Index: Stanton Chase Turkey

Stanton Chase Turkey
CEO
INDEX
Profile, Expectations & Career Trends
in Senior Management Level
March 2011
STANTON CHASE TÜRK‹YE 01
oreword
F CEO INDEX survey has been
conducted in order to compile
CEO/GM profiles, expectations, and
career aspirations within different
industries.
Ça¤rı Alkaya
Stanton Chase International
Turkey
Managing Partner
c.alkaya@stantonchase.com
In line with the rapid globalization over the Stanton Chase Turkey conducted this survey
Index
past 20 years, Turkey like other developing for the first time to reveal the status of top
Page 1
Foreword countries has been experiencing rapid executive management as an answer to current
Page 2
Executive Summary integration with global business models. needs of the business world. Regarding the
Page 3 During this dynamic process of integration in responses we received from CEOs/GMs, it is
Demographics of the
Respondents Turkey, the characteristics of top executive possible to see a next generation management
Page 4
University Education
management are being re-shaped by a more model in Turkey.
Page 5 professional and corporate approach.
Years in Current Position
and Company Becoming highly competitive and fast- We would like to thank the CEOs and General
Page 6
Position and Sector
growing, the Turkish market, needs CEOs/GMs Managers who participated in our first CEO
Background
with an advanced level of qualifications more Index. We will conduct this research every year
Page 7
What do Organizations Seek than ever. Therefore, in parallel with to compare the changes in trends and profiles
From Their CEOs
Page 8 developments in the Turkish business of top executives. Stanton Chase Turkey
Main Objectives of a CEO's /
GM's Agenda landscape, the expectations of companies, continues to show it's commitment to
Page 9
diversity of profiles, and competencies of understanding the top executives who are
Main Factors for a Successful
Career Development CEOs/GMs are increasing with each passing shaping the Turkish market with their work
Page 10
Factors to Leave the Current day. and ideas.
Employer
Page 11
Motives for the Next Role
Page 12
Shortage of Leadership
Talent in C-level Functions

the next role
Page 13 Respondents to the Stanton Chase Turkey CEO • Main factors for successful career development
Strategies for Developing the
Talent Base Index included 150 top executive managers • Ideal tenure of a CEO/GM
Page 14 from leading domestic and foreign companies. • Shortage of leadership talent in C-level functions
Top Individual Objectives for Using a 29-item questionnaire, Stanton Chase aims • Strategies for developing the talent base of the
Executive Development
to find the answers to questions such as: company
Page 15
Ideal Tenure of the CEO/GM • Demographics of the CEOs/GMs • Top individual objectives for executive
Page 16 • Functions and industries they worked in before development
Evaluation of The Business becoming a CEO/GM • Evaluation of the business environment in Turkey
Environment
Perception of Business Growth • Board/Ownership expectation from the CEOs/GMs •Perception of business growth opportunities in
Opportunities in Turkey • Main objectives of executive leaders Turkey
Page 17 • Factors to leave their current employer •CEOs/GMs hobbies and interests
Hobbies and Special Interests
• Their ideal next role and motivating factors for
Page 18
About Stanton Chase
02 STANTON CHASE TÜRK‹YE
xecutive Summary
E The demographics of CEO Index show that the average age in Turkey of top
executive management is younger in comparison to European countries.
A majority of the CEOs/GMs have been a

representation of the Turkish education system
since only 17% received their undergraduate
run businesses. 'Authority without responsibility'
and 'different corporate cultures' are the two most
likely reasons to leave their current employer.
degrees from abroad. Engineers dominate the top
seats; this is likely due to their advanced analytical A new role and increased responsibility were the
and management skills. main factors for moving on to another position.
Ideally, to move to a new company as a board
The expatriates, living and working in Turkey, are member is extremely attractive for Turkish
mostly from Europe which illustrates the fact that CEOs/GMs.
convenience is quite important and Turkey still has
time to be perceived as the ideal location for peak The respondents indicated the improvement of
positions according to the respondents' careers. soft skills as the most important area for career
development. This may be a result of CEOs/GMs
The CEO INDEX included 97% male and 3% female coming from very analytical backgrounds thus a
respondents. Also, according to Turkish social wish to improve their people management skills.
norms, they represent the ideal role model as 95% Additionally, international experience is mentioned
are married. as the second important factor for career
development. This interest to gain international
Achieving and exceeding targets as well as change experience is likely due to the fact that the majority
management are the predominant skills expected have undergraduate degrees from Turkey and they
from the CEOs/GMs. Since Turkey is an emerging wish to expand their horizons.
market, all industries are quite dynamic and
therefore change management is valued as the Overall most of the Turkish CEOs/GMs represent
second major skill desired. Overall, top executive an ideal mix of east and west. The respondents
management is expected to deliver the whole have indicated that their music choices are mostly
package. from the west, however their choice of food and
authors are from the east.
The most critical dissatisfaction factor for CEOs/GMs
is the over involvement of family members in family
emographics of the
D Respondents
The respondents include CEOs and General Managers of Turkey's leading
companies in major sectors such as: food, services, automotive, healthcare,
telecommunications, and technology. The respondents are mostly Turkish
executives with only 5% expatriate CEOs/GMs.
The Turkish Executive world is still dominated by Regarding family status; 55% of the CEOs/GMs are
men with a 97% majority, while women represent married with children, 38% are married without
3% of the top executives. children, 5% are single, and only 2% are single with
children.
Marital Status
Age
55 %
49 % 38 %
39 %
5%
12 % 2%
Single with Single Married Married

56 - 65 46 - 55 36 - 45 children with children
Gender
Male 97 %
Female 3 %
U
niversity Education
The majority of CEOs/GMs completed their undergraduate degrees from
Bo¤aziçi University (22%) and Middle East Technical University (16%).
Istanbul Technical University and Istanbul University
account for 22% together, followed by Marmara
University (6%) and Hacettepe University (5%).
The majority of the executives, 31%, have Mechanical
Engineering and Industrial Engineering degrees,
while 20% of the CEOs/GMs have Business
Interestingly 17% of the executives received their Administration degrees, and the other 10% have
degrees from foreign universities mostly in Europe degrees in Economics. Engineering is the dominant
and the USA. course with 52% which explains the fact that 35%
of the executives come from industrial
manufacturing.
University Undergraduate Degree 22 %
17 % 17 %
12 %
10 %
6%
5%
2% 2% 2%
1% 1% 1% 1% 1%
ity
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University Undergraduate Course 20 %

17 %
14 %
10 % 10 %
7%
5%
4%
2% 2% 2% 2% 2% 2%
ics
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In
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P
ears in Current
Y Position and Company
Most of the top executives (29%) have been in their current company for
3 - 6 years and 55% of the top executives have been holding the CEO and
General Manager title for 3 - 6 years.
While 26% of the top executives have been in the top executives have been in the current company
same company more than 15 years, 17% of the for 7 - 10 years.
Years in Current Company
29 %
26 %
17 %
15 %
13 %
11 - 14 years Less Than 7 - 10 years More than 15 3 - 6 years

2 years years
55 %
Years in Current Position
15 %
13 %
10 %
7%
More than 15 11 - 14 years 7 - 10 years Less Than 3 - 6 years

years 2 years
osition and Sector

P Background
The CEOs/GMs seem to have a professional background with sales and
marketing functions at a total of 46%.
The CEOs/GMs seem to have a professional Also, 46% of the executives who come from sales
background with sales and marketing functions at have marketing experience and as expected, 20%
a total of 46%. The immediate precursor positions of the executives with operations/technical
to the CEO/GM role are dominantly finance with background and 23% with planning and
33% and sales with 25%. development backgrounds have sales experience.
The vast majority of top executive managers working Their industry specializations seem to be more
in the consumer products /services sector have product oriented rather than service oriented with
come from the same sector. Additionally, 75% of 35% of respondents coming from the industrial
the CEOs/GMs previously working in the healthcare manufacturing sector.
and pharmaceutical sectors continue in the same This correlates that CEOs/GMs predominantly have
sector. engineering backgrounds that are in line with their
undergraduate degrees.
In which function did they work before
In which sector did they work before becoming CEO/GM?
becoming CEO/GM?
Academics 1 %
Human Resources 1 %
Private Equity / Investment 1 %
Consultancy 2 % Operation 9%
Public Sector 2 %
Marketing 11 %
Financial Services 7%
Life Sciences and Healthcare 7% Sales & Marketing 21 %
High Technology / 11 %
Telecommunication
Sales 25 %
Consumer Goods and 34 %
Services
Industrial Manufacturing 35 % Finance 33 %
In which function did they work most before

In which sector did they work before their current sector? becoming CEO/GM?
100
Life Sciences 8% 17 % 75 %
and Healthcare Planning and
90 23 % 21 % 11 % Development
17 % 17 %
2% 80
Industrial 2% 34 % 9% 2% 52 % Operation/
Manufacturing Engineering/
70 Technical
20 % 17 %
3% 11 % 11 % 11 %
High Technology / 60
42 % 13 % 8 % 4 % 17 % 13 % Managament/
Telecommunication CFO
50 % 10
%7
Marketing
Consumer Goods and 5 % 40 17 % % 21
Services
65 % 5% 25 %
% 10 Sales
30
0 10 20 30 40 50 60 70 80 90 100 20 46 % 46 %
Life Sciences and Healthcare Consultancy Academics 10 20 % 23 %
7%
Financial Services Industrial Manufacturing
0
Private Equity / Investment Consumer Goods and Services
FO t
g
s
in /
/ C en
en d
le
tin
er on
pm an
Sa
t
em
ke
ne ti
High Technology / Telecommunication Public Sector

lo g
gi era
ar
ag
ve nin
M
En Op
an
De an
M
Pl
W hat do Organizations
Seek From Their CEOs
It can be understood that due to the rapid economic growth of Turkey,
expectations from CEOs/GMs are very high.
As expected, ability to lead and advocate change is Meeting customer's demanding needs, knowledge
perceived to be one of the most important objectives of the market sector and creative mastery are
for executive leaders in Turkey. In addition to the considered as necessities.
higher speed delivery of growth objectives, Knowledge of multiple sectors and mobility within
executives are expected to meet customers more the group and within international market are not
demanding needs. In a high growth market such as considered as important as the others.
Turkey, executives are also expected to maintain
strong values and principles while delivering
innovative solutions.
What do organizations seek from their executive leaders in Turkey?
Knowledge of multiple sectors 15 %
Mobility within the group and within international market 20 %
Multicultural communication leadership ability 29 %
Creative mastery 34 %
Meet customer's more demanding needs 37 %
Knowledge of the market sector 39 %
Strong personal values and principles 51 %
Innovative solutions and delivery 56 %
Ability to lead and advocate change 70 %
Higher speed of delivery of Growth Objectives 71 %

M ain Objectives of a
CEO's/GM's Agenda
The main objectives of a CEO/GM in Turkey depend on the current agenda
of that particular organization and sector since the figures are very similar.
The common agenda is to increase market share organizational creativity, improving talent base and
and create value as the ultimate measure of success. employee motivation. Without focusing on these
In order to achieve these goals, other objectives that areas, quantitative objectives would be difficult to
must be accomplished include improving achieve and maintain.
What are the main objectives of your agenda?
Learn exactly how the company creates value 4 %
Get the core business on track 21 %
Improve company reputation 24 %
Work on the business model 29 %
Manage the P&L aggressively 30 %
Transform customer approach 32 %
Set inspirational, multiyear goals linked to value creation 34 %
Manage the balance sheet and cash flow as aggressively 35 %
Reduce costs 35 %
Improve execution speed 38 %
Improve organizational creativity 43 %
Transform company culture 43 %
Improve employee motivation 45 %
Improve talent base of the company 46 %
To establish value creation as the ultimate measure of success 49 %
Increase market share 52 %

M
ain Factors for a Successful
Career Development
CEOs and GMs think the most important factor for successful career
development is to develop behavioural competencies/soft skills.
The second most important factor is to have Expanding your professional network is also
international experience. This is highly correlated considered to lead to further career development
with developing behavioural competencies and soft and opportunities. Developing technical skills is
skills. They believe having international experience considered the least important factor by the
will help broaden competencies and skills. respondents.
Factors for a successful career development?
Develop technical skills 30 %
Mentoring/Coaching/Career 34 %
counseling
Different workplace culture 38 %
Develop personal brand image 40 %
Expand your network 49 %
International experience 52 %
Develop behavioral competencies/ 80 %

soft skills
Have you worked abroad?
Yes 57%
No 43%
actors to Leave
F the Current Employer
The most critical factor for the decision to leave an employer is ‘responsibility
assigned without the authority’.
This factor may be due to the fact that family run
businesses are dominant in the Turkish market.
Differing company culture and values are the second
most important factor when leaving an employer.
Many of the well educated CEOs with social and The third factor is the lack of career advancement
professional orientation to the west, have a hard opportunities which is strongly correlated with the
time adapting to family business values and culture. first and second items.
How important would the following factors be in your decision to leave an employer?
Scrunity of working for a public company 4 %
Being passed over for a promotion 7%
Lack of training & development 10 %
Dissatisfaction with senior management 13 %
Lack of Work-Life balance 13 %
A difficult boss / shareholders 16 %
Poor financial performance of the organization 17 %
Re-organization which result in a change 29 %

in role and /or responsibilities
Starting an entrepreneurial activity 32 %
Inadequate compensation and benefits 35 %
Lack of career advancement opportunities 46 %
Different company values 49 %
Responsibility without authority 53 %

M otives for the Next Role

Although the CEOs/GMs mentioned that responsibility without authority is
the most dominant reason for leaving an employer, they did not mention
increased authority as a motivating factor for their next roles as on the top
five factors.
The top two factors for career growth were different employer. As expected from the results above, top
skills/competencies and/or a higher level position. executive leaders would like to have more
Increased compensation & benefits and increased responsibility in a larger organization. They also
entrepreneurial responsibilities are also important desire for their next ideal role to be CEO in a different
motivators for top executives to change their sector or even an executive board member.
What would your motive be for your next role?
48 %
46 %
43 % 44 %
27 %
22 %
17 %
14 %
11 %
5% 5% 5%
2% 2%
r
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Ideal next role?

34 %
20 %
18 %
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S hortage of Leadership
Talent in C-level
Functions
The respondents believe that over all the other departments, Human
Resources ranked at the top by CEOs/GMs in terms of leadership talent.
Research and Development is second and Marketing Finance department has the highest level of
is third regarding leadership shortage, while the leadership talent.
In which C-level functions do you think there is shortage of leadership talent?
Finance 11 %
Sales 18 %
Law 21 %
Technic 23 %
Operation 32 %
Marketing 41 %
R&D 44 %
Human Resources 50 %
trategies for Developing

S the Talent Base
Hiring and retaining individuals with high leadership potential is rated as
the most important strategy for talent development.
As Turkey is a high growth economy and industry know-how and developing the talent
expectations from executives in the short and mid base of the organization. Succession planning for
term are high, organizations seek to hire strong specific positions and fostering "talent management”
and established talent from the market and programs are the second and third most important
competitors. This is their main method of acquiring strategies for talent development.
Strategies for talent development?
Attract talent from outside 20 %
Develop leaders to fill workforce gap created 22 %

by executive retirement
Increase ability to meet changing market needs 38 %
Foster a "talent management"

mindset among executives 52 %
Succession planning for specific positions 61 %
Hire and retain individuals with high potential 70 %

T op Individual Objectives
for Executive Development
In terms of individual objectives, CEOs stated that the most vital element
is to develop their strategic thinking skills.
The second most important item was developing want to work on their intrinsic skills rather than
leadership competencies. This means that leaders focusing on extrinsic elements.
Top individual objectives for executive development?
Develop ability to attract and retain talents 30 %
Increase self-awareness as a leader 33 %
Increase understanding of business model and strategy 46 %
Develop ability to inspire and motivate talent 54 %
Develop leadership competencies 70 %
Develop strategic thinking skills 78 %

I deal Tenure of The

CEO/GM
The majority (68%) of the executives stated that the ideal tenure of a CEO/GM
should be between 5-10 years.
While 18% of the executives mentioned the ideal think that the ideal tenure is between 1-4 years.
tenure as above 10 years, and 4% of the executives
Ideal tenure of the CEO/GM?
18% (More than 10 years)
68% (5-10 years)

14% (1-4 years)
E valuation of the
Business Environment
Executives agree that Turkish economy is very dynamic and promising, thus
providing a wider range of opportunities when compared with developed
economies.
This makes Turkey an ideal place for making and instability remains a major challenge. Areas for
investments, especially with the improving business improvement include performance systems and
environment and increasing number of international human resources management.
companies. However, the market is very competitive
erception of Business
P Growth Opportunities
in Turkey
The majority of CEOs/GMs indicated that they are optimistic about the
future.
While 23% were very optimistic and only 2% of optimism varies, the low percentage of pessimism
CEOs/GMs were pessimistic about the growth of illustrates the perception of an end to the recession.
business opportunities. Although the level of
Perception of business growth opportunities in Turkey?
55%
Optimistic
23%
Very optimistic
20%
2%
Somewhat optimistic
Not optimistic
H
obbies and
Special Interests
Some of the CEOs and GMs are members of various charity organizations.
Sports are very popular with executives such as
basketball, sailing, golf, tennis, and skiing. They are
Favourite cuisine
As expected, the executives love to eat Turkish
also interested in music, especially jazz and classical. cuisine, as well as Italian. The executives like to eat
Cinema, painting, and photography are also highly Japanese and Chinese as well. Executives' favourite
rated by executives. These findings show that restaurants include: Ulus 29, Paper Moon, Sunset,
executives do not just work! Trilye, and Kosebasi.
Favourite Sports Club Favourite Authors and Books

The majority of the CEOs/GMs support Galatasaray The majority of the executives stated their favourite
with 29%, followed by Fenerbahce (28%) and Turkish authors as Orhan Pamuk, Elif fiafak, Ayfle
Besiktas with 26%. Kulin and Yaflar Kemal. Gabriel Garcia Marquez, Dan
Brown and Malcolm Gladwell are their favourite
Favourite Travel destination foreign authors. Their favourite books are My Name
Executive's favourite travel destinations in Turkey is Red, Snow, Cevdet Bey and His Sons, The Bastard
are Bodrum and the Aegean coast. They prefer to of Istanbul, Da Vinci Code, and Love in the Time of
go to Cesme, especially Alacati. Their popular cities Cholera and Istanbul.
in Europe are London and Barcelona, while Italy
and France are also their favourite travel points.
Other favourites include the USA, Canada, and Latin Sports Club
America.
No
GS FB BJK ‹dea Other
Favourite Films
Executives like to watch The Godfather, Star Wars,
Pulp Fiction, and Schindler's List. The Last Samurai, 29 %
The Patriot, and Michael Jackson's Thriller are 28 %
mentioned as well. It is interesting that most of the
26 %
books they read are based on a success story and
11 %
a hero with whom they may identify themselves.
6%
Favourite Music
Jazz, Blues, and Classical are the most popular music
types with executives. They may want to relax when
they have time for music. Some of the executives
listen to lounge and Turkish Classical music.
A
bout
STANTON CHASE INTERNATIONAL
Stanton Chase International is a specialized global executive search consultancy
firm of first choice to multinational companies,
offering executive search services with worldwide
reach, regional knowledge and local insight. Starting
its international expansion in 1990, Stanton Chase
operates with truly integrated resources of over 70
human capital solutions through its powerful network
of offices in North America, Latin America, Europe,
the MiddleEast and Africa, and Asia/Pacific.
Stanton Chase International is a global leader in
offices in 43 countries. In recent surveys, Stanton executive search. Our clients also benefit from value-
Chase is ranked among the top 10 international added services including market intelligence,
executive search firms by size, stature and reputation. compensation advice, competitive data, and market
Stanton Chase is a member of the International benchmarks. Our work is founded on a disciplined
Association of Executive Search Consultants (AESC) approach that ensures the candidates we generate
and strictly adheres to its ethics and code of conduct. do more than match technical requirements. We
For all its diversity, however, business is united by a strive for a truly masterful performance by
single purpose - finding the best people, building understanding key strategic issues and tapping into
successful teams, and generating value for an international talent pool at the highest levels of
shareholders through excellence. More than ever, management and operations. We search for
enterprises cross boundaries and clients need to exceptional leaders who are truly in tune with the
connect with the world when they search for talented values and business culture of your organization and
executives. Stanton Chase International delivers the markets in which they will operate.
In Tune with
the Local
Connected to
the World
A bout
STANTON CHASE TURKEY
Stanton Chase Turkey was established in 2006.
Stanton Chase Turkey performed executive search
at the senior and middle management levels for both
local and international clients in Turkey, Central Asia,
Caucasus and North Africa. Our multilingual team is
composed of Turkish, English, Russian, Arabic, French
client services by conducting all assignments to
Stanton Chase International's distinguished global
standards. Some of the services that we offer:
executive search for board level, general managers,
direct reports to general managers and specialized
and Azerbaijani speakers. The team has a collective executives, executive search for management teams,
experience of over 50 years in executive search, with adhoc compensation surveys are. We also offer
a solid understanding of industries and local markets executive search for government, education and non
involved. Our Istanbul office aims for excellence in profit areas.
Valikona¤› Cad. No: 21/4 Niflantafl› Istanbul-TURKEY Phone: +90 212 224 64 24 Fax: +90 224 39 84
istanbul@stantonchase.com www.stantonchase.com

Index: Stanton Chase Turkey

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Stanton Chase Turkey

A majority of the CEOs/GMs have been a

Single with Single Married Married

University Undergraduate Course 20 %

Years in Current Company

11 - 14 years Less Than 7 - 10 years More than 15 3 - 6 years

More than 15 11 - 14 years 7 - 10 years Less Than 3 - 6 years

osition and Sector

Life Sciences and Healthcare 7% Sales & Marketing 21 %

In which function did they work most before

High Technology / Telecommunication Public Sector

What do organizations seek from their executive leaders in Turkey?

Knowledge of multiple sectors 15 %

Mobility within the group and within international market 20 %

Multicultural communication leadership ability 29 %

Meet customer's more demanding needs 37 %

Knowledge of the market sector 39 %

Strong personal values and principles 51 %

Innovative solutions and delivery 56 %

Ability to lead and advocate change 70 %

Higher speed of delivery of Growth Objectives 71 %

What are the main objectives of your agenda?

Learn exactly how the company creates value 4 %

Get the core business on track 21 %

Improve company reputation 24 %

Work on the business model 29 %

Manage the P&L aggressively 30 %

Transform customer approach 32 %

Set inspirational, multiyear goals linked to value creation 34 %

Manage the balance sheet and cash flow as aggressively 35 %

Improve execution speed 38 %

Improve organizational creativity 43 %

Transform company culture 43 %

Improve employee motivation 45 %

Improve talent base of the company 46 %

To establish value creation as the ultimate measure of success 49 %

Increase market share 52 %

Factors for a successful career development?

Develop technical skills 30 %

Different workplace culture 38 %

Develop personal brand image 40 %

Expand your network 49 %

Develop behavioral competencies/ 80 %

Have you worked abroad?

Scrunity of working for a public company 4 %

Being passed over for a promotion 7%

Lack of training & development 10 %

Dissatisfaction with senior management 13 %

Lack of Work-Life balance 13 %

A difficult boss / shareholders 16 %

Poor financial performance of the organization 17 %

Re-organization which result in a change 29 %

Starting an entrepreneurial activity 32 %

Inadequate compensation and benefits 35 %

Lack of career advancement opportunities 46 %

Different company values 49 %

Responsibility without authority 53 %

M otives for the Next Role

What would your motive be for your next role?

Ideal next role?

is third regarding leadership shortage, while the leadership talent.

In which C-level functions do you think there is shortage of leadership talent?

trategies for Developing