Few leaders embody the blend of strategic vision, financial acumen and industry adaptability like Álvaro Correa. With over 30 years of experience in finance and investment banking, Álvaro has built a career defined by bold leadership and an ability to navigate complex markets. Now, as the CEO of Alicorp, Peru’s food industry giant, he embarks on his next challenge - steering one of Latin America’s most influential companies into the future. 

From his early days as CFO of Credicorp and Banco de Crédito del Perú to CEO of Pacífico Seguros, Atlantic Security Bank and Deputy CEO of Credicorp until 2021, Álvaro Correa has consistently showcased a deep expertise in financial markets and corporate strategy. In addition to his executive leadership, he has spent over three years serving as an Advisory Board Member at Deheza, bringing his insights and knowledge to the boutique strategic advisory firm.

We sit down with Álvaro to unpack the art of strategic decision-making and the value of advisory leadership in today’s complex business landscape. 

1. What has been your main leadership philosophy since taking over as CEO of Alicorp?

I started from scratch with little understanding of the business, the company, or its culture. From the beginning, I made it clear to everyone that my priority was to learn from them and first establish myself as a facilitator. Once I gained a solid grasp of the business, I could take on the role of a challenger. Now, after a year, I feel confident in proposing changes and taking the lead. 

2. Alicorp has expanded significantly in recent years. What are the key pillars of its growth strategy?

Expansion has two key aspects: volume and profitability. In the past, the company has not always succeeded by prioritising volume alone. While scale and market share are valuable, profitability remains our top priority. We chose to focus on our core, most profitable brands, optimising the portfolio by eliminating unprofitable categories. Though this strategy impacts volume, it ultimately strengthens earnings before interest, taxes, depreciation and amortisation (“EBITDA”) and cash flow. 

3. How do you maintain a strong corporate culture in a company as large and diverse as Alicorp?

Culture is rooted in values, which remain constant, but it is shaped by leadership styles. Leading by example fosters culture, regardless of the organisation’s size or diversity. While I respect different management styles, certain core principles must be preserved. When values and leadership style are clearly defined, corporate culture naturally spreads across functions, business units and geographies. 

4. What early warning systems or intelligence frameworks should companies put in place to detect emerging threats before they escalate?

Every organisation should have a risk management programme tailored to its size and complexity. Whether simple or sophisticated, it must include risk mapping along with well-defined response and contingency plans. Key risks—such as political, reputational, competitive, cost-related, credit and cybersecurity threats—should be regularly reviewed and updated. Effective risk governance requires oversight from the top, typically led by the board. 

5. What are the biggest blind spots you think multinational businesses face when expanding into new markets? How would you address these issues?

Successful multinationals often fall into the trap of believing they have the perfect formula. However, markets differ and consumer behaviour can vary significantly—even between neighbouring countries. Companies must invest time and effort in truly understanding these differences to succeed. 

6. What are the hidden operational biases that prevent organisations from effectively executing their international expansion strategies?

Many successful multinationals fall into the trap of arrogance, assuming their global success guarantees dominance in new markets. This often leads to underestimating local competitors, who have a deeper understanding of consumer preferences, distribution networks and market dynamics. Additionally, overlooking the nuances of local regulations and government policies can result in compliance issues, operational setbacks, or even legal disputes. A lack of adaptability and cultural awareness can quickly erode a company’s competitive edge, making humility, thorough market research and sometimes local partnerships essential for sustainable success. 

7. How should multinational corporations adapt their decision-making processes to account for rapid regulatory changes?

Multinational corporations should develop regulatory intelligence teams, leverage local expertise, get support from external experts and maintain close relationships with policymakers. They should implement efficient monitoring systems to track regulatory changes and develop flexible operational frameworks that allow for quick adjustments. Decentralising certain decisions to regional leadership can enhance responsiveness, while scenario planning and contingency strategies help mitigate risks. 

8. How can businesses create more resilient strategic partnerships in regions with high political uncertainty?

A local partner can help navigate political uncertainties and offer valuable market insights. However, maintaining full control over operations and resources is often preferable unless external factors—such as complex regulations or specialised local expertise—make a partnership the most strategic path to success. 

9. What inspired you to join Deheza’s Board of Advisors?

I couldn’t say no when Elizabeth invited me to join the board of advisors. Her passion for her venture and the clarity of her vision were truly inspiring. Ultimately, I chose to support her in transforming her dream into reality. 

10. Where, in your opinion, does Deheza’s true value lie?

Deheza’s true value lies in its ability to adapt seamlessly to diverse client needs, environments and situations. Its research and insights provide uniquely valuable guidance, setting it apart in the industry.