In this episode, host Gaurav Batra, President & CEO of Ayna.AI, welcomes Stephen Smith, Chairman, President & CEO of Amsted Industries, a diversified global manufacturer of industrial components. Operating since 1962, Amsted has 75 locations in 13 countries across 6 continents and is 100% employee owned. Steve joined Amsted in 2005 as Amsted Rail President, became General Counsel in 2007, and President & CEO in 2017. Previously, he was at GKN plc as General Counsel and President of shared services operations in North America from 1999 to 2005. Steve shares his perspectives on Amsted's heritage, ownership culture, growth strategy, and innovation. He emphasizes employee empowerment, investing for growth, and optimizing talent and capital management for value creation.   Discussion Points Amsted's 100% employee-owned model provides competitive advantages in strategic focus, talent acquisition, retention, and resilience through economic cycles. However, it also has its tradeoffs like any corporate organization. Business growth in Amsted’s key end markets supported by robust macro tailwinds, including data center demand and industrial electrification towards eco-friendly technologies. Amsted represents a winning example of the benefits of portfolio diversification and the conglomerate business strategy – tempering overall cyclicality and routinely beating performance benchmarks. The Amsted management paradigm is based on driving authority and accountability down to the business unit level, which includes strategic M&A ideation and execution. Successful corporate leadership boils down to finding and enabling the right people and deploying scarce capital for its most promising use. Key technologies transforming Amsted’s businesses include additive manufacturing, vision systems using AI and various elements of factory automation. Stephen Smith’s business leadership mantra is “leading by questioning” – thus enabling his management team to think independently and gaining their buy-in on key decisions. The industrials sector is often underappreciated and misunderstood, requiring greater awareness, appreciation, and encouragement for investment.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh Group. The host of this episode, Gaurav Batra, is the President & CEO of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in the industrial and industrial technology sector.   For More Information Stephen Smith LinkedIn Amsted Industries Book: The Titanium Economy Ayna.AI Website Fernweh Group Website

Gaurav Batra, CEO of Ayna.AI, welcomes Ameya Prabhu, Founder and Managing Partner of UAP Advisors and the Managing Director of NAFA Capital Advisors, Mumbai, India.  NAFA Capital Advisors is an India-focused integrated financial services platform with activities in investment management and corporate advisory. Ameya, designated "Young Global Leader" by the World Economic Forum, is also an author of "The Rock Babas and Other Stories," distributed by Amazon, and a trustee of Manav Sadhan Vikas Sanstha, an NGO for holistic human development. In this episode, Ameya discusses building NAFA into a diversified investment platform with a focus on financial services and agriculture. He shares key investment tenets driving its success and offers an outlook on opportunities and challenges for the Indian economy. Finally, he also shares some pearls of wisdom from his book "The Rock Babas".   Discussion Points Ameya's investment management success rooted in "old school" fundamentals: profitability, growth, and return on equity. NAFA and UAP's success built on (a) focusing on profitable, cash flow generating businesses, (b) investing in innovation, and (c) providing a differentiated investment opportunity in a competitive marketplace. NAFA's high-touch approach drives success in each subsidiary, deploying talent strategically to scale the platform. Indian economic atmosphere optimistic with domestic demand growth and softening commodity prices, but challenges ahead include job creation with the rise of AI and infrastructure development. Ameya's book, "The Rock Babas," shares compelling personal journeys of distinct characters evolving through trials and tribulations. Entrepreneurship requires continuous learning, humility, and confidence in taking risks to achieve success.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh Group. The host of this episode, Gaurav Batra, is the President & CEO of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in the industrial and industrial technology sector.   For More Information Ameya Prabhu LinkedIn Book: The Rock Babas  Ameya Prabhu Website NAFA  Book: The Titanium Economy Ayna.AI Website Fernweh Group Website

Christine (“Chris”) King is an accomplished leader in the semiconductor industry who currently serves on Skyworks’ Board of Directors as the lead independent director and chair of its Compensation Committee.  Skyworks is $18B market cap semiconductor player empowering the wireless networking revolution.  Ms. King also serves as the co-chair of the Board of Directors for Henry Schein One, where she leads the company’s software and technology strategy and initiatives.  She also established and serves as chair of Henry Schein’s Technology Advisory Board. Chris King’s career is a remarkable “rags to riches” story within the technology industry.  She was a 20-year-old single mother with a high school diploma in the 1970s, who would become the semiconductor industry’s first female CEO.  Leveraging her innate capabilities, passion, and grit, Ms. King earned associate and bachelor’s degrees in electrical engineering and began a career at IBM where she rose through the ranks and built multiple billion-dollar businesses before leaving IBM to be appointed President and CEO at AMI Semiconductor in 2001.  Following AMI Semiconductor’s successful sale to ON Semiconductor in 2008, Ms. King was appointed President and CEO of Standard Microsystems and subsequently Executive Chair of the Board of QLogic Corporation in 2015.  Over the course of her career, Ms. King has served on multiple Boards of Directors within and outside of the technology sector, including Allegro Micro, Analog Devices, Atheros, Cirrus Logic, Idaho Power, ON Semiconductor, and SMSC. In addition to her corporate governance work, Chris keeps herself busy as a champion equestrian in the sport of cow cutting.  And we’re also very excited to hear that she has a forthcoming personal memoir slated for release later this year, tentatively entitled “Breaking the Silicon Ceiling” documenting her amazing journey.   Discussion Points  The Skyworks technology connects “everyone everywhere” and is empowering the wireless network revolution of “always on” connectivity. The semiconductor industry has demonstrated remarkable resiliency through significant global upheavals, through the pandemic and its after-effects.  While the industry has diligently tracked Moore’s Law in terms of technology development, today the most important ingredient for success is having the right people – leading winning teams has always meant fostering great personal relationships built on trust. The transformation of Standard Microsystems was driven by transparency in challenge recognition, rapid change to align to strategic priorities (e.g., consumer markets) and opportunistic M&A to add talent and capabilities. Blazing a new trail in a male-dominated field often necessitated healthy “competition” with male counterparts, but ultimately results and value for customers and shareholders speak for themselves. Advice for upcoming leaders in the industry – don’t be too quick to get into leadership, develop your technical skills first and be persistent – if you can’t go through, go around!   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh Group. The host of this episode, Gaurav Batra, is the President & CEO of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in the industrial and industrial technology sector.

In this episode, host Nick Santhanam, CEO of Fernweh Group, welcomes Darron Ash, CEO of Sammons Enterprises and Sammons Industrial. The Sammons portfolio of companies includes businesses operating in financial services, industrial equipment, real estate investment and infrastructure across five countries. Darron shares his perspectives on the Sammons story, its unique approach to investing and partnering with companies, its singular focus on people and culture and how the firm is positioned for success in the coming decades. Headquartered in Dallas, Texas, Sammons was established in 1938 and now is one of the largest privately held companies in the US, with approximately $7 billion in annual revenues and over $118 billion in assets. In 2022, Sammons placed 44th on the Largest Privately Held Companies in the US list. Darron has been with Sammons since 2006 and joined the company with 17 years of experience in the public accounting, private equity, consumer products manufacturing, and professional services industries.  He served as Chief Financial Officer for Sammons Enterprises for nine years prior to accepting the role of President and Chief Executive Officer for Sammons Industrial.  Darron has been a member of the Executive Committee and the Sammons Enterprises Board since 2015.   Discussion Points  The Sammons value proposition centers on a long-term, partnership model of investing, without a pre-set exit plan, coupled with a strong focus on people and culture that allows for a decentralized management approach. Across the firm’s five investment verticals, the firm primarily focuses on using organic growth to scale its operating businesses, with M&A deployed strategically for adjacent and tuck-in opportunities.  Sammons prioritizes discipline and patience as it relates to capital allocation and capital management strategies, particularly through today’s volatile economic era characterized by high inflation and high interest rates. Through the pandemic and its supply chain after-effects, the ability to pivot from equipment order sales to rentals enabled Sammons to drive customer value. Deploying world-class, value-added technology like mobile e-commerce and utilization management into companies, even in the start-up phase, is a key tenet of accelerating business growth and profitability. The right people, talent and culture are often the key enablers for long-run business success.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh Group. The host of this episode, Nick Santhanam, is the CEO of Fernweh Group. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in the industrial and industrial technology sector.   For More Information Darron Ash LinkedIn Sammons Industrial Book: The Titanium Economy Ayna.AI Website Fernweh Group Website

Neil Chatterjee, Senior Advisor at Hogan Lovells and Former Chairman and Commissioner of the Federal Energy Regulatory Commission (FERC) shares his views on the opportunities and challenges that both private and public sector stakeholders face in the drive toward increased decarbonization, including affordability, reliability and security. He shares his perspectives on the polarization and politicization that continues to hamper long-term energy investment strategies and the energy sector’s critical need for a new generation of dedicated public servants to drive future innovation. Mr. Chatterjee is proud to have been the first Indian American chairperson of FERC and maintains a stellar reputation as a bipartisan operator with deep ties in Washington and across the industry. Prior to his tenure at the Commission, Neil served as an advisor to Sen. Mitch McConnell (R-KY), working on the passage of major energy legislation. Neil also has experience working as a principal in government relations for the National Rural Electric Cooperative Association. He began his career as a staff member on the House Committee on Ways and Means.   Discussion Points As the energy landscape drives toward decarbonization, critical challenges include reliability, affordability, and security. The US energy grid is the envy of the world, but no country is an island anymore. There are opportunities in the foreign policy space to engage and cooperate. Maintaining affordability is one of the biggest challenges through the energy transition, especially amidst inflation and a slowing economy. The federal government’s political polarization is paralyzing long-term investment planning and undermining cooperation when it’s needed most. Competition and open markets should be driving innovation and one area that is ripe for innovation is long-duration energy storage.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh. The host of this episode, Gaurav Batra, is the President and CEO of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in the industrial and industrial technology sector.   For More Information Neil Chatterjee LinkedIn FERC.gov Book: The Titanium Economy Ayna.AI Website Fernweh Group Website

In this episode, host Gaurav Batra welcomes Paul Reitz, President and CEO of Titan International, to discuss Titan’s unique niche in the industry and how a focus on the end-user drives their value creation in products and services around the globe. Mr. Reitz shares his journey at Titan’s helm and offers a wide-ranging discussion on several critical topics including business resiliency through challenging periods, talent acquisition and retention, Board makeup and management and the overall outlook for the agriculture and construction industries.  Paul Reitz joined Titan International, a leading global supplier of off-the-road wheel and tire products, in 2010 as CFO. Prior to Titan, Paul was Chief Accounting Officer at Carmike Cinemas, with previous roles at Yellowbook USA and Deloitte & Touche.  Paul earned an MBA in Business Administration and Marketing from the University of Iowa.   Discussion Points Titan offers a unique value proposition in a truly niche industry, while placing strong emphasis on connecting with their end customers as the pillar of the company’s strategy. Titan remains bullish on the long-term growth potential of the agriculture and construction industries, despite today’s challenging economic dynamics. A timely restructuring program in 2019 bolstered the company’s resiliency through the forthcoming COVID-19 pandemic and attendant global supply chain challenges. Patience and a commitment to invest time and resources in due diligence are the hallmarks of a winning M&A strategy. A diverse Board of Directors can be a meaningful tailwind for corporate decision-making. Industrial companies are not “stodgy old places that run down” but rather are a shining example of where technological innovation can have a significant impact. Successful talent acquisition and retention in the industrial sector requires identifying people who really buy into the company’s mission and objectives.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh. The host of this episode, Gaurav Batra, is the President and CEO of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in the industrial and industrial technology sector.   For More Information Paul Reitz LinkedIn Titan International Website Book: The Titanium Economy Ayna.AI Website  Fernweh Group Website

Amelia.AI Founder and CEO Chetan Dube joins us again on the podcast, this time for a discussion of the meteoric rise of generative AI tool ChatGPT. Mr. Dube explains what ChatGPT can do well, and the scenarios in which you would not want to use it. He explains that even in the last 30 days, this tech has improved exponentially - with its open and free use enabling its data points and resources to increase and expand with lightning speed. Chetan Dube is the founder of New York City-based AI company Amelia, a deterministic model AI whose conversational technology provides customer service for about 500 corporate clients, including Telefonica, BNP Paribas, and Nordic Bank.   Discussion Points In the state of AI today, ChatGPT is the best generative AI product in the market. ChatGPT does have its own strengths and shortcomings, but with its rise, the world now acknowledges that AI is “real”. The brilliance of ChatGPT’s creative output is changing the game for certain industries that require massive and factual content creation, including reporting, legal writing, writing code, etc.. The generative AI of ChatGPT vs. the deterministic tech of Amelia - each serves a certain purpose but can be mutually beneficial. The tech giants such as Google, Microsoft, etc and their uses for, and investments in, technology like ChatGPT We are now in the “Spring of AI” and quickly moving into the Summer…signaling a surge in investing, use, awareness, and appreciation of the many applications of ChatGPT tech.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh. The host of this episode, Nidhi Arora, is Vice-President of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in industrial and industrial technology sector.   For More Information Chetan Dube LinkedIn Open AI - ChatGPT Amelia.AI Ayna.AI Website  Fernweh Group Website

Omar Asali, Chairman and CEO of Ranpak, shares his viewpoints on the increasingly transformative role of technology in the industrial space. As head of Ranpak, a global leader in environmentally sustainable, protective packaging solutions, Mr. Asali is convinced that automation, digitization, robotics, and other enabling technologies will propel his and other large-scale industrial companies to provide higher-value, compelling, efficient and sustainable solutions for their customers. Since 1972, Ranpak’s mission has been to deliver sustainable protective packaging solutions that reduce costs, reduce environmental impact and support global business needs. Omar Asali became CEO in 2019 and has leveraged his broad industry background into the often siloed industrial sector.  One of his primary focus areas is bringing the best talent and technology to Ranpak, bolstering its reputation as an innovative leader in sustainable industrial supply chain solutions. Prior to Ranpak, Mr. Asali was CEO and President of HRG Group and Vice Chairman of Spectrum Brands.   Discussion Points The five-decade history of Ranpak highlights a consistent focus on both sustainability and automation / technology deployment. The impact of transforming internal and external systems into an updated technological mentality can be challenging, but certainly not insurmountable, in an industrial complex, where digital is “non-native” Ranpak is managing change by setting realistic timeline expectations and justifying the financial impact for customers. Focusing on the “E” of ESG is critical for the next few decades, and imperative if we are to be true stewards of our earth, its climate and the environment. Accessing talent in the Ranpak orbit includes partnering with smaller tech companies, investing strategically with VCs, along with incubating and retaining organic talent.   Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is an affiliate of Fernweh. The host of this episode, Gaurav Batra, is President and CEO of Ayna.AI. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in industrial and industrial technology sector.   For More Information Omar Asali LinkedIn Ranpak Website Ayna.AI Website Fernweh Group Website

Brian Ryks, Executive Director, and CEO of the Metropolitan Airports Commission (MAC), offers his firsthand view of the challenges airports face as they modernize infrastructure while meeting sudden shifts in passenger demand. Mr. Ryks lays out the current state of the aviation industry, the many opportunities to meet sustainability goals, his engagement with stakeholders to make airports customer centric, and reasons why he is optimistic about the future of airports and air travel. Mr. Ryks has been working at airports since 1986, when he started his career with a position as noise technician. He was involved in the expansion of the Denver International Airport and then moved to his first job managing an airport, in Aberdeen, South Dakota. After managing airports in Duluth, Minnesota, and Grand Rapids, Michigan, he accepted his current position at the MAC, where he is responsible for the administration and management of the Minneapolis St. Paul International Airport and the MAC’s six reliever airports.   Discussion Points Recent challenges—of which the COVID-19 pandemic was the most drastic—forced airports to live with uncertainty but also spurred a significant investment in technology and people. The future of airports will involve innovation, data, and technology, including real-time management of passenger flows. Sustainability is a key issue that airports, airlines, and their suppliers are addressing; the MAC, for example, has a goal to reduce carbon emissions by 80 percent by 2030. Important sustainable technologies at airports include electrification of vehicles, renewable-energy generation, and sustainable aviation fuels, combined with efficiency solutions such as performance-based navigation. Government support for infrastructure is broadly popular, but the CEO still needs to build trust with governments, local communities, and other stakeholders. Along with infrastructure needs, airport management must meet other key challenges—for example, talent development and supply chain management—to ensure the best possible service. Ayna Insights is brought to you by Ayna.AI—a managed service provider that combines domain expertise and transformation capabilities to create alpha—performance superior to market indices—in the industrial and industrial technology sector. Ayna.AI is a subsidiary of Fernweh Group. The host of this episode, Akshay Sethi, is Chief Transformation Officer at Dabico, a Fernweh Group portfolio company. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create “segment of one” leaders in industrial and industrial technology sector.   For More Information Metropolitan Airports Commission website: https://metroairports.org/ Brian Ryks on LinkedIn: https://www.linkedin.com/in/brianryks/ Fernweh Group: https://www.fernweh.com Akshay Sethi on LinkedIn: https://www.linkedin.com/in/akshay-sethi-527a1a20/

Bill Johnson, President & CEO of Welbilt, a global food service equipment company, shares his experiences of driving transformations during his many senior-level stints at various industrial companies. Bill highlights the importance of leadership engagement, creating financial transparency or “keeping score” on the impact of initiatives, upgrading talent, and embedding the new practices in day-to-day business, as key enabling factors for successful and sustainable transformations. As COVID-19 and labor shortages accelerated technology disruptions in the food service industry, especially with cloud kitchens, contactless food delivery, and smart kitchens coming into play, Bill discusses the need for traditional industrial businesses like food service equipment companies to transform into industrial technology-focused companies.  Tune in as Bill reflects on his learnings not only from leading successful transformations in the industrial equipment industry but also as a former nuclear engineer in the United States Navy. Discussion Points:  Welbilt’s recent sale to Ali Group Supply chain challenges due to the pandemic and Welbilt’s response Digitization of food service businesses during and post-pandemic Welbilt’s transition from traditional industrial to industrial technology company Bill’s path from a nuclear submarine in the Navy to the industrial equipment industry Learnings from Bill’s transformation efforts at various companies: Have big ears – listen  Right-size first and change processes after Upgrading talent – hire well and move transformation blockers Leadership engagement and presence – show up and make it important to you CFO as the scorekeeper on P&L impact  Bill’s interests outside work – golf and big game hunting Next steps in Bill’s career Fernweh Insights is brought to you by Fernweh Group. The host of this episode, Shekhar Varanasi, is Chief Operating Officer at Fernweh. This episode is part of Fernweh’s Industrials podcast series which focuses on transformational journeys of companies in the Industrials Sector, one of the most prominent sectors and the bedrock of the U.S. economy. Fernweh Group is an investment company that is adapting an engaged investor and operator model to create alpha – performance superior to market indices – in the industrial and industrial technology sector.     For More Information Bill Johnson at Welbilt Bill Johnson on LinkedIn