BÜLENT ECZACIBAŞI: WE MUST ALL LEARN TO BE RECEPTIVE TO CRITICISM IN THE BUSINESS WORLD
My guest today is Bülent Eczacıbaşı, a distinguished business leader who, like me, has taken to writing to engage with those interested in his insights. In 2018, he published his book İşim Gücüm Budur Benim, followed by Aklımızda Bulunsun in 2022, and most recently, Biraz Daha Düşününce. During our conversation, I asked Bülent Bey about both his professional and personal life, and he graciously answered every question with great care. I have categorized our discussion under eight key themes, including personal values and private life. Here are a few highlights from our exchange:
• I have a strong liking forstrongly like everything considered most harmful to health—but I try to avoid them or limit my consumption as much as possible.
• Back in my college days, I had many friends who would likely be labeled as “militant leftists” by today’s standards.
• My father and I didn’t always see eye to eye, but I can say we never had a direct conflict.
• I don’t recall my father ever sitting me down to give advice. His approach was always to lead by example.
• One of my favorite things to do with my grandchildren is to take their photographs.
• The number of business leaders seeking solutions to problems in line with today’s realities has not decreased.
• No TÜSİAD president can avoid criticizing economic policies, and eventually, they all find themselves accused by the government of “sipping whiskey by the Bosphorus while lecturing.”
• Elon Musk leverages his vast resources and influence to shape politics for his own agenda. He has, without a doubt, set a terrible precedent.
• We must raise generations who approach all cultures with openness, who recognize their value, and who respect every culture equally.
• We must all learn to be receptive to criticism in the business world.
• Financial profit alone is no longer sufficient; employees seek meaningful work that aligns with their personalaligning with their values.
• Photography teaches businesspeople the art of “storytelling,” which is crucial for effective communication.
• Simply pressing the button on a smartphone doesn’t necessarily make it a real photograph, even if the image is stunning.
• I expect to see more global brands emerging from Turkey in the coming years.
• Managing cash flow becomes the primary focus when navigating crises.
Now, let’s dive into the full interview…Note: Originally published on January 26,2025.
I- To begin with, let’s talk about your personal life:
1. Let me start with the question I’m most curious about. After nearly 50 years in business, what’s your secret to maintaining such energy and youthful appearance? What do you eat and drink? Do you ever eat fast food? How do you live—do you exercise? How much sleep do you get on average? How do you balance your time between work, family, and hobbies? At last, how do you manage stress?
I make it a point to be mindful of what I eat and drink. While I’m not a food expert or a gourmet, I love eating. Ironically, I have a strong liking for everything considered most harmful to health—but I try to avoid them or limit my consumption as much as possible. I love pastries, pasta, and all kinds of desserts, but I keep my consumption in check because I firmly believe in the importance of weight control. I also consider exercise to be extremely beneficial. In the summer, I swim regularly, and while I may slack off a bit in the winter, I make a conscious effort to stay active with walking and gym sessions. Sleep, as it turns out, is increasingly recognized as a key factor in overall health. Research consistently shows that sleep deprivation contributes to a wide range of health issues, and I personally feel my best when I get 7 to 8 hours of quality sleep each night.
2. The years 1960–1968 marked your childhood and youth. Did you have a happy childhood? What were the most defining events of that period for you? Would you consider yourself part of the ’68 generation? Are there any habits or behaviors from those days that you still carry with you today? Could you share an example?
My childhood was full of happiness. My parents believed that my sole responsibility was to focus on my studies, and that was exactly what I did, without any other concerns. However, that doesn’t mean I did nothing else. We spent our summers in the golden days of Erenköy-Suadiye, practically living in the sea—swimming and sailing all day long. My father insisted that I intern at the Eczacıbaşı Pharmaceutical Factory two days a week during summer breaks. These experiences were incredibly valuable. While I can’t say I gained much knowledge about pharmaceutical production, working alongside employees and building relationships with them was an invaluable lesson in itselflesson. I started university in 1968, during a time when student movements were making waves globally. Back then, I had many friends who would likely be labeled as “militant leftists” by today’s standards. Coming from a family with a strong foothold in Türkiyeurkey’s private sector, and with my father as a role model and successful entrepreneur, it was never really an option for me to fully align with leftist ideology. However, being surrounded by young people with diverse perspectives broadened my own outlook tremendously. Looking back, I consider that exposure one of the greatest advantages of my youth.
3. You graduated from the German High School in 1968, earned a degree in chemistry in the UK, pursued a master’s in chemistry at MIT, and then entered the business world at 24, when your father was 60. From your writings, I gather that you had interests in subjects like art, music, and mathematics, yet you chose to become a businessman. What role did your father, Nejat Eczacıbaşı, play in that decision? Was it entirely your choice, or did you have other options?
My father’s example had a profound impact on me, and I made the decision early on to pursue a career in businessbusiness career. At the same time, I was strongly drawn to science and engineering. In middle and high school, mathematics and science were my greatest passions. Initially, I considered studying mathematics or physics, but ultimately, I opted for chemistry and chemical engineering as they had a more immediate relevance to the industry. My father was always very careful not to limit my options. However, he constantly emphasized how leading a business, especially a family business, was a unique opportunity to contribute to society. In a way, his advice was: “Follow your passion in choosing a field of study, but if you decide to pursue a career in businessbusiness career, you’ll be making a wise choice for your future.”
4. From an early age, you were exposed to German, British, and American styles of education. Which of these left the greatest impression on you? Is the cliché about ‘German discipline in education’ true? Did it shape your approach to discipline throughout your life?
During my years of higher education, I had the opportunity to experience different cultures firsthand, and I consider that a privilege. Yes, the concept of “German discipline” is very real. Striving to do everything at the highest possible standard is a defining characteristic of German society. “Methodology” is a key concept in German culture. In the UK, I became familiar with a system that places “tradition” at its core, while in the US, I observed a society that glorifies “leadership.” Each of these influences left its mark on me in different ways.
5. You had the opportunity to work alongside your father, Nejat Eczacıbaşı, for nearly 20 years. How did he pass down his experience to you? Did he allow you to carve your own path, or was there a conflict in your professional relationship?
My father and I didn’t always see eye to eye, but I can say we never had a direct conflict. Looking back, there are numerous instances where I now see just how accurate his advice was. One example is the time he dedicated to social causes outside of his own business. Now, I look back and think, “I’m glad he took the time to bring those institutions to life, even if it meant making some sacrifices in his own business.” I don’t recall my father ever sitting me down to give advice. His approach was always to lead by example.
6. Your son, Emre, born in 1984, and your daughter, Esra, born in 1989, have now completed their education and joined Eczacıbaşı Holding. I assume this was their decision. Could you tell us about the orientation process you introduced for them? Was it the same for both, or was it tailored based on their areas of work and preferences? Looking back at the approach Mr. Nejat took with you, what similarities and differences do you observe? Do you ever encounter differing opinions with your children? What do you find most rewarding about spending time with your grandchildren?
I believe sons tend to take their fathers as role models in many aspects. Especially when it comes to raising their own children, the way their fathers treated them has a significant impact. This was certainly true for me. Just as my father showed me, I have always emphasized the importance of receiving the highest level of education within their capabilities. I refrained from interfering in their career decisions, and I encouraged them to pursue higher education in fields they found appealing and enjoyable. However, drawing from my own experiences, I strongly advised them to conclude their higher education with a master’s degree in management. We’ve never disagreed on this issue. Any differences of opinion we do have usually revolve around matters that may seem crucial in the heat of the moment but, in the grand scheme of things, are rather insignificant. Currently, I have four young grandchildren, aged between two and four. Watching them grow is our greatest joy. For now, one of my favorite things to do with my grandchildren is to take their photographs.
7. Have you ever thought, “If I hadn’t chosen a business career at Eczacıbaşı, I would have certainly become an academic in fundamental sciences”? In your second book, you humorously mention “the mistake of overconfidence.” Why is this an important topic? Could you briefly explain? On a related note, how would you describe your sense of humor? Is Eczacıbaşı a fun place to work?
My passion for science and engineering led me to pursue higher education in this field. I entered the business world without any formal education in management. In retrospect, I don’t consider this sufficient preparation, as I later had to invest significant effort to acquire knowledge in management disciplines. I believe that young professionals who enter the workforce with at least a master’s degree in management and gain experience through internships begin their careers with significantly more confidence.
Humor plays a key role not only in improving communication but also in bringing more joy to life. It softens human interactions and makes messages more effective, easier to understand, and more memorable. While I wouldn’t describe our company as “fun” in the traditional sense, I believe it is a workplace where humor is welcomed, and an enjoyable atmosphere is valued.
II – Speaking of values:
1. Soon after Mr. Nejat’s passing in 1993, while his legacy was still fresh and the senior leadership team who had collaborated with him were still around, you arranged a two-day offsite retreat to establish the “company’s values.” That “values manifesto” guided Eczacıbaşı for 30 years. Now, you say it is time to reassess these values. Why? What has changed? Is it about the younger generation? What is the goal of this new set of values?
Defining a company’s values is a serious, yet a complex task. The starting point must be a deep and honest analysis of the organization. It is not enough to simply say, “Let’s have values” and pick four or five qualities from a standard list that seem to fit. Some values originate from the founder and fundamentally define the organization’s spirit—they are non-negotiable. For example, for us, “respect for oneself and for others” is a value that defines both our founder, Nejat Eczacıbaşı, and the company he built. However, some values are based on priorities emerging from the changing circumstances of the time. To give an example, in the 1980s, the belief that “customer benefit and satisfaction must take absolute priority” was almost unquestionable. Today, there is a growing consensus that companies serve a variety of stakeholders. That’s why we must always uphold our founder’s core values while also adapting to the evolving realities of our time.
2. Back in 1974, when you started your career, the term “boss” carried a somewhat negative connotation. Making a profit was almost seen as something to be ashamed of. Later, the term “businessman” gained popularity, and now we use “businessperson.” If we haven’t changed, what has? Or is it that we have changed, prompting this shift in terminology?
When I entered the business world, the word “boss” had a rather unfavorable connotation. This was partly due to the strong leftist movement of that era and partly because concepts like free-market economics and entrepreneurship were not yet fully understood. Today, we live in a unique era. We now recognize that entrepreneurs are the driving force of the economy, that they create value, and that free-market economies have significantly contributed to global prosperity. Meanwhile, socialism has largely failed in many countries.
Of course, this does not mean we have found the magical solution for achieving widespread prosperity and balanced growth. The system, marked by significant income inequalities and global environmental crises, appears far from ideal. Without a doubt, the search for better models will continue. On another note, efforts to promote gender equality in the business world are gaining momentum. Naturally, we now use the term “businessperson”; as “businessman” belongs to the past.
3. The generation before you, leaders like Vehbi Koç, Sakıp Sabancı, Kamil Yazıcı, İbrahim Bodur, Şahap Kocatopçu, Jack Kamhi, Feyyaz Berker, Rahmi Koç, and my father, were among the most influential business figures of their time. You had the opportunity to engage with them and understand their perspectives. In the introduction to your first book, you describe them as “founding leaders who experienced the challenges of their country.” What were their main concerns? Why were they so engaged in national issues? What changed over time? Did business leaders stop discussing national matters, or did Türkiyeurkey’s circumstances evolve to make such discussions less relevant?
They were the first-generation business leaders of the Republic. They viewed Türkiyeurkey’s challenges as their own. There was a prevailing belief that “the government alone cannot solve these issues; we all need to contribute.” Let’s not forget that, back then, the global notion that “companies exist to make a profit, and any other pursuit is detrimental” had not yet emerged. They believed their financial resources, global networks, and entrepreneurial and managerial skills could help address many of the country’s problems. Make no mistake—business leaders still discuss Türkiyeurkey’s challenges. Many organizations, associations, and foundations are actively working toward solutions through their activities. Our business leaders are more experienced now, and the number of entrepreneurs and businesspeople working globally has increased. I don’t believe the efforts of our business leaders to find solutions to problems through volunteer organizations have weakened in today’s world compared to earlier times. The business leaders of the previous generation paved the way, establishing institutions that remain pivotal in our society and economy, still serving as models for us today. Drawing inspiration from their leadership, the number of business leaders addressing contemporary challenges in line with today’s realities has only grown.
4. You have held multiple roles at TÜSİAD, including its presidency, and have voiced your opposition to businesspeople entering politics, emphasizing the importance of their political neutrality. At the same time, you’ve made it clear that they must remain sensitive to societal, cultural, and artistic issues. TÜSİAD has faced significant criticism for its political involvement through its statements and reports. What’s your take on this? Was there actual involvement, or not? With Elon Musk’s stance in the recent U.S. elections, how has his example influenced politicians in Türkiyeurkey?
When we speak of “political involvement,” it’s crucial to clarify what we mean. In business, it is unavoidable to make statements on government policies, as businesspeople are an integral part of the economy and have opinions on how it should be managed. Sharing these opinions, endorsing policies they believe in, and criticizing those they disagree with is not just natural but necessary—it plays a vital role in guiding decision-makers. However, doing so often results in accusations of supporting or opposing the ruling party. Therefore, it’s important that these views focusthese views must focus on specific policies and decisions rather than political parties or individuals. TÜSİAD would fail in its responsibilities if it didn’t voice its opinion on economic policies. Yet, whenever it does, it will face criticism for taking a political position, whether from the government or the opposition. No TÜSİAD president can escape this paradox, and eventually, they all find themselves accused by the government of “sipping whiskey by the Bosphorus while lecturing.”
Elon Musk leverages his vast resources and influence to shape politics for his own agenda. He has, without a doubt, set a terrible precedent. However, we must remember that, whether it’s Elon Musk or not, the way financial power can impact the democratic process is something that should make us all reflect.
5. Your first book, İşim Gücüm Budur Benim, was published in 2018, and a new edition with a refreshed cover came out in 2022. In the same year, Aklımızda Bulunsun followed, and most recently, in 2024, you released Biraz Daha Düşününce. The first book carried the subtitle, The New Responsibilities of the Businessperson, while the subsequent two were titled, Essays for Businesspeople. You write in a way that captivates and challenges readers, covering topics from business to social life, culture, and the arts. Is there a particular reason behind this? Your first book was dedicated to your parents, the second to your children, and the third to the people from Eczacıbaşı who have been with you throughout your 50-year career. So, who’s next? Can we consider you a writer now?
The sole purpose of my books is to share the insights and experiences I’ve accumulated throughout my business career with those who are interested. The events I’ve experienced, the lessons learned from the people I’ve met over the past 50 years, and the notes taken from what I’ve heard and read offer valuable lessons, especially for young businesspeople. Sometimes, a memory, a quote, or a meaningful anecdote can be highly instructive. All of this becomes more valuable when shared. At this time, I have no plans for another book. While I would have liked to be recognized and remembered as a writer, I don’t believe that publishing 2- to 3 books automatically makes one a writer—anyone can do that. What truly matters is how widely read and impactful the books are. Only time will tell that.
6. When we examine the themes across your three books, a common thread emerges: The world is undergoing rapid change, the global order is being questioned, and the challenges and emotions triggered by the pandemic have only added fuel to the fire.
The free-market economy, once seen as the solution, is no longer capable of ensuring fair wealth distribution, and the traditional model of liberal democracy is struggling to effectively govern societies. Where do you believe the solution lies? What is stakeholder economics, and could it be the answer?
Yes, at the turn of the 21st century, the prevailing belief was that liberal democracy and the free-market economy were the undisputed most effective way to lead societies to prosperity. It seemed as though two of history’s most persistent issues had been solved: “How should societies be governed?” and “How should resources be distributed?” However, over the past 20 years, it has become clear that this ideal has not materialized. Income and wealth inequalities have grown, sustainability has reached a level that jeopardizes people’s future, and geopolitical tensions have sparked growing concerns. As a result, debates surrounding the shareholder-driven capitalism model have intensified. Stakeholder capitalism refers to a model that seeks to balance the interests of all parties involved—not just shareholders, but also those who create, benefit from, and are impacted by an initiative. Although this model seems attractive in theory, it has not yet reached the stage of full implementation. In fact, itIt could be argued that its theory is still in the process of development. In shareholder capitalism, the accountability of the parties is clear, and success metrics are well-defined, leaving little room for debate about how an initiative should be managed. In stakeholder capitalism, on the other hand, questions about accountability to various stakeholders and their role in governance remain unresolved.
III. Let’s discuss the topics of Institutionalization and Leadership:
1. Your father collaborated with your uncles, and like many family businesses, there were moments of tension. While efforts were made to institutionalize the company, the responsibility of realizing this vision ultimately fell to you. What was the most critical decision you made to institutionalize Eczacıbaşı after your father? How did you put it into practice? In your opinion, what are the key strengths and challenges of family businesses? How can they ensure long-term sustainability?
My father, Nejat Eczacıbaşı, was a firm believer in professional management and institutionalization. He actively participated in various initiatives to establish a professional management culture in Turkey and played a key role in founding several organizations, including the Istanbul University Business Faculty’s Institute of Business Economics, the Turkish Management Association, and the Turkish Education Foundation. Yet, in the process of institutionalizing his own company, he was unable to fully implement his vision and maintained a structure where managerial roles were shared between himself and his brothers. My brother and I sought to advance the professionalization process by adopting the principle that family members should not hold executive positions. In our view, one of the main challenges family businesses face is the appointment of unqualified family members to key managerial roles. Underperforming individuals must be removable removed from their positions—a goal that can only be achieved when professional managers are in place.
2. Can leadership be learned, or is it an innate trait? What are three actionable pieces of advice for becoming a good leader and a valuable employee?
Leadership is partly influenced by innate qualities like charisma, courage, and vision, but I strongly believe it is primarily a skill that can be learned and refined. Education, experience, personal growth, and feedback all play a role in strengthening leadership abilities. The real differentiator is the willingness and dedication to improve.
To be an effective leader or employee, I can summarize my advice under the following key areas. In both roles, continuous development is the cornerstone of success.
1. Know Yourself and Continuously Improve:
• For Leaders: Recognize your strengths and weaknesses, and focus on enhancing your strong suits. Develop emotional intelligence, as empathy and communication are at the heart of effective leadership.
• For Employees: Identify areas for improvement and embrace continuous learning for these fields. Cultivate confidence while maintaining humility.
2. Master Effective Communication:
• For Leaders: Understand your team’s needs, clearly articulate expectations, and listen to their input when making decisions.
• For Employees: Be open to giving and receiving feedback. Foster healthy communication with supervisors and colleagues to enhance collaboration.
3. Set Goals and Inspire:
• For Leaders: Define clear objectives for your team and inspire them to achieve these goals. Lead by example and create a compelling vision.
• For Employees: Set personal career goals and approach your work with passion. Take a proactive stance in contributing to your team’s success.
3. How would you describe your leadership style? Is it autocratic (where you make decisions and everyone follows), bureaucratic (guided strictly by regulations), diplomatic (where you seek advice but ultimately do what you believe is right), or democratic (listening to input and valuing collective intelligence)?
I believe it is impossible to make sound decisions without fostering an open discussion environment. Different perspectives and experiences only surface when a culture of open dialogue is encouraged. This allows blind spots to be identified and facilitates more comprehensive evaluations. It also promotes innovative thinking, prevents emotional and hasty decisions, and ensures individuals feel valued by having their voices heard. As a result, decisions are more widely accepted and implemented more effectively, ultimately leading to longer-term success. However, ensuring an open discussion environment is not always easy since various factors can discourage participants from speaking freely. Therefore, creating a culture where people feel safe to contribute is one of the most critical responsibilities of a leader.
4. Are you receptive to criticism in the workplace? How do you approach feedback and feedforward?
We must all learn to be receptive to criticism in the workplace. Without this openness, constructive discussions cannot take place, and meaningful participation is hindered. That said, criticism can sometimes be challenging because it may feel like a direct challenge to our confidence, identity, or the value of our efforts. The key is to see criticism as a chance to learn and first seek to understand the other party’s intent rather than reacting defensively.
Feedback and feedforward play a crucial role in enhancing individual and organizational performance, accelerating the learning process, and facilitating goal achievement. While these two concepts serve different functions, they yield more effective results when used in combination.
Feedback evaluates past performance, allowing individuals to recognize their strengths and identify areas for improvement. It promotes learning from mistakes, cultivates a culture of continuous growth, and enhances trust and teamwork within organizations. A transparent and constructive feedback culture strengthens trust and collaboration among team members.
Feedforward, rather than dwelling on past mistakes, shifts the focus to future actions, offering suggestions on what can be improved in the future and helping individuals optimize their performance. By emphasizing suggestions over criticism, it creates a more constructive and positive impact, motivating individuals to take concrete steps toward self-improvement.
When combined, feedback and feedforward enable learning from the past while paving the way for better future outcomes. However, implementing both consistently and effectively remains one of the greatest challenges for any leader.
5. How do you motivate your employees? Do you find it more challenging to motivate the new generation, or are their drivers simply different? For example, what continues to excite and motivate you personally?
I believe that motivating young professionals in today’s workplace has become more complex and challenging compared to the past. The new generation places great importance on flexible working hours and remote work opportunities. When traditional work structures fail to meet these expectations, motivation tends to decline. Moreover, financial profit alone is no longer sufficient; employees seek meaningful work that aligns with their personal values. In this context, a company’s mission and its commitment to environmental and social responsibility play a crucial role. Additionally, technological devices and social media have shortened attention spans, making it harder to sustain motivation. The internet grants young professionalsprofessionals easy access to various career paths and success stories, which can increase dissatisfaction at work. Many young employees expect quick results, but since career growth takes time, this impatience can lead to a loss of motivation. Furthermore, many prefer to start their own businesses or work independently, which puts corporate work environments in direct competition with this trend. In short, today’s young professionals are more conscious and demanding, requiring companies to manage motivation more carefully. In this environment, effectively communicating the company’s vision and mission to young employees and continuously providing feedback to support their development is essential.
As for my personal motivation… Leading an institution that holds a significant place in our society and sustaining its growth despite the challenging landscape in Türkiyeurkey is my primary source of motivation.
6. What advantages do you think a Board of Directors brings? How should board performance be assessed?
Boards of Directors are essential in ensuring that an organization functions in a structured, efficient, and effective way. They provide guidance to executives and employees in the decision-making process. A board’s success can be assessed by establishing and monitoring key performance indicators that align with the organization’s objectives. However, assessing board performance should go beyond simply evaluating implementations alone; it is equally important to assess their broader impact on the organization as a whole.
7. In your opinion, what makes a company successful or unsuccessful? What are the most striking characteristics of these companies?
Successful companies are innovative, customer-centric, and adaptable, while unsuccessful ones tend to lag behind due to stagnation, lack of adaptability, and weak leadership. To sustain success, companies must continuously learn, remain open to innovation, and focus on creating value for their customers.
8. You’ve hired and collaborated with numerous senior executives and CEOs. How do you find the right executives, and how can you maximize their performance?
I believe that a candidate’s alignment with the company’s culture is a vital factor when selecting an executive. Naturally, candidates who have developed within the company hold an advantage in this regard. However, I’ve also seen the considerable advantages of bringing in external executives who offer new insights and question established practices. In these instances, it’s crucial to ensure that the candidate’s personal values align with the company’s core principles. Additionally, setting clear objectives for the executive and providing them with the authority needed to accomplish these goals are key elements to consider.
9. Throughout your career, you have worked with numerous consulting firms and consultants. You mention this in your article “Gurularla Dans.” Did these consulting services genuinely contribute to your business? In which areas? What advice would you give to those considering hiring consultants?
We have had both highly successful and completely ineffective consulting projects. I believe the most critical factor for success is having a clearly defined project objective. Additionally, the process must be closely monitored, interim milestones should be carefully considered, and consultants should receive continuous feedback. When these aspects are managed well, consulting projects are largely successful. Of course, selecting the right consultant is a prerequisite—this should not be overlooked.
IV. Now, let’s dive into your insights on Education and Sustainability:
1. How does the education system impact the business world, and is a university degree truly essential for everyone?
University education is essential for individuals aiming for an academic career, conducting research, or specializing in a particular field. However, not everyone needs to follow this path, as learning styles and career aspirations vary. Technical schools and vocational training programs equip individuals with skills that directly meet labor market demands. These types of education, with their focus on hands-on learning and quick integration into professional life, are highly valuable for the business world. Instead of a system that mandates university education for all, a more effective model would be to promote diverse educational pathways tailored to different talents and career objectives. In this regard, technical schools and vocational training are just as important as university education, as they respond more flexibly to societal needs.
2. Türkiyeurkey, despite its deep cultural heritage, is facing an unnecessary cultural divide. As you pointed out, we see Beethoven enthusiasts on one side and Dede Efendi admirers on the other. Why can’t these two perspectives coexist within the same individual? What steps should be taken to bridge this gap? What kind of cultural policy is needed to achieve this?
We live on lands with an unparalleled cultural heritage. What is truly needed is a cultural policy that embraces all the cultures that have emerged from these lands as our own. This was the essence of Atatürk’s cultural vision. Cultural policies that draw a distinction betweendistinguish “ours” and “theirs,” regardless of when they were created, are inherently flawed and counterproductive. Such policies not only lead to the neglect or even destruction of valuable cultural treasures, but they also deepen divisions instead of fostering unity. When we begin dismissing what is “not ours” as inferior and elevating what we perceive as “ours” to an unattainable ideal, we risk adopting a distorted cultural perspective. We must raise generations who approach all cultures with openness, who recognize their value, and who respect every culture equally. This is the only way we can move forward in our journey toward modernization and secure our place among the world’s most respected nations.
3. One of the new responsibilities business leaders face is sustainability, and we are all striving within our companies to meet the United Nations’ 2030 Sustainable Development Goals. In your view, which of these goals are is most crucial for creating a better world?
The United Nations’ Sustainable Development Goals comprise 17 main goals and 169 sub-targets. These goals are interconnected and designed to work as a unified framework; all are equally important and support each other. Advancing one goal often drives progress in others. For instance, tackling poverty (Goal 1), improving education (Goal 4), and enhancing healthcare (Goal 3) all positively impact one another. The UN’s strategy promotes holistic and balanced development, meaning there isn’t a rigid ranking among the goals. However, depending on a country’s or region’s social, economic, and environmental priorities, some goals may take precedence over others. For instance, in developing nations, issues like poverty alleviation, access to clean water, and hunger reduction may take precedence. In more industrialized countries, addressing climate change and sustainable production (Goal 12) may be more pressing. During times of global crises, goals related to peace, justice (Goal 16), or health (Goal 3) may become urgent. As business leaders, we have the opportunity to contribute meaningfully to nearly all these goals.
4. Where do you think Turkey Türkiye is falling short in creating global brands, and what would you recommend for improvement? Vitra is a well-known international brand, and recently, during a trip to India, we were pleased to see Selpak on store shelves. Are there other Turkish brands that have made a name for themselves internationally?
Aside from Vitra and Selpak, there are few brands that havefew brands have gained significant global recognition. However, even these brands don’t quite fit the definition of true truly global brands. Global brands are those that generate a significant portion of their revenue from various markets, hold notable market share in the countries they operate in, and maintain strong brand awareness. In this context, Turkey Türkiye has very few truly global brands. I believe this is not so much about mistakes we’ve made, but more about the economic conditions and the nature of the Turkish market. Global brands typically leverage their strong domestic markets before expanding internationally. Given that Türkiyeurkey’s domestic market is relatively small, many of our brands have struggled to establish this foundation. That said, our own shortcomings have also contributed. The emergence of new technologies, on the other hand, is changing the dynamics of economies of scale. Today, digital products and services powered by new-generation technologies can expand globally without any constraints. In this new era, Turkish entrepreneurs will be competing on a more level playing field with their global counterparts. As a result, I expect to see more global brands emerging from Turkey Türkiye in the coming years.
V. I’m curious about your perspective on emerging technologies:
1. How do you perceive the impact of technology on the business world? In what ways are artificial intelligence and emerging technologies influencing your business models? Could you share some examples of technology/innovation-driven projects within the Eczacıbaşı Group?
Artificial intelligence and emerging technologies are driving a transformation that is reshaping business models at their core. This shift has a direct impact on how businesses operate, engage with customers, and maintain their competitive edge in the market. AI-powered automation is streamlining repetitive tasks, eliminating the need for human intervention. For instance, robots in production lines and accounting software in financial departments enhance efficiency. AI applications reduce the need for human labor, offering cost savings. Big data analytics, which can now be performed quickly and accurately, is also made possible by AI. AI algorithms give companies a competitive edge by forecasting future trends and demand shifts. Consumer preferences and behaviors can be analyzed through AI, leading to personalized products and services.
As a result, this transformation is leading to the rise of new business models. Digitalization and subscription-based models for software and content are gaining traction. Platform-driven models, exemplified by businesses like Airbnb and Uber, are emerging. The shift from brick-and-mortar stores to e-commerce and the growing emphasis on digital services is evident. AI and emerging technologies are making business models more dynamic, customer-centric, and focused on efficiency. Naturally, this process creates a demand for new talent, as traditional roles are being replaced by positions that require technical expertise.
In conclusion, we are in the midst of a major shift, and our focus is on embracing it. A strategic approach is key to fully leveraging these technologies, and we strive to remain open to continuous learning and change.
VII. Regarding your contributions to art, sports, philanthropy—in short, to our culture as a whole:
1. Investment in art and sports seems to be a tradition of the Eczacıbaşı family. Even before terms like Corporate Social Responsibility and Reputation Management existed, your father and uncle’s passion for sports later brought global success in women’s volleyball to Turkey Türkiye through the Eczacıbaşı Sports Club. Your father’s passion for art led to the establishment of a magnificent Modern Art Museum in Istanbul. It is commendable that your wife, Ms. Oya, has diligently followed through on your father’s museum legacy. Here’s my question: You’re already paying taxes to the state, so why take on responsibilities that should fall under the government’s domain? If you hadn’t undertaken projects like Istanbul Modern or IKSV, would your name be as widely recognized as it is now? Do such investments in sports and culture have any impact on your business? Can you measure this contribution or impact? Or should we define you with the concept you described in your latest book: Philanthropist?
There’s no doubt that social-purpose initiatives play a significant role in shaping Eczacıbaşı’s corporate identity. However, at its core, Eczacıbaşı is committed to being a successful industrial and commercial enterprise—because without that foundation, funding social projects wouldn’t be possible. Our commitment to social initiatives stems from the entrepreneurial vision of our founder. Long before the term “social responsibility” even existed, Nejat Eczacıbaşı and other pioneering business leaders of his time saw such efforts as a natural extension of their mission. We were raised with this mindset, so while I don’t object to being called a “philanthropist,” it’s not a label I particularly embrace. Especially with the emergence of mega-billionaire philanthropists who use their vast fortunes to shape the world according to their own agendas, I’ve grown somewhat distant from the term.
2. The new Istanbul Modern building is widely regarded as an architectural masterpiece. What was the most exciting part of this project for you? How was the experience of collaborating with a globally renowned architect like Renzo Piano? Were there any differences in perspective along the way? In your view, what kind of impact will the new Istanbul Modern have on Türkiyeurkey’s art scene?
I take great pride in Istanbul Modern bringing a world-class architectural masterpiece to our city. While contributing new architectural richness to a unique city like Istanbul, we also had a responsibility to ensure that the building complemented rather than competed with the city’s iconic landmarks. This balance was one of the most exciting aspects of the project. The new building will undoubtedly enhance Istanbul Modern’s appeal to visitors. A museum’s architecture is more than just its design or aesthetics; it’s also a tool that shapes the relationship between art, culture, and society. It influences the visitor experience, the presentation of collections, and the overall identity of a cultural space. It reflects the spirit of the cultural and artistic collections it hosts. Striking architecture can make a museum a destination in itself, sometimes drawing visitors purely for its design, which in turn broadens access to art and culture. Some museums contribute to the architectural heritage of cities and stand out as cultural centers. We hope Istanbul Modern will achieve the same for Istanbul.
3. You post amazing photos on your Instagram account. When did your interest in photography begin? Your uncle Şakir Eczacıbaşı was also a great photography enthusiast; did he influence you? How much time do you dedicate to this hobby? What has this interest brought to your business life? Does smartphone photography enrich it or ruin it?
My interest in photography began during my university years and has remained a constant passion ever since. I have great admiration for my uncle, Şakir Eczacıbaşı, as a photographer because he developed a distinctive style. The moment you see one of his photographs, you immediately recognize it as a Şakir Eczacıbaşı piece. However, my own interest in photography evolved independently of him. Photography allows me to explore new places and meet new people. These trips are also an opportunity for me to relax and enjoy myself. I believe photography teaches business professionals an essential skill: storytelling. The most effective communication tool is storytelling, and my approach to photography is shaped by this perspective. The impact of smartphones on photography is, on the other hand, an interesting topic. They provide countless opportunities for aspiring photographers, offering the ability to practice anytime and immediately apply what has been learned. With a smartphone, you can attend photography courses, and take advantage of interactive classes. Most importantly, with a smartphone, you carry an endless resource in your pocket to study the works of great photographers. Becoming a skilled photographer requires learning photography through dedicated effort, analyzing thousands of great photographs, and continuous practice. Smartphones make all three of these steps more accessible. However, I also see a downside to smartphones in photography. Because they can capture outstanding images, they risk making us forget that photography is a skill that must be learned—that a composed photograph is different from a simple snapshot. Simply pressing the button on a smartphone doesn’t necessarily make it a real photograph, even if the image is stunning. Developing a deep understanding of photography remains essential.
VII. I’d like to discuss the present and future of our economy.
1. What are your thoughts on the current state of Türkiyeurkey’s economy? Are we overcoming the challenges? How can Turkey Türkiye attract more investors? What should Turkey do to avoid facing the same misfortunes again?
Here’s how I would summarize the current expectations: In 2025, reducing inflation will remain a priority in economic policies. With the continuation of relatively tight policies in 2025, we expect inflation to end the year within the 25%-30% range. While this expectation is slightly above the projection in the Medium-Term Program (OVP), we remain fully confident that the disinflation process will continue. We anticipate that increases in foreign exchange rates will remain controlled and limited. Domestic economic activity is expected to follow a modest growth trend after reaching its lowest point in the first quarter. As inflation declines, particularly in the second half of the year, interest rate cuts will support domestic demand, and we project economic growth in 2025 to be around 3%-3.5%.
Prioritizing inflation control is undoubtedly the right policy choice. However, ensuring economic stability must also be a priority to foster a favorable investment environment. Investors place great importance on predictability and public policies that demonstrate consistency and continuity. Naturally, the strength of the rule of law remains paramount. If we adhere to the right economic policies while maintaining a commitment to structural reforms, I believe we can avoid repeating past setbacks.
2. During economic crises, what strategies do you follow in managing Eczacıbaşı Holding?
Economic crises come in various forms: currency crises, the bursting of speculative bubbles, financial crises due to excessive borrowing, energy crises, inflation crises, and the painful remedies applied to restore macroeconomic balances. Of course, we must also consider crises caused by external factors, such as wars and pandemics. Although the necessary actions differ depending on the conditions, generally, managing cash flow becomes the primary focus when navigating crises. Reducing costs and managing working capital effectively is crucial. During such periods, transformation through technology becomes even more important.
3. With over 50 companies spanning Consumer Goods, Construction, and Healthcare, does operating in such diverse sectors provide an advantage or pose challenges during economic crises?
While distributing management energy and resources across multiple sectors presents risks, such as potential loss of focus, I generally see it as an advantage. Operating in diverse sectors allows us to offset losses in one sector with gains in another. Earning income from various sectors can increase the company’s financial stability and reduce liquidity problems.
4. The global economy is undergoing major transformations, such as the pandemic, digitalization, and the US-China trade wars. What opportunities and risks do you think these present for Eczacıbaşı Holding?
The major transformations in the global economy create both opportunities and risks for industrial organizations. These transformations are primarily driven by technological innovations, globalization, green transformation, digitalization, and geopolitical shifts. For example, globalization increases access to new markets and improves the efficient use of capacities, but at the same time, low-cost production centers in developing countries make price competition more challenging. Technological innovations, automation, artificial intelligence, and Industry 4.0 applications make production processes more efficient and cost-effective, and digitalization allows for faster responses to customer demands. On the other hand, companies that fail to invest sufficiently in technology will lose their competitive edge. Transitioning to environmentally friendly production processes and increasing energy efficiency have the potential to reduce costs and provide a competitive advantage. However, if companies fail to adopt production and management strategies that comply with environmental regulations, they may fall into a disadvantageous position. Only time will tell which opportunities we can seize and which risks we can avoid during this rapid transformation.
VIII. What does business ethics mean to you? Do you think it receives adequate attention in the business world?
Business ethics can be defined as balancing the interests of various stakeholders. The principles of business ethics ensure that an organization’s decisions and actions align with ethical principles while balancing the interests of various stakeholders. It involves finding ethical solutions to potential conflicts of interest among stakeholders.
Since I’ve reflected on this topic and written about it, if I may, I’d like to answer with a quote from my book Aklımızda Bulunsun: “At times, thousands of employees; a stakeholder spectrum stretching from shareholders to the entire planet; hundreds, even thousands of decisions made every day in every corner of the organization; unseen players hidden within vast supply chains… Upholding business ethics in every action demands immense diligence. I don’t say this to excuse ethical lapses but to emphasize the effort required for full compliance with ethical principles.
Business ethics holds far greater importance today than it did in the past. We have come to understand that it extends beyond mere legal compliance. Our stakeholder landscape has grown more diverse, and young professionals increasingly seek to work for organizations that uphold ethical values. Research indicates that companies committed to ethical business practices tend to achieve more sustainable long-term success.
Moreover, business ethics has now transcended being merely a legal, ethical, or moral issue.
As the destructive impacts of climate change loom ever closer, powerful corporations, whose power has become uncontrollable, are lobbying to evade their responsibilities in combating global warming. They are influencing democratic elections, toppling governments, and exacerbating social conflicts. With our future at stake, business ethics has undoubtedly evolved into a critical matter of survival.”
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