Commencement Day: Relive Fabien Versavau (EXEC MBA 13)'s Speech

Each year, the Commencement Day marks the graduation of all ESSEC programmes, in the presence of alumni guest speakers. Discover the speech delivered by Fabien Versavau (EXEC MBA 13), CEO at Rakuten, to the new ESSEC Executive Education classes.  

It is a true honor to speak at this graduation ceremony.

An honor… but a great pleasure as well.

The pleasure of transmitting.

To share my experience… but also my perspective:

On what the ESSEC Executive programme has brought me,

On the enormous transformations that our economy and the future of work are going through,

And on the role that you, today’s graduates, are destined to play as leaders in your companies – and beyond, in our society.

The passage of time generally invites introspection…

Has my career since my time at ESSEC been exemplary?

Honestly: I don't know!

What I do know is that it gave me the opportunity to live exciting adventures: I was able to deeply transform several companies, including Rakuten France, and contribute, modestly but passionately, to the world's changes.

Exemplary or not, my career is unique, as each of yours will be – maybe even more, as time keeps accelerating...

More than ever, it is up to each of us to invent our own path, to be the entrepreneur of our life.

Everything is changing so quickly, opportunities are so numerous, technological and managerial innovations are transforming economic activity and work organization at such a pace that there is no truly replicable career model – especially over a ten-year span.

And I would add: so much the better!

For a while the uncertainty of rapid changes can generate discomfort, this discomfort is largely compensated by the extraordinary freedom we enjoy – at least in some countries, including France – to chart our own course, that is, to change it when we wish.

The moment you have just experienced and the one you are entering are key stages.

You have a golden opportunity, as they say, to "pivot" and have a fresh new start!

And I warn you, this question of updating, of rebooting, you will face it throughout your career. It's not going to stop there. In reality, it never stops! 

And, once again: so much the better! You have to approach it with excitement…

For me, this period of returning to school was extraordinarily enriching.

ESSEC ads are not misleading... My time here changed the course of my professional life.

I met wonderful people. Of course, we can talk about building a professional network, but above all, there is the human pleasure of meeting and exchanging.

I acquired new skills in the field of strategy, in the field of marketing or corporate finance...

And new soft skills like, for example, a greater international openness...

And beyond all that, this period gave me the keys to developing my... leadership.

"Leadership"! One of those words that gets thrown around in corporate jargon.

It's hard to define it precisely as it covers multiple skills that mix:

Rational intelligence and emotional intelligence…

Listening skills as much as expressing one's own ideas…

The ability to take teams along with you…

To get them to commit to goals so ambitious that they could be discouraging…

And many other things.

For me, leadership is above all the ability to bring out the best in each of the talents we manage.

And to express the full potential of a team.

Of all that I learned at ESSEC, it is perhaps this dimension that has been the most useful in what I have accomplished since graduation, and more recently at Rakuten France where I lead the turnaround of the former “tech icon” called Price Minister.

Leadership is, in my eyes, more indispensable than ever.

Our era – as I said – is marked by an acceleration of transformations generated by technological innovation.

To fully grasp this acceleration, let’s go back a few moments to 2013, the time when I was in your place.

Only 11 years ago... which is not much on the long timescale of companies.

At that time, the Internet already existed, anyway!

But it was far from having the place it has today. For example, e-commerce then represented a market of 51 billion euros; today it is 160 billion. Three times more.

Smartphones were out there as well... But we were at the iPhone 5. Needless to say, we've come a long way since then. 

Social networks also existed but their footprint was "only" 1.5 billion users compared to more than 5 billion today.

And for better or worse TikTok itself did not exist… Yes, it was really a very different world!

In 2013, we already talked about data and cloud, but not at all with the same maturity as today.

In short: it was another world.

And I'm not even talking about AI.

AI, which today is everywhere, which was THE buzzword of 2023, and continues on this trend.

Beyond the hype, which can lead to excesses, to a kind of "AI washing", this technology is a true revolution to the way we do business.

It is inducing profound transformations in the way we produce, work, access knowledge.

And beyond, in the way we live.

AI is becoming the backbone of the economy and our society.

I personally advocate for moving away from the false debates inspired by fear, which are legion on the subject, to focus on the real issues generated by the rapid development of AI, on the incredible opportunities it opens, and on what we must do to seize these opportunities and turn them into assets for France and Europe.

The diffusion of AI has major consequences on the organization of work and the role of leaders.

These days there are a lot of talks about the impact of AI on the factories, on the workshop workers and even obviously on expertise jobs, knowledge-related jobs; but one rarely contemplate the impact of AI on the definition of being a leader.

I think it is of paramount importance to reflect on this.

One can say – with barely an exaggeration – that 100% of jobs will be impacted by AI! Across any industry.

Some activities will be automated.

Others will be "augmented", that is, facilitated by the use of AI to assist the human operator who conducts these tasks.

All this will lead to productivity gains, to an improvement in customer experience, and to the freeing up of useful time that can be devoted to more creative tasks.

Of course, the fears generated by these upheavals are commensurate with the gains.

The fear of losing control.

The fear of letting core expertise fade away.

The fear of "hallucinations" from generative AI, model biases...

How to come out on top of this apparent contradiction?

The answer is obvious, ancient, proven: by our very human ability to face new problems, and confront them to invent new solutions.

By the ability of leaders to take their teams – their "crews" I would say – far from known shores towards still unexplored territories rich in promises and opportunities.

By courage and lucidity.

In a word: by leadership!

It is a true paradigm shift that is happening, one that is not very much discussed.

A few years ago, it was often said: "data is the new oil"; well, we are entering a new era where it is leadership that will be the essential strategic resource, the source of the greatest competitive advantages.

Yes: "Leadership is the new oil"!

Indeed, the more data and knowledge are commoditized, the more technology is accessible to all, the more everything else, everything that is not transferable, will become increasingly important.

Leadership. Vision. Empathy. Optimism!

The difference between companies will be on how they seize these tools, on the plasticity of economic models to adapt to them, on the willingness of companies to accept to fail sometimes to win the next time...

Going forward competitive advantages will be built on corporate culture and on the leaders' ability to instill audacity.

The role of the leader will be increasingly crucial.

To separate truth from falsehood, nourish good decisions, understand model biases and correct them, also understand what is happening within the teams and help everyone to get the best out of the new tools...

To spread the corporate culture and ensure its uniqueness as a human entity.

Before, the leader was often a knowledgeable person; this time is over.

Today, it is a facilitator, a team captain; sometimes a coach as well.

The world of work is therefore sustainably full of opportunities for leaders like you, who have strengthened – thanks to your time at ESSEC! – these skills!

Opportunities... and therefore, also optimism.

If you were to remember one word from everything I have told you, please remember that one.

Optimism is, in my eyes, a cardinal virtue.

Our world contains far too much skepticism, doubt, and fear.

It is a tendency as easy as it is dangerous.

And your role, our role as leaders, is to make reason and optimism prevail against this "dark side", the temptation of which is always present.

Several great philosophers, from Pascal to Alain, have affirmed it: 

"Pessimism is a matter of mood, optimism is a matter of will."

More than ever, this aphorism is relevant.

Everything depends on us.

Everything depends on you!

I am convinced that we can always choose optimism.

It is the best lesson life has taught me.

And as a proud ESSEC alumnus, this is the modest advice I would like to give you today.

Thank you all for listening and my sincere congratulations!

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Images : © Nicolas Launay