BACKSTORY: Spiros Fatouros of Marsh McLennan

Spiros Fatouros: Marsh McLennan CEO, Africa and South Africa

What’s your one top tip for doing a deal? 

I believe the most important thing in trying to do a deal is to really be focused on what the client needs, ensuring that the client remains at the centre of the problem-solving process. It is also vital to understand the needs, requirements and operational environment. It is important to challenge oneself to consider short-, medium- and long-term perspectives, and to expand solution-orientated thinking beyond the obvious. And a final point: I always wear a blue suit.

What was your first job? 

Upon graduating from university, I wanted to work in investment banking. During my job search I had an interview with a firm named Quantum Insurance. The CEO described the company as a convergence of structured finance and insurance — a notion that captured my interest. Consequently, I became part of the organisation in 1995. Quantum Insurance was the second cell captive insurance company to be established in South Africa, and I was the second individual to be employed after the CEO. This experience ignited my passion for the insurance sector and served as a launchpad for my career in the industry. 

How much was your first pay cheque, and how did you spend it? 

It is remarkable how everyone remembers their first pay cheque. Mine was for R3.333 and I had an annual salary of R40,000. That was my gross salary. I think I took my parents to dinner. 

What is the one thing you wish somebody had told you when you were starting out? 

One of the most significant lessons I have learnt throughout my career, which I frequently share with the young graduates who join our organisation, is that the skills that enable you to attain a new position, secure a promotion or reach a higher level are not necessarily the skills that are required to excel in that new role. It is essential to invest in your personal development continuously and to maintain a strong focus on your career. 

If you could fix only one thing in South Africa, what would it be? 

According to the global risks report produced by the World Economic Forum, the top risks facing South Africa include energy supply shortages, unemployment or lack of economic opportunities, water supply shortages, poverty and inequality, as well as economic downturns due to recession or stagnation. We must adopt more creative approaches and broaden our perspectives to consider multipartner collaborations aimed at addressing these complex challenges. Over the past few years, there has been significant positive progress in collaboration between the government and the private sector in addressing these issues, and this momentum must be sustained. 

What’s the most interesting thing about you that people don’t know? 

When people see my name they accurately deduce that I’m Greek, but upon hearing my accent, they quickly recognise that I’m South African. So I guess what many may not be aware of is that I was born and raised in the untamed regions of Krugersdorp. 

What’s the worst investment mistake you’ve made? 

As I have an honours degree in finance and am a chartered financial analyst, you’d think that I don’t make any bad investment decisions. However, sometimes your passion in life overrides clear logical thinking, so I would say my worst investment decisions have been related to cars, cars and cars. I have probably spent far too much money on too many cars over the years.

What’s the best investment you’ve ever made? And how much of it was due to luck? 

Well, in order for me to buy all my cars, I tell my wife that they are amazing investments.

What’s the hardest life lesson you’ve learnt? 

To always cherish the present moment, particularly when it comes to family. One day you may awaken to the realisation that your loved ones are no longer with you. We often take them for granted. Therefore, I encourage people to be truly present and focused, and to savour every moment of life. 

What phrase or bit of jargon irks you most? 

“Let’s do a deep dive.”