the report. Wo respect conf Demographic

ting Companyg S.A. .A. ent a Car S.A.

oration .

D Corporation Ltd. s Exito S.A.

gos S.A. Inversiones Su

ción Corona S.dings S.A.

ternational/Untertainment

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vot Ltd. China) CompaYongfeng Hotmical Holdingrnational Tbk

CIMB Niaga Tba Indonesia (PCo. Ltd. d.

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pants

ollowing organWe sincerely tfidentiality, focs.

y

uramericana S.A.

nique S.A

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any Ltd. t Dip Galvanizs Ltd.

bk ersero) Tbk

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nizations havethank them, a

or their invalua

Americ

S.A

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ension of Glo

e given formaland all other iable contribut

cas (North an

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Asia-PacificInInMCInPCBARB

obalizing Mid

l permission fonterviewees wtion to our stu

nd South)

ndustry Retail ManufacturingServices ndustrial EngiMarketing andConsumer GooEnergy Minerals Energy Retail ConglomerateFinancial ServiConstruction MAviation Consumer GooCosmetics Entertainment

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d-Caps » 5

or their organwhose organizudy. Please ref

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neering Advertising ods

ces

Material and R

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anufacturing ods

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Retail

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ParticipatTelekom AWienerberCeva SantIpsen JCDecaux Somfy SA Carl Zeiss GEA GrouKIRCHHOWincor NiAditya BirEssar GrouGenpact GMR GrouKEC InternMarico IndRPG EnterTata ComFerrari S.pFugro N.VJotun AS PetroleumSchibsted Asseco PoInterCars SMota-EngExxaro ResCorp/ParqEDP RenovFreixenet Grupo CelViscofán SNIBE A.B Lonza AG Akçansa CDoğan SirkPetrokimyUlker BiskOMV PetrQIWI PLC Uralchem NIS a.d. N

 

ting CompanyAustria AG rger AG té Animale

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ve GmbH tional GmbH

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dership Dime

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ension of Glo

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InTMPPAEImFAInCCInInPCInTAOMPMInAInDERBMPHCMInPCOSCP

obalizing Mid

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ndustry TelecommunicManufacturingPharmaceuticaPharmaceuticaAdvertising Electrical/Electmaging Food ProcessinAutomotive nformation TeConglomerateConglomeratenformation TenfrastructurePower - TransmConsumer Goondustrial CongTelecommunicAutomotive MOil and EnergyManufacturingPetroleum Media nformation TeAutomotive ndustrial CongDiversified ResEntertainmentRenewable EneBeverages Mining and MePackaging Heating ProduChemicals BioManufacturingndustrial CongPetrochemicalConsumer GooOil and EnergyServices Chemicals Petroleum

d-Caps » 6

EMEAI)

cations g al al

tronic Manufa

ng

echnology echnology

mission and Eods glomerate cations

Manufacturer y g

echnology

glomerate sources t ergy

etals

ucts technology

g glomerate l ods y

acturing

quipment

1 

 

 

   

K

Four DistinOur analysInterestingmarkets.

We will exp

AmbLong

CSte

1

Criteria f

ChoosingOur selec Susta

last th Their

emplo A cred

publicrough

Further, tensure gloregions o

 

Key Tra

nct Traits of Gis revealed thly, these traits

plore each of t

1 bitious with g-Term View

3 C-Suite ewardship

for Choosing

g the right comction thoughtsined growth –hree years. extent of globoyees overseadible scale – ccly listed, theih equivalent.

the number ofobal represenf the world, a

The Lead

its of G

Globalizing Mat the followis are geograph

these traits in

FC

InEnt

the ‘Globaliz

mpanies was ks were design– majority of t

balization – mas. Where this companies hadr asset base –

f employees ratativeness, cond numbered

dership Dime

lobalizi

Mid-Caps Emeng four distinhically agnost

detail and de

2 Freedom and Connectivity

4 nnovation andtrepreneurshi

zing Mid-Caps

key to ensure ed on: the companie

most of the selwas not the c

d a market capas determine

anged across ompanies were in close prop

  

ension of Glo

ing Mid

erged ctive traits of

tic i.e., our stu

escribe potent

d p

s’

these compan

s displayed a

lected compacase, the ambpitalization of

ed by public, o

the spectrume chosen to re

portion to thei

obalizing Mid

d-Caps

globalizing mdy found them

tial challenges

nies represent

greater than 1

nies had rougition to globaf US$1-10 bill

or if unavailab

, from fewer tepresent a widir region’s con

d-Caps » 7

mid-caps descrm in both dev

s associated w

ted the essenc

10% average r

hly 30% of realize was high ion. Where thle, private sou

than 5,000 tode spread of hntribution to t

ribe and differveloping and d

with them in t

ce of a globali

revenue grow

evenues, asseton the agend

he companies urces – was us

o more than 2home countriethe global eco

rentiate themdeveloped

his section.

sing mid-cap.

wth over the

ts, and/or a. were not

sed as a

5,000. To es from all nomy.  

.

Key Trait 

 

 

   

Successful are high onsense of ‘no Pure gro Leaders

in the w Quality

through

Key ChallenMid-caps hconcerned readiness thome markvalues alivebiggest hopand the bigare exposed

Freedom anthem from culture, and At the t

leaders. At the o

to act, fConnectivitfocus on teapproach t

Key ChallenIf governanchaos. As athat in the taken into balancing f

ts of Globali

1

2

 

AmbAmbitivisiona

mid-caps taken their agendao limits’. Hereowth– “increaship positioninworld by 2020y of growth– “h innovative t

nge: Organizahave no illusio

about their oo enable globkets, risks of te while growinpe is that globggest worry is d to a much la

FreeAt suconne

nd connectivi large caps. Thd in their decitop level, shar. Successful coorganization lefail, and evolvty to them m

eamwork acroo internal and

nge: Preservinnce and role cla mid-cap CEO

enthusiasm, caccount. As a freedom with

izing Mid-Ca

2

The Lead

bitious wion inspiresaries.

e an ambitioua, fuelled by ste are three exaase revenue frng– “we antici0” we want to evechnology an

ational capacitns about the wn capacity, lal growth. Mihe unknown, ng in size. A Vbalization will that we werearger canvas.”

edom accessful miected acros

ty emerged ashis trait is reflsion making.

reholders and ompanies emevel, freedom

ve. eans a netwoss the organiz

d external con

ng a culture oflarity do not e

O put it: “A becertain risks o result, opporgovernance a

aps

dership Dime

with Lonsuccessful

us, long-term vtretch targets,amples of howom internatioipate being pa

volve ourselved new produc

ty for globalizadifficult talentlevel of develod-caps voicedand concerns ice Chairman provide an op shielded with

”

nd Connd-caps, frees the organ

s the core DNected in their The concept oboards give frpower manag is part of the

rked organizatzation. Succesntexts.

f freedom whievolve, freedoeliever always r assumptionstunities may cnd clarity is k

  

ension of Glo

ng-Termmid-caps a

view. Growth , sheer determw leaders articonal markets fart of the top

es to a fine glocts and marke

ation is insufft journey aheopment, and cd risks of losin

about keepinfrom Asia po

pportunity to hout globaliza

nectivityedom is parnizational ne

NA of mid-capmanagement

of freedom exreedom to CE

gement visiblyeir overall cult

tion that avoissful boards di

le avoiding chom can lead to

has a blind sps are not seencome to a sta

key to global g

obalizing Mid

View

and their lon

and globalizamination, and culated ambitfrom 5% to 3020 multinatio

obal companyts”

ficient. ad. They are cultural changg their streng

ng their cultureinted out: “Thgrow much fa

ation - with it

y

rt of overall etwork.

ps, distinguishit practices, thxists at two levEOs and C-suity. ure. Talent is

ids silos with aisplay a conne

haos. o laissez faire apot. So the risn or sufficientlandstill.” Hencgrowth.

d-Caps » 8

ng-term out

ation a ion: 0%” onals

y

ge ths in e and he aster we

culture and

ng eir vels: te

free

a ected

and k is y

ce,

tlook makes

d the dots a

Althomid-cahave a

intbusinessfeel truly

glo

“Most imnot beingive opto young

peopthe ris

-

s them

are

ough manps alreadsuccessf

ternations, only 9y ready fobalizatio

mportant ng afraid portunitig, talentele, even sk of bein

wrongChairman, A

ny dy ful nal % or

on.

is to es ed at ng g.” Asia

 

 

 

   

The hands-trait in succpersonal inrepresentatand even idthe C-suitethese mid-

Key Challenfacilitate grIt is clear thto avoid mAs geograpleaders neeby organiza‘ownership

Many mid-entrepreneof freedomand they coTheir curreinnovation

Key Challenand managMid-caps riglobalize. S How do

innovat How do

seeking How ca

3

4

 

C-SuMid-chuma

-on, connectecessful mid-caterest in stimtion and live cdentification ae leaders are vcaps.

nge: Evolving rowth. hat in the globicro-managem

phical distanceed to find a waation member attitude’ and

InnoInnov

-caps indicateeurship. For so

m and connectontinue to be nt manageabl, spanning pro

nge: Preservingement. isk losing thei

Some of their o we keep theting? o we preserve g consistency?an we be syste

4

The Lead

uite Stecap CEOs anan touch.

d style of C-saps. This styleulating innova

communicatioand developmvisible drivers o

C-suite stewa

balization jourment and hene increases witay to ‘stay clors. The answerd encouraging

ovation vation is mo

d their passioome, innovatioivity. Many offocused on in

le size combinoducts, proces

ng the innovat

r innovative akey concerns organization

the innovatio? ematic and pro

dership Dime

wardshnd Chairs ha

uite leaders eme extends to dation and enton of the miss

ment of high-pof the busines

ardship in the

rney, C-suite sce becoming th organizatio

ose’ in a way tr to this challeit across man

and Entore than an

n for innovation was a core f them have sunnovation as tned with globasses, levels, an

tive spirit whil

and entrepreneinclude: focused on th

on spirit while

ocess driven w

  

ension of Glo

ip

ave a distinc

merged as a direct customerepreneurshipsion of the orgpotential leadess and organiz

globalization

stewardship nimpediments

onal expansionthat is perceivenge may lie inagement leve

trepreneattitude – it

on and preserstrategy fuellucceeded duetheir competitalization enabnd markets.

lst engineering

eurial spirit as

he core while

expanding gl

while being en

obalizing Mid

ctly ‘hands-

distinctive er contact, p, personal ganization, ers. Hence, zation in

journey to

needs to evolvs to scaling upn, C-suite ed as reasonan preserving tels.

eurship

t is an impe

rving their led by the culte to innovatiotive differenti

bles broad-bas

g the organiza

s they grow an

continuously

obally and

ntrepreneurial

d-Caps » 9

on’ style an

ve .

ble the

erative at th

ture n ator. sed

ation

nd

?

le

le

Key Tra

nd emphasi

he successfu

Successfeaders e

approahumafamil

Innovatioat th

evel, ofteof thstat

s

aits of Glob

ze the

ul mid-caps

ful C-suitemphasizeachabilityanity, andy feeling

on figurehe highesen as pare missioement, isuccessfumid-caps

alizing Mid-

.

e e y, d g.

es st rt n n ul s.

-Caps

2 

 

 

   

S

Key Traits The four keevolution c

SuccessfulInterestingwith the chsegmentedexamine th

1. Organan

1. Mid

HH

2. If go

HH

3. In th

becoH

4. Mid

whilHH

2

 

Success

and Associatey traits and achallenges and

l Practices of ly, our researc

hallenges highd these practichese in detail i

nization Strategnd Design

-caps have bigHow do you mHow can you

overnance andHow can you How do you c

he globalizing oming impediHow do you p

-caps focus olst expanding How do you kHow can you

The Lead

sful Prac

ted Challengessociated stre

d these are su

Globalizing Mch study foundhlighted aboveces into the foin this section

gy 2

g ambitions amatch ambitioensure intern

d role clarity dbalance freed

connect the do

journey, C-suiments to scapreserve the ‘o

n innovation globally.

keep the organbe systematic

dership Dime

ctices o

es of Globalizengths that wemmarized bel

Mid-Caps d a range of se and these foollowing four ln.

2. Boards

nd stretch taron with organal talent has d

do not evolve,dom with goveots across the

uite stewardshling up. ownership att

as a competit

nization focusc and process

  

ension of Glo

of Globa

zing Mid-Capse reviewed in low:

uccessful pracorm the core bleadership dim

3. LeaTalent M

rgets but onlynizational capadiverse experi

, freedom canernance and re organization

hip needs to e

titude’ and enc

tive differentia

sed on the cordriven while

obalizing Mid

alizing M

s the previous

ctices that parbody of the remensions to m

dership and Management

y 9% of mid-cacity? ences – beyon

lead to laisserole clarity? al network?

evolve to avoid

courage it acr

ator and they

re while contibeing entrepr

-Caps » 10

Mid-Cap

section raised

rticipating comsearch outcom

make them eas

4. C

aps truly feel

nd a single co

ez faire and ch

d micro-mana

ross managem

need to prese

nuously innoveneurial?

ps

d some questi

mpanies haveme and insighsier to absorb

Culture

ready for glob

mpany?

haos.

agement and

ment levels?

erve the innov

vating?

ons on their

used to deal hts. We have . We will

balization.

hence

vative spirit

 

 

 

   

1. OrgaOrganizatmid-caps

The best mwith ambitMatching oprioritizing global grow“we would focus while In building - Some w

spurts o- Some w

critical - Some w

forces, t

79% of inttypically laThe succesjourney emGeneral Eleissues conccomplexity 55% were journey whhome. Others werorganizatio‘admired cogrowth and- Preserv

face of - Taking a- Transiti- Custom

role mo- Techniq

comple

 

anizatiotion design . The best m

mid-cap leadetion. organization c

their growth wth and hence

rather be big e the markets

organization were aggressivof growth. wanted to remprojects.

were using softhink tanks, cr

terviewed midarger firms. sful mid-cap c

merged as a coectric was the cerning mid-cay with strategi

examining glhile 16% cite

re picking straons. Some comompanies’. Md globalizationation of humaglobal expansa brand from oning from a

mer-centricity odels) ques for streamexity

The Lead

n Stratemust allow

mid-caps ar

ers balance bo

apacity with astrategies wh

e, selecting kein Singapore picked were s

capacity, diffevely scaling up

main lean and

ft structures toross-functiona

d-caps were s

companies areommon practi

only companap leaders. Leic simplicity, v

lobal leaders d local/region

ategies and prampanies were id-caps priman. These lessoan capital andsion regional to gltechnology to(here, major g

mlining and sy

dership Dime

egy and w for upscalire realistic, i

old visions wi

ambition is a kile investing i

ey markets. Foand China tha

strategic and g

erent strategiep by hiring mo

preferred to b

o allow leveraal/business rev

studying the

e agile learnerce. In all, inte

ny cited with assons include

valued human

further alongnal peers for

actices from aalso hiring lea

arily sought lesns included:

d entrepreneu

obal o a market focglobal players

ynthesizing op

  

ension of Glo

Design ng while prinnovation-

ith realism an

key challengen building org

or example, in an be present gave them the

es were being ore people to c

build a more m

age of existingview teams, e

successes (or

rs. Picking rolerviewed company frequencyd the way GE

n capital, and m

g the globalizlessons close

a range of aders from thssons related

rial culture in

cus s were primary

perational

obalizing Mid

reserving thdriven, and

nd create org

for mid-cap oganizational cabuilding a strin 10 countrie

e scale and gr

deployed: create overca

mobile organiz

g resources whetc.

r failures) of o

e models and panies namedy; it exemplifie

integrated acmaintained a

zation er to

ese to

the

y

Succ

-Caps » 11

he vital DNA open to le

anization cap

organizations.apacity. Someategy for Asiaes in Asia.” Thowth they we

pacity in the s

zation i.e., mo

hile driving gro

one or more

learning from97 such ‘role

ed many of thcquisitions, madynamic appr

79% ostudyi

andcomlarg

from th

essful Pract

A of arn from ot

pacity to deal

. The key to sue spoke abouta, a participanhis allowed there seeking.

short-term to

oving existing

owth through

other compa

m their globalize model’ organe branding ananaged structroach to mark

of mid-cang the su

d failures mpanies, er firms,heir glob

tices of Glob

thers.

l

uccess was t incremental t remarked em greater

deal with

people onto

project task

anies,

zation nizations. nd structural tural kets.

aps wereuccessesof othertypically to learn

balizationjourney.

balizing Mid

e s r y

-Caps

Success 

 

 

   

Successfulof globalizUniquenessEven as mocompaniesjourney. Prown journe For many morganizatioTheir innov1. Diverse

includin− Bigg− Acq− Coll

inno2. Innovat

innovat3. Innovat

some B

Mid-caps waddress thThis dilemmorganizatioand regionsmany areasagile. They decision-m

sful Practice

Additio

Ensure le‘copycatThis requstrategiesbut not n

C-suite lturbulenLeaders sspecialistboundarineeds. If

 

l mid-caps dezation withous can lie in a most participant, they were onoud of their oey.

mid-caps, innonal strategyvation agenda strategies are

ng: ger and direct uisition of newlaboration witovation trendstion goes beyotion as well astion is a frequeoards have In

were balancine dilemma of

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Board succSuccessful reported goequivalent)solution waavoiding remyself a cocouldn’t ovpeople. I ca

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-Caps » 14

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-Caps » 15

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C-suite leadevelopmespirit in emIn organiza1. They w

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-Caps » 16

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Succ

-Caps » 17

nd promotefail, and leanization – is

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-Caps » 18

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-Caps » 19

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-Caps » 20

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-Caps » 21

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-Caps » 22

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About

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