Shaping the Future with our Human Capital
Daniel Korioth, the representative of the Bosch Group in Hungary and the Adria Region (and a short-listed nominee for the 2021 BBJ Expat CEO of the Year award) is leaving the country to become the president of Bosch Turkey and its Middle East representative. We asked him to reflect on his five years here.
BBJ: Firstly, congratulations on the new role. When do you start, and what are your responsibilities?
Daniel Korioth: Thank you very much. I will take over the presidency of Bosch Turkey and the Middle East role from my predecessor Steven Young on August 1. However, we will start with the handover process from July 1. As the president of Bosch Turkey, I will oversee the company’s operations in the country while also acting as the Middle East representative. I will serve more than 16 markets and more than 18,000 associates.
BBJ: How would you evaluate your time here with Bosch in Hungary? What have been the big successes and (COVID aside) the most significant challenges?
DK: It is challenging to pick one because so many projects I could be proud of have progressed in the recent period. Of course, this is mainly thanks to our hard-working, persevering colleagues, and I am very grateful to them for their work. But to be specific, the fact that the Campus 2 project (the expansion of our engineering center) got underway during my time as the representative of the Bosch Group in Hungary is particularly uplifting. It will be one of the most advanced development centers in the world. But every Bosch site in Hungary has achieved something definitive and outstanding during the last three years. Perhaps most important is that the Bosch team in Hungary has grown continuously while I have been here. According to the latest figures we now have more than 15,500 associates.
BBJ: How has the Hungarian economy changed in your time here?
DK: During my time in Hungary, the economy has improved and developed a lot. This has also helped the growth and stabilization of the Bosch Group in Hungary. We shape the future with our highly qualified and competent associates. I firmly believe that the critical factor of our success at the end of the day is our human capital. For this reason, we invest a lot into people and also emphasize education.
BBJ: Hungary has a reputation as an investor-friendly country, but there is always room for improvement. What would you change to make things better here?
DK: I think that management of the company must be more people-centered, and we must invest even greater trust in the associates.
BBJ: Does Bosch have more investments in store for Hungary?
DK: Hungary is a strategically important location for the Bosch Group globally. There are significant strategic investments underway at every local Bosch site. The key investment project at the Bosch Group in Hungary continues to proceed steadily, but construction work is expected to be completed later than initially planned due to the pandemic.
We announced in April that Bosch is investing in a new regional shared service center in Vecsés [22 km southeast of the center of Budapest, close to Ferenc Liszt International Airport]. It is another important milestone for Bosch Group in Hungary and the region. It also demonstrates the strong confidence we have in the competence of Hungarian professionals.
BBJ: What will you miss most about Hungary?
DK: I have an exceptional team in Hungary; they are extremely valuable and competent people and my greatest support here. I will really miss them.
BBJ: Do you have a favorite restaurant or place to visit in the country?
DK: My wife and I have been living in Budapest; I find this city very handsome, and we enjoy our time here very much. I cannot mention one place only, since we like everything here. I am impressed by Matthias Church, for example. We enjoy walking with our dogs on Margaret Island and Óbuda Island and cycling on the streets of Budapest with our eBikes. Whenever we have visited the countryside, I was astonished that, despite its size, how colorful the country is, how many different cultural traits and traditions can be seen all around.
BBJ: What would be your advice for your successor?
DK: István Szászi takes over as the representative of the Bosch Group in Hungary and the Adria Region from July. He has been working at the group for 17 years, and on April 1, 2019, he was appointed to lead the Engineering Center Budapest, which operates within Robert Bosch Kft. István used to be an expat since he spent some years in Reutlingen and Abstatt, Germany at Bosch. He will be the first Hungarian representative of the Bosch Group in Hungary; it is a great success. I am proud of him and wish him all the best. Together we are contributing to building a strong and competitive Hungary further. I think it is essential that whatever country you go to as a representative, you try to get to know as many people as possible, inside and outside the company. You have to talk to your colleagues to get a feel for how to run the business. You have to learn the cultural differences as well. I find it very important to build the team spirit, maintain a positive approach, and meet the new challenges with great caution but with just as much optimism.
BBJ: Is there anything else you would like to add?
DK: I would like to thank Budapest and Hungary for hosting my family and me these last five years. I would especially like to address everyone who is part of the Bosch Group Family in Hungary for their outstanding performance and dedicated work.
This article was first published in the Budapest Business Journal print issue of July 2, 2021.
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