The Rise of Young CEOs in Europe’s Boardrooms
The corporate world has seen a shift in recent years as young leaders rise to the top of major companies, challenging the notion that decades of experience are necessary to lead a successful business. This trend is more prevalent in Europe, where several large companies have appointed young CEOs without any connections to the founding family. It is a sign that companies may be seeking diversity in leadership and a fresh perspective to navigate the uncertainty of the future.
Agathe Monpays’ Appointment as CEO of Leroy Merlin France
The appointment of 28-year-old Agathe Monpays as CEO of Leroy Merlin France, one of the largest DIY chains in Europe, made headlines and sparked a debate in the French media. Many questioned whether she was appointed due to her family connections rather than her merit. However, Leroy Merlin insists that Monpays rose to the top on her own in just seven years with the company. Her appointment suggests that things are changing in Europe’s boardrooms, and companies are seeking a diversity of experience to lead them through challenging times.
Changing Expectations of CEOs
The average age of CEOs in Europe is falling as companies seek fresh perspectives and a diversity of viewpoints. Jane Stevenson, Korn Ferry’s vice president of scouting, says that CEOs are now expected to be team players and have strong interpersonal skills. Inclusion and self-awareness are increasingly important, and CEOs must be agile and faced with unprecedented challenges, such as a raging war on Europe’s eastern borders, rising inflation, and the impact of new technologies like artificial intelligence. The traditional CEO candidate with decades of managerial experience in the same industry may be outdated.
Young CEOs Breaking Barriers
Young CEOs like 31-year-old Florian Delmas, who is the CEO of juice maker Andros and rose to director of French operations at 31, have broken the age barrier and shown that youth and positively naive ideas can bring much-needed innovation and energy to their companies. However, it is still an exception rather than a rule for young people to be appointed to a top job at a large company unless they created the business or are part of the founding family.
Supporting Young CEOs
One of the biggest challenges of appointing young people as CEOs of major companies is ensuring that they have the support they need to succeed. While entrepreneurs are allowed to make mistakes and start over, young CEOs of established brands may not have that luxury. It is essential to provide them with the right support, including mentorship, training, and a strong board of directors, to help them navigate the challenges of leading a major company.
Additional Piece
The Rise of Young Business Leaders and Why Companies Need Them
The trend of appointing young CEOs may be a sign that companies are realizing that decades of experience in the same industry may not be necessary to lead a successful business. This is particularly relevant in the current climate, where the world is facing unprecedented challenges due to factors like the COVID-19 pandemic, political instability, climate change, and the rapid pace of technological innovation.
Young people are known for their adaptability, creativity, and agility. They are comfortable with new technologies and ways of working and are often more willing to embrace change and take risks. For companies, this means they can bring a fresh perspective to the business, identify new growth opportunities, and navigate challenges that older leaders may not be equipped to handle.
The traditional path to leadership has been through decades of experience in the same industry, working your way up the corporate ladder. However, this approach may not be effective in the fast-paced, dynamic world we live in today. A young CEO may have different insights and experiences gained through diverse backgrounds and education, which can benefit the company as a whole. They can bring different skills, knowledge, and perspectives to the table, which can help the business adapt to changing circumstances.
Young leaders also inspire and motivate other younger employees to reach for the top, breaking the glass ceiling and challenging established norms. A company that values the talent of its young people sends a strong message about the importance of diversity and inclusion, creating a more inclusive workplace.
Finally, young leaders understand the importance of managing the impact of their businesses on the environment and society. They have grown up in a world where climate change, social injustices, and other issues are central to public discourse. They are more likely to prioritize ethical and sustainable practices, creating a business that is not only profitable but also has a positive impact on the world.
In conclusion, young CEOs are rising to the top of major companies globally, challenging traditional notions of leadership. Companies that value the potential and talent of young people can gain a competitive advantage in this uncertain and volatile world. To support young leaders, companies need to provide a structure that supports mentorship, training, a strong board of directors, and opportunities for growth and development.
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Anyone who has spent the last 20 years climbing the corporate ladder in hopes of landing the top job, be warned: You may have already missed the boat.
A few weeks ago, a 28-year-old was appointed to run Leroy Merlin France, one of the largest DIY chains in Europe, owned by the reclusive Mulliez family.
The rise of Agathe Monpays sparked a fierce debate in the French media. She could only have won the job thanks to her family connections, many commentators suggested. Otherwise, why would a 28-year-old be in charge of a company that employs some 30,000 people and generates close to 10,000 million euros a year in sales?
But not. Leroy Merlin insists that Monpays has no connection to the family. He has reached the top on his own merits after just seven years in the company.
That kind of bias is familiar to other young business leaders. “When people tell me I’m too young to be a CEO, I ask them if they think it’s okay to have a 40-year-old CEO.” says Marie Sermadiras, who was appointed director of the Cosfibel luxury packaging group at the age of 32.
Aside from a few exceptions, it’s still rare for people in their 20s to 30s to win the top job at a large company unless they created the business or are part of the founding family.
Therefore, it is unlikely that dozens of other companies will rush to follow the example of Leroy Merlin. But the promotion of Monpays suggests that things are beginning to change in Europe’s boardrooms, as companies seek to harness a diversity of viewpoints and experience as insurance against a more volatile and uncertain future.
For the first time in years, the average age of a CEO is falling. Last year, it fell from over 56 to 53, says Jane Stevenson, Korn Ferry’s vice president of scouting. “It may not be 28, but it’s been 57 forever,” she adds.
Other studies from Korn Ferry and executive recruiter Heidrick & Struggles show that the number of first-time CEOs is rising sharply, while board seats for directors under the age of 50 increased by 50 percent in Europe by 2022. .
Michael Birshan, co-head of McKinsey’s strategy and corporate finance practice, believes that the traditional CEO candidate with decades of managerial experience in the same industry may be outdated. “The past is less the prologue [to a top job] than it used to be,” he says.
Perhaps because the experiences of the last 20 years are less relevant for the next 20. Those who manage companies in the last decades have been operating in a world of increasing prosperity and unprecedented peace.
The next generation will have to deal with a world where young people are likely to be worse off than their parents, where a war is already raging on Europe’s eastern borders, and where inflation is rampant. And then there is technology. Artificial intelligence has finally reached the masses, and no one yet knows how it will change the way we work and live. The only certainty is uncertainty.
Florian Delmas rose to become director of French operations for juice maker Andros at just 31 years old and became chief executive of the group two years later. He says that the great advantage of youth is that it is “positively naive” at a time of great change. That “gives us much more energy to think, do and build differently, with new perspectives and goals”.
In that context, Leroy Merlin may have been wise in his choice. Not just because younger generations are more comfortable with technology, but because values inside and outside of business have changed, says Eliza Filby, an intergenerational historian and corporate consultant.
Announcing the appointment, Leroy Merlin’s parent company, Adeo, praised not only Monpays’ business and management skills, but also “his interpersonal skills.” A generation ago, interpersonal skills were not a requirement for the top job. But now CEOs are expected to be team players, Stevenson says. “It’s a different way of leading,” she says. Inclusion and self-awareness are increasingly important.
That is not an exclusive mentality of young people. And it would be foolish to suggest that experience is now irrelevant. But perhaps a diversity of experience is more important now.
The big question for Leroy Merlin is how he will support his talented new CEO. If Monpays were an entrepreneur, she would be allowed to make mistakes and start over, with little damage to her reputation. But as the precociously young CEO of one of France’s most beloved brands, she may not have that luxury.
https://www.ft.com/content/9c4798d1-097c-488c-b1f8-275d19bd6a90
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