MaltaCEOs 2024 by Content House

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MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

JO CARUANA – EDITOR, MaltaCEOs 2024 22

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

F O R E W O R D

Welcome back to our annual rendezvous with many of Malta’s leading CEOs.

new challenges that require adaptability and innovative thinking.

This year, it’s been both fascinating and exciting to dive into deep conversations with some of the island’s top business minds. We’ve shared in their reflections on the ups and downs of 2023, and heard their thoughts on what 2024 might bring: the plans, the expectations, the challenges, and the opportunities.

As we look to 2024, it’s clear that being a CEO is about more than just boardroom decisions. The economic outlook is cautiously optimistic, pointing towards a year of strategic growth and innovation. In today’s interconnected world, a holistic approach to leadership is essential. This edition – which, as always, features insights from no less than 50 top CEOs – showcases the innovative spirit and adaptability at the heart of Malta’s business world. As you turn these pages, I hope you find inspiration in the insights, innovation and passion these leaders bring. Their experiences not only offer valuable lessons for navigating today’s complex business landscape but also serve as a beacon of hope, illuminating paths towards a more innovative and resilient future.

In our interviews, one key theme stood out: the need for agility and foresight in leadership. Our CEOs emphasised staying ahead of businessaltering trends – from AI and data analytics to changing workplace dynamics. They spoke about building a culture that adapts to change, values diversity, and looks after employees. 2023 brought significant shifts in global markets, tech advancements, geopolitics, and consumer behaviour, along with an ever-stronger focus on sustainability. Digital transformation has become even more crucial in business strategy, presenting

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EDITOR

Happy reading, and here’s to a remarkable 2024. Jo

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Rebecca Anastasi, Laura Bonnici, Rebecca Cachia, Cat Calabrese, Chris Demicoli, Paula Fleri Soler, Philip Leone-Ganado, Rebekka Mamo, Dean Muscat, Sarah Muscat Azzopardi

The selection process of the 50 CEOs featured in the 2024 edition of this prestigious publication has been made at the sole and exclusive commercial and editorial discretion of the publishing company. Interviewees have not been featured in any particular order. The publication MaltaCEOs 2024 reaches an influential audience comprising top-tier CEOs, business leaders, directors, and C-level executives across Malta. Beyond this core readership, its circulation extends to prominent businesses and companies spanning diverse sectors in the country. Moreover, it is freely disseminated to key entities such as leading law firms, accountancy and audit firms, banks, business centres, financial institutions, Government agencies, and ministries. In addition to the corporate distribution network, MaltaCEOs 2024 is strategically placed in select locations, including embassies and consulates, car showrooms, hospitals and clinics, yacht marinas, IT and software companies, and upscale hotels. This extensive network ensures that the publication reaches decision-makers and industry influencers in various spheres. For wider accessibility, MaltaCEOs 2024 can also be found at leading newsagents throughout Malta. The content of MaltaCEOs 2024, including the prominent 50 CEOs interviews, is also serialised throughout the year on www.MaltaCEOs.mt, the sister brand of the MaltaCEOs publication. Both brands are owned and operated by Content House Group Ltd.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

OPPORTUNITIES VS THREATS I T ’ S B E E N A VO L AT I L E CO U PL E O F YE A R S , A N D WH O K N OWS WH AT 20 24 H A S I N STO R E FO R T H E B U S I N E S S WO R L D? TO T RY T O F I N D O U T , W E C H A T T O S O M E O F M A LT A ’ S T O P B U S I N E S S LEADERS TO GET THEIR INSIGHTS ON THE OPPORTUNITIES AND T H R E A T S T H A T C A R R Y T H E P O T E N T I A L T O R E D E F I N E M A LT A ’ S INDUSTRIES AND MARKETS IN THE 12 MONTHS TO COME.

Here’s the good news: we found these CEOs to be optimistic about 2024’s prospects – albeit cautiously. Between them, they predict an abundance of opportunities – from leveraging technological innovations to building mental health initiatives, improving sustainability and boosting global partnership. That said, they acknowledge that threats do prevail in the shape of economic uncertainties, cybersecurity issues, workforce challenges, geopolitical tensions, and resource limitations. Their insights and strategies for navigating 2024’s opportunities and threats offer a compelling glimpse into the short-term future of business in Malta.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

DANIELA CALLEJA BITAR

“THE BIGGEST THREATS TO MALTA’S GLOBAL COMPETITIVENESS MAY STEM FROM NEGLECTING MENTAL WELL-BEING IN THE WORKPLACE.”

Daniela Calleja Bitar is Acting Chief Executive Officer at The Richmond Group. As the CEO of a company that provides comprehensive support for individuals with mental health issues, she sees improving mental health as a big opportunity for 2024.

“Mental well-being is going to become ever more important in the workplace, so one of the challenges I see going forward revolves around how to ensure employee well-being while managing the high associated costs, as well as the significant impact on productivity and retention. “Conversely, the key opportunities for businesses lie in providing innovative – and improved – mental health support in the workplace. This innovation not only positions businesses ahead in the Maltese market but also enhances employee well-being and performance. “In this context, the biggest threats to Malta’s global competitiveness may stem from neglecting mental well-being in the workplace, as this could adversely affect employee productivity and overall business performance. “Looking ahead, I’m expecting to see a shift towards a more supportive and productive business environment, signifying a crucial evolution in how businesses approach mental health as both a challenge and an opportunity.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

DR GEGE GATT

“AI presents unique opportunities in the public sector this year. AI’s ability to handle repetitive, rules-based tasks – like those in public administration – opens the door for a significant re-humanisation in the workforce. By automating mundane tasks, AI allows public sector employees to focus on more meaningful, humancentric aspects of their jobs, enhancing job satisfaction and effectiveness.

Dr Gege Gatt is the CEO of Londonbased EBO, an AI enterprise which automates citizen engagement. In his eyes, the transformative impact of AI on Maltese businesses represents the most important opportunity for 2024.

“However, the challenges and threats to Malta’s global competitiveness will stem from our failure to adapt to swiftly evolving technological advancements or to comply with stringent EU regulations. It’s also crucial to recognise that the current lack of a robust venture capital ecosystem in Malta poses a significant barrier to nurturing and scaling tech startups. Without sufficient investment, Malta risks lagging in the rapidly changing global tech landscape. “So, along with embracing AI, I hope to see a shift towards technology-focused investments in 2024. If we prioritise the growth of Malta’s tech sector and position it as a hub for innovation, we’ll create more opportunities to attract attention from international tech companies and investors.”

“ALONG WITH EMBRACING AI, I HOPE TO SEE A SHIFT TOWARDS TECHNOLOGY-FOCUSED INVESTMENTS IN 2024.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

DR STEPHANIE FABRI Dr Stephanie Fabri is an economist and lecturer at the University of Malta, specialising in strategic management and public policy. From an economic perspective, she still sees the threat of a global recession looming large in 2024.

“I’d say 2023 was better than expected, but we’re not out of the woods yet. That’s why Malta’s main challenge in 2024 will be managing the impact of increased interest rates brought about by inflation control. “We’ll also be feeling the effect of the turmoil taking place in the Middle East, as well as an external environment that is becoming much more volatile, uncertain, complex, and ambiguous. The world is changing at breakneck speed; experts and policymakers at large can only take a potential guess at what 2024 might look like. “Having said that, we do have solutions that will lead to opportunities. It is time to ensure that the green, inclusive and digital pillars are well-rooted in economic growth. I believe we have a clear vision of our destination, and the faster we go, the earlier we will start reaping the economic and social benefits. “If we want an advantageous 2024, let’s cut the bureaucracy where we can, let’s come together as a nation and cautiously speed our way through these uncertain times.”

“IT IS TIME TO ENSURE THAT THE GREEN, INCLUSIVE AND DIGITAL PILLARS ARE WELL-ROOTED IN ECONOMIC GROWTH.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

PAUL MIFSUD Paul Mifsud is the CEO/MD at Sparkasse Bank Malta plc. From his perspective, Malta should be focused on trying to relaunch its image on the international stage to reattract opportunities for global business.

“WE NEED A CULTURE SHIFT IN OUR ATTITUDE TOWARDS ETHICS – AND A CONCERTED EFFORT TO PROTECT THE ENVIRONMENT IS CRITICAL.” “Business growth in 2024 will be challenging – the geopolitical tensions are massive and far-reaching, with the potential of creating yet another economic crisis. Furthermore, inflation has not yet dissipated, and rates remain at levels that make credit expensive – the era of free money is over. I would advise businesses to remain cautious, lean and efficient, and focused on offering true quality and value to their customers. “That’s not to say that there are no opportunities to be had in 2024. From the financial services aspect, we’ll be closely monitoring the development of MiCA (Markets in Crypto Assets) in Malta. This should be an interesting space for us as our business has always been modelled on identifying niches and developing/innovating services based upon necessity. “However, looking to 2024 and beyond, we, as a country, need to place more importance on upping standards across the board, as it is through improving our standards that we can distinguish ourselves from competitors. If we want to meaningfully rebrand Malta, we need a culture shift in our attitude towards ethics and stakeholder value – and a concerted effort to protect the environment is critical.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CHRISTIAN SAMMUT Christian Sammut is the CEO of BMIT Technologies plc. As an IT professional and an expert in business development, he believes refusing to settle for mediocrity and instead striving for excellence will broaden Malta’s economic horizons and help tap into global opportunities in 2024.

“WE HAVE THE OPPORTUNITY TO LEVERAGE MALTA’S SIZE AND BECOME MORE AGILE AND EFFICIENT AS A NATION.” “Malta’s competitiveness on the global stage faces numerous threats, such as potential changes in corporate tax policies, the ability to attract high-value businesses, and how to retain top talent. But these threats can be addressed. In my opinion, as a country, we should seek to create a new framework that attracts business and investment to our island – ideally, one that includes favourable benefits for all business operators in Malta and not just a select few. This would allow Malta to proactively market itself as an attractive destination for business, while investing in talent development and retention programmes. “We can also leverage Malta’s size and become more agile and efficient as a nation. I believe that to improve the business environment in Malta and attract top companies, it’s essential to nurture the entire ecosystem holistically, rather than address issues piecemeal. Both local businesses and foreign direct investments (FDIs) should receive equal attention. “2024 is full of potential. If we ensure real value for local providers and foster collaboration between local and international businesses, Malta can create a more attractive and inclusive environment.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

DR GORDON CORDINA

“We must keep in mind that, although growth will continue at high rates within an EU context, it will inevitably slow as the economy stabilises. We’ll then find that the global challenges of geopolitical stability and financial market turbulence will become even more relevant. For Maltese businesses to survive and thrive, they’ll need to continue to balance demand, internal resources and capacity constraints in the overall economy. “If Malta wants to stay ahead in 2024, I believe we need to build business models that are inherently ESG-driven – this will increasingly become the key business competitiveness driver. Improving our business environment will give rise to the opportunity of attracting and retaining top companies, but we must be more discerning when selecting business propositions and ensure they better fit Malta’s sustainable development requirements.”

“THE GLOBAL CHALLENGES OF GEOPOLITICAL STABILITY AND FINANCIAL MARKET TURBULENCE WILL BECOME EVEN MORE RELEVANT.”

Photo by George Scintilla

Dr Gordon Cordina, Executive Director of E-Cubed Consultants and Chair of the BOV Board of Directors, is one of Malta’s leading economists. He sees increased costs and resource constraints as the biggest challenges to the Maltese business sector in 2024, and underlines that one of the biggest threats to Malta’s competitiveness on the global stage is short-termism in our attitudes.

“To counter our own weakness, we’ll need better, more concerted approaches among businesses to tap into opportunities in international market niches, especially in tourism, real estate, finance, and technology.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ALAN GRIMA Alan Grima is the CEO of Dhalia Real Estate Services and serves on its board of directors. In his mind, the biggest threat to Malta is an economy that is still overly dependent on too few sectors.

“One of the challenges for 2024 will be to identify other sectors/niches that can help us further diversify our economy. Business growth can then be driven by further adoption of digital technologies across various industries, together with increased awareness around sustainability, renewable energy and innovation – particularly in our tourism sector. “Although global socio-political and economic uncertainties, recruitment and sustainability pressures will be the major challenges for the local business sector in 2024, leveraging our strategic location will help foster opportunities for international partnerships. “By further growing our partnerships, both locally and internationally, we have the potential to create breakthroughs in the health, tech and green industries in 2024. And if we keep the emphasis on the importance of sustainability and how this should be integrated in every aspect of business growth, we’ll keep moving forward in the right direction.”

“IF WE KEEP THE EMPHASIS ON THE IMPORTANCE OF SUSTAINABILITY, WE’LL KEEP MOVING FORWARD IN THE RIGHT DIRECTION.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

HARALD ROESCH Harald Roesch, CEO of Melita Ltd, is at the forefront of the telecommunications sector. From his perspective, heightened cybersecurity threats are an ever-present, evergrowing threat, and one that could have a big impact on individuals and businesses in Malta.

“IF THE LAST FEW YEARS HAVE TAUGHT US ANYTHING, IT’S HOW CONSTANT, FAST AND SOMETIMES UNEXPECTED CHANGE CAN BE.” “My advice for all businesses in 2024 is to regularly review their cybersecurity processes and preparedness. As part of the PRISM consortium, Melita is building a nationwide quantum network – a global first and an important part of a project that will put the EU at the forefront of cybersecurity in the coming years. “This is exciting news because 2024 offers big opportunities for local businesses in digital transformation. There are many applications of the Internet of Things that could be applied here in Malta – be it in agriculture, brewing, construction, or other industries – that would make operations more efficient, and reduce resource utilisation, making it beneficial for businesses and the environment.

Photo by Rene Rossignaud

“If the last few years have taught us anything, it’s how constant, fast and sometimes unexpected change can be. In 2024, I would stress that it’s essential for businesses to be agile, and to have sound processes in place to plan and execute, while recognising that the route to reach their goals needs constant checking and adapting.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ANTOINE GALEA SALOMONE Antoine Galea Salomone, CEO of SG Solutions – a forward-thinking ICT provider – is eager to see the synergies between innovation and sustainability shaping the Malta business landscape and creating opportunities in 2024.

“THE MAIN CHALLENGES FOR THE MALTESE BUSINESS SECTOR IN 2024 WILL LIKELY REVOLVE AROUND A PERSISTENT TALENT SHORTAGE AND THE COMPLEXITIES OF EVOLVING REGULATORY FRAMEWORKS.”

“From my perspective, the dynamic intersection of technology and environmental consciousness promises exciting opportunities for companies to contribute to both economic growth and societal well-being in 2024. “The adoption of advanced technologies such as AI will enhance operational efficiency and offer innovative solutions. Additionally, a growing emphasis on sustainable practices and environmental responsibility will shape consumer preferences and drive companies towards eco-friendly and socially responsible initiatives. “On the other hand, the main challenges for the Maltese business sector in 2024 will likely revolve around a persistent talent shortage and the complexities of evolving regulatory frameworks. Attracting and retaining skilled professionals in a competitive global market will demand strategic workforce planning, while navigating regulations will require agility and proactive compliance measures. “This year, Malta should prioritise strengthening its education system, fostering innovation and implementing policies supporting talent retention. Collaboration between the Government, businesses and educational institutions is essential for a strategic and holistic approach to preserve Malta’s competitiveness globally.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

POWER

NETWORKING: How to Build Influential Connections in Malta and Beyond

Reignited in the post-pandemic world, networking has never been more pivotal. We’ve tapped 10 C-suite heavyweights for their fresh takes on making connections that count.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

PATRICK HULSEN Patrick Hulsen is the Managing Director at SuperCharger Ventures Malta – an EdTech accelerator that builds bridges between EdTech startups and the local education ecosystem. “In the ever-evolving business landscape, adaptability and continuous learning remain vital for effective networking, together with consistency, authenticity and a willingness to add value to others. Successful networking is reciprocal and involves genuine engagement, active listening and a strategic approach. It’s not just about personal gain but, rather, about giving before taking and contributing to the success of others. “Many startups often deprioritise networking when they should see this as an investment in business growth and professional advancement, on par with marketing and sales. My advice is to regularly attend industry events, embrace digital platforms, cultivate meaningful relationships, and make yourself known to the world through interviews, blogs and social media to truly optimise the leveraging power of networks.”

“Networking is not just about personal gain but, rather, about giving before taking and contributing to the success of others.”

RAY DEBATTISTA Ray Debattista is a Chief People and Culture Officer at Bank of Valletta with a strong background in human resources within the banking industry. “Networking is crucial – both within the wider market and especially with the people in your organisation. People have an innate need to connect with others, particularly with like-minded individuals in similar roles who understand and empathise with their challenges, but also with professionals from other spheres who can offer fresh perspectives. In fact, reaching out, getting involved and maintaining genuine connections are fundamental ingredients of growth and success.

“Reaching out, getting involved and maintaining genuine connections are fundamental ingredients of growth and success.” 38

“Networking is all about connecting with people who understand your work, can share ideas and best practices, challenge the status quo, propose new and innovative solutions, and serve as educators and role models. What’s more, people have so many experiences that are both unique and at the same time universal, that sharing them enriches professional life and makes it so much more rewarding.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ANTHONY DAVID GATT With a strong journalistic and media background, Anthony David Gatt is Chief Marketing Officer responsible for media relations at Malta Enterprise. “For many of us, our networking experience evolves with our personal and professional journey – from not fitting in and overselling ourselves, to the moments we finally get it right. It’s all worth the pay-off when establishing relationships that add value. “However casual or formal the event, it is critical to actively

work the room and overcome any reservations about not being up to the level of other attendees, as everyone has had to start somewhere, and it’s their loss if they don’t engage. The goal is to establish meaningful connections, so don’t be narrow-minded about forming a connection with someone, as you never know how it could come in handy in the future.”

“It is critical to overcome any reservations about not being up to the level of other attendees at networking events, as everyone has had to start somewhere.”

NICHOLAI GRECH Nicholai Grech is the Chief Commercial Officer at Mirachem and Co-Founder of Wine (Malta) Ltd, as well as its outlets Fernandõ Gastrotheque and Onella. “I remember when attending business events out of the office felt like a waste of time and an individual was only worth the hours they put in at their desk. Today, untold amounts of time and money are invested in networking, and a person’s value is measured in their network and reputation. In a fast-paced world, not putting yourself ‘out there’ means you will have a hard time catching up. “A mentor once told me, ‘I closed more deals on the golf course than in the boardroom’. You shouldn’t wait for big opportunities to network. Smaller events can lead to major prospects, and Malta’s open, relaxed community makes this easy. It takes more work to build international relationships, but the opportunities are there, and we should all take advantage of the digital tools available to foster strong networks. Right now, it’s the best qualification we can have.”

“Today a person’s value is measured in their network and reputation.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

PETER-JAN GRECH As CEO and Founder of branding agency BRND WGN, Peter-Jan Grech provides strategic and creative counsel to business leaders wanting to drive change. “The clichéd notion that networking is about working the room and looking for someone to give you a golden ticket has given networking a bad rap. True networking is about asking questions you care about, really listening and leaning in with empathy, understanding what the person in front of you is passionate about, finding common ground, sparking exciting debate,

“Genuine conversations lead to genuine relationships and potential opportunities. Success lies wherever this serendipity leads.”

and exchanging experiences both sides can learn from. Genuine conversations lead to genuine relationships and potential opportunities. Success lies wherever this serendipity leads. “It is critical for leaders to establish or join formal networks, share and listen to diverse views, and nurture their mindset. This allows us to see the world view on our realities, spot trends, anticipate shakers and accelerate movers, and also to cut through propaganda and hear real people speak real truths. “Pro tip: go to networking events alone, otherwise you’ll never make new connections!”

DR JAMES CASSAR With a PhD in International Events, Dr James Cassar is an events and expos producer, entrepreneur, and Managing Director at 242.group, which brings together multiple brands in the exciting and ever-evolving industry of events, expos and merchandise. “Networking is the heart of business. Business is built on trust, and networking gives anyone the opportunity to be trusted by others. As more platforms emerge, business-niche-specific events that connect guests with others who may be relevant to their business are gaining popularity. Many C-level executives are being drawn to higher-end curated opportunities that target intimate crowds of like participants. “When deciding which event or membership club to join, it is better to sign up for just a few sector-specific ones and become an active participant, as this turns you into a point of reference and opens up new opportunities. Taking on too many commitments without investing enough time in them yields a very low return, and incurs an opportunity cost. Networking should be prioritised as an essential part of any business development role. It isn’t always fun or productive, but the best opportunities often come when you least expect them.”

“Networking isn’t always fun or productive, but the best opportunities often come when you least expect them.” 40

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ARIADNE MASSA Former Times of Malta head of news and award-winning journalist Ariadne Massa co-founded Media Insiders as a PR Strategist to offer reputation and crisis management to organisations, as well as bespoke content solutions. “In the compact landscape of media and PR in Malta, ‘who you know’ takes on a unique dimension. In my own experience, a journalist’s most prized assets are their contact list and the respect they have earned. These relationships were pivotal to my transition to PR after 20 years in journalism, and often stand as a testament to my (and my business partner’s) professionalism, uncovering new opportunities for our company. “While technology has advanced the ways we interact, traditional face-to-face communication remains strong. Sometimes connections spring from the most informal situations, such as a wedding or Christmas drinks. But no matter where you are in the world, who you know, coupled with mutual respect and trust, will certainly give you an edge. “Reaping the benefits of networking takes time, but it is ultimately rewarding. Just remember to be your authentic self.”

“Sometimes connections spring from the most informal situations, such as a wedding or Christmas drinks.”

JP FABRI Working with a host of local and international clients on economic and financial services regulation, JP Fabri is a Partner at Seed – a research-driven advisory firm known for its holistic approach to strategic, business and policy advisory. “Leading expert on the science of networks, Albert László Barabási, defines success as ‘a collective phenomenon based on the thoughts and praise of those around you’. This, to me, highlights the power of networking. Given that networks are embedded in nature, networking as an activity is central not only to business and professional life, but to our identity as humans. “Networking has changed significantly post-COVID-19 and, in a world where we are overwhelmed with myriad online and offline networking opportunities, building and maintaining networks is critical. Staying informed and connected keeps you ahead of the curve in your area of focus as you understand trends, predictions and drivers of change. In turn, being prepared to leverage networking opportunities gives you a chance to add value to ongoing discussions.”

“Staying informed and connected keeps you ahead of the curve in your area of focus as you understand trends, predictions and drivers of change.” 41

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ROBYN PRATT With years of experience in the hospitality industry at regional and international levels across Europe and Australia, Robyn Pratt is the General Manager at The Phoenicia Malta. “Networking is about encountering new people and perspectives across different industries and even demographics, as on a small island like Malta, meeting the same people over and over can be limiting. “Over the years, networking events seem to have evolved from social get-togethers to higher-value professional platforms, and many of us are becoming more selective when choosing which to attend.

“If you only consider what you can get out of networking, you may find it difficult to strike up meaningful connections.”

“Expanding your contact base and building relationships takes effort and isn’t just about swapping business cards and sourcing new clients. It involves establishing a common interest and should be a learning opportunity. As a two-way dynamic, if you only consider what you can get out of networking, you may find it difficult to strike up meaningful connections. It pays to prepare and be someone that others want to connect with.”

SARAH WOODS Co-Founder, Owner and Director at SHE: Social Hub Entrepreneurs, Sarah Woods is on an ongoing mission to nurture a supportive community of women in business hailing from different industries. “Effective networking can lead to connections, partnerships, referrals, increased visibility, and a deeper understanding of industry trends – all contributing factors to success in today’s competitive business environment. As a small business owner and a female entrepreneur, I find that networking is essential and have built my business around it. “Nowadays networking has become more digital, global and data-driven, and relies heavily on personal branding, niche communities and virtual events. When connecting, executives are also prioritising deep relationships, diversity and inclusion. “From high-energy industry conferences to digital platforms, the modern business leader has a rich tapestry of networking options and operates in a global ecosystem where networking is both an art and a science. Ultimately, networking should not be about surface level interactions, but about longterm relationships that can evolve into business opportunities.”

“The modern business leader has a rich tapestry of networking options and operates in a global ecosystem where networking is both an art and a science.” 43

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Secrets of RESILIENCE:

Lessons from CEOs Who’ve Weathered Crises F R O M A PPL E A N D TOYOTA TO G E N E R A L E L E CT R I C A N D I B M , T H E I N T E R N AT I O N A L B U S I N E S S L A N D S CA PE I S AWA S H WI T H EXA M PL E S O F M A J O R I N T E R N A T I O N A L C O M PA N I E S T H A T H A V E W E A T H E R E D S I G N I F I CA N T C R I S E S T H R O U G H O UT H I STO RY. A S T H E WO R L D CONTINUES TO GRAPPLE WITH UNPRECEDENTED CHALLENGES, RESILIENCE HAS BECOME THE LINCHPIN FOR EFFECTIVE LEADERSHIP.

In 2022, the World Economic Forum launched the Resilience Consortium at its annual meeting in Davos, Switzerland, highlighting the importance of resilience in the face of adversity. Closer to home, we spoke to four CEOs who have successfully navigated their companies through crises and, here, they share valuable insight into the strategies, mindsets and principles that empowered them to not only ride out the storm but emerge stronger.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

ALAN BORG

CEO, Malta International Airport plc When travel restrictions due to COVID-19 forced the airport to close indefinitely in 2020, CEO Alan Borg had a crisis on his hands that demanded serious reconsideration of the airport’s resources to navigate the business through the challenges ahead.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Thanks to our dedicated team, we have maintained our position among the best airports in Europe throughout these difficult years, and are now exceeding our own expectations in terms of passenger numbers.

“Back in March 2020, our company’s most substantial source of income was eliminated when a global ban on air travel came into effect. However, we recognised the importance that our human resources played in overcoming this crisis from the get-go, and so we focused our efforts on reducing business costs without resorting to redundancies and set strategies to ensure that we get through this turbulent time as a team.

“The road to recovery certainly wasn’t easy as there was no rulebook to guide us through these unprecedented times. In our case, I believe that the hardest part was the constant stopping and starting, given the ever-changing restrictions being imposed on international air travel. I think it’s safe to say that this was the toughest experience of my career so far. With that said, our team was looking towards me and other members of the management team for guidance, and this spurred us to prepare a solid corporate response to the pandemic built on three main pillars: transparent communication, workplace safety and employee wellbeing. I think that the one measure which employees particularly appreciated was the two-way communication channel set up to allow employees to share their workrelated concerns and management to provide updates on the company’s way forward. I think it not only helped to reassure employees of their future within the company but more importantly it made staff feel that they were in safe hands as their concerns were being heard and tackled.

“The most severe consequences of the pandemic were suffered by employees whose roles were dependent on flight movements and passenger traffic. Our focus therefore shifted to upskilling our team members, enabling them to safely handle pandemic-related tasks while avoiding outsourcing of certain services, including the fumigation of spaces within the airport campus which was handled by our fire-fighting team. Alleviating the company’s financial distress was of course another priority. It was for this reason that a decision was taken to instate tiered salary reductions across the company, with the CFO and myself taking the highest pay cut of 30 per cent, while our collective agreement staff shifted to a four-day week.

“As an airport, we understand that we cannot fully protect ourselves against any similar happenings in the future. However, we remain committed to investing in our facilities and unlocking our potential for future growth. To this end, we have recently announced a five-year investment plan, which will see our company inject millions into the upgrading of our terminal and airfield, while also setting new sustainable standards for the future. Thanks to our dedicated team, we have maintained our position among the best airports in Europe throughout these difficult years and are now exceeding our own expectations in terms of passenger numbers. We are confident that the best times for our airport are yet to come.”

“Despite all this, we tried to keep going wherever we could, including with our strategic investments aimed at diversifying our revenue streams further, as we wanted to make sure we’d be able to rebound swiftly and handle the passenger traffic once we were given the green light to reopen. We also took the opportunity to upgrade our facilities, replacing apron and runway lights with LED alternatives and completing the construction of our €20 million multi-storey car park.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

JEAN CLAUDE MUSCAT

CEO, Saint James Hospital Group When the General Manager at Saint James Hospital was kidnapped in Libya in December 2015, CEO Jean Claude Muscat was faced with the most harrowing crisis of his career.

safe return of our General Manager – an operation that demanded my full focus and energy.

“I remember receiving the call with the distressing news at around 6pm. I immediately informed the competent authorities before briefing our C-level staff and visiting the victim’s wife, parents and siblings. I can hardly articulate my emotions at the time, recalling the unimaginable pain and fear they endured, but I knew I needed to stay level-headed so I could take rational decisions.

“As such, this isn’t just a story of how I navigated through the ordeal, but a testament to the value of fostering a loyal, knowledgeable and committed team, capable of stepping up in times of crisis. I remain immensely grateful to these people and proud of the way they took ownership in my absence, which leads me to emphasise the importance of surrounding ourselves with individuals of calibre in the workplace.

“I made myself completely unreachable by breaking away from my routine, informing my closest team members that I would be relinquishing operational control to them without delay, and advising my family not to expect me to be present for any commitments. My sole priority was to resolve the crisis at hand and secure the

“Thankfully, this excruciating roller-coaster ride – which proved to be the most intense and professionally challenging experience of my life

A well-managed business that is equipped with proper structures and competent people can avert an overload of multiple critical situations.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

– ended a week later when our GM was returned home safely, just in time for Christmas.

ways to get out of the dark and back into the light. I also maintain clear and consistent communication with stakeholders via email, brief reports, face-toface interactions, etc., to keep things under control and retain trust, which is essential when making critical decisions that require support during delicate times.

“As a leader, I have learnt that, in the face of adversity, it is vital to stay calm and pause before reacting. What’s more, a well-managed business that is equipped with proper structures and competent people can avert an overload of multiple critical situations. I promote a proactive approach within our company to avoid constant firefighting scenarios, and we do not use the word ‘urgent’ unless it’s a matter of life or death.

“Besides having ISO certification at all our facilities – which requires a 360-degree approach to identify challenges and a documented plan to mitigate risks – we also use a reporting tool to track and analyse any adverse situations. Moreover, continuous staff training and having committed and experienced leaders on our team have helped bolster our resilience tremendously over the years.”

“In times of uncertainty, I do my best to provide reassurance and direction to my team by highlighting any positive takeaways and finding

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

REBECCA BONNICI CEO, BELS

With Malta’s language travel industry one of the worst-hit when the pandemic broke out, Rebecca Bonnici, Owner and CEO of English language school BELS, was tasked with steering the business through a difficult period that saw the closure of other schools in the industry.

“With the decline in student enrolments in the face of global uncertainty, the pandemic was a particularly challenging period for our school. Our approach to tackle the economic downturn was twofold: strategic restructuring and fostering a culture of adaptability. We streamlined operations, reevaluated our marketing strategies and invested in innovative teaching methodologies to stay competitive. “In times of business adversity, resilience, adaptability and empathy are crucial qualities for a leader to adopt. Resilience keeps the team motivated amid uncertainty, adaptability helps in pivoting strategies and empathy nurtures a supportive environment where no one’s challenges go unnoticed. “What’s more, when everything feels critical, a structured approach is vital to help with prioritisation. During this time, at BELS we categorised issues based on urgency and impact, focusing on critical areas while ensuring broader objectives weren’t compromised. Making decisions involved leveraging available data, seeking diverse perspectives and staying aligned with our core values. “When it came to maintaining team morale and productivity, open and honest communication was essential to cultivate a sense of unity and purpose. We did this through regular team updates on company developments, transparent discussions on challenges and by involving the team in problem-solving. Additionally, providing support, celebrating efforts and fostering a sense of belonging were pivotal in sustaining productivity. “As for our stakeholders, transparency and consistency were the cornerstones of our communication to maintain their trust and support throughout the crisis. We provided regular updates on our strategies, challenges and successes, and engaged them

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

We employ a diversified approach to ensure the company’s resilience against future challenges by focusing on financial stability, fostering a culture of innovation, and investing in continuous learning and development.

through various channels, including town hall meetings, newsletters and one-toone interactions. The key here was to ensure empathetic listening, acknowledge concerns and make sure stakeholders felt valued and informed. “For us, coping involved a mix of resilience, strategic planning and unwavering belief in our team’s capabilities. Following this crisis, at BELS we employ a diversified approach to ensure the company’s resilience against future challenges by focusing on financial stability, fostering a culture of innovation, and investing in continuous learning and development. We also strongly believe in building strong partnerships and remaining agile to adapt to changing circumstances.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

MATTHEW WISMAYER Director, Pet Nutrition

Matthew Wismayer, Director of local pet food producer Pet Nutrition, shares how the business is getting through the scarcity of raw materials and high transport costs triggered by COVID-19 and compounded by the two ongoing wars in Ukraine and the Gaza Strip.

“As global instability continues, navigating our way through precarious situations is the rule of the day. Successful CEOs are those who are capable of adapting to difficulties and turning threats into opportunities. In the face of soaring inflation, fiscal and monetary policies that have hindered growth across the board, among other macro circumstances, at Pet Nutrition, we have adapted by focusing on two strategies. “The first was to develop a new range of quality products at a lower price as many pet consumers can no longer afford expensive products. Adapting to consumer shifts has therefore been instrumental for us to maintain a healthy business. Our second strategy was to seek out different export markets and reach new customers to trigger business and generate growth. Thankfully, the high demand for products in the pet sector has helped us overcome this challenging period successfully.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“In today’s business environment, success centres around the ability to evolve when looking to thrive rather than survive, and when faced with challenges, decisions should never be taken alone. In our company, we make sure that all departments are involved and that a consensus is reached after careful consideration, as implementing the wrong business decision would only make matters worse.

Resilience at a Glance

“Moreover, keeping team morale high is key in challenging times as it is not possible to overcome uncertainty if a team isn’t motivated and invested in solving problems together. Operating on empathy and understanding, and consistently inspiring our workforce through good and bad have been key to maintaining a flow of positivity at Pet Nutrition, where every individual matters and has an important role to contribute. We even set up a committee to organise teambuilding events throughout the year to ensure opportunities for interaction that boost productivity.

We asked our CEOs for their tips on how emerging business leaders can manage teams through times of crisis with strength and resilience, and here we share their advice.

Alan Borg

“Stay calm, focus on your priorities and don’t take rushed decisions even if you’re under a lot of pressure, as the situation will likely evolve. Maintain an open dialogue with your team and listen – the advice may be good or bad, but it helps to have other perspectives and it’s ultimately up to you to take a decision. Keep strong in your self-belief.”

“In line with our focus on offering innovative alternatives in the pet world, we continue to nurture our resilience and recently invested in a new factory establishment to help us further our development. We now provide high-quality products formulated with healthy raw materials from the Mediterranean that are unique in the pet world, and which are generating more interest among consumers.

Jean Claude Muscat

“Additionally, we started working closely with established brands to manufacture private labels for their products – a strategy that has opened doors to new markets as we aim to build a stronger company reputation worldwide and internationalise our brands to reach new shores.”

“Avoid reactive decision-making when the situation is unclear. Convene the senior team, clearly outline the challenge facing the organisation, provide a suggested way forward, listen to the team’s feedback and opinions, and then make informed decisions. Follow up by keeping staff informed and morale high, and by making sure everyone is rowing in the right direction.”

Rebecca Bonnici

“Stay agile and proactive. Embrace challenges as opportunities for growth, and always invest in your team’s development and well-being. Be sure to cultivate a culture of open communication, transparency and adaptability. Lastly, trust your instincts, but always seek advice and learn from experiences.”

Keeping team morale high is key in challenging times as it is not possible to overcome uncertainty if a team isn’t motivated and invested in solving problems together.

Matthew Wismayer

“Never rush when taking decisions and don’t put all your eggs in one basket. Instead, expose your business to more than one market so you can recover faster from a crisis if one is under threat. Above all, be resilient, courageous and proactive, and stick with a clear vision and strategy that keeps your business intriguing and innovative even in times of adversity.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

D N O BEY TS: I F O PR L

A I C O S F O E S I R P I E H H S T R U E N E R P E ENTR

M A N Y WI L L A R G U E T H AT PR O F I T CA N ’ T CO M E AT T H E CO ST O F PROTECTING PEOPLE AND PLANET ANY MORE. SO, IN AN ERA WHEN CO R P O R AT E R E S P O N S I B I L I TY EXT E N D S BEYOND THE BAL ANCE SHEET, WE GET UP CLOSE AND PERSONAL WITH T H R E E I N N O V A T I V E C O M PA N I E S T H A T H A V E E M B E D D E D S O C I A L I M PA C T INTO THEIR CORE BUSINESS MODELS. Embracing sustainability is no longer a nice-to-have, but a must for staying ahead. Blending profitability with purpose has become the new ethos for many forward-thinking businesses, guided by the principles of environmental, social and governance (ESG) and the UN’s Sustainable Development Goals. Here, we ask three of Malta’s ESG leaders to share the exciting ways sustainability is boosting business longevity and profit, while sharing the latest trends shaping the sustainability scene in 2024.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

businesses, both large and small, should build the capacity of their teams.” This approach ensures a comprehensive understanding of sustainability’s benefits and the recognition of the costs that will arise if they choose to carry on with an unsustainable approach. “There are various ‘low-hanging fruits’ that can be implemented. These include shifting to renewable energy sources, reducing commuting by offering remote or hybrid working options, investing in the well-being and professional development of employees, and improving governance structures, including by being more proactive in creating a diverse and inclusive workforce.” When it comes to the challenge of integrating sustainability into business, Roberta believes that one of the main problems is the sense of overwhelm that comes with it. Her consultancy addresses this through the EASI (Educate-Assess-StrategiseImplement) process, which simplifies the transition. She notes the emerging trend of ESG reporting as crucial for 2024, stating, “businesses, both large and small, are being expected to become more transparent when it comes to their impact.”

ROBERTA LEPRE

For those seeking to make lasting sustainable change, her top tip is profound: “move away from sustainability as a ‘compliance’ issue and really understand the opportunities that can arise when businesses operate with an underlying sense of purpose.”

ON THE EVOLUTION OF SUSTAINABILITY IN BUSINESS LEADERSHIP

Roberta Lepre, with her extensive experience in the public, private and non-profit sectors, and as the Founder and Lead Consultant at Weave Consulting, asserts, “sustainability is a multifaceted term that enables businesses to think beyond immediate, short-term gains, and helps them meet the needs and expectations of all relevant stakeholders.” Her consultancy is pivotal in integrating environmental and social considerations into business models, guiding companies towards a sustainable future. Roberta elaborates, “it requires a shift in mindset – which in turn brings about change and innovation.” This reflects her belief in the transformative power of sustainability in business. “The benefits of adopting such a ‘new way’ of doing business translate into cost savings, employee retention, client attraction, and the development of new products, processes and services,” she emphasises.

Sustainability is a multifaceted term that enables businesses to think beyond immediate, shortterm gains, and helps them meet the needs and expectations of all relevant stakeholders.

Discussing strategies for sustainable profitability, Roberta advises, “first of all, 56

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Sustainability in business is essentially about futureproofing your company to not only survive the turmoil, but become more resilient towards it and thrive, despite it. TAMARA FENECH

ON CULTIVATING SUSTAINABILITY THROUGH CHALLENGING TIMES Tamara Fenech, Founder of Cosie Studio – which helps solopreneurs and small businesses to build sustainable business models – leads the charge in fostering more positive social and environmental impacts through business activities. She explains, “we are currently living through very uncertain and unstable times,” necessitating a new approach in business. “Sustainability in business is essentially about futureproofing your company to not only survive the turmoil, but become more resilient towards it and thrive, despite it.”

For emerging trends, she highlights the concept of ‘Regenerative by Design’. “We need to move beyond the idea of ‘doing less harm’, or simply aiming for net zero, which means balancing out a business’s impact by offsetting it. The Bosco Verticale (Vertical Forest) skyscrapers in Milan are a perfect example: a few years after its construction, the Vertical Forest has given birth to a habitat colonised by numerous animal species (including about 1,600 specimens of birds and butterflies), establishing an output of spontaneous flora and fauna recolonisation in the city, regenerating the biodiversity of the urban space.”

Tamara highlights the importance of tailored sustainability strategies: “there isn’t a one-size-fits-all approach to sustainability, especially when it comes to business.” Her go-to approaches, however, are to adopt circular business models, “which are based on the principles of the circular economy. This strategy essentially designs out waste by considering the endof-life stage from the start.”

But sustainability is quite overwhelming, Tamara admits – and yet, owning our own behaviour is a good place to start. “This allows us to show up to the collective more authentically – and the importance of collective actions can’t be stressed enough,” she says. “Collaboration over competition. No one person or company can achieve the shifts that sustainable transitions set out to do.”

Giving a product-based business example, Tamara explains, “we would look at things like material inputs and how those materials will be treated at the end of the product’s life. Can the materials biodegrade safely back into the earth? Or can the materials be reused or refurbished? Can we use a material that already exists, avoiding the use of virgin material altogether?” Illustrating how sustainability can be integrated effectively into business operations, Tamara recalls how one of her first clients was able to recycle 40kg of silver to produce their first collection. “We then set out long-term plans to integrate a ‘return resource’ system whereby customers could bring in their unwanted silver for the brand to recycle and use for further collections, giving the customer a credit note to spend at the shop.” 59

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

EMMA PORTELLI BONNICI AND MARTINA CARUANA ON A NEW ERA OF LEGAL PRACTICE Emma and Martina, founders of PB&C, have adopted a multidimensional approach to sustainability that goes beyond environmental considerations. As a trauma-informed law firm, they are deeply engaged with the complex interplay between legal advocacy, environmental stewardship, cultural preservation, and social justice. This approach allows them to align with contemporary global movements as well as actively shape a future where legal practices contribute significantly to sustainable development across all spectrums. “We strategically integrate digital solutions to address environmental sustainability, while also fostering a workplace culture rooted in diversity, equity and inclusion,” they explain. In fact, their 60

efforts extend beyond the office, as they engage in “dialogues and partnerships that bridge the gap between legal expertise and societal needs.” Highlighting their collaboration with ‘Red is the New Green’ – an organisation in India – they describe how this partnership exemplifies a multifaceted approach to sustainability that transcends environmental aspects. “Red is the New Green addresses critical social issues, specifically targeting menstrual stigma and economic inequality. Their initiatives focus on increasing awareness around menstrual health, providing access to sustainable menstrual products and challenging deeply rooted cultural taboos. The work is pivotal in promoting gender equality, empowering women and girls through

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

SUSTAINABILITY IN BUSINESS – AT A GLANCE

education and access to resources, and fostering community engagement around these often-neglected topics.” Last year, PB&C also had the opportunity to engage with the International Alliance for the Protection of Heritage in Conflict Areas (ALIPH) at the Paris Peace Forum. “In Ukraine, ALIPH’s work has been vital in safeguarding historical sites, artworks and other culturally significant assets. This mission resonates deeply with our comprehensive approach to sustainability, which extends beyond environmental considerations to encompass the preservation of cultural heritage as a crucial element of global sustainability.”

As the below data from Akepa and Accenture shows, there is a clear, positive impact of sustainability in the business environment.

A massive 93 per cent

of consumers maintained or even increased their purchases of sustainable products recently, despite the rising cost of living globally. This suggests that sustainability has become a priority in consumer behaviour.

Anticipating future trends, Emma and Martina foresee a broadening scope of sustainability, that emphasises the integration of social dimensions, notably mental health and emotional intelligence. “It’s a future all businesses will need to be aware of and this is a good time to get started,” they say.

Environmentally focused startups have a much

better survival rate;

they are twice as likely to survive through their early development compared to those that are not sustainability conscious. Companies can significantly boost their operating profits, by as much as

60 per cent, by reducing material

waste through zero and low-waste policies.

This approach allows us to align with contemporary global movements as well as actively shape a future where legal practices contribute significantly to sustainable development across all spectrums.

Businesses with a strong environmental record can see a competitive advantage;

89 per cent

of these companies outperform the market, indicating a direct correlation between sustainability and financial performance. Investing in sustainability is a trend on the

80 per cent

of companies plan to rise; increase their investments in sustainability going into 2024, demonstrating a strong belief in the long-term value of sustainable practices.

More than 90 per cent of CEOs believe that sustainability is crucial to their company’s success. This underscores the fact that leaders in the business world recognise the importance of sustainability for long-term profitability and corporate health.

TheInterviewsIndex 78 Denise Xuereb CEO, AX Real Estate

82 Nick Spiteri Paris CEO, Bigbon Group

86 Charles Xuereb CEO, Trident Park

134

192

250

Geoffrey Fichte

Katrina Attard

Martin Zahra

CEO, HSBC Bank Malta plc

CEO, Panta Group

CEO, MZ Investments

138

196

254

Matthew Fenech

Sandra Calafato

Stefan Farrugia

CEO, Motors Inc.

CEO, Key To Younger

CEO, Eunoia

142

200

Anna Maria Fenech Magrin CEO, Doctor AM Clinics

Maria Magro CEO, Carmelo Abela Group

206

CEO, Bank of Valletta

146

Michael Warrington

Geraldine Spiteri Lucas

CEO, AX Group

CEO, Malta Business Registry

Kenneth Farrugia

Patrick Hulsen Managing Director Malta, SuperCharger Ventures

100 Kevin J Rapinett

152 David Power CEO, BNF Bank plc

156

CEO, Halmann Vella Group

Javier Moreno Gonzalez

104

CEO, MAPFRE Middlesea

Andrea Cassar

160

CEO, Cassar Marine Group

Luke Vassallo

108

CEO, Eurocargo Logistics

James Sciriha

164

CEO, CareMalta Group

Sharon Gauci

112

CEO, Burmarrad Group

Arnaud Denis CEO, MeDirect

116 Jonathan Shaw CEO, Retail Marketing Ltd

120 Kurt Farrugia CEO, Malta Enterprise

124 Mark Holland CEO, Maltalingua + Stream House Media Productions

130 Marco Galea CEO, Oxford House

210 Maronna Filletti

180 Judith Galea Managing Director, National Insurance Brokers

Albert Alsina Founder and CEO, Mediterrania Capital Partners

220 Brian Zarb Adami CEO, CyberSift Ltd

224 Jonathan Bellizzi CEO, Lidion Bank plc

CEO, FacadArt Trading Ltd

234 Marika Tonna CEO, Business First

238 Ruben Curmi CEO, Harbour Solutions

242 Karl Cilia CEO, Water Services Corporation

186 Anita Mifsud CEO, Swan Laundry & Dry Clean Co. Ltd

272 Ana Rubio

278

228

CEO, Malta Foundation for Human Resources Development

Managing Director, Stratis Consulting

214

Taskin Kose

Karen Muscat Baldacchino

266 Antoine Portelli

CEO, datalitiks

168

174

CEO, VentureMax

Managing Director, Joseph Cachia & Son Ltd

Mantvydas Matthew Narusevicius Founder and Managing Director, WFDM Ltd

260 Justin Paul Anastasi

246 Aaron Axiaq Chairman, Uniplural Group

Beppe Muscat CEO, NM Group

282 Trevor Axiak Founder and Director, Kyte Global

288 Joanne Alamango CEO, Lockton European Brokers Ltd

292 Brian Vella CEO, Malta Food Agency

298 Luke Todd CEO, MadeYou Ltd

304 Namik Kemal Ozden CEO, GreenWaste Malta Ltd

310 Mattheus Buyukkaya Director, Green Dinja

MaltaCEOs 2024

50 Meet of

THE

island’s MOST

INFLUENTIAL BUSINESS minds

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Every challenge brings with it an opportunity. Malta’s property market faces several challenges, such as affordability concerns, a potential oversupply of properties and the need for sustainable development. However, these challenges also present opportunities for buyers and investors. The market showcases a dynamic landscape, with promise-of-sale agreements on the rise and regional trends highlighting areas of high demand and untapped potential.” 78

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Denise Xuereb

C EO, AX R E A L E STAT E

“ T H E L O N G - T E R M S U S T A I N A B I L I T Y O F M A LT A ’ S R E A L E STAT E S ECTO R H I N G E S O N A PIVOTA L PR I N C I PL E: PR I O R I T I S I N G Q UA L I T Y D EVE LO PM E N TS OVE R Q UA N T I T Y.”

A X R E A L E S T A T E ’ S D I V E R S E P O R T F O L I O E N C O M PA S S E S H O S P I T A L I T Y , CA R E H O M E S , R E T I R E M E N T VI L L AG E S , O F F I C E S , WA R E H O U S E S , A N D INDUSTRIAL AND RESIDENTIAL PROPERTIES . A SUBSIDIARY OF AX GROUP, T H E C O M PA N Y W A S I N C O R P O R A T E D I N 2 0 1 9 , L E V E R A G I N G T H E G R O U P ’ S EXPERTISE AND RESOURCES TO OWN, DEVELOP, MANAGE , AND ACQUIRE R E A L E STAT E I NVE ST M E N TS . L E D BY C EO D E N I S E XU E R E B , AX R E A L E STAT E C O N T I N U E S I T S P E O P L E - C E N T R I C M I S S I O N T O E X PA N D I T S P O R T F O L I O A N D U N L O C K T H E F U L L P O T E N T I A L O F R E A L E S T A T E I N M A LT A .

guide people towards growing the enterprises to which I have been entrusted.”

With a career that has included time as a waitress, animator, administrator, and project manager, today Denise Xuereb regards her role at AX Real Estate as much more than simply that of CEO. “I wouldn’t say I represent a specific role because who I am today goes beyond that,” she says. “My career has been a journey that has never followed a straight path. It’s been a process of evolution. I now wear many different hats and hold various positions and titles across the group – namely Director of Construction and Development within AX Group and CEO at AX Real Estate. I lead businesses, realise projects and

The daughter of AX Group Founder Angelo Xuereb, Denise discovered her fascination with buildings and design as a teenager, following in her father’s footsteps to achieve several significant milestones within Malta’s construction industry. After graduating from the University of Malta, she pursued an MSc in Project and Programme Management at the École Supérieure de Commerce in Paris. Her first major project then came when she oversaw the final stages 79

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

I believe in remaining true to yourself and to the values that are at the core of the business, such as fairness, empathy, integrity, and teamwork.

of AX Group’s five-star AX The Palace Hotel in Sliema – a defining moment she describes as the “pivotal shift” in her career. “Every project we complete is a milestone and feat in its own right, but the completion of AX The Palace in 2008 – for which I coordinated both the hotel and construction offices – marked a turning point for me in terms of project management. Our work on the Parliament building then sealed the envelope as one of the most extensive contemporary construction projects in Valletta. And, since Malta’s stone heritage is very close to my heart, another key moment was the launch of our restoration arm,” she says, pointing to the firm’s landmark restoration projects at St John’s Co-Cathedral and Palazzo Lucia in Valletta, the conversion of The Brewhouse at Farsons in Mrieħel, the rehabilitation of the Maritime Museum in Vittoriosa and the restoration and construction of a Visitor Centre at St Paul’s Catacombs in Rabat. “There have also been so many other milestones of which I’m proud, like relaunching AX Construction in the market as a specialist contractor, bringing AX Real Estate to the market, gaining the unanimous permit for The Verdala Project, and the completion of the ODYCY Hotel project, to name but a few.” Such dynamic projects demand a dynamic approach, and Denise believes in leading by example. “I must be many different people at various times of the day, but that’s the sort of dynamism I enjoy,” she smiles. “The way I lead and do business is the way I expect others to behave or do business with me. I’m very much a ‘what you see is what you get’ person, and I believe in remaining true to yourself and to the values that are at the core of the business, such as fairness, empathy, integrity, and teamwork. This is not a one-person show.

We trust each other and combine our expertise to achieve extraordinary results.” While trust is integral to Denise’s role, so is the support this team ethos brings, particularly regarding time management. “I manage my diary to the minute, even though I believe that managing time is not as easily accessible as the world assumes. But I have a lot of support – if I didn’t, I wouldn’t be here,” she explains, adding that this support is critical to finding a work-life balance, particularly as a parent of two young children. “With a career-dominated life, the lines blur. My biggest passion is my two little girls: they are the ones who manage to stress me out more than work, but they are also the ones to calm me down on the toughest of days.” In fact, family values are at the heart of AX Group – and thus, at that of its subsidiary, AX Real Estate. The firm manages the group’s long-term property investments and seeks to acquire properties – both already developed or with prospective, strong rental income streams – located in prime locations or those with the potential of becoming so. AX Real Estate’s property portfolio spans hospitality, care homes, retirement villages, commercial spaces, and residential properties. “Our long-term objective is to grow the number of properties held, diversify the mix of uses of these properties and achieve steady, long-term growth through collaboration with stakeholders and communities for sustainable returns,” Denise highlights. “We listed the company on the Malta Stock Exchange 80

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

in February 2022. The market was undergoing a very strong shift at the time, away from the period of low interest rates and amid considerable global challenges. We now seem to be returning to a degree of stability, as central banks worldwide regain control over inflation and supply chains stabilise.”

Quick-fire Questions… with Denise Xuereb

Meanwhile, sustainability remains high on Denise’s agenda – as it does for Malta’s real estate sector. “Sustainability is the latest buzzword and a lot of meaningful work is being done as part of our ESG efforts. Nevertheless, the wider industry must give weight to the governance and social practices inherent in ESG to ensure the end user is more aware of the sustainability-related aspects of their property,” she goes on. “The long-term sustainability of Malta’s real estate sector hinges on a pivotal principle: prioritising quality developments over quantity. While the drive for growth and investment is important, it is equally critical to safeguard Malta’s unique attributes and natural resources. This approach not only serves the best interests of the local environment and community, but also ensures that investors continue to perceive the island as an attractive and viable destination for their investments.”

How do you start your day? Reading, journalling, emails, kids, and gym. Are you blunt or subtle with your team? I am subtle, understanding and a problem-solver – but firm. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Know your business and a weekly or monthly review will be enough. Is right now a good time to invest? It’s always a good time to invest. What’s the one goal you wish to achieve in your organisation over the next 12 months? Project completion is always my priority.

Harmoniously blending Malta’s urban texture and natural landscape using quality materials, AX Real Estate has accrued an impressive list of achievements in recent years. And, among multiple upcoming projects, AX Real Estate is set to focus on completing the fivestar Verdala Hotel in the last quarter of 2024.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? A call. Are you immune to Monday blues? Monday is just another day. Preparation is key. Are you a macro or a micro person? I’m very detail-oriented. Yet, a micro-macro balance is necessary.

“With the redevelopment of the Seashells Resort at Suncrest, rebranded into AX ODYCY Hotel, our vision was to regenerate the Qawra area, transforming it into a thriving community and reestablishing both the hotel and its locality as a highly sought-after destination,” shares Denise. “We have employed hundreds of new staff members across various divisions, and this multimillion-euro transformation has already helped breathe new life into Qawra. The upcoming year will also bring another significant milestone for AX Real Estate: the next phase of the AX ODYCY destination in Qawra.”

With hindsight, what would you do differently in your business? Nothing, of course! Where do you eat lunch during the week? Wherever I am, at the office or on-site. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Donnafugata Winery. Your favourite restaurant (and dish) in Malta or Gozo? An AX Hotels restaurant, of course – it’s impossible to choose only one!

To strengthen its capital base and secure the finances required to complete both the Verdala and ODYCY developments, AX Group approached Malta’s stock market in 2023. Having secured the funds to mature and consolidate the many projects across the AX Real Estate portfolio, Denise foresees that 2024 will bring further investment in an ever-changing real estate landscape. “Malta’s property market presents a wealth of opportunities for buyers and investors who can navigate the challenges and capitalise on emerging trends. We never shy away from new investment opportunities, provided they are the right ones. Our excellent track record, which we’ve built over the years, coupled with the group’s financial strength and sound management ethos, are key ingredients for AX Real Estate to continue its success story for many more years to come,” the CEO concludes.

Do you believe in business lunches? They’re very important – although I don’t get to go to them enough. For the sake of it, a Porsche 911 or a Bentley Bentayga? An electric Porsche 911. Smart watch or a conventional timepiece? I have a watch for various occasions. Any exercise routine? Going to the gym. I love country walks too. Do you believe that you’re an introvert or an extrovert? I’m more of an introvert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Daily engagement is a must. Questioning and analysis are vital routines that keep us proactive and future-ready. At Bigbon, we constantly aim to grasp broader perspectives while maintaining a keen focus on the finer details to ensure our commitment to delivering results.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Nick Spiteri Paris

CEO, BIGBON GROUP

“ T H E CO M B I N AT I O N O F AG I L I T Y A N D Q U I C K DATABASED DECISION-MAKING IS CRITICAL .”

A S T H E C E O O F B I G B O N G R O U P , N I C K S P I T E R I PA R I S S H A R E S H I S S T R A T E G I C I N S I G H T S A N D V I S I O N F O R T H E R E T A I L I N D U S T R Y I N M A LT A . WI T H A FO C U S O N A DA PTA B I L I T Y, AG I L I T Y A N D C U STO M E R EXPE R I E N C E , N I C K D I S C U S S E S T H E PIVOTA L R O L E O F T E C H N O LO G Y, AUTO M AT I O N A N D TA L E N T M A N AG E M E N T I N S H A PI N G T H E F UTU R E O F R E TA I L . H E E M P H A S I S E S T H E I M P O R T A N C E O F S T AY I N G P R O A C T I V E , E M B R A C I N G C H A N G E A N D L EVE R AG I N G DATA- D R IVE N D E C I S I O N - M A K I N G .

In the fast-paced landscape of contemporary business – and especially in the realm of retail – the ability to swiftly adapt and make strong decisions stands as a fundamental pillar for achieving success. Nick Spiteri Paris, as the CEO of Bigbon Group, exemplifies the core values that underscore how a commitment to these principles can yield exceptional results. With over 15 years of experience in the retail sector, Nick recently assumed the role of CEO at Bigbon Group.

“Any truly successful transformation must begin with the CEO instilling conviction in employees to drive the soughtafter change,” he says. “But it doesn’t end there. For genuine transformation to take root, employees must aspire to something greater; a mindset that enables them to believe in the possibility of a cultural shift.” Nick’s transition to Bigbon Group marked a pivotal moment in his career, introducing him to Inditex, a global leader in the fast-fashion sector. Inditex has refined a business model over the years that places a strong emphasis on agility, speed and an integrated retail approach with rapid sales cycles. Their brands embrace an integrated retail format, allowing customers to seamlessly transition between physical and digital shopping experiences. Such a business philosophy demands a high degree of operational precision.

Nick has since fostered a culture of continuous pursuit of excellence, blending forward-thinking strategies with practical approaches. Today, the group represents Inditex through a range of brands, with Bershka, Pull&Bear, Stradivarius, Oysho, and Massimo Dutti forming the core of Bigbon Group’s retail operations. 83

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

By investing in our people, embracing technological advancements, and staying agile in our approach, we are poised to shape the future of retail in Malta and beyond. industry, he knows that rapid data-driven decisions and nimble teams are paramount. To foster speed, Nick advocates empowering teams, diminishing hierarchies and cultivating a change-oriented narrative.

Over the past year, Nick spearheaded a transformation within Bigbon Group, aligning its business model with that of Inditex. This transformative journey involved shifting from a single-channel, brick-and-mortar retail approach to a multi-channel strategy, including the introduction of e-commerce, and ultimately embracing an omni-channel approach. At the heart of this transformative journey lies the imperative of communicating the company’s ambitious vision – to lead the fast-fashion industry in the Maltese market. Transparency and candid communication are the foundational pillars of his approach and, upon assuming the role of CEO, Nick articulated the need for a paradigm shift, advocating for openness, respect and a collaborative problem-solving mindset. Nick firmly believes that by elevating employees’ aspirations through a visionary perspective, he can empower them to surpass their perceived limits. Through the establishment of ambitious performance objectives, he nurtures a culture of accomplishment that consistently produces remarkable results. “In today’s ever-changing landscape, we must bid farewell to traditional models and embrace dynamic, adaptable frameworks that can gracefully navigate the complexities of our times,” he continues. “Success is now intricately tied to our ability to seize the opportunities embedded within these transformative shifts.” Nick champions the idea that speed is an unparalleled asset in a swiftly changing world. As the CEO of Bigbon Group, which is deeply entrenched in the fast-fashion

However, speed must be purposeful. “Leaders today must clearly identify areas where value is trapped. Bottlenecks may arise from isolated functional groups, incompatible systems or cumbersome processes,” says Nick. Talent and human capital is at the core of success and must occupy the right places with appropriate incentives. While frontliners and high-potential employees command attention, Nick underlines the significance of motivating middle-management and diligent contributors. “Tailoring the employee value proposition is crucial, catering to diverse aspirations: contributing to a remarkable organisation, benefiting from strong leadership, accessing developmental opportunities, and reaping well-deserved recognition. “Organisations need to make strategic investments in talent to drive future growth,” he says, adding that, in the current retail landscape, talent is the critical differentiator. To ensure success, organisations must proactively assess their current capabilities and identify skill gaps that need to be addressed. This entails determining the right number of skilled individuals and aligning their expertise with the group’s growth agenda. While reflecting on the future, Nick consistently underscores the significance of making strong and forward-thinking decisions to ensure resilience. “Despite the global challenges we’ve encountered,” he remarks, “our business not only achieved its targets but also maintained an optimistic outlook, foreseeing a promising 2024. The blend of agility and swift, data-driven decision-making is paramount and has played a pivotal role in our approach to addressing these challenges and their resulting outcomes.” Automation is set to play a pivotal role in transforming the retail industry. Approximately 50 per cent of retail activities 84

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

have the potential to be automated. Automation promises not only streamlined processes and enhanced reliability but also the creation of new job opportunities that require different skillsets. “We must wholeheartedly embrace smart automation technologies like AI and robotic process automation to automate processes progressively.” Recognising the significant impact of the retail industry on the environment, Nick outlines a series of initiatives undertaken by Bigbon Group to shape the future of business. “Through our emphasis on energy-efficient systems, minimising packaging waste and offering environmentally friendly collections that minimise environmental impact, we are unwaveringly committed to building a sustainable future,” Nick asserts. However, when charting a course for the future, Nick clearly states that it is equally important to glean insights from the past. With a rich legacy, Bigbon Group continues to challenge conventional boundaries, whether through its transition to an omni-channel ecosystem or by pioneering fresh shopping experiences for its customers, exemplified by the forthcoming stores at The Shoreline Mall, a new development in Smart City, Kalkara. Contemplating this development, Nick envisions that The Shoreline Mall is poised to become a premier destination, especially for residents in Malta’s harbour and southern regions. Bigbon Group’s new stores are poised to surpass expectations, offering a host of conveniences and holistic experiences that set the mall apart. These include easy accessibility, ample parking, a diverse range of brands, a climate-controlled environment, and welcoming pedestrian and child-friendly areas. “The meticulous planning behind the design and construction of these shops is driven by our vision to craft an experiential environment,” Nick elaborates. “Our aim is to engage all five senses of our shoppers. Additionally, we recognise the evolving interplay between digital and traditional shopping methods. In today’s world, consumers desire a more interactive and self-guided shopping experience. Through the integration of technology, such as the use of smartphones and apps through the buying journey, our customers can effortlessly check sizes, virtually try on garments and more. All these immersive features, highly coveted by contemporary consumers, will take centre stage at the new Shoreline Mall.” In addition to these initiatives, Bigbon Group is embarking on an ambitious project to renovate its current stores at The Point Shopping Mall, a prime retail location in Malta, as noted by Nick. “A major priority for us is to enhance our current facilities, ensuring they remain at the forefront of the customer experience,” he emphasises. “This encompasses a thorough refurbishment of all five shops in Sliema, bringing them in line with the high standards we have established at The Shoreline Mall.” Nick concludes that at Bigbon Group, “we are committed to leading the way in this transformative journey. By investing in our people, embracing technological advancements, and staying agile in our approach, we are poised to shape the future of retail in Malta and beyond. Together, we will build a thriving and resilient retail industry that adapts and prospers in the face of change.” 85

Quick-fire Questions… with Nick Spiteri Paris How do you start your day? Walking the dogs and scanning the local papers. Are you blunt or subtle with your team? Hopefully subtle but probably blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? We look at our KPIs daily. Is right now a good time to invest? It’s always the right time to invest. What is the one goal you wish to achieve in your organisation over the next 12 months? Establishing a stronger communication structure. Physical meeting, a call, WhatsApp or email – what is your favourite form of communication? Physical meeting. Are you immune to Monday blues? The blues tend to hit on Fridays not Mondays. Are you a macro or a micro person? Combination of both. A balanced approach is often the key to success. With hindsight, what would you do differently in your business? This is a question I constantly put to myself. Regular self-reflection is crucial, so I continually assess past decisions to improve. Where do you eat lunch during the week? It’s a quick bite or working lunch. What is your favourite chateau/house when it comes to wine, whisky or any other drink? For wine, a red Grand Cru; for whisky, Talisker or Black Label. Your favourite restaurant (and dish) in Malta or Gozo? None specifically – it depends on my mood and the cuisine. Do you believe in business lunches? For networking, absolutely. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? For work, smart watch; on holiday, conventional timepiece. Any exercise routine? A 45-minute dog walk each morning. Do you believe that you are an introvert or an extrovert? An introvert. But, in my role, an extrovert.

MaltaCEOs 2024

CEO THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

INSIGHT

“It’s imperative for entrepreneurs and CEOs to have the courage to go against the grain. Always do your homework, adopt a structured approach, and fully grasp the pros and cons of your endeavour. By doing so, you lay a solid foundation that ensures your project isn’t just another fleeting idea, but one built with true vision.”

MaltaCEOs 2024

Charles Xuereb

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO, T R I D E N T PA R K

“OUR COMMITMENT REMAINS TO PRIORITISE QUALITY D E V E L O P M E N T , B E C A U S E W H A T E V E R W E B U I L D T O D AY N E E D S T O S T A N D T H E T E S T O F T I M E A N D S E R V E M A LT A ’ S B U S I N E S S CO M M U N I T Y FO R G E N E R AT I O N S TO CO M E .”

I N A U G U R A T E D I N E A R LY 2 0 2 3 A F T E R Y E A R S O F M E T I C U L O U S P L A N N I N G , D E S I G N I N G A N D C O N S T R U C T I O N , T R I D E N T PA R K E M E R G E D A S A T E S T A M E N T T O V I S I O N A R Y P L A N N I N G A N D D E V E L O P M E N T I N M A LT A ’ S O F F I C E L A N D S CA PE AT A T I M E WH E N R E M OT E WO R K I N G WA S O N T H E R I S E . DESPITE THE CHALLENGES , CEO CHARLES XUEREB HAS EXPERIENCED F I R ST- H A N D T H E A DVA N TAG E S O F L E A D I N G WI T H PR I N C I PL E A N D D E V E L O P I N G A S PA C E T H A T P R I O R I T I S E S Q U A L I T Y , S U S T A I N A B I L I T Y A N D BET TER WORKING CONDITIONS FOR A MORE EXCLUSIVE LIST OF TENANTS .

Charles Xuereb’s professional trajectory hasn’t followed the typical CEO blueprint. Graduating in 1991, Charles started his career with one of Malta’s foremost accountancy firms and, by 1995, had segued into a pivotal role as the Chief Accountant at Food Chain Ltd, a subsidiary of the Farsons Group, the company responsible for managing international household brands such as Pizza Hut, Burger King, KFC, and, back then, TGI Fridays. At Farsons, Charles found more than just a job; he found a professional home. Here, he gained experience within the group’s multifaceted operations, which led to his eventual appointment as CFO in 2005, a position he served for 12 years.

As a company with a constant eye on the future, Farsons began a strategic diversification process over the last decade, leading to the creation of Trident Park plc, a distinct real estate subsidiary. This new venture aimed to transform the former Farsons brewery, a celebrated 20thcentury architectural gem, into a modern, eco-friendly office destination in the Central Business District. And, when the CEO position opened up, Charles – given his deep understanding of the project, proven financial acumen and established trust with Chairman Louis Farrugia – emerged as the natural choice to, in his words, “steer the ship” in line with the board of directors’ vision. 87

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

More needs to be done among developers to find a balance between profitability and respecting our surroundings.

next generation of entrepreneurs and international organisations attracted to doing business in Malta. This space was designed to foster commerce while also valuing culture and acknowledging the region’s industrial history,” Charles highlights.

Discussing his shift from CFO to CEO, Charles explains: “my responsibilities as CFO at Farsons were expansive, encompassing everything from budgeting and financial reporting to IT and member services. Furthermore, as I served on the Executive Board, I also gained insight into various company functions like sales, marketing and exports. I believe that my eagerness to learn, coupled with a ‘yes I can’ mindset, ensured a relatively smooth transition.”

Designed by the internationally acclaimed Ian Ritchie Architects, Trident Park has retained several standout features from the original building’s storied past, such as the 1950 Art Deco colonnade, the grand reception and the original boardroom. The contemporary design introduces seven distinct blocks interspersed with six courtyards, providing the building’s tenants with fresh air, shade and sunlight throughout their working day.

As CEO, Charles admits that his leadership remains deeply rooted in financial precision and transparency; values he also attributes to the ‘above board’ culture that was always at the forefront at Farsons.

Over and above its appealing low-rise aesthetic, the development is making a steadfast commitment to sustainable functionality by maximising natural light and air flow to diminish reliance on utilities and energy consumption. The adoption of advanced green technologies – from chilling the very fabric of the building with a flow of cooled water to innovative methods for ventilation – further underscores Trident Park’s ecofriendly credentials as it pursues the BREEAM Excellent certification, a gold standard of assurance that a building demonstrates the highest levels of quality, performance and sustainability.

“Profit isn’t a dirty word. It’s the lifeblood of any business,” he asserts candidly. “In that regard, I am known to be a tough negotiator who pulls no punches in ensuring we secure optimal deals. However, I also believe that an honest and ethical approach is fundamental in any business dealings. Being a warranted accountant is something close to my heart; I am always conscious of safeguarding my reputation by operating with absolute integrity.” Such exacting standards have also become the hallmark of Trident Park. Since its launch in January 2023, the development has garnered praise for its innovative approach and commitment to sustainability, striking a harmonious balance between space, landscape and architecture. The vision for Trident Park was seeded as early as 2000, long before the rejuvenation of the Central Business District had even commenced. And while it has been a long time coming, the results speak for themselves.

“One of our boldest decisions was to build on just 43 per cent of the site, leaving 57 per cent untouched,” he says. “From a financial perspective, that’s potential revenue from additional office space that we’ve left on the table. But, after careful thought, we intentionally chose this different path. We wanted to create an office campus that aspired to be an inspiring work environment first and foremost, rather than filling every available square metre

“The vision for Trident Park was to create an environment that blended heritage with modernity, targeting the 88

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

of space. Looking towards the wider sector, it’s disheartening to see developments prioritise making money at the expense of our environment and heritage. More needs to be done among developers to find a balance between profitability and respecting our surroundings.” Attracting the right tenants is crucial for any thriving business destination, and Charles and his team have been particularly scrupulous when onboarding tenants, ensuring utmost due diligence to safeguard the reputation of the campus. During its first year of operation, Trident Park enjoyed a remarkable 77 per cent occupancy. Its tenants range from the EUAA and banking firms to Forex and gaming entities, soft service providers, and budding creative startups. In addition to the prime office space, tenants also benefit from a variety of top-tier amenities. They can dine at eateries like Vecchia Napoli, Kettles, The Cisk Tap, and The Chapels gastropub. There’s a childcare facility for working parents, a state-of-the-art gym and healthcare options, including a dental and medical clinic. Meanwhile, the on-site Farsons Brewery Experience is the ideal spot for tenants to provide international guests visiting Malta with a fascinating insight into a national icon. Managing such an expansive campus is no small feat, but Charles and his tight-knit team are handling operations with efficiency and professionalism. “I’ve always favoured a lean team,” Charles confesses, attributing this to his accounting mindset. “I’m open to expanding our resources, but only if it adds genuine value. Waste is something I hate with a passion.” In an age when remote work is becoming the norm, one might assume that it would be a struggle to lease new office spaces. Yet, from his experience, Charles has come to see this shift in the post-pandemic world as more of an advantage for Trident Park than a setback. “Businesses are embracing remote and hybrid working nowadays,” he admits. “While this might mean they require less physical space, it has also resulted in companies looking for more premium offices like Trident Park, where they can offer their people a more inspiring setting to work from with better facilities. From the level of enquiries we receive, there is still a significant number of businesses wanting to upgrade their office space in Malta.” Following a successful first year of operations, Charles asserts that the primary objective going forward is to achieve 100 per cent occupancy and fine-tune operations around the campus even further. While there have already been whispers about the possibility of a second Trident Park, Charles emphasises the importance of strategic decision-making aligned with the board’s vision. “We have raised the bar with Trident Park, setting a new standard for what innovative and eco-friendly office campuses can aspire to in Malta. Whatever the future holds, our commitment remains to prioritise quality development, because whatever we build today needs to stand the test of time and serve Malta’s business community for generations to come,” Charles concludes. 89

Quick-fire Questions… with Charles Xuereb How do you start your day? I shower and shave. Are you blunt or subtle with your team? Neither: I’m direct but courteous. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every month. Is right now a good time to invest? It’s never a bad time to invest. There are only bad investments. What’s the one goal you wish to achieve in your organisation over the next 12 months? Achieving 100 per cent occupancy. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meetings. Are you immune to Monday blues? Quite immune. Are you a macro or a micro person? Micro. With hindsight, what would you do differently in your business? Nothing, everything is a lesson. Where do you eat lunch during the week? At the office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Too many to mention. Your favourite restaurant (and dish) in Malta or Gozo? It’s a tie between my mum’s kitchen in Gozo and my wife’s and daughter’s cuisine at home. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? A Lexus NX300. Smart watch or a conventional timepiece? A conventional timepiece. Any exercise routine? Too little. Do you believe that you’re an introvert or an extrovert? Extrovert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “I believe in four values that are vital in my role: honesty, integrity, trust, and transparency. This is my work ethos, which I try to communicate and establish. Of course, these are particularly important for those working in the financial sector since we’re dealing with client assets and benefitting from their trust.” 90

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Kenneth Farrugia

CEO, BANK OF VA L L E T TA

“ WE WILL LEAD BY EXAMPLE .”

A F T E R 3 8 YE A R S AT B A N K O F VA L L E T TA , C E O K E N N E T H FA R R U G I A I S S T I L L G A LV A N I S E D B Y T H E V A R I E D N A T U R E O F T H E S E C T O R , I T S P E O P L E AND THE DIVERSITY OF ITS OFFERING. AND, AS HE LOOKS AHEAD TO THE NEXT 12 MONTHS AND BEYOND, KENNETH – COGNISANT OF THE B A N K ’ S S Y M B I O T I C R E L A T I O N S H I P W I T H T H E M A LT E S E E C O N O M Y – I S K E E N TO C E L E B R AT E T H E O R G A N I S AT I O N ’ S 5 0 -YE A R H I STO RY BY D R I V I N G U P T H E PA C E O F I T S T E C H N O L O G I C A L T R A N S F O R M A T I O N .

“Our mission at Bank of Valletta is to support the personal and business communities operating in our economy, aiming to positively impact the country’s economic growth in the process,” says Kenneth Farrugia, the CEO of one of Malta’s best-known financial institutions, and which celebrates its half-century this year. In this regard, he continues, the bank wants to be at the vanguard of developments and movements that are bringing about rapid changes in the banking landscape, whether in technology, risk management or the adherence to environmental, social and governance (ESG) principles.

achieve these objectives, it is crucial for the bank to have a clear understanding of the shifts driving marked changes in consumer and business behaviour within our industry and beyond,” he explains. Staying ahead of the game requires agility and nimbleness – “we have accelerated our pace in this regard, exemplified by the acceleration of our programme of initiatives to embed digital across our processes and product/service delivery. This will be a core focus area going forward,” Kenneth continues. Kenneth is well-positioned to understand the ever-shifting landscape. After joining the bank in 1985, he worked for five years in the retail side of its operations and spent around 20 years in investment. He was only 42 when he moved to BOV’s Executive Committee, overseeing the asset management and servicing business of the bank, subsequently also responsible for personal banking, corporate finance and wealth management before being

“Strengthening our core business, entering new areas of business, addressing the impact of climate and environmental risk on our operations, enhancing cybersecurity measures, and determining the next big initiatives on the horizon and the way they will impact our customers and the bank are high on our agenda. To 91

Our core ambitions revolve around propelling digital growth within the company’s operations while simultaneously ensuring that we consistently meet and surpass customer service expectations.

appointed CEO. “Jokingly, I say that I’ve moved from C to C – that is from Clerk to CEO,” he says. His extensive experience, however, is no laughing matter for it has given him the tools to understand and manage all aspects of the business – indeed, it’s this variety which has made his career “highly enjoyable every day,” he asserts. Across the decades, he has also learnt that “meeting and exceeding customer expectations is critical in the process and a competitive differentiator.” BOV, he continues, is “a long-standing institution; our history is evidence of this, and we recognise the vital importance and role we play in our economy.” He cites the cyber incident in 2019: “we understand the significant impact this had on the bank, our customers and the wider economy. We managed to resume normal operations in a relatively short timeframe, but it showed us the pivotal and systemic role we play in our economy which shoulders us all with significant responsibility,” he asserts.

framework,” he attests. “We know that what we’re asking of our customers these days is elevated, compared to the past, but we need to know our customers and their profile, since this will greatly facilitate our ability to service our banking relationship with them.” Indeed, he says, as a result of recent changes that have been implemented, BOV has been onboarded by Citibank in the US, as its correspondent bank. This is a vote of confidence in the control framework that the bank has implemented through various initiatives over the past three years, he adds.

This awareness encouraged the bank to focus and significantly intensify its efforts on cybersecurity, as well as other technological tools that could help boost its operations and ensure a secure environment for both the bank and its clients. On the tech front, he says, moving forward, “AI will have a meaningful impact in terms of assessing and servicing changing consumer preferences as they shift from one stage to another in their lifecycle, enabling the bank to tailor those products and services in a more personalised manner.” Moreover, AI is expected to be a “game changer” in the arena of compliance and anti-financial crime. “Instead of looking at thousands of transactions, there are several generative AI tools to enable automated monitoring and alert escalation. We’re already seeing the way this could transform our systems, allowing us to continue to meet the demands of our regulators and at the same time drive operational efficiency,” he explains.

In the meantime, and in an effort to ease any administrative pains, BOV, he explains, has established a new digital channel which “allows customers to update their personal account profiles from the comfort of their home. We’re trying to alleviate as far as possible any inconveniences, and our turnaround time for the opening of accounts has improved, although we continue to work assiduously as there is clearly room for further improvement. Ultimately, it’s in our interest to onboard clients quickly,” he says.

This technology, he hopes, will also help in bolstering dayto-day efficiency, particularly when it comes to, for instance, opening bank accounts – a sore point for many businesses today despite the marked improvements over the past 12 months. “Undoubtedly, the country went through a significant shift over the last few years in relation to the extent of information and documentation required to support the opening of a banking relationship. Today, I strongly feel that across the country we have a much stronger governance

Further improvements have been underway at BOV. In 2022, the entity engaged an international company to assess the environmental impact of its operations. “We identified a number of key areas that are impacting the climate and the environment, and have already started to implement initiatives to reduce our carbon emissions,” the CEO says. “By way of example, we’ve reduced our use of paper, both internally and when working with our customers, and we’re introducing digital documentation 92

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

that can be executed via digital signatures. We are strongly committed to ensure our platforms are frictionless as far as possible and intelligible.” Furthermore, he adds, “due to our extensive use of electricity through system servers and the operation of Malta’s largest fleet of branches, investment and business centres, we have started the implementation of smart lighting in our properties and adopting building management systems to enhance the efficient use of lighting and air conditioning. As Malta’s largest bank, we will lead by example. This also applies to our CSR programme – over the years we have invested significantly through our CSR programme, with a strong focus on five key pillars: Pillar 1 – Environmental, Resource and Climate Sustainability; Pillar 2 – Education and Financial Literacy; Pillar 3 – Support Vulnerable Members of Society; Pillar 4 – Cultural Heritage and Environmental Capital of the Maltese Islands; Pillar 5 – Ethical and Responsible Behaviour. “As ESG becomes increasingly prominent, our social initiatives, currently organised within our CSR programme, are aligning with efforts supporting our environmental efforts, as well as those on the governance side, advocating with our customers for the importance of good corporate governance,” he asserts. Going forward, BOV will continue to focus “on its core banking domains through which we generate revenue, with a strong drive on corporate and consumer finance, ensuring we remain supportive of our clients,” he explains. “We are committed to further enhancing our product catalogue by introducing innovative investment products to meet the evolving needs of our valued customers. Our focus extends to key areas, including our Cards business and Payments, placing them at the forefront. Additionally, we plan to explore new business avenues that complement our existing suite of products and services,” the CEO adds. Furthermore, he emphasises “undoubtedly, the digitisation of our operational model, intensified use of data and data modelling, and a firm commitment to ESG will stand as robust and overarching strategic thrusts across our business, operations and governance domains. We’re investing heavily to enhance our understanding of customers and proactively anticipate their needs. Data can provide significant insights and will enable us to propose personalised solutions to our customers.” Expanding his perspective, Kenneth affirms, “ESG will remain at the forefront of our strategic priorities. The bank is already offering our customers green financing and investment solutions, with plans underway to broaden this offering.” In its commitment to superior customer service, the bank aims to elevate the service experience “from good to great,” he shares, adding that “the objective is to surpass customer expectations, with a dedicated focus on strengthening our service offerings. We run monthly customer service surveys and organise various customer panels that are moderated by members of the Executive Team to ensure ownership of outcomes.” Kenneth reiterates a two-fold commitment: “our core ambitions revolve around propelling digital growth within the company’s operations while simultaneously ensuring that we consistently meet and surpass customer service expectations,” he insists.

Quick-fire Questions… with Kenneth Farrugia How do you start your day? Handling internal and external engagements. Are you blunt or subtle with your team? Direct – I mean what I say and I say what I mean, driven by a ‘firm yet fair’ principle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Weekly. Is right now a good time to invest? There’s no right time to invest. Investment needs to be fundamentally driven; it’s a science not driven by hunch. What’s the one goal you wish to achieve in your organisation over the next 12 months? To elevate the bank’s performance from Good to Great. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? It varies according to the nature of the meeting. Are you immune to Monday blues? It’s not even a consideration. Monday follows a weekend… so it should be an energetic Monday. Are you a macro or a micro person? A shift between both, choosing the need for micro requirements very carefully. With hindsight, what would you do differently in your business? Accelerate the pace of technology adoption. Where do you eat lunch during the week? At my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Kefraya Wines. I recently also discovered Pecorino wines. Whisky and other spirits are not much to my liking. Your favourite restaurant (and dish) in Malta or Gozo? Sushi at Amami in Mellieha. I love Asian cuisine. Do you believe in business lunches? Occasionally but rarely. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Both; I love watches. I wear both a smart watch and a conventional timepiece. Any exercise routine? High-intensity training, walks and swims. Do you believe that you’re an introvert or an extrovert? Clearly an extrovert and I don’t regret it.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Patrick Hulsen

MANAGING D I R E C T O R M A LT A , SUPERCHARGER VENTURES

“ WE WA N T TO S U PE R C H A R G E E DT E C H E N T R E PR E N E U R S TOWA R D S G LO B A L S U CC E S S .”

W I T H O F F I C E S I N L O N D O N , S I N G A P O R E A N D M A LT A , S U P E R C H A R G E R VE N TU R E S I S T H E L E A D I N G ECO SYST E M FO R E DT EC H STA RTU P S , E D U C A T I O N I N S T I T U T I O N S A N D C O R P O R A T I O N S . T H E C O M PA N Y ’ S F L AG S H I P E DT EC H ACC E L E R ATO R PR O G R A M M E I S T H E FA ST E STG R O W I N G G L O B A L LY , C H A N N E L L I N G I T S N E T W O R K O F I N V E S T O R S , EXPE RTS A N D I N ST I TUT I O N S I N TO S U PP O RT I N G T H E I N T E R N AT I O N A L E X PA N S I O N O F S T A R T U P S . T O D AY , M A N A G I N G D I R E C T O R PA T R I C K H U LS E N CO N T I N U E S TO E M B R AC E T E C H N O LO G Y A N D I N N OVAT I O N T O S U P E R C H A R G E T H E F U T U R E O F L E A R N I N G A N D W O R K I N M A LT A .

forging this programme from the ground up. I saw an opportunity to build upon my experience and create a deeper legacy. This was a challenge I really wanted to take on.”

An entrepreneur for over 30 years, Patrick Hulsen previously worked in healthcare and exited his company, Daintel, in 2019 to join the largest Swedish healthcare provider, Cambio Healthcare Systems. In 2023, a new opportunity presented itself in an entirely different field – and in an entirely different country.

Recognising Malta’s potential for this new venture, Patrick channelled his time at Daintel and decades of entrepreneurial experience into it. “At Daintel, we specialised in patient data in hospitals,” he explains. “Since we were competing against larger international companies, we ensured that we became highly specialised in this niche market. I spent more than 5,000 hours in Intensive Care Units and operating theatres to

“I had started investing in different companies after selling my company, one of which was SuperCharger Ventures,” Patrick recalls. “When the Maltese Government signed an agreement to bring 150 companies to Malta through an accelerator programme, I was approached to ask if I would be interested in 94

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CEO INSIGHT “AI is probably the biggest efficiency booster in the history of mankind. However, it also has longterm implications for the working world, with large percentages of work in every industry predicted to be made redundant. Combined with the sheer speed of innovation, the lifespan of someone’s knowledge – regardless of the industry – could soon be as little as five to 10 years. That means that companies must train and retrain staff five or six times in their career.” 95

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understand the problems doctors faced with the technology they were using. Being completely immersed in the market and close to your customer is fundamental for a CEO. With that first-hand knowledge, we could address the needs of the market instead of building something simply with a view to selling it. This also made the job more meaningful for staff: with every new feature we introduced, we were helping doctors to save more lives in the hospitals.” This determination to make a tangible difference also became the cornerstone of Malta’s flagship EdTech accelerator programme, Patrick goes on. “I have always been interested in education because I believe it is a way to lift people up, to reduce social inequalities, to boost the economy, and to create a better world. Yet, education can be expensive and inefficient. Technology has the potential to remove these limiting factors. We want to supercharge EdTech entrepreneurs towards global success.” Likewise, Patrick’s leadership style as Managing Director at SuperCharger Ventures Malta encourages a team dynamic that focuses on changing lives – of both the entrepreneurs the company serves and those on the team. “How do you build a team that wants to follow you? How do you inspire people to come to your company and stay on your team?” asks Patrick. “There’s no point in making employees run faster than they can walk. Train them like athletes, sharing the company’s goal and vision so that everyone is aligned. I believe in trust, respect and empowering people to be their own boss. I also believe in giving people the right to make mistakes. Mistakes are fundamental to learning – the faster you learn, the more efficient you become, the more responsibility you have, the more independent you are, and the more value you can bring. I enjoy collaborating with talented and visionary teams, and have a great respect for people who live their passion with professionalism and positivity. I tell every individual on the team: take as much responsibility as you want and grow as fast as you want. I’m here to help.”

Tempering burnout is also high on Patrick’s list of leadership priorities, a principle he extends into his own lifestyle and into his advice for fellow entrepreneurs. “We all have 24 hours in a day. Between sleeping, eating and our personal pursuits, that doesn’t leave many hours for effective work. Understanding and accepting this can help you focus on your work-life balance. For me, work is not work since building things is one of my passions. We help entrepreneurs to find the same in their working lives, to understand how to build mental resilience and how to flag – and counter – the early signs of burnout.” Working in tandem with the company’s other teams in London and Singapore, the Malta office of SuperCharger Ventures helps global EdTech entrepreneurs to thrive on the world stage. Aside from learning how to foster an agile and adaptive mindset, entrepreneurs can also refine their pitch, develop their strategy, broaden their networks via international events, access funding, and benefit from the Maltese Government’s grants and soft loan incentives. However, Malta’s attractive financial benefits are only a small part of the complete ecosystem the country offers as a business destination – an ecosystem that SuperCharger Ventures promotes, taps into and builds bridges to maintain, Patrick highlights. “Companies coming here use Malta as a testbed, as the island’s size and location make it an interesting platform to expand a company and access European and global markets. To build that testbed, we must collaborate with schools

Today, EdTech is worth around $500 billion a year, which I foresee may exceed one trillion dollars within three to five years. The pandemic transformed people’s thinking about EdTech, representing a complete paradigm shift in terms of education – and the place of AI in the modern educational landscape.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

at every level, as well as universities, corporations, government entities, and research institutions, taking the technology to its target audience at every stage of its development.” Meanwhile, the global EdTech market grows apace, catalysed by the emergence of the internet, the sudden requirement of online educational solutions during the COVID-19 pandemic and the speed of innovation. “Today, EdTech is worth around $500 billion a year, which I foresee may exceed one trillion dollars within three to five years,” shares Patrick. “The pandemic transformed people’s thinking about EdTech. Before then, online education was frowned upon. After, even Harvard University offered an online AI course that reportedly welcomed 4.5 million students, representing a complete paradigm shift in terms of education – and the place of AI in the modern educational landscape.” Moving with the times and embracing innovation has been a key aspect of SuperCharger Ventures since its inception in Hong Kong in 2016. “One of the co-founders, Janos Berberis, wanted to build an accelerator programme for companies focused on education technology – although, at that time, there was no indication that it had a future. He was 100 per cent right in his vision,” explains Patrick.

Quick-fire Questions… with Patrick Hulsen How do you start your day? I get up very early, take a breathing optimisation class, then drink my first coffee. Are you blunt or subtle with your team? I used to be blunt; now I’m more subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? They are always present in my mind, but I look at them every quarter. Is right now a good time to invest? In EdTech companies? Absolutely, yes! What’s the one goal you wish to achieve in your organisation over the next 12 months? To be internationally recognised as the best EdTech accelerator in the world. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? I use all four, depending on the scope.

Following the launch of SuperCharger Ventures in Malta in 2023, the company became the first local business to be plastic-neutral certified – one of many firsts for the company last year. Indeed, 2023 also marked the first cohort of its 12-week EdTech accelerator programme, with the top 15 companies selected to participate from the 153 that applied.

Are you immune to Monday blues? Absolutely – I love Monday mornings. Are you a macro or a micro person? I keep the focus and vision on macro, but I’m micro when coaching people.

Patrick shares that, of this cohort, six have already decided to move to the island or to create a local subsidiary – a success story that he is keen to continue throughout 2024. “2023 was a tremendous success, both for SuperCharger Ventures and our partners and stakeholders, and for programme participants,” he says. “Of our first cohort, several companies are now working with unit research facilities here in Malta, while 99 per cent are using AI. They have also been testing their solutions with local partners and will soon start talks with their European offices regarding implementing these solutions on a wider scale.”

With hindsight, what would you do differently in your business? Nothing – I’d just continue to improve on the foundations we’ve laid. Where do you eat lunch during the week? Many different places: at my desk, in a meeting, in a restaurant or at home. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I don’t drink alcohol. Your favourite restaurant (and dish) in Malta or Gozo? At Rosami at The Villa, St Julian’s. Do you believe in business lunches? Absolutely, if they are meaningful and generate value.

And this year promises to repeat and build upon this success. “In 2024, we are also planning to welcome a further two cohorts in the spring and autumn, which will take our total to 40 companies by the end of the year. We are also in talks with the Gozo Innovation Hub to support our expansion on the neighbouring island,” reveals Patrick, to conclude.

For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? I only have my phone – I haven’t worn a watch in 30 years. Any exercise routine? I go to the gym several times a week.

“We now hope to continue setting the blueprint to introduce this accelerator programme in other countries and start the journey to helping 1,000 companies. Our drive for 2024 is to promote Malta as the heart of the EdTech industry.”

Do you believe that you’re an introvert or an extrovert? I’m an extrovert who has grown from an introvert.

MaltaCEOs 2024

EO THE ISLAND’S MOST INFLUENTIAL BUSINESS C MINDS

INSIGHT

“As a country, we need to find a harmonious balance between social, economic and environmental dimensions. It is high time that we place people’s well-being at the heart of the country’s policy and decision-making processes.”

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Kevin J Rapinett

CEO, HALMANN VELLA GROUP

“ R E L AT I O N S H I P S , PE R S O N A L G R OW T H A N D E T H I CA L CO N D U CT A R E T H E G U I D I N G PR I N C I PL E S T H AT R E S O N AT E THROUGHOUT MY WORK AND INTERACTIONS .”

WITH 70 YEARS OF HISTORY AND A STRING OF PRESTIGIOUS P R O J E C T S , H A L M A N N V E L L A G R O U P H A S C O M E A L O N G W AY S I N C E I TS FO U N DAT I O N I N 1 9 5 4 . STA N D I N G ST R O N G I N T H E FAC E O F V A R I E D C H A L L E N G E S , T H E C O M PA N Y I S S E T T O C O N T I N U E D IVE R S I F YI N G I TS O PE R AT I O N S U N D E R T H E D I R ECT I O N O F C EO K EVI N J R A PI N E T T T H R O U G H N EW A N D S U STA I N A B L E S O LUT I O N S .

Kevin J Rapinett perceives his role as CEO through a distinctly macro lens, recognising the broader strategic implications and global perspectives that shape his leadership style. “My job is to provide strategic leadership and direction to the organisation. As the head of an executive team, my role involves overseeing the performance of our group’s multifaceted divisions and subsidiaries, ensuring their seamless operation and success,” he explains. For Kevin, reaching this position has been a bottom-up journey, from hands-on micromanagement to a broader vantage point necessitated by the constraints of his full schedule.

different environments: from the rigorously structured, highly regulated corporate environment of a global bank to a more eclectic role in a personally connected family business setting,” he shares. Kevin adapted his leadership style, strategic thinking and business approach in line with the dynamics of a company culture nearly seven decades in the making – all while preserving his fundamental values and leadership principles. Looking back on his career, Kevin does not attribute his success to individual milestones but to the collection of roles, achievements, projects, and collaborations that have shaped his professional journey. To him, the gains lie in the skills developed, the life lessons learnt and the impact left on others.

Stepping into his tenure at Halmann Vella in 2020 marked a significant shift in Kevin’s career, following 33 years at HSBC Bank Malta. “This was a move between two starkly 101

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In today’s rapidly changing world, organisations must navigate and respond to the evolving landscape of workplace dynamics and cultural shifts that stem from a multinational environment, the introduction of younger generations into the workforce, higher expectations, and a growing sense of entitlement. As a people-centric person, Kevin sums up his personal work ethos as “a philosophy that reflects who I am and how I aim to positively influence the lives and work of those around me, whether colleagues or customers. Relationships, personal growth and ethical conduct are the guiding principles that resonate throughout my work and interactions. They are an integral part of my ongoing character transformation.” These are critical qualities in the context of evolving cultural dynamics. “In today’s rapidly changing world, organisations must navigate and respond to the evolving landscape of workplace dynamics and cultural shifts that stem from a multinational environment, the introduction of younger generations into the workforce, higher expectations, and a growing sense of entitlement,” Kevin observes, remarking that it is now increasingly challenging to nurture a highperforming team, while ensuring the company advances in sync with rapidly shifting economic cycles and the family’s vision and values. On the other hand, Kevin feels privileged to have the opportunity to impact the group’s future meaningfully. Indeed, today, the company boasts over 200 employees, an iconic showroom and modern offices, operating from two large production sites spanning 40,000sqm, and complemented by a new state-of-the-art logistics centre. Beyond the natural stone and marble markets, the group has broadened its horizons significantly, venturing into property development and building a robust portfolio of investment properties. It all began 70 years ago, when two Vella brothers, hailing from the quaint village of Mġarr, set forth on a venture. Their mission was to manufacture terrazzo tiles using the

humble machinery available at the time. Over the years, the business expanded and transformed, introducing marble and natural stone to the local market, earning it the long-standing reputation of quality workmanship it still enjoys today. “It was a transformative period for the business, which shaped its future success,” Kevin believes. In his view, the group has since transitioned from a purely family-run business to one that strikes a healthy balance between family dynamics and professional management, while respecting values instilled by the family since inception. “Today the group’s strong asset base stands as a testament to the strategic expansion and diversification efforts,” he adds. “As a result, our group continues to uphold the traditions of Maltese manufacturing while adopting modern business excellence and remaining fully committed to growth, sustainability, and the people and communities we serve.” Some of Halmann Vella’s landmark projects include iconic structures such as Valletta City Gate, Trident Park, the Citadel in Gozo, Tigné Point, Skyparks, SmartCity, the Malta Life Sciences Park, the House of Four Winds, and even a number of overseas projects. “The group has had the privilege to collaborate with some of the world’s most esteemed architects, like Renzo Piano and more recently 102

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Ian Ritchie on the Trident Park project. It is immensely satisfying to contribute our own experience and expertise to projects of this calibre,” he smiles. Reflecting on the past year, Kevin notes that the business demonstrated remarkable stability despite ongoing global challenges. “Of course, we aren’t immune to what’s going on around us, and we have had to grapple with the impact of inflation, increased wage costs and resourcing challenges. But we have worked tirelessly to respond to market demands and position ourselves strategically for future growth,” he shares.

Quick-fire Questions… with Kevin J Rapinett

2023 was a pivotal year for Halmann Vella as it initiated significant investment in a new manufacturing plant. Kevin says “we are strategically positioning ourselves for future growth. We are enhancing our capabilities to meet growing demands. Additionally, we continued to drive innovation through our research and development programme, exploring new products and solutions.” These innovative products have the potential to make significant strides in addressing sustainability and waste management challenges associated with the construction industry. “This initiative underlines our commitment to providing the market with environmentally responsible solutions and opens the door to new customer segments by shifting how construction is approached locally,” he reveals. “Over the past months, we’ve navigated the unknown and unexpected with resilience and determination. Importantly, we managed the impact of inflation by implementing effective strategies and adapting to evolving market dynamics,” he states. The company’s experience aligns with Kevin’s belief that, in the face of uncertainty, a business must turn its attention inward and focus on being proactive. “Assess the market, understand trends, but bear in mind that you can only influence your own actions, such as optimising operational efficiency and planning future investments. This is why we remain optimistic, despite the pressures, as we focus on maintaining our strong pipeline of projects and delivering more value through our work,” he asserts.

How do you start your day? Coffee and a book. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week. Is right now a good time to invest? It depends on your financial position, risk appetite and market conditions. What’s the one goal you wish to achieve in your organisation over the next 12 months? Launching our new eco-friendly product. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Invest in an office chill-out area. Where do you eat lunch during the week? At the office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Pomerol and Piedmont wines.

Musing on the future, Kevin predicts a much-needed cultural shift which, albeit potentially difficult for some businesses to navigate, builds on ESG considerations more tangibly to meet the expectations of consumers and stakeholders. “I expect the local market to respond to the growing demand for a better quality of life and establish a broader perspective on what we define as success. I firmly believe that this goes beyond the conventional economic matrix and data-based measures such as GDP growth,” he claims.

Your favourite restaurant (and dish) in Malta or Gozo? René and Sue’s recommendations at Cent’Anni in Għargħur. Do you believe in business lunches? Absolutely – as long as they’re purposeful. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Smart watch.

With a forward-looking, practical outlook, Kevin concludes: “our primary drive for the year ahead is to stay at the industry’s forefront, as we continue to lead it by advancing innovation and sustainability. As we expand our markets, our goal is to introduce environmentally responsible solutions, positioning ourselves for the future while building on our enduring legacy.”

Any exercise routine? Variety keeps me engaged. Do you believe that you’re an introvert or an extrovert? Introvert by nature.

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INSIGHT

“When it comes to decision-making, I lean towards being pro-active. If a decision doesn’t yield the expected results, that’s OK, because it provides an opportunity for learning. Better a wrong decision than no decision.”

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Andrea Cassar

CEO, CASSAR MARINE GROUP

“MY GOAL IS TO POSITION CASSAR MARINE NOT JUST AS A SERVICE PROVIDER, BUT AS A TRUSTED PA R T N E R I N T H E M A R I N E I N D U S T R Y . ”

AS CEO OF CASSAR MARINE GROUP, ANDREA CASSAR, WHO HAS BEEN W O R K I N G W I T H I N H E R F A M I LY ’ S B U S I N E S S F O R 1 8 Y E A R S , I S T A S K E D WI T H OVE R S E E I N G T H E O PE R AT I O N S O F T H E E N T E R PR I S E , A LO N G S I D E H E R F A T H E R , W H O T O D AY S E R V E S A S C H A I R M A N . S T E M M I N G F R O M T H E F A M I LY ’ S PA S S I O N F O R T H E M A R I N E I N D U S T R Y , A N D R E A I S K E E N T O TA K E T H E G R O U P EVE R FO R WA R D, EXPLO R I N G F R E S H I NVE ST M E N TS A N D O PP O RTU N I T I E S , A N D S PE A R H E A D I N G I N N OVAT IVE PR OJ E CTS .

Cassar Marine Group finds its roots in 1967, evolving, over the years, into a leading shipyard on the island. “It all began with the repair and maintenance of small yachts and boats,” says CEO Andrea Cassar. She affirms, “my family has a real passion for the industry, and my father has always had a profound love for the sea and propelled boats.”

dock in 1989. Unfortunately, fate dealt a tragic blow when the dock sank during its voyage to Malta. “This was quite a big setback for the company, but it didn’t deter my father. In 1996, we invested in a new, 5,000-tonne floating dock from Russia, which made it here safely. From then on, the ship repair side of the business really took off. We still have this dock today and can bring very large vessels in for repair,” she maintains.

The CEO, highlighting significant landmarks before joining the company herself, explains that the enterprise acquired its first 100-tonne floating dock very early in its history, followed by the purchase of a 900-tonne floating

Since then, the company has continuously invested in equipment and human resources to support its growth. 105

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My family has a real passion for the maritime industry, and my father has always had a profound love for the

It has also established an international network of foreign marine agents and diversified into various marine services including vessel charter, towing services, conveyances, waste removal, and dredging. “We nurture a team of dedicated people and skilled shipyard workers, and they are our priority – we pride ourselves on their adaptability and expertise. We believe that much of our success is thanks to our exceptional, hardworking and dedicated workforce,” says Andrea. True to the family business dynamic, this workforce also features some of Andrea’s relatives, including her sister and cousin. “I’m fortunate to collaborate very closely with my sister, Jeanelle, who is a marine engineer with global experience in the technical department at the shipyard, overseeing that part of the business. Additionally, my cousin Chris plays an instrumental role as Fleet and Yard Manager, supervising operations. He brings a decade of experience in the field and his skills are invaluable,” she maintains. Sharing her pride in the group’s heritage, the CEO emphasises the importance of maintaining the personalised service the family business is known for. She says, “a significant cornerstone of our success is the

sea and propelled boats.

mentorship we received from my father and uncle, who have half a century of experience in the industry, and we cherish it every day. It is a family business, and I feel privileged and thankful to be the CEO.” Speaking of her leadership style and ethos, Andrea tends to align closely with the principles of servant leadership: “I prioritise supporting and assisting the team, and aim to create an environment in which they feel encouraged and challenged to grow. I believe in open communication to foster a space where everyone feels comfortable sharing their insights.” Since her appointment in 2005, Andrea has achieved several milestones she looks back on fondly, including the investment in a large hopper barge, marking one of 106

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her first international engagements, and the chartering of the tugboat Sea Buffalo, which she manages with passion. She also highlights the venture into catering with her sister about 12 years ago, which today has grown into the running of two outlets in Birgu – Cargo restaurant and Gourmet Boutique by Cargo – and a third in the works. Another memorable moment was overseeing the salvage operations for the ship Hephaestus when it ran aground in Buġibba. Most recently, a notable investment was made in dredging equipment, the purchase of the first jack-up barge owned by Maltese operators last year.

Quick-fire Questions… with Andrea Cassar How do you start your day? A moment of reflection to plan my day before preparing the kids for school and heading to the office.

Yet there’s a lot more in the works moving forward, the CEO reveals. “We have recently acquired Saltwave Ltd, which represents our commitment to safeguarding the environment,” she explains, noting that, through Saltwave, the group is further specialising in oil spill prevention. Indeed, the group has invested in new skimmers and booms to improve its rapid oil spill response and recruited a professional salvage team. “Today,” Andrea observes, “we are truly at the cutting edge of this industry as the leading salvage and oil spill prevention company.”

Are you blunt or subtle with your team? Direct yet diplomatic. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every month. Is right now a good time to invest? If the right investment comes along, it’s always a good time. What’s the one goal you wish to achieve in your organisation over the next 12 months? Continue to strengthen my bond with the team.

In parallel, the group is also emphasising the importance of education. Through Saltwave, they have partnered with prominent local entities Maypole, Niumee and Saint James Hospital, to collaborate with the City of Glasgow College and inaugurate EVA, the European Vocational Academy. “This academy will offer a broad spectrum of accredited courses in a variety of sectors,” Andrea maintains. She adds, “our goal is to nurture the next generation of skilled professionals in our field and others. We are committed to investing in the younger generation.”

Physical meeting, call, WhatsApp, or email – what’s your favourite form of communication? Physical meeting, but WhatsApp helps a lot! Are you immune to Monday blues? Sadly, I’m not immune. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I don’t dwell on mistakes and believe that our experiences shape our path.

Looking ahead to 2024, the CEO’s plans include consolidating the group’s core services in the marine industry by further refining their ship repair operations and incorporating new technologies. “We are also expanding our workshops at the shipyard, and by 2024, we will have brand new workshops. Meanwhile, we are investing heavily in the renovation of the Saltwave factory and expect it to be fully operational with new premises in 2024. On the catering side, we are also working on our third outlet, which will be open by the end of the year.”

Where do you eat lunch during the week? At my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I lean towards non-alcoholic beverages. Your favourite restaurant (and dish) in Malta or Gozo? Nothing beats simple grilled fish at Mġarr ix-Xini restaurant. Do you believe in business lunches? I do! Why just feed ideas when you can feed your stomach too?

The main challenge Andrea foresees is an ongoing one for the company: a lack of quay space for the shipyard to grow. “Sadly, the space is what it is, and we turn down many vessels yearly simply due to lack of space. However, we are guided by the principle of serving the marine community with dedication and humility – we remain a family business at heart and we are intent on maintaining this personal, family business style in our work,” she says with a smile.

For the sake of it, a Porsche 911 or a Bentley Bentayga? Nothing beats the Porsche. Smart watch or a conventional timepiece? Conventional. Any exercise routine? I go to the gym twice a week and try to do a 15-minute yoga session in the morning.

Gearing up for another successful year, the CEO concludes, “I would like to position Cassar Marine not just as a service provider, but as a trusted partner in the marine industry.”

Do you believe that you’re an introvert or an extrovert? Extrovert.

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CEO INSIGHT “As CEO, it’s important to strike a balance between your diverse roles: operations, human resources and finance may not naturally go hand in hand but you need to integrate them into your way of doing things. You will make mistakes – everyone does – but as long as nothing catastrophic happens, you should learn from them, be resilient and communicate clearly with your employees.” 108

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James Sciriha

C E O , C A R E M A LT A GROUP

“ EVE RY PE R S O N H A S T H E I R OWN STO RY.”

S I N C E O P E N I N G I T S F I R S T R E S I D E N T I A L H O M E F O R T H E E L D E R LY I N 1 9 9 3 , C A R E M A LT A H A S E X PA N D E D I T S A C C O M M O D A T I O N O P T I O N S F O R T H E M O S T V U L N E R A B L E . T O D AY , T H E C O M PA N Y I S L E D B Y J A M E S S C I R I H A , WH O I S D E T E R M I N E D TO U PH O L D I TS FO U N D I N G VA LU E S BY R E AC H I N G OUT AND PROVIDING HELP TO THOSE WHO NEED IT THE MOST.

“When you enter the caring industry, you do so because you want to contribute to providing a more dignified service to the vulnerable. This industry is not about the money; it’s about the person at the heart of your work and you need to keep them at the centre of every decision you take.” This philosophy is what drives James Sciriha, the CEO of CareMalta Group – a company that forms part of the Vassallo Group of Companies and provides nursing as well as residential care, together with independent living options.

need it most. We can improve their quality of life.” The business operates within the service sector, which, he asserts, is all about “creating a connection”, both with the most vulnerable, as well as with the employees: “we see ourselves as not only helping those we host, but also giving opportunities to our staff.” James’ first steps in his career trajectory might not have indicated the direction he was ultimately going to take, but they were integral to forming his professional outlook. “I am an accountant by profession, so I always feel I need to be accountable, have integrity and champion honesty. This is the basis of everything,” he says.

James sees his role as “multifaceted, encompassing a wide range of responsibilities. I am the person accountable for the overall success of the company. So, sometimes I have to be a listener, sometimes a preacher, sometimes a learner or a teacher. My position is a mix of many different responsibilities,” he explains.

This outlook, together with his resilient approach, has permeated throughout much of the CEO’s working life. He worked for one of the Big Four auditing firms after graduating from university. Then, in 2010, he was offered a position as the Financial Controller of CareMalta Group. “I spent six years in that role and, in 2016, was appointed the

He takes these obligations seriously, for, at CareMalta Group, “we can have a positive impact on those who 109

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I am the person accountable for the overall success of the company. So, sometimes I have to be a listener, sometimes a preacher, sometimes a learner or a teacher. My position is a mix of many different responsibilities.

Director of Finance. After a number of years, I took on the operational side of the business and assisted our former CEO in her role.” In February 2022, he was appointed to the top position. James is a fierce champion of the company’s ethos which is, not surprisingly, founded on the following six key values: quality, integrity, safety, development, dignity, and wellbeing. “Everything revolves around these values, and they are non-negotiable. I strongly believe in a sense of professionalism and respect – and all of us who work at CareMalta Group adhere to these principles. They have helped make us who we are today,” he asserts. The company was launched by the Vassallo Group 30 years ago, with the introduction of Casa Arkati in Mosta in 1993, providing the island with the first private home for the elderly. “It was a huge risk for the company since, of

course, such residential options were not deemed to be very profitable. However, the group aimed to provide an alternative to the types of accommodation available at the time for older persons, which were predominantly public or church-run. The home was established in Mosta, the hometown of group founder Nazzareno Vassallo, as he sought to give back to his community,” James attests. Over the years, the business entered into various publicprivate partnership agreements with the Government of Malta, in order to offer up more spaces to those who couldn’t necessarily afford the private home’s rates. “It turned out that the private options we were offering for older persons provided a better service than those that were publicly run. So, we entered into these agreements to run homes, on behalf of the Government. In the end, it was a win-win-win for all involved: for us, in the private sector, as we could grow; for the Government which was looking to provide a better service at a more reasonable price; and for older persons who were able to enjoy the improved levels of care. Today, the Government does not build its own nursing facilities, but it buys beds in private homes – this is how the entire sector operates.” CareMalta quickly expanded over the years, with the opening of the Żejtun Home (1994), Villa Messina, in Rabat (1995), the Bormla Home (1999), Casa Marija, formerly the Prince of Wales, in Sliema (1999), Dar il-Madonna talMellieħa (2008), Zammit Clapp Hospital Residential Home in St Julian’s (2010), Roseville in Attard (2012), and Casa San Paolo in Buġibba (2015). Then, in 2016, CareMalta Group 110

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opened Casa Apap Bologna, the first specialised home for persons with disabilities, under the management of a new stream of services called HILA. “Until 2015, our focus was to care for older persons. But we realised many others were starting to provide a similar service, and we wanted to expand our offering. Our Business Development Manager at the time, Janet Silvio, set out to explore different sectors and, after several meetings with NGOs, we decided to open HILA. Since then, we’ve increased our role in this area: we have entered into a partnership with ALS Malta, and we operate Dar Bjorn and Dar Bjorn 2. Most recently, we ventured into the mental health sector with Casal Nuovo, which accommodates approximately 50 people who have struggles in this area.” However, there have been some challenges on this incredible, upward journey. Last year, for instance, CareMalta’s Cospicua home had to be closed down. “This was not an easy decision, as we lost cherished members of our staff, which deeply affected me. It also heightened my awareness of the importance of mental health,” shares James, who copes with the stresses of his job by running.

Quick-fire Questions… with James Sciriha How do you start your day? With a run. Are you blunt or subtle with your team? Both. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly. Is right now a good time to invest? Depends on the sector. What’s the one goal you wish to achieve in your organisation over the next 12 months? Growth overseas.

Meanwhile, though, CareMalta has also started to take its services to Gozo with a new nursing home – Dar San Gużepp in Għajnsielem, which is due to open this year. “There’s a disparity between what is offered in Gozo and what is available in Malta, so we wanted to fill this gap,” explains James. Astra, another specialised home operated under HILA, will also open in Gozo later in 2024.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes.

Moreover, Dar Sant’Anna, in Senglea, is in the works, and will be CareMalta Group’s intervention within alternative care for children. “Similar to an institute or orphanage, we will be hosting those who are under care orders, or who have difficulties. It’s an extremely delicate sector, and we’re very conscious of our responsibility.” Indeed, CareMalta Group’s current Business Development Manager, Dr Charlene Vella Vassallo – who has specialised in human rights, having even earned a Master of Laws in Human Rights of the Child from the University of London in 2018 – will be overseeing the management of Dar Sant’Anna.

Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Open a private nursing home in the south. Where do you eat lunch during the week? Office or off-site. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Whisky, but nothing specific.

Looking ahead to the next few months, CareMalta Group will, therefore, be consolidating its HILA homes and will “strive to provide an even higher quality of service.” It will also be looking at taking the company overseas. “We have already identified another European company we’re investing in; we’ve done some groundwork, so we hope to finalise everything this year.”

Your favourite restaurant (and dish) in Malta or Gozo? One80. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911.

By the end of the year, James would like to see CareMalta Group “stronger and healthier” than ever before. “I don’t think this is all going to be easy, but, together with my team, I am determined and motivated,” he says. “I know that my decisions and my team’s decisions can improve quality of life for others. Every person has their own story – and I love to sit down with our residents and clients, and converse with them. Sometimes you see pain behind the smile. But we know we can influence others positively through our work,” he says, concluding.

Smart watch or a conventional timepiece? Smart watch. Any exercise routine? Running. Do you believe that you’re an introvert or an extrovert? Introvert.

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CEO INSIGHT “If you do not feel it, do not do it.” 112

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Arnaud Denis

CEO, MEDIRECT

“ WE ARE BUILDING SOMETHING WITH A CLEAR PURPOSE: EMPOWERING PEOPLE TO MANAGE THEIR MONEY WITH CO N F I D E N C E A N D AUTO N O M Y.”

AS CEO OF MEDIRECT, ARNAUD DENIS HAS STEERED THE BANKING G R O U P T H R O U G H S I G N I F I CA N T T R A N S FO R M AT I O N A N D G R OW T H I N M A LT A A N D A C R O S S E U R O P E . W I T H A F O C U S O N C U S T O M E R - C E N T R I C A N D I N N OVAT IVE PR O D U CT O F F E R I N G S , H E H A S G U I D E D M E D I R E CT T H R O U G H I T S T R A N S I T I O N I N T O M A LT A ’ S F I R S T D I G I T A L B A N K .

Leading a company in the challenging world of finance is no easy task. But with a vast background in banking and having once managed over 8,000 employees, Arnaud Denis, CEO of MeDirect, is leading the charge, bringing together a team that’s building a leading pan-European digital retail challenger which is focused on mortgage and WealthTech businesses. With a career marked by innovation and strategic foresight, Arnaud’s leadership style, commitment to excellence and focus on delivery are proving vital to positioning MeDirect at the forefront of the rapid transformation of the financial sector.

on talent that has allowed MeDirect to transform radically. “We are committed to excellence and speedy delivery, being forward-thinking, being customer-centric and, most of all, teamwork,” explains Arnaud. Yet, he also believes in the power of intuition – a perspective that not only guides his decisions but also shapes the culture at MeDirect. The bank leverages the transformative power of digitalisation and technology as a core pillar of its competitive advantage. “Operating with cuttingedge and flexible technology and constantly looking to simplify digital customer journeys will continue to be emphasised,” the CEO asserts. But technology and ease of access are not enough. While MeDirect has now become a hybrid between a tech company and a bank, with some 70 per cent of staff working in technology and UX design, the group is also

Arnaud’s perspective on his role is clear. “My role is essentially to build and nurture our talent pool, that can drive a highly efficient organisation. Senior managers will then do the same with more junior colleagues, creating a virtuous circle.” It is this focus 113

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

We steadily transformed MeDirect from a traditional bank into a dynamic financial entity with multiple growth engines.

preserving a human touch through its Malta-based call centre and small network of branches.

a banking subsidiary in Belgium years ago, 2023 saw further expansion into the Netherlands.

“We want access to financial services to be inclusive and democratic. Yet, our industry tends to leave many customer needs unaddressed. People want guidance and we need to build confidence through simple customer journeys, while offering product choice, access to high quality wealth and daily banking services, and providing continuous customer support,” adds Arnaud.

“About 40 per cent of investors in Belgium have heard of us, which is a big data point, and we are now benefitting from this,” Arnaud explains. “Beyond Malta and Belgium, the Netherlands is new, bigger and it demonstrates different behaviour. We continually evaluate potential markets based on their unique opportunities and challenges because each market offers something distinct. Whether it’s the depth of Belgium’s financial sector or the unique consumer dynamics of the Netherlands, our expansions are always strategic. Nevertheless, the challenge is to scale globally while maintaining a local feel. Our tech platform allows us to precisely do so, meaning we can flexibly enter new markets or client segments at low marginal costs, with quick time to market and an ability to customise our offering when necessary.”

Discussing the challenges and joys of his role, Arnaud offers a weighed and evaluated view. While he relishes the opportunity to shape the future of finance and drive MeDirect’s growth, he is also acutely aware of the challenges that come with leadership. Balancing business imperatives with personal passions is a constant endeavour. He explains that his ability to focus on the moment, regardless of whether it is a business or personal activity, and his love of music and yoga are key to achieving balance. “I have also just become a father for the fourth time, so family is really important to helping me maintain a proper perspective on things.” MeDirect’s journey tells a story of strategic growth and, most of all, adaptation. Originating in Malta as a traditional bank, it has now been transformed and is looking to expand. The group’s strategic vision was never confined by geographical boundaries. Having established

The company’s recent foray into the Netherlands not only underscores its pan-European vision but also offers MeDirect an opportunity to refine its offerings and approach further, testing its ability to use its platform to scale while creating an identity that makes sense locally. This approach is perhaps best illustrated by the launch of MeManaged, a digital discretionary portfolio management service, across all three markets. MeManaged combines accessibility with robust financial 114

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tools and exemplifies MeDirect’s innovative spirit. With an entry requirement of just €100, MeManaged democratises the process of investing, as well as its benefits, by making it accessible to a broader audience. “MeManaged’s accessibility is a testament to – and a direct result of – our commitment to digitalisation,” states Arnaud. MeManaged is also a great example of MeDirect’s goals, particularly since the company’s directional transition in 2019. “The purpose of our transformation was to build something more meaningful for our customers, so that they can make more comfortable and confident decisions with their money.” Sustainability is another cornerstone of MeDirect’s operations, and the company ranks in EcoVadis’ top 15 per cent for business sustainability. Far from being a simple accolade, this reflects MeDirect’s commitment to stable, viable and self-sufficient practices. Despite the company’s growth and success, MeDirect’s journey has not been without its surprises, particularly in recent years with unforeseeable events including the COVID-19 pandemic, wars and global tensions, and rising interest rates. “Despite all these challenges, we steadily transformed MeDirect from a traditional bank into a dynamic financial entity with multiple growth engines. For instance, building on our own proprietary tech platform which is scalable and compliant with regulations, we can now consider offering our digital product solutions to other banks and financial institutions on a white label basis. We are specifically targeting the ‘embedded-wealth’ segment, enabling other institutions to effortlessly incorporate advanced retail investment solutions into their own banking app,” Arnaud elaborates. Looking ahead, Arnaud is optimistic about the future of Malta’s investment and financial industries. MeDirect is now embarking on the next phase of its transformation, driven by the inclusion of Gen AI. This new technology is viewed as having the potential to help the organisation take the next leap forward. Rather than posing a threat to jobs, AI can free up employees’ time, enabling them to focus on more value-added tasks that continue to improve customers’ experience. While it will be a major change, the implementation of Gen AI will provide a crucial tool to enhance the efficiency of financial services operations, spanning from client interactions to internal business processes. Key to the successful integration of this technology is the fact that it is being driven by employees who are being asked to put forward their ideas and use cases for AI and how it can help them in their day-to-day work. While Arnaud’s drive for 2024 is to consolidate gains and explore new opportunities and further digitalisation, a final important element for MeDirect is education and how, through partnerships, MeDirect can promote itself as an employer of choice in Malta’s financial and tech sectors. “We want to be the go-to company for people looking to work in this sector,” he concludes. 115

Quick-fire Questions… with Arnaud Denis How do you start your day? I brush my teeth again – it wakes me up. Are you blunt or subtle with your team? Rather blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day because we have real-time data architecture. Is right now a good time to invest? Yes. Build an investment portfolio with a long-term view. What’s the one goal you wish to achieve in your organisation over the next 12 months? Position MeDirect with a new controlling shareholder to deliver the next stage of our vision. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting, especially for critical topics. Are you immune to Monday blues? Yes – I love Mondays. Are you a macro or a micro person? A macro person, but I also enjoy diving in. With hindsight, what would you do differently in your business? Transforming the company earlier – but I wasn’t around then. Where do you eat lunch during the week? At my desk or Pjazza Tigné with colleagues. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I prefer matcha tea. Your favourite restaurant (and dish) in Malta or Gozo? Gozo’s one80 Kitchen at Mġarr Yacht Marina. Do you believe in business lunches? Yes, if they’re short. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Daily yoga and running on weekends. Do you believe that you’re an introvert or an extrovert? An extrovert, without a doubt.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jonathan Shaw

C EO, R E TA I L M A R K E T I N G LT D

“ I E N J O Y T H E S H E E R S I Z E O F T H E C O M PA N Y A N D O U R M A I N S T R E A M , N A T I O N -W I D E S T A T U S – WE TOUCH A LOT OF LIVES.”

F R O M C H A I R PE R S O N TO C E O, J O N AT H A N S H AW H A S S E E N ( A N D D R IVE N ) M U C H C H A N G E A T R E T A I L M A R K E T I N G LT D – T H E C O M PA N Y B E H I N D M A LT A ’ S L E A D I N G L O C A L G R O C E R Y B R A N D , W E L B E E ’ S . S I N C E T H E C O M PA N Y M E R G E D A N D R E B R A N D E D I N 20 2 1 , J O N AT H A N H A S A DA PT E D TO H I S R O L E A S H E S K I L F U L LY L E A D S I T T H R O U G H I T S G R O W T H S T R A T E G Y F O R 2 0 2 4 .

For Jonathan Shaw, ‘changemaker’ is the word that most accurately defines his role as a CEO. “I see myself as being driven by change and driven to drive change across the various teams within our organisation,” he says.

for the position were held – until it was suggested that Jonathan might be the best fit given his ongoing involvement. “More than anything, I think I was the right person for the right company at the right time,” Jonathan muses.

In fact, Jonathan adds that he not only accepts and promotes change but embraces it. “I think it is important to view change this way, because even though challenging at times, it can be a very positive catalyst. And since change is inevitable, I’d much rather be the one to drive it than wait for it to impact me,” he claims.

The transition from Chairman to CEO was daunting at first and even a little strange, as the usual trajectory is the reverse. However, with hindsight, the move ticked a lot of boxes and felt like the natural next step for Jonathan at the time. “The two-year period leading up to the merger was all about gaining knowledge, building trust and overcoming challenges, so my chairmanship was like a test for both the company and me,” he explains, recalling the weight of the responsibility he felt at the prospect of leading four companies that had just merged into one larger one.

This was a particularly appropriate mindset to have during the merger of Retail Marketing Ltd, which Jonathan was appointed to facilitate as executive Chair of the Board in 2020. Once this was concluded in March 2021, the new set-up required a CEO and interviews 116

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CEO INSIGHT “While challenges are inevitable, the key lies not in the problems themselves, but in our perspective toward them. By managing our thoughts, we gain control over our behaviour and emotions. Instead of stressing out, I prioritise simplicity and focus on finding solutions.” 117

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Supporting our suppliers adds value to our sector in the local economy, and I hope our customers recognise this by choosing to shop from a local business. “Mergers and acquisitions are very delicate because the human element is often overlooked in favour of the numbers, but companies are ultimately made of people. In fact, many times these don’t fail for financial reasons but for cultural ones surrounding the transition itself, due to a resistance to change or a breakdown in leadership. So, taking the helm as CEO of a newly merged company is a feat in itself,” he remarks.

naturally slower to implement. This can be frustrating as things take longer to happen, but you learn to understand that the slower pace just comes with the greater size,” he observes.

Yet, despite all the difficulties and tough decisions he had to face, Jonathan is proud of everything the company has achieved in such a short span of time. “I am very pleased with the way we managed to restructure everything and turn things around – from the milestones behind the scenes to our major rebrand. It gives me great satisfaction to know that Welbee’s – a brand that didn’t exist until recently – is now a household name and one of the biggest local grocery brands. As a marketing guy at heart, I love seeing our brand out there in the instantly recognisable ‘W’ on people’s shopping bags as they go about their day-today,” he smiles.

Discussing the economic challenges within the supermarket sector, Jonathan sheds light on how the business navigates inflation. He emphasises the profound effects of inflation on essential goods, particularly food. “Malta relies on food imports,” he says, “consequently, suppliers present heightened costs, compelling businesses to factor these expenses into their profit margins, while being mindful of the fact that when prices surge, consumer loyalty tends to wane, leading individuals to readily shift to more affordable brands. This underscores the notion that importers do not reap any advantages from price hikes, as such measures invariably translate to reduced sales.

Welbee’s’ massive customer base is testament to its success, and something Jonathan does not take for granted. “I enjoy the sheer size of the company and the fact that we’re a mainstream, nation-wide brand, because it means that we have the opportunity to touch a lot of lives,” he explains.

“All of this makes the whole situation very sensitive and tricky to navigate but, on our end, we do our best through negotiation with our suppliers and by mitigating the pinch for our customers through price drop strategies, special offers, weekly digital coupons, a generous cashback system, and a wide range of choice to keep customers engaged and loyal.”

While this is clearly a source of motivation and excitement for the CEO, Jonathan admits that it is not without its challenges. “Previously we had seven individual shops, which were like small agile boats that could move quickly. Now, we are one big aircraft carrier, making change 118

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Jonathan goes on to add that the company’s relationship with local importers has been pivotal to its success, thanks to the loyalty and support it demonstrates through a ‘no parallel trading’ policy. “Even though we could have access to other brands, we champion our suppliers because, as much as I push my team to work on the customer journey and experience, I also value what I call ‘the business of experience’. I want to establish Welbee’s as the best company to do business with – from paying on time to not doing parallel trading,” Jonathan asserts, pointing out that this benefits both sides in the long run. “I am also well aware that our suppliers (about 350 in all) play a crucial role in local employment. Supporting them adds value to our sector in the local economy, and I hope our customers recognise this by choosing to shop from a local business,” he adds. Similarly, Jonathan explains that Welbee’s also strives to be an employer of choice by adopting a growth strategy that isn’t merely about expansion and opening new stores, but equally about growing its people. “Our HR team is very hands-on and values the importance of each role by prioritising training. Fortunately, we do not struggle to recruit as we find that many people want to work with us,” he shares.

Quick-fire Questions… with Jonathan Shaw How do you start your day? Early morning training. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Weekly and monthly. Is right now a good time to invest? Always – the question is in what. What’s the one goal you wish to achieve in your organisation over the next 12 months? To have the best online supermarket website.

Looking back on the year that has passed, Jonathan is pleased with the results. “We had a great 2023 with strong performance in most shops, and we also got a good boost from tourism,” he reflects, noting that the year went slightly better than projected. He reports that it was also a good first year for Welbee’s Campus Hub – the latest store to open and the first one since the merger. Strategically located between Mater Dei Hospital and the University of Malta, Jonathan views this outlet as an opportunity for future customer acquisition by building a relationship with students and winning their trust before they start managing their own households.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Email.

“The past year seemed to fly by and, in a sense, it felt like a big rebound year following the pandemic. The heightened activity within different sectors probably accounts for the general fatigue that I’ve observed across the business landscape but, overall, I personally enjoy the fast pace and the workload, and think it’s been a great ride,” he reflects optimistically.

Where do you eat lunch during the week? Mostly at the office.

Looking to the months ahead, Jonathan expects 2024 to be a year of increased expansion for the company amidst the competition of the supermarket and broader retail landscapes. Top of the agenda is the opening of Welbee’s’ tenth store at Shoreline Mall, scheduled for around March or April. “We have more sustainable store openings planned in strategic locations, along with a long list of projects, from operational deliverables to product changes, among many others. The sector is constantly evolving and we know that we need to evolve with it through ongoing innovation,” he shares. Jonathan wraps up with his parting thoughts on the company’s main drive for 2024: “my goal is for Welbee’s to become Malta’s top local grocery brand and, more importantly, for us to keep on building on our customer base – through engagement, added value and brand equity, not just numbers. We want to be people’s go-to supermarket, where they willingly choose to shop because they recognise the value we provide,” he concludes. 119

Are you immune to Monday blues? It depends – yes if I’ve rested. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Fewer products and SKUs.

What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I am not a drinker but I would single out Lagavulin 16. Your favourite restaurant (and dish) in Malta or Gozo? Ali Baba, Adam’s, Shakinah. Do you believe in business lunches? Not really. For the sake of it, a Porsche 911 or a Bentley Bentayga? Not into either but Porsche for the design. Smart watch or a conventional timepiece? Smart watch for exercise, normal watch occasionally. Any exercise routine? Swimrun. Do you believe that you’re an introvert or an extrovert? Extrovert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Kurt Farrugia

C E O , M A LT A ENTERPRISE

“ M A LT A H A S C O N S I S T E N T LY P R O V E N I T S A B I L I T Y T O Q U I C K LY R E C O V E R F R O M C H A L L E N G E S . S I N C E C O V I D - 1 9 , E M P L O Y M E N T H A S N O T O N LY R E B O U N D E D B U T E X C E E D E D P R E - PA N D E M I C L E V E L S . ”

M A LT A E N T E R P R I S E S H O U L D E R S T H E V I T A L R O L E O F A T T R A C T I N G NEW FOREIGN INVESTMENTS AND FOSTERING THE GROWTH OF LOCAL E N T E R P R I S E S . O V E R T H E PA S T F E W Y E A R S , T H E A G E N C Y H A S H A D T O N A V I G A T E T H E C O M P L E X I T I E S O F O U R T I M E S – F R O M T H E PA N D E M I C T O R EC E N T G LO B A L CO N F L I CTS – TO CO N T I N U E TO C R E AT E A CO N D U C IVE E N V I R O N M E N T F O R B U S I N E S S E S O F A L L K I N D S T O T H R I V E I N M A LT A .

Operating from within the core of Malta’s business ecosystem offers a unique perspective on the shared hurdles businesses encounter and the ongoing trends in different industries. But perhaps more significantly for Malta Enterprise CEO Kurt Farrugia, the past years have shown him the remarkable resilience of the nation.

Leading a Government agency like Malta Enterprise requires more than your typical CEO know-how and demands a genuine commitment from the person in charge to understand Malta and its broader economic development. In this light, Kurt has been something of an ideal fit since he landed the CEO role in 2019. With a career ranging from journalism to politics, he previously served as the Head of Government Communication and spokesperson for the Prime Minister, a position which provided invaluable insights into Government-wide plans and strategies for economic development.

“Malta has consistently proven its ability to quickly recover from challenges. Since the pandemic, we’ve shown how much trust companies have in Malta and Malta Enterprise. We have seen unemployment drop, so much so that last year we registered the third lowest unemployment level across the EU. Employment not only rebounded but exceeded pre-pandemic levels,” Kurt notes.

Since his appointment, Kurt has been setting the vision, building partnerships and overseeing initiatives to support 120

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CEO INSIGHT “Malta needs to keep a healthy diversification in its economy to ensure we overcome economic fluctuations. We are actively supporting initiatives that promote diversification, assisting businesses in exploring new markets and industries to ensure long-term resilience and sustainability.”

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Our vision is to create a business landscape where Malta Enterprise and the companies it supports are not just adapting to change but are actively shaping the future of business in Malta.

businesses and investments in the country across a fourpronged strategy involving: investment promotion to ensure a smooth entry into the Maltese market; growth facilitation through tailored support programmes and access to resources that empower companies to expand their operations; facilitating business connections through collaborations with diplomatic missions and trade organisations; and setting up financial assistance through various grants and schemes to help businesses rise above challenges they may face. These instruments are designed to support companies in their investment and growth plans, fostering a robust and resilient business environment. In its mission to simplify doing business in Malta, Malta Enterprise is also developing a business portal that will bring Government stakeholders under one virtual roof. Through this user-friendly platform, businesses no longer need to deal with multiple services separately. Instead, they can conveniently handle various submissions from a single point, including managing tasks like opening and closing businesses, tax payments, licence management, and applying for incentives and other services. It consolidates functions from 38 different Government entities, ensuring a more straightforward and efficient process for businesses. Looking back on his journey with Malta Enterprise so far, Kurt reflects, “the opportunity to make a positive impact on Malta’s economic landscape is incredibly satisfying. Working on projects that generate jobs, encourage

innovation and spur economic growth is fulfilling. I value the collaboration with diverse stakeholders, including businesses, Government entities and international partners.” Challenges are also part of the picture as Malta Enterprise tackles intricate regulatory issues, adapting to shifts in the global economic scenario and ensuring resources are allocated effectively for maximum impact. “Striking the right balance between short-term goals and long-term strategic objectives remains an ongoing challenge,” Kurt continues. In recent years, one of Malta Enterprise’s primary objectives has been to actively address the skills gap in the local market through a multifaceted approach, chiefly through the renewal and expansion of the Skills Development Scheme, which supports businesses in providing training focused on developing a knowledgebased workforce. Additionally, the agency is continuing to promote upskilling through fostering collaboration between industry and academia to ensure that educational institutions are producing graduates who are aligned with the needs of local businesses today. “We are actively working to build stronger relationships with educational institutions to ensure that the training and education they provide align with the demands of the job market. An example of this is our partnership with the Aviation Maintenance cluster. We not only promote job openings but also engage in a process of refining educational programmes to ensure graduates are industry-ready,” Kurt explains, adding that this model is serving as a template for other high-priority sectors. 122

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Sustainability has become another prominent consideration for businesses worldwide, and Malta Enterprise has been doing its part to help local enterprises adopt sustainable practices through the launch of the Smart and Sustainable scheme. This initiative supports local enterprises in enhancing their operations and transitioning towards sustainability in both processes and products. Focusing on five key areas – Water Efficiency, Energy Efficiency, Waste Minimisation, Sustainable Materials, and Sustainable Digitalisation – the scheme provides a roadmap for businesses to improve their environmental footprint and align with evolving global standards. While embracing green initiatives proves advantageous for both the planet and business efficiency, the accompanying reporting and complexities can overwhelm many SMEs. Recognising this challenge, Malta Enterprise is stepping in to aid organisations in their ESG endeavours through cash grants to cover expenses related to hiring advisors for ESG reporting, easing the burden on businesses. “We believe our incentives will help instigate more environmental consciousness among our businesses, while pushing for proper internal structures of management and more representative workplaces, where employees are valued for their contributions. It’s important for businesses to recognise that ESG reporting not only benefits the environment but also enhances their appeal for private investments,” he adds. In addition to its ESG-focused incentives, Malta Enterprise has been actively rolling out a range of other incentives for a wide spectrum of industries. The Blue Med initiative, for instance, zeroes in on fostering a sustainable blue economy for fisheries, shipping and tourism operators. Meanwhile, the Malta Startup Framework has been set in motion to ease the journey for new businesses trying to get off the ground and scale. The agency is also deeply engaged in collaborating with the Government on key industry proposals, including the European Chips Act, the Net Zero Industry Act, the Critical Raw Materials Act, and the Foreign Subsidies Regulation. Meanwhile, Kurt and his team are working hard to mitigate other concerns that are impacting businesses, including concerns about inflation as well as digital transition, especially in the light of the growing influence of AI on the world of business. Kurt believes embracing AI is a crucial aspect of this digital shift to help businesses streamline processes, make data-driven decisions and gain a competitive edge. Economic diversification remains another top priority for Malta Enterprise. As Kurt explains: “Malta needs to keep a healthy diversification in its economy to ensure we overcome economic fluctuations. We are actively supporting initiatives that promote diversification, assisting businesses in exploring new markets and industries to ensure long-term resilience and sustainability.” Amid a slew of new incentives and frameworks being launched, Kurt is looking ahead to an extremely busy year as he continues to position Malta as a hub of innovation. “By the end of the year, I hope to realise our vision of creating a business landscape where Malta Enterprise and the companies it supports are not just adapting to change but are actively shaping the future of business in Malta,” he concludes. 123

Quick-fire Questions… with Kurt Farrugia How do you start your day? Time with my children followed by a gym session. Are you blunt or subtle with your team? Subtle, most of the time. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Quarterly. Is right now a good time to invest? Yes, smartly. What’s the one goal you wish to achieve in your organisation over the next 12 months? Further simplification. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meetings beat all other forms. Are you immune to Monday blues? Very susceptible to Monday blues. Are you a macro or a micro person? Generally macro. With hindsight, what would you do differently in your business? Carving more time to think. Where do you eat lunch during the week? I don’t normally eat lunch. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Glengoyne Whisky Distillery, Scotland. Your favourite restaurant (and dish) in Malta or Gozo? Home, when we manage to cook together. Do you believe in business lunches? No. For the sake of it, a Porsche 911 or a Bentley Bentayga? I drive an EV. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Gym three or four times a week. Do you believe that you’re an introvert or an extrovert? Introverted extrovert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Mark Holland

C E O , M A LT A L I N G U A + STREAM HOUSE MEDIA PRODUCTIONS

“ S I M P LY M A I N T A I N I N G A B U S I N E S S I S N ’ T S U F F I C I E N T FO R M E . I C R AVE T H E EXC I T E M E N T O F B U I L D I N G A N D C R E AT I N G N EW E N T E R PR I S E S .”

C E O M AY B E H I S O F F I C I A L T I T L E , B U T M A R K B E N T L E Y H O L L A N D H A S A LW AY S F E LT M O R E A T H O M E I N H I S R O L E A S E N T R E P R E N E U R . T R A N S I T I O N I N G F R O M A N O N L I N E T R A V E L S T A R T U P I N G E R M A N Y T O F O U N D I N G M A LT A L I N G U A SCHOOL OF ENGLISH AND NOW VENTURING INTO FILM PRODUCTION, HE CO N T I N U E S TO ST E E R H I S OWN E N T R E PR E N E U R I A L J O U R N EY R AT H E R T H A N CONFORMING TO MORE TRADITIONAL LEADERSHIP ROLES.

British by nationality and Maltese by birth, Mark Holland has always considered Malta his ‘spiritual home’. “My grandparents moved to Malta in the 60s, and along with my father, they built the original Ramla Bay Hotel in Marfa,” he shares. “Despite my family selling the hotel 30 years ago, the island has remained a key link throughout my various business ventures. The apple doesn’t fall far from the tree.”

“When I started with online marketing, what I was selling was never really the primary focus; it was the potential that intrigued me. While in Germany at the time, I noticed a strong interest among German speakers wishing to travel to learn English, with many choosing Malta as their destination. This observation led me to develop an online booking platform, akin to a travel agency, connecting students to 42 international language schools. With Malta being the preferred destination for German speakers to learn English, the next step was almost inevitable,” Mark explains.

Backed by a UK degree in business IT and marketing, after a year of travelling the world, Mark headed home with a burning desire to achieve something. Leveraging his knowledge in web design and e-commerce, and his passion for digital marketing, he founded a home-based digital travel startup.

The platform gained significant success, becoming one of Germany’s largest language travel businesses. 124

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“If you can create an environment where the team supports one another, takes ownership, and believes in their purpose, you don’t need a big boss calling all the shots. Those values trickle down, creating a workplace where everyone is united and pulling in the same direction.”

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I strongly believe in the importance of being first to market. When you have a product that is innovative and different from the competition, then you have a serious edge. The school’s philosophy is to maximise the fully immersive learning experience, especially for juniors, and mitigate risk. The positive feedback and accolades indicate that students of all ages have a productive and enjoyable time in Malta, giving our team a real sense of accomplishment.” What’s more, the business led Mark to another eureka moment. Observing the influx of students his platform was directing to other institutions, he realised he could replicate the same online marketing model but direct students to his own language school instead. Recognising the substantial demand for learning English in Malta, second only to the UK, Mark went on to launch the internationally acclaimed and awardwinning Maltalingua School of English in St Julian’s. Operating two fully-fledged schools and accommodating up to 450 students pose great challenges and require the utmost of responsibility. However, Mark found that with the right preparation, training, excellent teachers, and top management, he was able to turn this second business idea into another successful venture. Reflecting on this shift, he emphasises: “unlike being solely an outgoing online travel agency located in Munich, as a school, we are also fully accountable to our predominantly European adult clients, and their expectations are high. For our junior market, we have earned the trust of agents and parents by providing a fully immersive learning holiday programme for children aged eight to 12 and teens aged 13 to 17. It is vital to ensure operations are wellprepared well in advance and meet the expectations of our predominantly adult Central European clients. 127

The hard work and attention to detail from the start have paid off. Maltalingua has now positioned itself as a multi-award-winning school with the highest EAQUALS international accreditation in Excellence in Language Education. The school has consistently secured industry recognition, including four nominations for the Best Adult English Language School in Europe at the StudyTravel Star Awards UK, along with a two-year streak as the Best Junior Course for Under-18s worldwide. Mark attributes these accomplishments, in part, to the school’s Principal, Tania Assuncao, who leads an excellent team with calm passion, vision and an incredible work ethic. He notes: “these are huge team achievements, and the key to this recognition comes directly from our students and peers, reflecting the hard work, passion and care to constantly improve standards. I am incredibly thankful and privileged to have such great colleagues to work alongside with.” Now that Maltalingua is firmly established under capable management, currently overseeing its expansion into new premises, Mark, ever the entrepreneur, feels comfortable enough to shift his focus to one of his biggest challenges and passion projects – TV and film production. Speaking of his

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

need to constantly shift gears, he explains: “simply maintaining a business isn’t sufficient for me. I crave the excitement of building and creating new projects that give me a sense of growth.” This passion project has taken the form of Stream House Media Productions, affectionately known as SHriMP. Collaborating with his brother Dominic Holland, an established director of photography based in London, this family endeavour specialises in producing reality TV shows and docuseries. Mark, along with a talented creative team, is currently deep in postproduction of an innovative eight-part reality TV series called House of Streams, which was filmed and produced in Malta. For the show, SHriMP flew in eight international streamers to live together in a lavish Mellieħa house, competing in a Big Brother-type format with a twist. What sets it apart is the contestants’ interactivity with the audience through the popular livestreaming platform Twitch. Broadcast live to a select audience, viewers’ comments actively shape the direction of the show and influence the challenges the streamers face as they compete to win a prize of 1 Bitcoin, currently valued at around €42,000.

Quick-fire Questions… with Mark Holland How do you start your day? 8k run, dip in the sea and short meditation. Are you blunt or subtle with your team? Subtly blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Quarterly. Is right now a good time to invest? I’d be wary about investing in the stock market in 2024. Stick to gold bars, brick and mortar. What’s the one goal you wish to achieve in your organisation over the next 12 months? To release House of Streams on the right platform.

“This has been, by far, my most challenging project yet. We produced the show with a quarter of the needed budget in under six months, requiring many corners to be cut. However, I strongly believe in the importance of being first to market in such an emerging and competitive field. Thankfully, as an entrepreneur, I don’t need to navigate through boards and persuade shareholders; I can make decisions quickly and have the freedom to act promptly on opportunities. When you have a product that is innovative and different from the competition, then you have a serious edge,” he explains.

Physical meeting, a call, Whatsapp or email – what’s your favourite form of communication? Zoom for time efficiency but face-to-face for building relationships. Are you immune to Monday blues? Hell no. Are you a macro or a micro person? Mostly macro.

The House of Streams Sales and Distribution team in Los Angeles is in discussions with major streaming services and is optimistic about the release of House of Streams in the spring of 2024. Expressing gratitude to the Malta Film Commission and the Maltese Government for their crucial support, Mark highlights Malta’s role in making this international project a reality and outlines plans to bring more productions to the island.

With hindsight, what would you do differently in your business? Delegate more. Where do you eat lunch during the week? I’m rarely in the same place or have the time. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Perrier!

The aspiration is that House of Streams will serve as a launchpad for Stream House Media Productions, opening doors to investment and financial opportunities for additional docuseries. Mark reveals that the team has already met with potential investors in the crypto markets. They are also exploring the possibility of applying a similar format to the gaming industry. This move aligns with reports indicating that streaming content has now exceeded the combined value of the movie industries, establishing itself as the world’s largest entertainment sector.

Your favourite restaurant (and dish) in Malta or Gozo? Carmen’s. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Jaguar F-Type. Smart watch or a conventional timepiece? I don’t wear watches.

“I tend to work in 10-year business cycles. First, it was a decade in digital marketing and building an online travel business, then another 10 years dedicated to building the language school business. Now, I’m embarking on this new 10-year journey in film production with Stream House Media Productions. Who knows what’s to come? But I’m genuinely excited to see the growth and evolution of this new venture,” he concludes.

Any exercise routine? Mountaineering, running and swimming. Do you believe that you’re an introvert or an extrovert? A bit of both.

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Marco Galea

CEO, OXFORD HOUSE

“ WE STRIVE TO DELIVER A SUPERIOR EXPERIENCE FO R O U R C U STO M E R S A N D STA K E H O L D E R S .”

M A R C O G A L E A , C E O O F O X F O R D H O U S E , H A S D I R E C T E D T H E C O M PA N Y ’ S EVO LUT I O N TOWA R D S I TS C E N T E N A RY T H R O U G H D IVE R S I F I CAT I O N , I N N OVAT I O N A N D C U STO M E R E N G AG E M E N T. H I S C L E A R VI S I O N O F G R OW T H , S U STA I N A B I L I T Y A N D A N U NWAVE R I N G CO M M I T M E N T TO MEETING CLIENTS’ CHANGING NEEDS HAS BEEN CRITICAL IN GUIDING T H E C O M PA N Y T H R O U G H I T S D E V E L O P M E N T , A S H E B A L A N C E S T H E PR E S E R VAT I O N O F OXFO R D H O U S E ’ S L E G ACY WI T H T H E N E E D TO B L E N D T R A D I T I O N A L B U S I N E S S VA LU E S WI T H M A R K E T T R E N D S .

The pressure of legacy can weigh heavily on a leader, particularly in a family-run business, but Marco Galea has successfully managed to navigate this context at Oxford House in his position at the helm, working to attain a balance between family ties and professional responsibilities. Whether striking the right tone or taking tough decisions, for Marco, steering a nearly century-old business is all about adaptive growth while implementing innovation with a touch of tradition.

and hands-on leader, dedicated to driving excellence in every facet of our operations,” Marco explains. His approach combines a deep commitment to the business with a culture of collaboration and innovation, while his leadership style mingles practical business strategies with an enthusiasm for the industry. He not only focuses on financial performance but also on building a sustainable business model that prioritises stakeholder relationships and market adaptability.

Marco’s role at Oxford House goes beyond mere management. He is ushering in a new era for the company while respecting the rich legacy that has already been built. “As the Managing Director of Oxford House, I am a dynamic

Under Marco’s guidance, Oxford House has seen significant transformations. From its early days as a haberdashery in Valletta to becoming a leading importer of renowned brands like Bosch, Nobilia Kitchens, Steelcase, and more. 130

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“Each challenge is a stepping stone to success.”

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Being a good leader means delegating, trusting and creating the next generation of leaders. It’s the only way forward.

Over the years the company has continued to evolve: “crucially, we expanded the business strategically and successfully from being a manufacturing entity to one of Malta’s leading brand importers,” says Marco, as he reflects on his landmark career moments. “Oxford House’s strategic expansion was not just about growth but also about adapting to changing market needs,” he explains. As anyone involved in a family business knows, there are always unique challenges, particularly when it comes to family ties. When dealing with such a legacy as Oxford House, Marco understands the importance of striking a balance between making the right decisions and appeasement. For Marco, this has meant planning for growth and expansion, while keeping his feet firmly on the ground. He notes, “navigating this landscape means constantly finding the right equilibrium, even if it means taking tough decisions.” Outside the office, Marco finds comfort and relaxation in travel, DIY projects and music. “Balancing my business responsibilities with my personal life can be a challenge. However, travelling for both business and pleasure is one of my biggest passions,” he shares. His pastimes reflect his approach to life and leadership: a fusion of hands-on involvement and appreciation for the finer things. These two elements are evident at Oxford House every day. One such example is the company’s service centre, which was set up in 2016 and specialises in delivering an exceptional experience to Oxford House’s customers. “We have also built a robust logistics operational system to provide an optimum and fast service to our clients,” Marco shares.

Innovation remains at the forefront of Oxford House’s strategy. The firm’s focus is on introducing new product lines that align with current home and office trends, particularly in the context of the current remote work culture. Being the company’s leader means looking ahead, and Marco is eyeing opportunities for market expansion, both locally and internationally. An expansion of this kind involves navigating regulatory environments, understanding diverse consumer behaviours and establishing a strong brand presence in new markets. Over the years, Oxford House has strategically expanded its product offerings, broadening its range to include a comprehensive selection of smart appliances, furniture designs through quality product material and office solutions to ensure that the diverse needs of the company’s clientele are met. Oxford House has reached several milestones throughout its long operation, from implementing sustainable practices, such as the installation of photovoltaic panels and the recycling of packaging materials, to establishing 132

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strategic partnerships with suppliers, which has allowed the company to offer a diverse range of high-quality products, thereby solidifying its position as a market leader. Marco’s vision of excellence is embedded in a culture of understanding and addressing the unique requirements of Oxford House’s customers, adopting a client-centric approach throughout, especially enabled thanks to trained employees. “As a close-knit team, we believe in the ongoing training of our employees at Oxford House. This approach reinforces our vision and mission to deliver a superior experience for our customers and stakeholders,” Marco explains. Maintaining the delivery of excellence in turbulent times, however, is a challenge. One of the critical strategies for Oxford House during the recent period of global difficulties, especially due to the COVID-19 pandemic and supply chain issues, has been the continued embrace of digital transformation. The company is enhancing its online presence, developing a more robust e-commerce platform and utilising digital marketing tools to reach a broader audience. Its digital shift, however, is not without its pitfalls, as it requires balancing the traditional retail experience with the convenience of online shopping. In addition, Oxford House is on a journey of sourcing sustainable products and evolving its efforts to be more environmentally conscious. As environmental concerns become increasingly dominant, both locally and across the globe, Oxford House is integrating sustainability into its business model, which includes offering eco-friendly products and adopting green practices in its operations. Marco recognises the importance of sustainability not only as a corporate responsibility but also as a factor that increasingly influences consumer choices. “Sourcing sustainable products has indeed become an integral part of our business plan,” he shares. “We are witnessing – and understanding – the growing importance of environmental responsibility across the business landscape, and we know that we must play our part. For this reason, we ensure that our products are eco-friendly, from our array of domestic appliances to products like office chairs from the company Steelcase, which is committed to lowering greenhouse gas emissions in production.” Looking ahead, Marco remains focused on further automating systems, structuring departments and ensuring continuous growth. His vision is clear: to adapt to cultural changes and the diversity of Oxford House’s employees while maintaining the company’s core vision. “Being a good leader means delegating, trusting and creating the next generation of leaders. It’s the only way forward,” he asserts. As Oxford House nears its 100th anniversary, its legacy stands firm with Marco in his leadership role. His constant innovative thinking and relentless pursuit of excellence continue to echo throughout the company. His journey from the roots of a family business to CEO of one of Malta’s sectoral leaders shine through the company’s success. Through his stewardship, Oxford House has grown and evolved, and is ever ready to set new benchmarks and reach further achievements in Malta’s business landscape. 133

Quick-fire Questions… with Marco Galea How do you start your day? Emails, shower and breakfast before heading to the office. Are you blunt or subtle with your team? I’m more of a direct person. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly. Is right now a good time to invest? It’s always the right time when you identify an opportunity. What’s the one goal you wish to achieve in your organisation over the next 12 months? More automated systems and better departmental structure and growth. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? WhatsApp and calls. Are you immune to Monday blues? Completely. I love what I do. Are you a macro or a micro person? Both. With hindsight, what would you do differently in your business? If I went back in time, I’d walk the same path again. Where do you eat lunch during the week? At my desk, unless it’s a business lunch. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? None in particular, but I enjoy a glass of whisky or wine at home. Your favourite restaurant (and dish) in Malta or Gozo? Beef Wellington or fish. No specific restaurant. Do you believe in business lunches? Yes, for networking. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911 – I love speed. Smart watch or a conventional timepiece? Generally, a conventional timepiece. Any exercise routine? When I can, walking or cycling. Do you believe that you’re an introvert or an extrovert? Extrovert – I’m happiest around people.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Geoffrey Fichte

CEO, HSBC BANK M A LT A P L C

“ W E K N O W W E P L AY A N I M P O R T A N T R O L E I N B O T H M A LT E S E S O C I E T Y A N D T H E E C O N O M Y , A N D W E T A K E T H A T R O L E E X T R E M E LY S E R I O U S LY . ”

A S I T C E L E B R A T E S I T S 2 5 T H A N N I V E R S A R Y I N M A LT A , H S B C B A N K M A LT A CONTINUES TO OPEN UP A WORLD OF OPPORTUNITY FOR CUSTOMERS O N T H E I S L A N D A S PA R T O F I T S L E A D I N G G L O B A L B A N K I N G B R A N D . C E O GEOFFREY FICHTE IS COMMITTED TO ENSURING THE BANK REMAINS A K E Y P L AY E R A C R O S S E U R O P E A N D B E Y O N D , W H I L E H E L P I N G I T S T AY T R U E TO I TS CO R E VA LU E S A N D P U R P O S E .

HSBC Bank Malta CEO Geoffrey Fichte was serving as the CEO of HSBC Bank Uruguay when an unmissable opportunity arose. “I wasn’t actively looking for a change and was happy in Latin America, but the opportunity to work in Europe – in a leading bank in a prestigious jurisdiction like Malta – was too good to pass up,” he recalls.

at HSBC Group in London, UK, and Senior Manager International at HSBC Asia Pacific in Hong Kong. In addition to his extensive financial services experience across retail, commercial and corporate banking, Geoffrey brings a wealth of qualifications to his senior roles within HSBC Group. He holds a Bachelor of Science in Economics from Wharton School at the University of Pennsylvania, complemented by strategy and leadership training from Harvard Business School and London Business School.

When Geoffrey relocated to Malta and assumed the roles of CEO and Executive Director of HSBC Bank Malta in May 2023, it marked the latest milestone in his career with one of the world’s most recognised and highly respected names in banking. His journey includes a five-year tenure at the helm of HSBC Bank Uruguay, along with roles as Head of Business Banking in HSBC Mexico, Senior Executive in Corporate Development and Global Strategy

In all his roles, one consistent focal point has been the customer. “I aim to build upon the customer-centric dynamic that has always existed here at HSBC Bank Malta,” he shares. “My priority is to continue improving 134

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CEO INSIGHT “HSBC Bank Malta has collaborated with ĠEMMA to empower the Maltese community with financial literacy skills, such as how to manage debt responsibly, plan and reach financial goals, save for a trip, and so on. We can help people to be better equipped regarding their finances and so reduce stress and anxiety. The HSBC Bank Malta team is already known locally for their approachability, expertise and excellent service. This initiative takes our commitment to great service that one step further.” 135

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We insist on maintaining that personalised touch of banking that has become the hallmark of HSBC. We are focused on how we can support customers with the best technology and digital services possible, while ensuring they can still discuss their decisions, issues, goals, and ambitions in person.

“Our third-quarter results prove the success of HSBC Bank Malta’s turnaround strategy,” confirms Geoffrey. “As we celebrate HSBC Bank’s 25th anniversary in Malta this year, we recognise our customers and our staff who have all supported us throughout these 25 years.

our customer service through digital transformation and maintaining the team’s signature personalised service style.”

“We are a community bank, supporting all sectors of the population across Malta and Gozo. At the same time, we have the competitive advantage as part of the world’s leading banking brand. We bring the best of international banking to Malta – along with global investors and clients – and we help Maltese customers to expand and trade abroad. We know we play an important role in both Maltese society and the economy, and we take that role extremely seriously.”

Geoffrey’s leadership approach likewise prioritises the people he regards as the lifeblood of HSBC’s worldwide success. “I want to bring out the best in our team and ensure our colleagues can perform at their highest level. I know I can delegate to our very capable people and give them the authority and flexibility to carry out a task as they see fit. I’m the seventh CEO here, but the first American – so I’m naturally blunt – but I also make sure people know I am always available to support them. Our people shouldn’t be afraid to make mistakes – they can simply raise their hand, and as a team, we face challenges together,” he affirms.

While registering such notable financial results, 2023 also marked an award-winning year for HSBC Bank Malta, when it was named as the overall Market Leader and Best Service Provider in the Euromoney Cash Management Survey 2023. “This was a proud moment for HSBC Bank Malta and a clear indication of the strength of our teams and our commitment to delivering service excellence,” says Geoffrey.

Geoffrey counts the satisfaction of helping customers and colleagues to achieve success – both professionally and personally – as one of several milestones he has achieved while leading HSBC Bank Malta so far. On 1 August 2023, he presented the bank’s interim results for the first time to its 10,000 local shareholders and the investor community. This significant event coincided with his 20th anniversary with HSBC Group. The impressive performance results presented that day continued to improve throughout the year, culminating in a pre-tax profit of €100.8 million for the first nine months of 2023 – a notable increase of €67.9 million from the previous year’s figures for the same period.

November 2023 also brought another highly sought accolade, when the UK’s Financial Times named HSBC Bank Malta as the Best Bank in Malta – an award that Geoffrey proudly received alongside members of the Executive Team at a gala event held in London in November. Yet, this local and international recognition of HSBC Bank Malta’s success does not mean that it can relax its efforts, Geoffrey insists. “Banking is dynamic – as are 136

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the needs of our customers – so we are continuously evolving and investing to reflect their changing needs. The most valuable thing we all have is our time, so more transactions are now made online. However, we insist on maintaining that personalised touch of banking that has become the hallmark of HSBC. We are focused on how we can support customers with the best technology and digital services possible, while ensuring they can still discuss their decisions, issues, goals, and ambitions in person. I believe this will keep HSBC Bank Malta in good stead for the future,” he affirms.

Quick-fire Questions… with Geoffrey Fichte How do you start your day? With a cup of coffee.

Indeed, Geoffrey’s plans for the Malta arm build upon HSBC Group’s purpose to ‘open up a world of opportunity’ for customers and its four value statements of ‘We value difference’, ‘We succeed together’, ‘We take responsibility’, and ‘We get it done’. “These core values speak to the group’s commitment to seeking out different perspectives, collaborating across boundaries, holding ourselves accountable, and moving apace with our customers to make things happen,” he explains.

Are you blunt or subtle with your team? Blunt – I’m American! Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? I’m very into data, so between daily and weekly. Is right now a good time to invest? For me personally (but not in an official capacity), I believe investing small amounts in a diversified way long-term can provide a decent return.

In keeping with these values, HSBC Bank Malta continues to invest in Malta over the coming year. The first quarter of 2024 will feature the inauguration of the new, state-of-the-art office building in Qormi that will serve as HSBC Bank Malta’s official headquarters. “HSBC Hub in Qormi is a €30 million investment to ensure that our team can collaborate more easily to provide the best solutions for our customers,” Geoffrey reveals, adding that the relocation will support the bank’s ESG goals to achieve net zero, as well as HSBC Malta Foundation’s recent partnership with the NGO MOVE to advocate for sustainable practices in banking.

What’s the one goal you wish to achieve in your organisation over the next 12 months? For HSBC Bank Malta to be even better than at the beginning of 2023, for all our stakeholders. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? It depends on the scope, but I prefer a physical meeting. Are you immune to Monday blues? Luckily, I am! Are you a macro or a micro person? Macro. But to be successful, I’ve had to learn to be more micro.

Another major investment also promises to revolutionise the digital banking experience for local HSBC customers. “We are currently replacing and upgrading our entire fleet of ATMs across Malta and Gozo to incorporate the latest global technologies available. These modern ATMs will offer our customers better multi-functionality beyond the traditional service hours.”

With hindsight, what would you do differently in your business? An earlier investment in improved technology and systems. Where do you eat lunch during the week? When in Valletta, at restaurants. When at the HSBC Hub, in the canteen with colleagues. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Favourite region: Barolo

With such a busy year ahead for HSBC Bank Malta, Geoffrey is confident that Malta’s economy and financial services industry will remain dynamic throughout 2024. “Malta currently has a stable, liquid, well-capitalised, and very competitive banking sector, with some of the lowest mortgage rates and corporate lending rates in all Europe and a thriving local bond market.

Your favourite restaurant (and dish) in Malta or Gozo? I have so many favourite restaurants – and among the Maltese food I’ve tried, the top spot goes to imqaret. Do you believe in business lunches? Yes, but I wish I had time for more. For the sake of it, a Porsche 911 or a Bentley Bentayga? Neither. We’re in Malta... better a boat!

“I predict that the economy will remain resilient amid ongoing global challenges, giving HSBC further opportunities to get closer to our customers and help them achieve their hopes and dreams, while staying active in the community through the HSBC Malta Foundation,” the CEO concludes. “My objective for 2024 is the same as that of the entire HSBC Bank Malta team: to reinforce our digital transformation and keep making banking simpler, and to improve the banking experience for customers in Malta.”

Smart watch or a conventional timepiece? Conventional, although I’m thinking of changing to a smart watch. Any exercise routine? I walk, swim and do cross training. Do you believe that you’re an introvert or an extrovert? Extrovert.

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Matthew Fenech

CEO, MOTORS INC.

“ M A I N TA I N I N G R E L AT I O N S H I P S I S C R U C I A L .”

I N T H E AUTO M OT IVE I N D U ST RY, FO R E S I G H T A N D I N N OVAT I O N A R E T H E B E D R O C K FO R S U CC E S S , A N D I T I S T H E S E C R I T I CA L FACTO R S T H AT M AT T H EW F E N E C H , C E O O F M O T O R S I N C . , A L E A D I N G A U T O M O B I L E C O M PA N Y , C H A N N E LS I N TO H I S WO R K . M AT T H EW ’ S J O U R N EY I N T H E I N D U ST RY I S N OT M E R E LY A S T O R Y O F B U S I N E S S A C U M E N . I N S T E A D , I T I S A N A R R A T I V E O F LEADERSHIP THROUGH RELENTLESS PURSUIT OF EXCELLENCE AND A DEEP U N D E R S T A N D I N G O F T H E S E C T O R ’ S E V O LV I N G D Y N A M I C S .

Matthew Fenech’s career began with a deep-rooted passion for the automotive world, nurtured through years of dedication and a keen eye for the industry’s future. From his early involvement in Motors Inc. to his ascension as CEO of the family business, Matthew’s path has been marked by a constant drive to push boundaries and redefine industry standards.

Motors Inc. as a beacon of reliability and innovation, providing peace of mind to our customers,” Matthew asserts. Empowerment and delegation are the hallmarks of the CEO’s leadership style. He believes in his team’s potential, trusts their expertise and provides them with the necessary resources to excel. Underpinning his approach is a conviction that by fostering a culture of ownership and accountability within the organisation, the company can support its team members in achieving their best. Effective communication is another cornerstone of Matthew’s methodology. He articulates the company’s vision, goals and expectations with clarity to nurture a positive work environment and ensure alignment across all levels of the organisation.

At the core of Matthew’s leadership philosophy is a strong commitment to quality, innovation and customer-centricity. His approach transcends traditional management and is characterised by an enthusiasm for delivering efficient, high-quality solutions that resonate deeply with customer needs. His philosophy is also ingrained in the company’s operations, driving its vision and strategic decisions. “Our ultimate goal is to position 138

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C E O I N S I G H TTHE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS “I believe people excel through a combination of experience, learning and an open mindset.”

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The future of the automotive industry lies in balancing technological advancement with ecological consciousness.

For Matthew, building strong relationships with Motors Inc.’s stakeholders, including employees, customers, investors, and partners, is fundamental to the company’s success. “Maintaining relationships is crucial,” Matthew says, “as it helps encourage a vibrant company culture, which attracts top talent and encourages longterm business partnerships.” Inclusive management methods have also been key in promoting a diverse and collaborative work environment at Motors Inc. Matthew values the unique perspectives and ideas that emerge through a diverse workforce and believes that such diversity is essential for driving creativity and innovation. “By promoting inclusivity and collaboration, we can ensure that all voices are heard and valued, which then leads to more comprehensive and effective solutions,” Matthew says. Under Matthew’s leadership, the company has made significant strides across various areas, from product development to market expansion. Strategic thinking has driven the company forward and enhanced its reputation in the industry and among stakeholders. Matthew’s approach to business development, combined with his passion for the automotive world, has positioned Motors Inc. as a leader in innovation and customer satisfaction. Beyond business accomplishments, the CEO’s tactical foresight also encompasses a broader perspective of the industry’s future and its impact on society, not least because Matthew is a strong advocate for environmental, social and governance (ESG) principles. He recognises the increasing importance of sustainability in business operations and is committed to integrating ESG practices into the company’s core strategy. “The shift towards sustainability and environmental responsibility in the automotive sector is very much underway,” he explains,

while emphasising the need to adapt to these changes. With Matthew at the helm, the company is making concerted efforts to reduce its environmental impact and engage in socially responsible initiatives. “At Motors Inc., we have begun integrating more environmentally friendly practices and technologies to align with global trends towards electric vehicles and a reduced carbon footprint. I believe that the future of the automotive industry lies in balancing technological advancement with ecological consciousness. Our responsibilities to the community also extend beyond eco-sustainability and into wider society, which is why Motors Inc. is a proud sponsor of the Malta Football Association.” Herein lies a commitment that goes beyond mere compliance, but instead reflects a genuine desire to contribute positively to the environment and society within which Motors Inc. functions. Within challenges lie opportunities for growth, and in his position as CEO, Matthew has the ability to flip challenges on their head to benefit the company. He has adeptly managed supply chain disruptions and evolving market demands while maintaining the company’s stability and progress. Risk management lies at the core of his approach. “I carefully analyse potential risks and make informed decisions to mitigate them to secure the company’s long-term sustainability and growth,” he explains. Matthew also champions a culture of continuous improvement, encouraging his team to embrace change and seek out new opportunities – a drive for innovation that has led to the development of cuttingedge automotive technologies and services at Motors Inc., setting the company apart in a competitive market. 140

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“I enjoy the dynamic nature of the automotive industry itself. The constant advancements in technology, evolving consumer preferences and ever-increasing competition keep me motivated and engaged,” Matthew says. By extension, investment in its workforce is a core tenet of Motors Inc.’s vision. Matthew places great emphasis on personal and professional development, recognising that the company’s growth is intrinsically linked to that of its people. “We invest in training and development programmes to ensure that the team stays abreast of industry trends and possesses the skills necessary to drive the company forward together,” he states. This focus on development has not only enhanced the leadership skills of his team but has also fostered a sense of loyalty and dedication within the organisation.

Quick-fire Questions… with Matthew Fenech How do you start your day? Review the day’s programme, after having planned it the previous day. Are you blunt or subtle with your team? Blunt.

Looking towards the future, Matthew’s drive for 2024 and beyond is clear. “We don’t want to simply maintain the status quo,” he shares. “We want to shape the future of the automotive world.” Yet, as the sector faces a new era marked by rapid technological advancements and shifting consumer preferences, Matthew’s role as a transformative leader is becoming ever more critical. In fact, his vision for Motors Inc. is not just about keeping pace with these changes but about setting a benchmark for innovation and customer satisfaction in the industry. He sees the company solidifying its position as a leader in the automotive sector over the next year, expanding its reach and continuing to progress in response to changing market dynamics.

Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week.

The company’s commitment to embracing emerging technologies, like artificial intelligence and automation, remains constant. In Matthew’s view, these advancements are not challenges. Rather, they are opportunities to enhance the company’s offerings and improve the overall customer experience. “By proactively adopting new technologies, we can be certain that the company is staying ahead of the curve, offering cutting-edge solutions that meet the evolving needs of our clientele,” he shares.

Are you immune to Monday blues? Mondays are always the hardest and longest days.

In the coming years, Matthew envisions expanding the company’s global footprint, exploring new markets and continuing to innovate in both products and services. His drive for excellence and continuous improvement is unwavering, as he seeks to cement the company’s position as a leader in the global automotive industry. A chief element in this regard is the importance of the customer journey – before, during and after the sale. “Our surveys show that we offer one of the best aftersales services because our customer satisfaction consistently tops 90 per cent,” Matthew asserts. “Of course, we want to continuously improve and keep on investing in our people and infrastructure, but we will never shortchange our aftersales investment.” Matthew’s strategic foresight, commitment to innovation and sustainability, focus on customer satisfaction, and inclusive leadership style all result in Motors Inc. being well-positioned to navigate the challenges and seize the opportunities that lie ahead, significantly impacting the industry and setting new standards for excellence and innovation.

Is right now a good time to invest? Yes. What’s the one goal you wish to achieve in your organisation over the next 12 months? Consolidation and horizontal growth. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting.

Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I wouldn’t change anything. Where do you eat lunch during the week? Normally at my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Johnnie Walker Blue Label. Your favourite restaurant (and dish) in Malta or Gozo? Nothing beats traditional Maltese fried rabbit. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Not at the moment. Do you believe that you’re an introvert or an extrovert? Extrovert.

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CEO INSIGHT “Rest and creativity are just as important as work and strategy, but it’s difficult to strike a balance between one’s professional and personal life. I focus on the priorities of the moment, whether that’s teaching, family time or managing the clinic. Aesthetic medicine is not just a science, it’s an art, so I also like to explore my artistic side whenever I can, by playing the piano, drawing or collecting antiques.” 142

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Dr Anna Maria Fenech Magrin CEO, DOCTOR AM CLINICS

“ WE STRIVE FOR EXCELLENCE IN EVERYTHING WE DO.”

REBRANDING IN 2022, DOCTOR AM CLINICS CONTINUES MEDISKIN CLINIC’S L E G A C Y O F P I O N E E R I N G T H E F U T U R E O F A E S T H E T I C M E D I C I N E I N M A LT A , W I T H C EO D R A N N A M A R I A F E N EC H M AG R I N AT T H E H E L M . S H E C H A N N E LS H E R P U B L I C H E A LT H E X P E R I E N C E A N D PA S S I O N F O R M A I N T A I N I N G T H E H I G H E S T S T A N D A R D S I N A E S T H E T I C M E D I C I N E I N T O T H E C O M PA N Y ’ S N E W , P U R P O S E - B U I LT , S T A T E O F -T H E -A RT M E D I CA L FAC I L I T Y, WH I L E D EVE LO PI N G H E R G R O U N D B R E A K I N G A E ST H E T I C A N D R E G E N E R AT IVE M E D I C I N E T R A I N I N G ACA D E M Y.

Dr Anna Maria Fenech Magrin’s characteristic blend of science and art shifted her career path from public health towards the world of aesthetic medicine. “After I qualified as a foundation doctor, a training post in public health medicine became available,” she recalls. “Following a four-year postgraduate programme, I received a specialist training certification in public health medicine – and, in fact, I am still on the National Specialists Register.” Anna Maria’s work in public health would see her drafting the

first national sexual health policy, as well as participating in international meetings on epidemiology and other public health issues. Yet, although she enjoyed working in public health, Anna Maria missed treating patients. “Apart from missing direct patient contact, I’ve always had an artistic side that I longed to tap into. Then, around 17 years ago, a new branch of medicine, known as aesthetic medicine, emerged. It 143

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With empathy, I gain a deeper understanding of both my team and patients – which is especially vital when working in aesthetic medicine.

instantly captivated me, and I began training at leading cosmetic clinics and participating in workshops locally and abroad, all while continuing my work in public health.” When she moved on to more advanced aesthetic procedures, such as botulinum toxin and dermal filler injections, her dedication to patient safety and wellbeing, rooted in her public health background, remained unwavering. She enrolled in the School of Medicine and Dentistry at Queen Mary University of London for its first postgraduate programme in aesthetic medicine, earning a Master’s degree with distinction. “With the continuous support of my family, I decided to resign from the National Health Service to work independently. It was a big step and the first of three landmarks in my career. Another was when I was offered a senior academic position in aesthetic medicine at Queen Mary University of London,” Anna Maria elaborates, adding that she has since served as the Deputy Course Lead for the university’s Master of Science in Aesthetic Medicine programme for 12 years. “And finally, we recently opened a medical facility, which was a huge investment in both premises and equipment.” Indeed, this landmark moment is just the latest in Anna Maria’s story – and, by extension, that of Doctor AM Clinics. “When I first started working independently in 2012, I

opened a small clinic. Back then, local practitioners were mostly self-taught, so my vision for the clinic was to take aesthetic medicine to a level that had never been seen in Malta before. I became affiliated with foreign universities that sought to recruit academics who would raise standards. I offered my services in keeping with these standards and, in time, brought to Malta reputable visiting professors to accredit my services,” she shares. It has been over a decade since then, and the company has expanded its service offering and employed more staff and healthcare professionals to its team, while investing in cutting-edge equipment. MediSkin Clinic, as the company was then known, quickly became a reference point for other clinics in Malta. In 2022, such was the expansion and esteemed reputation of MediSkin Clinic that it was rebranded to Doctor AM Clinics in preparation for its next step: the opening of a new purpose-built facility. “Having established MediSkin Clinic in 2011 from humble beginnings, we have paved the way in aesthetic medicine – and continue to do so. We felt it was time for some big changes,” says Anna Maria. “One of our key milestones was the transformation of a small clinic into a state-of-the-art medical centre, accompanied by our investment in acquiring first-of-its-kind equipment in Malta. We are also the only clinic on the island built to include top sanitation facilities as recommended by international standards, such as an engineer-designed air filtration system that cleans the air with bacterial and viral filters in all treatment rooms every six minutes. We strive for excellence in everything we do, so we’ve created a clinic that offers patients the most effective, evidence-based treatments, as well as maximum comfort and peace of mind.” 144

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Keeping the patient as the business’ focus reflects Anna Maria’s own work ethos. “I give my patients or clients their faces back. By that, I mean I help my clients remain as natural-looking as possible rather than change them into someone else. I get to know my clients well and remain truthful to them, to help them feel better about themselves,” she explains. “Likewise, I believe in investing in innovative equipment and technology, and instilling a culture of charitable work without fanfare, which maintains the recipient’s dignity.” As CEO and Director, Anna Maria extends these values to her team. “I encourage positivity and productivity among my staff, ensuring they are up to date with all the necessary education and training, credentials and experience,” she adds. “I’m an introvert by nature. Contrary to popular belief, you don’t need a loud presence to impress or be a better leader. I believe being introverted makes me a good listener and able to pay attention to more details than an extrovert might, which helps me reach insightful conclusions. With empathy, I gain a deeper understanding of both my team and patients – which is especially vital when working in aesthetic medicine.” Anna Maria’s philosophy is the cornerstone of Doctor AM Clinics as she leads the company through its continued evolution. In 2023, Anna Maria worked on a new business plan to incorporate the type of equipment and services she wanted to offer while investing in technology, launching the new clinic and growing the team. Nevertheless, 2023 also brought challenges, chief among them being a change in VAT regulations concerning healthcare services. “The new law, which came into effect in September 2023, obliges us to charge VAT on aesthetic medical services,” she explains. “As a founding member of the Aesthetic Physician Association of Malta (APAM), I attended many meetings on this subject, particularly about how to accommodate such a sudden price overhaul in the industry.” While 2023 marked a successful year for the Maltese aesthetic medicine market, Anna Maria shares her concerns about the local surge in unqualified practitioners. “We are seeing an increase in ‘cowboys’ who try their luck without having the right qualifications or licence to operate,” she explains. “Although there are EU regulations for aesthetic medicine, there is little local enforcement. We must ensure that these shady practices are dealt with promptly and appropriately before the local industry loses its hard-won reputation and clients’ trust.” As a key player in Malta’s aesthetic medicine landscape, Doctor AM Clinics will continue to advocate for the highest standards in the industry throughout 2024 and beyond. “We hope to use the new clinic to bring to fruition the Mediterranean Academy of Aesthetic and Regenerative Medicine over the coming year, which I had established just before the pandemic and subsequently had to delay. As always, our motivation is to provide the most innovative services for our clients, while ensuring that our brand keeps instilling trust and peace of mind in aesthetic medicine services in Malta and across the Mediterranean region,” concludes the CEO. 145

Quick-fire Questions… with Dr Anna Maria Fenech Magrin How do you start your day? Tea, skincare, playing with the dog, and checking my schedule. Are you blunt or subtle with your team? Blunt but diplomatic. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day. Is right now a good time to invest? It’s always a good time to make a well-informed investment. What’s the one goal you wish to achieve in your organisation over the next 12 months? Use the clinic’s space to its full potential and revive the Academy. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting – although video calls are efficient. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Micro. With hindsight, what would you do differently in your business? Be braver, take risks and expand earlier. Where do you eat lunch during the week? At home. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Amarone della Valpolicella wines. Your favourite restaurant (and dish) in Malta or Gozo? There are many! I enjoy dishes with local red prawns. Do you believe in business lunches? Yes, to establish a physical connection. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Walking the dog and swimming. Do you believe that you’re an introvert or an extrovert? An introvert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Geraldine Spiteri Lucas

C E O , M A LT A BUSINESS REGISTRY

“ A S A G O V E R N M E N T A G E N C Y E M P L O Y E E , M A LT A ’ S SUCCESS BECOMES YOUR SUCCESS , AND VICE VERSA .”

A L AWYE R BY PR O F E S S I O N , G E R A L D I N E S PI T E R I LU CA S WA S A P P O I N T E D R E G I S T R A R O F C O M PA N I E S A N D M A LT A B U S I N E S S R EG I ST RY C EO I N 20 2 1 . WI T H T H AT R O L E CA M E A H O ST O F R E S P O N S I B I L I T I E S R E L AT E D TO T H E OVE R A L L M A N AG E M E N T A N D PE R FO R M A N C E O F T H E R E G I ST RY, A S WE L L A S T H E ST R AT E G I C D EVE LO PM E N T A N D I M PL E M E N TAT I O N O F T H E B U S I N E S S R EG I ST E R .

As the Registrar of Companies, the powers vested in Malta Business Registry CEO Geraldine Spiteri Lucas derive from the Companies Act, as well as subsidiary legislation issued under the Companies Act and the Second Schedule of the Civil Code.

score to each and every company, we carry out on-site inspections on beneficial ownership information, and we ensure that companies are keeping their profile up-todate in case default penalties are issued and enforced through judicial means when required,” she explains, highlighting that employees are aware of the risks and the general public is aware that the MBR is one of the important gatekeepers when it comes to legal persons in this regard.

Her career within the MBR began with the position of Legal Officer with the Registry of Companies. Since then, the Registry of Companies has evolved into a standalone agency, and Geraldine was appointed Head of Legal at the Legal and Enforcement Unit before assuming the roles of Registrar of Companies and CEO.

Since her appointment, the CEO has also made her presence felt, despite the waters she needed to navigate not always being calm.

Looking back on her journey prior to her current position, Geraldine says she has witnessed a huge change in the role of the Registrar. “As a Registry, we’ve always carried out basic checks. However, nowadays, we do extensive checks, we screen all involvements, we assign a risk

“To ensure that an efficient service is offered, I segregated the Registry Unit into three teams, making certain that every team is specialised in a relevant area – whether it is the inception or closing of a company, notifications to be 146

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CEO INSIGHT “While challenges are inevitable in the everevolving business landscape, the collective efforts of businesses, governments and communities have led to stabilisation and even growth.” 147

I would not be able to fulfil my role without the Malta Business Registry’s dynamic team. Our employees are our most valuable asset, and they give their 100 per cent in whatever they do and at every level.

filed during the existence of a company, sector-specific expertise relating to shipping companies, financial services companies and PLCs, or more complex transactions like changes in currency, division, crossborder mergers, conversions, and amalgamations,” she maintains.

of the law on beneficial owners. The most rewarding moment for me was when I heard the declaration that Malta was back on the white list.”

“When you work with a government agency, Malta’s success becomes your success and vice versa,” the CEO says. “But I wouldn’t be able to fulfil any of this without MBR’s dynamic team. Our employees are our most valuable asset, and they give their 100 per cent in whatever they do and at every level.”

Geraldine also highlights her election to the Corporate Registries Forum, an association comprising more than 70 international corporate registries. “It marks the first time that Malta has had a representative on such a prestigious platform,” she explains. She expresses her pride in the fact that Malta was chosen to host the Annual Conference of the Corporate Registries Forum, welcoming nearly 200 attendees from around the world over four days last October.

Geraldine’s ethos as a leader centres on acting with passion, respect and gratitude. “You need to love what you do, your job and your employees, and to show appreciation for all the effort everyone puts into their tasks. In turn, this provides a positive customer experience to all our clients,” she maintains.

Then, in November, the team went on to launch a fully-fledged online system through which all types of commercial entities can be incorporated or dissolved online, all notifications can be filed online and all certificates from MBR’s end are also generated using a qualified signature.

And her personal ethos, the CEO believes, fits nicely with the MBR’s mission: “to provide the best possible service expeditiously and impartially to our customers, working cost-effectively with state-of-the-art facilities to incorporate companies, and to register and inspect company documents. Beyond that, we provide stakeholders with adequate, accurate and easily accessible registers, undertake effective enforcement, and maintain Malta’s global reputation as a jurisdiction of choice. And, finally, we ensure that the legislative frameworks that govern businesses are efficient, up-to-date with international standards, responsive, user and investor-friendly, and aligned with the right legislative tools to combat crime, money laundering and financing of terrorism.”

Speaking of the new online platform, Geraldine explains that, first off, MBR gave the opportunity to all company officers – together with their shareholders and company service providers or advisors – to obtain a qualified signature free of charge. “That signature is equivalent to a wet signature and therefore is recognised everywhere,” she maintains, noting that the online system provides a more efficient and unique experience to the user, allowing them to file any notifications any time they want and/or incorporate companies or file for dissolution from the comfort of their home or office.

Looking back on her landmark moments, Geraldine smiles, “when Malta was placed on the grey list, the MBR faced an action plan regarding the effectiveness 149

Furthermore, she continues, “the system will remind the user of annual notifications if penalties were imposed for late filing of documents and will provide guidance when two notifications or more need to be filed for a transaction. The system ensures that data is the same across all companies.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Against the backdrop of an ever-evolving business landscape, Geraldine remains steadfast in the crucial work carried out by MBR, also commending the business community in Malta and beyond, noting that, in the face of unprecedented challenges, businesses worldwide have demonstrated remarkable resilience, showcasing their ability to adapt, innovate and stabilise.

Quick-fire Questions… with Geraldine Spiteri Lucas

“The global business landscape has weathered economic uncertainties, supply chain disruptions and shifts in consumer behaviour, all the while emerging stronger and more robust,” she maintains, attributing this, in part, to the rapid adoption of digital technologies. “The pandemic accelerated that digital transformation, forcing businesses to embrace online platforms, remote work solutions and e-commerce. This shift allowed companies to reach customers beyond geographical boundaries, ensuring a steady flow of revenue even amidst lockdowns and restrictions.”

How do you start your day? With a short prayer to seek divine guidance to navigate my day ahead, both at work and with my family. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every month.

Furthermore, the CEO notes, businesses have become adept at diversifying their supply chains and embracing local sourcing options. “This approach has reduced the impact of international disruptions, ensuring a continuous supply of essential goods and services, with companies having also focused on sustainable practices, responding to consumers’ growing environmental concerns. By adopting eco-friendly initiatives, businesses not only contribute to a healthier planet but also appeal to environmentally conscious consumers, bolstering their market stability.”

Is right now a good time to invest? Yes, if you are confident that this will have a positive impact in the future. What’s the one goal you wish to achieve in your organisation over the next 12 months? To go paperless. Physical meeting, call, WhatsApp or email – what’s your favourite form of communication? Definitely physical meeting. Are you immune to Monday blues? Yes, every day is a new day (including Monday!).

Government interventions and support programmes have played a crucial role as well. “Many nations implemented stimulus packages and financial aid to help businesses stay afloat during challenging times. These measures provided essential lifelines, enabling businesses to retain employees, invest in technology and adapt their strategies to the changing market demands,” Geraldine affirms, stating that the business community has also displayed remarkable adaptability and creativity. “Companies have diversified their product offerings, explored new markets and redefined their marketing strategies. This flexibility has not only ensured their survival but also paved the way for sustained growth.”

Are you a macro or a micro person? Micro. With hindsight, what would you do differently in your business? Promote more technology. Where do you eat lunch during the week? At the office. I often just grab fruit between meetings. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? As boring as it may sound, my favourite drink is water. Your favourite restaurant (and dish) in Malta or Gozo? A Maltese platter, followed by fish.

Thus, collaboration and resilience have been the cornerstone of business stabilisation, the CEO says, adding that networking and partnerships within industries and communities have allowed businesses to share resources, ideas and best practices. “This collaborative spirit has fostered a sense of unity, creating a supportive environment where businesses can thrive despite adversities.”

Do you believe in business lunches? Yes, they’re a great place away from the office to share ideas comfortably. For the sake of it, a Porsche 911 or a Bentley Bentayga? Bentley Bentayga. Smart watch or a conventional timepiece? Smart watch.

In conclusion, Geraldine maintains, “the lessons learnt during these testing times have made businesses more adaptable, innovative and prepared to face future challenges with confidence. As we move forward, this spirit of resilience and collaboration will continue to be the driving force behind the stability of businesses worldwide.”

Any exercise routine? Down the stairs at home, walk to MBR’s lift… and repeat! Do you believe that you’re an introvert or an extrovert? A bit of both.

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CEO INSIGHT “There’s an inscription on the façade of the San Giacomo di Rialto church in Venice, which reads ‘…Let no one swear falsely in the market’. This isn’t a warning, but advice for merchants opposite in the Rialto market: honour and hold true to your promises. Great advice.” 152

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David Power

CEO, BNF BANK PLC

“ B U S I N E S S E S , E S P E C I A L LY F I N A N C I A L I N S T I T U T I O N S , H A V E A K E Y R O L E T O P L AY I N R E - S H A P I N G A S U S T A I N A B L E F U T U R E . ”

A S B N F B A N K ’ S C E O, DAVI D P OWE R I S D I R E CT I N G I TS R E ST R U CTU R I N G A N D EVO LUT I O N . D R AWI N G F R O M H I S EXPE R I E N C E I N R E - E N G I N E E R I N G B A N K S F R O M T H E M I D D L E E A S T T O M A L AY S I A , H E ’ S I M P L E M E N T E D P I V O T A L C H A N G E S WH I L E FO C U S I N G O N ST R AT EG I C G R OW T H . H I S E M PH A S I S O N CO L L A B O R AT I O N , C U STO M E R - C E N T R I C I T Y A N D D I G I TA L T R A N S FO R M AT I O N I S P O S I T I O N I N G B N F B A N K A S A T O P F I N A N C I A L I N S T I T U T I O N I N M A LT A .

BNF Bank is undergoing a transformation and newly at the helm as CEO, David Power, is a seasoned professional banker, whose initial foray into the financial world began in South Africa with Africa’s largest bank. His numerous leadership roles in multiple jurisdictions, while significant, were a precursor to the larger responsibilities that awaited him.

“Certainly, formulating any strategic vision today necessitates taking into account crucial factors including the recent turmoil in the global economy, regional conflicts, rising interest rates, the rise in cyberattacks, and black swan events,” David says. When delving into the pivotal moments that shaped David’s career and propelled him to his current position, a hands-on approach becomes apparent. When based in South Africa, he contributed to pioneering Priority Banking for the largest bank in Africa. He was the first corporate relationship manager to go into the Priority Banking segment as a trial and to set it up; now it’s one of the largest priority banks in Africa. He was also asked to set up an offshore banking operation for the same bank, which meant the consolidation of the bank’s assets in the Channel Islands and expanding it across South Africa.

Reflecting on his most recent transition to BNF Bank, David candidly shares, “there was a significant shift in responsibilities and expectations. Moving from a financial consulting role into banking at BNF Bank was like changing gears, but it was a journey I was prepared for.” Indeed, as he discusses his responsibilities, David quickly hammers out an extensive list: from longterm goals such as stability, growth and improving shareholder value, to risk management, corporate governance, ESG, and understanding the market. 153

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David’s professional history is largely one of being appointed to scale up or restructure. For example, during his time in Malaysia, he was asked to restructure an Islamic bank that had been loss-making for a number of years. After his first year, the bank delivered its first profits. “Another interesting facet to my life is that I am not only a Certified Islamic Banking Professional from CIIF but I am also a Certified Conventional Banker,” David states. David’s leadership style is deeply rooted in principles that prioritise open communication, collaboration, transparency, and a commitment to deliver on promises. As he often emphasises, “never promise something you can’t deliver.” This ethos is not just a personal mantra of his but is becoming ingrained in the very fabric of BNF Bank’s operations. Under his guidance, the bank has fostered a culture where decisions are made collectively, ensuring that every stakeholder’s voice is heard. “The bank has seen a change in terms of the way the leadership structure works at BNF. Whereas in the past people were not empowered to make a decision, now they are more involved in the decisionmaking process and the bank is adapting to a more ‘servant leadership’ style,” David explains. BNF Bank recognises that while the importance of planned strategic growth cannot be understated, one of David’s focuses is empowerment and communication. One such example is the scheduled open question session at their Townhalls, where any staff member can ask any question and will always receive an answer. David explains, “any staff member can ask any question they want.

“There’s no filtering that takes place and we go through a defined process. At the end of the ‘Townhall meeting’, any unanswered questions are then emailed to me and are answered within four days, by myself, via email to the entire bank,” he shares. An important element to David is being on the floor with his employees. David reflects happily, “the part that I love the most about a role like this is collaborating closely with employees. I love going out to visit the staff and the branches. I like to hear what their challenges are during their day, what issues we can help resolve without any filters. I often find that, when you sit with your staff and just listen to them, they will tell you stuff that can be really helpful.” This personal touch means that small issues can be resolved quickly, and any communication roadblocks are removed instantly. These changes for BNF come at the same time as the implementation of Phase 2 of its digital transformation, which encompasses a complete overhaul of the bank’s core banking system. David feels that this fundamental transformation will take BNF to the next level in the digital ecosystem in Malta. David comments that “despite the significant investment our shareholders are making in this transformation, the bank continues to perform and deliver sustainable returns and profits. So, you know, the business is sustainable, it’s profitable, it’s built, and it’s balanced.” However, as the market and society continue to move into the digital realm, David is acutely aware of the changing expectations of customers. He is at the forefront of ensuring that BNF Bank remains agile, adapting to the

For me, a complaint is a moment of truth. It gives a customer the opportunity to raise an issue for us to improve.

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digital age while retaining the personal touch that sets it apart. He notes, “the advancement of digital banking will redefine the relevance of physical branches. It’s about striking the right balance. Getting the right balance and expanding our channels of communication with our customers is an essential part of BNF’s success.” David feels that any challenges are opportunities: “for me, a complaint is a moment of truth. It gives a customer the opportunity to raise an issue, help us improve, and remain a client and not walk away.” Navigating the market is one of the more essential parts to the business, minimising one’s risk while also maintaining insight into the financial landscape, whether local or global. David observes the resilience of the local financial services industry, particularly in the face of global challenges. Highlighting this, he adds, “the financial services industry in Malta is fairly resilient and in spite of challenges had a relatively good year in 2023.” In relation to 2023, David also comments that Malta is in a unique situation which he hadn’t come across previously in other jurisdictions. He explains that when a central bank raises interest rates globally, the interest rates rise on both the liability and asset sides of the balance sheet. This ensures that spreads remain consistent. “In Malta, what we’ve observed is an increase in interest rates on the deposit side, while rates on home loans and personal loans have remained unchanged. This indicates an imbalance in terms of the interest rates,” David explains. BNF Bank’s growth has not been limited to its core banking services. Under David’s leadership, the bank has ventured into collaborations, reflecting its broader commitment to society. The partnership with NGO Żibel on the Xibka project stands out as an example of the bank’s dedication to environmental conservation. Such initiatives underscore BNF Bank’s mission of being more than just a financial institution – it’s a community partner. David expands on the importance of ecological practices, explaining, “sustainability is a fundamental pillar of our bank going forward, because we’re heavily involved in the community. We’re involved with several NGOs, specifically around sustainable farming, removing plastic from the oceans, cleaning beaches, clean energy, and more.” BNF is also in the process of replacing its existing car fleet with electric cars and a number of other initiatives, as David feels that there is little point in promoting sustainability if one doesn’t practise it themselves. He believes that businesses, especially financial institutions, have a significant role to play in shaping a sustainable future. David’s perspective on the future of the financial services industry, particularly in Malta, is pragmatic. He believes in the potential for consolidation in the banking sector, driven by the rising costs of regulatory compliance. This vision is not just about adapting to change but also about proactively shaping the future. As he often emphasises, “the most important aspect for BNF is landing our digital transformation and core replacement.” This commitment to digital transformation is not just about leveraging technology but also about enhancing customer experience and ensuring that BNF Bank remains relevant in an increasingly digital world. 155

Quick-fire Questions… with David Power How do you start your day? After checking emails at 4.30am, I spend the early morning with my kids before school. Are you blunt or subtle with your team? It depends on the circumstances, but I’m always honest. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month, or quarter? Probably twice a day. Is right now a good time to invest? It depends on your risk appetite. What’s the one goal you wish to achieve in your organisation over the next 12 months? Digitisation of the bank. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Maybe the Friday blues. Are you a macro or a micro person? A leader needs to be both. With hindsight, what would you do differently in your business? I’m happy with every decision we’ve taken. Where do you eat lunch during the week? I don’t. I eat fruit on the go. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? As a South African, I revere South African wines. Your favourite restaurant (and dish) in Malta or Gozo? The steak at Lore & Fitch. Do you believe in business lunches? No, I tend to be less productive after lunch. For the sake of it, a Porsche 911 or a Bentley Bentayga? Neither – with my driving, an SUV. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? I love walking. Do you believe that you’re an introvert or an extrovert? An extrovert.

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CEO INSIGHT “Always have a very qualified team working with you. You don’t have to be an expert on everything, but you need to have the capability of recruiting the right talent, with operational or technical skills. I recommend being as clientoriented as you can, as well as extremely efficient. This means you also need to understand the realities on the ground by talking to your customers.” 156

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Javier Moreno Gonzalez CEO, MAPFRE MIDDLESEA

“ WE SELL A PROMISE.”

JAVI E R M O R E N O G O N Z A L E Z B OA STS D E CA D E S O F EXPE R I E N C E I N T H E I N S U R A N C E I N D U ST RY, H AVI N G B E G U N H I S CA R E E R WO R K I N G FO R M A PF R E G R O U P I N S PA I N . T O G E T H E R W I T H H I S W I F E A N D T W O T E E N A G E C H I L D R E N , H E M O V E D T O M A LT A I N 2 0 2 1 . T O D AY , H E I S F O C U S E D O N L E A D I N G A T E A M O F SPECIALISTS INTENT ON BROADENING THEIR CLIENT-CENTRIC APPROACH.

This was his first experience taking on the mantle of CEO and, as he explains, “I still learn something new every day. My position here is a very interesting one, since I don’t only lead MAPFRE Middlesea, but I run the entity tasked with representing the MAPFRE Group in Malta too.”

When Javier Moreno Gonzalez first arrived in Malta, he was concerned about how he and his family would settle on the island they now call home. He had spent his career working for the MAPFRE Group in Spain, initially focusing on their local market and impressing his superiors over his two decades with the firm.

It’s a task he has taken on with relish. “I enjoy working with my colleagues, and collaborating with them to see how we can do things better for the future of our clients and for the business. Facing daily challenges motivates me, since I like to be involved in analysing a situation, and finding solutions for it,” he explains, admitting that he does “have the habit of becoming a little impatient when things take more time and money than I would wish.”

As a result of his hard work, he had enjoyed a series of promotions, holding responsibilities over the group’s international operations until he was, later, promoted to CEO of the Malta outfit. In 2021, he found himself moving to the EU’s smallest nation-state. “It was a different culture, a different language,” he says. “But we found the country safe and I can honestly tell you that, from a professional point of view, I received a very warm welcome from a team with whom I’m able to work very closely.”

Over the past three years, this client-centric approach has trickled down to become the firm’s 157

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Our role goes beyond the insurance business. We want to give back to society. We are, for example, very proud of the voluntary activities we embark on. the company. The MAPFRE Foundation is our major shareholder, so part of the group’s profits are invested into that stream, so that the foundation can organise community projects across the globe,” he explains, attesting that the group attempts to spearhead at least two to three initiatives per year. Last year – and as testament to this socially conscious approach – MAPFRE was involved in a number of ESG projects, including a charity football tournament, participation in Global Volunteering Month last October, a car wash day, volunteering at the Valletta Soup Kitchen, as well as fundraising initiatives for charity, and initiatives focused on elderly care. “In parallel, we promote corporate wellness among our employees – so we’ve organised a sunset walk for all the staff, as well as medicals, flu vaccines, and an eightweek weight management programme, delivered by a nutritionist on our premises.”

business ethos. “Our main slogan is ‘we care about what matters to you’ and this is what we keep in mind every time we come to the office, every single day. We want to work together with our clients, giving them the level of security and peace they need so that they, in turn, are able to focus on the other things in their lives.” Leadership in the insurance sector, in his view, must be founded on a firm knowledge of the technical intricacies of the field. “This is not an easy business, and it requires an understanding of how it all works, in its essence. We’re not selling something tangible. We sell a promise; a promise that you’ll have what you need when you’re confronted with something you’re not facing today. So, we need to have that expertise, to gain the confidence of our clients, and to gain their trust.”

Gender equality is also a priority for the firm, Javier says. “It’s central to our strategy and we have a task board to investigate the situation and consider how we can improve it.” He cites some figures to illustrate his point: “women comprise 60 per cent of our workforce, with 35 of our chief officers and 54 per cent of our heads of department being women.” The staff complement hails from 16 countries, and racial integration is also “a priority” as well as a “way of developing our business,” with “the human element at the centre of our culture and part of our DNA.”

This sense of altruism is also reflected in Javier’s desire to see the firm broaden its participation in social projects. “We do believe our role goes beyond the insurance business. We want to give back to society. We are, for example, very proud of the voluntary activities we embark on, and we encourage the team here at MAPFRE Middlesea to play their part. In other words, we don’t consider only the business aspects of 158

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Javier’s keen interest in local contexts has also resulted in new business directions. Indeed, MAPFRE Middlesea launched a new commercial home insurance policy last year. “It’s quite simple. I’m also a tenant here in Malta and I have my own landlord, so, I felt we needed to optimise what we offer our clients in terms of what’s needed on the market. Our insurance protects both the tenant and the landlord, giving both peace of mind when they enter into a rental agreement. And, of course, there are plenty of homes which are currently being rented, so we saw this as an opportunity,” the CEO attests. This year, Javier plans to lead the firm in continuing to develop their client-focused strategy, “actioning all the resources and projects to address this important goal.” To affect this, he is intent on further boosting efficiency. “We need to be more agile, more detailed in our work and more responsive. We need to be there for our clients, and we need to demonstrate that the way we’re approaching issues is constantly being reevaluated,” he explains. The firm will, he foresees, continue operating in a market context which will retain its stability. “I’m not expecting to see any major changes within the insurance sector,” he says. Despite this, he insists, there is need for data when it comes to future contingencies, particularly with regards to climate change. “There’s room for improvement here, and we need to garner information related to Malta. The island is small, and we tend to follow sources of data from other areas of the Mediterranean. But, as an industry, we need a better data model to identify what will be needed in the future and how to progress in that direction. Having said that, Malta is a developed country and there is already significant insurance protection for any catastrophic events,” he asserts. Apart from these considerations, 2024 will see MAPFRE Middlesea “adjusting our offering to the current conditions for the life business and non-life business, therefore improving our value proposition,” he continues.

Quick-fire Questions… with Javier Moreno Gonzalez How do you start your day? Early and energetic. Are you blunt or subtle with your team? 60 per cent blunt, 40 per cent subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Weekly. Is right now a good time to invest? Yes, though be selective. What’s the one goal you wish to achieve in your organisation over the next 12 months? Becoming the number one global and customer-centric insurer. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Short messages on WhatsApp, or Teams. Are you immune to Monday blues? Not completely. Are you a macro or a micro person? Macro, with a touch of micro. With hindsight, what would you do differently in your business? Move quicker from product- to customer-driven. Where do you eat lunch during the week? Mostly in my office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I love Spanish wines.

Inflation, however, will continue to be a source of concern, throughout this year. “We need to be sure this is not going to impact costs severely, since this will in turn impact our premiums. We’re trying to define the issues to mitigate the effect here, but it’s not in our control. If we observe a sustained and significant cost increase over the next few years, it will have a broad impact on the entire insurance industry. And this will be the case every time a claim is made, assuming it will become more expensive to repair a home, a car and so on,” he says, adding that the insurance sector is “part of the real economy”, with inflation and any international shifts also leaving their mark on its stakeholders.

Your favourite restaurant (and dish) in Malta or Gozo? The Waterpolo Club. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? A conventional timepiece.

Concluding, Javier insists that by the end of this year he would like to see MAPFRE positioned as the “market leader for both non-life and life insurance. But, most of all, we’d like to close 2024 having made the right steps towards providing the best quality and service in insurance in the country,” he says. 159

Any exercise routine? Padel, tennis, biking. Do you believe that you’re an introvert or an extrovert? Balanced.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Luke Vassallo

CEO, EUROCARGO LOGISTICS

“ W E A LW AY S L AY A L L O U R C A R D S O N T H E T A B L E . ”

HONESTY AND INTEGRITY ARE THE HALLMARKS OF ANY SUCCESSFUL B U S I N E S S , LU K E VA S S A L LO, T H E C E O O F E U R O CA R G O LO G I ST I C S , B E L I EVE S . A N D, A S T H E M I N D AT T H E H E L M O F A N E M E R G I N G F I R M O PE R AT I N G WI T H I N T H E F R E I G H T FO R WA R D I N G I N D U ST RY, H I S C O M M I T M E N T T O B U S I N E S S E T H I C S A N D H I S D R I V E T O E X PA N D T H E C O M PA N Y ’ S E N G A G E M E N T W I T H S O C I A L R E S P O N S I B I L I T Y A R E S E T T O P O S I T I O N T H E E N T E R PR I S E AT T H E H E A RT O F T H E S ECTO R .

Luke Vassallo, the CEO of Eurocargo Logistics, has a great sense of duty and a respectful approach to the business that he inherited from his father in 2016.

starting to develop long-lasting relationships with clients who feel they can rely on our word – even if this goes against our interests,” Luke explains.

The firm, then known as Eurocargo Freight, specialised in the handling of temperature-controlled goods, but, since Luke’s appointment to the top job, it has been rebranded under the new name and its operations expanded, transforming it into a fully-fledged freight forwarding company. Today, it boasts representative offices in most countries in the world and is able to serve a broader range of logistics requirements to its myriad clients operating in retail, wholesale and manufacturing.

He gives a practical example: “if a client has booked a shipment with us that is meant to arrive overland on a given Tuesday, for instance, but the truck breaks down en route, we will not wait to communicate this to the client. We will let them know as soon as we know, so we are still on time to offer alternative solutions. We always lay all our cards on the table.” This nimble approach keeps Luke on his toes. “You can never let your guard down. But what keeps me going is the satisfaction and appreciation we receive from clients after we’ve completed a successful shipment, and after we have built those bonds of trust with them,” he says.

“We’re pivoting closer and closer towards our customers. We work hard to foster a sense of trust in what we do, and, while we’re relatively new, this approach has meant we are 160

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CEO INSIGHT “There are certain decisions you must take on your own, so it can get a bit lonely at the top. It is very important to have a support structure around you, and I’m lucky to be surrounded by a likeminded group of people with whom I can openly exchange thoughts in complete confidentiality.”

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You can never let your guard down. But what keeps me going is the satisfaction and appreciation we receive from clients after we’ve completed a successful shipment, and after we have built those bonds of trust with them.

The firm’s dedication to customer satisfaction has been at the core of its operations from the start, and the encouraging results of 2023 have confirmed that the business is on the right track. “We’re a small company, but our ethos focused on customer loyalty allowed us to, last year, witness and enjoy results better than those we had originally projected. The last few months have treated us quite well, and we take it for what it’s worth. We live, to a degree, in the now – but we always have our eye on the horizon.” Luke would describe his role as that of a chameleon. “Since we are still growing, I handle various aspects of the business, coordinating with our drivers and warehouse packers, as well as with our clients, including business owners, and the multiple suppliers we deal with. I’m adaptable and able to communicate across the board,” he attests. These abilities have placed him in good stead, proving valuable as he transformed the family business. “When I first inherited the business, it wasn’t doing too well. We were the agents of an Italian operator, specialising mainly in the shipment of fresh and frozen goods, and we had been operational since 1999. However, I soon realised that the company needed to broaden its horizons and take a

bolder approach. I believed it had more potential, so we officially rebranded as Eurocargo Logistics and, in 20172018, we started to operate as a freight forwarding firm. Since then, we’ve streamlined the company, added more services and, effectively, turned the company inside out, looking at its strengths and flaws, to reshape it, trim it and strengthen it,” he recalls. At the beginning of the process, “it was just me and our Head of Finance,” Luke laughs. “It was a struggle even to get away with my family for a few days with the phone ringing non-stop and emails continuously coming in,” he says. Fortunately, since those early days, the team has grown, with a recruitment drive put into place towards the end of 2022. “We had some very nice surprises with the recruits we found. We consider ourselves lucky in this aspect, as the shortage of talent within the workforce is becoming a recurring and worrying problem. However, we were picky and preferred to wait a bit longer and see what was truly out there rather than simply take the first decent option we could find. This strategy has definitely paid off,” the CEO asserts. The logistics firm’s largest market remains Italy, Luke says, although the company is engaged in expanding further afield. Just last year, the firm successfully started 162

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to operate to and from sought-after markets such as China and Turkey. “As a company, we can continue to make larger strides there. The challenges in dealing with these countries include, for instance, the handling of certain commodities. Some items are straightforward – such as manufactured goods – while some might need complex customs clearance procedures, and, in those cases, you have to make sure the shipment leaves the origin country with the right paperwork.”

Quick-fire Questions… with Luke Vassallo

The firm has also recently launched an exclusive logistics consultancy arm, offering a one-stop shop to potential clients. “This idea actually came about during a meeting with a client, whom we saw grapple with the complexities of a logistics issue they were trying to solve. Instead of trying to upsell our services, we simply went through a possible solution. We saw the struggle, empathised with our client and helped guide them so that they didn’t have to worry unnecessarily. This is when we realised we could fill this particular niche. So instead of sitting across the table from our clients, we prefer to sit beside them, removing that virtual wall. We partner up with them and figure out the backend for them. In doing so, we have full visibility of their challenges and can understand better how to ease the burden,” he explains.

How do you start your day? I drop off the kids, drink an espresso, read the headlines. Are you blunt or subtle with your team? I read the room first. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly. Is right now a good time to invest? It’s always a good time. What’s the one goal you wish to achieve in your organisation over the next 12 months? Increase brand awareness.

Eurocargo Logistics is also committed to its social responsibility goals, with sustainability at the forefront of its practices. “In mid-2022, we drastically reduced the printing of paper. This was a game-changer, even in terms of our productivity.” However, the company’s engagement in this arena goes beyond in-office changes. “We support various non-governmental organisations, such as Puttinu Cares and the Malta Hospice Movement. We feel our values need to be reflected throughout the company, and these are taken up by our staff too,” he continues.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical. Are you immune to Monday blues? No! Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Be more daring.

This year, Luke is intent on continuing to improve the logistics process, and, in this regard, he sees AI as a transformative tool. “I believe that AI will significantly assist in strategic planning for technology adoption to minimise idle time and downtime, and to enhance the efficacy of processes, among others.

Where do you eat lunch during the week? Mainly at the office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? None in particular, but gin in summer and wine in winter.

The sector has always been volatile; however, he continues, it’s been particularly so post-COVID-19, Brexit and in the context of Russia’s invasion of Ukraine. “All these factors have been driving prices up and increasing delays. I believe that the freight forwarding and logistics industry has been and still is underestimated. Companies like ours are a vital link to the chain that keep the economy moving and unfortunately, as a result of the aforementioned events, we are among the first to feel the pinch of the upward pressure of prices,” he attests.

Your favourite restaurant (and dish) in Malta or Gozo? Tmun, Gozo; Caviar & Bull, Malta. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? 911, hands down. Smart watch or a conventional timepiece? Both.

In the meantime, the firm also has a ‘few spinning plates’ for 2024, with an eye on promising markets within which to expand. “We’re always looking into how to grow, so our drive over the next few months is to extend Eurocargo Logistics’ presence across local industries,” the CEO says, “thereby improving our status and solidifying our position as a logistics partner of repute.”

Any exercise routine? I train three to four times weekly. Do you believe that you’re an introvert or an extrovert? More of an introvert.

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CEO INSIGHT “In times of challenge, embrace calculated risks and strategic innovation. Prioritise a nimble mindset and data-driven decisions. Foster a culture of collaboration, empower your team to explore new avenues and never underestimate the power of continuous learning. Resilience comes from adaptability, and growth flourishes with a forward-thinking spirit.” 164

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Sharon Gauci

CEO, BURMARRAD GROUP

“EMOTIONAL INTELLIGENCE HELPS ENSURE OUR E M PLOYE E S F E E L VA LU E D, A N D A R E E N G AG E D A N D EMPOWERED TO GIVE THEIR ABSOLUTE BEST.”

E S T A B L I S H E D I N 1 9 8 4 B Y M A R I O G A U C I , B U R M A R R A D G R O U P H A S E V O LV E D FROM A LEADING IMPORTER OF USED COMMERCIAL VEHICLES INTO A M U LT I F A C E T E D P R O V I D E R O F A U T O M O T I V E S E R V I C E S , C A T E R I N G T O BOTH THE B2B AND B2C SECTORS . 2023 HAS MARKED A REMARKABLE T R A N S F O R M A T I O N A N D E X PA N S I O N A S T H E F A M I LY B U S I N E S S L O O K S T O SECURE ITS FUTURE IN AN EVER-CHANGING AUTOMOTIVE LANDSCAPE.

In the highly competitive world of business, ‘evolve or perish’ is a mantra etched in the minds of many a successful entrepreneur. For Burmarrad Group, a family business on the cusp of celebrating its remarkable 40year anniversary, recent years have certainly been the culmination of this adage. The company has undergone a strategic evolution that includes a move to a larger facility in Marsa, a comprehensive rebranding effort and an expansion into new services and offerings.

“Leading a family business has been both a privilege and a responsibility,” Sharon reflects. “My personal leadership style is deeply influenced by the principles my father instilled in me and my siblings: a strong work ethic, integrity and an unwavering commitment to excellence. While staying true to these core values, I’ve adapted my leadership approach to embrace inclusivity and collaborative decision-making.” The group’s relocation to a new facility in the Marsa Industrial Estate has played a pivotal role in its growth. It was a delicate two-week operation that required shifting staff, stock and over 600 vehicles to their new base without causing any interruption to daily operations. The move also unlocked new opportunities, such as the space to invest in new, state-of-the-art technology, including its own VRT

CEO Sharon Gauci, who has formed part of the family business since a young age, has been at the helm of this transformation. Having started from the bottom of the pyramid, she steadily ascended through the ranks of her father’s company to assume the mantle of leadership at Burmarrad Group. 165

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station. With a more diverse range of services now on offer and a central location, the company has extended its client base and effectively met a broader spectrum of needs within the automobile industry. While the company remains committed to strengthening its core pillars – including vehicle sales, leasing, rentals, and aftersales – it now offers vehicle body manufacturing and the conversion of factory vehicles that require specialised equipment, such as refrigerated vans. This particular service is a notable breakthrough as, previously, Maltese clients had to look to Sicily or Italy to secure such conversions. Now, thanks to Burmarrad Group, these transformations can conveniently take place at home. “The response to our new services has been overwhelmingly positive. Clients appreciate the convenience of finding comprehensive solutions under one roof, backed by our reputation for quality and reliability. This expansion has deepened our relationships with existing clients and attracted new partnerships,” Sharon explains.

Burmarrad Group has already earned its stripes as an authorised repairer for leading car brands Peugeot, Citroen and Opel. Moreover, the company is currently in negotiations with other local dealers, aiming to extend the same top-notch service to them. And, in 2023, the group acquired RMF, a widely recognised household name in towing and 24-hour roadside assistance services. This strategic addition not only strengthened the company’s portfolio but also brought valuable synergy, bolstered by their expertise in car repairs. The company’s diversification didn’t stop there. The team has also ventured into the tourism industry, signing a franchise agreement with American car rental giants, Enterprise, Alamo and National. Operating from Malta International Airport, Burmarrad Group now offers a rent-a-car service under these well-established brands, marking a significant expansion of its services. Despite the challenging circumstances brought on by the pandemic, a bold decision to launch these initiatives paid off. Sharon reflects on the partnership, stating, “it was certainly a risky decision to launch during the pandemic, but we felt it was necessary to get the ball rolling after we had poured so much energy into showing Enterprise that we were the best partner for them in Malta. Initially, we started with a fleet of 60 vehicles, which has since grown to 150. We also continue to earn high scores on Enterprise’s booking site, which is a great source of pride for the entire team.”

Skilled tradespeople are becoming increasingly difficult to find in Malta. We feel it’s essential to offer on-the-job training to more students who want to learn essential trades. This aligns with our broader vision of becoming a hub of innovation, where expertise is cultivated and shared openly.

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Amidst these more substantial changes, the CEO and her management team also recognised the need for a subtle but significant rebranding effort. They transitioned from ‘Burmarrad Commercials’ to ‘Burmarrad Group’, aligning their identity with the more diverse nature of their business today. The transformation extended to their visuals as well as their online presence, improving user experience and accessibility. Reflecting on the exercise, Sharon remarks: “our rebranding mirrors our forward trajectory by signalling a new era of evolution. It’s a visual testament to our commitment to staying relevant, meeting market demands and continuing to be a trusted partner for our clients’ diverse needs.” For any successful CEO, significant growth and transformation heavily rely on a dedicated and skilled team. Sharon points towards the company’s substantial investment in expanding its workforce, resulting in a doubling of its staff in the past year. She also acknowledges that her approach to leadership has evolved to better harness the full potential of her team. “I’ve come to put a lot more focus on emotional intelligence when it comes to leadership. It’s clear to me that our people are the driving force behind our success. That’s why we make it a point to have regular interactions with our team, maintain open communication channels and actively listen to them. This approach helps me to really grasp their needs and aspirations, ensuring that our employees not only feel valued but also engaged and empowered to give their absolute best. And, of course, it creates opportunities for personal growth right here within the group.”

Quick-fire Questions… with Sharon Gauci How do you start your day? Espresso and good morning exchanges with my team. Are you blunt or subtle with your team? Straightforward yet understanding. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week. Is right now a good time to invest? If the opportunity is right, yes. What’s the one goal you wish to achieve in your organisation over the next 12 months? Steady growth and lowering costs. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Face-to-face. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Learning to be macro.

In this vein, the group has launched the BG Training Academy, which offers free training in diverse areas, spanning specialised trade skills, leadership development and personal enrichment. Sharon notes: “skilled tradespeople are becoming increasingly difficult to find in Malta. That’s why we feel it’s essential to offer on-thejob training to more students who want to learn essential trades. This aligns with our broader vision of becoming a hub of innovation, where expertise is cultivated and shared openly.”

With hindsight, what would you do differently in your business? Nothing, just find ways to improve on what we do. Where do you eat lunch during the week? In the company canteen. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? French white wines.

The past few years have certainly been a whirlwind of activity for Burmarrad Group. While the team has comfortably settled into their new Marsa headquarters, their journey of diversification and expansion is far from over. There are exciting ventures into real estate projects on the horizon to offer more comprehensive services that go beyond automotive services. And, with the company’s growth, Sharon explains that the management team is proactively bolstering its corporate governance by introducing nonfamily members onto the board of directors. This strategic move acknowledges the increasing complexity and diversity of their current business landscape. “In 2024, our drive remains rooted in innovation, adaptability and sustainable growth. We intend to harness our expanded services, technology integration and strategic partnerships to further solidify our position as an industry leader,” she concludes. 167

Your favourite restaurant (and dish) in Malta or Gozo? There are plenty. Do you believe in business lunches? Yes, but I don’t always find the time. For the sake of it, a Porsche 911 or a Bentley Bentayga? Bentley Bentayga. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? None at all. Do you believe that you’re an introvert or an extrovert? Both, depending on the situation.

MaltaCEOs 2024

Mantvydas Matthew Narusevicius THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

FOUNDER AND MANAGING DIRECTOR, W F D M LT D

“ I F O L L O W M Y H E A R T A N D M Y PA S S I O N , B U T N O W I C H A N N E L T H A T PA S S I O N I N T O M A K I N G A P R O F I T F O R T H E C O M PA N Y , A S W E L L A S F O R E V E R Y O N E W O R K I N G I N I T . ”

W F D M LT D L A U N C H E D A S A T R A N S P O R T A N D C A T E R I N G P R O V I D E R I N 2 0 2 0 – J U S T A S T H E C O V I D - 1 9 PA N D E M I C S H O O K T H E G L O B A L B U S I N E S S L A N D S C A P E . B U O Y E D B Y I N C R E A S E D D E M A N D , T H E C O M PA N Y E V O LV E D I N T O O N E O F M A LT A ’ S M O S T S I G N I F I C A N T R E C R U I T M E N T A G E N C I E S . S I N C E T H E N , W F D M LT D H A S E X PA N D E D I N T O C Y P R U S A N D T H E E N T R E P R E N E U R I A L F L A I R O F F O U N D E R M A N T VYDA S M AT T H EW N A R U S EVI C I U S CO N T I N U E S TO L E A D I NVE ST M E N T I N T EC H O PP O RTU N I T I E S T H AT PR O M I S E TO R E S H A PE T H E B U S I N E S S WO R L D.

Much like the company he founded, the career journey of WFDM Ltd Managing Director Mantvydas Matthew Narusevicius has been nothing if not diverse.

a school of economics in Denmark, he felt compelled to reject the offer and instead pursue the opportunities he saw emerging in the real-world business market.

A family trip to the UK from Lithuania at the age of 15 inspired a move to work alongside his uncle in the construction industry. But when he was offered a place at

“I worked in hospitality, promising my family that I would be studying instead – when in fact it took me six years to actually start my studies!” says Matthew. “I loved the 168

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CEO INSIGHT “I’m always interested to see how the world is moving. Everyone today wants an easy, fast solution to everyday problems; a solution that’s only a click away. I believe that the e-commerce market is one to watch, especially for products that make life more comfortable for a targeted customer demographic who would use them for a specific niche. This requires critical thinking, foresight and listening to dynamic demand – but the opportunities in this sector are countless.” 169

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We’re investing in Doup and MS Smart Software Solutions, as I foresee that both these innovations will disrupt the world market in terms of connectivity. I firmly believe Doup chat will one day kill WhatsApp. hospitality, however, when the owner offered him the lease. Joining forces with a chef, Matthew opened Foam & Fork, eventually expanding to three outlets before he sold his share of the project to his partner – but this time, not before another ambitious opportunity had presented itself. “I had been working at the Gzira outlet when someone from Wolt approached me to include the restaurant on Wolt’s food delivery platform. I proposed partnering as a new company, so I could oversee the logistics of Wolt delivery service,” he recalls. Diving in head-first without experience in the field, Matthew’s first hurdle came while on holiday, when the onset of the COVID-19 pandemic sent the world into lockdown. “The company was set to launch once I had returned to Malta – but since I was stuck in Mexico due to the pandemic, WFDM Ltd had to launch from there!”

challenging dynamic of hospitality, in which I learnt the sales trade, as well as how to overcome difficulties and obstacles. I was always eager to be the best and to grow, and eventually I worked in top-notch catering establishments. The hospitality sector built who I am today.” True to form, Matthew’s choice of subject when he at last ventured into studying spoke of his taste for diversification: rather than hospitality, he graduated from the University of Middlesex in 2017 with a First Class Honours in Accounting and Finance.

Initially running every aspect of the company solo – from marketing to accounts and even motorcycle maintenance – Matthew quickly expanded the team and led by example. “The people make the business. We now employ more than 300 people, while around 5,000 globally are dependent on the company’s success. I feel a responsibility to grow the firm to ensure that our people can feed and support their families. That is the lot of a leader, of a CEO. In every company decision and every financial investment, I still follow my heart and my passion, but now I channel that passion into making a profit for the company, as well as for everyone working in it.”

“At that stage, I was simply following opportunities and money-making prospects, so I applied for accounting jobs in London. I sent over 2,000 CVs and attended over 50 positive interviews with top firms, but my instinct said not to pursue those jobs. So instead, I bought a ticket to Malta and accepted a job with Apex Fund Services Ltd. I learnt then that if you follow your heart, the money will come. I worked in Malta until I had the feeling it was time to resign, without any immediate plans or savings. But I chased that feeling, anyway.”

Although WFDM Ltd began as a transport and catering provider in 2020, the pandemic catalysed an unprecedented influx in demand, which opened the door to another growing business need: recruitment. Spotting the potential, with many people losing their jobs and employers struggling to recruit, Matthew channelled the company’s

Despite having several exciting business ideas, Matthew received just as many funding rejections, prompting another sideways move into real estate. A chance coffee break at a Marsascala restaurant inspired a return to 171

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growth into establishing a recruitment arm. “Although we were a logistics firm, I saw that WFDM was holding hundreds of interviews per day, both in person and online. It was clear we were already moving towards recruitment, so we got licensed as a temping agency to focus on this aspect of the business. There was a gap in the market for a high-quality recruitment agency that could connect top talent with the best job opportunities, and I was determined to fill it.”

Quick-fire Questions… with Mantvydas Matthew Narusevicius

With WFDM Ltd’s signature passion, hard work and dedication to exceptional customer service, Matthew has since led the team towards becoming one of Malta’s largest and most successful recruitment agencies, even expanding into Cyprus in 2021 as WFDM Holdings Ltd, disrupting the market there as it had done in Malta. The company’s steady upward trajectory and ongoing growth have also created further opportunities for diversification. “We are soon to invest in two new tech businesses – the first project in which we are not partnering with another entity. We’re investing in Doup and MS Smart Software Solutions, as I foresee that both these innovations will disrupt the world market in terms of connectivity. I firmly believe Doup chat will one day kill WhatsApp.”

How do you start your day? Coffee, cigarette, coffee, cigarette. Are you blunt or subtle with your team? To be honest, I’m a micro-manager! Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day. Is right now a good time to invest? Yes. Even better, though, is yesterday. What’s the one goal you wish to achieve in your organisation over the next 12 months? Further investment (except in cryptocurrency).

Doup offers a clever – and greener – alternative to the traditional paper business card. Its product range is equipped with hyper-flexible NFC technology, a dynamic QR code and a user-friendly platform, to make managing professional connections quick, easy and memorable. Meanwhile, IT service provider MS Smart Software Solutions was founded in 2021, specialising in developing web-based business portals and mobile applications to solve key business issues for top clients in Malta and across the globe.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? WhatsApp (until Doup chat overtakes it). Are you immune to Monday blues? Every day is Monday. Are you a macro or a micro person? I’m micro in management, but I’m a macro person.

As the business continues to diversify, so do the challenges of Matthew’s multifaceted role – as represented by his unique office set-up. “I have four different screens open and running on my desk, with the fifth being my laptop. I’ve always wanted to bite into a huge slice of the business pie, and each of these screens represents a piece of it. But as a human being and a father of two, I have had to reconcile myself to the fact that my mouth is sometimes not as large as the slice of pie I want to bite into. My role is interesting, challenging and I’m never bored – but, still, I always make time to watch SpongeBob SquarePants with my son. My biggest hobby, and my biggest priority, is my family.”

With hindsight, what would you do differently in your business? Nothing. Where do you eat lunch during the week? I only eat lunch when I get the chance! What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Ta’ Betta Wine Estates in Siġġiewi. Your favourite restaurant (and dish) in Malta or Gozo? The chicken dish at ION Harbour by Alex Dilling.

While 2024 will bring more diversification and internationalisation, Matthew – and by extension, WFDM Ltd – intends to become more specific in terms of choice of ‘pie’ over the year ahead. “Beyond our focus on Doup, MS Smart Software Solutions and other technological investments, we also rent motorcycles through WFDM Rentals, link project managers and tradespeople in the construction industry through Property Management Ltd, have started a marketing arm of the business to cover our PR in-house, while also continuing our Wolt delivery service and recruitment agency. It’s a lot, and I am saddened to have to turn down new business opportunities. But I’m only one person and physically can only achieve so much in a day. That said, this is also an opportunity for growth, so we are excited to focus on the slices of pie that we have, to taste every bite and to grow and nurture them even more,” Matthew concludes.

Do you believe in business lunches? No. You either talk or you eat. For the sake of it, a Porsche 911 or a Bentley Bentayga? A 1982 Porsche 911 – but a 1958 would be even better. Smart watch or a conventional timepiece? Conventional. Any exercise routine? Coffee, cigarette, coffee, cigarette! Do you believe that you’re an introvert or an extrovert? Since founding WFDM, I’m an introvert.

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INSIGHT

“If you are not perceived as a competent and caring CEO, you will not be an effective CEO.”

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Karen Muscat Baldacchino

C E O , M A LT A FO U N DAT I O N FO R HUMAN RESOURCES DEVELOPMENT

“ I T ’ S PR O D U CT IVE TO F E E L J OY AT T H E WO R K PL AC E .”

A P P O I N T E D C E O O F T H E M A LT A F O U N D A T I O N F O R H U M A N R E S O U R C E S D EVE LO PM E N T ( F H R D ) I N L AT E 20 2 1 , KA R E N M U S CAT B A L DACC H I N O’ S B AC KG R O U N D L I E S I N EVE N T O R G A N I S AT I O N . S H E VI EWS H E R R O L E AT THE HELM OF FHRD AS THE PERFECT CHALLENGE, UTILISING ALL THE EXPE R I E N C E S H E H A S G A I N E D TO S E T A N D D R IVE T H E O R G A N I S AT I O N A L VI S I O N A N D O PE R AT I O N A L ST R AT EG Y O F T H E FO U N DAT I O N .

Prior to her current position, Karen spent several years working at a top local venue, organising events – an experience she says enabled her to grow as a person, progressing from Junior Executive to Sales and Marketing Manager over a number of years. Eventually, it was time for a change. “I needed a new challenge, so I decided to go back to school and obtain my MBA. When the FHRD opportunity came along, I connected with the role immediately,” she reveals.

“I encourage maximum dedication and performance at the Malta Foundation for Human Resources Development (FHRD),” says Karen Muscat Baldacchino, who has been at the helm of the foundation since late 2021. She emphasises the importance of empowering her small yet dedicated team, rather than controlling them. “Micromanagement is not my style,” she smiles. “I strongly believe that this increases job satisfaction and commitment.” 175

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The main aim of the FHRD is the promotion of the development of human resources in Malta, Karen explains, affirming that “Malta’s richest resource is its people.” Since taking the reins, the foundation has grown and developed, and today comprises five main branches. The first is the Association of HR Practitioners, through which member organisations receive an attractive set of benefits and can keep abreast of the foundation’s numerous happenings and offerings. The FHRD also organises a series of seminars and provides its own set of accredited professional training programmes. Moreover, it’s an authorised promoter for the University of Leicester, which offers academic programmes in several fields. Then, the CEO continues, there is the HR Quality Mark, a standard developed by FHRD that acknowledges organisations for their effective HR practices. “The aim of the HR Quality Mark is to recognise organisations that place HR at the centre of their business through the implementation of various policies and strategies,” she maintains.

Looking back on 2023, Karen describes it as a very good year for the FHRD, highlighting increases in the number of students enrolling in the foundation’s programmes and of organisations joining as corporate members. “I find great satisfaction in witnessing the enthusiasm of our members as they collaborate with us,” she smiles, noting that the team also developed two new work resident programmes and organised several events throughout the year, with the annual conference being the largest in attendance to date. Speaking of opportunities created – both for the FHRD and the Maltese HR community – she points to numerous collaborations with members on events, dealing with a wide range of subjects, from how to approach employees with addiction difficulties to addressing shortages in the talent market. “It is very important to us to create opportunities for people to speak out and voice their concerns,” Karen affirms.

This all culminates in the FHRD’s annual HR conference, during which the foundation tackles relevant concerns and topics for the HR professional and which, last year, saw the launch of its new membership project. “The professional membership scheme,” Karen explains, “allows HR professionals to be recognised by the FHRD for their individual level of competence in HR,” and forms part of the FHRD’s mission to set the national standard on the development of human resources on the island. “The scheme is three-tiered: the Associate Level (aimed at junior and mid-level professionals), the Fellow (aimed at senior HR professionals), and the Student membership, because we believe it is equally important to invest in students who are the future HR professionals,” she continues.

I want FHRD to be the true thought leader in every aspect related to HR.

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Meanwhile, the team also embarked on an extensive exercise to revamp the HR Quality Mark, the CEO says. “We have updated it and are now evaluating organisations on six content areas, namely strategy, talent, engagement, career, efficiency, and relations. The outcome has been very successful.” Looking ahead at her plans for this year and beyond, Karen says that her aim is always to add value for FHRD’s corporate members, so her focus will continue to be on finding the best ways to do so, while raising awareness of the value that comes with the new membership scheme. Meanwhile, she continues, “I would like to see more students completing their studies with us next year, either through our programmes or the University of Leicester. We have also partnered up with the Academy to Innovate HR (AIHR), based in the Netherlands, and I hope that more individuals will register for their programmes. Indeed, as a result of this collaboration, students enjoy discounted rates.”

Quick-fire Questions… with Karen Muscat Baldacchino How do you start your day? I removed my thyroid a couple of years ago, so the first thing I do is take my medication. Are you blunt or subtle with your team? Very blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly. Is right now a good time to invest? I will refer to investment in the HR profession and, yes, it is definitely a good time.

In 2023, FHRD also joined the European Association for People Management (EAPM), which is a network within the EU that addresses human resource management. “FHRD now represents Malta in this association and, through it, I hope to bring even more value for our members,” she shares, adding, “there are a lot of opportunities for us within the HR field – the most critical factor is to address them and to listen to the feedback we receive, so as to continue to offer value.”

What’s the one goal you wish to achieve in your organisation over the next 12 months? A successful professional membership scheme. Physical meeting, call, WhatsApp or email – what’s your favourite form of communication? Nothing beats personal contact, though online is very convenient. Are you immune to Monday blues? I am!

Lamenting on a tricky few years for the business community due to the pandemic, Karen highlights one silver lining: COVID-19 has given renewed importance to HR. “The pandemic has expanded the role of HR,” she posits. “If HR didn’t already influence the C-suite before the pandemic, it does now. HR teams operated in crisis mode for much of 2020 and the first half of 2021, figuring out how employees could work from home, trying to provide extra mental and physical health support, and working more than ever on C-level strategies for keeping their organisations functioning. As the dust continues to settle and companies adjust to a new normal, the role of HR has fundamentally changed.

Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I struggle to answer this, as there is always a reason behind every decision, though I acknowledge that there is always room for improvement. Where do you eat lunch during the week? I prepare my own healthy, simple meals. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I love red wine, and my favourite is Chateauneuf-du-Pape. As for whisky, I like Chivas. Your favourite restaurant (and dish) in Malta or Gozo? A juicy fillet steak at Sciacca Grill in Valletta.

“Indeed, in this era of flexible work and evolving challenges, HR professionals are faced with the opportunity to define and develop new skills and processes to meet changing expectations effectively, with the ultimate aim of ensuring that a company’s human capital is seriously engaged, inspired and committed. It’s productive to feel joy at the workplace,” she contends.

Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? I had to look up both of them, but I think the Bentley is more my style! Smart watch or a conventional timepiece? I don’t wear a watch.

This, of course, correlates perfectly with FHRD’s mission in 2024: to reaffirm itself as the leader in HR development locally. “We aim to be a recognised body for developing standards in the advancement of the HR profession in Malta, and I want FHRD to be the true thought leader in every aspect related to HR,” the CEO concludes.

Any exercise routine? Circuit training three times a week, early in the morning. Do you believe that you’re an introvert or an extrovert? I’m more of an extrovert.

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CEO THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

INSIGHT

“Always follow your dreams and never give up. Never say you can’t do something, or that you don’t have time. It’s not true you have no time; you can do it all if you truly want it.”

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Judith Galea

MANAGING DIRECTOR, N AT I O N A L I N S U R A N C E BROKERS

“ W E ’ R E A LW AY S B Y O U R C L I E N T S ’ S I D E . ”

N AT I O N A L I N S U R A N C E B R O K E R S WA S E STA B L I S H E D J U ST S I X YE A R S AG O, I N 20 1 8 . B UT, I N T H AT S H O RT T I M E , I TS FO U N D E R A N D M A N AG I N G D I R E C T O R , J U D I T H G A L E A , H A S S T E E R E D T H E F I R M T O E X PA N D , O P E N I N G FO U R B R A N C H E S WH I C H S E R VE C L I E N TS AC R O S S TOWN S N AT I O NWI D E , A S WELL AS A HEAD OFFICE SPECIALISING IN THE COMMERCIAL INSURANCE SECTOR. THIS YEAR, SHE’S INTENT ON CONTINUING TO POSITION THE C O M PA N Y A S T H E I N S U R A N C E B R O K E R O F C H O I C E .

Agency, when the firm was still a small, five-person team. Judith proved to possess a natural affinity for the sector. “When you work in insurance, there’s no set routine. It’s a very vast subject and you need to stay updated; you need to keep on learning. Every case and every risk is different, so my days are filled with lots of different scenarios, diverse claims and requests. I never get bored in insurance and I love meeting clients, so that’s always been the highlight of my day. I’m very much a people-person,” she says.

Judith Galea possesses an energy that is infectious. The Founder and Managing Director of National Insurance Brokers, which she set up six years ago – the culmination of decades of experience in the sector – attributes the company’s buoyant growth to her unwavering determination to never stand still and to “never give up”, as she asserts. “I get involved in a lot of things and, as Managing Director, I take a very hands-on approach, since I like to keep in touch with clients – they motivate me. So, as you can imagine, my mobile doesn’t stop all day,” she laughs.

Over the years at Allcare, Judith proved herself in every department across the agency, taking exams to further her qualifications in insurance until becoming an Associate of the Chartered Insurance Institute UK, and eventually becoming CEO when she was just 30 years old – all while bringing up her son, who was joined by another boy a few years later. “I sat one of my exams a week before my second son was born,” she recalls. Yet, even while those early years

Judith began her career as a young, single mother and, perhaps, this dynamic start set the tone for the years that followed. “I became a mum at 17, yet I had the energy and the drive to study. I’m a very ambitious person, and I wanted to build a career.” She started working in the insurance sector just one year after giving birth, at Allcare Insurance 181

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Work is personal. I believe, in business, we must have honesty, integrity and trust. I need my clients to trust us to act in their interest. do, or a product they represent, which is what an agency would do. We operate as an extension of the client but possess knowledge of what’s on offer across insurers. This helps us cater for more complicated scenarios, as well as be a trusted partner to our long-standing, and loyal, clients.” were challenging, Judith held the reins tightly and, as CEO, oversaw Allcare’s transformation into one of the island’s largest agencies and, later, its evolution into a fully fledged insurance company. Never one to rest on her laurels or slow down, Judith made a move to MAPFRE Middlesea, where, after four years, she became the Chief Officer of the Commercial Department, handling high-profile clients for the company. Then, in 2018, she decided to branch out on her own, establishing National Insurance Brokers to fill a niche in the market – that of providing access to all the possible insurance solutions both in the local and international markets, thereby prioritising clients’ best interests and offering tailored insurance solutions. “Our primary goal is to help and understand the client – even in the claims process, for instance – as well as, essentially, handling all their insurance requirements,” she shares. “As a brokerage service, we can do this because we provide the best solution that represents our clients’ interests, rather than simply offer them products we have in-house, which is what an insurance company would 183

Today, the brokerage firm – which started from Judith’s kitchen table – boasts 24 employees, spread across a head office in Santa Venera, as well as four branches in Rabat, Birkirkara, Marsa and, as of last year, Ħal-Għaxaq. “The profile of each office is different. Our head office caters mostly for our large commercial clients, such as hotels, contractors, marine risks, and other businesses. The branches, on the other hand, mainly cater for individual clients, and focus more on home and motor insurances. This demarcation of roles has supported our growth, since it’s helped us to ensure a targeted and personalised approach,” she explains. However, National Insurance Brokers has also been moulded in the image of Judith herself, with her values permeating through the firm. “Work is personal. I believe, in business, we must have honesty, integrity and trust. This is vital for us, working in this sector, since insurance isn’t something tangible. Thus, I need my clients to trust us to act in their interest. We’re always by our clients’ side. Much like myself, my team places a high value on honesty and integrity – we’re honest with those we’re working with. We tell them the truth, even if it doesn’t suit us and this has always paid off.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Indeed, as a business leader, Judith insists that you should “never just look at the bottom line, since you can miss a lot.” This approach has led to company growth: “we’ve grown, not through advertising, but through word of mouth and client referrals,” the MD attests. Last year’s results were, consequently, “better than projected”, even though the market was tough. “Since COVID-19, it’s been much harder to operate in the insurance business, since insurers are being more selective about the risks they take. Premiums are increasing considerably and, yet, we have an obligation to present our clients with a better deal once their contracts come up for renewal. And this is what we’re committed to doing.”

Quick-fire Questions… with Judith Galea How do you start your day? In silence.

Moreover, the health of the company can also be attributed to the diverse markets it’s expanding within, including marine insurance products, covering not only small pleasure crafts, but also commercial and larger passenger vessels, specialised marine risks and crew risks. “This is a very complex line of business and, despite our connection to the sea, the local market is very limited, principally catering to smaller boats. As an island, the sea is integral to our operations, so this sector is growing. However, it presents more convoluted sets of risks, which may require a combination of solutions – some of which might not be available here in Malta. This is where we come in, since we’re able to source what’s needed from abroad.” Judith also credits the growth of the firm to her staff, whom she describes as “the biggest asset the company possesses. In our business, you need people with the right technical skills, and the right attitude,” a combination she feels she has managed to attain through the careful selection of a strong and competent staff complement.

Are you blunt or subtle with your team? Blunt, but subtly. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly, but I stay attuned daily. Is right now a good time to invest? Perhaps in property for rent. What’s the one goal you wish to achieve in your organisation over the next 12 months? More digitisation. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting or call. Are you immune to Monday blues? Yes, I actually like Mondays. Are you a macro or a micro person? A mixture of both.

Looking ahead to the rest of this year, Judith expects the insurance sector to open up further. “We believe and hope that prices will stabilise and there will be more opportunity to provide for specialised risks.” The plan for the next few months is, indeed, to “keep growing healthily, and to try and market new covers which are emerging on the market.” These include insurance policies covering cyber risks, as well as liabilities associated with holding directorship positions in companies. “We’re in the risk business and, fortunately for us – although unfortunately from a societal point of view – we do see an increase in these areas of concern,” she says.

With hindsight, what would you do differently in your business? Nothing. Where do you eat lunch during the week? In the office canteen. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Wine from the Southern Rhône Valley. Your favourite restaurant (and dish) in Malta or Gozo? My favourite dish is rabbit stew and favourite restaurant is Tora.

Meanwhile, she is worried about the lack of human resources in Malta. “We just don’t have the people on the island, and the whole industry needs to start taking this issue seriously,” she asserts, stressing that the country could be “facing a brain drain,” if this is not addressed. “It’s useless growing, if you don’t have the people to do so,” she asserts.

Do you believe in business lunches? Absolutely. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? A conventional timepiece.

Despite the challenges, Judith’s passion for the sector remains unwavering, so much so that her son has also decided to forge a career within it and become a part of National Insurance Brokers’ dedicated team. And it is this irrepressible verve which motivates Judith to keep assisting her clients so that they “always feel we are by their side,” she smiles. “We are passionate about helping our clients, offering them solutions and building relationships. And, this year, we plan on persisting on this journey.”

Any exercise routine? Does walking to the photocopier count? Do you believe that you’re an introvert or an extrovert? Extrovert.

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Anita Mifsud

C E O, S WA N LAUNDRY & DRY C L E A N C O . LT D

“ M Y P R I O R I T Y I S T O S W I F T LY T R A N S F O R M T H I S PL A N T I N TO A STAT E - O F -T H E -A RT FAC I L I T Y.”

D E S C R I B I N G H E R S E L F A S E N T E R PR I S I N G , A N I TA M I FS U D, WH O A S S U M E D T H E R O L E O F C E O AT S WA N L AU N D RY & D RY C L E A N I N O CTO B E R L A ST YE A R FO L LOWI N G A L M O ST A D ECA D E AT T H E H E L M O F M A LT A F A I R S A N D C O N V E N T I O N S C E N T R E ( M F C C ) E X P L A I N S , “ I A P P R O A C H E V E R Y T H I N G A S A C H A L L E N G E , C O N S T A N T LY S E E K I N G W AY S TO E N H A N C E B U S I N E S S O PE R AT I O N S A N D M OT IVAT E T H E WO R K FO R C E .”

After spending several years at Methode, Anita recalls when the President of the Federation of Industry approached her to help set up the company at the Malta Fairs and Conventions Centre as it embarked on the move from the Trade Fair Centre in Naxxar to Ta’ Qali. Reflecting on that period, she notes, “it was my first time working with a local company, and it proved to be a very interesting start. Unfortunately, it didn’t last long as I didn’t feel it was the right fit at the time.”

Anita Mifsud’s latest shift in industry represents a new chapter in a career characterised by challenges and milestones, which the CEO looks back on fondly. Originally hailing from the automotive industry, Anita began her journey with US company Methode Electronics, where she worked her way up to focus on business reengineering, optimising and cost-saving processes. “The automotive industry is very competitive, and I worked with prestigious customers like Aston Martin, McLaren, Rolls Royce, Ford, and General Motors,” she recounts with a smile.

Subsequently, after deciding to temporarily leave the country, Anita went on to spend some time in Dubai, pursuing a degree in Exhibitions and

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CEO INSIGHT “I believe in people – your people can make you or break you. I like to make sure that my vision is shared by every member of the company. I set objectives, and don’t like to drag my feet. I’m also a very determined person. If I set my mind to something, then by hook or by crook, I will do it – and this is reflected in our workforce.”

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As one of the leading laundries on the island, our commitment is unwavering – we strive the Management of Events while also gaining valuable industry experience. Upon her return to Malta, she joined OK Ltd, contributing to the set-up of various business areas. Eventually, she was called back to Methode to oversee the establishment of a manufacturing company in Egypt.

to consistently deliver an excellent product to our clients.

“This was particularly challenging because it was during the time of the revolution in Egypt,” Anita reveals, describing it as a huge learning experience. It was during her second year in Egypt that she was asked to return to the Malta Fairs and Conventions Centre back in Malta, this time as CEO. “I was a bit hesitant initially due to my previous work experience locally, but recognised it as a good opportunity for my career development,” she admits. “It was a big change, and an extremely big challenge, given that MFCC had undergone various changes in shareholding and organisational structure. My mission was to elevate this centre to operate on par with international institutions. We implemented extensive changes, ranging from processes to revenue streams, secured numerous back-to-back business deals and successfully repositioned MFCC on the radar,” she adds with a sense of accomplishment. 189

Looking back on the experience as an uphill battle, Anita reaffirms her belief in the concept, and is pleased with the trajectory, noting that “even after the pandemic, we had a good strategy and managed to save our workforce. 2022 was our reward – as the best year in the history of the MFCC.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

2023 was a good year too, and it was then that Corinthia asked Anita to take on yet another challenge, after almost 10 years at MFCC – as CEO at Swan Laundry & Dry Clean, which has been in the laundry industry for over 30 years. At Swan, her task is to implement an investment plan which will bring this plant into state-of-the-art territory, using automated processes and new technology – and, as ever, Anita seized the opportunity.

Quick-fire Questions… with Anita Mifsud

Delving into the intricacies of the business, the CEO explains that Swan Laundry & Dry Clean operates across two distinct domains: the hospitality sector and the domestic sphere. On the hospitality front, the plant caters to the laundry and linen needs of the local hotel industry, processing an astounding 20 tonnes of washing daily.

How do you start your day? I make tea for my husband. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day.

“We deal with very large volumes, so enhancing equipment and efficiency will yield significant improvements. This is where my business engineering background and industry knowledge from my years at MFCC come into play,” she smiles. Despite her relatively brief tenure in the role, Anita has already formulated plans to expand the business into other areas, including housekeeping and landscaping. Clearly, there is a multitude of exciting developments underway.

Is right now a good time to invest? Yes. What’s the one goal you wish to achieve in your organisation over the next 12 months? Be sustainable. Physical meeting, call, WhatsApp, or email – what’s your favourite form of communication? Face-to-face.

“My priority is to swiftly transform this plant into a stateof-the-art facility. Given the rapid pace of technological advancements, we cannot afford delays. Simultaneously, sustainability takes precedence as a key focus. By aligning with the green vision of the restaurants and hotels we serve, we aim to integrate seamlessly into our stakeholders’ sustainability strategies,” Anita shares.

Are you immune to Monday blues? I’m immune. Are you a macro or a micro person? Micro. With hindsight, what would you do differently in your business? Involve the workforce more.

Reflecting on the business landscape in Malta and its resilience in the face of global challenges, Anita expresses optimism, noting “Swan normally goes on shutdown during the months of September and October but, last year, business did not slow down. The high occupancy rates reflect the stability of the sector on the island. There’s a lot of activity after COVID-19 – we just need to remain grounded and always be prepared for any unforeseen developments.”

Where do you eat lunch during the week? At my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I like white wine, and gin and tonic. Your favourite restaurant (and dish) in Malta or Gozo? La Vela in Malta and the restaurant at Ramla Bay in Gozo – they do good rabbit!

Directing her attention to the future, Anita has her hands full with Swan’s ambitious investment plan, which has begun with the reorganisation of certain aspects of the business and “a lot of feasibility work,” she shares.

Do you believe in business lunches? Not really.

“As we provide a service seven days a week and have no plans for premises relocation, we are currently drafting a detailed project plan on the installation of new equipment without interrupting our laundry operations. The endeavour is both challenging and exciting, and we anticipate a growth in revenue in 2024. We are not going to wait until 2025 to see results,” she asserts, emphasising, in no uncertain terms, “as one of the leading laundries on the island, our commitment is unwavering – we strive to consistently deliver an excellent product to our clients.”

For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche. Smart watch or a conventional timepiece? Smart watch. Any exercise routine? I like cardio and swimming. Do you believe that you’re an introvert or an extrovert? I can be a bit of both!

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CEO INSIGHT “Unlocking success in business often hinges on the courage to trust your gut and act swiftly while surrounding yourself with top talent to strategically lead your team.” 192

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Katrina Attard

C E O , PA N T A GROUP

“ O U R W H O L E E T H O S R E V O LV E S A R O U N D O U R S T R O N G E T H I C A L C O M PA S S A N D C O R P O R A T E G O V E R N A N C E . ”

A S A T H I R D - G E N E R A T I O N F A M I LY C O M PA N Y E S T A B L I S H E D I N 1 9 6 0 , PA N T A G R O U P – P R E V I O U S LY K N O W N A S PA N T A L E S C O – I S F O U N D E D O N A C H E R I S H E D L E G ACY, PR OVI D I N G B U I L D I N G E N G I N E E R I N G S E R VI C E S I N A N E V E R - E V O LV I N G C O N T E X T . T O D AY , A F T E R T W O - A N D - A - H A L F Y E A R S A S C E O , KAT R I N A AT TA R D I S D E T E R M I N E D TO K E E P ST R E N G T H E N I N G T H I S H E R I TAG E , W H I L E A L S O C O M M I T T E D T O P R O P E L L I N G PA N T A I N T O T H E F U T U R E .

New chapters are hard to write. But, for Katrina Attard, the CEO of Panta Group – a third-generation family business established 64 years ago – they are necessary if a heritage firm is going to thrive in constantly shifting terrain.

ahead of the competition, today, and in the long term. One of these was to establish a new board of directors, incorporating professional members, to boost the available range of expertise.

“We have a clear vision, centred on sustainability and innovation as our two core pillars,” Katrina says. And these are not just buzzwords. “Ultimately, what this means is creating empowered people and fostering creative minds. Thus, we invest heavily in our team, and in our customers.”

“A fundamental transformation began with the very foundation of the company,” Katrina attests. The appointment of a new board of directors during this phase also saw the addition of independent nonexecutive directors, thereby bolstering corporate governance and infusing a fresh perspective into Panta’s strategic direction. “Our whole ethos revolves around our strong ethical compass and corporate governance.”

Environmental, social and governance (ESG) principles lie at the heart of Panta’s future-focused drive. Indeed, last year the building engineering services firm – which provides electrical, mechanical, plumbing, HVAC, and lift installations in a highly-saturated construction market – enacted a series of transformations to ensure it stays

Choosing new members for the governance team involved shortlisting candidate profiles based on their track records – “we were looking for partners with a strong 193

When you start to see key team members in synchronisation, even running ahead of you, it’s exhilarating. At the end of the day, I’m only as strong as the exceptional people around me – our collective success is a testament to their brilliance and dedication.

technical background and experience in working within a family business. Additionally, we wanted to take this opportunity to ingrain diversity into our board,” she explains.

a team and operations, to her current corporate role. “It’s been an adjustment, but I’ve built a strong team around me, aligned with the ethos and vision for Panta going forward. Most of my conversations are with them, ensuring we’re all moving in the same direction,” she says. “When you start to see key team members in synchronisation, even running ahead of you, it’s exhilarating. At the end of the day, I’m only as strong as the exceptional people around me – our collective success is a testament to their brilliance and dedication.”

Moreover, the firm rebranded from Pantalesco, dropping the last two syllables of the company name. “The business was founded in 1960 by my grandfather, starting as a tiny shop in Old Bakery Street in Valletta. It has grown with the local economy as we identified areas of opportunity. Today the name change reflects a business with a strong legacy which continues to evolve and grow. It also acknowledges our commitment to adapt, learn, grow, and move forward,” she says.

The changes within the company have unfolded within a strategic context as the firm positions itself for further growth, aiming to strike the right balance between being nimble while ensuring the necessary checks and balances are in place. “Throughout 2023, we focused on this aspect: establishing a clear strategy and direction for our future. For instance, one of our recent initiatives is the launch of Panta Hub, a space where we engage with industry peers, partners, clients, and employees in an approachable and welcoming environment.”

Katrina has been with the firm for 15 years, working across various organisational levels. She spent two years as Designate-CEO, transitioning from leading

The site, located in Valley Road, Msida, provides Panta a platform to “explain our most innovative technologies; showcase how construction and

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buildings can prioritise environmental consciousness; foster trust through open communication; and guide stakeholders in designing and planning for better buildings,” she says. There is a drive, Katrina attests, towards an enhanced sense of environmental sustainability across the construction industry, with Panta intent on playing a positive part in this cause. “Throughout our history, we’ve adapted – and we’re still doing so. We identify a need, whether that’s from our customers in the residential or commercial space, and we pour in efforts to meet that need. There is a drive – and I’m pleased to see it – towards greener buildings and cleaner technology, and an awareness of how we can have a lower impact on our environment. And Panta is fostering these perspectives by creating a space – Panta Hub – from where we can communicate with our clients about what we do, how it can be applied to their projects and how we can customise our offering,” she asserts. Panta is responsible for creating the “engineering landscape” of the built environment around us – a task managed by a 250-person-strong team including a team of 50 roving service technicians. “We have specialised teams for different projects,” she explains, noting that the level of expertise is founded on the understanding that “we’re installing equipment for the lifetime of that equipment. We distinguish ourselves by being a customer-driven firm, and a big part of that means being responsive and committed to our clients. So, we don’t see our relationships as shortterm, but – with any installation we complete – we are geared towards ensuring the product stands the test of time.” As CEO of the group, Katrina sees her role as facilitating these dynamics. “My position is multifaceted and strategic in nature, working to foster the right culture in line with the firm’s vision and aligning our successes as a whole. I see myself as being the glue between the whole executive team and the board – making sure we’re aligned,’’ she says. To this end, this year Katrina will oversee the growth of the business’ product portfolio. “We have a number of projects lined up and expect substantial growth from our renewable energy line. We’re also going to bring more software-related solutions to the market, as well as introduce more building management systems, which will improve transparency for those managing the buildings themselves,” she asserts, explaining that, in a business context, where the properties are owned by companies, this would allow them to turn the data reaped through the system into actionable objectives. Ultimately, she continues, over the next 12 months, Katrina would like to see Panta become even more technologically driven, offering “products that are sustainable, and making a positive difference.” Aligning to the wider context is a challenge, the CEO admits, but she believes in “clear communication and effective listening,” adding that what she truly enjoys about her role is “seeing an executive team succeed in reaching the ambitious goals they’ve set for themselves. It’s a reciprocal drive – their success motivates me, and vice versa,” Katrina attests, concluding.

Quick-fire Questions… with Katrina Attard How do you start your day? Loading three young kids onto a van. Are you blunt or subtle with your team? Blunt but never rude. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Continually. Is right now a good time to invest? Opportunities always lie in the ‘now’. What’s the one goal you wish to achieve in your organisation over the next 12 months? Create a sustainable, diverse culture. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Not immune, but resilient. Are you a macro or a micro person? Macro always, but conscious of micro. With hindsight, what would you do differently in your business? Trust my instincts earlier. Where do you eat lunch during the week? Mostly in my office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I love my red wines! Your favourite restaurant (and dish) in Malta or Gozo? My house; fresh crudi and home-grown veg. Do you believe in business lunches? Yes, essential for networking. For the sake of it, a Porsche 911 or a Bentley Bentayga? I am not into cars but a Porsche 911, I guess? Smart watch or a conventional timepiece? Smart watch. Any exercise routine? Routine-less exercise three times per week. Do you believe that you’re an introvert or an extrovert? Confident introvert at heart.

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Sandra Calafato

CEO, KEY TO YOUNGER

“ M Y G R E AT E ST J OY I S S E E I N G T H E STO C K I STS T H AT I PA R T N E R W I T H S U C C E E D – A N D O F C O U R S E , S E E I N G T H E DIFFERENCE OUR PRODUCTS MAKE TO PEOPLE’S SKIN.”

S A N D R A C A L A F A T O ’ S S U C C E S S S T O R Y E N C O M PA S S E S O V E R 4 5 Y E A R S I N T H E B E A U T Y I N D U S T R Y . M A LT A H A S B E E N H E R H O M E F O R T H E L A S T 4 0 , A N D S H E I S “ I M M E N S E LY G R A T E F U L T O H A V E W O R K E D H E R E , A N D F O R T H E O P P O R T U N I T I E S T H A T C A M E M Y W AY . ”

Sandra Calafato began her journey in the beauty industry at just 17 years old. “I have always been passionate about beauty, and gained Distinction as an Aesthetician when I graduated in 1977,” she recalls, explaining how her passion for it led to an unexpected offer from the Head of College at the time – the chance to assist in evening classes alongside attending her own – an opportunity which she credits with providing invaluable experience and knowledge.

despite her parents being disheartened with the only means of communication being letter writing at the time, Sandra describes the experience as “truly incredible, and I matured significantly during my year there.” Her career would take her to London next, at The Sanctuary in Covent Garden, where she rubbed shoulders with numerous celebrities before meeting a Maltese man she would go on to marry, and relocating to Malta. Here, she assumed the role of Manager at the Hair and Beauty Salon at the Jerma Palace Hotel, and ventured into teaching at a CIBTAC-accredited school.

“Even though this meant enduring long days due to an added three-hour commute from London to Surrey, where I lived, I seized the opportunity without hesitation,” she says.

“Teaching has always been a great passion of mine and I still keep in touch with many of my students who went on to open their own salons over the years,” Sandra reveals.

Following graduation, Sandra secured a role with spa industry leader Steiner International. “Remarkably, at just 18 years old, I was entrusted with overseeing the Beauty Salon at Trust House Forte in Sardinia,” she recalls, and,

Then, in 2005, “everything I had been pursuing aligned,” she smiles. 196

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CEO INSIGHT “Life teems with possibilities, and my advice is to embrace them fully.” 197

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I can say with gratitude that representing Environ in Malta has given me purpose, as it has made a difference in so many lives.

Having opened her own salon and clinic, she had been feeling that something was lacking and, while Sandra had always diligently educated herself with the latest beauty treatments and products, she admits that results often proved transient and unsatisfying. “My goal was to become the best skin therapist I could be, yet genuine, effective, result-driven products were seemingly elusive. Most skincare products available offer fancy claims backed by million-dollar marketing budgets but do very little to improve the health of the skin or to maintain real results,” she explains. Enter Environ Skincare, which, Sandra says, “transformed my career.” “I was introduced to Environ by a tourist who was over in Malta – also an aesthetician. She told me that I simply had to investigate it, and I did. It turned out to be everything I had dreamt of,” Sandra says, explaining how it was founded by Prof Des Fernandes, who is rated as one of the top five plastic surgeons in the world and who set out to find a solution to prevent skin cancer after losing two young patients to melanoma. “He founded Environ Skincare in 1990 and, with the help of his sister, built the company into a global empire, with over 140 products available in more than 70 countries,” she continues, adding that her choice to

represent Environ was a no-brainer. Apart from being pharmaceutically formulated, it is unique in that it cannot be purchased by the consumer from a shop or online – it is only available through trained Environ Skin Specialists who consult with clients and prescribe the best skincare regime and in-salon treatment according to their skin type and condition. Her belief in the brand led Sandra to attend training in South Africa. And, after passing a rigorous set of exams, she became Environ’s distributor for Malta – an achievement she continues to be proud of 19 years later. “I can say with gratitude that representing Environ in Malta has given me purpose, as it has made a difference in so many lives,” she attests, highlighting another step that’s been a milestone in her journey: collaborating with her daughter, in “a partnership that has undeniably fortified our enterprise over the last eight years.” After years of operating as a sole trader, Sandra founded her company, Key To Younger. Not only is the company the exclusive distributor of Environ in Malta, but it has also recently added the nutraceutical brand Hush & Hush to its product lineup. Delving into this, Sandra explains, “Hush & Hush is a luxury nutraceutical established by another plastic surgeon – it is not affiliated with Environ. They provide supplements to 198

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tackle a variety of skin concerns, feeding the skin from within. With Environ, you’re feeding the skin topically, whereas with Hush & Hush you’re feeding it from within, so they complement each other very well.” Her unwavering mission, amidst an industry awash with unfounded assurances and exaggerated claims, remains steadfast: “to operate with integrity and transparency in a multi-billion-euro industry,” says Sandra, whose leadership ethos has remained true to her values throughout, focusing on the importance of education, customer service and integrity.

Quick-fire Questions… with Sandra Calafato How do you start your day? I’m most productive in the morning. I keep a pen and paper on my bedside table and start by writing notes. Are you blunt or subtle with your team? Subtle. I treat staff with care and respect.

“I value the importance of training, which we run all year, and which is necessary for our Environ stockists to attend yearly. My greatest joy is seeing the stockists that I partner with succeed – and of course, seeing the difference that the products themselves make to people’s skin. Without exaggerating, this can be life-changing,” Sandra smiles.

Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly. Is right now a good time to invest? I’m going to change this slightly – you need to invest your time. Invest in family, business partners and personal relationships.

The challenge, meanwhile, remains educating people against damaging claims and false promises made by certain brands. “It’s tough to explain to people that there is no such thing as a miracle in a jar. It takes about three months to start seeing a significant difference in your skin, so I need to explain this to customers and stockists, and separate fact from fiction. And I must do it in such a way that they understand the science behind it.”

What’s the one goal you wish to achieve in your organisation over the next 12 months? To continue our mission to deliver the best skincare we can in Malta. Physical meeting, call, WhatsApp or email – what’s your favourite form of communication? Face-to-face whenever possible, with WhatsApp being my next go-to. Are you immune to Monday blues? Yes and no. I am guilty of taking Mondays off from time to time.

Discussing the ways in which the beauty industry has developed over the years, Sandra believes that consumers are becoming more interested in science and the active ingredients behind products. “They are educating themselves before they buy,” she says, which bodes well for Sandra and Key To Younger.

Are you a macro or a micro person? Micro. With hindsight, what would you do differently in your business? Employing the right people rather than trying to do everything myself as I did at the outset. Where do you eat lunch during the week? In the office.

The industry has also proven itself to be resilient in the wake of the pandemic and economic crisis, she notes, and it continues to grow, though there will always be ‘fad’ products and treatments that come and go. However, she is steadfast in the knowledge that brands like Environ will always be around and continue to lead the way with science-based products, because they give clients real results.

What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I like Sancerre, but I’m more partial to a gin and tonic. Your favourite restaurant (and dish) in Malta or Gozo? The restaurant at Villa Bologna – I love the garden and the atmosphere there. Do you believe in business lunches? I do see value in them, yes.

Looking to the future, Sandra looks forward to seeing how advancements in AI will impact the industry and be implemented, and hopes to see more awareness of appropriate packaging for beauty products, as well as more regulation on claims that brands can make.

For the sake of it, a Porsche 911 or a Bentley Bentayga? Neither. I’ve got a fully electric Mini Cooper and wouldn’t change it. Smart watch or a conventional timepiece? A classic, Cartier watch. Any exercise routine? In summer, my go-to is swimming, and in winter I like walking.

As for the opportunities ahead, the CEO foresees big things in the nutraceuticals arena, and believes that there is a big market out there for them, whether in supplement, drink or food form. “What we need to focus on now is educating the consumer and enriching the understanding of all our valued customers,” she maintains.

Do you believe that you’re an introvert or an extrovert? Predominantly I’m an extrovert, but as I’ve aged, I’ve come to appreciate alone time a lot more.

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Maria Magro

CEO, CARMELO ABELA GROUP

“ P E O P L E A R E A T T H E H E A R T O F A C O M PA N Y ’ S S U C C E S S . A T T H E E N D O F T H E D AY : H A P P Y T E A M , S U C C E S S F U L C O M PA N Y . ”

A S O N E O F M A LT A ’ S O L D E S T F O O D I M P O R T A T I O N C O M PA N I E S A N D F A M I LY B U S I N E S S E S , FO R A L M O ST A C E N TU RY, CA R M E LO A B E L A G R O U P H A S E N S U R E D T H AT LO CA L CO N S U M E R S E N J OY A VA ST C H O I C E O F H I G H - PR O F I L E B R A N D S A N D P R O D U C T S . L E D B Y C E O M A R I A M A G R O A L O N G S I D E A H I G H LY EXPERIENCED MANAGEMENT TEAM, CARMELO ABELA IS CHANNELLING ITS LO N G - H E L D R E P UTAT I O N , VA LU E S A N D EXPE RT I S E I N TO F U RT H E R G R OWI N G M A LT A ’ S D Y N A M I C F O O D I N D U S T R Y W H I L E D I S T R I B U T I N G G O O D S G L O B A L LY .

“Carmelo Abela was one of my clients, and I worked with the late Joseph Abela at the time,” she recalls. “He was the second generation of the company, and I held great respect for him. He would often say, ‘one day, you’ll come and work with me’.” Indeed, when the time came for Mr Abela to consider the company’s succession, he reached out to Maria to extend the offer once again. After careful consideration, she accepted – and over the past 11 years, has played a key role in the continued growth of Carmelo Abela Group.

“I’m not the type of person to sit behind a desk day in, day out, crunching numbers,” begins Carmelo Abela CEO Maria Magro. “I like to create anew and help improve the company I work with. At university, my dream was to join a small company and help it grow. In that, Carmelo Abela has given me the opportunity of a lifetime.” Maria’s entrepreneurial spirit builds upon her decades of experience in finance and accounting as a qualified accountant and accredited auditor. After graduating with a Bachelor’s degree in accountancy from the University of Malta in 1998, Maria gained experience in auditing before joining Megabyte to work on its Enterprise Resource Planning (ERP) systems, for which a background in accountancy and finance proved crucial.

“When I joined, the company employed around 50 people. Today, we’ve expanded to over 100 employees, so we’re on the right track,” highlights Maria, whose own career growth within the organisation exemplifies the core values that have contributed to the company’s 200

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CEO INSIGHT “Life has taught me the importance of balancing my business and personal life to prevent burnout. With an excellent team of managers, leading all the teams becomes a collaborative effort. I try to leave the office at 4pm and spend time with my daughter, who is my greatest passion. After she goes to bed, I allocate time for work or studying for my MBA. I also enjoy road trips abroad, preferably to places with no internet connection so that I can fully rest, reset and recharge before returning to work feeling refreshed.” 201

The company is preparing to embark on a significant €10 million project, alongside the development of new premises, an exploration of technology’s role in supporting company operations, and diversification into marketing and other areas.

environment is nurturing, comfortable and friendly, yet maintains a high level of professionalism, fostering individual and collective growth. People are at the heart of a company’s success. At the end of the day: happy team, successful company.”

extraordinary longevity, establishing it as one of Malta’s top food importation companies. “At its core, Carmelo Abela is a family business that has endured for generations. Joining to contribute to the management of a family business marked a significant milestone in my career, especially considering I was not a family member. The fact that I, effectively an outsider, have risen to the position of CEO underscores the company’s acceptance and open-mindedness. Even more noteworthy, as a female outsider, I can confidently enter a boardroom dominated by men and garner respect when I voice my opinions or offer a different perspective on the business. I hope this will inspire other women not to relent in their pursuits and to persist in chasing their goals because opportunities exist, and organisations like Carmelo Abela believe in them just as much.” While Maria may not be a relative of the Abela family, this does not diminish the company’s commitment to extending its family values to the entire team. She points out: “the culture here is incredible. Everyone is treated as part of a single family, whether they are family members or not. We genuinely care about one another, and that sense of care permeates the entire organisation. Empathy is a cornerstone of our culture; if someone cannot be at work for whatever reason, we cover for them and ensure they are OK. Our 203

The company’s close-knit culture also enables Maria to manage her busy schedule as the CEO of such a dynamic organisation. “I oversee the entire company and its operations, but on a practical level, I also serve as the CFO and HR Manager,” she says. “Given our current restructuring efforts to support sustainable and ongoing growth, my days are filled with various responsibilities. However, I find immense satisfaction in having the complete trust of the directors in every aspect of my role.” In addition to the demands of her multifaceted role at Carmelo Abela, Maria is pursuing a Master of Business Administration degree at the prestigious Henley Business School in the UK. “As a wife, mum, CEO, and now also a student, I have had to learn the art of delegation to get everything done,” she explains. “Carmelo Abela’s continuous diversification demands energy, planning and expertise, and since it has been over 25 years since my undergraduate degree, I felt that now is the right time to advance my academic qualifications and apply these new skills to our upcoming projects.” Since its establishment in 1932, diversification and commitment have been key to the Carmelo Abela success story. Its origins trace back to founders Carmelo and Giovanna Abela, who initially sold houseware and groceries from a horse and cart. As the business evolved, they played a crucial role in distributing essential food rations in Malta’s war-damaged capital, Valletta.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

In 1950, the business invested in food storage facilities and began operations as a direct importer and goods distributor. The second generation, represented by brothers Joseph and John Abela, not only upheld the core values that laid the foundation but also expanded the company’s international reputation as an importer. Today, in its third generation, the company is led by directors Steve and Pierre Abela, who continue to propel the company forward, with an eye on the technological innovations that are changing the face of the food services industry.

Quick-fire Questions… with Maria Magro How do you start your day? With a cup of coffee.

“At Carmelo Abela, each generation has remained steadfast in upholding the principles and standards set by their predecessors, while making their own mark on the company to meet the evolving needs of the food industry,” adds Maria. “This, I believe, has been the secret to the group’s enduring success: a profound respect for our history and the decades of accumulated experience, coupled with a forward-looking approach that embraces change and pioneers the way forward for the food industry in Malta.”

Are you blunt or subtle with your team? Blunt, but also subtle as required. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day. Is right now a good time to invest? It’s always a good time if you have a good idea. What’s the one goal you wish to achieve in your organisation over the next 12 months? Growth.

As the business continues to develop and grow, so does its team – necessitating a consolidation of its structure so that both new recruits and company veterans clearly comprehend their roles within Carmelo Abela’s strategy, hierarchy and overarching vision. “The company is preparing to embark on a significant €10 million project, alongside the development of new premises, an exploration of technology’s role in supporting company operations, and diversification into marketing and other areas,” Maria shares. “Anticipating further team expansion, it is vital that we establish a robust company structure. This will ensure that everyone in every department, regardless of their tenure, can work seamlessly and knowledgeably toward a common goal.”

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Invest in larger premises earlier.

With the business expanding, 2023 marked a year surpassing projections for both the group and the wider food industry, explains Maria. Despite ongoing global challenges, she has steadfastly focused on ensuring Carmelo Abela products consistently reach the shelves on time for local consumers. “We import products from all over the globe and although both the Russia-Ukraine war and the COVID-19 pandemic have profoundly impacted the business landscape, there has been consistent growth in the catering and food services industry throughout the year, a trend I anticipate continuing into 2024. Nevertheless, recruitment remains a challenge,” says Maria.

Where do you eat lunch during the week? In front of my laptop. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I don’t drink alcohol. Your favourite restaurant (and dish) in Malta or Gozo? Tiffany’s Bistro in Sliema, and I’m a meat lover. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911.

2024 promises to be another stellar year for the Carmelo Abela Group, driven by a significant investment opportunity on the horizon and a deeper exploration into how technology and innovation can further transform the food landscape, Maria shares. “We look forward to embarking on another new chapter for Carmelo Abela Group, maintaining our unwavering commitment to excellent service and delivering exceptional quality products, as you can expect from one of Malta’s oldest and most successful family businesses.”

Smart watch or a conventional timepiece? Smart watch. Any exercise routine? No, unfortunately. Do you believe that you’re an introvert or an extrovert? I’m a loud introvert!

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CEO INSIGHT “The people make Malta a great place to live and work. In fact, the speed of Malta’s recovery following the recent global challenges has been remarkable. It demonstrates the market’s strength, as well as that of Malta’s enterprising and hardworking population. They contribute to the country’s success and have been the foundation of its impressive growth trajectory.” 206

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Michael Warrington

CEO, AX GROUP

“ O U R P E O P L E H A V E A LW AY S B E E N , A N D W I L L A LW AY S BE , THE POWER BEHIND AX GROUP ’ S ACHIEVEMENTS .”

A X G R O U P L E A D S M U LT I P L E , D I V E R S E S E C T O R S I N M A LT A , W I T H L A N D M A R K I N I T I A T I V E S A C R O S S C O N S T R U C T I O N , D E V E L O P M E N T , H E A LT H C A R E , R E A L E S T A T E , H O S P I T A L I T Y , A N D R E N E W A B L E E N E R G Y . H A V I N G R E C E N T LY C E L E B R AT E D T H E L AU N C H O F T H E AX O DYCY H OT E L , A S WE L L A S T H E LUXU RY AX H OT E LS VA L L E T TA PR O PE RT I E S A N D T H E VE R DA L A T E R R AC E S , C E O M I C H A E L WA R R I N G TO N R E M A I N S ST E A D FA ST I N H I S M I S S I O N TO ST E E R AX G R O U P TOWA R D S S U STA I N A B L E G R OW T H .

“Banking was always in my blood,” he reveals, “and I will always find finance interesting, yet my career took me to places where I learnt more about business – and business excited me. I love how it takes hold of an idea and drives it into reality. I’m very much a ‘doer’ – I move beyond the thinking phase – so it was a natural transition from the world of finance to that of business.”

to the formation of two subsidiary banks under Bank of Valletta, he helped establish FCM Bank Ltd and restructure Novum Bank Ltd, where he served as CEO between 2013 and 2016. His business aplomb led him to Air Malta, where his tenure as CFO helped the national airline achieve unprecedented profitability. Meanwhile, Michael’s financial experience also equips him to stay ahead in the business market as he is a director on the boards of private and public listed companies such as Cablenet Communications Systems plc, Nissan International Insurance Ltd and Valletta Cruise Port plc. He is also a Fellow of the Malta Institute of Accountants and an Associate Member of the UK’s Chartered Institute of Bankers.

Michael’s time in Malta’s banking arena saw him garner substantial business experience. Aside from contributing

Michael’s “natural transition” to AX Group came when he answered the group’s call for financial advice – a

Hailing from a family of bankers, Michael Warrington’s career seemed set to stay within banking and finance. Yet, as CEO of business diversification leader AX Group, today Michael looks back on a varied, four-decade career that has been as diverse as the group itself.

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Attention spans are shorter, expectations are higher, and contentment is much harder to attain and retain. A CEO must be mindful of this.

collaboration that would lead to him serving as its CFO from February 2000. In 2016, Michael was appointed as the CEO of the AX Group by its Chairman and Founder, Angelo Xuereb, after whom the group is named. “Working with Mr Xuereb is exciting and inspirational. He is a doer, like me, so we work together very effectively,” Michael shares. “Where he possesses the vision and entrepreneurial flair that have made the group one of the island’s most successful and diversified organisations, my numbers-oriented mindset helps bring his ideas to fruition.” Michael compares his role as CEO to that of an orchestra’s conductor. “I ensure that all the instruments are in tune and the orchestra plays together, from the same sheet of music. Sometimes the drums or trumpets may get too loud, so I help them find their way back into our holistic harmony,” he explains. “The role of a CEO is very similar. A CEO oversees the overall direction of the business and coordinates all its different functions, while ensuring the team is happy and thriving, both individually and as a collaborative unit.”

Transparency is essential as a leader, Michael adds, so that everyone in the team understands the organisation’s goals, while working towards their own career aspirations. “I love meeting and motivating people. Some of my proudest moments have been when I’ve inspired someone to grow in their career. Likewise, the success of the management team motivates me,” he smiles. Although notably never wearing a watch, Michael is renowned for his time management and work ethos. “I’m always energetic when it comes to my passions. I love to get things done,” he says. “I realised very early in life that you must work smart before you work hard. Plan properly, then put your full commitment, passion and resources into achieving something. Celebrate quickly and start planning towards your next goal. Life is a journey, and you must make the most of it with all your energy and curiosity.” Michael’s total commitment to life extends into his approach to finding a work-life balance in today’s dynamic, fast-paced and increasingly tech-driven business landscape. An advocate for embracing downtime to recharge both mind and body – his own hobbies include carpentry, walking and farming olive trees – Michael encourages a similar mindset in his team. “One of the challenges for today’s CEOs is to manage the expectations of the modern professionals we lead,” he states. “We must provide the motivation, tools and resources they need to succeed, as well as the space to enjoy a healthy work-life balance that both maximises their career potential and prevents 208

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burnout. Technology has made things more accessible and affordable, yet it has also made us used to wanting and having almost instantly. As a result, attention spans are shorter, expectations are higher, and contentment is much harder to attain and retain. A CEO must be mindful of this.” While moderating the impact of technology in today’s working world, it also holds Michael’s focus for AX Group over the coming year. “I see the opportunities arising from AI,” he affirms. “Technology is an enabler and game-changer. I’m excited to see what it can do to help us interact better with our customers and facilitate certain processes. This isn’t about AI taking anyone’s job; it’s about enhancing the team’s resources to help them build their career and fulfil their potential. Our people have always been, and will always be, the power behind the group’s achievements.”

Quick-fire Questions… with Michael Warrington How do you start your day? Early, with lots of energy and a cup of tea. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day – I’m a numbers man.

Indeed, AX Group’s team remains one of its key pillars of success, alongside its exceptional property portfolio and robust finances. These pillars have propelled the group from its beginnings in construction towards rapid diversification in other key business sectors such as hospitality and real estate.

Is right now a good time to invest? I believe so. What’s the one goal you wish to achieve in your organisation over the next 12 months? Seeing our AI project bear fruit.

Among its major milestones, Michael names the AX Hotels brand which includes AX The Palace in Sliema, as well as the group’s successful launch of Malta’s first retirement village at Hilltop Gardens. More recent achievements pioneer the luxury boutique hospitality space in the island’s capital, with AX Hotels Valletta properties such as AX The Saint John and Rosselli AX Privilege. Likewise, the group has unveiled The Verdala Terraces, an exclusive collection of 87 luxury residences in Rabat, following a major investment.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes! Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Invest in IT across the group earlier.

“We also recently completed the first stage of AX Group’s latest development, AX ODYCY Hotel,” Michael shares. “Formerly Seashells Resort at Suncrest, AX ODYCY is now one of the largest hotels on the island. Here, we’ve created a five-star property with a four-star classification. It has been especially rewarding to see our happy guests and the increased investment the project has inspired in Qawra.”

Where do you eat lunch during the week? At home. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? French wines, particularly Domaine de la Senche from the south of France. Your favourite restaurant (and dish) in Malta or Gozo? Minoa’s Mediterranean fusion food.

And while 2024 brings the second phase of the AX ODYCY project, Michael is already looking towards the group’s next milestone: its key role as one of the founding companies of the Malta ESG Alliance.

Do you believe in business lunches? Absolutely. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911.

“At a national and international level, people are deeply concerned about the built environment,” he asserts. “Legislation is on the way, and we, as a group, want to lead and influence that discussion, so that the industry can become safer, cleaner and more environmentally friendly, with a steady shift towards quality. Businesses must work with, not against, the environment, at every stage of every process. Malta is lucky to have an incredible built heritage, which our forefathers constructed. Now, construction must be about restoring and protecting our heritage while building our future.”

Smart watch or a conventional timepiece? Neither. I don’t wear a watch, and never have. Any exercise routine? A daily, one-hour walk, followed by heavier work on the weekend. Do you believe that you’re an introvert or an extrovert? Introvert.

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Maronna Filletti

MANAGING DIRECTOR, J O S E P H C A C H I A & S O N LT D

“BELIEVE IN YOURSELF AND BUILD RESILIENCE .”

M A R O N N A F I L L E T T I H A S D E D I CAT E D 4 4 YE A R S O F H E R CA R E E R WI T H I N T H E E C H E L O N S O F T H E M . D E M A J O G R O U P , U LT I M A T E LY C O N S O L I D A T I N G T H E S U C C E S S O F J O S E P H C A C H I A & S O N LT D , A F U L LY - O W N E D S U B S I D I A R Y O F T H E G R O U P, FO C U S I N G O N CA S H AUTO M AT I O N , Q U E U I N G SYST E M S , R EVE R S E V E N D I N G M A C H I N E S , A N D T H E S U P P LY O F H I G H / L O W V O LT A G E E N E R G Y A N D F I B R E O PT I C CA B L E S , S U B - S E A CA B L E S , WI N D TU R B I N E S , A N D OT H E R INDUSTRIAL EQUIPMENT, INCLUDING MAINTENANCE AND SUPPORT SERVICES . OVE R T H E YE A R S , S H E H A S E A R N E D ACCO L A D E S FO R H E R ST E A D FA ST S I N G L E - M I N D E D N E S S I N S T E E R I N G T H E C O M PA N Y T O G R O W T H A N D , T O D AY , SHE’S ALSO INVESTED IN SEEING OTHERS FULFIL THEIR POTENTIAL .

“I see my role as a strategic one – one in which, yes, I lead the company, but I also mentor a group of colleagues who will be future leaders, here and elsewhere,” asserts Maronna Filletti, the Managing Director of Joseph Cachia & Son Ltd, a member of M. Demajo Group. Maronna has, indeed, much to teach, having worked her way up through the ranks of the enterprise across more than four decades, with an approach characterised by diligence, loyalty and collaboration.

opportunities to grow, but also rose to the occasion,” she says, stressing that she was mentored along the way, particularly by Joseph M. Demajo, then Chairman and CEO of the M. Demajo Group and one of the group’s founders, whose guidance was instrumental in building her confidence and know-how. “He saw potential in me at a very young age – when I couldn’t even see it myself – and over the years, he invested in me. In turn, I invested in the organisation, moving up from PA to the Chairman and CEO, to HR Director, and later to Executive Director, and finally, now to Managing Director. I hope to give this another few years,” she says, smiling.

“I started out as a junior secretary and worked my way up through the organisation. I was given the 210

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“Study from a young age, show ambition and don’t get discouraged by setbacks. You might cry and it might feel hard. But rise above it and get back on that bike. And always seek advice and follow the example of others whom you admire.”

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Indeed, while it’s clear Maronna’s success was built through hard graft, there’s a sense of infectious joy that she brings to the table. “I’m driven by the pursuit of excellence and my work ethos is centred around the principles of integrity, transparency and ambition. But I also want the team to feel excited about what they do. It’s not about coming into the office, nine-to-five, doing your work and going home, but it’s about genuinely enjoying it, meeting new people, challenging yourself, and having fun.” Such a positive approach is key, she says, for “we’re in a serious business and we need to have the mentality of ‘we will achieve’, rather than simply ‘we will try’.” This mindset has been decisive in the evolution of Joseph Cachia & Son Ltd, which, today, focuses on four revenue streams, as Maronna explains, giving an overview of the business. “Originally, we were a trading company in the business of importation and distribution – mainly of household items. Today, however, we have diversified and offer products that serve B2B and B2C customers in the banking, retail, hotel, and supermarket segments, as well as Government entities and parastatal bodies, among others. In essence, we have a contracting division which overseas large-scale tenders such as the interconnector Malta-Sicily, and trenchless directional drilling, among others; a cash automation division; a Reverse Vending Machine (RVM) unit; as well as a section managing our industrial equipment division with a team of technical specialists offering 24x7 maintenance and support services. This structure reflects our growing commitment to participate in the development of Malta’s infrastructure and its circular economy,” she asserts, highlighting the group’s mission statement: ‘together we achieve because we care’. In this regard, she points to the organisation’s proactive approach to researching and applying for high-value public contract bids. “We’re focused on contributing to Malta’s growth as well as the safeguarding of its environment. We propose projects, we participate in other collaborations and we are also catalysts to change,” Maronna asserts, adding that, particularly in the arena of industrial equipment procurement – as well as in the sourcing of suppliers with whom to work in concert – “we ensure to integrate with well-renowned brands, and this boosts our expertise as well as our reputation for quality and service,” she attests.

I achieved what I have within this organisation because my mentors saw my potential. They

One of the arenas in which the company has matured is its cash automation division, particularly as a result of evolving payment choices, post-COVID-19. “The world economy has become more digital and the use of cash is changing, creating new opportunities for us,” she asserts, emphasising data on banknote circulation in Malta. This data, compiled by the Central Bank, shows that by the end of June last year, euro banknote circulation in Malta had reached 33.9 million banknotes – a growth of 3.8 per cent compared to the previous year – at a total value of €2.3 billion – a rise of 4.2 per cent compared to 2022. “Cash is not disappearing, but there will be new avenues to explore within this revenue stream,” she says.

weren’t scared of widening the family circle and I became the first and only female non-family director, now Managing Director.

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The ability to transform and shift, according to the challenges of modern times, is at the core of Maronna’s entrepreneurial spirit. “I don’t believe you can get discouraged by any of the challenges you face. You must believe in yourself and build resilience. Nothing is given to us on a plate, so there must be sacrifices and long hours, and I would also press anyone who wants to grow to study and build an academic background,” she asserts. Indeed, Maronna has, over the years, not only advanced within the industry by working in the trenches of the business world, but has also completed a Master’s in Business Administration, for which she submitted a thesis on the diversity of female leadership. Equality of opportunity in the workplace is an issue very close to her heart, and she admits that “if I had been a man, I’m sure I would have reached this post earlier.” She believes her success is due to an “element of leaning-in”, but she also asserts that the organisation has to be open to providing opportunities across the board. “It cannot be just up to the individual. I achieved what I have within this organisation because my mentors saw my potential. They weren’t scared of widening the family circle and I became the first and only female non-family director, now Managing Director. You have to have visionary leaders – of either gender – who aren’t scared of change or of opening the circle. Once those conditions are in place, of course, it’s then up to the individual to remain committed.” As a result of her work, Maronna has been recognised by the broader business community, having won three awards at Malta’s Best Businesswoman Awards 2022, including Best Businesswoman in Management, Best Contribution in Business Service and the coveted Lifetime Achievement Award. While over a year has passed since then, “the experience definitely made me realise how important the recognition of your peers is and how it spurs motivation,” she smiles. To this day, she does not know who nominated her, but this acknowledgement of her efforts has further inspired her to mentor other young people in business. “Setting an example is very important to me,” she says. This is what she also hopes to bring to her team, giving others what she has been privileged to receive – and she is convinced this is at the core of the enterprise’s success. Indeed, last year, while there was a need to grow the staff complement amid challenges in sourcing human resources, her colleagues at Joseph Cachia & Son Ltd stepped up to the plate, “running programmes bigger than we had before and showing ourselves that we can be at the front end of the segments within which we operate.” This year, she hopes to see more of her co-workers take on leadership roles. “By the end of 2024, I hope our growth strategy will have been achieved. And, on a personal basis, I want to feel that my partners here are also advancing – that is what will bring me deep satisfaction. The world is not just my oyster, but their oyster too,” she smiles. 213

Quick-fire Questions… with Maronna Filletti How do you start your day? I read the news online. Are you blunt or subtle with your team? Both, depending on the context. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly. Is right now a good time to invest? It’s always a good time – but check the feasibility! What’s the one goal you wish to achieve in your organisation over the next 12 months? New revenue streams. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Phone calls. Are you immune to Monday blues? Unfortunately, not. Are you a macro or a micro person? I tend to switch between the two. With hindsight, what would you do differently in your business? I’d take more calculated risks. Where do you eat lunch during the week? Anywhere in Valletta. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I enjoy a G&T. Your favourite restaurant (and dish) in Malta or Gozo? Fish restaurants are my favourite. Do you believe in business lunches? Absolutely, they are great networking opportunities. For the sake of it, a Porsche 911 or a Bentley Bentayga? You didn’t mention Maserati… Smart watch or a conventional timepiece? A conventional timepiece. Any exercise routine? Mainly dancing flamenco and hiking. Do you believe that you’re an introvert or an extrovert? An extrovert!

MaltaCEOs 2024

CEO INSIGHT

THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Effectively managing the boundaries between your personal and professional life is crucial. In order to give my best at work, being able to disconnect and spend quality time with my family and friends is very important. Additionally, I enjoy contributing to society in any meaningful way. Personally, I serve as a teacher at the University of Barcelona and have authored a book, ‘Value Creation in Private Equity,’ as a means to share the knowledge I’ve gained throughout my career.”

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Albert Alsina

FOUNDER AND CEO, MEDITERRANIA C A P I T A L PA R T N E R S

“ WE H AVE PL E N T Y O F PR OJ E CTS L I N E D U P, A N D T H E V I S I O N , T H E PA S S I O N A N D T H E T A L E N T WITHIN THE TEAM TO MAKE THEM HAPPEN.”

A F T E R Y E A R S O F W O R K I N G A C R O S S T H E G L O B E F O R M U LT I N A T I O N A L C O M PA N I E S , A L B E R T A L S I N A S E T U P S H O P I N M A LT A , E S T A B L I S H I N G T H E P R I V A T E E Q U I T Y I N V E S T M E N T F I R M , M E D I T E R R A N I A C A P I T A L PA R T N E R S . A S FO U N D E R A N D C EO, H E I NVE STS H I S T I M E A N D E N E R G Y I N FAC I L I TAT I N G THE GROWTH OF BUSINESSES IN AFRICA AND BEYOND, WITH THE HOPE OF E F F ECT I N G P O S I T IVE C H A N G E T H AT WI L L R EVE R B E R AT E AC R O S S CO M M U N I T I E S .

Nothing drives Albert Alsina, the CEO of private equity investment firm Mediterrania Capital Partners, more than “creating value the right way”. This means pushing for more than revenues and profits, and for more than simply ensuring returns for his firm’s investor base – although these are essential imperatives. It means also prioritising the positive impact fostered by those investments made through his organisation. “My passion is finding companies with great potential – we’re currently principally focused on African businesses – and helping them to grow.”

in Cincinnati and Boston – before working on the African continent. “I worked for multinational enterprises and, after a while, decided to leverage all my knowledge to create a team focused on investing in companies that made a difference thanks to their positive impact on economies and communities.” To achieve this goal, Mediterrania Capital Partners specialises in facilitating different forms of investment, including growth capital. “We started working in Africa but, today, we’re also operating across other different locations. We manage €740 million worth of assets; we’re regulated by the MFSA, as well as regulators in Spain, Morocco and Mauritius, and we have offices in Casablanca, Abidjan in Côte d’Ivoire, West Africa, as well as in Cairo and Barcelona.”

Albert established the investment firm 10 years ago, after spending the earlier years of his career working in operational roles, “creating value for companies, particularly in Latin America, the US and Europe.” He also managed businesses in the UK, then Brazil, and the US – 215

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We’re a purpose-driven organisation. Our commitment is reflected in the quality of our investment policies, which focus on climate change, the environment and gender equality. in the Middle East and Asia, focusing particularly on Japan.” These investors are offered the opportunity to make a substantial on-the-ground impact in North and Sub-Saharan Africa.

The firm manages “several different asset classes, not only for the mid-market but also private equity for European SMEs, specifically in Spain and Portugal,” Albert explains. Moreover, it possesses “a fund investing in capital markets in Africa, that is in African companies trading in London, Sydney, Toronto, Casablanca, Lagos, Nairobi, Cairo, and Abidjan. This is a very clear capital markets investment structure, which can give liquidity to our investors every 15 days,” he says. In Africa, “we have also invested in real estate, mainly in offices and logistics parks, through long-term rental contracts, and that gives us a yield of approximately 10 per cent; we also offer a service managing third-party money, which we’ll invest in any of our funds or as a co-investment with other partners in sectors which that particular investor will like, such as healthcare, education, finance – specifically financial inclusion – as well as in the sector of fast-moving consumer goods (FMCG).” This is all done within the context of a diligent regulatory framework. “We have strict governance, compliance and back-office processes, which are in line with industry benchmark standards,” Albert attests. Mediterrania Capital Partners attracts investors from all over the globe, although most have emerged from North America as well as European and African countries. Nonetheless, “we’re now looking for investors 217

“We’re a purpose-driven organisation which combines two pillars: delivering positive returns to our investors and making a positive impact in communities, economies and the planet. Our commitment is reflected in the quality of our investment policies, which focus on climate change, the environment and gender equality. We’re creating new jobs on the African continent, pushing more gender balance within those companies in which we invest, and are a signatory to the UN’s Principles for Responsible Investment, demonstrating our dedication to the highest international standards. And all that’s without ever compromising on our returns, which currently stand at between 18 and 21 per cent, on a yearly basis. That’s what we deliver to our investors.” Albert cites examples of specific companies in which Mediterrania Capital Partners has facilitated growth, resulting in favourable outcomes for the societies and people involved: “in many African countries there are fewer than 1.8 hospital beds for every 1,000 people. Compare that to 12 to 13 beds for every 1,000 people in OECD countries and you will see the significant gap that needs to be addressed in the healthcare sector there. So, we have invested in hospitals and clinics, contributing to the opening of 21 hospitals in North Africa, totalling more than 3,000 beds. We’ve also invested in private universities, such as the Université Privée de Marrakech (UPM), in contexts where the public sector cannot keep up with the demand,” he explains.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Other examples abound. In Tunisia, Mediterrania Capital Partners has facilitated growth capital investment in the Groupe Scolaire René Descartes (GSRD), an educational institution offering French and Tunisian programmes. Additionally, the company has invested in Aziza, a food retail operator managing more than 500 stores across the country and employing over 3,800 staff. Closer to home, in Europe, the firm has participated in climate change initiatives in Spain, investing in improving water usage systems through technology. “We’re helping to close the gaps in these countries and delivering returns to our investors,” Albert emphasises. As the CEO and Founder of Mediterrania Capital Partners, Albert actively contributes to the growth of the companies in which the firm invests. He sees himself as “an enabler of talent”, hiring and mentoring staff who have contributed to the businesses. This approach has empowered Albert’s organisation to “create value in more than 17 companies.”

Quick-fire Questions… with Albert Alsina How do you start your day? I exercise for one hour. Are you blunt or subtle with your team? Clear and direct. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week and sometimes every day.

Moreover, “every time we invest in a company, we enquire about the conditions of employees: do they have a pension or social security? Is there a proper gender balance among the staff? Are there women in the C-suite? We want to ensure there’s a well-balanced human resources policy implemented across the board.” However, Mediterrania Capital Partners does not stop there. “We also look at businesses owned or managed by women; businesses that have a middle management team composed of women; or businesses that specialise in delivering products and services to women. This is also part of our strategy, and we’re proud of the support we provide to women entrepreneurs,” he says.

Is right now a good time to invest? Yes, in North Africa and selected Sub-Saharan African countries. What’s the one goal you wish to achieve in your organisation over the next 12 months? To deliver best-in-class returns and positive impact. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Face-to-face conversations. Are you immune to Monday blues? Yes, I love Mondays.

He sees Malta’s financial and geographical profile as instrumental in such success. “When I was evaluating where to set up our licence, I chose Malta since the island has a lot to offer – and not just in terms of weather and food, of course,” he laughs. “You’ve got strong lawyers, auditors, financial service providers, and administrators of international quality who offer a competitive pricing scale. It’s also convenient: when I host guests from Tunisia and Morrocco, for instance, they feel welcome and comfortable on the island.” Despite this, he identifies a glaring gap in the local financial market. “Here, private equity firms don’t really exist. There are no private capital venture funds either. This is something which Malta needs to address, and it requires attention from all actors working here,” he attests. This year, Albert’s growth strategy remains ambitious. By the end of 2024, he aims to manage €1 billion in assets under the management of Mediterrania Capital Partners. “We’ll be one of the largest private equity firms investing in Africa. That’s one of our main objectives and purposes,” he says. To achieve this, “we’re aiming to conclude the fundraising for our flagship Med-Cap Growth Fund for Africa. Simultaneously, we’re initiating a new cycle for our Iberia fund and establishing our Africa Select Equity Fund, for which we just obtained the licence, enabling us to invest in robust companies,” he says. Meanwhile, the core operations of Mediterrania Capital Partners will continue to be geared towards contributing to constructive change: “we have plenty of projects lined up and the vision, the passion and the talent within the team to make them happen,” he concludes with a smile.

Are you a macro or a micro person? It’s important to be both. With hindsight, what would you do differently in your business? Spend more time with my team. Where do you eat lunch during the week? It can vary a lot. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Red wine from Ribera del Duero. Your favourite restaurant (and dish) in Malta or Gozo? Samizu at Marina Di Valletta. Do you believe in business lunches? Yes, gatherings are always valuable. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? It depends on the occasion. Any exercise routine? Daily walks. Do you believe that you’re an introvert or an extrovert? Extrovert.

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“I don’t believe that AI in its purest form will be a local growth area but the application of pre-packaged engines to areas such as machine learning for anomaly detection, medical imaging in healthcare and fraud detection for financial services will surely be leveraged.”

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Brian Zarb Adami

C E O , C Y B E R S I F T LT D

“AS A LEADER, YOU MUST REMAIN A LISTENER AND R E M E M B E R T H AT YO U D O N ’ T H AVE A N Y T H I N G OVE R A N YO N E WHO COMES AF TER YOU. YOU WERE JUST HERE FIRST.”

H A I L I N G F R O M A P R E - I N T E R N E T E R A O F I T I N T H E E A R LY 1 9 9 0 S – W H E N OWN I N G A H O M E CO M P UT E R WA S ST I L L A LUXU RY – CYB E R S I F T C E O B R I A N Z A R B A D A M I G R A D U A T E D I N P H A R M A C Y A N D M A D E H I S F I R S T F O R AY I N T O I T P U R E LY F O R L E I S U R E . A S T E C H N O L O G Y S T A R T E D T O T A K E H O L D , B R I A N A C T I V E LY PA R T I C I PA T E D I N T H E R A P I D E V O L U T I O N O F T H E C Y B E R S E C U R I T Y S PA C E , G O I N G O N T O F O U N D S E V E N S T A R T U P S A N D L A U N C H I N G C Y B E R S I F T W I T H B U S I N E S S PA R T N E R D A V I D V A S S A L L O I N 2 0 1 7.

companies. “I never really set out to be a leader or aspired to become CEO – I always followed my interests and started out as an IT hobbyist in the medical tech space before deciding to do something I was passionate about and switching over to IT full-time. In my previous roles, I was always the technical leader – never the business leader – but since David is ahead of me technically, he obviously fits that role better, so things just panned out the way they did as we grew our team organically and a structure started to emerge.

With cybercrime ever on the rise, CyberSift is positioning itself at the fore of the industry for 2024, helping businesses become cyber-proof. Reflecting on his role as CEO of the company, Brian Zarb Adami compares his day-to-day job to “cheerleading various teams along”. He explains: “I try to push different individuals forward so we can reach our company goals – financial, quality or otherwise – and am always ready to fill any gaps or get my hands dirty if I need to.”

“This has been my first experience starting a company with the business hat on from day one, so I make it a point to use what I didn’t like in previous

Landing in the position of CEO is a first for Brian, despite his extensive experience leading other 221

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administrations as examples of what not to do. As a leader, you must remain a listener and remember that you don’t have anything over anyone who comes after you. You were just here first,” he asserts. Brian adds that the company is constantly onboarding new people and roughly doubles in size every six-toeight months in an effort to continuously improve everything from business development to product strategy. “One fine day I’m sure I’m going to find a better CEO than me, and I suppose that will be my time to move on and do other things,” he muses pragmatically. Opening up about the trials of his role, Brian says: “no leader will tell you that their job doesn’t bring daily challenges. There’s always an operational issue of some sort whenever you’re dealing with people. If it’s not a financial problem, it’s an HR one, and if it’s not that, it’s a client-facing issue. Ultimately, you have to be strategic and try to overcome obstacles as positively as possible.” For Brian, delegation and managing people are the hardest parts of his job. He laments the pervasive Maltese mentality that ‘anything goes’, which clashes with his ethos of keeping on the straight and narrow, and striving for excellence. “I see this at all levels of our society and take it very much to heart that so many people are content to lower their standards to ‘just good enough’,” he remarks. Brian has observed that this is a growing problem among some of the younger generations of the workforce who aren’t willing to go the extra mile

and improve their performance. With an employee exclusively dedicated to HR retention, CyberSift has a highly rigorous selection process, only recruiting around one out of every 100 job applicants. “We have a core group of people who are excellent, but we still get a couple of outliers and lose five per cent of staff along the way when they realise they’re not up to it,” he shares. Fortunately, there is much else on the job to keep Brian enthusiastic. “I enjoy the high-tech area we are in and get a kick when the team comes up with something new and exciting, or when customers are clearly happy with the way we handle an issue. I am also quite proud of the fact that we’re among only a handful of companies that are really doing anything about inventing locally innovative intellectual property, and have even been cited in international publications,” he smiles. Meanwhile, one of CyberSift’s biggest milestones to date – which Brian claims further strengthened its credibility and solidified its position in the market – was when GO plc invested in the company last March. Now, with the rise of sophisticated hacks and malicious software, CyberSift has very much grown with the industry itself – from servicing users who have a statutory obligation to protect their clients’ information and assets, to catering to those who choose to have technical security controls in place even if not legally bound to. Brian explains that the drive for setting CyberSift up was to build useful security tools that would be available to companies of any size, anywhere, and not just for the local market. “At the time, IT security only seemed to be within reach of larger corporations,

Cyber attacks have now become a matter of when, not if, and I expect that more major attacks could make headlines this year.

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not SMEs that didn’t have a budget of half a million to spend. We now know that cyber security is far from just for enterprise, as a simple home user could get hacked through social media, making it crucial for anyone to access,” Brian states. In order to keep up with rapidly developing cyberattacks, CyberSift came up with a means of managing customers’ security without directly accessing their systems, which are hosted on customers’ premises, and opening them up to weaknesses. This is done via AI algorithms that CyberSift hosts and constantly updates.

Quick-fire Questions… with Brian Zarb Adami How do you start your day? With emails at around 5am. Are you blunt or subtle with your team? Subtle.

Brian reveals that this is how the company got its name. “With tens of thousands of system alerts every day, which are impossible for humans to monitor, we use AI and apply machine learning to sift through all the security data, filter out any low-priority events and escalate critical cyber risks to our security team. This way, we’re able to give our clients meaningful information they can act on,” he explains.

Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Twice a day. Is right now a good time to invest? Yes, a very good time.

Commenting on how the industry is developing, Brian observes that larger businesses are ramping up their cyber security for reasons of compliance in view of emerging regulations like DORA – the European-wide Digital Operational Resilience Act coming into effect in January 2025. DORA aims to safeguard the resilience of the digitised financial services industry and ensure the stability of financial systems in Europe. He notes, however, that many smaller organisations are still not investing in their cyber security, which is a risk as Brian believes there are bound to be more malicious events on the horizon. “Cyber attacks have now become a matter of when, not if, and I expect that more major attacks could make headlines this year,” he predicts.

What’s the one goal you wish to achieve in your organisation over the next 12 months? To add some more international names to our client base. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Email. Are you immune to Monday blues? Yes (I get the Saturday blues). Are you a macro or a micro person? Micro but I hate it. With hindsight, what would you do differently in your business? Take more risks.

For CyberSift, 2023 was a good year, with the company achieving its planned 50 per cent revenue growth and limiting its dependence on foreign technologies to just 35 per cent, proving it has come a long way since the early days of exclusively reselling third-party tools. Brian reveals that, this year, the company is looking to partner with distributors and plant its flag beyond the UK in Italy and Benelux, further cementing CyberSift’s position in Europe. “To my surprise, I’ve realised that, from a technical standpoint, we can go toe to toe with any of these players. In fact, I feel that we’re appreciated more abroad than in Malta, due to the lingering local mentality that ‘foreign is better’. We’ve even been told by banks in Belgium, Austria, the UAE, and the US that what we offer is better than the systems they have, which cost 10 times more,” he shares.

Where do you eat lunch during the week? Standing in the kitchen and walking around listening to news/podcasts. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Amarone wine and Jura whisky. Your favourite restaurant (and dish) in Malta or Gozo? Santini in St Julian’s and Harlequin in Ta’ Xbiex; grilled fillet of fish. Do you believe in business lunches? Yes, breaking bread together is effective in business.

Brian predicts that the years ahead will hold opportunity for companies working to become specialists in one area as opposed to those attempting to expand and do too much, spreading themselves thin in the process. As for the local financial services industry, he muses that while there are many variables at play, this should remain relatively stable and enjoy small growth. Summing up CyberSift’s main drive for 2024, Brian optimistically concludes, “as we gear up to double in size, we know it will be another year of fire, but why not?” 223

For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Gym twice a week. Do you believe that you’re an introvert or an extrovert? Introvert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Jonathan Bellizzi

CEO, LIDION BANK PLC

“ O U R D R IVI N G FO R C E I S TO CO N S O L I DAT E O U R P O S I T I O N A S T H E G O - T O F I N A N C I A L PA R T N E R FO R T H E D I G I TA L A DVE RT I S I N G I N D U ST RY.”

R E B R A N D E D F R O M AG R I B A N K PLC I N L AT E 20 2 3 , L I D I O N B A N K PLC CONTINUES ITS PREDECESSOR’S COMMITMENT TO PROVIDING A C U STO M E R - C E N T R I C S E R VI C E TO CO R P O R AT E C L I E N TS , WH I L E S E R VI N G T H E D I G I TA L A DVE RT I S I N G I N D U ST RY. C E O J O N AT H A N B E L L I Z Z I OVE R S E E S A ST R AT EG I C A PPR OAC H TO E M P OWE R I N G S M E S I N T H E S PA C E , A S L I D I O N B A N K N A V I G A T E S T H E I N T E R S E C T I O N O F TECHNOLOGY AND FINANCE TO ENHANCE ITS HOLISTIC OFFERING OF CUSTOM-DESIGNED FINANCIAL SERVICES AND CUSTOMER EXPERIENCES .

experience in payments, cards, electronic money, risk management, and business development. Jonathan’s journey in the banking sector commenced in 2006 with a short stint at Lombard Bank Malta plc, followed by a role at APS Bank plc. After completing his studies in Financial Services and Associateships at the University of Manchester, UK, he transitioned to Novum Bank Ltd. There, he played a pivotal role in setting up the Mastercard licence and launching various card programmes on the German and Swiss markets. In 2017, Jonathan moved to Insignia Cards Ltd, serving first as COO and then as General Manager. This position paved the way for his next career shift in 2019 to AgriBank plc.

“I’m obsessed with the customer,” begins Lidion Bank CEO Jonathan Bellizzi, when asked to name the newly rebranded bank’s key to success. “Everything we do revolves around the customer. Values such as integrity, transparency, diligence, consistency, and accountability are imperative and not up for compromise. I am a firm believer in fostering an environment that encourages continuous improvement and innovation, pushing us to constantly seek out ways to serve our clients better.” This customer-centric approach has been a recurring theme throughout Jonathan’s career within the financial services sector, where he has garnered a wealth of 224

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“Leading a bank requires a delicate balance between risk management and growth, innovation and stability. What I find most rewarding about my role is the opportunity to influence and implement strategic decisions that not only drive Lidion Bank forward, but also have a positive impact on our customers. The joy of witnessing our team’s development and observing the direct impact of our services on our clients is immensely satisfying.”

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Most traditional banks lack the appetite for this industry, but I believe banks should be seen as business enablers – facilitators that empower businesses to reach their full potential, rather than as cumbersome institutions that may impede progress. Granted its licence in October 2012, the former AgriBank plc initially carved its niche by offering asset finance solutions tailored to the UK agricultural sector, before expanding in 2017 to offer banking services to locally registered companies in Malta. The strategic choice in 2021 to pivot towards serving the digital advertising industry took the bank in a new direction that tapped into a potential-packed emerging market, Jonathan reveals. “This shift played a crucial role in propelling our success forward, allowing us to tap into the growing potential of digital marketing and cater to the financial needs of an increasingly digital economy. By aligning with SMEs, we not only diversified our portfolio but also contributed to the growth of this vital sector, further underlining our commitment to innovation and adaptive business strategies.”

“Leading a financial institution and a bank are significantly different undertakings. It’s like comparing apples with oranges. When you’re at the helm of a bank, your responsibilities extend beyond simply expanding its balance sheet and financial metrics: you’re also the guardian of your customers’ deposits, ensuring their assets are safe and secure,” he explains. Onboarding in 2019 also presented other challenges, he goes on: “at that time we were seeking fresh investment and facing financial losses, while Malta was experiencing a particularly difficult phase within the banking industry, struggling with a grey list status and navigating the global uncertainties brought on by the COVID-19 pandemic that came about later. That said, the path has been thrilling, demanding and fulfilling.”

Today, Lidion Bank’s holistic service model centres around the three foundational pillars of financing, services and technology, each addressing specific challenges that SMEs operating within the digital advertising industry typically face.

Indeed, the years since have seen a series of milestones both for the bank and for Jonathan – not least when he led the major rebranding exercise from AgriBank plc to Lidion Bank plc in 2023, solidifying its new scope.

“Most traditional banks lack the appetite for this industry, but I believe banks should be seen as business enablers – facilitators that empower businesses to reach their full potential, rather than as cumbersome institutions that may impede progress. An SME working in this space has multiple relationships, so we want to offer them a onestop shop. Recognising the unique cash flow challenges and investment needs of the industry, Lidion Bank offers tailored financial solutions such as specialised loans, asset finance for the digital industry and bespoke financing arrangements,” Jonathan explains, also describing the bank’s specifically designed suite of support services that caters to SMEs’ growth and scalability needs with multicurrency accounts, local collections and a suitable treasury solution.

“Shaping the bank into the valued entity it is today stands as my landmark career moment,” he shares. “When I joined, we were running a shrinking agricultural portfolio and a non-existent corporate banking portfolio, incurring losses and operating with a modest team of just 13 employees. Now, the bank boasts profitability with substantial double-to-triple-digit growth across nearly all products and has expanded its workforce to 45 dedicated professionals. While we have invested in growing our team and improving our IT infrastructure, we have also moved away from our agricultural portfolio towards the digital advertising industry, so we felt the time was ripe to rebrand.”

“And at the heart of Lidion Bank’s offerings is a robust technological platform,” he adds. “This offers seamless 226

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online banking experiences, integrates with digital advertising ecosystems for efficient payments and settlements, and provides real-time financial data that can help digital advertisers manage their cash flows more effectively. Investment in state-of-the-art cybersecurity measures will also ensure that clients’ financial transactions and data stay protected in an industry that is particularly sensitive to the integrity and security of digital information.”

Quick-fire Questions… with Jonathan Bellizzi How do you start your day? Breakfast, reading emails and news, then training.

However, navigating the digital advertising space also brings challenges, Jonathan confirms. “Among these is the evolving regulatory framework. We need to ensure compliance, while still offering efficient and innovative services,” he says. “Companies in this space move quickly and demand banking partners that can keep up with their pace, with financial services that are not just robust and reliable, but also flexible and responsive to their rapidly changing needs. Likewise, staying ahead of the competition requires constant innovation, exceptional customer service and a keen understanding of the industry.”

Are you blunt or subtle with your team? It depends on the situation. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Daily, so that I can stay informed and react accordingly. Is right now a good time to invest? It’s essential to evaluate the potential value of an investment rather than the timing of the market. What’s the one goal you wish to achieve in your organisation over the next 12 months? To become the go-to bank for the digital advertising industry.

Apart from a comprehensive rebranding initiative, 2023 represented an extraordinary year in terms of consistent growth for Lidion Bank. This impressive growth journey will soon physically manifest this year, as the bank moves to a new location at Trident Park, in a dynamic space that will both accommodate its growing team and provide an environment that fosters innovation and collaboration.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? If you’re serious about conducting business, at least one inperson meeting is essential. Are you immune to Monday blues? Yes.

Jonathan highlights that last year also brought opportunities across the financial sector. “The shift in the monetary policy landscape since July 2022, marked by the ECB’s decision to raise interest rates, has presented opportunities both for Lidion Bank and the broader financial industry. While the era of higher interest rates does translate into increased borrowing costs, which impacts the cost of capital for businesses and consumers alike, this environment offers tangible benefits for cash-rich businesses and individuals who now have the prospect of earning interest on their deposits – a concept that has been almost dormant.”

Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I would accelerate the pace of change in the organisation. Where do you eat lunch during the week? At my desk or in a restaurant with a client or partner. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I like Italian red wines. As for whisky, it’s got to be The Macallan. Your favourite restaurant (and dish) in Malta or Gozo? I have so many favourite restaurants, but my favourite dish is a plate of pasta.

Having capitalised on these opportunities through offering competitive interest rates for various deposit products and with the launch of a financial product tailored to the current climate – a 31-day notice account – Jonathan is confident that 2024 will bring more of the same success for Lidion Bank amid the ever-changing financial market.

Do you believe in business lunches? Definitely – but more so in dinners. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911.

“The financial services industry is poised to undergo a significant evolution over the coming years, propelled by advancements in technology. The digital advertising sector remains highly promising in 2024 and beyond. Our driving force at Lidion Bank is to consolidate our position as the go-to financial partner for the digital advertising industry, committed to delivering unmatched service, optimising our specialised suites of products and services, and building deeper relationships with clients rooted in trust and mutual growth,” the CEO concludes.

Smart watch or a conventional timepiece? Conventional. Any exercise routine? Daily – discipline is key. Do you believe that you’re an introvert or an extrovert? I’m an introvert, but professionally, you must be extroverted.

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Taskin Kose

C EO, FACA DA RT T R A D I N G LT D

“ W E W A N T T O C E M E N T O U R P R E S E N C E H E R E I N M A LT A . ”

I STA N B U L- N AT IVE TA S K I N KO S E – T H E C EO O F T H E TU R K I S H FAÇA D E C O N T R A C T I N G F I R M , S E N Y U V A A L U M I N I U M C O – A R R I V E D I N M A LT A I N 2 0 1 9 , H A V I N G B E E N C O M M I S S I O N E D – I N A F I R S T F O R M A LT A – T O PR O D U C E A N D I N STA L L T H E FAÇA D E O N T H E FO RT I N A TOWE R PR OJ ECTS , WHICH INCLUDED THE BARCELO FORTINA HOTEL , THE FORTINA R E S I D E N C E A N D T H E B E T 3 6 5 H E A D O F F I C E . F IVE YE A R S L AT E R , A N D H E H A S E S T A B L I S H E D F A C A D A R T T R A D I N G LT D , A S W E L L A S T W O O T H E R F I R M S W I T H H I S C I V I L E N G I N E E R PA R T N E R , H A K A N B A L , B O T H D R I V E N B Y T H E G O A L O F M A K I N G A N A R T I S T I C M A R K O N M A LT A ’ S F A Ç A D E S .

“I love the atmosphere on this island, I love its people and I love their family-centred approach,” says Taskin Kose, the CEO and Co-Founder of FacadArt Trading Ltd, explaining how, over the past few years, he has moved his professional façade team to Malta – the talent behind his Turkish firm, Senyuva Aluminium Co, operating out of Istanbul and boasting a highly-sophisticated Computer Numerical Control (CNC) automated factory.

partner in the façade design and installation business, yet keeping this island as a base,” he explains. Here in Malta, and beyond, FacadArt will continue the work started in Istanbul, importing expertise in glass, stone, ceramic, and aluminium systems and insulations, while also specialising in heavy steel construction, office glass partition systems, automatic and revolving entrance doors, as well as shopfront transparent façades and industrial doors, among other offerings.

As testament to these sentiments, he also plans to further grow his façade contracting firm in Malta. “I am investing time to learn and understand Maltese culture, since I think it is key to our progress. I’d like to solidify the company’s success here and become a global

Taskin “started his adventure” in Malta in 2019, when he was approached, as the owner of Senyuva, to work on Bet365’s head office, which is part of Fortina Complex. However, when one of the main contractors defaulted 228

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Don’t make money your only goal. Of course, everyone works for it, and companies are driven to make a profit. But that cannot be the sole objective. Rather, developing and protecting your reputation must be a priority. Be honest and transparent with your clients. And always remember that family comes first.” 229

Our plan is to vertically integrate our processes locally in a way that we can respond faster and more economically to the opportunities both here and in surrounding markets.

on his contractual obligations, Taskin stepped in to fill the gaps. “This opportunity came at a very difficult time, since the outbreak of COVID-19 had resulted in a number of logistical issues which we had to contend with,” he says, recalling the struggles they encountered in setting up the financial structure and in shipping materials to Malta. “What would usually take 15 days or, at a stretch, one month, was then taking up to three months to get to the island,” he explains.

Since these promising beginnings, and besides the Fortina commission, FacadArt has also been contracted for other façade projects, including the St George’s Business Centre and the Londoner Hotel, as well as the Bathroom Centre in Żejtun, and private residences owned by some of Malta’s most prominent businesspeople.

To offset some of the challenges, Taskin and his engineering partner, Hakan Bal, decided to establish FacadArt Trading Ltd, launching the brand with its distinctive orange logo. Taskin describes it as “our corporate face here in Malta,” and emphasises that the firm “is fast becoming the go-to company for innovative façade solutions and projects in the country,” pointing to the increased popularity of tower block developments.

Moreover, despite being only a recent ‘Malta native’, preserving the country’s business heritage is also close to Taskin’s heart, and he points to the diverse ways in which the firm positions itself as a leader in the renovation of existing buildings. “Many commercial façades have not been upgraded to complement the businesses’ corporate brand evolution, and, so, they present an outdated, tired image to their clientele. We can help here, particularly by offering a façade design which works well with any new branding; this can substantially increase the real estate value of these premises,” Taskin explains.

“Our 35-year expertise in this field is being successfully transposed to Malta. We analysed and scrutinised all our competitors’ previous works in Malta and we realised that we could present a strong challenge. This is because we offer lifetime guarantees on our products, including, for instance, on our galvanised steel subframes; our anchor plates which contain a proper surrounding membrane; as well as our stone wool flashing insulation which protects against the effects of storms, bad weather and dust ingress.”

The quality of the work is also a priority for the CEO. “We have a sterling reputation in Istanbul as a trustworthy family business since 1986. My goal is to foster the goodwill we have in our home country here in Malta, so we’re learning the ethos of doing business on the island and adapting to local ways. We have started to engage Maltese talent within our management structure, and we’re partnering with local corporate service providers. We feel that engaging with the local community is very important

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for our full integration and to help us become a part of the Maltese business community,” he says. Networking is also “a very critical aspect of our successful presence in this market,” he continues, adding that this is the case particularly due to the small size of the market – “word travels,” he attests. This deep sense of commitment in investing in the local economy is also at the heart of FacadArt’s business strategy this year, with the firm hoping to develop a state-of-the-art factory on the island that would incorporate computerised robotic technologies to reduce human errors both in the production and assembly of components, and would allow the firm to consolidate its operations locally. “This will continue to give us a competitive edge and a high-quality finished product, which will be delivered to our customers,” Taskin says. “Over the last two years, we’ve secured contracts for work here amounting to just over €12 million, and we’re planning to deepen our presence in the market by shifting more capacity to Malta from our base in Istanbul. We want to cement our presence locally with further investment in our production capabilities and marketing initiatives. Collaborating with Maltese partners and continuous development of our human resources are the driving forces behind our business growth strategy. Our vision is long-term, and we want to make the FacadArt brand – with its distinctive orange colour – the industry benchmark in façade solutions,” he continues, smiling.

Quick-fire Questions… with Taskin Kose How do you start your day? I go for a morning run. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Weekly. Is right now a good time to invest? In Malta, yes, 100 per cent. What’s the one goal you wish to achieve in your organisation over the next 12 months? To open a factory in Malta. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting.

As a result, Taskin also hopes to position its Malta-based operations as a base for further expansion in North Africa and Southern Europe. “Our plan is to vertically integrate our processes locally in a way that we can respond faster and more economically to the opportunities both here and in surrounding markets,” he explains. In so doing, the firm will build on existing expertise, with Senyuva, in the past, having also developed business relations in several other countries, including Romania, Albania, Holland, Algeria, and Erbil in North Iraq, “some of which are also very difficult territories,” he asserts.

Are you immune to Monday blues? Not really. Are you a macro or a micro person? Definitely, macro. With hindsight, what would you do differently in your business? Upgraded our facilities using CNC technology earlier. Where do you eat lunch during the week? I usually skip lunch.

Taskin’s passion, perseverance and sense of professionalism form the core of his work ethos. In his leadership role, he deems it essential to convey these values to the entire team. “I dedicate a lot of my energy to ensuring our people stay motivated,” he says. “My goal is for them to sense my passion not only for the business but also for their well-being and satisfaction.”

What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I do not generally drink alcohol. Your favourite restaurant (and dish) in Malta or Gozo? The Oyster Lounge. Do you believe in business lunches? Yes, I do.

This vigour extends beyond the workplace into his personal life. Nonetheless, working in such an intense environment is not always easy “when you’re managing a cross-border organisation, due to the numerous demands it imposes,” he admits, adding that there were “periods in my professional career when work pressures took their toll.”

For the sake of it, a Porsche 911 or a Bentley Bentayga? Bentley Bentayga. Smart watch or a conventional timepiece? Conventional timepiece.

However, today, he prioritises time for himself. “I make it a point to follow a healthier lifestyle, with daily exercise and healthier eating habits. When I am in Malta, you can find me on my very early daily stroll along your beautiful Sliema promenade – although, unfortunately, I have had to give up on your tasty pastizzi,” he laughs, concluding. 232

Any exercise routine? Yes, daily in the mornings. Do you believe that you’re an introvert or an extrovert? Definitely an extrovert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “I believe in leading by example. Sometimes, I don’t ask for something to be done – I do it myself and, when the team sees me doing it, they follow suit.”

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Marika Tonna

CEO, BUSINESS FIRST

“ I N A N Y K N OWL E D G E - B A S E D E N T I T Y, I TS PE O PL E A R E K EY.”

A S C E O O F B U S I N E S S F I R ST, M A R I KA TO N N A WA S I N ST R U M E N TA L I N P O S I T I O N I N G T H E O R G A N I S A T I O N A S M A LT A ’ S O N E - S T O P S H O P F O R B U S I N E S S I N 2 0 1 7. S I N C E T H E N , H E R D R I V E T O E X PA N D O N T H E SERVICES IT OFFERS TO BENEFIT THE LOCAL BUSINESS LANDSCAPE H A S N OT WAVE R E D – R AT H E R , H E R S I G H TS A R E S E T EVE R H I G H E R .

Tracing the career journey that has led her to this point, Marika recalls how she started out working at a bank during her student years before joining MDC (the precursor of Malta Enterprise) while attending university. “At MDC, I worked in several different departments and became its youngest female manager. I’m also very proud to have represented Malta in London,” she says with a smile.

“I see myself as the captain of a ship. We have people in different roles, and my job is to see the big picture when it comes to strategy and to steer the ship in the right direction,” says Marika Tonna, CEO at Business First, describing her position as unique in accordance with the uniqueness of the organisation itself. “As a joint venture between Malta Enterprise and the Chamber of SMEs, Business First (B1st) also forms part of Servizz.gov, so there are several sets of rules and regulations we must adhere to,” she maintains, noting that not all the people that offer their services from B1st fall under her mandate. “We bring together officers that form part of Malta Enterprise, officers that we subcontract from the private sector, and several others from different entities, including the Malta Tourism Authority, the VAT Department and the tax authorities. My initial challenge upon starting out was getting all these people from different backgrounds and cultures to work together.”

This experience was followed by a period of private consultancy, during which Marika had the opportunity to travel to Vietnam to work with the United Nations. Upon her return, she joined the Management Efficiency Unit (MEU) as a Senior Consultant. “The way I work today is very much a result of what I learnt at MDC and MEU. The company culture in the two organisations was completely different – while we strived for excellence in both and were always 235

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

A good entrepreneur will always turn a challenge into an opportunity – and at Business First we see all sorts of businesses, not just traditional, runof-the-mill ones. Upon her return, and while discussing her future with the Malta Enterprise CEO, the opportunity at Business First came up. “B1st had already been around for some time, but in a different structure. I wanted to give it a new lease of life. We joined forces with the Chamber of SMEs, started introducing other entities and grew it from there,” Marika says. driven by results, the MDC was more efficiencyfocused, while, at the MEU, we gave importance to the minutest detail,” she explains, adding that, upon re-joining Malta Enterprise as COO, she had mastered both methodologies – with their advantages and disadvantages – and could apply the best of both. Then, an unexpected turning point in her career occurred about seven years ago when Marika was forced to stop working to care for her son, who had been involved in a tragic car accident. “I didn’t think I could restart my career at the time, and I will always be thankful for my colleagues who really stepped in to help when I needed to leave,” she attests, with a grateful smile.

Speaking about its aim at the outset and how it has expanded its role since then, the CEO explains, “we began by assisting startups on the basics of how to register as self-employed. Our mission has always been – and continues to be – to help microenterprises and to challenge the status quo.” As their role is to represent business, the team steps in if they encounter stumbling blocks or bureaucracy, taking the issue up with the relevant department with the aim of improving and streamlining the process. And Marika explains that team members are often approached by people who have got stuck or are unsure which Government department they need to contact. “We guide our clients accordingly,” she smiles – and the results of the service speak for themselves. 236

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Starting from an entity that would receive an average of two to three clients per day, we have now grown to serve over 70 clients a day, between emails and walk-ins. We also have a very strict charter, whereby we answer enquiries within 24 hours, and waiting times are kept very short.” Testament to this is a recent recognition that Marika is particularly proud of. Last year, the B1st team received the Quality Award at the Is-Servizz Pubbliku Awards. Offering some context, the CEO explains, “a few years ago, the Government introduced the Quality Mark, and we were one of the first three entities to receive it. Having this mark means that you are audited regularly by the department at the Office of the Prime Minister. Last year, the Government awarded us the Best of the Best among the Quality Mark holders, as the entity that gives the best service within the public sector. It was a lovely surprise, and now, the pressure is on to keep it up!”

Quick-fire Questions… with Marika Tonna How do you start your day? I take my King Charles Cavalier puppy out. Are you blunt or subtle with your team? Blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Usually, monthly.

Turning her attention to the work the entity does, the CEO shares insight in relation to the business community, against the backdrop of persistent global challenges. Encouragingly, she says, local business has not only proven resilient, but also continues to grow and diversify. “More and more entrepreneurs are choosing to set up businesses here,” she says. “We haven’t slowed down after COVID-19 but, rather, are seeing different types of business move to the island – more tech startups, for example, as well as foreigners who were previously employed in Malta and who have now decided to set up a business here.”

Is right now a good time to invest? It is always a good time to invest in the right opportunity.

Speaking of opportunities for the Maltese business community, Marika continues, “a good entrepreneur will always turn a challenge into an opportunity – and at B1st we see all sorts of businesses, not just the traditional, runof-the-mill ones. While I’m not an entrepreneur myself, I have great admiration for entrepreneurship, particularly first-generation businesses.”

Are you a macro or a micro person? Macro.

Looking to the future for B1st, the CEO’s plans centre on further expanding the entity and introducing more services, as well as launching a business portal, whereby clients can set up a business and run it in a holistic manner. “This year, we will be launching our portal, and we will constantly update and add to its features. Malta ranks very highly in eGovernment services within the EU, but technological advancement varies among different Government departments. So, bringing these departments together has been a challenge but a worthwhile one,” she maintains, noting that establishing a greater presence on the sister island, Gozo, will also be a focus. “Malta Enterprise has an office in Gozo, but I’d also like B1st to have one, so we can give the holistic service we offer here.” Finally, her priority will always be on the team that makes up B1st, and which enables the entity to provide the level of quality service that the CEO – and their clients – have come to expect. “In any knowledge-based entity, people are key. We are our staff – B1st is about keeping them motivated, trained and happy.” 237

What’s the one goal you wish to achieve in your organisation over the next 12 months? The successful launch of the business portal. Physical meeting, call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Sometimes I still get them, be it Monday or Tuesday!

With hindsight, what would you do differently in your business? I would have opted for bigger premises from day one! Where do you eat lunch during the week? At my desk, or in the kitchen so I can mingle with the staff. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I’m a gin drinker – I like Hendricks. Your favourite restaurant (and dish) in Malta or Gozo? I don’t have a favourite restaurant, but I like to order fish when I’m out. Do you believe in business lunches? I prefer a business breakfast, so as not to disrupt the day. For the sake of it, a Porsche 911 or a Bentley Bentayga? I don’t think I could park the Bentley! Smart watch or a conventional timepiece? Smart watch. Any exercise routine? Taking my dog out. Do you believe that you’re an introvert or an extrovert? Extrovert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Ruben Curmi

CEO, HARBOUR SOLUTIONS

“ M Y U LT I M A T E G O A L I S T O P O S I T I O N H A R B O U R S O L U T I O N S S O T H AT I T G IVE S PE AC E O F M I N D TO O U R C U STO M E R S .”

A DA PTA B I L I T Y A N D FO R WA R D T H I N K I N G A R E C R U C I A L TO S U CC E E D I N G I N T H E E V E R - E V O LV I N G B U S I N E S S O F B U I L D I N G M A N A G E M E N T . T H I S I S A N A R R AT IVE T H AT R U B E N C U R M I , C EO O F H A R B O U R S O LUT I O N S , ST R IVE S TO E M B O DY. WI T H A CA R E E R C H A R ACT E R I S E D BY S I G N I F I CA N T S H I F TS A N D TRANSITIONS, HIS JOURNEY TO BECOMING CEO OF HARBOUR SOLUTIONS H A S FO C U S E D O N A D D I N G VA LU E A N D I M PR OVI N G C U STO M E R S AT I S FACT I O N – A PH I LO S O PH Y T H AT H A S D R IVE N D EC I S I O N - M A K I N G AT H A R B O U R S O L U T I O N S A N D B E E N I N S T R U M E N T A L T O T H E C O M PA N Y ’ S G R O W T H .

Ruben Curmi’s story of entrepreneurship began with his role as the Director of Galley’s Malta, a position that laid the foundation for his future endeavours. The move to CEO of Harbour Solutions was not just a change in title but a transformative shift in focus and responsibility. Under his leadership, the company has transitioned from its initial ICT focus to becoming a leader in Building Management Systems (BMS), a move that marked a significant evolution in the company’s direction. Beyond embracing new technologies, the adjustment was about understanding the changing landscape of building management and positioning the company to excel in this new realm.

At the heart of Ruben’s ethos lies a strong commitment to quality and innovation. His approach is characterised by an enthusiasm for delivering efficient, high-quality and customer-centric solutions – a philosophy deeply ingrained in Harbour Solutions’ operations and which reflects a commitment to excellence in engineering and an understanding of customer needs. The executive plan for the company is clear-cut: to provide solutions that function effectively while also offering crucial value to clients. “My ultimate goal is to position Harbour Solutions so that it gives peace of mind to our customers,” 238

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

CEO INSIGHT “Strive to provide peace of mind to your customer.” 239

he asserts. Ruben’s approach has led to significant milestones, including the strategic shift to specialise in BMS while adapting to market needs continuously. The priority is ensuring operational efficiency and fostering robust communication, continually finding ways to improve the client experience. Importantly, for Ruben, efficiency and communication are not just about keeping the company on track. Rather, they hinge on having a firm vision for the future and steering the company towards it. “The people around me are a key factor to our success,” he says. “There’s one thing I really stress: even if you have support from great suppliers, you still need excellent people on the ground, people who know how to adapt the tech, understand customer needs and add value. But it’s tough. Currently, in a company of 30, we have 10 engineers,” he reveals. The journey has not been without its challenges. Balancing the demanding nature of his work with his personal life has been a delicate act for Ruben. Despite it all, though, he finds time for family and personal interests. “I have several passions, including archaeology, nature, gardening, travelling, history, and history of art. I don’t think I have a perfect life balance. The business sometimes takes over. Thankfully, my life partner is also involved in the firm, so we manage together,” he shares, speaking to the importance of his pastimes as they provide avenues for relaxation and personal fulfilment – a perspective he endeavours to share with his team at Harbour Solutions too. As CEO, Ruben has cultivated a spirit of constantly striving for excellence through forward thinking. “My role is predominantly about envisioning the future of building management experiences and creating a thought process that aligns with this vision,” he reflects. “More than just keeping up with industry trends, we must lead the charge in innovation and set new standards in the building management industry.” Managing a company through such transformative changes is not easy. Ruben has navigated these waters by maintaining a balance between innovation and operational efficiency. The challenge of meeting the high demands of companies like hotels, coupled with the need to maintain quality and service, has been met with strategic planning and a focus on customercentric solutions. Despite the difficulties, Ruben sees numerous opportunities on the horizon. The potential for geographical expansion, particularly in the European market, stands out as a significant one. Discussions about new projects outside Malta indicate the company’s readiness to step into a

Even if you have support from great suppliers, you still need excellent people on the ground.

broader arena, bringing its expertise to new markets and clientele. “The company has certainly come a long way, and we’ve collected several milestones along the way,” Ruben says. “One of our initial significant ones was signing the contract with Enemalta for a metering system. Others include the ISO 2001 certification and when we obtained supplier certification as systems integrators.” Since then, Harbour Solutions has worked on many high-profile projects, from The Shoreline Residence and Mercury Tower to the Grand Master’s Palace in Valletta. 240

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

However, Ruben is forever looking forward and inward, emphasising the need for internal consolidation. Improving processes, enhancing consistencies and bolstering aftersales service are at the forefront of his agenda for the company’s future. By focusing on these areas, Ruben aims to fortify the firm’s foundation, ensuring that as Harbour Solutions grows, it remains rooted in delivering exceptional service and value. “Our next big opportunities lie in providing a better service to the customer. When so many projects happen simultaneously, there can be a struggle to keep up with the demand, but that’s also what success means; it’s an opportunity. We are setting up muchimproved after-sales departments, and we believe we can create new business there.” In an industry marked by rapid technological advancements, Ruben’s leadership focuses on agility and adaptability. Harbour Solutions looks set to embrace artificial intelligence and other emerging technologies, which is a strategic move to stay ahead in the industry. This proactive approach prioritises the adoption of new technologies through understanding and leveraging them to enhance the company’s offerings and improve customer experiences. Likewise, and thinking ahead, Ruben sees great value in ESG (environmental, social and governance). “A shift has happened. In the past, even though energy efficiency was important, it was a secondary requirement to convenience and luxury. Now, not least because of the global energy crisis, it has become a top priority,” he explains. Recognising the global shift towards eco-friendly practices, Harbour Solutions is committed to integrating sustainable solutions into its business model to make a conscious effort to contribute positively to the environment. The company’s alignment with ESG principles demonstrates its dedication to playing a vital role in shaping a sustainable future for the building management industry. “Thankfully, the EU is developing various supportive schemes because these initiatives – despite being sorely needed – don’t always make sense from an ROI perspective. Within the BMS sector, we must strike a balance between these energy savings and luxury and comfort.” As Ruben reflects on the future, he acknowledges the uncertainties and challenges that lie ahead. The concern about sustaining the momentum of large-scale projects and the capacity of the market to support continuous growth is balanced by optimism and a healthy order book. The drive for the coming year is to find new niches and markets, ensuring that Harbour Solutions remains resilient and adaptable in the face of industry fluctuations. As Ruben explains, “one area we are looking to expand into further is the residential sector, which has a lot of potential.” Under Ruben’s leadership, Harbour Solutions is continuing its journey characterised by strategic growth, sustainability and innovation. The road ahead is filled with opportunities for expansion, new partnerships and technological advancements. With a clear vision for the future and commitment to excellence, Harbour Solutions is wellpositioned to continue its trajectory as a leading provider in the building management industry in Malta and abroad. 241

Quick-fire Questions… with Ruben Curmi How do you start your day? I wake up early and start with a coffee. Are you blunt or subtle with your team? Both, but more subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week – Saturday is the weekly report. Is right now a good time to invest? It seems so. What’s the one goal you wish to achieve in your organisation over the next 12 months? More established processes and better customer service. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? I’m happiest with a physical meeting. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Macro, but I dip into micro. With hindsight, what would you do differently in your business? Not much. I always try to improve. Where do you eat lunch during the week? At home or out and about. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Talisker whisky, but I’m open to all. Your favourite restaurant (and dish) in Malta or Gozo? Fish, and my customers’ restaurants, of course. Do you believe in business lunches? Yes – sometimes leaving the office environment helps. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Mechanical watch, for sure. Any exercise routine? Outside of gardening, not really. Do you believe that you’re an introvert or an extrovert? Extrovert, but I also like moments of reflection.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Karl Cilia

C E O, WAT E R SERVICES CO R P O R AT I O N

“ W E W A N T T O I N V O LV E T H E C O M M U N I T Y I N O U R VISION FOR A GREENER FUTURE.”

WI T H A B AC KG R O U N D I N I N FO R M AT I O N SYST E M S A N D M A N AG E M E N T, A S WE L L A S S PE C I A L I S AT I O N I N T H E UT I L I T I E S I N D U ST RY, KA R L C I L I A , C E O O F WAT E R S E R VI C E S CO R P O R AT I O N , CO N T I N U E S TO ST E E R T H E E N T I T Y TOWA R D S S U STA I N A B I L I T Y, WH I L E S E E K I N G TO ST R I K E A BALANCE BETWEEN RESOURCE MANAGEMENT AND INVESTMENT.

Before being appointed CEO of the Water Services Corporation (WSC) in 2022, Karl Cilia’s professional journey began with IBM, a global leader in technology, as a lead managing consultant. He played a pivotal role in driving the Integrated Utility Business Solution (IUBS) project, a groundbreaking initiative that transformed utility services for Enemalta and WSC on the island.

myself as merely a manager or a boss. When I speak to my team, I emphasise that I’m one of them.” Karl’s approach is steeped in his operational background, giving him a technical perspective on the challenges and opportunities that lie ahead. In essence, the first chapter of Karl’s journey with the WSC paints a picture of a leader deeply connected to his team – someone who understands the nuances of the industry and who believes in sustainability, advancement and efficiency despite limited resources.

The endeavour revolutionised Malta’s approach to utilities, positioning the country as the world’s first national smart grid island, far ahead of other, more resource-rich countries. This achievement, coupled with the WSC’s drive to exceed its primary role and introduce initiatives like green bonds, underscores the corporation’s vision for the future – both in the short and long term.

As Karl explains, Malta’s unique geographical challenges necessitate innovative solutions, not least because of the archipelago’s limited natural resources. The WSC’s reverse osmosis (RO) plants are a case in point. Using RO technology, the WSC transforms seawater into potable water, which is an integral tactic in the corporation’s strategy to ensure a sustainable water supply for Malta’s residents and businesses.

Nevertheless, in Karl’s view, leadership rises above titles or accolades. Rather, it centres on being an integral part of the team and understanding every facet of the business. “My role is that of a leader,” he shares, “but I don’t see 242

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CEO INSIGHT “Since Malta is small and lacks resources, we uniquely understand the necessity of learning – especially to be as smart and efficient as possible. This is the bedrock on which sustainability is built. The WSC has mastered this key tool, transforming itself into a leader in resource management.” 243

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Our €300 million national investment plan is a pledge to enhance the security of water supply, address wastewater needs and honour sustainability.

the opportunity to turn wastewater into “new water”, meaning second-class water that could be used for agricultural purposes. However, Karl stresses that while investment of this kind is important, the key to the WSC’s success lies in smart management of its current resources, which includes fixing leakages to reduce unnecessary water production and to use less energy. As Karl highlights, “in 1995, we benchmarked our performance using the Infrastructure Leakage Index (ILI), which is a performance indicator of water loss from a water distribution system. Since then, we have reduced our ILI score from 20 to 1.7, which proves that we are doing more with less.”

Delving into the history of the WSC, Karl reflects: “originally, the corporation was established with the objective of maximising water production and distribution. Despite efforts to significantly increase water abstraction and production, the supply still fell short of meeting the demand at that time.

Malta’s water statistics stand in stark comparison to those of other countries. From solely a leakages point of view in the 1990s, Malta faced a critical loss of water, with up to four million litres wasted every hour. Today, the situation has markedly improved, with the loss significantly reduced to just 350,000 litres per hour. In addition, one of the most efficient RO plants in the world is in Ħondoq in Gozo, which uses just 2.8kwh to produce 1m3 of water – the outcome of an €11 million investment.

“Over time, the WSC pivoted its strategy towards minimising leakages and enhancing the sustainability of its operations. It became clear that ramping up water production was futile if significant volumes were lost within the distribution network. Embracing this strategic foresight, Malta succeeded in satisfying its water requirements – not by increasing output, but by optimising efficiency – which in turn deferred the need for further investment in new reverse osmosis plants.” Soon thereafter, the drainage department was merged into the WSC and the organisation became responsible for the island’s end-to-end wastewater management. This large shift meant that the WSC had

“Our €300 million national investment plan is a pledge to enhance the security of water supply, address wastewater needs and honour sustainability,” 244

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emphasises Karl. As part of this strategy, the ratio of Malta’s water has been adjusted. Previously, it consisted of 60 per cent RO and 40 per cent groundwater, but the ratio has since been modified to 65 per cent RO and 35 per cent groundwater. This initiative is strategically aimed at delivering superior water quality while reducing our reliance on groundwater extraction, thus ensuring the preservation of Malta’s precious aquifer system, aligning our operations with a vision of long-term environmental stewardship and resource conservation. This and other initiatives form part of a national water investment plan of €300 million over the next decade. A key part of the WSC’s strategy is to tackle Malta’s supply of potable water, particularly because of the environmental and cost challenges associated with bottled water consumption. “The WSC is committed to improving the taste of our tap water because even though it is safe to drink, we must improve its taste,” Karl asserts. Currently, to improve the quality and taste of the water, the WSC is investing in improving its chlorination dosing techniques while maximising the blending potential of RO and groundwater through the use of AI-assisted technology. The WSC’s robust vision for the future rests on its past successes, and 2023 was a landmark year. With a focus on conservation and stability, the corporation introduced green bonds, a pioneering initiative in Malta. “As a utility, we are making profits year on year,” shares Karl, “and we felt the time was right to invite the public to participate via bonds. Rather than a purely financial endeavour, we wanted to involve the community in the WSC’s vision for a greener future.” Looking ahead to 2024, Karl is optimistic about the opportunities and challenges that await. “We have multiple projects in the pipeline, including upgrading our RO and wastewater plants, as well as expanding new water networks. Importantly, though, we’ve pinpointed seven new sites for renewable energy, which we intend on covering with solar panels,” he explains. The WSC’s focus on renewable energy aligns with its broader commitment to reducing its carbon footprint – an objective outlined in its national investment plan for the next 10 years. More partnerships and collaborations are also on the horizon. “We’ve partnered with the general public through our green bonds initiative, and we also have multiple renewable energy projects using private-public partnership agreements,” Karl clarifies, explaining that these partnerships are a critical part of the WSC’s belief in the power of collaboration and its commitment to engaging a broad spectrum of stakeholders to implement its vision while keeping its customers’ interests front and centre. Karl’s vision for the Water Services Corporation is clear: a future characterised by sustainability, efficient resource management and a deep commitment to serving the community. “Our drive for 2024 – and beyond – is to be greener and more sustainable,” he asserts. “We will remain steadfast in our focus on renewable energy, reducing losses and doing more with less, ensuring that we provide the best possible service to everyone in Malta.” 245

Quick-fire Questions… with Karl Cilia How do you start your day? Department rounds, coffee in hand. Are you blunt or subtle with your team? Very blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Monthly, like a regular financial health check-up. Is right now a good time to invest? Yes, absolutely. What’s the one goal you wish to achieve in your organisation over the next 12 months? Net zero utility, or as close as possible. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Definitely macro. I let my team get on with things. With hindsight, what would you do differently in your business? Nothing. We’re where we’d like to be. Where do you eat lunch during the week? When time allows, at my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Single malt whisky. Your favourite restaurant (and dish) in Malta or Gozo? Nowhere in particular, but I love pasta. Do you believe in business lunches? Yes – they lead to positive decision-making. For the sake of it, a Porsche 911 or a Bentley Bentayga? Ideally, Ferrari (but in this case, Porsche). Smart watch or a conventional timepiece? Smart watch when jogging; otherwise, conventional timepiece. Any exercise routine? A 45-minute run in the evening. Do you believe that you’re an introvert or an extrovert? An extrovert, definitely.

MaltaCEOs 2024

CEO THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

INSIGHT

“I enjoy growing and want my team to grow with me. Most of my management team are people who began in smaller roles in the company, people who showed potential and evolved alongside me. I enjoy sharing my experience with others and helping them develop. My promise to my team is that as I grow, they will grow with me.”

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Aaron Axiaq

CHAIRMAN, UNIPLURAL GROUP

“I SET OUT WITH A STRONG COMMITMENT TO CARE, AND I ST I L L M A I N TA I N T H AT CO M M I T M E N T.”

F R O M I T S O R I G I N S I N H E A LT H C A R E , U N I P L U R A L G R O U P H A S E X PA N D E D I T S O F F E R I N G S I N TO C H I L D CA R E , E D U CAT I O N A N D OT H E R CO M M U N I T Y S E R VI C E S . N OW, OVE R 1 0 YE A R S L AT E R A N D F R E S H F R O M I TS M A J O R R E B R A N D F R O M APEX GROUP TO UNIPLURAL GROUP, CHAIRMAN A ARON AXIAQ IS GEARING UP F O R S I G N I F I C A N T G R O W T H A S T H E C O M PA N Y S E E K S T O E X T E N D I T S S E R V I C E S F U R T H E R W H I L E A LW AY S K E E P I N G S I G H T O F I T S R O O T S .

Aaron Axiaq may not have taken the most conventional route to his current role, but his organic trajectory has nevertheless led to success. Before he shifted into business, Aaron spent more than 16 years caring for patients at their most critical moments as an intensive care nurse. Now, as Chairman of Uniplural Group, he is spreading that spirit of care across different pockets of society.

“Naturally, there were ‘ifs’ and ‘buts’, but I’ve always been fascinated by leadership and management. At the ITU, I managed a team of 20 nurses while working with a multidisciplinary team of doctors and consultants, not to mention patients and their families. I also used to mentor university students, and today some of those students work with me. Business certainly comes with its own challenges, but I’ve never looked back.”

“Moving from nursing into business isn’t a typical career path, but ambition and consistency are integral to who I am. When I felt there was a lack in community care and that I could contribute my expertise through a private company to fill the gap in the community, the choice seemed clear,” Aaron explains.

What is now Uniplural Group began in 2012 as Apex Community Care, with Aaron building on his experience in community settings, from hospitals and private homes to prisons and industrial zones. Starting with just five employees working out of a small office in Mosta, a former pet shop that the team transformed into a workspace, the company quickly grew. 247

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Whether it’s nursing, childcare, cleaning or teaching students in our academy, we want to deliver a service with a difference. Whatever the product, we want to care for our clients and ensure they’re completely satisfied. The entire group rests on the concept of care.

Within a year, it had opened its first childcare centre and expanded its staff to 50, necessitating a move to a larger office in Żebbuġ. By then, the vision for the company had evolved into what Aaron describes as a “one-stop-shop for all the services that people require in the community”. That meant branching out into community nursing, childcare – starting with one location in Fgura that has expanded to seven today – and then cleaning services. Most recently, the group even ventured into hospitality by acquiring a boutique hotel in Birżebbuġa. Along the way, Uniplural Group also stepped into education with the launch of its teaching academy, offering accredited, tailor-made training for every sector in which the group operates. “The benefit for

students is that they can study with us, and then we can provide them with work,” Aaron explains. “My dream is for them to be trained as we were, with a spirit of care and love for their work. Ultimately, the customer is at the centre of everything we do, so we need staff who care and who understand our clients’ needs.” Beneath it all, though, what is it that unites Uniplural Group’s diverse operations? For Aaron, the answer harks back to his beginnings. “The group is holistic: we provide services our society needs. Beyond that, what sets us apart from our competitors can be summed up in one word: care,” he asserts. “Whether it’s nursing, childcare, cleaning or teaching students in our academy, we want to deliver a service with a difference. Whatever the product, we want to care for our clients and ensure they’re completely satisfied. The entire group rests on the concept of care.” This vision has seen the company navigate the waters to where it is today, closing off 11 years of operation in better shape than ever. “2023 was an important year for us to lay the path for the next decade,” Aaron says. “It was a crucial year because we put systems in place and carried out the restructuring we need to be ready for 2024 and beyond. I expect the group to make headlines in 2024. We’re evolving across all our sectors while also reaching for international markets. The plan 248

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is for Uniplural Group to make waves – not only locally but internationally as well.” Naturally, this growth also brings new challenges, the most significant of which has been the company’s recent rebrand from Apex to Uniplural Group, triggered by its plans for international expansion, where another firm already operates under the same name. “It was difficult for me because Apex Group felt like my baby, but in life you have to adapt to needed changes,” Aaron admits. “Our new identity emerged through an incredibly rigorous and fruitful exercise locally and in Europe, and the result is something totally new but which still represents our core values. I didn’t want us to forget where we came from, and we now have a strong name that encapsulates everything about us. It’s a big challenge – and one that’s still ongoing – but I’m proud that we’re making it a reality. This will be the proof of the promise we made a year ago: to grow the group in a new and exciting manner.” Looking forward, Aaron expects Uniplural Group’s ventures to increase in significance in line with the anticipated rise in its level of growth. “We’re determining which investments are the best for us to make and where they could lead us,” he says. “Our major investments in 2024 will be in hospitality, education and care services, as they are our three main pillars going into the year. That said, internationalisation remains our focus because we believe there are huge opportunities for us outside Malta too.” Aaron is also keenly aware of the changes the group’s new phase of development will require. Uniplural Group currently employs around 400 people and expects to increase that number by 25 to 30 per cent over the next year. “We started small and developed a family culture, so now it’s about changing people’s mindsets – and therein lie the challenges of change,” Aaron explains. “One of my jobs these days is to evolve the mindset of employees who have been with me for 10 years or more: we are growing and getting stronger, but now the bigger picture requires different things from each of us. It’s not easy for me or them – and if I had a flaw, it’s that I try to please everyone – but I know we’ll get there.” With this confidence, Aaron is embarking on what he foresees to be a “remarkable year” for Uniplural Group, in which he hopes to see the services, professionalism and education the company has worked so hard on making waves across Maltese society and beyond. “My dream was always a holistic group,” he says. “No matter how much we grow and diversify, and no matter the new ventures we engage in, I never want to lose sight of where we started. I set out with a strong commitment to care, and I still maintain that commitment. What’s more, I intend to keep a firm hold on it. For those who work with me, I want to lead by example and share this devotion. Whether we’re offering a service or working on ourselves as a team, that commitment must always be there.” 249

Quick-fire Questions… with Aaron Axiaq How do you start your day? At 4am, with a coffee and emails. Are you blunt or subtle with your team? Both, as I need to be. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every day. Is right now a good time to invest? Yes, it just depends on the investment. What’s the one goal you wish to achieve in your organisation over the next 12 months? I want everyone to feel at home and part of the team. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes, because I don’t really have a weekend. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I would have gone public sooner. Where do you eat lunch during the week? At the office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Nothing specifically, but I’m a big wine drinker. Your favourite restaurant (and dish) in Malta or Gozo? Fish, particularly in the south of Malta. Do you believe in business lunches? Yes, because I believe in communication and networking. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional. Any exercise routine? I run 5Ks and go to the gym before the office. Do you believe that you’re an introvert or an extrovert? Total extrovert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Martin Zahra

CEO, MZ INVESTMENTS

“ WE A S PI R E TO R E M A I N B O UT I Q U E S O T H AT WE CA N M A I N TA I N A ST R O N G H U M A N E L E M E N T I N O U R S E R VI C E S .”

FROM INVESTMENT ADVICE AND STOCKBROKING TO DISCRETIONARY PORTFOLIO MANAGEMENT AND MORE, MZ INVESTMENTS HAS BECOME A G O - T O F I N A N C I A L A D V I S O R Y F I R M I N M A LT A , W O R K I N G W I T H A L O YA L C L I E N T B A S E O V E R T H E PA S T 2 5 Y E A R S . A T T H E C O R E O F T H I S S U C C E S S I S C E O M A RT I N Z A H R A , WH O S E VA LU E S R O OT E D I N PE R S O N A L I S E D S E R VI C E AND HUMAN CONNECTIONS DEFINE EVERY CLIENT INTERACTION.

When considering where to invest your hard-earned money – especially in the unpredictable world of financial markets – there’s one thing that matters above all else: trust. You want to be confident that your investments are in the hands of someone who truly has your best interests at heart. For a quarter of a century, Martin Zahra, the CEO of MZ Investments, has made it his mission to provide just that.

As Martin explains: “my greatest satisfaction in my work comes from connecting with my clients, and meeting people face-to-face. Even today, I continue to meet with clients personally. Of course, I have a team of advisors to assist me, but I believe it’s essential for me to understand my clients on a personal level – to get to know them, their families and their unique needs. My goal has never been to become the biggest broker in Malta. I aspire to remain boutique so that we can maintain a strong human element in our services.”

MZ Investments is a boutique firm that Martin built from the ground up, and which remains firmly anchored in the principle of always putting the client first. Through word of mouth and a commitment to this core value, MZ Investments has not only grown but also attracted a steadily expanding client base.

Before taking the entrepreneurial route, Martin enjoyed an 18-year career at one of Malta’s leading banks. During his time there, he discovered a passion for investments, which led him to pursue further 250

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CEO INSIGHT “After Malta was officially removed from the FATF grey list, we have steadily rebuilt our strong reputation in the global financial community. In my experience with various international stakeholders, they recognise that despite our size, Malta holds a significant position. I am hopeful that we can stay committed to regulatory compliance to uphold our reputation and avoid encountering similar setbacks in the future.” 251

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We don’t employ salespeople; we have advisors. Our primary commitment is to safeguard our clients, not to push our own agendas. We listen to our clients and provide tailored financial advice that suits their specific situation. Every client brings a unique story. of the local market and, crucially, can cater to the predominantly Maltese client base that MZ Investments serves. “At MZ Investments, we don’t employ salespeople; we have advisors,” he explains. “Our primary commitment is to safeguard our clients, not to push our own agendas. Our advisors listen to our clients, taking the time to understand their unique circumstances and what stage they are at in their lives. We then provide tailored financial advice that suits their specific situation. Every client brings a unique story.”

education in London, where he carefully selected courses that would equip him with the knowledge and skills needed to eventually establish his own financial services company.

Martin also emphasises that while many financial institutions have eagerly embraced automation and technological solutions, he remains committed to ensuring that his clients can always find real people ready to assist them on the other end of the line. Personalised service and face-to-face meetings take precedence; another aspect which he takes great pride in.

“There was no one in my family who had ventured into this line of business before, so it was a challenging experience. There was a lot I had to figure out on my own. But when I look back, I feel an immense sense of pride in what I’ve accomplished,” Martin shares, reflecting on his journey. “I’ve always believed that with determination and hard work, you can make any project succeed.” As the business began to flourish, MZ Investments secured a Category 2 Investment Services licence from the Malta Financial Services Authority (MFSA). This pivotal step expanded their offerings to encompass a broader spectrum of investment services, including investment advice, executing orders on behalf of clients and managing portfolios. Then, in 2016, the company acquired a stockbroking licence, further solidifying its position in the financial industry.

All of these factors have laid the foundation for building trust. Clients have peace of mind knowing that Martin and his team are actively working to minimise risks and striving to keep their investments as secure as possible. However, the world often has its own plans. Since its inception, MZ Investments has weathered various global events that have wreaked havoc on financial markets, ranging from the bursting of the tech bubble and the tragic events of 9/11, to more recent challenges like the COVID-19 pandemic and the Russia-Ukraine conflict.

Growth has been gradual yet steady, and Martin attests that he has been particularly fortunate in recruiting the right talent who possess a deep understanding

Martin candidly acknowledges: “we never want to let our clients down, but certain situations are beyond everyone’s control. That’s why it’s crucial for us to stay 252

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at the forefront of the industry and remain hyper-aware of global events. In doing so, when these unforeseen situations do arise, we can act swiftly on behalf of our clients and minimise losses.” Central to managing and reducing such risks is MZ Investments’ discretionary portfolio management service. This offering was introduced in 2016 in response to today’s fast-paced world where simply providing investment advice is no longer sufficient when the financial landscape can undergo drastic shifts in a matter of days and weeks. With discretionary portfolio management, clients put the decisionmaking power in the capable hands of MZ Investments, who can act swiftly to reduce risks. The past year has presented other challenges, including the rapid introduction of new regulations, which has made it demanding for smaller teams like MZ Investments to stay on top of everything and implement necessary changes. Notably, there has been a significant shift towards ESGcompliant investments, with more clients seeking to align their investments with companies that take their environmental and community responsibilities seriously. “Certain regulations demand significant investment. Unlike larger firms with ample resources, we have to balance updating our systems and processes while attending to our clients’ needs. Another challenge is finding qualified compliance professionals. In Malta, the pool of such talent is limited, and it takes time to find the right people. Nevertheless, we are committed to working to overcome these challenges. Ultimately, we believe this is a step in the right direction.” Regarding other ESG initiatives such as the push towards paperless transactions, Martin emphasises the importance of accommodating clients of all generations. He explains, “we cannot force our elder clients to go online or use certain mobile apps if they aren’t comfortable with it. We must respect their needs. Instead of sending them emails that they might not see, we might opt for SMS messages or phone calls. We aim to reduce paper usage while ensuring that they receive the information that is important to them.” Given Martin’s grounded approach to business, it might seem unlikely that MZ Investments will be embracing AI solutions and newer financial instruments like cryptocurrencies anytime soon. However, the CEO is keen to point out that, while they would never hastily jump on any trend, if the right opportunity presents itself, he’s always open to considering it. Currently, they are also in the process of implementing more advanced mobile applications that can provide clients with more accurate updates on their investments. “2024 marks our 25-year anniversary in business. This is a tremendous milestone for us. What fills me with even more pride is that my children are now actively involved in the business, joining me in paving the way for its future. We will continue to strive to be one of Malta’s leading financial services companies. More than anything else, we want our clients to always feel secure in knowing they can count on us whenever they need our advice and support,” Martin concludes. 253

Quick-fire Questions… with Martin Zahra How do you start your day? With a run. Are you blunt or subtle with your team? Subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every month. Is right now a good time to invest? There are always opportunities. What’s the one goal you wish to achieve in your organisation over the next 12 months? Sustainable growth. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meetings. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Nothing really. Where do you eat lunch during the week? I tend to skip lunch. What’s your favourite chateau/house when it comes to wine, whisky, or any other drink? Lagavulin single malt whisky. Your favourite restaurant (and dish) in Malta or Gozo? I love a good steak house. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Run, cycle and swim. Do you believe that you’re an introvert or an extrovert? Introvert.

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CEO INSIGHT “It all begins with people and talent. Empowering people will always exceed your expectations. It is through empowerment that the company can become customer obsessed.” 254

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Stefan Farrugia

CEO, EUNOIA

“OUR ETHOS IS BASED ON THE EMPOWERMENT OF OUR PEOPLE.”

W I T H A T E C H N I C A L B A C K G R O U N D A N D A PA S S I O N F O R L E A D E R S H I P , ST E FA N FA R R U G I A H A S ST E E R E D E U N O I A F R O M I TS O R I G I N S A S A S M A L L D E PA R T M E N T I N T O A P R O M I N E N T E N T I T Y S E R V I C I N G M U LT I P L E C O U N T R I E S W I T H I N D U S T R Y - F O C U S E D B U S I N E S S I N T E L L I G E N C E S O L U T I O N S . A S T H E C O M PA N Y C O N T I N U E S T O A DVA N C E , T H E C E O U N D E R S CO R E S E U N O I A’ S CO M M I T M E N T TO I N N OVAT I O N A N D EXC E L L E N C E I N T H E DATA I N D U ST RY.

Stefan Farrugia’s journey to the helm of Eunoia as CEO is both inspiring and instructive. “It was more than a career shift; it was a trauma of sorts,” reminisces Stefan with a smile, reflecting on his transition into leadership. “I’m a technical person with a technical background, but leadership has always been my interest and passion. Yet, the world of data-driven solutions is complex to navigate.” While Stefan’s previous role at PTL Ltd provided him with invaluable experience, his move to Eunoia truly tested his mettle as the shift from a technical role to the CEO of a company was not without its challenges.

he has learnt in his career is that of empowerment. He believes in empowerment, both for himself and his team, and his perspective is evident in his approach to work. “Our ethos is based on the empowerment of our people. It’s not easy, and we tend to start with micromanaging and then letting go. Ultimately, I firmly believe in providing people with the tools they need to do their jobs and grow,” he asserts. This philosophy extends not only to his team but also to Eunoia’s clientele. By equipping businesses with the tools and insights they need, Eunoia enables them to grow and thrive in a competitive landscape.

“I was tasked with creating the mission and vision for Eunoia, and I wanted to make us unique,” Stefan explains, emphasising that one of the most significant lessons

Under Stefan’s guidance, Eunoia has been transformed from a modest department within a larger entity into 255

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a standalone powerhouse in the data industry. The company started off with only two members. Then, COVID-19 hit, which became a significant accelerator for data-driven projects. Today, Eunoia employs 36 people, services five countries and offers products in eight countries. Its significant growth is rooted in the company’s unwavering commitment to understanding and harnessing the power of data.

it is or how it can profoundly impact them and their business.” Stefan envisions a transformative phase for the local data industry. “From a local industry perspective, we’re going to see more and more businesses shift from the ‘wait-and-see’ mode to a more visionary approach,” he forecasts, explaining that this change is not just a business strategy but a necessity for remaining competitive globally.

A significant milestone for Stefan and Eunoia was the Data and AI Summit in Amsterdam. While surrounded by the likes of Facebook, H&M and other major organisations, they felt like a small fish in a big pond, but the experience helped them clarify their vision for the future. “We returned to Malta with a renewed determination to become a cloud-first company, fully embracing Databricks and Azure,” says Stefan.

The ascendancy of AI has been a game-changer, and Stefan acknowledges the competitive advantage it offers, particularly to local enterprises. This perspective is not just about leveraging technology but about fundamentally altering the way businesses perceive and utilise data.

Another major milestone was the establishment of Eunoia’s AI department, which was vastly accelerated after the COVID-19 pandemic and the launch of ChatGPT. “Every board we meet is discussing AI,” Stefan remarks, “but they often don’t fully grasp what

Data is an asset and should be an integral part of a company’s balance sheet, but it’s not just about numbers; it’s about insights and foresight.

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One of Eunoia’s standout achievements was the launch of its cutting-edge Data Lakehouse Platform (DLP), a unique solution tailored to assist local firms in their daily operations. “I’ve been in this field for 20 years, so I’ve implemented my fair share of projects, especially when it comes to AI,” shares Stefan. “One of the most significant issues has always been to keep the data lake, data dump and data warehousing in sync.” Stefan explains that this process is costly and comes with additional challenges related to data security and governance. Moreover, following the establishment of a database and scaling it with larger volumes of data sets, the cost of storage becomes exorbitant, not least due to increasing licensing fees.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

This is where the DLP adds tremendous value, making it easier to scale without incurring the burdens of storage costs. It also serves as an intermediary between the data lake and data warehouse, enabling companies to create diverse roles such as data analysts, data scientists, machine-learning engineers, and data engineers, all able to interact with the same platform using their preferred language, be it Python or C-Sharp.

Quick-fire Questions… with Stefan Farrugia

“Using the DLP, individuals in different roles can use one single platform. They can query data sets using their preferred language, giving huge value to their organisation. Additionally, the platform allows for realtime analysis and insights, which were previously costly and required large investments,” Stefan explains, adding that through the DLP, users can use data derived from business intelligence, artificial intelligence and elsewhere.

How do you start your day? With my daily Wordle. Are you blunt or subtle with your team? By nature, I’m blunt, but I’ve learnt to be subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? I regularly look at operational numbers.

Eunoia’s adaptability is further evident in its approach to different industries. Whether it is retail, maritime or gaming, the company tailors its solutions to meet industry-specific challenges. Stefan notes, “every industry has its own set of difficulties and nuances. At Eunoia, we pride ourselves on our ability to understand these intricacies and provide bespoke solutions.”

Is right now a good time to invest? Yes, but cautiously. What’s the one goal you wish to achieve in your organisation over the next 12 months? Expansion and global domination. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical, but we use all forms.

Reflecting on 2023, Stefan offers a balanced perspective. While acknowledging the operational challenges posed by global events and rising costs, he also highlights the company’s resilience. Over the past year, Eunoia hit all its targets, a testament to its robust strategies and the dedication of its team. Stefan observes, “the way we work and do business has changed over the years. We’ve had to pivot and adapt, but these changes have made us stronger and more agile” – an agility that has allowed Eunoia to seize new opportunities.

Are you immune to Monday blues? Completely – I love Mondays. Are you a macro or a micro person? Born micro and now an evangelist of macro. With hindsight, what would you do differently in your business? I’d be more careful with the relationships created along the way.

Looking ahead, Stefan has clear ambitions for Eunoia. Expansion into new markets, forging strategic partnerships and continuous innovation are all on the horizon. He hints at the company’s plans, stating, “from a product perspective, we are always partnering up with country specialists. It’s a strategic approach that ensures we remain at the forefront of the data industry, setting trends rather than just following them.”

Where do you eat lunch during the week? If I eat, at my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I’m happy with Chivas Regal. Your favourite restaurant (and dish) in Malta or Gozo? Home, whatever my loving wife makes.

Stefan’s vision for Eunoia is grounded in a broader vision for the data industry. “My primary drive for 2024 is to increase our presence in Europe, focusing on growth and expansion,” he says, explaining that their expansion is not just about geographical reach but also about diversifying the company’s offerings and tapping into new markets. He anticipates significant transformations in the local data landscape and sees promising markets emerging in 2024.

Do you believe in business lunches? Business breakfasts are better. For the sake of it, a Porsche 911 or a Bentley Bentayga? Ferrari or Porsche. Smart watch or a conventional timepiece? Smart watch.

However, Stefan also highlights the great importance of ESG practices. “Data is an asset and should be an integral part of a company’s balance sheet, but it’s not just about numbers; it’s about insights and foresight,” he asserts, “which is why we would also like to see organisations embracing ESG practices because, environmentally speaking, we’re dealing with a data problem, and we need to reduce our carbon footprint.”

Any exercise routine? I used to run half marathons. Now, walks and occasionally the gym. Do you believe that you’re an introvert or an extrovert? An extrovert.

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CEO INSIGHT “Sometimes people don’t fit in with the new direction or vision. When that’s the case, you need a change. For some, it will be positive; for others, it will be negative. But, understanding that something doesn’t necessarily fit anymore isn’t a bad thing in itself.” 260

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Justin Paul Anastasi

CEO, VENTUREMAX

“ THERE’S NOTHING WRONG WITH CHANGE.”

S I N C E I T S I N C E P T I O N , V E N T U R E M A X G R O U P H A S B U I LT I T S S U CC E S S O N A S O L I D FO U N DAT I O N O F D O I N G WH AT I T D O E S W E L L . A S C E O J U S T I N PA U L A N A S T A S I P R E PA R E S T O T A K E T H E B U S I N E S S I N TO I TS N EXT C H A PT E R , H E H O L D S ST E A D FA ST I N H I S B E L I E F T H AT E M B R AC I N G A N D A DA PT I N G TO C H A N G E A R E CRUCIAL GUIDING PRINCIPLES FOR CONTINUED SUCCESS.

Some people know exactly what they want to do from a very young age. Justin Paul Anastasi was not one of those people. “I started from very humble beginnings; my first job was at Popeye Village, cleaning pools and changing the batteries on go-karts,” he laughs. “I don’t think I could have imagined back then that this would be the path I’d find myself on. But I’ve always relished taking on every solid opportunity I could find, so things evolved, ambitions being what they are and me being who I am.”

me,” Justin says. “I worked for several years in different jurisdictions, supported multinational teams, and was part of the ground teams setting up operations. It was a real eye-opening experience.” Which is why, leveraging that experience, Justin established a freelance consultancy, providing recruitment and later HR advisory services. He achieved significant success before recently selling the company. Subsequently, he took on his role at VentureMax Group, contributing to the development of both the existing business and new business, thereby diversifying the group’s potential.

Between that first job and his current work with VentureMax Group, Justin’s career has been a varied and unconventional one, from working in call centres to retail, sales and more both in Malta and the UK. The most significant step, however, came with his shift into the gaming industry. “It was a real landmark role for

Transitioning from consulting C-level executives on enhancing their businesses to occupying a seat at that very table marked a significant change, Justin 261

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We get to invest in what we love, at a time when these businesses

infancy,” Justin recalls. “We had a solid network within the industry, and we focused on doing what we do well, and we have kept doing that, constantly tweaking and refining. Much of our success can be attributed to our commitment to specialising in what we excel at. A lot of companies branch out quickly and try to do everything, and often they get stretched too thin. We haven’t had that issue because we’ve always focused on what we do well.”

really need us.

acknowledges, but one for which he felt thoroughly prepared. “I’m a very independent person. As much as I love being part of a team, my preference is definitely to lead. Rather than being hindered by challenges, I see them as opportunities. I appreciate the ability to provide genuine, impartial advice. Let’s face it – honesty can be compromised if tied to a pay cheque,” he says of his decision to venture out on his own. “I also felt that something was lacking in the industry. At the time, there weren’t many seasoned internal experts making the transition to external roles and bringing their experience to smaller companies. That, to me, presented an opportunity. There was, and still is, an appetite for that type of knowledge, and given that I had worked for such fast-paced, hyper-growth, unicorn companies in the gaming industry, I was well placed to provide it.” Since its inception, VentureMax has primarily focused on the gaming industry, most notably the marketing space, achieving significant success within the industry. “We were able to slot in at a time when performance marketing, and marketing in general, was still in its 263

Now, with those solid foundations in place, Justin believes the time is right for VentureMax to branch out further. While the focus naturally remains gaming, Justin is interested in connected spaces, such as emerging tech and machine learning, as well as gaming businesses with more familiar concepts but unique focuses or operations. “We’re very aware that we’re currently not a known entity in the gaming sector, so now I think it’s about taking us to the next level,” he says. “That means becoming more engaged with the industry that we’re so passionate about, that we love and that we’re successful in, and really giving something back to that sector. Now it’s about developing new business and finding entrepreneurs who have a great idea but perhaps not the support or capital to bring their idea to fruition, as well as early-stage businesses that want to grow or expand, that need a partner who understands them and can support them throughout their entire lifecycle, which is something that we can uniquely offer. For us, if we believe in the idea and if they can deliver, there really isn’t any need to keep selling the idea: we’re with them and we’ll support them throughout their company’s life.”

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

This new stage of the company’s evolution comes after a year that Justin defines with one word: change. “Everything that’s happened over the last few years has, I think, really settled in this last year. There are new dynamics and thought processes that have had a huge impact on people’s businesses, their caution, risk appetite and way of operating, not to mention the economy as a whole,” he explains. “As a result, there’s been a greater emphasis on people’s ability to adapt quickly. Companies have had to look at people they engage, who have been in the organisation for a while, and see how they could be of use in other roles. So, for the industry as a whole, change, adaptability and people have been the watchwords this year.”

Quick-fire Questions… with Justin Paul Anastasi How do you start your day? In the bathroom. Are you blunt or subtle with your team? Blunt.

Similarly, VentureMax has been putting in place the elements needed to spearhead its new stage of development, which has involved a new strategy and vision, as well as a new team, including significant new C-level additions. “We’ve taken our time to find the right people. It’s important to have the right people around you, and there’s nothing wrong with change,” Justin says.

Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every quarter. Is right now a good time to invest? Yes.

Change and adaptability are also central to Justin’s outlook for 2024. “With regulatory frameworks and licensing regimes in flux, as well as the ways different jurisdictions regard marketing, there are going to be some businesses that really take the new landscape on board, adapt and thrive, and some that don’t,” he predicts. “For us, as investors, it’s going to be a very interesting scenario with a lot of opportunities. First, because we get to invest in what we love, but also because we’re potentially coming in at a time when these businesses really need us.”

What’s the one goal you wish to achieve in your organisation over the next 12 months? More success.

For the industry, Justin believes, the big challenge now is how to adapt to these rapidly changing dynamics and ensure businesses are future-proof. “For some, it may be too late, because they haven’t planned for it or don’t have the cash flow needed. That said, if a company is looking for new investment, it isn’t necessarily a bad thing. It could just be a necessary change in direction, where they don’t have the cash to take the business in the direction they now know they need to – which is where companies like ours come in.”

With hindsight, what would you do differently in your business? Nothing.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Macro.

Where do you eat lunch during the week? At my desk. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I prefer water. Your favourite restaurant (and dish) in Malta or Gozo? U Bistrot, and I love pad thai.

VentureMax, of course, will remain focused on its continued evolution, with Justin pointing to two areas of particular interest: game development and further expansion in marketing – which he believes will be a make-or-break area for many companies given the changing dynamics. Greater name recognition within the industry and a strong portfolio of profitable, recognisable brands are also on the agenda. But, as always, Justin is less interested in doing things quickly and more interested in doing them right. “I really want to take the time to get to know the businesses and people behind the projects we invest in, to find the right fit. Because it’s not always just about having a great product, it’s about finding synergies with whoever’s driving it.”

Do you believe in business lunches? I do. For the sake of it, a Porsche 911 or a Bentley Bentayga? Bentley Bentayga. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Mainly weights. Do you believe that you’re an introvert or an extrovert? Extroverted introvert.

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Antoine Portelli

MANAGING DIRECTOR, ST R AT I S C O N S U LT I N G

“CHANGE DOESN’ T HAPPEN ON ITS OWN.”

W H E T H E R I T I S G U I D I N G A F A M I LY B U S I N E S S T H R O U G H R E ST R U CTU R I N G , TA K I N G A STA RTU P TO M A R K E T O R S E T T I N G A C O M PA N Y U P I N T E R N A T I O N A L LY , A N T O I N E P O R T E L L I I S A L L ABOUT BOOSTING BUSINESSES’ BOTTOM LINE.

“When I joined, Arkadia primarily operated as a landlord and supermarket in Gozo,” Antoine recalls. “In my time there, we totally converted the business model into that of a fashion retailer, supermarket operator, caterer, and more. So, it was an incredible mix of new business development and managing the group’s growth. As a family-owned group, Arkadia imparted invaluable lessons on business ethics and values, and on the way such groups operate.”

Antoine Portelli describes himself as “a man who sorts things out”. As Managing Director of Stratis Consulting, which he founded five years ago, Antoine is dedicated to helping clients address the challenges impacting their businesses. “My goal is to increase a company’s profitability through the implementation of various tools and processes,” he shares. “I pride myself on seamlessly integrating into a client’s team, working collaboratively from CEO-level downwards, to bring about a process of change across the organisation to increase its profitability.”

When the time came for Antoine to strike out into his own business, he did so with a mission in mind. “I have encountered many consultants who simply deliver reports without having had first-hand experience of running a business. Our unique advantage is that my associates and I are all experienced at C-suite level. We bring in real, practical experience in managing businesses. We excel in our advisory capacities because we sit down with our clients, analyse the problem and sort it out, primarily on-site. We do not simply consult;

None of this is new to Antoine. After accumulating eight years of experience in the IT sector, including roles with important international organisations, he was offered a position as a Deputy General Manager of Arkadia Group, eventually working his way up to Chief Operating Officer. By the time he left after 15 years, he was overseeing approximately 400 employees and managing a turnover of €50 million. 266

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CEO INSIGHT “The business world, both in Malta and beyond, is a highly complex one. When it comes to driving profitability and expansion efforts, you need the right people on your side: the right leaders, the right team and the right advisors who integrate within your team.”

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Tough decisions need to be taken, as avoiding them will hinder the progress of the entire enterprise.

we undertake the most challenging aspect – working closely with the client and their team to help them implement the necessary changes, spending 95 per cent of our time by the client’s side because what we’re doing is a process of change, and change doesn’t happen on its own.” Today, with a wealth of skills, knowledge and experience backing the team’s work, and with a versatile toolbox of systems and processes at its disposal, Stratis Consulting has worked with a vast range of clients. These include startups looking to step up to the next level, family businesses that have accumulated deficiencies over the years that are now leading to a lack of profitability, and new and existing public departments and agencies in need of restructuring or new strategic and business plans to improve their operations. “The most rewarding yet challenging aspect of my role is the transformation of people’s behaviour and mindset to enhance the organisation’s efficiency,” Antoine says. “I have extensive hands-on experience across various industries, but entering a new organisation and trying to persuade individuals that certain aspects require improvement poses its difficulties. The process involves mentoring, understanding and demonstrating different tools and methodologies, but beyond that, it’s imperative to grasp the intricacies of people dynamics, historical context and organisational politics. And, sometimes, tough decisions need to be taken, as avoiding them will hinder the progress of the entire enterprise.” Throughout his tenure at Stratis, Antoine has dedicated himself to cultivating and nurturing robust client relationships, a commitment reflected in the steady growth of the client

base. This expansion is largely driven by referrals from satisfied clients. His contributions span a broad spectrum of tasks, ranging from enhancing profitability to navigating through the intricacies of mergers, acquisitions and internationalisation efforts. He also underscores the importance of personal connections formed along the way. “After a while, clients – often CEOs or business owners – reach out with various challenges, viewing me as a confidant. The complexities of the business world necessitate guidance through myriad issues, and my role extends beyond conventional consultancy.” Looking ahead, Antoine anticipates a notable international expansion for Stratis. Currently, with established offices in Rome and Bratislava, the company works with both international and Maltese clients. As the trend of Maltese companies seeking opportunities to internationalise their products and services continues to rise, Antoine highlights the company’s successful track record in this domain. “We have assisted several clients across different sectors 269

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

in establishing complete operations beyond our shores. We have provided them with comprehensive resources, including access to capital, skilled personnel and legal counsel. Even years later, we remain actively engaged in optimising these operations to continually enhance their return and profitability.”

Quick-fire Questions… with Antoine Portelli

Given Antoine’s IT background, it comes as no surprise that digitisation remains a critical tool in his work with Stratis. “Digitisation is a horizontal tool, which permeates all facets of an organisation,” he asserts, “and it plays a crucial role in capitalising on untapped opportunities and bringing operating costs down.”

How do you start your day? With a strong espresso. Are you blunt or subtle with your team? Diplomatically blunt.

A standout manifestation of Stratis’ digitisation efforts is a proprietary tool developed by the team that goes beyond mere KPI monitoring and functions as a digital controller capable of continuous business analysis, identifying issues, as well as suggesting remedial actions. “Since deploying the tool, it’s been a game-changer for the businesses we work with,” Antoine says. “And with recent advancements in AI, it can go much further. We’ve spent the last year training our AI model, and it can now predict issues based on KPIs, providing a level of 24/7 overview that would be humanly impossible for any individual to achieve.”

Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? We have proprietary AI-based dashboards doing that for our clients’ business in real-time (if possible) and recommending corrective actions. Is right now a good time to invest? It’s the best time. What’s the one goal you wish to achieve in your organisation over the next 12 months? Further internationalisation.

During the pandemic, Antoine recognised that many organisations focused on restructuring for profitability, while in the post-pandemic era, they shifted their emphasis towards restructuring for growth and actively seeking new business opportunities to further increase the bottom line. Looking ahead, Antoine foresees a notable uptick in mergers and acquisitions – driven by increasing operational costs – an area which he expects to become a prominent aspect of Stratis’ service offering.

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes. Are you a macro or a micro person? I start macro but end up micro. With hindsight, what would you do differently in your business? Nothing. I loved every step in the journey.

“Maltese businesses within the same industry have to join forces in order to keep their operating costs down; otherwise, there will be many casualties,” he predicts. “We are well-positioned to deliver value on both the buyer and seller side because, fundamentally, our work revolves around enhancing value. Whether by increasing the value within an organisation or identifying untapped areas, our perspective as outsiders allows us to perceive aspects that others might overlook.”

Where do you eat lunch during the week? Wherever I happen to be. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Veuve Clicquot and Glenmorangie. Your favourite restaurant (and dish) in Malta or Gozo? Tmun in Gozo.

Antoine envisions further involvement in startups for Stratis, a market segment that he holds close to his heart. “The majority of startups’ failures stem from a lack of experience in management, structuring company growth or commercialising a product or service. These are points of weakness in startups but they are services we are successfully delivering. Personally, I find this work highly gratifying.”

Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Classic cars, always. Smart watch or a conventional timepiece? Conventional.

Despite the challenges, Antoine views 2024 as a year full of opportunities. “I anticipate a growing number of investors willing to invest in promising opportunities. Therefore, businesses must be sharp enough to present a compelling value proposition that aligns with their promises,” he advises. “Ultimately, my goal is to witness more profitable businesses adopting effective corporate management methods and enhancing shareholder value.”

Any exercise routine? Gym three times a week and long country walks. Do you believe that you’re an introvert or an extrovert? Somewhere in between.

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CEO INSIGHT “My role is to make the vision happen by leading and inspiring my people.” 272

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Ana Rubio

C EO, DATA L I T I KS

“ W E B U I LT S T R O N G F O U N D A T I O N S L A S T Y E A R T O B E A B L E TO TA K E O U R STA RTU P TO T H E N EXT L EVE L .”

A N A R U B I O , C E O A N D F O U N D E R O F M A LT A - B A S E D D A T A L I T I K S , H A S B R O U G H T H E R PA S S I O N F O R D A T A A N D S U S T A I N A B L E DEVELOPMENT TOGETHER IN HER WORK: HELPING CLIENTS I N T H E I R S U STA I N A B I L I T Y J O U R N EY WI T H T H E U S E O F DATAD R IVE N S O LUT I O N S TO B R I N G VA LU E A N D P O S I T IVE C H A N G E .

“I wanted to take this to the next level and start my own business – and I decided to go back to my original idea and purpose, to drive change and bring this to areas where I am passionate: data and sustainable development,” she maintains.

“I love numbers; I believe they are a must to back up ideas and drive change. This principle led me to become an economist,” explains Ana Rubio, who combined her interest in sustainable development with her professional experience to found datalitiks, a company that helps organisations in their ESG journey.

Hailing from Barcelona, the CEO has lived her adult life in Malta, moving to the island shortly after finishing her studies. “Malta offers the right opportunities to those who are looking to start their own business,” she says, describing the island as a place with enormous potential to grow as an economy.

Having amassed a wealth of experience over 10 years in the corporate world, Ana says it is here that she really began to understand the power of data to transform a business, spurring her own journey in entrepreneurship.

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Our objective is to help organisations build a “Starting a business in Malta has its peculiarities; the size of the island allows you to create a network faster, and at the same time, it pushes you to contemplate internationalisation even prior to launch.”

more sustainable future with every data point.

Reflecting on her leadership style and ethos, Ana describes herself as very passionate – in both work and beliefs – a key element that translates into everything she does at datalitiks. “I don’t just dictate what needs to be done; I set direction while providing context. As someone immersed in data, I maintain a highly structured approach to planning. Conveying this to the team and involving them in the process is a means of empowering and engaging them in their roles, ultimately leading to greater results as a team. It begins with the ‘why,’ not the ‘what’,” she affirms.

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This aligns with the tagline of datalitiks: using data for good. Acknowledging this can come across as rather vague, Ana elucidates, “it all started when I took on the role of a data consultant at the United Nations, bringing me closer to the Sustainable Development Goals (SDGs). This experience allowed me to leverage technology and data to delve deeper into sustainable development. Initially, my

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

passion was centred on doing ‘data for good’ by connecting it to the real world. Over time, I successfully bridged this gap for organisations, linking their sustainability initiatives – specifically ESG – with an impact on the broader picture of the SDGs.”

Quick-fire Questions… with Ana Rubio

Now datalitiks uses technology and data to bring these two worlds together and address a niche in the market through sustainability reporting. Delving further into the concept of driving positive change through data analytics, Ana puts things into perspective, highlighting new regulations coming into place that require organisations to start reporting on different areas. Yet the reality is that many struggle to create value out of their data assets. “This translates to all fields, including sustainability, and in turn places added pressure on organisations that must report on a new set of KPIs that are almost totally new to them. We have the expertise in both technology and sustainability – we understand what needs to be done and how to do it. This knowledge is extended to our customers as we help them manage the complexities along their sustainability journey. As I often emphasise, we handle the intricacies, allowing our customers to focus on the data insights generated from the platform. They can seamlessly incorporate these insights into their decision-making processes, creating value and impact through the adoption of ESG,” she maintains, pointing out that this is not some form of yearly report, but rather realtime insights that prompt immediate action, encouraging continuous improvement and change. Since starting out just over a year ago, Ana admits that “life has changed completely,” with datalitiks having gone from an idea to a team of five people. “Last year we laid strong foundations to propel datalitiks to the next level, developing our solutions with continuous market feedback and successfully securing the necessary funding while gaining early traction.” And, as one may expect, she has no plans to slow down. Revealing her aspirations for 2024 and beyond, Ana maintains, “we are set to officially launch our platform next year with the aim of expanding not only in Malta but also into other markets. Our primary goal is to work towards our vision of assisting organisations in transforming their data into actionable ESG insights for a better tomorrow.”

How do you start your day? I take my dog for a walk along Munxar hill in Marsascala. Are you blunt or subtle with your team? I am very blunt. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week. Is right now a good time to invest? Yes. What’s the one goal you wish to achieve in your organisation over the next 12 months? To have a strong base of happy customers. Physical meeting, call, WhatsApp or email – what’s your favourite form of communication? Email first, followed by physical meeting. Are you immune to Monday blues? The concept of days in a startup don’t exist! Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I wouldn’t doubt myself as much. Where do you eat lunch during the week? At the office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I like red wine, particularly Spanish wine. Your favourite restaurant (and dish) in Malta or Gozo? The tasting menu with wine pairing at Surf and Turf in Qawra. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? I would still prefer my Toyota Passo, so I can park everywhere! Smart watch or a conventional timepiece? A smart watch, because of the analytics. Any exercise routine? I started weightlifting a few months ago and I’m enjoying the challenge. Do you believe that you’re an introvert or an extrovert? According to online tests I’m an extrovert, but I also need my time alone to recharge!

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THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“Don’t grow just for the sake of it. Make sure your growth is healthy and sustainable, supported by the right people and structures. The talent you employ must also fit in with your value system and company culture; they need to bring in the level of quality which you aspire to have. Keep an eye on the standards you would like to be offering.”

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Beppe Muscat

CEO, NM GROUP

“OUR VISION IS TO INSPIRE THE BUSINESS WORLD AND L E A D C H A N G E , C R E AT I N G O PP O RTU N I T I E S FO R A L L .”

H AVI N G C L I M B E D T H E R A N KS WI T H I N T H E O R G A N I S AT I O N OVE R T H E PA S T 1 8 Y E A R S , N M G R O U P C E O , B E P P E M U S C A T , H A S T H E I N S I G H T R EQ U I R E D TO ST E E R T H E PR O F E S S I O N A L S E R VI C E S F I R M I N ST R AT EG I C D I R ECT I O N S . CO U PL E D WI T H H I S K E E N I N T E R E ST I N T H E D I G I TA L REVOLUTION AND HOW THIS IS SHAPING THE WORLD OF WORK, HE IS DETERMINED TO PROPEL THE BUSINESS TO THE FOREFRONT OF D I G I TA L I N N OVAT I O N AC R O S S A L L O F I TS O PE R AT I O N S – A N D B EYO N D.

“The future of work is set to undergo significant changes over the next five to 10 years, as highlighted by research. By 2030, 85 per cent of new job entrants will be in positions that currently don’t exist,” says Beppe Muscat, the CEO of the professional services firm, NM Group. Quoting a 2019 report by global management consultancy firm McKinsey & Company on the impact of digital technology and automation across various economic sectors, he shares: “our company vision is based on this reality; on this digital revolution. Our vision is to transform the industry by leading change.”

This, he says, could help the country keep pace with international developments. “We want to lead by example. As our client base spans diverse industries, we are dedicated to assisting them to seamlessly adapt to the changes brought about by the digital revolution. Indeed, our company set-up and the strategic diversification of our offering, reinforces our strong alignment with this forward-thinking perspective. Beyond compliance, reporting and taxation, we’ve also launched our digital function. Our objective is to help our partners and customers transition to the digital revolution, to embrace cloud 279

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We plan to revolutionise the customer experience. This isn’t just rhetoric, and we have taken concrete steps already. accounting, AI, robotic process automation, Chat GPT – but doing so strategically. We emphasise not just the utilisation of these tools, but also the strategic approach to the process, focusing on the how of incorporating these technologies and designing the infrastructure,” he asserts. Beppe speaks from a position of knowledge. In his career that has spanned almost two decades with NM Group, he has gained experience within every department in the organisation, a company that was established by his father, Noel, in 1991. “It started as a one-man-band, with my mother helping out administratively. It was a different time then, with more barriers to entering the business world, but my parents still felt it was the time to take that leap,” he says, adding that the enterprise initially catered principally to local microenterprises and self-employed individuals. Beppe joined the firm full-time in 2012, by which point NM Group had grown to a staff complement of five. However, over the years, Beppe’s “role has changed and adapted. I’m a certified public accountant and warranted auditor but, I was lucky: this was a family business, so I had the opportunity to get involved at a very young age, working through administrative roles first, before moving into more technical positions. It always felt like a very natural fit, as if I were born into this industry – and my leadership

role today is very much aligned with my ambitions and passions,” he smiles. When Beppe completed his full-time studies, he focused on the firm’s strategic concerns, including how to lead the organisation into its next stage of development. “I identified a huge opportunity for growth with international clients, in view of Malta’s attractive taxation system. It’s an area of business we had never considered before, but we started to expand and diversify our offering. Today, approximately 60 per cent of our client base is international, and we now employ over 60 individuals,” he says, emphasising that the firm, nonetheless, hasn’t forgotten its origins. “We are aware that micro-enterprises and the self-employed require a specific service offering – it cannot be a one-size-fits-all. And, for the past 33 years, these smaller organisations and individual clients have been central to our efforts and decisions. We have partners who have been 280

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with us since the beginning, so we’ve built long-standing and meaningful relationships with them. That’s not going to change. One of the central tenets of my leadership is for NM Group to be known for our granular level of personalisation – and this is an area where we have some interesting projects and products lined up for the future,” the CEO explains. Beppe’s dedication to his work is rooted in an understanding of the “important role we – as accountants and professional service providers – play in society. There’s a lot of pressure in our field due to the high level of compliance, but our position is vital, particularly in a small island state where most businesses are SMEs. In the context of small businesses, your most trusted business advisor is your accountant,” he attests. Indeed, this is part of the reason why he sees it as incumbent on those operating in the field to stay up-to-date with policy, industry and technological developments, both locally and globally. For Beppe, this also means pushing for a deeper awareness of the issues, and, accordingly, he is also currently working on his doctorate, researching the impact of the digital revolution on the future of work. “Change is coming; it’s not a choice. The only decision we can take is how we’re going to deal with it. In my view, we need to try to anticipate it and make it an opportunity – and this is very much the way we operate here at NM Group,” he says. “So, staying ahead of the curve when it comes to digital transformation is key, and studies – including those published by the World Economic Forum – have shown that accountancy, in particular, will be impacted by developments in technology,” he says. “We need to adapt to new realities.” Looking ahead to the future, Beppe shares that the group’s goal is not to “achieve a level of growth where we’re employing 200 or 300 people.” Instead, the firm’s single-minded focus is to prioritise the needs of their clients. “We aim to revolutionise the customer experience. This is not just rhetoric, and we have taken concrete steps already. Among other developments, we’ve introduced the role of Customer Experience Manager – a role that’s not usually found in accountancy firms, but we felt we needed someone in the organisation who was simply focused on client feedback, on being accountable to our clients, on being their advocates in internal discussions on new products, and who, when we’re introducing new services, can provide us with input from the customer’s perspective,” he says. This year, the CEO attests, “has the potential to be the time when our vision comes to life. We’ve spent a number of years setting up the right structure and choosing the right people. So, our drive towards digital transformation will become more visible through the products we’ll launch, the investments we’ll make, as well as the diversification of our service offering. We’ll also continue to boost the customer experience by using the most appropriate and efficient technology, as well as by advancing the systems which surround it,” he continues. Concluding, Beppe reiterates his commitment to the modernisation and development of the business community. “We’re confident we’ll be leading this change and making a positive impact on businesses. We need to push forward with this agenda, particularly considering the fundamental role played by the accountancy profession in our society.” 281

Quick-fire Questions… with Beppe Muscat How do you start your day? Coffee and emails. Are you blunt or subtle with your team? Probably a bit too subtle, but balanced well by my leadership team. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? A formal monthly performance update. Is right now a good time to invest? It is always a good time to invest. What’s the one goal you wish to achieve in your organisation over the next 12 months? To lead change in our industry. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meetings or emails. Are you immune to Monday blues? Yes, I generally look forward to the week. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Every experience is an experience. Honestly, I wouldn’t do anything differently. Where do you eat lunch during the week? In our office canteen. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I highly value a good whisky in good company. Your favourite restaurant (and dish) in Malta or Gozo? I always opt for a good piece of meat. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? For the sake of it, Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? A couple of jogs per week. Do you believe that you’re an introvert or an extrovert? Extrovert.

MaltaCEOs 2024

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INSIGHT

“Even though it is no longer our only source of business, the gaming industry remains strong in Malta and continues to employ a significant number of people locally.”

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Trevor Axiak

FOUNDER AND DIRECTOR, KY T E G L O B A L

“CLIENTS COME TO US BECAUSE THEY EXPECT US TO BE EXPERTS IN EVERY ASPECT OF COMPLIANCE, AND WE TRY NOT TO LET THEM DOWN.”

STA RT I N G A S A N I T AU D I TO R I N T H E M I D -20 0 0 S , T R EVO R AXI A K CO U L D N OT H A V E F O R E S E E N H I S F U T U R E A S T H E D I R E C T O R A N D F O U N D E R O F KY T E G LO B A L , A N O PE R AT I O N S E R VI N G C L I E N TS I N R EG U L AT E D I N D U ST R I E S ACROSS 67 COUNTRIES . IN A WORLD OF EVER MORE STRINGENT COMPLIANCE R E Q U I R E M E N TS , R I S K M A N AG E M E N T H A S N EVE R B E E N M O R E R E L EVA N T – A R E A L I T Y T H A T KY T E G L O B A L I S P O S I T I O N E D T O M E E T T H R O U G H O N G O I N G A D A P T A T I O N T H A T R E F L E C T S A R A P I D LY D E V E L O P I N G I N D U S T R Y .

Establishing and managing Kyte was and remains Trevor’s biggest project to date, as it continues to evolve and adapt alongside the industry. Reflecting on Kyte’s growth from a fledgling enterprise to a robust player in information security and compliance, Trevor shares, “it’s rewarding to see how much we’ve achieved over the years. The company has transformed significantly and is now almost unrecognisable from when we first started. We’ve certainly come a long way from the days when I used to do almost everything myself, which is reflected in the scale of our projects and type of clientele.”

Looking back on the early days of Kyte Global in 2006, Trevor Axiak recalls, “I didn’t always envision a career as an IT auditor, but at the time, gaming was just starting to make its mark on Malta, opening up new possibilities for me to apply my IT skills to fresh terrain. “That’s when my then-business partner Alan Alden and I decided to set up Kyte. I was 16 years younger back then, but even though it was all new to me, it felt like the right time to take the leap and grasp those opportunities. We wanted to be at the forefront of the industry – and we were – fast becoming local pioneers of consulting, licensing and IT auditing services for the burgeoning gaming sector.”

For the past few years, Trevor’s role has shifted from direct involvement in client-facing projects to that 283

of director, requiring him to oversee all the company’s operations, which he enjoys. “I’m now in the privileged position of seeing all the different parts come together and understanding how various roles within the company relate to each other,” he explains. Trevor likes to employ an open-door policy with his staff, upholding a work environment where employees feel like family. “People spend as much time in the office with colleagues as they do at home with family,” he says, “which is why I prioritise respect and friendship in our team, that spills over into the work we do and the service clients receive from us. As a customercentric operation, we can’t give our best service unless the people working together to deliver that service share a good rapport.” Musing on his job’s demands, Trevor cites human resources as one that takes up more of his time than he would like – from the care needed to deal with individual characters to resourcing, which was Kyte’s biggest challenge in 2023. “Losing key people is always a struggle as training is critical to what we do, and we invest a lot of time, money and effort into building our in-house expertise. It’s never easy to replace experienced team members, but I also know that this is a national issue far from unique to Kyte,” he observes. Notwithstanding the obstacles, Kyte continues to grow and diversify its portfolio of services in the same way it always has – by being quick to react to its clients’ needs. These, in turn, are mostly shaped by ongoing developments in compliance. “What started as a humble business objective to perform IT audits for gaming companies evolved into something much bigger from the moment clients started approaching us for help to obtain licences and establish their businesses in Malta. Soon enough, we became the leading local consultants for licensing and gaming compliance,” Trevor explains. “This pushed us to develop our expertise in payment compliance and certifying businesses for compliance to the PCI DSS – the standard for companies that process credit card data. We were the first ones – and are still the only ones in Malta – to become a qualified card schemes assessor for credit card companies.” He adds that this move opened exciting doors for Kyte, exposing the business to new technologies and clients with different needs, as well as helping it go international.

Compliance is not on the decrease but on the increase – so the greater the compliance obligations imposed on companies, the greater the demand for our services.

Most of Kyte’s services are triggered by emerging industry obligations introduced at the EU level – from new laws around GDPR and AML to Swift compliance and PCI DSS. These typically require clients to comply with new standards or regulations, prompting them to reach out to Kyte as “their first and only port of call”. And what is Kyte’s approach to handling such requests? “We figure it out, develop our people’s expertise in that area, build a department around it and then add that compliance service to our portfolio for the benefit of all clients,” Trevor shares. 285

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“Our services are always client-led because they guide us forward in the industry based on their needs. They come to us because they expect us to be experts in every aspect of compliance, and we try not to let them down. This is how our services have grown, and that’s probably how they’ll continue to grow for the foreseeable future,” he asserts. To this end, acting on growing industry concerns around cybersecurity, last August, Kyte launched its Incident Response and Forensics service. Commenting on the security weaknesses Kyte has seen across many companies’ IT systems, Trevor remarks, “while business processes have matured in recent years, many still view information security as a box to be ticked and do not have robust systems in place. They naïvely believe they will never come under attack – a reality that is, sadly, no longer a matter of if but when,” he warns. “Even worse, they underestimate the serious damage a security breach could cause, not only when it comes to theft of IP and funds or loss of revenue while systems are down, but also in terms of loss of reputation.” Through this new service, Kyte’s InfoSec experts intervene immediately in the event of an attack and work to resolve the issue, contain the damage and help companies recover their systems in the shortest time possible (sometimes even getting involved in negotiations where ransomware is concerned). This could also involve legal and court cases that require forensic investigation, which clients are not usually equipped to handle themselves. Reflecting on the diversification of services in response to clients’ changing needs and industry developments, Trevor anticipates that Kyte will continue to grow into and beyond the year ahead. As he observes, “compliance is not on the decrease but on the increase – so the greater the compliance obligations imposed on companies, the greater the demand for our services.” What’s more, the payment industry has continued to flourish ever since the COVID-19 pandemic, bringing good business for Kyte at a time when the gaming industry suffered. Trevor reveals that the business growth Kyte has seen over the last year augurs well for the three-year growth strategy the company has been busy preparing these past months – one that will see Kyte implement new structures, processes, resources, and technology to prepare for the expected growth. “We’re definitely going to continue doing all that we’re doing now, but we also look forward to growing further, building our team with the right people in key positions, launching new services, strengthening our current markets, and extending our reach to Asia by expanding our partnership model,” he shares, adding that they are also eager to offer their services around the implementation of the Digital Operational Resilience Act (DORA) – a recent regulation that creates a comprehensive IT risk management framework for the EU’s financial sector.

Quick-fire Questions… with Trevor Axiak How do you start your day? Preparing the children for school. Are you blunt or subtle with your team? Both – it depends on the person. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every month. Is right now a good time to invest? Always. What’s the one goal you wish to achieve in your organisation over the next 12 months? To see our growth plan work. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? In person or video call. Are you immune to Monday blues? Yes. Are you a macro or a micro person? Going from micro to macro. With hindsight, what would you do differently in your business? Employ the right people sooner. Where do you eat lunch during the week? Office canteen. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? No favourites. Your favourite restaurant (and dish) in Malta or Gozo? None in particular; I love everything. Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional timepiece, preferably Swiss.

With so much going on and yet more to come, Trevor is clearly excited about Kyte’s future and is working hard to set it up for continued long-term success: “as we see more opportunities all around us, we are making sure to invest in the right infrastructure, so that when growth comes, we are prepared to meet it.” 286

Any exercise routine? That’s a New Year’s resolution. Do you believe that you’re an introvert or an extrovert? Introvert.

MaltaCEOs 2024

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THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

“You must always be acting in the interest of the client. In the brokerage business, this means finding solutions for them and not advocating for your insurer. This also means that you need to understand your client’s business so you can provide them with a successful outcome. Insurance is an intangible commodity and, often, it’s hard for people to see value in it – so your challenge is to impart this understanding, so they are protected when they most need to be.”

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Joanne Alamango

C E O, LO C KTO N EUROPEAN B R O K E R S LT D

“ O U R EXC E PT I O N A L T E A M I S O N E O F O U R S U CC E S S E S .”

L O C K T O N E U R O P E A N B R O K E R S LT D , A S U B S I D I A R Y O F T H E A M E R I C A N I N S U R A N C E B E H E M O T H , S E T R O O T S I N M A LT A A L I T T L E O V E R F O U R Y E A R S A G O . S I N C E T H E N , A S C E O J O A N N E A L A M A N G O S AY S , I T H A S AT T R ACT E D D R IVE N CA R E E R I STS TO I TS R A N KS , E N T I C E D BY T H E F I R M ’ S CO M M I T M E N T TO TA L E N T D EVE LO PM E N T A N D WE L L- B E I N G . AND, THIS YEAR, THE BUSINESS IS SET TO CONTINUE HARNESSING THE P O T E N T I A L A C C R U E D B Y I N V E S T I N G I T I N T O E X PA N D I N G I T S O F F E R I N G – PA R T I C U L A R LY I N C O V E R I N G F O R N E W A N D E M E R G I N G R I S K S .

Joanne Alamango, the CEO of insurance brokerage firm Lockton European Brokers Ltd, understands that true success is a team sport; a collective achievement. In this context, effective leadership is translated into guidance, support and a collaborative mindset, as well as an understanding of human nature. “Our associates are our most precious assets,” Joanne insists. “It really feels like a family here at Lockton. We enjoy socialising with each other, we have instituted excellent working conditions, and we assist anyone who is dedicated to contributing towards wider communities, such as through volunteering or charity,” she says.

and 65,000 clients, globally – opened an outfit on the island in 2020. “We established an office here, becoming part of the Lockton family, because we saw there was an opportunity to conduct European business from the island,” Joanne attests, explaining that the focus, here, has been on covering risks within the professional sectors and financial services, such as cybercrime and transactional risk and management liability, among others. “We started out with just three people; today we have 17 associates working for the Malta office. We have a mix of nationalities and expertise, and our exceptional team is one of our successes. We look for people with ambition, who want to build a career. In return, we

Lockton – the world’s largest, privately owned insurance broker, boasting offices in over 140 locations, 289

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invest in their overall development. We’re part of a global institution which puts a heavy emphasis on employee satisfaction,” she says. Indeed, in the UK – according to the research agency, Best Companies – Lockton was named one of the 50 best large firms to work for in 2022, while also being given a threestar accreditation signalling its intent towards workplace engagement. “We’re following this model and, here in Malta, we also want to be the employer of choice,” Joanne asserts. Elaborating on this, Joanne says this attitude extends to tangible elements such as creating a “productive working space, with ergonomic desks or standing stations. We have various internal programmes which help team members foster their leadership skills, and we give them the tools to become the best associates they can be. We make sure our associates feel like they belong to the Lockton family, so we extend a helping hand, even if they’re dealing with personal issues,” the CEO continues.

Joanne quotes some examples of initiatives undertaken by the team at Lockton in Malta that have also helped to build a sense of belonging and purpose: “we have a regular roster to aid with the Soup Kitchen. We also organise cooking days, where we raise money for the charities of our choice.” Moreover, “the board of directors at Lockton Malta is all female at the moment. This is not because we have a quota – we believe in the right person for the right job. However, this shows how inclusion is part of the very fabric of our company culture,” she says. Joanne is, of course, a fundamental factor in this mosaic of efforts, with decades of experience in the sector to help guide her decisions in curating the firm’s identity on the island. “I started working in this industry a long time ago, and it’s been a substantive career that started as a simple summer job in insurance,” she laughs. The experience ignited a passion for the field and, after completing her studies, she started working across all aspects of the

To this end, the firm also has “very specific strategies” in the arenas of environmental, social and corporate governance (ESG), as well as in diversity, equity and inclusion. “We aim to be at the forefront here. Globally, we donate significant amounts to charity and we also have a local internal ESG committee, voted in by our associates, that is responsible for organising any social or environmental activities,” she explains.

In Malta, most businesses are small-to-medium-sized and have not, traditionally, protected their board of directors, for instance, for claims against them. However, we are seeing more litigation cases here.

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brokerage business, moving to London for 11 years, before coming back to open her own firm. Here, she partnered with a colleague to specialise in financial services insurance cover, which she has found intriguing due to the “complexity of the products”. She elaborates, “I once wanted to become a banker, and now I provide insurance for banks,” while underscoring the serendipity of events, as they have turned out. Then, over four years ago, the company she co-founded was subsumed within the Lockton family. “Being part of this big group, with its values and very particular way of working, has been exciting. Lockton boasts the delivery of excellent client service and, globally, has a 97 per cent retention rate. This reflected much of our local commitment to our customers, so it was a natural fit,” she says. Over the past few years, the firm has retained its nimble approach: “we are independently owned, so we’re quite flexible. If the economy shifts and a certain sector slows down, we can adapt quickly,” Joanne attests. Indeed, despite a “hard market cycle” over the past few years, in which premiums have risen and some products have been difficult to source, “we’ve started to emerge from this period, both locally and internationally,” she continues. Today, Lockton European Brokers Ltd is moving into a crucial area of business: insuring emerging risks, to cover areas such as FinTech, digital assets, directorships, and cyber. “This is a particular niche requiring attention. In Malta, most businesses are small-to-medium-sized and have not, traditionally, protected their board of directors, for instance, for claims against them. However, we are seeing more litigation cases, here, and this means we need to protect for court settlements and fraud, by way of two examples.” Furthermore, she says, the increasing reliance on digital systems and technology is resulting in the necessity for firms to be ‘cyber-ready’. Indeed, every year, “we are seeing a greater demand for these coverages.” There is still, she admits, some difficulty in accessing a broad range of products to meet these needs but, “we are here to partner with our clients, and to educate the insurers themselves; our team have worked with a range of products and insurers, so they’re aware of how to onboard those possessing the right offering for our clients.” This year, Joanne is working to continue strengthening Lockton’s position as the “go-to broker of choice for complex insurance placements and advice.” She believes we will see a broader range of coverage being offered locally and the drive for the firm over the next 12 months is to “continue growing”, and to keep investing in talent and development. This latter point is “key to our focus and to our service,” she says. “We act on retaining and fostering their progress. We believe that, in a world which is so unpredictable, we need to be consistent and ensure continuity for our associates and our clients,” she explains. Indeed, as she looks ahead, Joanne maintains her sense of commitment to the role. “We must stay ahead of the game. There’s always a new challenge, particularly when you’re working with complex products,” she says. “But when you achieve a breakthrough and discover a solution, the sense of satisfaction is immense.” 291

Quick-fire Questions… with Joanne Alamango How do you start your day? A coffee and some reading. Are you blunt or subtle with your team? Both, depending on the situation. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? At least monthly. Is right now a good time to invest? I will leave that advice to the experts. What’s the one goal you wish to achieve in your organisation over the next 12 months? Converting the exciting opportunities that lie ahead. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Email for business communication. Physical meetings over virtual. Are you immune to Monday blues? Totally. Are you a macro or a micro person? Mostly macro but micro when necessary. With hindsight, what would you do differently in your business? So far, nothing. Where do you eat lunch during the week? At my desk, if not meeting clients. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? French wines are a favourite. Your favourite restaurant (and dish) in Malta or Gozo? Gracy’s, Ali Baba and anything Japanese. Do you believe in business lunches? Yes, where appropriate. For the sake of it, a Porsche 911 or a Bentley Bentayga? Reliable and sustainable would be my preference. Smart watch or a conventional timepiece? Conventional timepiece. Any exercise routine? Padel. Do you believe that you’re an introvert or an extrovert? Mostly introvert.

MaltaCEOs 2024 THE ISLAND’S MOST INFLUENTIAL BUSINESS MINDS

Brian Vella

C E O , M A LT A FOOD AGENCY

“ G O I N G F R O M B E I N G A FA R M E R TO B ECO M I N G A C E O H A S B E E N Q U I T E A J O U R N EY.”

F R O M H U M B L E B E G I N N I N G S O N H I S F A M I LY ’ S F A R M T O W O R K I N G W I T H K O P E R A T T I V I M A LT A A N D S E R V I N G A S A B O A R D M E M B E R A N D G R O U P PR E S I D E N T O F T H E M I L K PR O D U C E R S CO O PE R AT IVE AT K PH G R O U P, B R I A N V E L L A H A S L O N G B E E N PA R T O F M A LT A ’ S F O O D A N D A G R I C U LT U R A L S C E N E . S I N C E J O I N I N G T H E M A LT A F O O D A G E N C Y I N 2 0 2 1 , B R I A N H A S S E T H I M S E L F T H E O B J E C T I V E T O P R O A C T I V E LY E X PA N D A N D E N H A N C E L O C A L F O O D M A R K E T S .

this time with a greater understanding of business management and an MBA under his belt.

In Brian Vella’s own words, “going from being a farmer to becoming a CEO has been quite a journey” – one that, in hindsight, has been a seamless transition. “My previous role at KPH helped me foster thorough knowledge of Malta’s agricultural scene, and I gained invaluable experience collaborating with and understanding farmers – our main stakeholders at the Malta Food Agency,” he explains.

“In the end, my devotion to the sector led to my direct involvement in the management of cooperatives,” he explains – a move that allowed him to marry his passions for both business and agriculture, and which became one of the greatest milestones of his 30-year career.

Before being appointed CEO of the Malta Food Agency (MFA) in 2021, however, Brian sought to support his robust industry knowledge and handson experience with formal business training via a Master of Business Administration (MBA) in 2016. In the interim, he was involved in various business projects outside of agriculture after leaving the family farm but eventually returned to the sector,

Describing his top-level view of the MFA as CEO, Brian compares his role to that of a symphony conductor. “Both require a unique blend of vision and leadership, as well as the ability to bring together diverse talents to create something remarkable. To me, directing the MFA truly feels like conducting an orchestra,” he describes. 292

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CEO INSIGHT “Consumers remain extremely loyal to local produce. It’s encouraging to see that many still ask us how they can identify which products are grown locally and which have been imported.” 293

“My job is not just about being a Chief Executive Officer, but also about acting as a Chief Empathy Officer,” he smiles, reflecting on his work ethos and what it means to be CEO. For Brian, investing in staff is a priority that aligns with leading an organisation that employees are as passionate about as he is. “As a leader, my staff’s emotional needs take centre stage because I could never run the agency alone. The greater my connection with my team, the better positioned we are to follow through with our vision for the MFA. Moreover, I cannot discount how lucky I am to have such a strong team of chief officers who are instrumental in driving our vision forward.” As a governmental entity set up in 2021, the MFA was established to address market failures in the operations of Malta’s farming (Pitkalija) and fisheries (Pixkerija), filling a niche that would primarily add value to local produce. What this means is that at its inception, the MFA inherited a crisis within the Pitkalija markets, which were operating under a 50-year-old, outdated system. “At the time, our efforts had to be directed towards ensuring business continuity and implementing longawaited reforms,” Brian explains. “Two years later, we are now reaping the fruit of that change and have established a fully-fledged agency with a business development unit, projects and operations unit, and surveillance unit in place.”

Now, the ball is in our court,

To address persisting market failures, the MFA aims at making these markets viable again. “Our strategy centres on adding value to local produce, ensuring sustainability, promoting local produce markets, and capturing new ones. Another one of our priorities is to ensure local farmers and fishermen receive fair compensation, which necessitates full transparency,” he adds.

and there can be no more excuses: the time is ripe to take our plans forward and continue improving local food quality.

In fact, in the summer of 2023, the MFA successfully consolidated its structure, which is based on three main pillars: markets, business development and digitisation – each vital to the implementation of the agency’s vision to channel top-quality and valuable local food products to different markets. “The MFA’s basic function is now in place, and we are poised to execute our strategy, which will shape our trajectory as we advance. Now that the foundation has been set, we are ready to act and implement,” asserts Brian.

Indeed, one of his greatest motivators is change. “I love change because it presents an opportunity for improvement, and it gives me great satisfaction to work on something that can improve people’s lives. I am proud of our success in overhauling a five-decadeold system and convincing stakeholders to participate in the change that finally brought about the muchneeded Pitkalija reform,” he beams.

Getting to this point, however, has not been without its challenges, as Brian opens up about the demands of leading a governmental organisation – from sticking to timeframes and bringing all stakeholders on board to dealing with and trying to mitigate bureaucracy. Nevertheless, for Brian, the positives still outweigh these challenges. 295

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The MFA has achieved significant milestones despite its short existence, including market organisation of local food producers in the way the Pitkalija and Pixkerija markets are being managed, partnerships with local farmers’ cooperatives in the grading and packaging of local potatoes, and the digitisation of projects and core IT solutions.

Quick-fire Questions… with Brian Vella

The MFA has also introduced an app that enables the efficient sharing of information so farmers and buyers may follow transactions at the Pitkalija market online – an initiative that ended the physical correspondence previously sent from the MFA’s offices. Yet another key milestone was the implementation of a surveillance unit that scrutinises markets to ensure good governance and traceability while preventing any abuse, ultimately putting farmers’ minds at rest. “We have fully traceable systems at the Pitkalija and are in continuous discussions with stakeholders to introduce more measures to this end,” Brian notes.

How do you start your day? An early morning dog walk. Are you blunt or subtle with your team? Subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Every week. Is right now a good time to invest? There’s never a time that’s ‘just right’.

With CSR at the heart of its operation and sustainability being a key priority of the local food industry, the MFA is also conducting a waste management project with WasteServ to generate compost from unsold produce and lessen food waste. The compost is then distributed to farmers for free in a circular economy that eliminates the need to import fertiliser. Unsold produce is also being donated to local NGOs and food banks and, over the past year, the MFA has partnered with the Soup Kitchen to deliver the Save the Food app, which allows establishments to upload details of waste produce in order to alert NGOs serving those in need.

What’s the one goal you wish to achieve in your organisation over the next 12 months? Introducing an AI-powered project. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting. Are you immune to Monday blues? Yes, Mondays motivate me. Are you a macro or a micro person? Macro.

Looking back on 2023, Brian shares that the MFA has also been working on initiatives to distinguish local produce, launching a pilot project to support stakeholders who buy and promote local produce. A new labelling initiative is also being introduced to indicate to consumers that the produce they are buying has been grown locally. “We are still at the project’s start, but I eagerly await the promising outcomes and actions that will follow in the near future,” he shares.

With hindsight, what would you do differently in your business? Nothing. Where do you eat lunch during the week? I skip lunch. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Local always wins – but I also like Irish single malt.

In addition, Brian reveals that other projects relating to product development and quality marks are also underway, while plans to modernise the Pitkalija in 2024 will help the agency achieve its goals to upgrade market standards and improve local produce. “Decisions to build a new Pitkalija are being finalised,” Brian clarifies. “Currently, we are operating from a very old space, so we must raise the bar to align with our European competitors, who have invested in local markets to make them fully accessible.”

Your favourite restaurant (and dish) in Malta or Gozo? No restaurant springs to mind, but I love antipasti and fresh fish. Do you believe in business lunches? Definitely. For the sake of it, a Porsche 911 or a Bentley Bentayga? Neither! I prefer simple things. Smart watch or a conventional timepiece? Smart watch.

He adds that this next step would not have been possible without the Pitkalija reform. “I am pleased to say that today the Pitkalija is on the news for the right reasons and is no longer a hub of controversy that people only hear about in connection with strikes and protests. Now, the ball is in our court, and there can be no more excuses: the time is ripe to take our plans forward and continue improving local food quality.”

Any exercise routine? 15,000 steps daily. Do you believe that you’re an introvert or an extrovert? Extrovert.

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“I like a team dynamic where everyone relies on each other, investing time to understand how we are all distinct elements of the same jigsaw, while maintaining a sense of autonomy within each person.”

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Luke Todd

C E O , M A D E Y O U LT D

“ L O YA LT Y I S I M P O R T A N T , N O T J U S T A S A M E A S U R E O F C L I E N T L O YA LT Y B U T A S A T A N G I B L E F O R M O F P O S I T I V E F E E D B A C K . ”

BUSINESS COACH AND TRAINER LUKE TODD IS CEO OF MADEYOU LT D , W H I C H H E C O - F O U N D E D I N 2 0 1 6 , F O C U S I N G O N D E L I V E R I N G L E A D E R S H I P T R A I N I N G A N D D E V E L O P M E N T , C O N D U C T I N G I M PA C T F U L F E E D B AC K PR O G R A M M E S A N D G U I D I N G O R G A N I S AT I O N S O N T H E I R J O U R N E Y T O U N C O V E R A N D A L I G N W I T H T H E I R C U LT U R E A N D V A L U E S .

As the CEO of MadeYou Ltd, Luke Todd delineates the distinct elements of his role. Given the nature of his small business, he is actively engaged in the ‘do’, conducting training and leadership coaching alongside his team, while also leading the organisation.

training in the UK throughout his career, and both had faced the same struggle: dealing with providers who approached training with a technique he amusingly refers to as ‘death by PowerPoint’. “Despite coming from different backgrounds, we never really found, in any of the businesses we were in, anyone who delivered training that was effective and meaningful, and actually kept people engaged while they were learning,” he explains, outlining the mission at MadeYou.

“I keep everything moving operationally – ensuring that the staff are engaged, motivated and growing. Additionally, I focus on the business’ direction: its purpose and how we can add more value as a service provider,” he smiles.

“When we arrived in Malta, we were doing some consultancy work and observed a similar need for effective training in the local landscape. Recognising an opportunity to add value, we leveraged our expertise in creating engaging and impactful training programmes. With a wealth of experience and knowledge, we were confident in our ability to deliver effective material,” Luke continues, describing how Tipico, their first client in Malta, approached them.

Having moved to Malta in 2014, Luke’s career prior to setting up his company included a C-level-equivalent role at one of the eBay companies, where he was responsible for customer experience. Similar to MadeYou Co-Founder Kelly McSherry, Luke had commissioned management and leadership 299

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As a business leader, I don’t particularly like big teams, because the smaller a team is, the more control you have over its culture and unique selling propositions, and the more engaged people tend to feel.

reveals, sharing how the shift to an online offering opened up a world of possibilities for MadeYou’s future.

From this point, their training proposition gained momentum rapidly, going from zero to being quickly booked up. Subsequently, they expanded their services to include business coaching, achieving further success. Today, the team of four delivers extensive business coaching and executive coaching, leveraging their individual operational experience, all stemming from diverse business backgrounds. Throughout their journey, a notable milestone is their longstanding partnership with GO, spanning six years. For Luke, maintaining such a contract is a significant testament to the value MadeYou can, and continues to, provide. He also considers successfully navigating through the challenges posed by COVID-19 as another significant milestone – not merely surviving but fostering business growth as a result. “While our business was already on a growth trajectory year on year, the years impacted by the pandemic significantly accelerated that growth. While other companies faced slowdowns or complete stops, we experienced a dramatic increase,” Luke 301

“Previously, we were sent to European destinations for face-to-face training by clients with offices in Malta. However, clients further afield were not benefitting from this training. When we transitioned to remote training, we began including these clients, resulting in accelerated growth and conversations across continents – an opportunity we hadn’t explored before,” he maintains. This trend has persisted postCOVID-19, leading the team to engage with numerous international clients and deliver training through a combination of face-to-face and remote sessions. Reflecting on the evolution of his leadership style throughout his career, Luke emphasises the importance of empowering the team, particularly when establishing a business. He describes this as a ‘coaching’ leadership style. Today, he says, “our ethos revolves around hiring great people with vast potential and who find fulfilment in their roles, investing in their growth and development, and serving as a support function. Essentially, they are self-empowered and autonomous.” This ethos will prove beneficial as MadeYou embarks on its plans for 2024, launching three high-end services that aim to continue delivering value to their clients. “As business coaches, all of us at MadeYou are Gallup accredited. One aspect we appreciate about Gallup is its focus on individualisation. Through our collaboration

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with Gallup, we offer a service that allows us to enter a company and realign the culture towards a strengthsfocused approach,” Luke says, introducing the first of the new service offerings. Breaking this down, he elaborates on this aspect of Positive Psychology, noting that “while traditional businesses often focus on improving weaknesses, the strength finder methodology suggests a different approach: if you spend 10 years investing in somebody’s weaknesses, at the end of it, their weaknesses will persist – they’ll just be less weak at them. On the other hand, if you identify someone’s strengths and use those 10 years to invest in their strengths, you are growing them exponentially. This approach taps into their motivations, drivers and skills.”

Quick-fire Questions… with Luke Todd How do you start your day? From a personal point of view, I feed my animals. Professionally, I check my emails on my phone. Are you blunt or subtle with your team? Blunt with a smile.

In addition, MadeYou will launch an employer branding consultancy, building on their current offering where they assist businesses in defining their culture and values. Luke explains, “for businesses that can’t afford an in-house expert for employer branding, we step in to guide the relevant teams on maximising efforts to attract and retain talent. This includes shaping the offering, proper branding, defining the employer value proposition, and tailoring it effectively.”

Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? I’m obsessed with them, so I look at them every week. Is right now a good time to invest? Yes. What’s the one goal you wish to achieve in your organisation over the next 12 months? Growth.

As a third service, MadeYou will be relaunching their C-level proposition, aiming to provide further support to C-level teams. “In recent years, our work with C-level teams has been branded as teambuilding, but this description doesn’t do it justice,” Luke says, sharing that their focus extends beyond mere team-building to encompass strategy, collaboration and overall effectiveness. “Moving forward, our aim is to articulate what we can offer C-level teams, emphasising that it goes beyond a recreational experience. Instead, it’s about bringing the team together to enhance operational and strategic effectiveness.”

Physical meeting, call, WhatsApp, or email – what’s your favourite form of communication? Face-to-face and digital – I’m a big fan of WhatsApp. Are you immune to Monday blues? I don’t get them, and neither do any of my team. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? I would scrap things that don’t deliver ROI quicker. Where do you eat lunch during the week? My kitchen!

In outlining the vision for 2024, the CEO also reveals plans to expand MadeYou’s training offerings to include lower-level training for first-line staff members and an increase in courses tailored for senior leaders.

What’s your favourite chateau/house when it comes to wine, whisky or any other drink? Monkey47 Gin.

By the end of the year, Luke’s goal is to cultivate stronger relationships with local companies and witness continued business growth. However, he is quick to clarify that the pursuit of growth is not an end in itself. “As a business leader, I don’t particularly like big teams, because the smaller a team is, the more control you have over its culture and unique selling propositions, and the more engaged people tend to feel,” he smiles.

Your favourite restaurant (and dish) in Malta or Gozo? Fresh fish from one80 in Gozo. Do you believe in business lunches? Yes, as long as there’s an agenda and not too much wine! For the sake of it, a Porsche 911 or a Bentley Bentayga? A vintage 911 – it’s my favourite car. Smart watch or a conventional timepiece? A conventional timepiece – I have 30 of them.

Above all, he shares, by this time next year, “I would like to see that the propositions we’ve launched have landed in a way that adds tangible value to our clients. The enduring loyalty of clients who have been with us since the beginning is crucial. We see this loyalty not just as a measure of client loyalty but as a tangible form of positive feedback.”

Any exercise routine? I typically prefer running or cross-training. Do you believe that you’re an introvert or an extrovert? I’m an extroverted introvert.

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CEO INSIGHT “My advice would be to always plan ahead; it helps you avoid certain challenges and remember to be cautious. You must also know who you’re doing business with – visit your suppliers and your clients. Learn about the stakeholders in your industry.” 304

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Namik Kemal Ozden C E O, G R E E NWA ST E M A LT A LT D

“MY GOAL IS TO CONTRIBUTE TO A GREENER F UTU R E FO R G E N E R AT I O N S TO CO M E .”

N A M I K K E M A L OZ D E N , T H E C E O A N D CO - FO U N D E R O F WA ST E M A N A G E M E N T F I R M G R E E N W A S T E M A LT A LT D , L A N D E D O N O U R S H O R E S I N 20 1 8 . S I X YE A R S , A WI F E A N D A DAU G H T E R L AT E R , H I S E N T R E PR E N E U R I A L S PI R I T H A S M OT IVAT E D H I S I N T E N T TO M A K E POSITIVE CHANGES TO THE ENVIRONMENT AROUND US THROUGH THE U S E O F S T R A T E G I C PA R T N E R S H I P S A N D A D V A N C E D T E C H N O L O G I E S .

“We are agents of change,” says Namik Kemal Ozden, GreenWaste Malta Ltd’s CEO and Co-Founder.

more waste. This is how the story always goes. We could see that Malta had its share of waste struggles, especially when it came to recycling rates, so we saw an opportunity to step in.”

This has been the ethos at the heart of Namik’s endeavours ever since he landed in Malta six years ago in 2018, when he took up a job at Lufthansa Technik. “Little did I know that this new chapter in my life would not only lead me to a professional opportunity but it would introduce me to the love of my life, and now we have a one-year-old daughter as the fruit of our love,” he smiles, proudly.

However, Namik “wants to do more than just clean up; we want to bring in new ideas and technology to deal with waste smarter. Our goal is not just to address immediate waste problems but also to create a model that can be scaled up and replicated globally.” To achieve this, the company, initially, started to offer waste brokerage services. “I would find waste collectors in Malta – for instance, WasteServ – and buy their waste to sell to recycling companies abroad. So, in the last two years, we’ve exported all of the glass refuse in Malta, since that’s 100 per cent recyclable,” the CEO explains.

Indeed, inspired by his wife’s family background in the business of waste management and recycling in Colombia – and attuned to a growing sense of urgency in this regard on the Maltese Islands – Namik established GreenWaste Malta Ltd in 2021. “More people, 305

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Our goal is to create technologies that meet the demand for the fast changes that are occurring and which take care of the environment. This approach not only keeps us up to date but also helps us make a big difference in making our world cleaner and better. And all this is becoming increasingly vital in a context where governments across the globe are starting to view the overextraction of natural resources as untenable. In a way, Namik insists, this awareness is “promising for our sector as it is being more recognised and supported.” However, his ambitions do not stop here, with Namik attesting that the goal is to “accumulate the necessary funds to invest in advanced recycling technologies and equipment. Our focus is to innovate technologies in the waste sector and make a positive impact both locally and globally with environmental advancements.” Namik’s role in actioning this raison d’être – introducing “sustainable solutions and cutting-edge technologies” – lies in his dedication to “making a lasting impact on the environment while also navigating the business landscape to ensure growth and success for our ventures. “My goal is to contribute to a greener future for generations to come,” he says. “People look at waste as something that they want to get rid of, but I see it as an opportunity. We pay attention to materials that other companies might not consider profitable. This way, we find chances that others might miss. I believe in pushing boundaries to find new ways of addressing the challenges,” he continues. 307

To illustrate the importance of such shifts in perspectives, he provides an example: “think of the world like a big cooking pan. Just as what you put in the pan affects the taste of the food, what we do affects the environment. Some things result in certain effects right away, while others take time. The changes we make to the environment today will result in effects later.” And this belief isn’t just business-centred, he insists; it’s personal. “As a parent, I worry about the world my daughter will grow up in. When I see how the challenges of the future could impact her, I feel like I need to make things better for her and the generations to come.” While the firm has only been operational for three years, “since our establishment, our company has embarked on a journey of growth and evolution. Through strategic partnerships, collaborations and continuous learning, we have broadened our impact beyond waste brokerage. Today, we are actively involved in pioneering initiatives that not only address waste challenges

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but also contribute to the larger cause of environmental sustainability. Our expansion is testament to our commitment to making a lasting and positive difference,” Namik insists. As a result, 2023 proved to be more successful than anticipated. “Our own experience last year was good despite certain challenges. We secured a few key agreements, which helped us greatly. We are constantly trying to improve our methodology and restructure according to the new necessities.” The company also expanded – a trajectory he insists they will retain over the next few months. “We’ve already established a new company in Turkey and are waiting for some developments to be completed there. Moreover, we are currently working on new projects in Malta so we can strengthen our roots here.”

Quick-fire Questions… with Namik Kemal Ozden How do you start your day? Meditation and coffee. Are you blunt or subtle with your team? It depends, context matters. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Weekly.

This push towards investing in the development and use of advanced technology in waste management will continue to be Namik’s – and the firm’s – driving force over the next few months. Indeed, the team is working on a prototype for an autonomous “environment cleaning robot”, which he hopes to finalise by the end of 2025. “We don’t just follow the latest tech trends; we actively work with them. Our goal is to create technologies that meet the demand for the fast changes that are occurring and which take care of the environment. This approach not only keeps us up to date but also helps us make a big difference in making our world cleaner and better. In short, our ethos is not just about making profits. It is about improving things for tomorrow. And that is what puts us on the path to success, I believe.”

Is right now a good time to invest? Timing is critical, but yes. What’s the one goal you wish to achieve in your organisation over the next 12 months? Sustainable expansion. Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meetings. Are you immune to Monday blues? Yes, I create strategies.

Over the course of this year, GreenWaste Malta Ltd aims to continue to expand “recycling partnerships to maximise waste-to-resource conversion.” Namik sees the company’s relationship with the Maltese Islands as central to this drive. “Malta itself has a business-friendly environment and the country has a lot to give. Most regulators are helpful and open for support, while Government entities like the Ministry for the Environment, Sustainable Development and Climate Change, the Environmental Resources Authority (ERA), and WasteServ are working hard to evolve and improve at what they are doing.”

Are you a macro or a micro person? Both. I’m context-driven. With hindsight, what would you do differently in your business? Enhance learning opportunities through errors. Where do you eat lunch during the week? At the office. What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I don’t drink alcohol, so coffee.

Looking ahead, Namik sees Malta as a place where positive things can happen. “We believe we will be in a much better position in the years to come locally. Our ideas and the Maltese vision really fit together well. We think this is a good path for our business and for helping the environment. We are excited to keep moving forward and to see how our decision to start our business here will develop into a win for us and the world around us,” the CEO asserts.

Your favourite restaurant (and dish) in Malta or Gozo? I love seafood. Do you believe in business lunches? Yes, they build relationships. For the sake of it, a Porsche 911 or a Bentley Bentayga? Bentley. Smart watch or a conventional timepiece? Classic timepiece.

Opportunities, he continues, lie in fostering sustainable collaborations and investing in game-changing technologies. “So, our drive for this year is to solidify our position as pioneers in waste management innovation, leaving a lasting, positive impact on the industry and the planet. We still have much to develop when it comes to waste management and recycling. But I believe we will reach that point,” he concludes.

Any exercise routine? Yoga and swimming. Do you believe that you’re an introvert or an extrovert? Ambivert, adaptable.

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Mattheus Buyukkaya

DIRECTOR, GREEN DINJA

“ WE H AVE B E CO M E K N OWN FO R O U R R E L I A B I L I T Y, EXPE RT I S E A N D E NVI R O N M E N TA L R E S P O N S I B I L I T Y – A R E P UTAT I O N WE D O N OT TA K E FO R G R A N T E D.”

G R E E N D I N JA I S A L E A D I N G S PE C I A L I ST I N S O L A R A N D WI N D E N E R G Y, D E D I CAT E D TO PR OVI D I N G S U STA I N A B L E E N E R G Y S O LUT I O N S FO R H O M E S , CO M M E R C I A L R E A L E STAT E A N D PR OJ ECT D EVE LO PE R S . F O U N D E D I N 2 0 2 1 B Y D I R E C T O R M A T T H E U S B U Y U K K AYA , G R E E N D I N J A A P P L I E S I T S U N I Q U E E X P E R T I S E T O S U P P LY R E N E W A B L E E N E R G Y A N D E N E R G Y- S AVI N G S O LUT I O N S AC R O S S E U R O PE – WI T H A VI EW TO E X PA N D I N G I N T O N O R T H A F R I C A A N D C R E A T I N G A G R E E N E R , M O R E S U STA I N A B L E F UTU R E FO R EVE RYO N E .

An entrepreneur with more than a decade of experience, Green Dinja Founder and Director Mattheus Buyukkaya wanted to channel his passion for renewable energy, determination to succeed and love of continuous learning into a new venture. “I started as a junior with a company and progressed through various positions until I decided to launch my own renewable energy company, Green Dinja, in 2021,” Mattheus recalls. “We have just marked our second anniversary in November 2023, but we celebrate every day.”

Mattheus’ positivity and work ethos have fuelled many milestone moments in the company’s two-year journey, notably Green Dinja’s ever-increasing international recognition for its commitment to sustainability and innovation within the renewable energy sector, both in Malta and beyond. They are also reflected in Mattheus’ leadership style, as he steers his core administration team and prioritises regular collaboration with local contractors and installers.

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CEO INSIGHT “I’m passionate about ‘thinking green’. Sometimes, you need to do something for the green of the environment, not just the green of your wallet. That’s one of the reasons I ventured into renewable energy. As humans, we are responsible for the climate crisis, and over the last century or so, we have only made it worse. We have to be the ones to make a change and make it better, not just for us but for our children and theirs. The world needs to prioritise creating a greener future, today.” 311

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“I believe in leading by example and encouraging a culture of transparency and collaboration,” he affirms. “Although I prefer to be subtle with my team to promote open and constructive communication, I’m an extrovert and love engaging with people and building connections. It helps that I’m a networker. I’m never more in my element than at a business lunch or industry event, as these provide an excellent opportunity for networking and relationship-building within a country’s renewable energy industry.”

Meanwhile, Green Dinja’s commitment to quality and focus on customer satisfaction continue to set the company apart as a leading provider of solar power in the world. “Everything we do, we do with integrity,” asserts Mattheus. “We never walk away from our responsibilities. If something needs to be fixed, we fix it. Better still, we strive to get it right the first time, working to the strictest European standards and ensuring that everything down to the cable management is perfect.” Mattheus’ insistence on perfection, combined with Green Dinja’s expert knowledge – particularly when handling materials that represent a potential health and safety risk for consumers – has made the company an international go-to for solar energy installations.

Describing his role of Director at Green Dinja as one of “leadership, vision and responsibility,” Mattheus sets the strategic direction for the company. For Green Dinja, this centres around making a positive impact on the international renewable energy landscape by supplying high-quality solar and wind energy installations for both private and business customers. Headquartered in Malta, Green Dinja operates a satellite office in the Netherlands to enhance customer service for regions with a high demand for renewable energy, including Germany, France and Belgium.

To further enhance the company’s digital connectivity, Mattheus shares that Green Dinja partnered with Maxx Fiber in 2023, a company that delivers fibre optic internet to homes and businesses to provide fast and reliable internet access for all. “Technological advancements and sustainability are mutually beneficial practices,” Mattheus states. “Innovation in technology often leads to more efficient, eco-friendly

“Green Dinja offers specialised knowledge, experience and products in this niche, answering the global need for sustainable energy sources,” Mattheus goes on. “Since we launched, we have achieved significant renewable energy capacity, diversified our portfolio and pioneered innovative building management solutions through integrating cutting-edge technologies into our services. Alongside our digital transformation, we also work within the business market and take on contracts with big-name brands on large-scale projects. We have become known for our reliability, expertise and environmental responsibility – a reputation we do not take for granted.”

We wanted to make solar installations more affordable and accessible, so that everyone can enjoy the benefits of renewable energy.

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solutions. Our collaboration with Maxx Fiber is a prime example of combining green energy and high-speed internet to improve modern living and business while reducing environmental impact.” As the global energy crisis deepens, the niche expertise of Green Dinja in the field of energy conservation becomes increasingly important. Likewise, amid an ever-rising cost of living, Mattheus emphasises that solar energy can bring both environmental and economic benefits. “Becoming energy independent can have a profound positive impact on the local community, reducing dependency on fossil fuels, lowering energy costs and contributing to a greener environment,” he explains. “In the face of climate change, it is important to do as much as we can to leave a clean and liveable world for future generations. And while Green Dinja is committed to reducing the use of fossil fuels, providing safe renewable energy, promoting energy-neutral homes, and decentralising energy generation, we also wanted to make solar installations more affordable and accessible, so that everyone can enjoy the benefits of renewable energy.”

Quick-fire Questions… with Mattheus Buyukkaya How do you start your day? With a cup of coffee. Are you blunt or subtle with your team? Subtle. Do you take a glimpse at the bottom-line figures (turnover) every day, week, month or quarter? Typically quarterly. Is right now a good time to invest? It depends on the specific circumstances and investment opportunity. What’s the one goal you wish to achieve in your organisation over the next 12 months? Enhance our sustainability initiatives and renewable energy capacity.

To help achieve this goal, Green Dinja launched four packages in late 2023 aimed at potential customers who had cost concerns regarding the installation of a solar panel system on their property. “Based on intensive research, we have targeted several countries in Europe, including Malta, where we will sell basic solar system packages for residential houses without installation. According to the package tier, we ship the high-end products and supplies to the customer, recommend local installers they can use for the installation and offer advice throughout the process. This will help to stimulate the renewable energy market in that country and create more green homes, while customers may receive a grant to help cover the costs and enjoy long-term benefits such as a significant reduction in their energy bills. Everyone wins, including the planet.”

Physical meeting, a call, WhatsApp or email – what’s your favourite form of communication? Physical meeting – for better personal connection. Are you immune to Monday blues? Yes, every day presents a new opportunity. Are you a macro or a micro person? Macro. With hindsight, what would you do differently in your business? Investing in digital transformation earlier. Where do you eat lunch during the week? In the office, although I try to make time for outdoor lunches.

While the rapid pace of digital adoption across the industry opened new avenues for growth, 2023 also brought opportunities in areas such as sustainability consulting, which Mattheus foresees will continue throughout the coming years. “In 2024, my focus is on maintaining a leadership position in sustainability and innovation. The goal is to position Green Dinja as a significant global advocate for eco-friendly solutions and quality within the renewable energy sector,” he reveals. “Additionally, there are plans to enhance the Green Dinja website to better cater to international customers and promote the residential packages across Europe.”

What’s your favourite chateau/house when it comes to wine, whisky or any other drink? I appreciate a good Scotch whisky, such as The Macallan.

All this, in addition to further expanding Green Dinja’s renewable energy capacity, enhancing its digital offerings and exploring new partnerships to expand its reach further into the European and North African markets. “In 2024, we will continue to work towards our vision of creating a greener world for everyone,” Mattheus concludes.

Any exercise routine? Hiking and kickboxing.

Your favourite restaurant (and dish) in Malta or Gozo? Everywhere is lovely, though I love sushi! Do you believe in business lunches? Yes. For the sake of it, a Porsche 911 or a Bentley Bentayga? Porsche 911. Smart watch or a conventional timepiece? Conventional – the old world was better.

Do you believe that you’re an introvert or an extrovert? Extrovert.

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