A recent FinanceAsia poll ranked Tandean Rustandy, ’07 (AXP-6), third among the top CEOs in the Republic of Indonesia. Rustandy, a native of Indonesia, leads Jakarta-based PT Arwana Citramulia Tbk, a manufacturer of low-cost ceramic tiles.
The company, which Rustandy founded in 1995, tied for ninth place in the publication’s ranking of companies most committed to a strong dividend policy. The company operates five plants in Indonesia and posted $1.42 billion in revenue in 2013.
FinanceAsia, the Hong Kong–based business publication, in March issued its annual Best Companies poll, based on rankings by investors and financial analysts in the region. This year’s listing ranks the best companies in Asia by region and industry, as well as a breakdown of finance’s top CEOs and CFOs.
A Booth Council member and winner of the 2011 Distinguished Entrepreneurial Alumni Award, Rustandy built Arwana Citramulia into the second-largest tile manufacturer in Indonesia and the 25th largest in the world, according to a 2013 profile in ForbesIndonesia. The article also noted that while “tiles may not sound exciting,” they are “a play on Indonesia's growing consumer market.”
In a 2011 interview in Chicago Booth Magazine, Rustandy attributed the company’s success to a commitment to making a quality product without sacrificing corporate values—or a competitive price.
“Too many people go into business just to make as much profit as possible, without addressing the future and the broader impact of the business itself,” Rustandy explained. “[At Arwana,] we’ve figured out how to run efficiently and then sell the product as inexpensively as possible, without sacrificing the quality.”
As part of the company’s pledge to drive positive change in Indonesia, Rustandy also has made a commitment to choose eco-friendly manufacturing techniques wherever possible. Arwana received the 2011 Green Industry Award from the president of Indonesia.
The company was the first group in Indonesia to be certified compliant with ISO 14000 standards of the International Organization for Standardization (ISO) for the adoption of exemplary environmental management systems.
To Rustandy, being an entrepreneur is an opportunity to serve his country. “Thanks to the success of my company, I’ve been provided with an impactful way to give back and invest in the future of my country.”—Alexandra Batty