The recent collapse of Syensqo’s share price raises important questions. In my view, there are two main factors behind this situation.
1 – A School Director Instead of a Captain
Syensqo emerged as a spin-off from the Belgian chemical dinosaur Solvay. Ilham Kadri, former CEO of Solvay and later Syensqo, was brought in with a clear mission: renew and disrupt a company deeply rooted in tradition.
At the beginning, she appeared to succeed. She injected new energy and momentum into the organization. Expectations were high, and many observers — myself included — believed real transformation was underway.
However, over time, that momentum seemed to fade. The leadership style felt increasingly cautious. Rather than acting as a bold captain of industry steering a ship through uncertain waters, the approach resembled that of a school director maintaining order. The branding and communication of Syensqo looked fresh and modern on the outside, but ultimately felt somewhat hollow — more packaging than substance.
I was personally a strong believer in the potential change that Ilham Kadri could bring. I even proposed conducting an interview with her, though it never materialized. At one point, I sent my CV to join her team — the first time in my life I had applied to a chemical company. That alone shows how much I believed in the momentum that something disruptive was going to happen.
A CEO’s success often depends on the people they surround themselves with. Great leaders build teams filled with individuals who challenge them and bring disruptive thinking. From the outside, however, Syensqo’s leadership ecosystem appeared less like a dynamic startup environment and more like a traditional institutional boardroom — cautious, structured, and risk-averse.
2 – The Belgian Mentality Factor
That said, placing all responsibility on one person would be unfair.
The second factor may lie deeper: Belgian corporate culture itself.
Belgian organizations tend to be conservative. Risk-taking is limited, and failure is often feared rather than accepted as part of innovation. Decision-making frequently becomes collective, with multiple boards and committees distributing responsibility instead of empowering a single leader to execute decisively.
Projects are often delayed until every question has an answer — an impossible standard in industries defined by uncertainty and rapid change.
I would describe this as a form of institutionalized caution, which can unintentionally lead to institutionalized inefficiency.
Mea Culpa
Perhaps I am being too harsh toward Kadri. Reaching the position of CEO of a global chemical multinational is an achievement few people will ever attain. For that alone, she deserves recognition and respect.
Leadership operates within systems, cultures, and constraints — and no single individual carries the full weight of success or failure.
The million dollar question would be: what did Kadri learn from her mistakes? I would love to publish an article on this topic.
What’s Next with Syensqo
Today, I wouldn’t even know what to do with Syensqo. No inspiration at all. Literally: no fucking clue (excuse my French). The momentum is over and finished.
And that’s the golden lesson of today … when you encounter people with a vision for your company, take them on board.
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