Eric Salmon & Partners is pleased to announce the appointment of Jean-Etienne Boisseau as Chief Executive Officer.


Read the full Press Release here.

Our Global Board and Governance Advisory Practice hosted another “Board breakfast” in London, continuing a series of events for Board members and our Clients, organised by our UK office.

We led a discussion about Private Equity portfolio company Chairs, looking at Chair profiles and attributes linked to value creation. Guests agreed that there was a strong case for an independent Chair in most circumstances, selected for their experience, stakeholder management skills, specific sector and situational understanding.

Attendees reflected a combination of senior Private Equity clients (both Deal Partners and Talent Directors), with many successful PE portfolio Chairs, several placed by Eric Salmon & Partners global Board and Governance Advisory Practice.

Many thanks to our guests for joining us, and for their contributions.

For further information, please contact Hagen or Tim.


From her early professional foray into the Brussels office of Telecom Italia, Claudia embarked on a path that would lead her through some of the most prestigious consulting positions, including roles at industry giants like Cap Gemini and Boston Consulting Group.

Italian born, she later acquired French citizenship and entered the French administration, where she made vital contributions.

Claudia Ferrazzi’s remarkable journey through the realms of culture, leadership, and diplomacy is a testament to her unique blend of talents and experiences.


Read the full interview by Raoul Nacke here.


Photo owned by Claudia Ferrazzi.

Dr. Jennifer Scheydt’s professional journey has been marked by a remarkable commitment to innovation and sustainability in the construction and building materials industry.

As Head of the Engineering & Innovation at HeidelbergCement AG she prioritized sustainability and resource efficiency, reflecting her commitment to reducing the carbon footprint of construction materials.  Under her guidance, the department achieved several ground-breaking innovations, including the printing in 3D of Germany’s first concrete house which -in collaboration with various partners, was recognized with the German Innovation Award in 2021. 

Jennifer is Director Concrete & Surface Technology at BMI Group and Board Member at the Institute for Construction and Environment (“IBU”). As part of the AiF e.V. -Germany’s industry-supported network for the promotion of research, she has become an expert in the field of economics where she promotes entrepreneurial innovation for the  benefit of Germany’s small and medium-sized businesses.

In an industry that can often be set in its ways, Jennifer brings a refreshing disruption.


Read the full interview by Steffen Ehrke here.


Photo owned by Dr. Jennifer Scheydt

Nike Lorenz is a prominent young German field hockey player.  She represented her nation at the 2016 Summer Olympics but it was during the Tokyo Olympics on July 25, 2020, that she garnered international attention when she added a rainbow-colored band to her attire, making a profound statement in support of LGBTQ+ rights.

In addition to her achievements on the field, Nike Lorenz serves as an ambassador for two significant climate initiatives: the “Sports for Future” movement and the Sports4Trees campaign. Notably, she has emerged as one of Germany’s leading climate activists within the realm of sports.

Nike Lorenz was interviewed by Steffen Ehrke, Consultant at Eric Salmon & Partners, Germany.

Read the full article here

Photo owned by Nike Lorenz

Megha Malagatti was interviewed by Raoul Nacke, CEO and President of Eric Salmon & Partners for our Female Voices series.

Megha’s remarkable journey from India to the executive committee of a French luxury brand is deeply intertwined with her background in India. Specifically her upbringing within the Indian context of diversity including social caste system and her dream which became her passion to be part of the luxury world.

After completing her degree in engineering, Megha initially embarked on a career in the tech industry. Yet, there was a deeper calling she couldn’t ignore. Her passion for fashion had always burned brightly. This duality sparked the idea of pursuing an MBA in Paris —a gateway to the world of business and fashion.

Paris liberated Megha to rediscover her true self, fostering confidence, resilience, and a profound sense of responsibility.


Read the full article here

Photo, Megha Malagatti’s own

Discover the Inspiring Journey of Souad Massi: The Voice of Female Leaders

Explore our exclusive interview with Souad Massi, a highly acclaimed artist known for her enchanting voice and unique fusion of musical genres. Born into a modest family in Algiers, Souad’s artistic journey led her to captivate audiences worldwide. With a strong belief in freedom, justice, and tolerance, Souad’s songs convey powerful messages of love, altruism, and bravery. As a bridge between cultures, she inspires us with her talent and dedication to artistic expression.

In this insightful interview, Souad shares the key factors that contributed to her success and how she defines leadership. Drawing from her personal experiences, she emphasizes the importance of authenticity, sincerity, and the courage to listen to oneself and others in effective leadership.

Souad also opens up about challenges she encountered in her career and the strategies she employed to overcome them, offering valuable lessons for leaders facing difficulties. Her resilience, grounded in meditation and genuine audience engagement, helps her navigate through even the most challenging times.

As an advocate for diversity and inclusion, Souad embraces her platform to empower underrepresented groups, especially women, both within and outside the music industry. Through mentorship programs and collaborations, she celebrates the richness of global musical heritage and breaks cultural barriers.

Inspirational and thought-provoking, Souad Massi’s journey serves as a profound reminder of the power of authenticity, empathy, and introspection in both artistry and leadership. Join us as we delve into the captivating world of Souad Massi and uncover the connections between art, leadership, and personal growth.

Read the full interview here

Photo by © YANN ORHAN | Design & production 2022

The conference, organized in collaboration with the Corporate Governance Center foundation (CGC), Center for International Private Enterprise (CIPE), and Commercial Law Development Program, Office of General Counsel, United States Department of Commerce (CLDP), attracted esteemed participants from the South Caucasus, Central Asia, Europe, and the United States, facilitating a valuable international exchange of ideas.

Distinguished speakers such as Aradhana Khowala (Aptamind Partners, Great Britain), Charlotte Gustavsson (Swedish Academy of Board Directors, Sweden), Ekaterina Lysova (CIPE, United States), Ingrid De Poorter (ING Belgium and imac international, Belgium), Kristen Anderson (European Women on Boards, Italy), and others shared valuable insights on critical aspects of sustainable corporate governance, including corporate sustainability, cyber security, AI, integrity, and anti-corruption compliance.

The conference addressed significant topics like criminal liability of legal entities, anti-corruption issues in the business sector, and declaration of real beneficiaries, fostering a comprehensive understanding of modern challenges and opportunities in sustainable corporate governance.

With over 140 attendees, the event served as an exceptional platform for business leaders, policymakers, academia, civil society organizations, and international experts to engage in fruitful discussions on crucial aspects of sustainable corporate governance.

At Eric Salmon & Partners, we take pride in our global presence and commitment to empowering organizations with cutting-edge knowledge and expertise in corporate governance. Hagen Schweinitz’s workshop exemplified our dedication to fostering robust and sustainable governance practices worldwide.

Our Global Board and Governance Advisory Practice hosted another “Board breakfast” in London, continuing a series of events for Board members and our clients, organised by our UK office

Over 20 guests from different sectors attended the event, representing a breadth of diverse experience across Boards from FTSE main-market and AIM listed companies, Private Equity funds and their portfolio, and family-owned businesses.

We facilitated a lively debate around the theme “Nomination and Remuneration Committees” based on our ESP-INSEAD Board Study.

Many thanks to our guests for joining us, and for their contributions.

For further information contact Hagen or Tim.

Photo by CHUTTERSNAP on Unsplash

Supply chain management is emerging from a back-office function to become a strategic differentiator for businesses. Successful managers are boosting profitability and their careers. It is now a route to the chief executive role itself.


Read the article here.


Photo by Sid Suratia on Unsplash

This time, Jean-Michel interviews Dominique Mockly, CEO at TEREGA.  

Dominique is a specialist in National Defence, the aerospace and energy industries. With experience gained from holding several high level positions in top French corporations where he has built important international relations. He is also the author of several books.  In “L’entreprise Cerveau” (” The brain company “) published in 2015, he underlined “the importance for a company to be risk management oriented, to be quick in the deployment and flexible”.


Read the full interview


Photo by Trent Erwin on Unsplash


The Hand Project was a team building exercise organized by during the firm’s 2023 Spring Conference in Berlin.  This is a charity that helps people who have lost a hand due to conflicts of war, or accidents involving machinery and focus on areas of Africa.

Participants were divided into groups of 3-4 to assemble a hand, with some tricky elements such as fitting the fingers. In addition,  they had to decorate a canvas bag with coloured pens and a personal note to the recipient of the hand. The winning team was the first to finish assembling.

During the presentation of the exercise our teams found it specially moving watching the reactions of people being fitted with their prosthetic hands.

“It is amazing to see the transformation on each individual.  See their joy, sense of freedom and new independence”

“It was an amazing experience”

“What an experience to be part of this charity, helping to transform lives”.

Wai Leong’s fourth in a series of interviews with board directors, this time with Colin Low who has sat on boards in Asia, Europe, and the United States.

Colin reiterated that boards are ultimately accountable and, given the challenging environment, board directors have to be committed to know the business and to upgrade themselves.

Colin is among a few in Asia who have been certified by the Diligent Institute in Climate Change and in Cyber Security.


Five Questions Colin Low.pdf


Photo by Lauin Steffens on Unsplash



In this new interview, our Partner Jean Michel Riou talks to Yann Leriche, CEO of GETLINK. 

With an extensive career which includes the public sector, road infrastructure, construction and operation of public transit systems, Yann talks about key topics such us:  diversification in energy, delivering services in a low carbon manner and role evolution, amongst other.


Read the full interview


Photo by Nils Stahl on Unsplash

Hagen Schweinitz and Tim Robb of Eric Salmon’s Board and Governance Advisory Practice hosted a breakfast roundtable for Consumer sector Non-Executives in London.

Guests reflected our diverse client base – with Board members from the UK, US and European mid-market, across listed, private-equity backed and family-held structures.

We facilitated a wide-ranging and lively debate following our overall theme ‘Building Better Boards’, with segments on Composition (getting the right skills into the Board for the current and future strategy / markets); Customer experience; Digital & AI; Succession planning; Governance and Regulation; and Board evaluation.

Many thanks to our guests for joining us, and for their contributions.

For further information contact Hagen or Tim.

Photo by CHUTTERSNAP on Unsplash

In Wai Leong’s third in a series of interviews with board directors, he had the privilege of going through five questions with CHONG Chye Neo.

She brings the perspective from having served on boards of companies listed in Malaysia. In her straightforward fashion, Chye Neo stressed that boards must be substantively diverse and not just having single token representatives. She also pointed out the importance of a good chairperson who will ensure minority voices are heard as well as good management papers (and tools) to ensure effective debate. Chye Neo also raised the point of board directors not always having deep experience of the company’s industry sector and the open question of how to measure true board effectiveness and to improve performance. Boards do serious work and perhaps directors need to dedicate more time for continual learning as well as to embrace more brutally honest evaluation processes.


Five Questions CHONG Chye Neo.pdf


Photo from Unsplash

Shared goals, bonds and strategies

In the fourth interview from “Lessons from the top” our Partner Monika Stoiber interviewed Paolo Recrosio, CEO Berlin Packaging EMEA.

Paolo has headed up these businesses in Europe since 2018.  He believes success is about creating shared goals, bonds and strategies. Consensus building from the top definitely has a role to play in the 21st century business, in this interview with our partner he sets out his aims.

Read the full interview


Photo by isumi-daizy on Unsplash

The importance of service leadership

In our third interview from “Lessons from the top” our Senior Partner Simone Maggioni interviewed Luca Savi, CEO of ITT Corporation.

It is uncommon for an Italian to head up an iconic American company. So, there is a lot we can learn from this chief executive. Luca Savi also has extensive global experience in key leadership roles having held several top positions in Italy, China and the U.S. From Fiat to Royal Dutch Shell,
Honeywell to Ferruzzi-Montedison Group, this business leader has an enviable resume.

He believes business leaders need to primarily focus on creating a mindset of service.

Read the full interview


Photo by Scott Graham on Unsplash


LLMs in Healthcare; is this the penicillin moment?

Eric Salmon and Partners recently organised a virtual HealthTech event with business leaders across Europe and USA. We would like to thank David Champeaux, Suja Chandrasekaran, Julien Coustaury, Claudio Giuliano, Troy L. Hilsenroth and Milind Kamkolkar for their attendance and contribution to a lively dialogue. The objective of the event was to have an open exchange of experiences and insights on the impact of LLMs on the Healthcare ecosystem. Here are four key takeaways from the event and based separate discussions with some of the attendees.

Photo by Priscilla du Preez in Unspalsh

Read the article here.


Episode 2 “Opening doors”

In the second episode of the series James Isaacs, Managing Director London, interviews Reggie Nelson, Associate at Blackstone, author, podcaster and youth mentor.

Here is a young man that broke through the poverty cycle with limited resources but a whole lot of resourcefulness, character, tenacity and resilience….and he’s really likeable too.

ESP Fearless Leaders series Episode 2 – Article


Photo by David Billings in Unsplash

Trust, energy and purpose matter

In the second episode of our series “Lessons from the top” our Senior Partner Simone Maggioni interviewed Gonzalve Bich, CEO of BIC, to find out more on how leaders are facing today’s new challenges.

BIC is an iconic French brand synonymous with pens and writing itself, and Gonzalve Bich has been chief executive of the family firm for five years.

Gonzalve believes that, as things are constantly changing today and the role of CEO is evolving, it is crucial to “focus on trust, belief and energy”.

Read the full interview


Photo by Rita Morais on Unsplash

Board director evaluations are reviews performed by a company’s board of directors to determine the effectiveness and efficiency of its members.

These evaluations help to ensure that the board is fulfilling its responsibilities in the best interest of the company and all its stakeholders.

Disclosures play an important role in the wider context of corporate governance as they provide stakeholders with important information about a company’s governance practices and performance.


Read full article here

Photo by Nastuh Abootalebi – Unsplash

We live in turbulent times: digitalisation and the sustainability debate are having a direct impact on the private equity market.  Two effects can currently be observed: private equity funds have more and more capital at their disposal, and digitalisation and the global sustainability debate are reducing the market of interesting takeover targets.

Read full article here


Photo by  Vitaly Taranov on Unsplash

The second in our series of interviews is with Edward Lee, who has board experience in companies such as Indofood Agri Resources, Keppel Land and QAF (among others). Edward spent many years in the Singapore Foreign Service, serving as High Commissioner to Brunei Darussalam, Ambassador to the Philippines, and Singapore Ambassador to Indonesia.


Five Questions Edward LEE.pdf


Photo by Laurin Steffens, Unsplash

The INSEAD Corporate Governance Centre and Eric Salmon & Partners conducted a global survey of board directors on Nomination & Remuneration Committees with the overall aim to examine the emerging trends and understand how Committees’ practices are changing in a context of increased pressure and if they are trending towards convergence or divergence.

Click to read the report

Jose Luis Álvarez, Senior Affiliate Professor of Organisational Behaviour at INSEAD and Visiting Professor at Harvard Business School.

Sonia Tatar, Executive Director, INSEAD Corporate Governance Centre and INSEAD Wendel International Centre for Family Enterprise.

Hagen Schweinitz, Eric Salmon & Partner’s Global Board and Governance Advisory Practice and member of the board of INSEAD International Directors Network.

What we hear from CEOs

This Eric Salmon & Partners, ‘Lessons from the top’ is a thought leadership article based on interviews with Luca Savi, CEO of ITT Corporation, Gonzalve Bich, CEO of Société BIC, Gerrit Marx, CEO of Iveco Group and Benedetto Vigna, CEO of Ferrari.


Read the full interview


Photo by Jose Losada Unsplash

“For many people in governance positions there’s something scary about curiosity because the consequences aren’t predictable.”
Raoul Nacke, CEO of Eric Salmon & Partners

Find out more in this article by Nicole Rütti (Neue Zürcher Zeitung), Zürich.

Leadership Curiosity_NZZ

Photo by Chase Clark on Unsplash

Episode 1 “The art of unlearning”

In today’s uncertain, complex and rapidly evolving global economy, we need fearless leaders. Those CEOs that act with determination, discipline and commitment will help us innovate and disrupt the status quo. In this series we learn from high-profile figures on how to navigate the future. This time Eric Salmon & Partners’ Praf Vagh talks to Sunil Prashara in a wide-ranging discussion, some of which has been captured on video.

ESP Fearless Leaders series Episode 1 – Article


Photo by jaime dantas-unsplash

We had the privilege to discuss Five Questions with TAN Yen Yen, a Singapore-based independent board director who has experience on boards of companies from Asia, Europe and the United States.”


Five Questions: TAN Yen Yen by Wai Leong Chan.pdf

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Many traditional insurance players are struggling to develop a talent pipeline. This is vital to serving the digital consumer and competing with insurtechs, so, what needs to change?


Photo by Steve Johnson on Unsplash

Click to read the article

Top managers don’t just have to produce good figures; they have to make sure that digitalisation is running smoothly, employees and customers are happy, and the company is growing as sustainably as possible. How can it be done?


Read and download the Article here: 

Article in German

Article in English

Photo  by Marek Szturc Unsplash Photo Community

On April 28, 2022, Eric Salmon & Partners celebrated its 30-year anniversary of activity focused on executive search and leadership advisory services (succession planning in primis), by hosting a conversation with Alec Ross (author of The Raging 2020’s), Benedetto Vigna (CEO of Ferrari) and Nicoletta Romanazzi (mental coach, author of “Entra in Gioco con la Testa”). The title, “Think again”, was inspired by the book of Adam Grant. We aimed at understanding what kind of leadership is needed to exit this decade better than it started. This short article condenses the main concepts and arguments shared during the conversation.

Photo by Christopher Sardegna on Unsplash
Click to read the article 


Eternally youthful

And they are always there. The young. Silent. Perhaps a bit too much. Evoked across the board on all the critical themes: pensions, climate change, employment, the pandemic.

Article in Italian by Massimo Milletti, published on Harvard Business Review Italia, March 2022 issue.


Read original article in Italian: HRB Eternamente Giovani

Read English translation: HBR Eternally youthful

 Published on See the source image

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Sustainability is becoming many companies´ guiding principle. This development has to make itself felt in the corporate culture and leadership style as well.


Translation of an interview with Raoul Nacke, entitled “Das Wir dominiert das Ich” published in Handelsblatt on 02.12.21


Read English translation of the interview

Read original interview in German


Photo by Casey Horner from unsplash

Executives are not prepared for radical change but they have to deal with it.


Read and download the Article: “In unklarer Lage Führung zeigen” by Raoul Nacke, published in Frankfurter Allgemeine Zeitung on 14.06.2021.

Raoul Nacke,  CEO Eric Salmon & Partners


Read the Article in German

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Photo by Shane Rounce (@shanerounce) | Unsplash Photo Community

During the pandemic, Germany’s Mittelstand caught up on its digital deficits. Now experts are warning against complacency.


Read and download the article:  “Den Kurs Richtung Technologie halten” featuring Raoul Nacke, published in Handelsblatt on 27.05.2021


Read the Article in German

Read the Article in English

Photo by John Schnobrich on Unsplash

The private equity market is experiencing great popularity right now. That’s due to sustained low interest rates and the strong economic recovery. Investors are paying more attention to sustainability

Read and download the Article “Gunst der Stunde” featuring Raoul Nacke, published in Handelsblatt on 26.05.2021. Available in German or English.


By Raoul Nacke, CEO Eric Salmon & Partners


Read Article in German

Read Article in English


Photo by Anne Nygård on Unsplash


Market Insights Report

“We shape our buildings and, afterwards, our buildings shape us.”  Winston Churchill

• Arguably no other sector has the same societal impact on communities as real estate.

• And on our environment? The built habitat is the largest single contributor to global greenhouse gas (GHG) emissions, at an estimated 30 – 40% of global totals.

As such, the varying approaches of real estate companies towards sustainable development have a significant bearing on global environmental and societal sustainability ambitions.

How companies choose to progress the sustainability agenda is largely driven by leadership, vision, strategy and culture. Keen to understand the shape of sustainability leadership in the real estate sector, Eric Salmon & Partners has been discussing these elements with leaders across real estate’s value chain: property developers, owners and tenants; asset managers and investors; lenders and advisors. We have endeavoured to gain insight and leadership perspectives beyond corporate manifestos and broadscale communications to understand the composition of real estate’s evolving sustainability leadership.


Key Insights

On the surface, a number of CEOs and Boards in the sector are publicly endorsing the transition to sustainable development and this is reflected in shifts underway in organisational structure and corporate governance.


Organisational structure

  • Often large institutional investors have incorporated Sustainability into their Research and Strategy functions.
  • Asset Managers and Technical Directors have additionally taken ownership of the function.
  • Large property companies and developers have frequently created Chief Sustainability Officer leads who are part of Corporate Affairs, Corporate Communications, Strategy or Innovation departments.
  • In some instances, a functional lead carries the Sustainability banner as adjunct to the ‘day job’. This is seen as a way to demonstrate the seniority of the role and its importance to the company.
  • Investor Relations and Finance are cited as key business allies in improving ratings, reporting, sustainable investing and overall governance.
  • HR is a key partner, owning the societal dimensions – human rights, diversity/equity and inclusion as well as health and well-being.

Although there was a noted desire to ensure sustainability was not ‘owned’ by one Sustainability titled leader but was woven into the business, many companies have nonetheless set up a Sustainability function to secure action and ownership of the agenda, by all.

With the exception of those individuals who have Sustainability as an adjunct to their core roles, the Sustainability leaders in organisations observed rarely report into CEOs directly. This is not unusual and is the case in most sectors.


Performance Management

 Advanced players have already integrated sustainability metrics into their decision-making and performance management processes but this remains relatively new.  Furthermore, we noted a bias towards the environmental dimensions of ESG rather than the social.  This said, nearly all leaders noted work underway, particularly in partnership with HR departments, on diversity/equity/inclusion aspects.

  • Approximately 50% of companies we spoke with have already started to link sustainability KPIs to performance pay or will do so for the first time in 2021 for top tier management.
  • From our discussions, it is likely this figure will increase to around 80% of the companies surveyed over the next 18 to 24 months. Moreover, it is expected that KPIs will be incorporated into annual performance objectives for a much larger part of the organisation.

Progressive CEOs heralded the inclusion of metrics into annual targets as a key to assessing leadership potential today and in the future.


Corporate Governance

Along with the relatively new establishment of ESG and Sustainability committees at executive level, we observed a growing number of organisations instituting committees at Board level.

Sometimes bridging both sustainability and the more historic corporate social responsibility, today’s Executive Committees are delving more deeply into the overall sustainability agenda and we anticipate a similar impact at Board level.


Enablers and Challenges to Sustainability Transition

A number of enablers emerged: some biased to risk mitigation and others more positive:-

  • CEO/leadership team’s sense of personal belief and purpose
  • Talent acquisition and retention, with emphasis on the younger generations who expect a company to do its part and effect change
  • Route for innovation and competitive advantage
  • Opportunity for partnership and collaboration, driving more meaningful Client engagement
  • Clients’ expectations, forcing the bar to be raised
  • Regulatory demands, on the rise and set to continue
  • Expectations by the investment / finance sector
  • Prospect of litigation and the possibility of obsolescence or ‘stranded assets’

This said, in practice, a number of challenges evinced themselves that distract or impede the rate of change in the real estate sector:-

  • Diversity of client bases and asset types, each with their own sustainability agendas
  • Commercial pressures, striking the balance of short and long term requirements
  • Technology /AI / digitisation and the ability to deliver sound data and analytics to drive change
  • Taxonomy and frameworks for reporting which is not limited to the sector under study
  • Leadership skill and the understanding that seeing through a sustainability agenda takes a shift in mindset, plus courage and patience

Moreover, there is no ‘one size fits all’ approach; no blueprint for success:-

  • The sustainability agenda touches nearly every part of an organisation
  • The complexity and dynamism of the agenda means no one individual–or organisation–can have all the answers
  • The interwoven tapestry of players across the real estate value chain requires to collaborate beyond their own companies


Closing Words

The COVID-19 pandemic has reinforced how fragile both the planet and humanity are.  Real estate actors, whose actions impact our lives and our communities, have a critical role both singly and collectively in building a sustainable future.

The foundation for this transition is an evolving leadership which brings systemic thinking coupled with innovation and creativity; powerful communication which inspires; openness and inclusion that engenders collaboration; authenticity that imbues belief; and hearty ambition for one’s own company and others.

This new breed of leader is one who can see beyond here and now, understanding not only sustainable business but also that our sustained existence relies on a sense of urgency as well as bold action.


 (This is an extract from a longer report:

Image from Unsplash

Sophie Landale, Eric Salmon & Partners Real Estate Executive Search & Leadership Advisory Practice Lead –

Nina Glass, Eric Salmon & Partners Leadership Advisory, Sustainability & Change Practice Lead –


Once they are in their new job, the honeymoon period for managers is short. Raoul Nacke, CEO of Eric Salmon & Partners shares tips on how executives can get off to a successful start with their new employer.

Translation of the German article „Die sechs größten Stolperfallen für neue Führungskräfte – und wie man sie umgeht“ 

Featuring experts including Raoul Nacke, published in Handelsblatt online on 20.02.2021

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