During Black History Month (BHM) in October 2023, we chatted to Philip Olagunju, Partner and Head of Corporate Finance. Philip shared his thoughts and experiences around BHM and talked us through his career within professional services. Two years on, we caught up with Philip, to revisit the original interview and find out what’s changed for him and his team during that time.
Philip, thanks again for sharing your time with us. Two years on from the last interview just tell us a bit about your role and how it’s evolved over that time.
I still lead PEM’s corporate finance division. With the growth of the team over the last few years, my focus these days is more on origination (sourcing new deals) and strategic direction rather than day-to-day execution of transactions. I still stick my nose in on deals from time to time!
You’ve created a diverse team within CF, can you tell us why you think this is important for the work you do and the difference it makes to you as a team?
Diversity allows us to better support not only our client base, but also the professional intermediary community to which we belong. The nature of our work is diverse, as no two Corporate Finance projects are the same; hence, having a diverse team in terms of backgrounds and experience really enables us to provide well-rounded advice to our clients, wherever they are from and whatever they need help with.
We want people to be able to come to work and feel safe and comfortable to be themselves. Embracing diversity within the workplace is key to this. Do you think it’s something we’re making easy for our people on a day-to-day basis, or is there more we could be doing?
PEM has come a long way since I walked through the door in 2017. The work force is more diverse than ever, and I know that great strides have been made to create an inclusive, welcoming working environment. The firm continues to partner with strategic recruiters who can highlight diverse talent, and this is great news for all.
The theme of this year’s BHM is ‘Standing Firm in Power and Pride’ – celebrating the leaders and activists whose contribution has helped to shape black history around the globe and looking towards what the future brings. Who, for you, is that one leader or pioneer who really stands out and why?
Someone who has impacted me on a personal level is Wol Kolade, former managing partner and now chair of Livingbridge, the mid-market private equity firm. A man of Nigerian descent (like me!), Wol is hugely impressive, serving as Chairman of the Guy’s and St Thomas’ Foundation with more than £1bn of assets, making it one of the largest medical charities in the UK. In 2018 he was also appointed to the NHS improvement board as a Non-Executive Director.
Wol received an honorary doctorate from the University of Exeter in 2014, and in 2021 was bestowed with the Commander of the Order of the British Empire (CBE) honour in the Queen’s Birthday Honours list for services to Financial Services. I met Wol for a mentoring meeting back when I was at BDO, and the meeting directly impacted the trajectory of my career, in a positive way.
And who do you see as a driving force for black culture in the future, personally, professionally or in the wider world?
I’m inspired by people I’ve seen up close:
Rodney Appiah is doing amazing work at Cornerstone VC, a £20m early-stage fund he originated to focus specifically on supporting ethnically and gender diverse founders. This was on the premise that talent is evenly distributed across society, but sadly, opportunities and access to funding are not.
I’ve seen Maro Itoje (England and British Lions rugby captain) at my church (Jubilee) a few times! He’s a very impressive young man with a bright future ahead of him. I recently reposted a speech from him on my LinkedIn page – worth checking out, especially in the context of the current political zeitgeist.
Ben Lindsay was recently awarded an OBE for services to the community – the charity he founded (Power the Fight) is doing groundbreaking work among vulnerable young people. Ben is also an accomplished author, having written several books on the topic of institutional racism and the ways in which society can come together to overcome it once and for all.
Quite a few to choose from, but those three are front of mind!
When we last spoke, mentoring was something that was important to you. Is this still the case and would you encourage other leaders to do the same?
Yes, I still have mentoring relationships – this remains as important to me as ever. A recent example: As part of my mentoring, I’ve helped one of my mentees with a move to a new role. I provided him with interview tips, and a subsequent character reference. I find it hugely rewarding and would certainly recommend it to others.