Hartford Business Journal

20 HARTFORDBUSINESS.COM | NOVEMBER 13, 2023 corporate relations. At the time of the merger, he said, both companies had a strong affinity with their home states and felt it was important to main- tain a significant corporate presence in each. The company considers itself an important anchor for the city of Hartford from its headquarters at 56 Prospect St. "If you think about what a corporate presence means to a community, having foot traffic, the secondary impacts of the economy from helping the local shops," Hunt said. " I get my hair cut next to 56 (Prospect), and I get my shoe shine right there as well. We are very mindful and invested in our communities." Hunt said Eversource doesn't formally segregate functions between the two sites. "We're a very hands-on leadership team. We go to where the work is," he said. "I'll be in Hartford or Berlin on one day, and Boston or even Manchester, New Hampshire, in another. "We do expect our executive team to be visible in all parts of the company," he added. Corporate headquarters can also have gray areas. For example, Travelers Cos. is technically head- quartered in New York City, but the insurer has its largest presence in Hartford, where it employs over 7,000 people and hosts some senior executives. New ground rules John Bourdeaux, the CEO of AdvanceCT, a nonprofit working with state govern- ment to attract and retain companies in Connecticut, said the thinking about corpo- rate structure and siting is in a historic state of flux. "What does it mean to be head- quartered somewhere?" he asks. "In our post-COVID world — if we are post COVID — I'm not sure we know yet what the new ground rules for business are," he said. " I think that there's a lot of exploration that's going on, and a lot of discernment among company leaders." He points to recent reporting by the Wall Street Journal that revealed the CEO of Boeing rarely visits the company's Virginia headquarters, preferring instead to work from his homes in either New Hampshire or South Carolina. The aerospace giant recently opened an office location in Connecticut to accommodate two executives who live near New Canaan, their CFO Brian West and Treasurer David Whitehouse. "Ten, 15 years ago, having a headquarters meant there was a row of offices with mahogany doors and mahogany desks," said Bourdeaux. "Today, it may mean something a little different. I think a lot of times we're harkening back to a notion that may be outdated — and the notion may not be updated yet either. I think that's still evolving." That state of flux makes it more complex for an organization like AdvanceCT to understand what a company needs and how they conceptualize their structure. But to Bourdeaux, it also represents an opportunity. "I think that we're just having to be more flexible in our thinking, … from a recruitment standpoint," he said. The recent announcement that South Korea's Hanwha Aerospace is moving a divisional headquarters to Connecticut is an example of where the state can win, said Bourdeaux. Hanwha already had a signif- icant presence here because of the state's strength in compo- nents manufacturing. The division move will also build on a budding relationship that the company is developing with Central Connecticut State University. Several other companies in Connecticut this year have also made headquarters-related news. Telecommunications giant Frontier announced in September it will relo- cate its headquarters from Norwalk to Dallas. Frontier said it will main- tain a presence in Connecticut, but chose Dallas because the city is centrally located in the U.S. and "business friendly." In January, Danish toy maker LEGO Group said it planned to relocate its North American head- quarters and about 740 jobs from Enfield to Boston by 2026 in search of a wider talent pool. In that same month, Campbell Soup Co. announced it was relo- cating the Norwalk headquarters of its Pepperidge Farm subsidiary to New Jersey. As for Subway, Bourdeaux suspects that alongside its storied history in the state, what led the company to reinvest in Connecticut was talent. "What they have here are employees that they trust, and employees who have made them successful," he said. "And in 2023, retaining employees that have made you successful is a very strong strategic move." "You undervalue it at your own risk," Bourdeaux said. John Bourdeaux Professional / Medical Office Space One Liberty Square New Britain, CT ➢ 19,000 contiguous square feet available ➢ New Media Conference Center for Tenant use ➢ Excessive on-site, secure, surface parking ➢ Large outdoor patio for Tenant use ➢ Cold Plasma Generators for indoor air quality, high-efficiency LED lighting ➢ Convenient to major highways and CT Fastrak station ➢ Downtown location with access to many new restaurants and venues! Tomasso Group State-of-the-Art Media Conference Center Jim Hunt

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