Few leaders have spent as much time as Andrés Rubio navigating periods of upheaval that can determine the fate of a business. Across Europe, Asia, and the United States, he has steered companies through restructurings, invested in businesses under strain, and advised management teams confronting daunting uncertainty. Most recently as CEO and President of Intrum AB – and earlier as Founding Partner of IMAN Capital Partners and Senior Partner at Apollo European Principal Finance – Rubio has been on the front lines of some of the toughest moments in global markets. “When markets are volatile, it’s tempting to react to short-term swings. But real leadership is about addressing immediate challenges without compromising long-term goals and strategy,” says Rubio.
Long-Term Strategy as a Guiding Compass
A recurring theme in Rubio’s approach is the importance of long-term strategic clarity. Markets may turn quickly, but strong businesses keep their north star in sight. “The companies that endure turbulence are those that keep focus on a clear strategic direction while adapting execution to their current circumstances,” says Rubio. This ability to adapt without losing focus is what differentiates businesses that emerge stronger from those that falter. During downturns, Rubio has observed that firms doubling down on their core strengths often outperform competitors who spread resources too thin. For leaders, this means anchoring decisions in strategy, while blocking out the short-term noise.
Financial Resilience as a Competitive Edge
If strategy is the compass, financial resilience is the lifeboat. Rubio emphasizes that liquidity and balance sheet strength are non-negotiable in volatile environments. “Market volatility exposes your weaknesses quickly and immediately,” he says. “Leaders need to be proactive in strengthening their financial foundations.” This may involve difficult calls, from selling assets and reducing discretionary capital expenditures to renegotiating debt. At Apollo and Intrum, Rubio saw how disciplined financial management often determined whether companies thrived or merely survived crises. His advice for executives is to prioritize financial resilience not as a defensive tactic but as a foundation for seizing opportunities once markets stabilize.
Leading with Transparency and Trust
For Rubio, leadership must focus on guiding people through ambiguity with clarity and purpose. Communicating tough decisions is integral to this idea. “Volatile markets create anxiety for all stakeholders, for employees, customers, and investors alike. The best leaders don’t hide from the uncertainty. They acknowledge it. They communicate often and clearly,” he says. By setting out key actions and delivering on them, leaders build credibility. Transparency fosters trust, and trust fuels resilience across the organization. Teams are far more likely to rally behind a leader who is honest about challenges and clear about the path forward.
Turning Volatility into Opportunity
Rubio’s career has demonstrated that uncertainty, when met with discipline and vision, can be a catalyst for transformation. His message to leaders is to focus on creating stability, inspiring confidence, and keeping the organization moving forward, regardless of the environment. While market turbulence is inevitable, Rubio sees it as a proving ground for leadership. “Volatility and challenges don’t have to be paralyzing. They can be an opportunity to reinforce your culture and strengthen your position,” he says.
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