NOVEMBER BULLETIN

Shaun Westcott shares how he escaped the violence of South Africa, found a new home in South Australia, and rose to the top of one of the most competitive and innovative industries in the world.

Message from the Chief Executive

Welcome to the November bulletin, which marks six months since picking up the keys in May. It seriously feels more like six weeks and I’ve really appreciated the welcome and support of our Scholars, partners, sponsors and key stakeholders. In that time together, we have welcomed the new 2023 award winners, delivered a series of great Scholar events, scaled our new systems and processes, and continued to focus heavily on the management of the Fund.

On that latter point, it’s no surprise the current global investment climate is challenging and the ILF’s exposure is no exception. Our fund continues to face market headwinds, but we still continue to track above index, which is a credit to the Investment Committee and our investment partner, Morgan Stanley. While the economic outlook remains uncertain, we’re no less committed to supporting talented leaders and look forward to another strong cohort heading into 2024, with applications opening in February.

This issue brings another inspiring Scholar story, with Shaun Westcott (ILF2018), CEO, President and Chairman of Mitsubishi Motors Australia under the spotlight this month. Shaun’s story is compelling and a remarkable example of an immigrant making a major commitment to the Scholars Network and the state of South Australia, including most recently as ILFSN Chairman.

This year’s ILFSN end of year celebration will be held on Monday, 11 December, from 5.30pm on the balcony of Adelaide Town Hall. Invitations have now been sent; make sure you register early as this will be a popular event at a fantastic venue. If you didn’t get your invite, get in touch with Suzi.

Enjoy this month’s bulletin, good hunting and very best wishes.

Richard Barrett
Chief Executive, Industry Leaders Fund
Level 1, 45 Greenhill Road, Wayville SA 5034
M: 0417 283 633
E: richard.barrett@industryleaders.com.au

Festive fun at Adelaide Town Hall

Adelaide Town Hall will host the ILF Scholars Network end of year celebration on Monday, 11 December, from 5.30pm to 7.30pm.

RSVP by Thursday, 7 December and email Suzi if you have any dietary requirements. Hope to see you there!

Scholar in the Spotlight

Shaun Westcott
CEO, President and Chairman, Mitsubishi Motors Australia
Leadership for Senior Executives
Harvard Business School, USA, 2018

Like many South Africans, Shaun Westcott has faced adversaries tougher than the steel that shapes the very cars his company manufactures. Having survived a brutal shooting that could have killed him and his family, the CEO, President and Chairman of Mitsubishi Motors Australia has emerged from the shadows of the past to paint a bright future as he steers Mitsubishi into new frontiers of innovation and success.

South Africa to South Australia

Born and raised in South Africa, Shaun’s life took a dramatic turn when his family encountered the horrors of an armed robbery. In the terrifying ordeal, criminals unleashed a hail of gunfire on innocent shoppers – including Shaun, his wife Julie and their two daughters Stacey and Amy-Rose, leaving them traumatised and fearful for their safety.

But this wasn't the family’s only brush with danger.

Another incident saw a rock hurled through the windshield of their car as it drove along a freeway at 120km/h. This calculated act of violence sought to wreak havoc, overturning the vehicle to facilitate robbery or worse.

Exhausted from the endless threat to their safety, the Westcott family sought refuge in a land far removed from the dangers of their homeland. Choosing Australia as their haven, Shaun's final destination was guided by circumstance. Owing to emigration rules favouring those aged under 45, Shaun was sponsored by South Australia on a skilled visa.

Fast forward seven years, the Westcotts have found peace and prosperity in Adelaide.

Seismic shifts

Shaun joined Mitsubishi Motors Australia in 2019 as Deputy Director of Aftersales and was promoted to President and CEO just a year later. Since then the company, headquartered in Adelaide, has evolved from a regional player to a global powerhouse thanks to an array of digital, customer-centric and process-driven innovations across the value chain.

Turning to the future, Shaun says the automotive industry is undergoing one of the biggest technological revolutions in history, as cars become more software than mechanical, and eventually autonomous. He is determined to keep Mitsubishi Motors at the forefront of this transformation, while also contributing to the economic and social development of South Australia.

READ SHAUN'S STORY

Lessons from a leading economist

ILF Scholars gathered at Adelaide Town Hall on 23 October for an insightful breakfast session with David Bassanese, Chief Economist from Betashares, a leading provider of exchange-traded funds. The event, sponsored by LGT Crestone, was part of the ILF training program that aims to equip Scholars with the skills and knowledge to enhance their careers.

David shared his expert analysis of the global economic trends and challenges that affect business and investment decisions in today’s volatile world. He discussed topics such as labour and energy markets, robotics and artificial intelligence, inflation and productivity, and geopolitical risks. He also answered questions raised by Scholars, who were keen to learn more about the implications of these issues for their own fields and interests.

The event was a valuable opportunity for the Scholars to network with each other and with David, and to gain a deeper understanding of the complex and dynamic forces that shape the world economy.

VIEW THE PHOTO GALLERY

Business in Brief

Scholars shine at SA industry awards

ILF Scholar companies have been recognised for their outstanding achievements in, and contributions, to the South Australian food and beverage, and energy and mining industries, at two events this month.

At the South Australian Premier’s Food and Beverage Industry Awards, La Casa Del Formaggio (Claude Cicchiello, ILF2014) received the prestigious Hall of Fame Award, which is nominated by industry peers and honours businesses that have made a significant and lasting impact on the sector. Spring Gully Foods (Keetah Murphy, ILF2020) won the Mental Health and Wellbeing Award for its efforts to create a positive workplace culture and a safe space for its 50-plus employees, while Beerenberg Farm (Sally Paech, ILF2023) took home the Consumer Award for businesses with more than 15 FTEs.

At the 12th annual Premier’s Awards in Energy and Mining, Fleet Space Technologies (Ryan McClenaghan, ILF2022) won the Resource Sector Productivity and Improvement Award for its mineral exploration solution, ExoSphere by Fleet. ElectraNet (David Malovka, ILF2021), together with the Barngarla Determination Aboriginal Corporation, received the Community Award for their Eyre Peninsula Link Cultural Heritage Monitoring Program, which involved collaboration and consultation with the Barngarla people to complete the new 270km high voltage transmission line from Cultana to Port Lincoln. NDE Solutions (Kimal Singh, ILF2022) and Santos received a commendation in the Innovation and Collaboration category for a corrosion identification and measurement product.

See the full list of Food and Beverage Industry Awards winners, and the list of Energy and Mining winners.

2023 SA Business Index

ILF Scholars are leading some of the best-performing businesses in the state, according to the latest SA Business Index – Top 100 Companies. Prepared by local financial services firm Taylor Collison and presented by InDaily, the index showcases the state's premier companies based on market capitalisation and revenue for the 2022-23 financial year.

ILF Scholar-led companies on the list:

#3 Peregrine: Stephen McGrath ILF2019, Ricardo Conti ILF2021
#4 Beach Energy: Carrie Trembath ILF2017
#5 Thomas Foods: George Korniotakis ILF2021
#9 Discovery Parks (G’Day Group): Grant Wilckens ILF2014, Amanda Baldwin ILF2019, Michaela Webster ILF2021
#11 Codan: Alf Ianniello ILF2011, Jock Duncan ILF2011, Peter Charlesworth ILF2013, Daniel Widera ILF2022
#19 LMS Energy: Adam Faulkner ILF2019, James McLeay ILF2020, Matthew Falzon ILF2018
#25 Nova Systems: Sarah Cannard ILF2014, Rebecca Macdonald ILF2011
#26 Leader Computers: Ben Klason ILF2021, Theo Kristoris ILF2021
#29 Fleet Space Technologies: Ryan McClenaghan ILF2022
#30 Ahrens Group: Aaron Bain ILF2021
#32 Cooper Energy: Dean Johnson ILF2021
#35 Detmold Group: Mark Coupe ILF2013, Zoe Detmold ILF2016, Damien Puyenbroek ILF2020
#38 SAGE Group: Andrew Downs ILF2013, Adrian Fahey ILF2016, Dion Draper ILF2020
#46 Camms: Beau Murfitt ILF2021
#48 AJ & PA McBride: Nathan Wessling ILF2020
#59 Korvest: Chris Hartwig, ILF2015
#71 Fyfe: Joel Stevenson ILF2022, Andrew Warner ILF2021
#93 Mayfield Group: Ryan George ILF2015
#97 Vintage Energy: Neil Gibbins ILF2014

To qualify for the index, companies must have strong South Australian roots, either being incorporated, headquartered, or majority-owned by South Australians. Now in its ninth year, the index remains an invaluable resource for those invested in the pulse of South Australia's business landscape.

Business confidence in SA slightly recovers after June slump

The latest Business SA, William Buck Survey of Business Expectations shows that business confidence in SA has increased slightly in the September quarter, after a sharp drop in June.

Confidence levels rose to 83.9 points, bouncing back from 77.3 three months earlier. In June, the Business SA survey projected a further decline in business confidence to 68.4 points for the September quarter, reminiscent of challenging periods like the peak of COVID-19 and the Global Financial Crisis.

Business SA Chief Executive Andrew Kay (ILF2014) says interest rate stability since the last survey has contributed to the improved result, noting results were collated before the Melbourne Cup rate hike.

Scholars in the Media

A student from Renmark participating in a virtual reality experience in one of Lumination's Learning Lab

Cold Logic: Eddie Lane (2012), Dr Michael Riese (2012)

Cold Logic has been awarded a multi-million dollar contract to construct and install cold and cool rooms for the first batch of three Hunter class frigates. Partnering with UK company Ernest West & Beynon (EWB), Cold Logic will leverage EWB’s experience in supplying into the Type 26 program, which is the reference design for the Hunter class frigates being built at Osborne.

G'Day Group: Grant Wilckens (ILF2014), Amanda Baldwin (ILF2019), Michaela Webster (ILF2021)

G’Day Group Chief Executive Grant Wilckens says it’s been a tough year for his company, with major floods and hikes in food, freight and wages plunging the country’s largest regional accommodation provider into a loss. However, it remains upbeat as more budget-conscious Aussies choose to holiday at home.

De Stefano and Co: Emilio De Stefano (ILF2014)

De Stefano and Co has entered a strategic partnership with BidWrite, a company at the forefront of specialised tender and proposal management services. Emilio De Stefano discusses this venture and what it means for their clients.

Stärke-AMG: Grant Tinney (ILF2022)

QPE Advanced Machining has been selected to supply launcher components for the Kongsberg Naval Strike Missile (NSM) to Kongsberg Defence Australia. QPE Advanced Machining, part of Stärke-AMG, will supply the components from its Gillman facility. Kongsberg’s NSM is replacing the Harpoon Anti-Ship Missile capability through an acquisition process under defence’s project SEA 1300 Phase 1 Navy Guided Weapons.

Woodside Cheese Wrights: Kris Lloyd AM (ILF2014)

Woodside Cheese Wrights’s Kris Lloyd AM, the event director of CheeseFest, has invited Africola chef Duncan Welgemoed to make a "Get Pickled" toastie for the event. Ingredients include Beston Foods gouda and the Spring Gully Elote corn relish.

Nova Systems: Rebecca McDonald (ILF2011), Dr Sarah Cannard (ILF2014)

Nova Systems has appointed a global defence executive as its new CEO. The multinational defence and engineering firm announced the appointment of Dean Rosenfield as its new chief executive. Rosenfield is currently chief marketing officer and managing director of Saab UK. He has been with the Swedish aerospace and defence company since 2001 and spent nearly five years as Saab Australia managing director from 2013 to 2017.

Axiom Precision: Jim Grose (ILF2016)

Lockheed Martin has selected Axiom Precision Manufacturing and Nupress Group as global supply chain partners for the Orion spacecraft program, part of NASA’s Artemis missions to the moon. In a statement, Lockheed Martin said the decision to look to the pair for precision-machined component supply followed a rigorous evaluation, "focusing on their substantial cost-saving proposals, exceptional customer responsiveness and reduced lead times".

Additive Surgical: Gibran Maher (ILF2022)

Additive Surgical is partnering with Co-Lab Tech to produce and commercialise innovative medical devices in SA, with its founding partner already creating world-leading surgical implants. Gibran Maher, co-founder and chief executive of Additive Surgical, said the new Kent Town collaborative would draw together medical, engineering, business and science industry professionals.

Casarosa Almonds: Jarrad Casaretto (ILF2020)

A recent three-day trade mission backed by the State Government saw 16 SA producers pitch to NZ importers, distributors and buyers for grocery and wine retailers. Producers including The Yoghurt Shop, Casarosa Almonds, 919 Wines and Seppeltsfield Wines participated with a goal to secure new or additional sales in the NZ market.

Hickinbotham Group: Michael Hickinbotham (ILF2020), Kylee Harry (ILF2021)

An annual list of South Australia’s largest home builders has revealed the pain being felt across the industry as major firms continue to navigate a perfect storm of rising costs and decreasing demand. Hickinbotham held its position as the state’s largest home builder, and the country’s 11th largest, despite an 18 per cent fall in activity to 1,507 new homes. Its nearest rival in the local market, Metricon, suffered a 25 per cent drop in volumes to 398 new homes. Just six of the top 15 builders reported a rise in activity.

McLaren Vintners: Tara Madgett (ILF2022)

Adelaide beverage technology start-up Frigid has set its sights on the lucrative US market after securing more than 20 craft breweries for its smart refrigeration platform. Contract wine producer McLaren Vintners is also rolling out the platform, which uses Internet of Things and cloud-computing technologies to provide craft brewers and other beverage producers with real-time information and the ability to control chilling processes remotely.

REDARC Group: Anthony Kittel (ILF2010), Ben Marsh (ILF2013), Scott Begbie (ILF2016), Tom Cross (ILF2020), Craig Herriot (ILF2023)

Adelaide-based REDARC Group and Singapore defence and electronics company ST Engineering Advanced Networks & Sensors have signed a partnership agreement at the defence and security technology show, DSEi 2023, in London. The partnership will enable REDARC to provide vehicle electronics solutions to the Australian Defence Force while driving Australian industry capability content.

Michaela Webster (ILF2021)

The Art Gallery of South Australia has appointed three new members to its board, including ILF Scholar Michaela Webster (pictured) from G'Day Group. Michaela is a non-executive board member for Southern Cross Care and Helpmann Academy. She is the Commissioner for Tourism NT and serves as a committee member of Bedford Group. A 2021 Scholar, she was awarded an ILF grant to study the Advanced Management Program at Melbourne Business School.

Fivecast: Dr Brenton Cooper (ILF2022), Duane Rivett (ILF2023)

Dr Brenton Cooper is the founder and chief executive of Fivecast, the marketplace for dark web marketplaces, which provides a window into the world of criminal activity. The company is one of several in Australia that operates in a portion of the internet inaccessible to most.

K-TIG: Ben Mitchell (ILF2022)

K-TIG has not met its planned transaction date for the purchase of UK advanced manufacturer Graham Engineering Limited. The company’s share purchase agreement to acquire the business as an entrée to the UK nuclear decontamination field reached its sunset date of 31 August, with a number of conditions for the scheme not yet satisfied.

Angove Family Winemakers: Victoria Angove (ILF2015), Richard Angove (ILF2020)

Fifth-generation family-owned wine company Angove Family Winemakers has been awarded Exporter of the Year at the Australian Organic Industry Awards. It is one of only a handful of wineries to be organically certified in major global markets and has experienced strong sales growth and expanding market opportunities. Certified to Australian, US, Canadian, EU and Chinese organic standards, Angove was established in 1886 and this year marks its 15th anniversary in farming and making wine under organic certification.