The world’s biggest companies are battling in Chess—and they have ringers

illuminem summarizes for you the essential news of the day. Read the full piece on The Wall Street Journal or enjoy below:

🗞️ Driving the news: Len Ioffe, a managing director at Goldman Sachs, is preparing to compete in the FIDE World Corporate Chess Championship
• This event gathers teams from major companies like Goldman, Google, Deutsche Bank, and BlackRock to compete for the title of "smartest company in the world"
• The tournament features global participation and top-tier chess talent, including professional grandmasters

🔭 The context: Corporate chess has seen a surge in popularity, with many high-achieving firms fostering strong chess communities
• Google’s internal group of chess players numbers 2,500, while Susquehanna International Group boasts regular participation from nearly 100 employees
• Companies often invite top players, such as grandmaster Sam Shankland for Susquehanna, to enhance their teams' competitive edge

🌍 Why it matters for the planet: The integration of chess into corporate culture reflects the growing recognition of cognitive skills and strategic thinking in professional settings
• This trend highlights the value placed on intellectual development and mental agility, contributing to a culture of continuous improvement and problem-solving in the workplace

⏭️ What's next: The championship will see intense competition as teams vie for recognition by chess’s world governing body
• Companies may continue to invest in fostering chess skills among employees, further integrating the game into corporate culture
• The results of the championship could influence how companies view and support intellectual activities within their organizations

💬 One quote: “The team offered me to skip and not play that night and to celebrate,” Ioffe says. “I said, ‘No, I will play’”

📈 One stat: Google’s top player, international master Ritvars Reimanis, is flying in from Lithuania to compete

Click for more news covering the latest on corporate governance