Wharton graduate students' hearts may have skipped a beat last night, when Nestle Chief Executive Officer Peter Brabeck-Letmathe informed a crowd of over 100 people that he never considers transcripts or degrees when hiring employees -- instead, he said, he "looks into [people's] eyes" to determine whether they fit the bill. The qualities that make a good businessperson -- and particularly a good business leader -- were the main focus of Brabeck-Letmathe's speech last night in Steinberg-Dietrich Hall. The talk -- with the theme of "Leadership and Teamwork in an International Corporation" -- was the first of the year in the Zweig Executive Dinner Series, a set of lectures sponsored by the Wharton MBA program. As CEO, the Austrian Brabeck-Letmathe is the head of a chocolate-coated empire. Last night, he told a room full of aspiring business leaders how he got there. Good communication was the first skill he emphasized to the audience, pointing out the importance of being able to "motivate and develop people." Courage, good nerves and a capacity for stress were next on the list. Brabeck-Letmathe stressed that his employees must be willing to take risks and cope with the stress that will undoubtedly come with those risks. A life-long willingness to learn is also essential. Because information is constantly changing, "what a person learned seven years ago is, today, outdated," he said. Another quality of a leader, especially one in charge of an international business such as Nestle, is respect for other cultures. With employees representing 58 nationalities working together in the Nestle headquarters in Switzerland, Brabeck-Letmathe explained that everyone must be willing to see other points of view and work toward a common goal. Overall, a leader must value the employees, Brabeck-Letmathe stressed, citing the example of Nestle's Russia-based employees. When the Russian economic crisis began last August, Nestle was forced to cut salaries, but the company did not close down factories in hopes that Russia would rebound. "When Russia comes back, and they will come back, the Russian people won't forget that," he said. Finally, Brabeck-Letmathe said the actions of a good leader must follow his or her words. And as the highest-ranking executive at Nestle, he must abide by his own. Nestle is the world's largest food company, quoting sales of $51 billion in foodstuffs in 86 different countries. Brands such as Perrier, Coffee-mate, Stouffer's and Alpo are among Nestle's products.
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