Wall Street Journal - January 31, 2005
Alan Friedman, Staff Reporter of the Wall Street Journal

A "nightcap" to meet the stars on Friday night was quickly booked solid. "I'm in trouble," says former Serbian Finance Minister Bozidar Djelic after seeing he had reached the sign-up desk too late. "I promised my staff I'd get a picture of Angelina Jolie."

Conference attendees shoved to get seats at a session where Bono of rock group U2 shared a stage with former President Bill Clinton, United Kingdom Prime Minister Tony Blair, Microsoft Corp. Chairman Bill Gates and South African President Thabo Mbeki to talk about developed nations' policy toward Africa.

Among the usual high-octane business and political elite who congregate to talk corporate strategy and diplomacy here at this Alpine ski resort, a record number of even higher-profile celebrities this year were pitching their favorite causes -- and often upstaging CEOs and heads of state. "We have been great at getting big names in business, politics and media, but not great at artists and culture figures," says Claudia Gonzalez, a WEF media handler who shepherded actress Sharon Stone and actor Richard Gere through the five-day conference. The goal: to "mix issue-driven stars with serious CEOs."

Autograph Hounds

The strategy seemed to work. The world's top capitalists were transformed into autograph hounds. CEOs hoisted their cellphone cameras to snap a quick picture.

"You see celebrities walking through here, and you see CEO heads spinning like Linda Blair in 'The Exorcist,'" says Sanford Climan, president of Entertainment Media Ventures of Los Angeles.

"As Honore de Balzac said, two things move the world: beauty and power," adds Mr. Djelic, president and founder of Altis, a Belgrade investment-banking and consulting group. "When Angelina Jolie goes to a country," he adds, "she draws a lot more attention than all the boring technocrats who are here in Davos."

As Mr. Gere left a reception, Clarisse Reille, president of Entreprise Rhone-Alpes International, a trade and investment agency for the French region, nearly fell over him as she scrambled to get his autograph. "These stars are so much more famous than CEOs," she says, claiming that the autograph was for her 10-year-old daughter.

'Charity Event'

Not everyone thought mixing in so many celebrities was a good idea. "I don't want to be hit up for money every time I attend," says Jeffrey Rodek, executive chairman of Hyperion Solutions Corp. in Sunnyvale, Calif. "I donate to many causes, but I come to Davos to exchange ideas, not as a charity event."

But most corporate leaders interviewed at the meeting expressed no objection to rubbing shoulders with the stars. John Swainson, president of Computer Associates International Inc., Islandia, N.Y., recounted a "really cool discussion" with musician Peter Gabriel about how young musicians can "get lost in the current distribution system." While Mr. Gabriel's ideas won't translate into an immediate business opportunity, Mr. Swainson says his thoughts combined with other ideas could provide an opportunity for the company in the future.

Ms. Stone made the most of her Davos debut. During a debate on poverty in Africa, she popped up from the audience to pledge $10,000 to buy mosquito nets to help prevent malaria in Tanzania and challenging others in the room to follow suit. By the end of the session, some 35 executives had pledged an estimated $1 million, according to Ms. Gonzalez. "I have this philosophy that money talks and cash screams," Ms. Stone said later.

In a sign of the new-look World Economic Forum, she chose Davos instead of Hollywood to announce, in a weekend interview with The Wall Street Journal, that she and other celebrities plan to get together on Feb. 13, after the Grammy awards, to film and record a song aimed at raising money for tsunami victims -- similar to 1985 hit single "We are the World" to benefit starving Africans.

Cause or Emergency?

Bono, the Irish rock star, was well received when he shared the stage with Messrs. Clinton, Blair, Gates and Mbeki. Clad in a leather jacket, black T-shirt and sunglasses, Bono called on the West to provide aid and for its financial institutions to cancel debt owed by African nations. "I walk down the street in beautiful Davos and people say, 'Well done ... love your cause, Bono.' I don't think 6,000 Africans dying every day of preventable diseases like AIDS is a cause. It's an emergency," he said, drawing loud applause from the floor.

"Global awareness is everything," says musician Lionel Richie, another Davos participant who supports education and hunger initiatives and co-wrote "We Are the World. "It took us 10 to 12 years to raise $60 million-plus on 'We Are the World.' Now I can do $60 million with four or five great corporations together or a group of corporations or even private benefactors with the celebrity face in front of it. We can get that money in a week. It's amazing how much we can shorten the time."

-- Marcus Walker, Carol Hymowitz and Anita Raghavan contributed to this article

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