Peter Georgescu, chairman emeritus of Young & Rubicam, has published two books, including The Constant Choice: An Everyday Journey From Evil Toward Good (2013).
In 1953, the Romanian government offered Georgescu’s father the chance to reunite his family if he publicly supported the communist regime. Instead, his father rejected the extortion and publicly shamed the government.
As a result of the subsequent pressure, the brothers were soon permitted to join their parents in the United States.
Georgescu learned from his father’s unassailable values and applied them to his own life.
He went on to attend elite American schools, earned an MBA from the Stanford Graduate School of Business in California and joined New York City-based advertising firm Young & Rubicam (Y&R) in 1963. He shot through Y&R’s ranks and, by the time Georgescu retired in 1990, he was the company’s chairman and CEO.
The elegant Georgescu — who’s now Y&R’s chairman emeritus — spoke at the John Molson School of Business (JMSB) on October 26. His talk, called the Chairman’s Perspective: Trust, Corporate Values and Reputation in an Era of Blurred Media, was part of the Luc Beauregard Centre of Excellence in Communications Research Speaker Series.
The Beauregard Centre’s director Jordan LeBel, associate professor in the Department of Marketing, welcomed the 90 Concordia alumni, students and others from the local business community at the event. Dominique Dionne, vice-president of Global Institutional Relations for Caisse de dépôt du Québec, moderated the talk.
Georgescu focused on the importance of corporate values, which are especially relevant today as trust in businesses is waning. For instance, regarding the recent Volkswagen emissions-rigging scandal, he explained how its leaders failed in two key areas: they didn’t create the right corporate culture and didn’t immediately take ownership of the cover-up.
“Leadership must walk the talk,” he said. “You must spend time on the values that you want to instill.”
The idea of “brand” — which involves product differentiation, relevance and quality — remains essential to business success, Georgescu stressed. “Your brand is a contract, a promise to the consumer.”
The communications profession now faces a changing landscape, which includes increasingly sophisticated and informed consumers. He said, “Word of mouth is more important than ever due to social media” — which is why an honest relationship with customers is vital.
“We work for consumers. That’s where values come into play.”