g-f(2)2971 Empowering Boards to Lead Through Digital Disruption

 

genioux Fact post by Fernando Machuca and Copilot

Introduction

The article “Coping With Disruption” from INSEAD Knowledge delves into how boards of incumbent companies can safeguard value creation when launching new businesses amidst digital disruptions. It provides valuable insights and lessons from real-world examples, such as the Norwegian media company Schibsted, which successfully navigated the challenges of digital transformation.

genioux GK Nugget

"Boards must appoint forward-looking managers, support them during tough times, and back bold strategic moves to successfully navigate digital disruptions." — Fernando Machuca and Copilot, September 28, 2024

genioux Foundational Fact

The story of Schibsted, a 180-year-old Norwegian media company, exemplifies how incumbent companies can thrive amidst digital disruption by launching innovative ventures like FINN.no, supporting management through challenging periods, and making bold strategic decisions that lead to market leadership and global expansion.

The 10 Most Relevant genioux Facts

1. Digital Disruption: Industries such as media, advertising, mobility, tourism, and telecommunications have been fundamentally transformed by digital technologies.
2. Schibsted’s Success: Schibsted launched FINN.no during the dot-com bubble burst, which eventually became a market leader in online classifieds.
3. Global Expansion: Schibsted expanded internationally and spun off its international classifieds business into Adevinta, which acquired eBay Classifieds.
4. Board’s Role: Boards play a crucial role in appointing forward-looking managers who can navigate digital disruptions.
5. Support During Tough Times: Boards must support management during difficult periods to ensure the success of new ventures.
6. Bold Strategic Moves: Making bold strategic decisions is essential for incumbent companies to thrive amidst digital disruption.
7. Value Creation: Safeguarding value creation is a key objective for boards when launching new businesses.
8. Market Leadership: Schibsted’s strategic moves led to market leadership in the online classifieds sector.
9. Lessons for Boards: The article provides valuable lessons for boards on how to navigate digital disruptions successfully.
10. Future Outlook: The insights from the article highlight the importance of adaptability and strategic foresight in the digital age.

Conclusion

The article “Coping With Disruption” from INSEAD Knowledge offers essential insights for boards of incumbent companies on how to navigate digital disruptions successfully. By appointing forward-looking managers, supporting them during tough times, and making bold strategic moves, companies can safeguard value creation and achieve market leadership. The story of Schibsted serves as a powerful example of how to thrive amidst digital transformation.

REFERENCES

The g-f GK Context

Annet Aris and Kristin Skogen Lund, Coping With Disruption, INSEAD Knowledge, September 23, 2024.

ABOUT THE AUTHORS

Annet Aris is Senior Affiliate Professor of Strategy at INSEAD and Academic Director of INSEAD’s Corporate Governance Centre.

Kristin Skogen Lund is the Chairperson of the INSEAD Board of Directors. She is the outgoing CEO of Schibsted ASA, and has previously been Director General of the Confederation of Norwegian Enterprise, EVP at Telenor, and CEO of several Schibsted brands.

Classical Summary of the Article:

The article "Coping With Disruption" from INSEAD Knowledge discusses how boards of incumbent companies can safeguard value creation when launching new businesses amidst digital disruptions¹². Over the past two decades, industries such as media, advertising, mobility, tourism, and telecommunications have been fundamentally transformed by the advent of the internet, social media, smartphones, and generative AI¹².

The article highlights the story of Schibsted, a 180-year-old Norwegian media company that successfully navigated digital disruption by launching the online classifieds portal FINN.no during the dot-com bubble burst¹². Despite initial challenges, FINN.no emerged as a market leader, and Schibsted expanded aggressively internationally¹². The company eventually spun off its international classifieds business into Adevinta, which acquired eBay Classifieds and became a global leader in classifieds¹².

Key lessons for boards include appointing forward-looking managers, supporting management during difficult times, and scrutinizing but ultimately backing bold strategic moves¹².

¹: [Coping With Disruption - INSEAD Knowledge](1)

²: [Coping With Disruption - INSEAD Knowledge](2)

Source: Conversation with Copilot, 9/28/2024

(1) Coping With Disruption | INSEAD Knowledge. https://knowledge.insead.edu/leadership-organisations/coping-disruption.

(2) Coping With Disruption - knowledge.insead.edu. https://knowledge.insead.edu/print/pdf/node/46596.

(3) en.wikipedia.org. https://en.wikipedia.org/wiki/INSEAD.

Annet Aris

Annet Aris is a distinguished Senior Affiliate Professor of Strategy at INSEAD and the Academic Director of INSEAD’s Corporate Governance Centre. She joined INSEAD in 2003, bringing a wealth of knowledge and experience in digital transformation, disruption, and corporate governance¹².

Annet's academic focus is on the impact of digital transformation on society, industries, and companies. She has been recognized for her excellence in teaching, receiving nominations for the best teacher award by MBA students in 2010 and 2011, and the Dean’s certificate for teaching excellence in the MBA program from 2019 to 2024¹².

Before her tenure at INSEAD, Annet had an illustrious career at McKinsey & Company, where she worked from 1985 to 2003. She was elected partner in 1994 and co-led McKinsey’s German Media Practice from 1999 to 2003, working on a wide array of topics¹². 

Annet is also an experienced non-executive board member, serving on the boards of several publicly listed companies across Europe. Currently, she is the vice-chair of the Board of ASML NV, chair of the Remuneration Committee at Randstad NV, and a board member at Jungheinrich AG¹². Her contributions have earned her a place among the most influential corporate directors in The Netherlands¹².

Annet holds a MSc. from the University of Wageningen and completed her MBA with distinction at INSEAD in 1986 as part of McKinsey’s European INSEAD Fellow program¹². She is also an accomplished author, having written numerous articles and case studies on digital transformation. Together with Jacques Bughin, she co-authored the book "Managing Media Companies: Harnessing Creative Value"¹².

Annet Aris continues to be a leading voice in the fields of strategy, digital transformation, and corporate governance, inspiring future leaders and contributing to the advancement of knowledge in these critical areas.

¹: [INSEAD Faculty Profile](1)

²: [INSEAD Knowledge](2)

Source: Conversation with Copilot, 9/28/2024

(1) Annet Aris - INSEAD. https://www.insead.edu/faculty/annet-aris.

(2) Annet Aris - INSEAD Knowledge. https://knowledge.insead.edu/author/annet-aris.

(3) Annet Aris - Author Biography - Entrepreneur. https://www.entrepreneur.com/en-ae/author/annet-aris.

Kristin Skogen Lund

Kristin Skogen Lund is a prominent Norwegian business leader and the Chairperson of the INSEAD Board of Directors. Born on August 11, 1966, she has had a distinguished career marked by significant leadership roles in various industries¹³.

Kristin holds a BA with honors in International Studies and Business Administration from the University of Oregon and an MBA from INSEAD¹³. She also completed the Executive Programme at the Norwegian Defence University College in 2018¹.

Her career began at Lever Europe, followed by a managerial role at the Coca-Cola Company. She then became CEO of Scandinavia Online and later Scanpix¹. In 2004, she joined Aftenposten AS, a Schibsted-owned company, and became its CEO in 2007¹. Kristin's leadership at Schibsted continued as she became the CEO of Schibsted ASA in December 2018¹³.

From 2012 to 2018, Kristin served as the Director General of the Confederation of Norwegian Enterprise (NHO), where she played a crucial role in shaping Norway's business landscape¹³. She also held executive positions at Telenor, overseeing Nordic activities and digital services¹.

Kristin has been a board member of several prestigious organizations, including Ericsson, the Oslo Philharmonic Orchestra, Mozilla, and AutoStore ASA¹. She has also been involved with the Global Commission on the Economy and Climate and the ILO Global Commission on the Future of Work¹.

Her contributions to business and society have been widely recognized. In 2011, Fortune listed her among the "Fortune 50 Most Powerful Women in Business"¹. She was also honored with the insignia of Knight of the French Legion of Honour in 2019¹.

Kristin Skogen Lund's leadership and vision continue to inspire many as she guides INSEAD's Board of Directors, leveraging her extensive experience to shape the future of business education and governance.

¹: [Kristin Skogen Lund - Wikipedia](1)

³: [Kristin Skogen Lund | INSEAD Knowledge](3)

Source: Conversation with Copilot, 9/28/2024

(1) Kristin Skogen Lund - Wikipedia. https://en.wikipedia.org/wiki/Kristin_Skogen_Lund.

(2) Kristin Skogen Lund | INSEAD Knowledge. https://knowledge.insead.edu/author/kristin-skogen-lund.

(3) Mozilla Leadership — Mozilla. https://www.mozilla.org/en-US/about/leadership/.

(4) Mrs. Kristin Skogen Lund has been appointed Chairperson of the - INSEAD. https://www.insead.edu/news/mrs-kristin-skogen-lund-has-been-appointed-chairperson-board-directors-insead-succeed-mr-andreas.

(5) en.wikipedia.org. https://en.wikipedia.org/wiki/Kristin_Skogen_Lund.

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