On March 31st, the Reflect Festival in Limassol hosted an inspiring speech by Stavros Drakoularakos, the General Manager of Cyprus and Malta for Philip Morris International (PMI). Taking place on the Future Stage, his presentation, titled "The Uphill Battle of Business Transformation: A Case Study," delved into how a successful multinational company like PMI can transition away from traditional products to create a better future for all. Drakoularakos' address highlighted the pivotal role of purpose and sustainability in shaping long-term business success and societal improvement.

Stavros Drakoularakos began by underscoring the essence of organizational transformation. His speech revolved around a critical idea: "Culture is what you do when no one else is watching." He elaborated on how culture is fundamental in making change sustainable. Drakoularakos identified three plus one key pillars essential for this transformation: people, culture, technology, and regulation.

Mr. Drakoularakos articulated PMI's mission to move beyond being a cigarette company. He emphasized that their transformation aims to change society by delivering a smoke-free future. This shift is the most significant in PMI's history, driven by the dedication and creativity of thousands of its employees. The company's focus is on developing smoke-free products as better alternatives to traditional cigarettes, guided by the belief that it's the right thing to do. Drakoularakos stressed the importance of providing these alternatives for the over one billion smokers worldwide, encouraging them to quit or switch to less harmful options.

Drakoularakos shared several compelling insights and messages throughout his speech:

1. Diversity and Innovation: "We like diversity not just in gender but in terms of thinking, age, religion, education... and we like a little bit of crazy," he remarked, emphasizing that a diverse team brings new perspectives and ideas essential for transformation.

2. Ongoing Transformation: He pointed out that "transformation is an ongoing thing," indicating that companies must continuously evolve and adapt to remain relevant and successful.

3. Continuous Learning and Upskilling: Drakoularakos noted, “You need new people with new ideas, but it doesn’t mean that the current team is done with. Ongoing learning and upskilling are important,” highlighting the need for a blend of fresh talent and the continuous development of existing employees.

In an exclusive interview with FastForward, Drakoularakos discussed his reasons for presenting at Reflect Festival. He stated,

“Reflect Festival is a space of technology and innovation, and even though Philip Morris is a multinational company, we are close to technology with our newest product innovations, and we have a lot of knowledge to share with younger companies that can learn from our journey.”

This connection to technology through products like Iqos positions PMI as a source of valuable insights for emerging companies. On the topic of company culture, he elaborated,

“Culture is what ensures the continuity of a company. Culture is what helps during the difficult times of a company. A common purpose, and a vision.”

Drakoularakos emphasized that a strong and cohesive culture is crucial for navigating challenges and sustaining progress. When asked about new products, he hinted at ongoing innovation, stating,

“We are always developing new products, and Cyprus has our most up-to-date offerings and cutting-edge technology.”

Stavros Drakoularakos' speech at Reflect Festival was a testament to the transformative journey of Philip Morris International. By focusing on people, culture, technology, and regulation, PMI is not only striving to create a smoke-free future but also demonstrating how businesses can incorporate purpose and sustainability into their strategies. His address inspired many, shedding light on the importance of culture in ensuring long-term success and societal betterment. As PMI continues to innovate and transform, it stands as a model for other companies aiming to make meaningful changes in their industries.