Breakfast with CEO Cycle. Talk with Antonio Rios Amorim – CEO of Cork Amorim
António Amorim, CEO Corticeira Amorim, with a group of students from The Lisbon MBA International
From left to right: Ricardo Braz (student); Eunice Silva (student); Rachel Welch (student); Tiago Castro Freire (student); Pedro Correia Barros (student); Alban Auffray(student); Ana Amial (student); Maria José Amich (Executive Director); Mirella Ribeirinho (student); Mariana Tavares (student); Vasco Freitas da Costa (student); António Amorim, CEO Corticeira Amorim; Paula Lourenço, Careers and Corporate Relations Director; Liam Costello (student); Francisca Meneses (student); Miro Osório (student).
António Rios de Amorim was our guest speaker at the ‘Breakfast with CEO’ session and shared with our students from the International MBA, not only why Corticeira Amorim, a family-owned company, is the world leader in the cork industry, present in more than 100 countries, but also his leadership journey.
The company is celebrating its 150 years since its foundation and as one listens to the stories of the Amorim family, one realizes how such an empire was built on hard work and dedication. Since he was a boy, António Amorim would spend his free time at the company facilities and this routine would last until he went to study business at Birmingham University. When he came back, he took over various businesses, other than the cork one, which he managed successfully, and continued to invest in learning, using his monthly holidays to visit international clients in South Africa, Brazil, Chile and Argentina, and to continue expanding his education taking post-graduations in Columbia, Stanford and INSEAD Universities. In 2001 he was nominated President and CEO of Corticeira Amorim.
Citing Daniel Traça, the Dean of Nova SBE, António Amorim thinks “crises cannot be missed opportunities” and remembered the difficult times of battling against plastic stoppers twenty years ago that almost threatened the survival of the company. However, through investment in R&D and a solid strategic plan, the years that followed saw the ‘cork reborn’. “Corticeira Amorim is not only celebrating 150 years, but also preparing the next 150 by partnering with the best to diversify and to introduce the disruptive innovation that is needed to keep growing.” Antonio pointed out.
António Amorim’s ambition is to continue growing and for that cork needs to be extracted sooner and not every 25 years. Investment in a new way to grow the trees faster but keep the quality of the cork is being implemented. Cork Amorim is also supporting rising stars start-ups that use cork in their products, such as the flip-flops AsPortuguesas.
Sustainability is also a strategic area for António Amorim. Cork oak forests are natural CO2 sinks, they regulate the hydrologic cycle and protect against erosion and fire. Cork is totally natural, reusable and recyclable with no forms of cork waste or residues and therefore completely aligned with the new vision of the circular economy.
To António Amorim challenges remain, but the focus has adjusted to new needs. Digital transformation as a new channel for the company to engage with stakeholders, customers, producers and partners is on the table. However, a solid balance sheet, that was crucial for the company to become listed in the Portuguese Stock Exchange in 1988 is still a requirement to be able to grow in a sustainable way.
Some of the students present in the session are also involved in family businesses and to these António Amorim also had a recommendation: ‘a family company cannot be the last resource for those who do not succeed in the outside job market. Merit needs to be a criterion.’
Last but not least, António Amorim reminded that ‘people are the heart and lungs of the company’ and that as a leader one should mind his/her people. As an example, he shared that during the Covid-19 crises, when his people could not do remote work due to the nature of their job, he went to work every day in order to show solidarity and care for those who contribute to Corticeira Amorim’s success.
The cycle “Breakfasts with CEOs” is an initiative by The Lisbon MBA Católica|Nova’s Career Management Center, where our students get the opportunity to interact and be inspired by C-Level executives that share their leadership journey and insights.