2018

Stories related to "Perspectives."

perspectives

Inside Chipotle with CEO Brian Niccol

When Brian Niccol, ’03, took the reins at Chipotle in 2018 from founder Steve Ells, he brought with him a stellar industry reputation from his time at Yum! Brands, including a stint as CEO of Taco Bell, and senior posts at Procter & Gamble Co. He quickly delighted fans, pulling off a remarkable turnaround of the beleaguered brand through new, innovative ideas in its 2,500-plus stores. For one, Niccol turned off-premises ordering into a reality through new digital offerings, increasing revenue roughly $500 million in one year. “It’s a dramatic change,” said Niccol. Investors are taking notice, with the company’s stock growing by 40 percent in 2018 and hitting an all-time high this August. "It’s time to reshape fast casual. In the restaurant industry, you are seeing a big change in where and how people want to access their restaurant experience. We’ve provided customers with the ability to do that in different ways. The more you can make your brand more accessible without compromising the culinary experience and ingredients, the better. The biggest example is that we’ve created a digital sales system. Two years ago, it made up less than 5 percent of our business; today it’s over 18 percent. Even in the last quarter, digital ordering brought in $262 million of revenue, which is more than that entire business did in all of 2016. We’re giving diners a thought-out experience. When people order through the app, they can walk into the restaurant and grab and go, or get delivery. We put in a separate digital makeline so our team members can handle all of the orders coming in off premises. We don’t want those ordering via digital to affect the restaurant service line."

perspectives

The Book of Booth: Sinuhe Arroyo, ’11 (EXP-16)

Armed with a PhD in artificial intelligence from the University of Innsbruck, Taiger founder and CEO Sinuhe Arroyo, ’11 (EXP-16), came to Booth to hone his vision of building a global AI business. The result: a company that has offices in five countries and is becoming a global leader in cognitive automation for the financial sector. CBM: What was the genesis of your idea for Taiger? Arroyo: After completing my PhD and my first acquisition, I realized that I wanted to build my own business and play to my strengths. I took some of the research that I had been doing during my PhD and started building a product. In that sense, we are a textbook case of technology transfer from academia to business. Because I had a strong academic background, the transition to run a business was not necessarily easy. However, the Executive MBA Program helped me put the pieces of the puzzle together. You start realizing how you can assemble the business, and everything starts to make sense. You think, “Why is this not working? Why is this like that? Boom, that’s why it’s not working.” And then it just flows. That’s a beautiful feeling. CBM: How did the Executive MBA Program help you acquire new customers? Arroyo: It boils down to building trust and negotiating. I am constantly negotiating with customers, providers, employees, partners, and investors. Professor Lars Stole set the foundations for me to understand and think in pure economic terms with his Microeconomics class. Also, I really enjoyed my Negotiations class with professor Ayelet Fishbach, where all those concepts from Micro come to life. It was very beneficial to understand the different approaches and mechanisms you can use to negotiate. <br/>

perspectives

At Home, Abroad

Kendra Mirasol, ’93, had one major goal while growing up in Janesville, Wisconsin. “I remember always wanting to get out,” she said. She studied German in high school and moved across country for college at the University of California, Irvine. During college, Mirasol worked in a hotel in Lindenberg, a small Bavarian mountain town. “They spoke zero English,” she says. “It was so fantastic for exposure learning. You had to sink or swim.” After graduation, in 1989, just before the Berlin Wall fell, Mirasol lived in Kranichfeld, East Germany. She stayed with a pen pal whose family struggled to get by under Communist rule. “They were basket weavers—they got paid $1 per basket.” While attempting to leave the country, she was interrogated at the border for three hours because she forgot to file the correct paperwork at the police station. <br/>“Those are exciting experiences,” said Mirasol, now president of IOR Global Services, a global mobility and talent development solutions company. Without work- and study-abroad programs, she said, “My life would be so boring.” Mirasol came to Chicago Booth to supplement her German literature and language background with business acumen. She was able to maintain a global perspective during her interactions with international students. Mirasol could tell that a good friend of hers from Japan struggled to adapt to the direct, unfiltered mode of classroom discussion favored by some American classmates. “It was so difficult for him to even contribute one idea,” she recalled. “He was probably the smartest man in the school, and when I saw that happening, I felt I had a responsibility to facilitate.” These types of cross-cultural support are needed every day, around the world, on a personal level, and in boardrooms. In April 2016, Mirasol’s passion for international exchange—and for the broader benefits of a global economy—motivated her to accept a volunteer role on the board of directors at the nonprofit Cultural Vistas. <br/>

perspectives

A Toast to Data-Driven Marketing

We had just 48 hours. None of us got much sleep. It was 2015, and I was part of a team of Booth students tasked with digging into Kraft consumer data to come up with an actionable solution to a real marketing problem—revitalizing its beloved Capri Sun juice drink. It was a crash course in real-life brand management. Participating in that Kilts Center Marketing Analytics Case Competition emerged as a standout experience for me at Booth. I found this experience so valuable that I wanted to pay it forward after I graduated. When I heard Kilts was looking for new case competition sponsors, I rallied my fellow brand managers at MillerCoors to participate. People were at first a little wary and were unsure about what we would get out of it. Though the investment in terms of cost was minimal, this would require time from our CMO, our vice president of innovation, and other team members. But I knew how to sell this—especially because I had been a participant myself. Even though I had never organized anything like this before, I was confident the partnership would be equally valuable to Booth students and MillerCoors. Students would get a crack at exploring real data-driven marketing. For MillerCoors, it would be a recruiting opportunity as well as a way to bring fresh ideas to a difficult marketing problem. It turns out we had a pretty big one: we had to figure out how to market a new beer brand to an audience that’s trending toward wine and spirits.

perspectives

On a Mission to Send 'Citizen Astronauts' to the Stars

Special people go into space. In 58 years, fewer than 570 astronauts from 37 countries, most of them highly trained scientists and aerospace professionals, have traveled to space, almost entirely through government-backed programs. Soon, probably this year, the Federal Aviation Administration will certify for-profit space travel companies and, according to industry members, special people of a different sort will be able to travel into space at $250,000 each. However, as futurist Buckminster Fuller said, “The Earth is a spaceship,” which means that we are astronauts—all of us, not just the special people. “If we don’t democratize space, it will be the province of the ultrawealthy,” said Ulisses Meneses Ortiz, ’16, director of international affairs at Space for Humanity, a company that intends to be that force for democratization. Space for Humanity will give 10,000 private citizens from around the world all-expenses-paid trips to space so that they can be ambassadors for space exploration and help solve some of Earth’s most intractable problems. Space for Humanity sees itself as an education provider rather than a space travel transportation provider. The company will place passengers on spacecraft manufactured and launched by others, partnering with all available providers to allow for the greatest diversity in spaceflights. Its travelers will receive leadership training before they blast off and mentoring after they return. Would-be passengers must have a reason beyond the “way cool” motivation for wanting to go. Of the 100 or so applicants to date, almost all have terrestrial projects they want to tackle when they come back.

perspectives

The Book of Booth: Roxanne Martino, ’88

Roxanne Martino, ’88, landed her first job in finance after just a quarter and a half in the Evening MBA Program and hasn’t looked back since. The retired president and CEO of Aurora Investment Management and current managing partner of OceanM19 is an inaugural inductee in the InvestHedge Hall of Fame, and the first woman to co-chair the Council on Chicago Booth. You joined Aurora in 1990, just before the hedge fund industry took off globally alongside the rise of the internet. What was it like to be an entrepreneur at that time? It was thrilling. In the early years, we had a “creeping vine” approach to expanding our investor base—one happy investor telling another. That changed once people could search performance metrics online, and could then find us from all over the world. One of our first international clients was from Saudi Arabia. They contacted us after screening on performance data in an online database and requested firm information. We managed their capital for over 15 years. At the same time, hedge fund managers were becoming more global in their approaches. It truly became a global business on both the trading and investment sides, as well as among our clients and investors. How have career prospects changed for women in finance since then? When I went to my first hedge fund investment conference there were only about five women there—we kept in touch and, happily, most of them stayed in the business. While there are more women in finance today than there were then, there still aren’t enough women in leadership positions and on investment committees. To enable more women to attain leadership positions, they must first be hired into investment firms to get the required experience. We must all be vigilant because discrimination is often subtle. When interviewing candidates, make sure that the ratio of women is appropriate and you’re inviting women candidates to the second and third level of interviews. There are very few women CEOs period and even fewer in finance, so I try to make myself available to speak at conferences and women’s groups to assist women in finance in whatever way that I am able to help them.<br/>

perspectives

This Is Working for Me: Martin Nesbitt, ’89

Entrepreneur and civic leader Martin Nesbitt, ’89, is five years into his latest co-venture, Chicago-based Vistria Group, a $1.7 billion private equity firm that invests at the intersection of public and private sectors in healthcare, education, and financial services. Before that, he was CEO and cofounder of the Parking Spot, the first nationally branded airport parking company, which has grown into a business worth more than $1 billion. The public good is always on his plate: he was recently named to the transition team for newly elected Illinois governor J. B. Pritzker; he’s chairman of the Obama Foundation; and he served on the board of the Chicago Housing Authority. Dubbed “the first friend,” Nesbitt raised funds and weathered the campaign trail from the very beginning of former president Barack Obama’s political career. Said Nesbitt: “Going to the White House never got old: it was awe-inspiring every time.” According to Nesbitt: "The one thing I bring to business and civics: 'It’s not about me.' It’s about the capacity to put the interests of others (the institution, the company, and the people) ahead of my own. People empower you with leadership opportunities when they trust that you have their best interest in mind. That’s what leads to success, and it’s one of the fundamentals of Vistria, the firm I started with my partner, Kip Kirkpatrick. We thought to ourselves, 'What if we started a firm that’s not about us? What if it’s about Us—our partners, our investors, our portfolio of companies, and their employees?' We thought there was a value proposition at the intersection of private and public interest, in doing the right thing for the broader community. For example, we bought an online high-school completion program for adults. There’s a skills gap in this country—we have people who are undereducated and undertrained. Our investment serves the students, the corporate community, and our broader society. That company fits squarely into Vistria’s mission."