Jerry Langley, Up and Beyond
From lending money, to borrowing money, to teaching the crafts of money-making, Jerry Langley has certainly moved upwards on the social ladder, or as he may call it, the learning curve. Considering the achievements of Jerry Langley, a shift along the learning curve may be an oversimplification. Based on Jerry Langley's background as the Vice President of McDonalds Corporation, Korea IT Times held an interview to share his insights on world commerce, both past and present.
Interview with Former McDonald's Corp. Vice President Jerry Langley
Q: Tell us a little bit about your history.
A: After I graduated Northwestern University with a MBA, I went to work at the American National Bank and Trust Company. I ran the international department when I heard about a position at McDonalds Corporation. I always tell my students that I moved from one side of the desk to the other. I was accepted and was put in charge of their international financial activities, capital markets, cash management, and board exchange. McDonalds was growing internationally very rapidly. In 1982 they were in 28 countries. When I left 17 years later, we were in 118 countries.
Q: What kind of obstacles did you face during the transition
A: Change is daunting. When I moved to McDonalds, I had to learn a whole new culture. I remember the first day I was there; I could not read the McDonalds' material because they were using a different set of acronyms. I had to learn a new language and culture on that side of the business.
Q: What would you tell others about change
A: I actually think change is good and as I said earlier, I like to learn. I hope I continue to learn through the rest of my life. McDonald's Corporation had a culture that was willing to try new things. If it is not right, you admit it and try something else. McDonald's had a culture that said, "Let's be willing to fail fast."
Q: From your experience, what would you say has changed the way businesses work
A: When I joined the bank, I had to do all the work by hand. We went from analysts typing in data and actually analyzing. The electronic interface has taken all the grunt work off analysts. Technology has allowed people to come up with better, informed decisions. However, you cannot make as much money as you could before because of the abundance of information. Technology has leveled out the playing field.
Q: Have Electronic Banking and Internet Banking changed the way businesses work
A: First of all, information is now more timely and efficient, which has allowed people to make better decisions. Better decisions provide efficiency, which incurs less cost. Companies themselves mobilize cash and consolidate cash, which means you have to borrow less money for your working capital. The two mediums have helped companies use their working capital better.
Q: You worked in the Asian region a lot. How has commerce changed in Asia
A: When I first traveled in Asia, I learned a big lesson. Americans tend to be very open. Asians, however, were not as willing to do business with foreigners. Nowadays, Asians are far more willing to adapt to better practices and take foreign investments. Thus, it has allowed foreign investors and Asians to do business for mutual benefits. Korea used to have a tough environment where foreign investors had a hard time coming in, which is very different today. The two sides are coming to the middle as Asia becomes more welcome to change.
Q: What do you think Asia can look forward to in the next five years
A: There will be continuing growth. However, with growth like that, comes challenges. Korea has lived through it and China is going through it. There is pressure in the financial markets, so they have to realign and restructure the financial markets. China changed their banking system from being one where banks basically served governments' state enterprises to being free and market dependent. They will have to put continuous pressure on the financial systems and markets. Overall, the continuous growth will spur prosperity. So things definitely look good for Asia.
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