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RSOUBCRIEIKTAY
BUSINESS
LEADERS
A A long road ery Communications“ received an annual
Due to the high popularity of the sav- compensation of 156 million US dollars
32 last year. Is it worth to pay such compen-
ings house „TAT“, Sonja Nikolovska was sation? Is his contribution really so big? Is
named the best female business leader it justified to pay off pension severance of
in Macedonia in 1996, and the prize was 411 million US dollars to Jack Welch, the
awarded by the President of the Republic CEO of „General Electric“ if we know he
of Macedonia, Kiro Gligorov. Several years had increased the company‘s value from
before, the savings house was considered 12 million US dollars in 1981 to 280 mil-
an economic miracle in Macedonia, since lion US dollars in 2011, buying 600 smaller
it provided unusually high interest rates rivals down the road? In many cases, it re-
on the savings of about 30% per year. To- ally pays off, although this question has al-
day this award is no longer granted, and ways caused controversy. Business leaders
Sonja Nikolovska is not even close to en- increase the wealth of the shareholders
joying the reputation of a business leader. and pave a sustainable upward path for
the company‘s operations. Even under the
First, it is not the politics that will new theories of the firm, many business
determine who are the business leaders of leaders are successful because they con-
today. Second, it takes a far greater time tribute to the social progress and care for
distance to isolate the long-term from the all affected stakeholders.
temporary success of a company and its
business leader. Being a business leader Levels of leadership
means having a long-term vision for de- Some people are simply not gifted
velopment, which is continuously being
transformed into reality. Being a business and for them leadership is like passing
leader means contributing in a longer through a dark corridor. They have some
time to the increase in the profitability of feeling where they should go, but cannot
the company and the value of its shares. see far. In that context, very interesting
David Zaslav, chief executive of „Discov-
September 2015
