Firmenich, the Swiss creator of fragrances and flavors, was awarded the 16th annual IMD-Lombard Odier Global Family Business Award at the 22nd Summit of the Family Business Network International (FBN-I) in Singapore.
The sweet smell of success surrounds this year’s award-winning family business, Firmenich, the largest privately-owned company in the fragrance and flavor industry, in acknowledgement of their impressive track record of growth and leadership over 115 years. The essence of its success is founded upon strong values and has been achieved through four generations of exceptional family leadership and the visionary determination to implement business strategies that embrace client-focused innovation and sustainability. The family’s unwavering focus for superior governance structures and processes has allowed it to adapt in times of rapid global change. The Firmenich Group particularly impressed the Jury of the IMD-Lombard Odier Global Family Business Award with the following characteristics:
· continuous family ownership and leadership over 115 years and four generations – with an exceptional ability to turn challenges into entrepreneurial opportunities through their undisputed scientific and creative expertise in taste and smell;
· a capacity to successfully adapt during times of great global and economic change and to transmit their deeply rooted family values, the “Firmenich Fundamentals”, to assure long-term growth and leadership internationally;
· a belief in a sustainable business model integrated throughout their operations, ensuring a sense of individual and collective responsibility that drives long-term success; and
· an ongoing governance dialogue within the family, constantly challenging their assumptions to adapt to changing environments in pursuit of the most efficient balance between family and business forces.
IMD President Dominique Turpin stated: “As a world pioneer in management education for family businesses, IMD founded this award back in 1996 and warmly congratulates Firmenich on its well-deserved success this year. I am particularly impressed with Firmenich’s unyielding passion for innovation and its willingness to invest in the best talent. Both are crucial differentiators in today’s increasingly competitive global marketplace. The Firmenich story is an inspiring example of how a relentless focus on quality can deliver a sustained competitive advantage for a family business.”
Mr. Thierry Lombard, Managing Partner of Lombard Odier & Cie, a seventh generation family firm of private bankers, comments: “Firmenich is an extraordinary example of a family business committed to long-term leadership. Built upon a strong foundation of industry-leading investments in R&D and fundamentals, they continuously embrace the future by anticipating the needs of their clients and capturing breakthrough ideas from around the world. They are unique among their competitors in their vision and values, a passionate formula which combines humility, creativity and an unyielding commitment to financial independence.”