[Global CEO Talk] “You own your career. You need to know what you want to do. Don’t let anyone else decide for you,” said Hector Villareal     On September 10th, at Korea University Business School, the Global CEO Talk featured Hector Villareal, GM Korea’s CEO. Hector has worked at GM for 30 years, starting as a mechanical engineer and eventually becoming the CEO of GM Korea. He attended the same university in Mexico, the Tecnologico de Monterrey, as the presenting GMBA student. Over the years, he has gained international experience working in the United States, Russia, Uzbekistan, Thailand, and South Korea. His experience across these diverse countries helped him understand the importance of being recognized and respected both inside and outside the company and how to best evaluate efficiency in his current role in Korea.     When asked what kind of leader and CEO he sees himself as, Villareal described himself as a servant leader who looks after the team. He expects team members to know their roles, understand when and why they fail, and learn from their mistakes. Once they recognize their errors, they must fix them and move forward. Villareal expressed his commitment to working alongside his team to find solutions and share in successes when appropriate. Although he started as a mechanical engineer and later became a CEO, he acknowledged that everyone faces growing pains and challenges throughout their professional careers. Learning a new side of the business is an essential part of that process.   During the session, Villareal played a video from GM’s global CEO, Mary Barra. The short advertisement emphasized that safety is GM’s core principle, highlighting the company’s commitment to building vehicles to the same safety standards worldwide. GM also launched an initiative called “Global Safety Week,” which further underscores the importance of safety, both in the workplace and in daily operations. Safety, as Villareal noted, is a concern that extends throughout GM’s global operations.   Following this, Villareal outlined his purpose for the event: to discuss not just his personal vision but the broader vision GM has for the world. A second video showcased GM’s progress, future goals, and commitments. Two of the central pillars of GM Korea’s future are safety and innovation. Villareal highlighted developments such as self-driving vehicles, in-car health-check systems, and connectivity tools. Among these innovations is a device designed to connect and detect to avoid crashes, as well as GM’s dedicated company, Cruise, which focuses on autonomous vehicles.     Villareal stated that “The best way to predict the future is to create it,” and this philosophy drives GM Korea’s major commitment to becoming carbon neutral. In response to the growing environmental challenges, such as natural disasters and the endangerment of species, GM is shifting from combustion engine vehicles to electric vehicles (EVs). When asked about the environmental cost of EVs, particularly the use of lithium batteries, Villareal assured that GM is committed to responsible practices wherever they operate, working closely with partners like LG Energy Solution, Samsung SDI, and Posco Future M to minimize negative environmental impacts.   As part of GM’s innovation strategy, they have also partnered with Microsoft for software development in cars. However, the production of autonomous vehicles presents a significant challenge in terms of gathering necessary data without violating privacy laws. Villareal stressed that this issue must be addressed in collaboration with governments to advance autonomous driving technologies.   Despite GM Korea’s ambitious goals, Villareal acknowledged that entering the Korean market as a foreign firm presents unique challenges. Even though GM acquired a local company, skilled engineers, and built three factories in Korea, they still face difficulties, especially with safety regulations. GM, for instance, has been unable to import brands like Corvette due to regulatory barriers. Villareal also pointed out that for South Korea to continue thriving, the market needs to open further. While chaebols dominate the market, GM is positioning itself to compete in areas like safety where it can offer a distinct advantage.   Though the Korean automotive market is tough, Villareal sees many advantages, including the country’s strategic location, strong logistics network, and proximity to other key markets in Asia. These factors, he believes, will continue to position GM Korea for future growth.     Hector Villareal’s long career at GM, culminating in his current role as CEO of GM Korea, highlights his focus on servant leadership and global experience. Throughout the talk, he emphasized GM’s commitment to safety, innovation, and environmental responsibility, including the transition to electric and autonomous vehicles. Despite the challenges GM faces in the Korean market, Villareal is optimistic about the future, seeing strategic opportunities in Korea’s geographical location and logistics capabilities.   This event provided valuable lessons on the importance of adaptability in professional careers, particularly for those working in different countries and industries. Villareal’s insights will continue to resonate with GMBA and GMIM students as they pursue their own paths in management and leadership roles. His emphasis on understanding the specific needs, motivations, and expectations of local consumers, along with a commitment to corporate social responsibility and environmental, social, and governance (ESG) initiatives, will be essential for future leaders.

[Global CEO Talk] Robert Lee CEO of Blizzard   On June 5th, Robert Lee from Blizzard Entertainment visited Korea University, sharing his extensive experience and insights into the gaming industry and market expansion strategies. With a rich professional background that includes leadership roles at Samsung and Amazon, Robert has a proven track record in crafting and executing innovative business strategies. His expertise spans over diverse sectors such as tech and banking, positioning him as a key figure in addressing the unique challenges of market scaling and growth.   Blizzard Entertainment, founded in 1991, is a premier developer and publisher of entertainment software. Known for iconic franchises such as World of Warcraft, Starcraft, and Diablo, Blizzard has significantly shaped the gaming industry. The company’s commitment to quality and innovation has garnered a loyal global following, with a workforce dedicated to serving players in nearly 200 countries. Blizzard’s impact extends beyond gaming, influencing popular culture and the eSports scene worldwide.     South Korea, being a significant player in the global gaming market, ranks fourth largest worldwide. The platform landscape in Korea has been significantly influenced by Blizzard Entertainment, particularly through the development of PC rooms, popularly known as PC방, which have played a crucial role in the proliferation of PC gaming. Blizzard’s portfolio includes legendary games such as World of Warcraft, Oks ks verwatch and Diablo. Each game has left a profound impact on the gaming industry. Diablo, in particular, resonates strongly with Korean gamers, not just the youngsters but also people in their 30s, 40s, and 50s. The launch of Diablo 3 was a major event in Korea, drawing huge crowds and significant attention. This strong interest continued with the release of Diablo 4, highlighting the global excitement and anticipation for Blizzard’s games.     Known for their novel game launches, Blizzard’s marketing strategies are as inventive as their games. A notable example is the collaboration with Burger King, creating exclusive in-game "burger skins" available only with the purchase of a Whopper. Transforming an old abandoned subway station into a hell-themed promotional event for Diablo showcased Blizzard’s creativity. These efforts earned Blizzard the Korea Ad Award, a first for a gaming company. Robert further elaborated on the marketing strategies. A notable example is the collaboration with Burger King in South Korea for the release of Diablo Immortal. This partnership introduced the "Diablo Ultimate Donut King'' burger featuring unique ingredients and a special Diablo sauce. Customers who purchased this burger received exclusive in-game rewards and could participate in the Diablo Immortal Goods Lucky Relay event, offering various prizes ranging from premium in-game items to real-world merchandise.   Blizzard has masterfully integrated with Korean pop culture. Activision’s commissioning of Halsey and Suga from BTS to create a theme song for Diablo is a prime example. The song not only galvanized the game’s global launch but also topped charts, accentuating the seamless blending of gaming and entertainment. Blizzard’s collaborations with webtoon creators and K-pop bands like Le Serafim further cement its cultural relevance. Since its establishment in 2004, Blizzard Korea has strived to serve the passionate gaming community with impeccable localization and continuous engagement. The office’s efforts have resulted in a perfect segmentation of 60% international and 40% US influence, highlighting Blizzard’s understanding of the international market's importance.     Robert further explained that Michael Morhaime, CEO of Blizzard Entertainment, has been instrumental in shaping the company’s direction and success. His leadership fostered a culture of innovation and player-centric game development. Under his guidance, Blizzard launched some of its most successful titles and significantly influenced the global gaming industry. Morhaime's frequent visits to Korea and appearances on Korean news shows during Starcraft’s rise to popularity helped solidify Blizzard’s presence in the region.   One of the most significant trends in the gaming industry today is the gamification of consumable content. This trend is transforming the way content is created and consumed, blurring the lines between gaming, entertainment, and daily life activities. Blizzard Entertainment continues to leverage its rich history of innovation and strong community engagement to pave the way for future successes. By focusing on creating immersive gaming experiences and fostering global cultural connections, Blizzard is well-positioned to maintain its leadership in the gaming industry.

[Global CEO Talk] Insights from Wonshik Choi of McKinsey & Company   On May 15th, the Korea University Business School hosted an engaging session for Wonshik Choi, Senior Director at McKinsey & Company as a part of the Global CEO Talk held in the Hyundai Motor Hall building, room no. 412. This event provided Global MBA students, undergraduates from the business school, and MIM students with valuable insights into the consulting industry, leadership, and the principles that drive McKinsey's success.   Born and raised in Korea, Wonshik Choi started his professional journey with a degree in mechanical engineering from Princeton University in the United States. His career began in engineering at a company called Allied Signal, later known as Honeywell, but a serendipitous encounter with consulting during his MBA program changed his trajectory. He fell in love with consulting for its razor-sharp focus on impact and clear project timelines, propelling him to join McKinsey & Company in 1997 as an associate.     While talking about his experience at Mckinsey, he described his work at McKinsey as deeply fulfilling, emphasizing three levels of satisfaction: job, career, and calling. He explained that a job provides financial satisfaction, a career offers progressive responsibilities and growth, and a calling drives personal growth and societal impact. This framework, inspired by the Japanese concept of Ikigai, has kept him motivated and committed throughout his career.   Wonshik emphasized the importance of teamwork and project-based learning. He encouraged students to engage in collaborative projects, as these experiences are crucial in developing the skills necessary for a successful consulting career. His reflection on his own career emphasized on the importance of humility and gratitude, noting that his achievements were made possible by the support and opportunities he received along the way.     Furthermore, he gave the students a glimpse into McKinsey’s mission which is to help clients achieve sustainable, substantial improvements in their performance. This mission is grounded in two core principles: delivering significant client impact and fostering a people-centric model that attracts, develops, and retains exceptional talent.   McKinsey’s values include adhering to the highest professional standards, improving client performance significantly, and creating an unrivaled environment for exceptional people. Wonshik stressed the importance of maintaining a flat organizational structure and the obligation to voice differing opinions to ensure the best outcomes for clients.   He also elaborated on McKinsey’s diverse problem-solving methodologies, including hypothesis-led approaches, domain-specific expertise, advanced analytics, design thinking, and engineering-focused solutions. These approaches allow McKinsey to tackle complex challenges effectively and deliver enduring results for clients.   Beyond financial results, this framework considers the long-term performance, customer satisfaction, employee well-being, social and environmental impact, and capability development. McKinsey’s approach ensures that projects deliver substantial and sustainable benefits across multiple dimensions.     The company’s leadership development model focuses on four essentials: living the firm’s values and managing risk, achieving holistic client impact, building a stronger firm, and developing and inspiring a diverse group of colleagues. Wonshik highlighted the importance of continuous learning and mentorship at all levels within the firm.   In addition to his talk, Wonshik prepared a role play for two participants, simulating a scenario between a consultant and a client. He encouraged the attendees to analyze the role play, providing feedback on their observations, identifying effective strategies, and suggesting improvements. This interactive session aimed to enhance the practical understanding of consulting dynamics and decision-making processes.     Wonshik Choi's talk provided profound insights into the consulting industry, leadership, and personal development. His journey from engineering to senior leadership at McKinsey offers invaluable lessons for students and professionals alike. By embracing teamwork, continuous learning, and a calling-driven approach, he has demonstrated how one can make a significant impact on both clients and society.

[Global CEO Talk] L'oreal…Samuel du Retail   On May 3rd, Korea University Business School hosted an engrossing L'Oréal CEO Talk session that brought together Global MBA and KMBA students. Conducted in English and Korean, the session featured Samuel du Retail, President of L'Oréal Korea, alongside key members of thecompany's HR team. This event allowed students to gain insights into the company's vision, technological advancements, and career opportunities.     The event began with Samuel sharing insights into L'Oréal's core values, vision of beauty, and the innovative initiatives driving the company's success in the beauty industry. He highlighted the importance of diversity and inclusivity, elaborating on L'Oréal's diverse brand portfolio consisting of 37 brands across four divisions: L'Oréal Luxe, Consumer Products, Dermatological Beauty, and Professional Products, with a significant presence in Korea.   Samuel illustrated the company's innovative and responsive approach to various markets, explaining how L'Oréal often acquires smaller brands and globalizes them while adapting to local trends. Recent acquisitions like 3CE have helped the company expand further into the K-beauty and skincare sectors. The worldwide leader in beauty maintains a strong presence across Western Europe, North America, and the New Markets (Asia Pacific, Latin America, Eastern Europe, and Africa-Middle East). In Korea, L'Oréal employs 1,800 people and operates 15 brands, playing a pivotal role in the local beauty market for over 30 years.   He gave the audience a glimpse into the company's global performance metrics for 2023, revealing key figures like growth vs. market (1.4 times the market growth rate), employees worldwide (90,000 people across all regions), and products sold in over 150 countries.   A significant portion of the talk focused on how L'Oréal incorporates technological advancements into its business model, particularly in Korea. Samuel discussed the establishment of the Korean Innovation Center in 2018, leveraging the region's scientific ecosystem to drive research and development. This center allows L'Oréal to focus on personalization, tech for diversity, and sustainability. Technological advancements enable the company to offer tailored skincare regimens while enhancing usability for people with motor skill limitations.     Additionally, L'Oréal strives to be more sustainable by developing products that are less packaging-intensive and promoting refillable and recyclable packaging. The company prioritizes protecting vulnerable communities and is committed to giving back to society by contributing beyond business. This approach motivates employees to go beyond their everyday roles and engage in societal causes.   Samuel mentioned the company's keynote presentation at CES (Consumer Electronics Show) as a demonstration of its commitment to leading in both technology and beauty innovation. L'Oréal was the first beauty company to deliver a keynote at this prestigious event, showcasing its tech-savvy approach to global markets.   The CEO Talk session then transitioned to a panel discussion led by Sunny, who also helped translate between Korean and English for the diverse audience. Alongside Samuel, the panelists included Ji Eun from the HR team, Youngmin from the Supply Chain Management department, and several others from L'Oréal Korea. They shared personal experiences working at the company, offering a glimpse into its inclusive culture. The panel emphasized how L'Oréal values employees based on merit, irrespective of gender, nationality, or background.       Ji Eun described how she was given the opportunity to work on a significant transformation project early in her career, illustrating the company's commitment to empowering employees to take on challenging roles. Youngmin from the Supply Chain Management department at L'Oréal Korea’s Luxe Division, shared his journey from Johnson & Johnson to L'Oréal Korea. He spoke about how the company's dynamic and inclusive environment helped him continuously develop his skills.   During the session, the HR team announced an upcoming internship program that would run from July to January 2025, providing students the chance to apply their skills and knowledge in a real-world business environment. By nurturing new talent through hands-on experience, L'Oréal demonstrates its commitment to shaping future leaders in the industry.   The L'Oréal CEO Talk session at Korea University Business School offered a comprehensive look into the company's values, innovative approach, and global influence. Samuel du Retail and the HR team presented a compelling narrative of how L'Oréal leads the beauty industry by embracing technology, sustainability, and a culture centered on diversity and inclusivity.

[Global CEO Talk] EU x KU session…Ambassador Maria Castillo Fernandez   On May 1st at Hyundai Motors Building, Korea University Business School's Global MBA Program hosted an insightful session with Ambassador Maria Castillo Fernandez, focusing on the geo-economics of EU-RoK relations. The event drew an enthusiastic audience eager to delve into the complexities of international trade between the European Union and South Korea.   The event began with a warm welcome from Dean Sangyong Kim, who emphasized Korea University Business School's unique position as the best business school in Korea and the only institution offering a Master in Management (MIM) program. Dean Kim proudly highlighted the diversity of the Global MBA program, which includes students from 17 countries and boasts an international student population of 75%. This diversity of backgrounds, he argued, makes for a rich learning environment where students can exchange different perspectives and ideas about business.     Professor Betty then introduced Ambassador Maria Castillo Fernandez and Christoph Bess, head of trade, stressing the importance of fostering global leadership through dialogues amongstudents, faculty, community members, and diplomats. The session began with the ambassador outlining the strategic importance of strengthening EU-Korea trade relations in light of current geopolitical and economic uncertainties. She emphasized the need for strong partnerships to address the challenges presented by shifting global economic dynamics.   Ambassador Maria began by emphasizing that the EU's economic security strategy focuses on "de-risking," not "decoupling." She stressed that the EU remains committed to fostering open trade and investment, a key pillar of its economic growth. The EU's Economic Security Strategy, introduced in June 2023, seeks to maximize the benefits of economic openness while minimizing vulnerabilities through a unified EU approach. This comprehensive strategy has been further bolstered by new initiatives announced in January 2024, which promote competitiveness, protect economic security, and strengthen partnerships with reliable allies.     She highlighted several global shifts impacting international trade, such as the weakening of the World Trade Organization (WTO), China's assertive trade practices, and the weaponization of economic interdependence by various actors. Such changes have blurred the lines between geopolitics and commerce, creating new challenges for international relations. In response to these shifts, the EU is working to find the right balance between maintaining open markets and enhancing protective measures to safeguard its economic interests.   The EU-South Korea Free Trade Agreement (FTA), which took effect in 2011, has been a cornerstone of bilateral trade. Eurostat data showed steady growth in EU-Korea trade despite global disruptions, with EU exports reaching €57.1 billion in 2023 and imports standing at €72.8 billion. Machinery, transportation equipment, and chemicals continue to dominate bilateral trade, while smaller sectors like wine, cheese, and footwear have flourished under the agreement, underlining its broad economic benefits.   The ambassador discussed challenges posed by the digital economy and environmental sustainability to traditional trade frameworks. Both the EU and Korea are uniquely positioned to capitalize on these shifts for economic growth. The digital economy represents both an opportunity and a challenge, requiring nations to adapt their regulatory frameworks to keep up with rapid technological advancements. Environmental sustainability, particularly in the context of climate change, demands a collaborative global response. The EU has long been a proponent of strict environmental regulations, and Korea has also made strides in this direction. Both regions can benefit from sharing their experiences and knowledge in crafting future policies.   During her talk, Ambassador Maria emphasized the potential sectors for future collaboration between the EU and Korea, with a particular focus on technology, renewable energy, and education. In technology, both regions have invested heavily in research and development, particularly in emerging fields like artificial intelligence and green technology. By aligning their goals and fostering joint ventures, the EU and Korea can create new opportunities for innovation and economic growth.     Renewable energy represents another critical area of potential collaboration. As the world seeks to reduce its dependence on fossil fuels, the EU and Korea are uniquely positioned to lead in renewable energy research and development. From offshore wind farms to cutting-edge solar panels, the EU and Korea have the expertise and resources to set the standard for clean energy adoption.   Ultimately, she stressed that the EU and South Korea can navigate these uncertain times by working together with like-minded partners to address shared security concerns and strengthen strategic sectors. Through concerted efforts, the EU and South Korea are poised to deepen their partnership and reinforce their global economic influence. By leveraging their shared values of openness, innovation, and cooperation, the EU and South Korea can build a more resilient and prosperous future.   After Ambassador Maria’s informative session, Professor Betty led a collaborative exercise where she divided the attendees into teams of four to five people, creating diverse groups to tackle a practical question. The challenge was for each team to identify one key sector in which the European Union should invest in South Korea. This approach encouraged strategic thinking and cross-cultural insights.   After internal team discussions, representatives from each side presented their findings, focusing on the vulnerabilities and advantages of each sector. Teams suggested investing in industries like skincare, semiconductors, education, and energy. Skincare emerged as a compelling option due to the potential for diversification, while education was identified as an important area for cultural exchange programs. Energy was another promising sector, with the EU able to provide advanced technology to Korea for producing renewable energy. Christoph Bess expanded on these points, noting the mutual strength of the EU and Korea in the cosmetics industry. He cited Amore Pacific and L'Oréal as regional leaders, emphasizing that their products are easier to trade than agricultural goods due to fewer complexities. He highlighted the EU's advantage as a large market with a mature and affluent population, emphasizing that purchasing power is crucial when assessing trade potential.     While talking about EU's concerted efforts to attract further Korean investments, Christoph elaborated on the European Chips Act, designed to attract chip manufacturers and foundries to Europe. He pointed out that Europe is strong in automotive chips but less prominent in memory chips, which is a specialty of Samsung. He emphasized the importance of market demand in Europe when considering investment opportunities and referenced ASML's successful partnership with Samsung as an example of a fruitful collaboration.   Turning to agriculture, Christoph acknowledged that Korea isn't strong in exports beyond kimchi, samgyetang, and seaweed. However, there is a growing European interest in Korean cuisine, which can initially serve the Korean diaspora before expanding to a wider audience. He mentioned that European technology could enhance agricultural investment in Korea.   The session concluded with Professor Betty encouraging the participants to leverage the people around them to create thought partnerships and thanked the EU representatives for their insights. This collaborative environment provided a fertile ground for new ideas, helping participants deepen their understanding of the geo-economics behind EU-Korea trade and security relations.

[Global CEO Talk] When you say you can do 80% and give a 100%, you are a winner…BCC Global Winston Kim   On April 5, Korea University Business School hosted Winston Kim (김세훈), Head of Sales for Korea & Southeast Asia at BCC Global, for an insightful CEO talk. The focal point of the discussion revolved around uncovering business opportunities in China and Southeast Asia. BCC Global, short for Business Connect China and headquartered in Shanghai, stands as China's premier expert service and consulting firm since its establishment in 2008. Functioning as an independent third-party research institution, its expansive global network of experts and research products caters to diverse clientele ranging from financial institutions to consulting firms and leading corporations. With branch offices established in key locations such as Beijing, Shenzhen, Wuhan, New York, and Seoul, BCC Global has solidified its presence internationally.   Winston Kim commenced the session by providing an overview of his career journey, emphasizing his current interest in learning Chinese to fortify communication with Chinese business partners. Joining BCC as a regional sales director for the Asia Pacific region in 2014, he has been head of the sales division since 2022. His role has provided him with the opportunity to travel to various countries including China, Singapore, and the USA multiple times a year. Winston emphasized the significance of building relationships and networking, asserting that face-to-face interactions over coffee or meals are a great way to understand the client for successful deals and professional visibility.     Previously, he participated as a media consultant and global market research consultant at the Global Alternative Investment Conference (GAIC), where he led numerous online and offline discussions with financial experts worldwide. These discussions explored themes such as "Opening a New View in Alternative Investment – Challenges and Transitions in Innovation," "Opportunities and Challenges in ESG Alternative Investment," and most recently in 2023, "Alternative Investment-Rewriting the Playbook." Notable sponsors of GAIC included the Korean Financial Services Commission, Korea Investment Corporation, National Pension Service, among others, with BCC Global and other partners playing significant roles.     Further, he explored the influence of overseas Chinese in Southeast Asia, elucidating the concept of the Bamboo network, which denotes the business connections among companies owned by ethnic Chinese families or overseas Chinese in the region. Regions such as Cambodia, Indonesia, Singapore, and Vietnam feature prominently in this network, with overseas Chinese playing a pivotal role in Southeast Asia's business landscape. Their amassed capital, nearing 2.5 trillion USD, highlights their substantial economic influence, controlling a significant portion of the region's assets. Notably, Singapore emerges as a dominant player, harboring 80% of overseas Chinese capital, followed by Malaysia, Indonesia, and the Philippines.   Expanding on business opportunities in Southeast Asia, Winston highlighted Singapore's ascent as one of the world's most business-friendly regulatory environments. Renowned for its competitiveness, Singapore is known for its flourishing sectors including transportation, banking, tourism, and automobile manufacturing. Despite a decline in total deal volume, early-stage deals in Singapore retain substantial value, albeit influenced by prevailing interest rates. He drew parallels between Singapore and China, elucidating their symbiotic trade relationship and their potential for further collaboration, particularly in the realms of digital economy, new energy, and shipping.     Transitioning to career prospects post-MBA in 2024, Winston outlined the top career paths for students, emphasizing the growing demand for healthcare management professionals, followed by IT, and the importance of staying aware of the current Information Systems trends. Other notable paths include entrepreneurship, management consulting, investment banking, and nonprofit management. He provided valuable insights into leveraging MBA degrees during job searches. The students were equipped with strategies to maximize the value of their MBA degrees during their job search. This included emphasizing their skills on their resumes and cover letters, showcasing real-world examples of their application. They were encouraged to leverage internships or experiential learning opportunities, which offer practical industry exposure and the chance to build professional networks. Additionally, students were advised to highlight their industry-specific expertise and demonstrate leadership abilities, such as project management, by providing concrete examples of achievements and the motivation behind their teamwork. They were also given the opportunity to articulate their strategies for leading teams during the hiring process.     Concluding the session, Winston highlighted BCC's enterprise clients across various sectors, featuring notable names such as SK Group in the chemical industry, Coca-Cola, Unilever in FMCG, and Johnson & Johnson in healthcare. Grab, one of their recent clients, underscores BCC's diverse portfolio. In essence, Winston Kim's CEO Talk provided GMBA students with valuable insights into the APAC regions, potential career paths post-MBA, and strategies for professional advancement.