“Our dream is a world free of poverty on a liveable planet.” The World Bank’s far-sighted vision is also shared by RSM '98 alumnus Eugene Rhuggenaath, who has pinned the words to his LinkedIn profile and has pledged to do all he can to help turn this dream into reality.
“It’s a mission I carry close to my heart, especially as it closely mirrors RSM’s ambition to support people to become a force for positive change in the world,” he explains. “I truly believe that it is possible to create a world free of poverty on a planet not just for us but for the next generations, though many challenges still lie ahead.”
Passionate about the power of education
Eugene first applied to join the World Bank in 2015 but wasn’t successful. The second opportunity came after he had served as Prime Minister of Curaçao, his island home in the southern Caribbean; he is now an Executive Director of the international development organisation, representing thirteen countries.
How did the boy from Curaçao go on to lead his country and then take on an international role at the World Bank? He is certain that his MBA/MBI at RSM was a key factor.
“I grew up in Julianadorp, one of the residential communities created by Shell, whose oil refinery had an enormous impact on Curaçao economically and culturally, by bringing in workers from the Latin American-Caribbean region and from as far as Europe and Asia. My childhood was idyllic, the whole neighbourhood was my playground, we could go anywhere by bike and we had good schools. My grandparents came from Surinam and Madeira and my grandfather, uncles and aunts from both sides of the family were teachers who were passionate about the power of education … and so am I.” he says.
“Curaçao is one of the greatest places to live in the world. It’s small but very diverse. It’s got a Caribbean and Latin vibe with a little bit of Europe and North America thrown in and a UNESCO World Heritage Site in the capital Willemstad, all on a tropical island with beautiful beaches. We have 160,000 inhabitants and many people speak at least four languages.”
Ups and downs
Eugene admits his early career had its ups and downs. He started studying architecture at the University of Miami, then changed to a business degree focusing on investments and after graduating started his career in international financial services (IFS). He set up some businesses and worked abroad. The low point was being fired from a job in Italy in 1996, but his next decision transformed his life.
“I didn’t know what to do, so I went to see friends in the Netherlands. One of them was studying at RSM and I thought that seemed like a good idea. Though I had not planned it, I always had the desire to continue my education in a world-class graduate program.
“I did feel a little intimidated at first. During your MBA, you need to have well-articulated opinions and be able to argue them in class or you won’t succeed. Although many of the other students spoke more eloquently, I realised that I too had good ideas. It was an exciting time for me studying alongside people from 35 nationalities. I enjoyed taking part in group projects and through this made life-long friends. I discovered myself during my time at Rotterdam and this opened up new insights and horizons.”
One of my proudest moments
Returning to Curaçao, Eugene worked as a consultant with his father, started a software company, and then returned to IFS working for Citco Banking Corporation (CBC), but was soon after approached about whether he would like to enter politics: “It’s easy to criticise Government but you have got to play your part if you care about your country. I now felt I could make a difference. And, of course, if the Prime Minister asks you to serve… twice, you must take his request seriously.”
He started out as a member of the Island Council for six years from 2003 and during this period also had executive functions, as Commissioner of Finance and then Commissioner of Economic Affairs, Tourism and Labour. October 2010, as a result of a constitutional reform, Curaçao became a self-governing island nation within the Kingdom of the Netherlands, alongside Aruba and Sint Maarten.
At this time, however, Eugene had returned to the IFS sector, eventually becoming Managing Director at CBC, but in 2015 was called upon once again to serve as Minister of Economic Development of, now country, Curaçao. In 2017, Eugene became Prime Minister and focused on improving financial stability, resilience and economic sustainability during his four years in power: “We have a good working relationship with the Netherlands and our Island partners in the Kingdom but there’s still much more to do to support all of our people to have decent living standards and equal chances to develop their talents, take care of their families and contribute to the world.”
One of the Prime Minister’s first engagements was to address the 2017 Gay Pride march about equal rights and human rights. Although it was seen as controversial at the time, he told critics that he had been invited to speak and that it was his duty to do so as the leader of all the people of Curaçao. “Looking back, I still feel that this speech was one my of proudest moments”.
Just like family get-togethers
Eugene is an enthusiastic and active member of RSM’s alumni community, serving as a member of the Advisory Board and keen to strengthen the links between Erasmus University of Rotterdam and the University of Curaçao. He tries to attend as many reunions as possible, describing them as ‘just like family get-togethers’ and has been surprised how many fellow alumni hail from his island.
In 2020, RSM celebrated its 50th birthday through a series of alumni events around the world in just 24 hours on one day in June, and Curaçao would not be forgotten. Celebrations started in Japan and Singapore and progressed westwards across the time zones until the day dawned in Willemstad. Eugene joined the gathering at a restaurant and all alumni who participated fondly shared memories of their studies in Rotterdam, where the weather was not always quite so lovely.
“If anyone asked me whether you could become Prime Minister or work at a senior level without the benefit of higher education, I’d say it was impossible,” concludes Eugene; certainly if you want to be an effective leader and force for positive change amidst multiple crises, including public finance, impact from the situation in Venezuela and the Covid-19 pandemic “I’m proud to be an RSM alumnus and after all, I am glad I lost that job in Italy all those years ago.”
