Automotive Study March 06

B l u e P a p e r
Leadership in the
Automotive Industry
A study by Spencer Stuart’s Automotive Practice
About Spencer Stuart
Spencer Stuart is one of the world’s leading executive
search consulting firms. Privately held since 1956, Spencer
Stuart applies its extensive knowledge of industries,
functions and talent to advise select clients — ranging
from major multinationals to emerging companies to
nonprofit organizations — and address their leadership
requirements. Through 50 offices in more than 25 countries
and a broad range of practice groups, Spencer Stuart
consultants focus on senior-level executive search, board
director appointments, succession planning and in-depth
senior executive management assessments.
Spencer Stuart’s Automotive Practice helps public and
private, global and mid-sized organizations throughout
Europe, North America, Asia Pacific and Latin America
attract exceptional talent. During the past three years,
consultants in the practice have completed more than
300 senior-level executive search and board director
assignments.
Our experienced consultants offer expertise across a broad
array of functions in the following sectors:
> Automotive Parts Manufacturers: Tier One, Tier Two &
Other Suppliers
> Automotive-Related Services
> OEMs: Car, Truck & Other Vehicle Makers
> Private Equity Funds Investing in Automotive
introduction 1
automotive trends and strategic priorities 2
trends in automotive leadership 5
where are the leaders of tomorrow? 10
conclusion 13
Automotive industry executives are confronting a profoundly changing market, characterized
by increasing complexity and less room for error and inefficiency. Having the right leader in
place — one who can identify the winning path and successfully lead the organization along
that path — is more important than ever.
Against this backdrop, Spencer Stuart has launched a study exploring the personal and profes-
sional characteristics of successful automotive executives and the ways in which industry
forces are shaping the leadership needs of the future.
We surveyed 350 automotive executives globally to get their views on the primary challenges
facing the industry, companies’ strategic priorities, the competencies and experience senior
automotive leaders must possess today and in the future, and their companies’ talent
development and succession planning efforts. We also examined the backgrounds of more
than 500 senior-level automotive executives in order to identify commonalities in their educa-
tional backgrounds, personal development and careers. Finally, we interviewed chief executive
officers of original equipment manufacturers (OEMs) and leading suppliers about the forces
reshaping the industry and the leadership profile of the future.
In this study, we explore the key industry challenges and their implications for leadership and
succession planning, including:
> The ongoing globalization of the industry and the imperative to establish operations in
high-growth, low-cost regions for sourcing and to develop future markets
> The drive to establish more flexible production and cost structures
> The ongoing need to innovate, even as financial resources become more limited
> The experience required for CEOs and other senior-level automotive executives as a result of
these industry trends
> The state of talent development and succession planning in the industry
> The viability of recruiting outsiders to address talent gaps
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An industry in flux: Automotive trends and
strategic priorities
globalization
Hardly a new phenomenon, globalization in the automotive industry accelerated in the
1980s when Japanese automakers made significant headway in penetrating the U.S.
market. Today, however, the pace of globalization has intensified and global sourcing has
become a competitive imperative. At the same time, automotive companies see great
potential in developing regions such as China and India as their consumer markets begin
to emerge. Nearly three-quarters of the automotive executives who participated in our
survey said the industry’s greatest challenge is the redistribution of resources to higher-
growth, lower-cost regions.
Squeezed by intense competition — increasingly from new competitors in low-cost
countries — as well as industry overcapacity, high labor costs in mature markets and
customer resistance to price increases, automotive companies must establish sustainable
and flexible cost structures, driving them to relocate global sourcing to “low-cost” regions,
Asia, in particular. Forty-four percent of executives who participated in our survey cited
locating global sourcing to low-cost countries as a top priority for their organizations. In
addition, as they establish optimal global manufacturing capabilities, automotive compa-
nies also must refine their product development strategies to respond to the demands of
these emerging markets.
“It is a must that companies exploit the potential for cost reductions in low-cost countries.
You have to have the right strategy for that,” said Dr. Klaus Probst, chief executive officer of
German automotive cable and wireless company Leoni AG. It is a strategy that Leoni has
pursued in earnest. Today, 27,000 of the company’s 30,000 employees work outside of its
home country. “Globalization, intense competition and pricing pressures will continue. In
the end, cost leadership will be decisive in the supply business, even more than innovation.”
Others in our survey took a different view. They believe that, while controlling costs
through means such as outsourcing will continue to be important, innovation will be criti-
cal to successfully fending off the challenges of globalization. They see an opportunity to
distinguish their companies and stave off pricing pressure by developing new must-have
“Globalization, intense competition and pricing pressures will continue. In the end, cost
leadership will be decisive in the supply business, even more than innovation.”
Dr. Klaus Probst, CEO of Leoni AG
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technologies or providing systems solutions to their OEM customers. “There is excess
capacity worldwide among the OEMs and this provides an opportunity for us to supply
new technology,” said Daniele Pecchini, CEO of Comau. “The new investments made by
OEMs are related to existing plants rather than ‘green field’ projects. Moreover, in our
industrial segment, we are experiencing the same phenomenon that automotive compo-
nents suppliers did before: the purchasing mechanism is prevailing over technical
choices.” Added David Rayburn, president and CEO of Modine Manufacturing Company:
“Competitors in the automotive industry have to succeed through technology. We are
working on long-term technology initiatives with customers and consistently working to
push technology to gain a competitive edge.”
innovation with limited financial resources
Automotive companies face another dilemma: how to maintain innovation when
financing is tight. The need to develop new technologies and innovative products able to
lure consumers and provide a competitive edge has never been more important for
maintaining profitability over the long term. Car buyers are looking for new features such
as navigation tools, in-car telematics, entertainment options and safety improvements, but
resist paying premiums for these advancements. Yet, given the cost and pricing pressures,
automotive companies are finding it difficult to free internal financial resources for
investment in research and development. At the same time, securing external funding
also is more challenging as the industry has become less attractive for investors compared
to other sectors, particularly in the short term. Nearly half of survey respondents cited the
need to innovate with limited financial resources as one of the automotive industry’s
greatest challenges.
“Private equity funds have played an increasingly important role versus industrial
partners; they have been willing to accept a longer time for return on investment than
stock markets,” said Sarna CEO Matti Paasila. “Generally speaking, though, as financial
resources are short for financing R&D projects, and customers want innovation but are
not ready to pay for it, we need more project managers and engineers with good financial
competencies.”
With financing tighter, automotive companies must pursue creative product solutions,
leverage their internal strengths and, more often, make acquisitions and cement partner-
ships with companies that can help enhance and expand product offerings and spread
investments over more units.
“Overall, it is always a question of pursuing competitiveness, in terms of pricing, new
technologies and design; the latter is key especially for OEMs because cars must be attrac-
tive to sell,” said Emanuele Bosio, CEO of Sogefi, a producer of automotive filters and
suspension components. “The partnership philosophy along the supply chain is critical,
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and a challenge to change in certain situations.” Automotive companies also must be
looking continually for new opportunities in the market. “Every four to five years, you
need to move on, either by making acquisitions or finding new market niches, otherwise
your profitability drops. This is a challenge,” he added.
Over time, these challenges may be a force for improving supplier-OEM relationships,
according to Marco von Maltzan, CEO and chairman of BERU Aktiengesellschaft. “The
move to Asia will continue, as will the consolidation among suppliers. To keep up the
necessary speed of innovation is very expensive and many smaller suppliers cannot do it,”
he said. “Stronger ties between the OEMs and their suppliers will come, together with
longer term cooperation, higher transparency and profit sharing.”
flexible production and cost structure
In response to the forces of globalization, competition and pricing constraints, a key
priority for nearly half of the automotive companies we surveyed is establishing and
maintaining a more variable cost structure. Another strategic priority, cited by more than
40 percent of respondents, is maintaining a flexible production system to position the
company to respond quickly to shifts in global demand.
“My perspective is that of a machinery and equipment supplier; the main challenge for
suppliers remains achieving a cost structure that assures the company’s survival, as the
margins have continuously eroded,” Pecchini said.
Automotive leaders must be able to manage cash and make costs more variable in order to
adjust quickly to volatility in demand and respond to new opportunities. They do this
through outsourcing, partnerships, technology innovation and new production methods.
“Consumers are more and more demanding, looking for everything at a very attractive
price. You have to master revenues and costs very carefully to make a profit,” said
Bernhard Mattes, CEO of Ford Germany. “You have to be aware that the classic segmenta-
tion is gone. The old focus on product and the subsequent platform organization is no
longer valid; today, it is much more complex and production must be very flexible.”
The drive to cut costs and make expenses more variable also has profound implications
for partner relationships. Automakers have taken equity stakes in each other and forged
joint ventures and technology agreements. Suppliers are aligning themselves with new
players amid shifts in the relative market share of automotive companies.
“In this environment of higher commodity costs, many companies are struggling to pass
through these expenses, despite guarantees in supplier contracts. This causes strains in
the partnerships between suppliers and OEMs,” Rayburn said. “As a result, Modine has
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become more selective in our growth strategy and is prioritizing OEM relationships. We
also are increasing our diversification efforts and accelerating sales growth outside of the
light vehicle automotive market.”
most significant industry challenges*
* Respondents ranked the top three challenges.
top strategic priorities for automotive companies*
* Respondents ranked the top three strategic priorities.
Trends in automotive leadership
With so much change in the industry, what are the skills automotive leaders must possess
to successfully guide their companies today and in the future, and from where will the
next generation of leadership come?
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Through discussions with CEOs, our survey of automotive executives and our own work
with automotive clients, we have identified a number of critical competencies and areas of
experience required by senior-level automotive leadership. CEOs and other top executives
must have partner management experience, strong operational experience and capabili-
ties, a strategic orientation, financial acumen, a global perspective and exceptional people
management skills.
alliance and partner management experience
One-third of respondents said alliance and partner management is the most important
functional experience for general management, the highest of all the experience categories.
Automakers increasingly are relying on strategic alliances and partnerships to manage
component costs and the development of new platforms and technologies.
To ensure that their organizations strike beneficial alliances and partnerships, automotive
leaders must be highly knowledgeable about the industry and its complex networks,
understand the forces that are driving industry change and have a strategic mindset.
Finally, as automotive companies are likely to build alliances with companies anywhere in
the world, executives must be sensitive to the cultural differences that can foster mistrust,
said Dr. Juergen Behrend, chairman and managing associate of Hella KGaA Hueck & Co.
“Especially in Asia, you have to be authentic and credible and keep your promises. You
have to try to achieve win-win situations as often as you can. In each culture, you must
learn the symbolism that builds trust,” he said.
operations experience and results orientation
While experience in all corporate functions is valuable to senior automotive executives,
operational experience is essential in light of the challenges and opportunities facing the
industry, our survey found. Roles in operations, manufacturing and quality assurance
provide exposure to a broad cross-section of the company and the opportunity to lead large
and diverse teams. These roles also are great training grounds for future senior leaders as
CEOs are spending more of their time on operational issues, particularly as many of the
prime targets for cost reduction are in the operations side of the business.
“Not only are most of the cost reduction issues facing automotive companies driven by
operating issues, but working in operations also is the place where one learns the most
about leadership, given the large numbers of people involved and the closeness of the
contact with people who are working on day-to-day issues and who are fundamentally
“Competitors in the automotive industry have to succeed through technology. We are working
on long-term technology initiatives with customers and consistently working to push technology to
gain a competitive edge.”
David Rayburn, president and CEO of Modine Manufacturing Company
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running the company,” said Rodney O’Neal, president and chief operating officer of
Delphi Corporation.
For Tenneco CEO Mark P. Frissora, operational experience surpasses in importance even
the leadership qualities associated with “best athlete” executives. “I used to think that an
athlete was an athlete, but increasingly I have come to the point of view that hands-on
operations experience is essential,” he said. In interviewing candidates, Frissora said he asks
very detailed questions about how individuals have used lean manufacturing strategies and
asks them to describe in detail their product development process. He probes deeply to
understand if they have really driven the process or simply have overseen it from a high level.
strategic orientation and innovation leadership
Automotive companies must continually reinvent themselves to take advantage of new
market opportunities and maintain long-term profitability. The CEO needs to be able to
recognize those opportunities and drive innovation in the company. Automotive leaders
must have a passion for challenges, seek innovative ideas within the organization and
externally, and be willing to make bold moves.
“I don’t know if it is true more today than in the past, but, certainly, automotive compa-
nies need a CEO with vision, capable of anticipating the business cycles and managing
through continuous reorganization. The CEO needs to be one who squeezes the cost
structures, constantly challenges the internal structures to find better ways, keeps the
pressure high and stimulates the organization to move — even physically,” Bosio said.
Automotive leaders must possess the skills of an entrepreneur, according to Behrend.
“Entrepreneurial skills are essential,” he said. Automotive CEOs must have the ability to
identify solutions for issues related to organizing processes, pulling together the right
team, creating value and ensuring that everyone in the company strives toward excellence
and reliability. “Those are the critical skills I would seek in a leader,” he said.
Automotive executives need a strong industry knowledge base gained from “growing up”
in this complex and rapidly changing industry, according to John MacKenzie, managing
director of Pacifica Group Ltd. They also must have the ability to conceive and develop the
strategic direction for the company, while also managing the critical day-to-day details.
finance and capital allocation
The challenges of streamlining costs while maintaining R&D investment require that
automotive executives be financially astute. They must lead efforts to variabilize costs, be
thoughtful about capital spending and free up resources that do not provide competitive
advantage. Twelve percent of survey participants ranked finance and capital allocation as
the most important functional experience for senior general management during the next
five years.
“Cash management is a critical skill,” Frissora said. “A strong balance sheet is important
for funding investments in new technology. Companies also must be able to variabilize
their cost structure through outsourcing and new production methods.”
international experience and a global perspective
Automotive leaders must have a truly global perspective and be culturally and intellectually
flexible. More than one-third of survey respondents cited global perspective as a critical
competency for automotive leaders. This includes being sensitive to cultural differences
and having a keen ability to identify and leverage international opportunities. Executives
we interviewed frequently told us that they would have liked to have had more interna-
tional experience. Others were grateful for the international exposure they received early in
their careers.
“Tomorrow’s automotive leaders must have a global footprint from a manufacturing stand-
point, and also must have global product development abilities as well,” Rayburn said.
While many of the executives we interviewed said living abroad and serving in long-term
overseas assignments are the best ways to gain international experience and a global
perspective, Pecchini said international knowledge and sensitivity can be cultivated even
without living abroad. “It doesn’t matter if one has actually been a resident for years in a
country or not; you may stay two to three years in a different country without developing
a real global vision, because today we need to interface with many cultures and several
different countries. I have always managed the business in every part of the world,
traveling extensively. Even though I always returned home, I have accrued a deep under-
standing of different markets and different cultures,” Pecchini said.
team-leading skills, people development experience
Another recurring theme that emerged from our interviews and survey is the importance
of strong team-building and effective people development skills. These include exceptional
communication and interpersonal capabilities, internal networking skills, people manage-
ment and team leadership experience, and the ability to choose the right team and get the
maximum from it. Senior automotive leaders should combine personal authority with a
humble and credible approach, our survey and interviews revealed.
“It is important for automotive leaders to continually motivate the organization to not rest
on its laurels and to continue to work toward stretch targets,” von Maltzan of BERU
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“You have to be authentic and credible and keep your promises. You have to try to achieve
win-win situations as often as you can. In each culture, you must learn the symbolism that
builds trust.”
Juergen Behrend, chairman and managing associate of Hella KGaA Hueck & Co.
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Aktiengesellschaft said. Of his own leadership style, von Maltzan said he makes it a prior-
ity to recruit and develop young talent, delegate authority and responsibility, give as much
room as possible to good people and tolerate mistakes as long as they are not made twice.
“People management and team leadership are first and foremost, and then business
acumen, of course. But, more and more important is the capability to understand cultural
differences. The world is our market today,” said Mattes, of Ford Germany.
Credibility and influencing skills also are essential when dealing with external audiences.
“The most effective leaders are those with balanced egos who are able to talk about their
failures as well as their successes,” Rayburn said. “They are able to talk to the investment
community with candor, blending details about what they do right with areas in which
they need to improve.”
most important characteristics for future automotive leaders*
* Top five responses. Respondents chose more than one.
most important business experience for future automotive leaders*
* Top five responses. Respondents chose more than one.
most important functional experience for automotive leaders*
* Top five responses.
Where are the leaders of tomorrow?
In addition to identifying the likely profile of future automotive CEOs and other senior-
level leaders, we also wanted to know from where future leaders with these skills, experi-
ence and characteristics are likely to come. We asked survey participants about their
companies’ internal succession planning programs as well as the willingness of their
organizations to recruit executives from outside the industry.
looking outside the industry
First, hiring new talent seems to be a fairly low priority for the industry at this time. Just
15 percent of the executives we surveyed indicated that “attracting top talent” was one of
their company’s top three strategic priorities. However, when they do hire external candi-
dates, the majority, 55 percent, said their organizations recruit within the automotive
industry, yet only 16 percent said they predominately hire from within their own sector.
Another 20 percent hire candidates with manufacturing and industrial backgrounds.
About 3 percent look to the consumer goods and services sector.
Interestingly, while automotive companies are not doing so in large numbers now, three-
quarters of respondents believe it will be important for automotive companies to recruit
from outside the industry, although not necessarily for positions at the highest levels of
the organization. Top talent from other industries can help by injecting new and creative
ideas that can break the traditionally insular industry out of old patterns, improve the
talent pool and supply specialized knowledge in areas such as supply chain management,
marketing, turnarounds, change management and electronics, automotive leaders told us.
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“I used to think that an athlete was an athlete, but increasingly I have come to the point of view
that hands-on operations experience is essential.”
Mark P. Frissora, CEO of Tenneco
Paasila points to his experience as a young manager at Nokia in different countries during
the early stages of a fast-growing industry as the kind of development experience that is
valuable to the automotive industry. “In five years, I went from software engineer to sales
manager to export manager to general manager of the German subsidiary,” he said. “The
lesson here is that young talent should start their career in very dynamic, fast-growing
industries, and automotive companies would benefit by recruiting more executives from
these types of industries.”
Bosio agreed that recruiting executives from outside the automotive industry can infuse
new ideas and provide a fresh perspective. “I don’t believe my successor must come from
the automotive industry, although some experience here will help for sure. I would like
someone who brings a different perspective,” he said. “Those who have been in the same
industry for too long — or, worse, in the same company — become used to that standard
and have trouble seeing a different or higher standard. Obviously, I wouldn’t bring in
someone who made pet food; there has to be some technology relevance, such as white
goods, for example.”
Although they acknowledged exceptions, others were less confident that an executive from
outside the industry would be successful as CEO because of the industry’s complexity and
the importance of building industry relationships.
“It takes time to develop the relational network in the auto industry, which is a key
element for success,” said Heinz Pfannschmidt, president of Europe and South America
for Visteon Corporation. Rather than recruiting a CEO or other very senior executives
from outside the industry, automotive companies would be better off bringing in that
talent several levels below the CEO to give the individual the time to learn the industry
and forge relationships, he said.
“It’s important that future CEOs know the auto industry,” MacKenzie said. “It’s too
complex and dynamic for someone to learn it quickly and be successful.”
succession planning
Are automotive companies developing the leaders they will need for the future? Our
survey findings indicate that most companies are doing some succession planning and
talent development, but the commitment to and quality of these programs vary.
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“Stronger ties between the OEMs and their suppliers will come, together with longer term
cooperation, higher transparency and profit sharing.”
Marco von Maltzan, CEO and chairman of BERU Aktiengesellschaft
More than half of the respondents said their company does an average job of succession
planning and talent development, while 17 percent felt that their organization’s talent
development and succession planning programs meet or exceed best-in-class standards.
However, many of our respondents found room for improvement in their company’s
succession planning efforts. Nearly one-quarter of executives participating in the survey
rated their company’s efforts in this area as below average, and 7 percent said their
company does no succession planning.
The succession planning and talent development programs that were viewed as most
effective were those that included the following elements:
> Clear, well-managed and systematic processes
> Executed widely throughout the company
> Closely tied to company strategy
> Results measured and leaders held accountable
> Viewed as an important strategic initiative for the company
> Attention to identifying and developing the skills of future leaders
Delphi’s O’Neal said instituting initiatives that continually challenge individuals to grow is
the key to talent development. As he said, “In challenging situations, the talent is obvious.”
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Conclusion
The automotive industry is dramatically more complex, more global and more intercon-
nected through alliances and partnerships today than just five years ago. Our conversa-
tions with automotive leaders about the industry’s challenges, opportunities and future
leadership needs produced the following observations:
> While automotive executives recognize the challenges posed by globalization and
overcapacity, many companies are struggling to adequately respond. Automakers
and suppliers continue to look for opportunities to streamline production and
impose flexible cost structures that allow them to respond quickly to shifts in
demands. Automotive leaders must possess strong operational experience and
financial acumen to be in the position to identify these opportunities.
> Automotive consumers have become ever more demanding, looking for new
services and technologies, but they are not willing to pay a premium for these
advances. In addition, automakers must produce vehicles to address the needs of
emerging markets. These developments require automotive companies to focus
on innovation, yet they must do this in an environment where financing is
scarce. Automotive CEOs must be astute financial managers and the primary
drivers of innovation in their companies. They also must ensure that
technological innovation, which absorbs enormous financial resources, actually
will be perceived by the end users.
> Many automotive executives believe the industry could benefit by bringing in new
talent from other industries, leaders with vision and the ability to anticipate
business cycles and challenge internal structures to find more effective processes.
However, because of the industry’s complexity and dependence on relationships,
most believe leaders from the outside would be better positioned to succeed if
they were brought in one or more levels under the CEO and given time to learn
the industry.
> Today’s automotive executives should ensure that their organizations have the
leadership they need for the future by identifying areas ripe for improvement in
their succession planning and talent development efforts. These programs are
most effective when they have the support of the highest levels of management
and the board, and are closely linked to company strategy and executed widely
across the organization. They should include clear, well-managed and systematic
processes, including processes for measuring results and holding managers
accountable for success.
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About the survey
We surveyed 352 automotive executives globally representing original equipment manufacturers,
suppliers and other companies in the automotive industry. Participants included CEOs, executive
vice presidents and other senior-level automotive leaders. Below are additional details about the
survey participants.
participants by company type
* Includes other OEMs, finance, aftermarket and
companies active in multiple categories
participants by company size
participants by location
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About the authors
simone maggioni
Simone leads Spencer
Stuart’s Industrial Practice in
Europe and co-leads the
firm’s global Automotive
Practice. Prior to joining
Spencer Stuart, Simone was
a partner in a Detroit-based consulting firm
that specialized in developing business in the
U.S. market for medium-sized European
companies, particularly in the automotive
industry. He began his career in 1989 at
Bocconi University of Milan, where he
pioneered the research field of the economic
transition of a centrally planned economy to a
market economy.
steven rivard
A consultant in Spencer
Stuart’s Dallas office, Steve is
a member of the firm’s
Industrial Practice, specializ-
ing in automotive, process
and general industry. Prior to
joining Spencer Stuart, Steve was a principal
with another leading international executive
search and management consulting firm,
where he served as the U.S. leader of the
firm’s automotive and industrial practices.
Before entering the search profession, Steve
held several positions in Eaton Corporation’s
automotive components group, ultimately
leading the division’s strategic planning and
growth initiatives.
reinhold h. thiele
Reinhold is a member of the
firm’s Industrial Practice and
has more than 20 years of
management consulting and
executive search experience.
He concentrates on search
work within the industrial sector. Prior to
joining the firm, Reinhold was a consultant
for another international search firm, where
he was an elected member of the executive
committee and led the global industrial
practice. Before that, he worked for Arthur D.
Little International, working with automotive
and manufacturing clients. He worked part-
time for The Ford Motor Company in
Dagenham, England, during his university
studies.
h. alvan turner
Alvan co-leads Spencer
Stuart’s Automotive Practice
and is a member of the
firm’s Industrial Practice. His
clients include a diverse
range of multinational
manufacturers and distributors of automotive
and industrial products, and companies
dealing with significant manufacturing, logis-
tics, purchasing and distribution issues. His
searches primarily are for board directors,
C-level executives and division presidents.
Prior to joining Spencer Stuart, Alvan spent 15
years with McKinsey & Company, where he
served industrial and consumer durables
clients on strategy, operations, sourcing and
supply chain issues.
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T 1.514.288.3377
F 1.514.288.4626
Mumbai
T 91.22.5637.2006
F 91.22.5637.2008
Munich
T 49 (0) 89.45.55.53.0
F 49 (0) 89.45.55.53.33
New York
T 1.212.336.0200
F 1.212.336.0296
Orange County
T 1.949.930.8000
F 1.949.930.8001
Paris
T 33 (0) 1.53.57.81.23
F 33 (0) 1.53.57.81.00
Philadelphia
T 1.215.814.1600
F 1.215.814.1681
Prague
T 420.221.411.341
F 420.222.233.087
Rome
T 39.06.802071
F 39.06.80207200
San Francisco
T 1.415.495.4141
F 1.415.495.7524
San Mateo
T 1.650.356.5500
F 1.650.356.5501
Santiago
T 56.2.940.2700
F 56.2.249.7883
Sao Paulo
T 55.11.3759.7700
F 55.11.3759.7736
Shanghai
T 86.21.6386.1177
F 86.21.5306.2718
Singapore
T 65.6586.1186
F 65.6438.3136
Stamford
T 1.203.324.6333
F 1.203.326.3737
Stockholm
T 46.8.534.801.50
F 46.8.534.801.69
Sydney
T 61.2.9247.4031
F 61.2.9251.3021
Tokyo
T 81.3.3238.8901
F 81.3.3238.8902
Toronto
T 1.416.361.0311
F 1.416.361.6118
Vienna
T 43.1.36.88.700.0
F 43.1.36.88.777
Warsaw
T 48.22.620.80.87
F 48.22.620.81.87
Washington, D.C.
T 1.202.639.8111
F 1.202.639.8222
Zurich
T 41.44.257.17.17
F 41.44.257.17.18
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© 2006 Spencer Stuart.
All rights reserved. For
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