Executive Speeches
15 May 2009
Stefan Jacoby, President and CEO of Volkswagen Group of America
GWU Business School — Commencement Speech
Dean Phillips, distinguished faculty, graduates, parents, families and friends…
Congratulations to the class of 2009. You did it! Your hard work has paid off.
Congratulations, too, to the parents, relatives and friends who supported and encouraged these graduates. You helped make this day possible. Thank you all for letting me share your joy.
I am particularly pleased to be here because I have never been to a graduation ceremony. Not because I had bad grades. I will spare you the details, but I missed the graduation ceremony at my high school because I broke my arm in a judo competition. Needless to say, I also lost the judo match.
I later graduated from the University of Cologne with an MBA, but I missed the commencement ceremony because I had started working for Volkswagen already.
So I'm a real beginner at this. I know that is not what you want to hear at this stage of the program. It's like being on an airplane with a pilot who has never flown before. But don't worry. We may hit some rough winds, but we'll get through this.
It might reassure you to know that I used to write speeches. In fact, I wrote for a CEO who read every word of my speeches word-for-word. That became painfully obvious one day when the pages of his speech got all mixed up. About a third of the way through his remarks, he started back at the beginning. He just kept on reading. No one could stop him. It was one of the low points of my career.
I'm a little paranoid about that now that I'm the one giving the speeches. I checked my pages before coming out here. But just to be sure, I would like to give the graduates one final assignment: Please stop me if I start to repeat myself. Of course, that means you will have to pay attention to every word I say.
This is a big day for the class of 2009. You are graduating from one of the top schools in this country. You have reason to be proud. Your families and friends are rightfully proud of you.
An MBA is an international qualification. But it is not an entitlement. It doesn't guarantee anything. Its real value is what you make of it.
We all know these are challenging economic times. Don't worry about that.
The world will always need intelligent, talent, hard-working people — people like you. And the opportunities out there are as big as the planet.
I know many of you hope to go into international business. I had the same goal when I received my MBA. I hope you can benefit from some of the lessons I've learned. Unfortunately, I learned some of them the hard way.
I've lived in Germany, the Netherlands, the United States and Japan. I've worked all over the world. I have a lot of experience in Europe, Russia, China, Southeast Asia and Australia. Seeking new adventures, I married a Brazilian woman.
It might surprise you to hear that I have mixed feelings about globalization.
But the debate about the pros and cons of globalization misses the point.
The fact is that we live in a global economy. There is no turning back. I do not agree that the world is flat, but it certainly is interconnected.
Volkswagen first came to this country in 1949, when the world was still neatly divided by national borders. I'm sure some of the parents in this audience have fond memories of the earliest VW Beetle. So do I. I treasure the memory of our family cramming into the Beetle for our vacations.
Volkswagen was at the leading edge of a change that has transformed life and commerce around the world. And it still is.
It is hard to believe that there was ever a time when a foreign car was an oddity in America. Now, the whole concept of a foreign car is virtually meaningless.
In a couple of years, our German-based company will be producing American-made Volkswagen's for American consumers in Tennessee. And the cafeteria in Chattanooga will probably serve bratwurst and sauerkraut right alongside hamburgers and barbecue.
The leading businesses in our global economy — Volkswagen, Apple, Coca-Cola, Microsoft — find a way to tap into our common emotions and desires
while respecting regional and national differences.
You've probably heard the slogan, think globally, act locally. I call it “glocal.”
The world's most vibrant companies have to have a strong global brand, but remain sensitive to local tastes, cultural values and lifestyles. It's not easy, but it's led to success.
Adapting to other cultures is also important on a personal level. That can also be very challenging. Every culture is different. And we can learn from each other.
I have to admit that I have struggled with cultural differences at times during the course of my career. I had to learn that I cannot expect others to adapt to my way of thinking.
I've learned to be sensitive to different styles of negotiation. Some cultures want to get right to the point and make a deal. Others take a more roundabout approach. I've learned the value of silence. Sometimes, it is best to stay quiet and let the negotiations unfold at their own pace.
To my surprise, the biggest culture shock for me was my first long-term assignment in this country.
I just assumed when I first came here that Americans and Europeans thought and acted alike on all matters. I also thought that the cultural norms I grew up were the only true guides to behavior.
I was wrong on both counts.
It has been said that a commencement is when someone wearing a gown and a funny hat tells a large group of people wearing the exact same outfit to keep their individuality.
Your individuality is important. You do not have to surrender your idealism, your integrity or your values when you leave this university. We need them in the workplace.
But I've learned through my experience with a global company that individuality should be tempered by tolerance. Stay true to yourself, but adapt to other cultures when necessary.
Respect the fact that others think and act differently. Different isn't necessarily wrong. You do not have to abandon your values. But you should not expect others to abandon theirs, either.
The same is true when managing employees. I was quite aggressive early in my career because I wanted to prove myself. I wanted to stand out from the pack.
When I moved into management, I had to learn to be a team leader. Well, sometimes I can be aggressive, but it wasn't about me anymore, it was about us.
To succeed, I had to be an integral part of the pack.
I've learned a few other things along they way that you might consider as you launch your careers:
Be flexible. You never know where the future will lead. Explore any option that presents itself. Sometimes the side roads lead to the most interesting destinations.
Take risks. The fear of failure can be a roadblock to success. Do not be afraid to step out of your comfort zone. And when you make a mistake, take responsibility for it.
Look at the big picture. Don't focus only on money and benefits when considering a job. The people you will work with, the atmosphere in the workplace, and the opportunity to learn and grow are more important.
Live in the now. Don't worry about your next job. Concentrate on the job you have. If you do good work, the future will take care of itself. Besides, life is too short to take a job you hate in the hope that it will eventually lead to something better.
Find balance. This may be the hardest advice to follow. I haven't always done it right myself. Seek work that is stimulating, challenging and fun. But remember that life isn't just work. Find time for exercise and for relaxation. Find friendships that have nothing to do with work.
Find someone to love. It doesn't have to be a Brazilian woman, although that's a good idea.
Just one more thing — enjoy this moment.
You have a lifetime of possibilities ahead of you. You can think about the future tomorrow. Tonight is a time to celebrate your achievements. To share memories with friends. To enjoy the embrace of your families. Have fun.
