After 16 years as CEO of the Farsons Group, Norman Aquilina’s journey at the helm of one of Malta’s most established companies has come to an end.
As he shares some personal insight with The Corporate Times, Aquilina describes the experience as “a story of experiences that taught me, challenges that tested me, and lessons that shaped not just the company, but also myself as an individual.”
He explained how throughout that time, one theme remained constant: the belief that competition, rather than being something to fear, should be embraced as a catalyst for improvement.
“Many companies fear competition and instinctively try to protect what they have. But the truth is much simpler: whereas competition is tough, complacency is fatal. This is why we chose to see competition as the reason to get better, turning pressure into progress through better people, better operations, better brands, better service, and better value in everything we do.”
That mindset, he explains, changed the way the organisation approached challenges.
“When you choose to face competition head-on, you stop justifying why things cannot change and start asking how they can.”
For Farsons, this approach translated into measurable results.
“That paradigm shift delivered tangible outcomes, with year-on-year record improvements in both our top and bottom line. That achievement is even more significant when considering the ongoing competitive pressures. Instead of retreating, we pushed forward, with the business growing stronger along the way. That mindset kept us sharp, compelling us to innovate, invest, and stay relevant.”
A central part of Aquilina’s leadership philosophy has been the recognition that a company’s true value extends beyond what appears in its financial statements.
“The ability to keep sight of the bigger picture was always an important guiding yardstick. The assets of a company do not solely sit in its financials. Many will cite market capitalisation, reserves, property, plant, and inventory when talking about value.”
“But the real drivers are people, brands, quality standards, service levels, and reputation. These are the enablers, the intangible assets that can make all the difference in achieving the targeted financial deliverables.”
Aquilina believes that the sequence of priorities within a business is fundamental.
“A company’s foundation is built on motivated employees. This drives loyal customers and ultimately satisfied shareholders. It’s what I call the correct performance chronology: employees, customers and shareholders, in that complementing order.”
This belief shaped Farsons’ approach to investment in its people and capabilities.
“We invested in our people because they are the ones who live our brands every day, empowering them along the way and supporting them with the right technological tools. We also protected our brands because that is what customers trust, and we guarded our corporate and brand reputation because trust is the foundation of everything.”
Remaining connected to consumers was another defining principle.
“We stayed close to the consumer. This did not mean chasing every trend but respecting that ultimately, the customer decides and this is how we kept the business going. No business survives by going against the direction of the market. Tastes change, habits change, channels change and if you are not attuned to all of this, you become irrelevant fast.”
For Aquilina, one of the most important perspectives guiding the organisation was that markets are rarely truly saturated.
“There is no such thing as a saturated market, only saturated managers, because while trends change, needs do not.”
Alongside market responsiveness, Aquilina highlights the role of corporate governance in building a sustainable organisation.
“Good corporate governance allows a company to think long term, manage risk, and earn trust. However, governance must remain practical and purposeful. Governance must remain a framework for judgement, not a maze of bureaucracy clouding decision making. That’s where its true value lies.”
“We invested heavily in strengthening governance structures. We focused on clear boards and management structures, proper controls, transparency, and accountability.
This led to better decisions, a stronger culture and more resilience.”
Yet he also points to a wider challenge facing responsible businesses: the importance of consistent market enforcement.
“When market enforcement is lax and the rules are not applied evenly, being a good corporate citizen can feel like a penalty. You cannot do things by the book, invest in compliance, play fair and compete with players who cut corners.”
“This is why good governance must extend beyond individual companies and be matched by effective enforcement across the market. Otherwise, we create an unlevel playing field that hurts companies, consumers, employees, and the economy as a whole.”
Aquilina also stresses the importance of humility and challenge.
“Respect is earned. It does not come with a title. Real leadership means being ready to be challenged and not surrounding yourself with echo chambers.”
His advice for future leaders is clear.
“Treat competition as a driver rather than an obstacle. Protect your intangibles as fiercely as your financials and always stay close to the market and consumer sentiment. And from a corporate standpoint, govern well, but also hold the system to that same standard.”
“The success of any CEO is not only measured by one’s track record but also by the ability to build to last. Fundamentally, the job of a CEO is not about painting a self-portrait but about setting the landscape and if the company only works because of you, then you have not built a company but a job for yourself.”
“Leadership that lasts is when a CEO leaves behind an organisation that continues to thrive. This means building the next team of leaders along with a culture based on strong values that endure.”
“That legacy is the final KPI that every CEO should aim for and will be judged on,” he concluded.
