Sunil S. Deshmukh, Chair, Institute of Management Accountants in a recent interaction with Janifha Evangeline, Editor, Higher Education Review, unveils the remarkable journey that led him to the pinnacle of global management accounting. His story is one of unwavering ambition, strategic insight, and resilience, marked by the ability to transform obstacles into stepping stones toward success. From overcoming early challenges to leading pioneering initiatives that have reshaped the landscape of the profession, his journey embodies the essence of visionary leadership. Join us as we delve into a narrative filled with bold decisions, unyielding dedication, and a relentless pursuit of excellence, - a masterclass in leadership that will inspire aspiring professionals and seasoned leaders alike.

Could you take us through your early educational journey and the prior industry experience that you bring to the table?

I studied in a local Marathi medium school from the first grade through my BCom graduation. Initially, I was an average student, securing first class in my class 10 exams. However, during my BCom at Marathwada University, Aurangabad, I stood first in the entire university. This achievement marked a significant turning point in my life, boosting my confidence and opening numerous opportunities.

After completing my BCom, I moved to Pune for further studies, earning my ICWA (now the Indian Institute of Cost Accountants), an LLB from Symbiosis (where I graduated at the top of my class), a MCom, and a Company Secretary qualification. Coming from a humble background, I worked part-time in bookkeeping to support my education.

My first job was with Kirloskar Brothers in Pune. I later moved to Aurangabad and then Mumbai, where I worked with several multinational companies, including Goodyear South Asia Tires, Foster’s Limited, and McDonald’s. These experiences enriched my knowledge and skill set as I transitioned through various roles.

I have lived and worked in five countries such as East Africa, South Africa, the Middle East, Singapore, and India. Later in my career, I became the Managing Director of a large fertilizer company in the Middle East. Eventually, I moved to Singapore, where I served as the Group CEO of a large family-managed business overseeing five companies across multiple countries, with a turnover of half a billion USD and 1,000 employees under my leadership.

This is a brief overview of my journey from an average student to a global leader.

What key experiences in your early career had the most significant impact on your journey to becoming a Chairman? Can you share a pivotal moment or decision in your career that you believe set the stage for your rise to the top?

Several key decisions played a crucial role in my rise to leadership. The first was excelling in my BCom examination, which significantly boosted my self-confidence. My experience working in multinational companies exposed me to diverse cultures and nationalities, including Americans, Australians, and Middle Eastern. This experience enhanced my ability to manage varied cultural contexts and opened my mind to a global perspective beyond just India.

I must acknowledge the impact of having the right mentors at pivotal moments in my career. While the term "mentor" wasn’t commonly used back then, it aligns with the traditional guru-shishya parampara in India. I had individuals who guided me on what steps to take and what to avoid.

In 2010, I became a qualified American CMA. At that point of time I wanted to have a Global Qualification which I realized when I lived in South Africa. I realized the importance of having a global qualification to work internationally. This motivated me to pursue international qualifications, and the US CMA was instrumental in my journey to the IMA global chair.

My involvement with IMA began when I started volunteering while living in Singapore. I learned a great deal about the organization's policies and procedures during that time. An inspiring moment for me was discovering Gwen van Berne, the first global chair of IMA and the first non-American to hold that position. Her achievement motivated me to consider the possibility of becoming a global chair myself.

As a director on the global board, I had the opportunity to meet her multiple times. I asked her about her journey to becoming chair and the factors that contributed to her success. This combination of experiences and inspirations ultimately helped me on my path to becoming a global leader.

Leadership styles evolve over time. How has your leadership approach changed from the early stages of your career to your current role as Chairman?

That is an interesting question, and leadership is a topic I frequently discuss. In my early career, most of my superiors were autocratic leaders, which led me to believe that this style was the best approach. However, as I progressed in my career, particularly while working in multinational and professional organizations, I realized that autocratic leadership may not be the most effective style.

Initially, I mirrored my previous superiors and tried to adopt an autocratic approach myself. Over time, I evolved into a situational leader, recognizing that different circumstances require different leadership styles. Sometimes you must lead autocratically, while at other times, a collaborative or situational approach is necessary. However this was more applicable in corporate settings, for profit organizations.

Ultimately, to become a global chair or CEO, one must adopt a collective or coaching-based leadership style. Effective leaders coach their team members, fostering their growth alongside their own.

It is important to understand that leadership in nonprofit organizations, such as the IMA, differs from leadership in for-profit companies. In corporate environments, the focus is on generating profit and distributing dividends to shareholders. In contrast, nonprofits serve members, who are the primary stakeholders. Thus, collective leadership is essential in a nonprofit setting, where collaboration and engagement with members is key. Understanding these distinctions is crucial when transitioning from a corporate leader to a nonprofit leader.

In your rise to the top, what have been the most significant lessons you've learned about leadership? What would you consider the most critical skill for a Chairman to possess?

There are several significant lessons I have learned from my experiences in leadership:

Trust is Essential: A leader must command trust, which is crucial for effective leadership. There's a Dutch proverb that aptly illustrates this: "Trust comes on foot and leaves on horseback." Building trust takes time, while breaking it can happen in an instant. Therefore, a leader must consistently cultivate trust over the long term.

Walk the Talk: Leaders must practice what they preach. It’s vital to ensure that your actions align with your words. A leader should not merely seek applause in public but must embody the values and commitments they promote.

Networking is Key: Effective leadership, whether in corporate or nonprofit sectors, involves networking, building relationships with people from various backgrounds.

Embrace Risk: Leaders must be willing to take risks. Human nature often leans toward maintaining the status quo, but effective leaders must challenge that mindset.

Negotiation Skills: Negotiating with stakeholders whether board members, shareholders, suppliers, or customers is an essential skill for any leader.

Sense-Making: I have developed a unique approach to leadership I call "sense-making." Common sense may be uncommon, but sense-making is an ongoing process. Leaders must stay attuned to their environment, quickly assessing the implications of global events such as the impact of the Russia-Ukraine war on supply chains. This requires continuous awareness, exploration of what is right and wrong, and gathering accurate information. I even wrote a chapter titled "Mastering the Power of Sense-Making" for a book published by Oxford University, “Mastering the Power of YOU”

Trust your Intuition: A leader must also listen to their intuition, especially when faced with tough decisions. While data and rational thinking are important, sometimes your gut feeling about a choice can provide crucial insight into how it might affect your employees and the company's future.

These are some valuable tips that can help any leader grow and succeed.

As you reflect on your leadership journey, what legacy do you hope to leave behind as Chairman? What lasting impact do you want your leadership to have on the organization and its people?

It is interesting you ask this. I spoke at an event in Pune for the International Coaching Federation, where I was asked a similar question about my feelings when I became the Global Chairman of IMA and the legacy I hope to leave.

When I was presented with the garland adorned with the names of all past chairs, a powerful thought struck me: “With great power comes great responsibility,” a lesson I recall from the movie Spider-Man. In that moment, I realized the weight of my new role, I was now responsible and accountable. As a leader, to inspire accountability in others, I must first model it myself. If I do not demonstrate responsibility, how can I expect others to follow suit?

I also want to be recognized as a unique leader within IMA, distinct from others, and not just a mere comparison to my predecessors. Being a trusted leader who "walks the talk" is crucial; I must follow through on my words. Additionally, I aspire to be seen as a change-maker - someone who has altered the organization's way of working, implemented crucial strategies, or made significant decisions that were previously overlooked.

Lastly, it is vital for me to be viewed as a good human being, characterized by empathy and kindness toward all members, board members, and the 140,000 members worldwide. These are the key elements I wish to leave as my legacy.