The European Business Review November/December 2020

The new reality of COVID-19 has been with us since the end of the first quarter of 2020. This has led to dramatic changes in several ways: • For national economies. Growth has suffered and is now negative (as of the end of 2020) for most economies, with the exception of China. • For corporations. A reduction in demand (and revenue) for most firms, perhaps with the exception of the larger ones in the high-tech virtual sector. • For the family firm. A need to adapt quickly to the new virtual realities, and thus to abandon many of its traditional businesses (manufacturing, distribution, restaurants, hotels, etc.). • For the consumer. A move towards virtual reality (working from home, shopping from home, no concerts/theatre/movies/sports events, etc.). New consumer propensities are emerging! Perhaps the most surprising effect…

Dr. Peter Lorange is a successful academician, entrepreneur and owner of a diversified family business (S. Ugelstad Invest). Educated at the Norwegian School of Economics, Yale University and Harvard Business School, Lorange is the recipient of a doctorate from Harvard and six honorary doctorates. Lorange has board experience from several listed companies, including Royal Caribbean Cruise Lines, Kvaerner, ISS, Seaspan and Globalpraxis, as well as with Copenhagen Business School. Lorange is the former president of IMD in Lausanne, Oslo Business School, and founder and owner of the Lorange Institute, which was later sold to CEIBS. He has been a professor at MIT (Sloan) and at Wharton, and has also been head of the Lauder Institute. He has authored/co-authored some 20 books and more than 150 articles.…

In this paper I shall discuss what I see as some major implications for management practices when it comes to several key trends, which indeed might be seen as representing clear breaks from the past. I shall further briefly examine what might be implications from all of this, particularly when examining recent evolutions of key agents for management change, not only business schools, management consultants or key employees, but also other management practice influencers such as banks or the public sector. Let me however first examine what I see as these major trends, for then to highlight some of the implications for management practice when it comes to these developments. A short discussion is necessary at this point. While not empirically valid through large sample testing, all of the issues to be…

Dr.Dr.hc. (mult) PETER LORANGE, Chairman, Lorange Network, Emeritus President IMD (Lausanne). After having sold his shipping company in 2006, Peter has been regarded as one of the world’s foremost business school academics, holding the position of President at IMD, Lausanne for 15 years, as well as several positions on shipping company boards. His entrepreneurial journey spans across key areas such as education, shipping, investments, and pre-dominantly Family Businesses. Peter founded the Lorange Network, a digital learning and networking platform, in 2017. Peter is Norwegian, residing in Küssnacht am Rigi, Switzerland.…

The COVID-19 pandemic has led to a worldwide recession of immense proportions. Many companies are closing down, either for good or temporarily. The firms affected are largely those who were heavily dependent on the “old” way of doing business, with the physical presence of workers, as well as interaction between other groups, such as suppliers or clients. Examples of companies that seem to be particularly hard hit are firms in the transportation sector (airlines, cruise lines, etc.), hospitality (restaurants, bars, hotels), health studios, and manufacturing firms where social distancing is more difficult to organise (assembly plant types of business, including automotive, meat-packing, etc.). However, there are some winners and, perhaps unexpectedly, we see that the advent of the COVID-19 pandemic has led to extraordinary economic benefits for some, including individual investors…

Peter Lorange, after having sold his shipping company in 2006, has been a successful entrepreneur and owner of a highly diversified family office. He has been regarded as one of the world’s foremost business school academics, holding the position of President at IMD, Lausanne for 15 years, as well as several positions on shipping company boards. His entrepreneurial journey spans across key areas such as education, shipping, investments, and pre-dominantly Family Businesses. Peter founded the Lorange Network, a digital learning and networking platform, in 2017. Peter is Norwegian, residing in Küssnacht am Rigi, Switzerland.…